v3.26.1
Secured Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Secured Debt [Abstract]  
Schedule of Secured Financing Agreements
The following table is a summary of our secured financing agreements in place as of June 30, 2026 and December 31, 2025 (dollars in thousands):
Outstanding Balance at
Current
Maturity		   
Extended
Maturity (a)
   
Weighted Average
Coupon
Pledged Asset
Carrying Value		Maximum
Facility Size		   June 30, 2026December 31, 2025
Repurchase Agreements:
Commercial LoansAug 2026 to May 2031
(b)
Jun 2029 to Feb 2035
(b)
Index + 1.81%
(c)
$11,135,932 $12,336,490 
(d)
$6,884,783 $6,048,734 
Residential LoansFeb 2027 to Oct 2027Mar 2027 to Sep 2028
SOFR + 1.61%
2,380,163 2,950,000 2,050,076 1,929,400 
Infrastructure LoansSep 2027Sep 2029
SOFR + 2.00%
238,641 650,000 157,074 211,651 
Conduit LoansDec 2026 to Jun 2028Dec 2027 to Jun 2029
SOFR + 2.00%
21,006 375,000 16,125 — 
CMBS/RMBSNov 2026 to Apr 2032
(e)
Nov 2026 to Oct 2032
(e)
(f)1,040,989 846,563 651,371 
(g)
700,307 
Total Repurchase Agreements14,816,731 17,158,053 9,759,429 8,890,092 
Other Secured Financing:
Borrowing Base FacilityOct 2027Oct 2029
SOFR + 2.00%
27,811 1,250,000 
(h)
3,000 2,000 
Commercial Financing FacilitiesJan 2027 to Apr 2030Jan 2027 to Feb 2035
Index + 1.90%
703,416 1,098,350 
(i)
474,955 480,611 
Infrastructure Financing FacilitiesJul 2028 to Oct 2028Aug 2030 to Jul 2033
SOFR + 1.97%
696,154 1,175,000 564,909 515,004 
Property Financing
Jul 2026 to Apr 2031Jul 2026 to Apr 2031
SOFR + 2.10%
1,018,646 2,070,691 757,821 
(j)
622,906 
Term Loans and RevolverNov 2027 to Sep 2032N/A
SOFR + 1.93%
N/A
(k)
2,733,102 2,533,102 2,270,180 
Total Other Secured Financing2,446,027 8,327,143 4,333,787 3,890,701 
$17,262,758 $25,485,196 14,093,216 12,780,793 
Unamortized net discount(15,924)(19,084)
Unamortized deferred financing costs(77,401)(82,761)
$13,999,891 $12,678,948 
______________________________________________________________________________________________________________________
(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 $3.0 billion as of June 30, 2026 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 $11.9 billion may be increased to $12.3 billion, subject to certain conditions. The $12.3 billion amount includes such upsizes.
(e)Certain facilities with an outstanding balance of $215.4 million as of June 30, 2026 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 $333.9 million as of June 30, 2026 have a weighted average fixed annual interest rate of 4.06%. All other facilities are variable rate with a weighted average rate of SOFR + 1.55%.
(g)Includes: (i) $312.9 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $24.5 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 15).
(h)The maximum facility size as of June 30, 2026 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 $998.4 million may be increased to $1.1 billion, subject to certain conditions. The $1.1 billion amount includes such upsizes.
(j)Of the total balance, $289.7 million relates to Fundamental.
(k)These facilities are secured by the equity interests in certain of our subsidiaries which totaled $8.0 billion as of June 30, 2026.
Schedule of Collateralized Loan Obligations
The following table is a summary of our securitized financing as of June 30, 2026 and December 31, 2025 (amounts in thousands):
June 30, 2026CountFace
Amount		Carrying
Value
Weighted
Average Rate
Maturity
STWD 2025-FL4
Collateral assets27$1,103,850 $1,108,010 
SOFR + 3.08%
(a)August 2029(b)
Financing1968,628 962,087 
SOFR + 1.85%
(c)December 2042(d)
STWD 2022-FL3 (e)
Collateral assets16458,576 460,493 
SOFR + 2.96%
(a)July 2027(b)
Financing1299,196 299,196 
SOFR + 2.13%
(c)November 2038(d)
STWD 2021-HTS
Collateral assets182,603 82,982 
SOFR + 3.97%
(a)N/A(f)
Financing162,694 62,694 
SOFR + 3.92%
(c)N/A(f)
STWD 2021-FL2 (e)
Collateral assets11498,443 501,172 
SOFR + 3.34%
(a)June 2027(b)
Financing1279,896 279,896 
SOFR + 2.31%
(c)April 2038(d)
Starwood 2026-SIF7
Collateral assets34563,619 619,563 
SOFR + 3.57%
(a)September 2031(b)
Financing1496,200 493,257 
SOFR + 1.91%
(c)January 2038(d)
Starwood 2025-SIF6
Collateral assets34454,335 509,053 
SOFR + 3.69%
(a)October 2031(b)
Financing1413,500 411,182 
SOFR + 1.91%
(c)October 2037(d)
Starwood 2025-SIF5
Collateral assets32451,797 509,239 
SOFR + 3.55%
(a)August 2031(b)
Financing1413,500 411,368 
SOFR + 1.94%
(c)April 2037(d)
Starwood 2024-SIF4
Collateral assets31567,574 611,134 
SOFR + 3.51%
(a)August 2031(b)
Financing1496,200 494,232 
SOFR + 2.10%
(c)October 2036(d)
Subtotal - CLOs and SASB
Collateral assets
4,180,797 4,401,646 
Financing
3,429,814 3,413,912 
ABS Financing
Collateral assets
444N/A2,010,583 
N/A
N/A
ABS Master Series
41,409,331 1,397,599 
5.29%
(g)Oct 2028 to Mar 2033
Total Securitized Financing
Collateral assets$4,180,797 $6,412,229 
Financing$4,839,145 $4,811,511 
December 31, 2025CountFace
Amount		Carrying
Value
Weighted
Average Rate
Maturity
STWD 2025-FL4
Collateral assets21$1,049,200 $1,108,352 
SOFR + 3.19%
(a)July 2029(b)
Financing1968,628 961,078 
SOFR + 1.85%
(c)December 2042(d)
STWD 2022-FL3
Collateral assets23662,525 668,530 
SOFR + 2.99%
(a)April 2027(b)
Financing1505,973 505,973 
SOFR + 1.82%
(c)November 2038(d)
STWD 2021-HTS
Collateral assets1102,602 103,101 
SOFR + 3.97%
(a)N/A(f)
Financing182,693 82,693 
SOFR + 3.80%
(c)N/A(f)
STWD 2021-FL2
Collateral assets18886,773 896,979 
SOFR + 3.22%
(a)December 2026(b)
Financing1674,494 674,494 
SOFR + 1.77%
(c)April 2038(d)
Starwood 2025-SIF6
Collateral assets27487,404 503,199 
SOFR + 3.75%
(a)July 2031(b)
Financing1413,500 410,792 
SOFR + 1.91%
(c)October 2037(d)
Starwood 2025-SIF5
Collateral assets29444,427 510,441 
SOFR + 3.64%
(a)February 2031(b)
Financing1413,500 410,945 
SOFR + 1.94%
(c)April 2037(d)
Starwood 2024-SIF4
Collateral assets27551,333 612,505 
SOFR + 3.69%
(a)March 2031(b)
Financing1496,200 493,800 
SOFR + 2.10%
(c)October 2036(d)
STWD 2024-SIF3
Collateral assets27354,210 408,594 
SOFR + 3.78%
(a)November 2030(b)
Financing1330,000 330,000 
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
433N/A1,927,934 
N/A
N/A
ABS Master Series
41,268,328 1,261,678 
5.73%
(h)Mar 2028 to Oct 2032
Total Securitized Financing
Collateral assets$4,538,474 $6,739,635 
Financing$5,153,316 $5,131,453 
______________________________________________________________________________________________________________________________
(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. Of the investments financed by the Starwood 2026-SIF7, Starwood 2025-SIF5 and Starwood 2024-SIF4 CLOs as of June 30, 2026, 3%, 6% and 5%, respectively, earned fixed-rate weighted average interest of 7.33%. Of the investments financed by the Starwood 2025-SIF6 CLO as of June 30, 2026, 6% earned fixed-rate weighted average interest of 7.26%.
(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)In July 2026, we redeemed at par the third party financing for our STWD 2021-FL2 and STWD 2022-FL3 CLOs issued in May 2021 and February 2022 for $279.9 million and $299.2 million, respectively, plus accrued interest (see Note 24).
(f)The underlying loan is in maturity default. However, the borrower has continued to make current interest payments. The borrower is continuing to effectuate their plan of liquidating the underlying assets, with the remaining balance expected to be repaid in full by early 2027.
(g)Includes as of June 30, 2026: (i) $466.1 million outstanding under ABS Series 2026-1 with a weighted average fixed rate of 5.06%; (ii) $390.4 million outstanding under ABS Series 2025-1 with a weighted average fixed rate of 5.25%; (iii) $240.0 million outstanding under ABS Series 2024-1 with a weighted average fixed rate of 5.03% and (iv) $312.8 million outstanding under ABS Series 2023-2 with a weighted average fixed rate of 5.89%.
(h)Includes as of December 31, 2025: (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 fully extended contractual maturity of each credit facility or (ii) the contractual maturity, on a fully extended basis as applicable, 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 (remainder of)$626,635 $125,266 $217,896 $969,797 
20271,263,876 923,300 551,603 2,738,779 
20282,869,772 188,890 269,336 3,327,998 
20291,448,776 557,145 309,695 2,315,616 
20303,301,344 1,219,488 783,499 5,304,331 
Thereafter249,026 1,319,698 2,707,116 4,275,840 
Total$9,759,429 $4,333,787 $4,839,145 $18,932,361 
______________________________________________________________________________________________________________________
(a)For the CLOs, the above does not assume utilization of their reinvestment features. The SASB and ABS financings do not have reinvestment features.