Related-Party Transactions - Investments in Loans and Securities (Details)
$ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
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Jun. 30, 2026
USD ($)
mortgageLoan
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Mar. 31, 2026
USD ($)
extension
facility
|
Feb. 28, 2026
USD ($)
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Jun. 30, 2025
USD ($)
extension
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May 31, 2025
USD ($)
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Jan. 31, 2025
USD ($)
unit
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Dec. 31, 2024
USD ($)
loan
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May 31, 2024
USD ($)
extension
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Jul. 31, 2023 |
Dec. 31, 2012
USD ($)
shares
|
Jun. 30, 2026
USD ($)
mortgageLoan
|
Jun. 30, 2025
USD ($)
|
Jun. 30, 2026
USD ($)
mortgageLoan
loan
transaction
data_center
shares
|
Jun. 30, 2025
USD ($)
|
Dec. 31, 2012
USD ($)
shares
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Dec. 31, 2025
USD ($)
shares
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Jul. 31, 2024
USD ($)
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Mar. 31, 2022
USD ($)
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| Related-Party Transactions |
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| Number of related-party loan transactions | transaction |
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10
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| Unpaid principal balance |
$ 22,809,676
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$ 22,809,676
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$ 22,809,676
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$ 21,922,738
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| Percentage of pre-leased data center facilities |
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100.00%
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| Loss on extinguishment of debt |
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0
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$ (19,990)
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$ 335
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$ (19,990)
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| Loans held-for-investment |
$ 19,816,968
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$ 19,816,968
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$ 19,816,968
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$ 18,862,712
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| Basis spread on variable rate |
3.30%
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3.30%
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3.30%
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| SEREF |
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| Related-Party Transactions |
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| Number of shares acquired (in shares) | shares |
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9,140,000
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| Remaining held (in shares) | shares |
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536,129
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| Number of shares redeemed (in shares) | shares |
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536,129
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| Proceeds from shares redeemed |
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$ 600
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| Affiliated Entity | SEREF |
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| Related-Party Transactions |
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| Number of shares acquired (in shares) | shares |
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9,140,000
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| Investment securities value at acquisition |
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$ 14,700
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$ 14,700
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| Investment in equity securities percentage ownership acquired |
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4.00%
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| Remaining held (in shares) | shares |
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536,129
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| Number of shares redeemed (in shares) | shares |
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536,129
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| Proceeds from shares redeemed |
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$ 600
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| Affiliated Entity | Starwood European Real Estate Debt Finance II LP |
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| Related-Party Transactions |
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| Unpaid principal balance |
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$ 3,500
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| Senior Debt Securities Acquired from Note Offering | Affiliated Entity |
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| Related-Party Transactions |
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| Amounts of transaction |
$ 95,000
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| Face amount |
$ 211,700
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$ 211,700
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$ 211,700
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| Initial term |
10 years
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| Coupon Rate |
7.33%
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7.33%
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7.33%
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| Collateralized Loan, Diversified Portfolio of Logistics Assets | Affiliated Entity | First mortgage loan participation |
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| Related-Party Transactions |
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| Unpaid principal balance |
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$ 969,200
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| Number of cross-collateralized facilities | facility |
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3
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| Construction of Data Center in Herndon |
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| Related-Party Transactions |
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| Number of data center facilities | data_center |
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4
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| Number of co-originated loans we are minority lender on | loan |
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3
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| 33.33% Origination Loan | Affiliated Entity | Affiliates Of Manager | Borrower |
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| Related-Party Transactions |
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| Limited partnership interest |
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92.50%
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| Construction of Luxury Condominium Project | Affiliated Entity | Affiliates Of Manager | Borrower |
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| Related-Party Transactions |
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| Limited partnership interest |
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90.00%
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| Development and Recapitalization of Luxury Rental Cabins | Affiliated Entity |
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| Related-Party Transactions |
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| Loan extension term |
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24 months
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| Conditional extension term |
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1 year
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| Decrease in interest rate |
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2.25%
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| Loans payable, basis spread |
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4.25%
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| Loan payable, payment deferral term |
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10 months
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| Loan payable, payment deferral interest rate |
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3.00%
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| Loans payable |
$ 147,500
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$ 147,500
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$ 147,500
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| Sale of Participating Interests in Commercial Loans to Private Investment Fund | Affiliated Entity |
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| Related-Party Transactions |
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| Amounts of transaction |
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$ 40,100
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| Number of commercial loans | loan |
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4
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| Future Funding Commitments | Affiliated Entity |
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| Related-Party Transactions |
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| Amounts of transaction |
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$ 15,900
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| Fees Received | Affiliated Entity |
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| Related-Party Transactions |
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| Amounts of transaction |
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100
|
100
|
200
|
200
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| Refinancing of Medical Office Portfolio | Affiliated Entity |
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| Related-Party Transactions |
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| Loan number of extension options | extension |
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3
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| Loan extension term |
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1 year
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| Loans payable, basis spread |
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5.50%
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| Purchase of FREMF 2024-KF163 | Affiliated Entity | Primary Beneficiary |
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| Related-Party Transactions |
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| Loans held-for-investment |
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$ 77,100
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| Basis spread on variable rate |
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6.00%
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| Newly Formed FREMF 2024-KF163 Trust | Affiliated Entity | Primary Beneficiary |
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| Related-Party Transactions |
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| Loans held-for-investment |
$ 949,000
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$ 949,000
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$ 949,000
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| Number of mortgage loans | mortgageLoan |
23
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23
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23
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| Newly Formed FREMF 2024-KF163 Trust | Affiliates Of Manager | Primary Beneficiary |
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| Related-Party Transactions |
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| Loans held-for-investment |
$ 495,000
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$ 495,000
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$ 495,000
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| Number of mortgage loans | mortgageLoan |
11
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11
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11
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| Loans Payable | Lotus Infrastructure Partners, Domestic Natural Gas Power Plant | Affiliated Entity |
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| Related-Party Transactions |
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| Face amount |
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$ 150,000
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| Initial term |
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5 years
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| Pricing margin (as a percent) |
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3.50%
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| Loans Payable | Collateralized Loan, Diversified Portfolio of Logistics Assets | Affiliated Entity |
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| Related-Party Transactions |
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| Face amount |
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$ 347,300
|
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| Loans Payable | 24.5% Origination Loan | Affiliated Entity |
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| Related-Party Transactions |
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| Face amount |
|
$ 653,000
|
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| Initial term |
|
4 years
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| Pricing margin (as a percent) |
|
2.70%
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| Percentage of origination of loan |
|
24.50%
|
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| Amount funded |
|
$ 30,700
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| Loan number of extension options | extension |
|
2
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| Loan extension term |
|
1 year
|
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| Percentage of loan originated by third party |
|
51.00%
|
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| Loans Payable | 24.5% Origination Loan | Affiliated Entity | Starwood Property Trust Inc |
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| Related-Party Transactions |
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| Face amount |
|
$ 160,000
|
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| Loans Payable | 24.5% Origination Loan | Related Party |
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| Related-Party Transactions |
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| Percentage of loan originated by third party |
|
24.50%
|
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| Loans Payable | 49% Origination Loan | Affiliated Entity |
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| Related-Party Transactions |
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| Face amount |
|
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|
$ 587,100
|
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|
$ 587,100
|
|
$ 587,100
|
|
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| Initial term |
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4 years
|
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| Pricing margin (as a percent) |
|
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|
3.00%
|
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| Percentage of origination of loan |
|
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|
49.00%
|
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|
49.00%
|
|
49.00%
|
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|
| Amount funded |
$ 74,100
|
|
|
|
|
|
|
|
|
|
$ 74,100
|
|
$ 74,100
|
|
|
|
|
|
| Loan number of extension options | extension |
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan extension term |
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of loan originated by third party |
|
|
|
51.00%
|
|
|
|
|
|
|
|
51.00%
|
|
51.00%
|
|
|
|
|
| Loans Payable | 49% Origination Loan | Affiliated Entity | Starwood Property Trust Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
$ 287,700
|
|
|
|
|
|
|
|
$ 287,700
|
|
$ 287,700
|
|
|
|
|
| Loans Payable | 33.33% Origination Loan | Affiliated Entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
$ 638,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial term |
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pricing margin (as a percent) |
|
|
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of origination of loan |
|
|
|
|
33.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount funded |
157,600
|
|
|
|
|
|
|
|
|
|
157,600
|
|
157,600
|
|
|
|
|
|
| Percentage of loan originated by third party |
|
|
|
|
66.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Floor interest rate (as a percent) |
|
|
|
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans Payable | 33.33% Origination Loan | Affiliated Entity | Starwood Property Trust Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
$ 212,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans Payable | Construction of Luxury Condominium Project | Affiliated Entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
|
$ 388,400
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial term |
|
|
|
|
|
4 years
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pricing margin (as a percent) |
|
|
|
|
|
4.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of origination of loan |
|
|
|
|
|
49.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount funded |
$ 87,900
|
|
|
|
|
|
|
|
|
|
$ 87,900
|
|
87,900
|
|
|
|
|
|
| Loan extension term |
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of loan originated by third party |
|
|
|
|
|
51.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Floor interest rate (as a percent) |
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of units | unit |
|
|
|
|
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans Payable | Construction of Luxury Condominium Project | Affiliated Entity | Starwood Property Trust Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
|
$ 190,300
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans Payable | Development and Recapitalization of Luxury Rental Cabins | Affiliated Entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
$ 200,000
|
| Loans Payable | Refinancing of Medical Office Portfolio | Affiliated Entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
|
|
|
$ 39,500
|
|
|
|
|
|
|
|
|
|
|
| Initial term |
|
|
|
|
|
|
|
2 years
|
|
|
|
|
|
|
|
|
|
|
| Repayments of debt |
|
|
$ 39,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
|
$ 300
|
|
|
|
|
|
| MED 2024-MOB | Secured Borrowings | Refinancing of Medical Office Portfolio | Affiliated Entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
|
|
|
$ 450,500
|
|
|
|
|
|
|
|
|
|
|
| Horizontal Risk Retention Certificates | Refinancing of Medical Office Portfolio | Affiliated Entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Related-Party Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Face amount |
|
|
|
|
|
|
|
$ 23,000
|
|
|
|
|
|
|
|
|
|
|