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Secured Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Secured Debt [Abstract]

Schedule of Secured Financing Agreements

The following table is a summary of our secured financing agreements in place as of December 31, 2025 and 2024 (dollars in thousands):

																																	Outstanding Balance at
			Current Maturity						Extended Maturity (a)						Weighted Average Coupon						Pledged Asset Carrying Value						Maximum Facility Size						December 31, 2025						December 31, 2024
Repurchase Agreements:
Commercial Loans			Aug 2026 to May 2031			(b)			Jun 2029 to Dec 2033			(b)			Index + 1.83%			(c)			$	9,986,198					$	12,243,159		(d)			$	6,048,734					$	5,137,103
Residential Loans			Mar 2026 to Oct 2027						Mar 2026 to Apr 2028						SOFR + 1.65%						2,275,806						3,450,000						1,929,400						2,126,692
Infrastructure Loans			Sep 2027						Sep 2029						Index + 2.00%						299,123						650,000						211,651						264,432
Conduit Loans			Feb 2026 to Jun 2028						Feb 2027 to Jun 2029						SOFR + 2.15%						—						375,000						—						87,061
CMBS/RMBS			Jun 2026 to Apr 2032			(e)			Jul 2026 to Oct 2032			(e)			(f)						1,255,407						939,978						700,307			(g)			721,097
Total Repurchase Agreements																					13,816,534						17,658,137						8,890,092						8,336,385
Other Secured Financing:
Borrowing Base Facility			Oct 2027						Oct 2029						SOFR + 2.00%						52,855						1,250,000			(h)			2,000						2,000
Commercial Financing Facilities			Dec 2026 to Apr 2030						Jan 2027 to Dec 2033						Index + 1.98%						705,143						978,143			(i)			480,611						330,081
Infrastructure Financing Facilities			Jul 2028 to Oct 2028						Aug 2030 to Jul 2033						SOFR + 1.96%						671,973						1,175,000						515,004						499,242
Property Financing			Dec 2025 to Dec 2026			(j)			Dec 2025 to May 2029			(j)			SOFR + 2.52%						792,501						1,110,191						622,906			(k)			615,854
Term Loans and Revolver			Nov 2027 to Sep 2032						N/A						SOFR + 2.00%						N/A			(l)			2,470,180						2,270,180						1,452,567
Total Other Secured Financing																					2,222,472						6,983,514						3,890,701						2,899,744
																					$	16,039,006					$	24,641,651					12,780,793						11,236,129
Unamortized net discount																																	(19,084)						(19,338)
Unamortized deferred financing costs																																	(82,761)						(65,234)
																																	$	12,678,948					$	11,151,557

______________________________________________________________________________________________________________________

(a)Subject to certain conditions as defined in the respective facility agreement.

(b)For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions.

(c)Certain facilities with an outstanding balance of $2.7 billion as of December 31, 2025 are indexed to EURIBOR, BBSY, SARON, SONIA and STIBOR. The remainder are indexed to SOFR.

(d)Certain facilities with an aggregate initial maximum facility size of $11.8 billion may be increased to $12.2 billion, subject to certain conditions. The $12.2 billion amount includes such upsizes.

(e)Certain facilities with an outstanding balance of $246.4 million as of December 31, 2025 carry a rolling 6 or 12-month term which may reset monthly or quarterly with the lender's consent. These facilities carry no maximum facility size.

(f)Certain facilities with an outstanding balance of $340.5 million as of December 31, 2025 have a weighted average fixed annual interest rate of 4.02%. All other facilities are variable rate with a weighted average rate of SOFR + 1.65%.

(g)Includes: (i) $319.5 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $25.8 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 16).

(h)The maximum facility size as of December 31, 2025 of $615.0 million may be increased to $1.3 billion, subject to certain conditions. The $1.3 billion amount includes such upsize.

(i)Certain facilities with an aggregate initial maximum facility size of $878.1 million may be increased to $978.1 million, subject to certain conditions. The $978.1 million amount includes such upsizes.

(j)In December 2025, a $17.6 million property mortgage loan to a joint venture in which we hold a 75% interest matured. We are in the process of negotiating a maturity extension with the lender.

(k)Of the total balance, $115.3 million relates to Fundamental.

(l)These facilities are secured by the equity interests in certain of our subsidiaries which totaled $7.7 billion as of December 31, 2025.

Schedule of Collateralized Loan Obligations

The following table is a summary of our securitized financing as of December 31, 2025 and 2024 (amounts in thousands):

December 31, 2025

Count

Face Amount

Carrying Value

Weighted Average Rate

Maturity

STWD 2025-FL4

Collateral assets

21

$

1,049,200

$

1,108,352

SOFR + 3.19%

(a)

July 2029

(b)

Financing

1

968,628

961,078

SOFR + 1.85%

(c)

December 2042

(d)

STWD 2022-FL3

Collateral assets

23

662,525

668,530

SOFR + 2.99%

(a)

April 2027

(b)

Financing

1

505,973

505,973

SOFR + 1.82%

(c)

November 2038

(d)

STWD 2021-HTS

Collateral assets

1

102,602

103,101

SOFR + 3.97%

(a)

April 2026

(b)

Financing

1

82,693

82,693

SOFR + 3.80%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

18

886,773

896,979

SOFR + 3.22%

(a)

December 2026

(b)

Financing

1

674,494

674,494

SOFR + 1.77%

(c)

April 2038

(d)

Starwood 2025-SIF6

Collateral assets

27

487,404

503,199

SOFR + 3.75%

(a)

July 2031

(b)

Financing

1

413,500

410,792

SOFR + 1.91%

(c)

October 2037

(d)

Starwood 2025-SIF5

Collateral assets

29

444,427

510,441

SOFR + 3.64%

(a)

February 2031

(b)

Financing

1

413,500

410,945

SOFR + 1.94%

(c)

April 2037

(d)

Starwood 2024-SIF4

Collateral assets

27

551,333

612,505

SOFR + 3.69%

(a)

March 2031

(b)

Financing

1

496,200

493,800

SOFR + 2.10%

(c)

October 2036

(d)

STWD 2024-SIF3

Collateral assets

27

354,210

408,594

SOFR + 3.78%

(a)

November 2030

(b)

Financing

1

330,000

330,000

SOFR + 2.41%

(c)

April 2036

(d)

Subtotal - CLOs and SASB

Collateral assets

4,538,474

4,811,701

Financing

3,884,988

3,869,775

ABS Financing

Collateral assets

433

N/A

1,927,934

N/A

N/A

ABS Master Series

4

1,268,328

1,261,678

5.73%

(e)

Mar 2028 to Oct 2032

Total Securitized Financing

Collateral assets

$

4,538,474

$

6,739,635

Financing

$

5,153,316

$

5,131,453

December 31, 2024

Count

Face Amount

Carrying Value

Weighted Average Rate

Maturity

STWD 2022-FL3

Collateral assets

35

$

921,139

$

927,656

SOFR + 3.32%

(a)

October 2026

(b)

Financing

1

764,223

762,992

SOFR + 1.94%

(c)

November 2038

(d)

STWD 2021-HTS

Collateral assets

1

174,417

175,338

SOFR + 4.01%

(a)

April 2026

(b)

Financing

1

154,508

154,508

SOFR + 2.81%

(c)

April 2034

(d)

STWD 2021-FL2

Collateral assets

22

1,047,685

1,053,503

SOFR + 3.64%

(a)

August 2026

(b)

Financing

1

829,137

829,137

SOFR + 1.68%

(c)

April 2038

(d)

STWD 2019-FL1

Collateral assets

7

383,853

385,712

SOFR + 3.50%

(a)

August 2026

(b)

Financing

1

220,228

220,228

SOFR + 2.10%

(c)

July 2038

(d)

Starwood 2024-SIF4

Collateral assets

33

558,707

609,072

SOFR + 3.95%

(a)

June 2029

(b)

Financing

1

496,200

492,936

SOFR + 2.10%

(c)

October 2036

(d)

STWD 2024-SIF3

Collateral assets

31

394,070

410,263

SOFR + 4.01%

(a)

April 2029

(b)

Financing

1

330,000

327,553

SOFR + 2.41%

(c)

April 2036

(d)

STWD 2021-SIF2

Collateral assets

30

500,898

515,425

SOFR + 3.79%

(a)

May 2029

(b)

Financing

1

410,000

409,072

SOFR + 2.11%

(c)

January 2033

(d)

Total Securitized Financing

Collateral assets

$

3,980,769

$

4,076,969

Financing

$

3,204,296

$

3,196,426

___________________________________________________________________________________________________________________________________

(a)Represents the weighted-average coupon earned on variable rate loans during the respective year-to-date period and excludes loans for which interest income is not recognized.

(b)Represents the weighted-average maturity, assuming the extended contractual maturity of the collateral assets.

(c)Represents the weighted-average cost of financing, inclusive of any related deferred issuance costs.

(d)Repayments of the CLOs and SASB are tied to timing of the related collateral asset repayments. The term of the CLOs and SASB financing obligations represents the legal final maturity date.

(e)Includes: (i) $390.9 million outstanding under ABS Series 2025-1 with a weighted average fixed rate of 5.26%; (ii) $240.3 million outstanding under ABS Series 2024-1 with a weighted average fixed rate of 5.03%; (iii) $313.2 million outstanding under ABS Series 2023-2 with a weighted average fixed rate of 5.89% and (iv) $323.9 million outstanding under ABS Series 2023-1 with a weighted average fixed rate of 6.65%.

Schedule of Five-Year Principal Repayments for Secured Financings

The following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands):

			Repurchase Agreements						Other Secured Financing						Securitized Financing (a)						Total
2026			$	1,053,645					$	165,524					$	1,060,291					$	2,279,460
2027			2,358,748						989,142						571,017						3,918,907
2028			1,489,670						184,734						212,206						1,886,610
2029			1,075,994						537,198						297,578						1,910,770
2030			2,775,491						1,211,713						1,066,593						5,053,797
Thereafter			136,544						802,390						1,945,631						2,884,565
Total			$	8,890,092					$	3,890,701					$	5,153,316					$	17,934,109

______________________________________________________________________________________________________________________

(a)For the CLOs, the above does not assume utilization of their reinvestment features. The SASB and ABS financings do not have reinvestment features.

X

- Definition

Tabular disclosure for collateralized loan obligations.

+ References

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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