Current Portfolio (as at 30 September 2020)

Sterling Loans

Transaction	Sterling equivalent balance (1)	Sterling equivalent unfunded commitment (1)
Hospitals, UK	£25m	£0m
The Group advanced a £25 million mezzanine loan in relation to a portfolio of UK hospitals subject to long term leases to a strong underlying tenant.
Hotel & Residential, UK	£49.9m	£0m
The Group committed to fund a £62.5 million fixed rate mezzanine loan to support the development of a prime mixed-use scheme in Central London with Starwood Property Trust, Inc (through a wholly owned subsidiary), participating in 66 per cent of the loan amount, providing the Company with a net commitment of £41.25 million. The loan partially funded on 21 December 2018 with the remaining balance funded in January 2019. In February 2020 the Group increased its commitment by £10.0 million.
Office, Scotland	£4.7m	£0.3m
On 24 April 2019 the Group committed to provide a £5 million whole loan on an office in Scotland.
Office, London	£13.1m	£7.4m
In July 2019 the Group committed to fund a £20.5 million floating rate whole loan to support an office redevelopment in London. £12.5 million was drawn on 26^th July and the balance will be drawn over the life of the development. The term of the loan is approximately 3 years.
Residential, London	£33.4m	£2m
On 19th September 2019 the Group committed to fund a £56.8 million floating rate whole loan to support a residential scheme in London. The financing was primarily provided in the form of an initial advance along with a smaller capex facility to support the sponsor's completion of the scheme. The loan term is 2 years.
Hotel, Oxford	£16.7m	£6.3m
The Group committed to fund two new hotel acquisition financings for a total commitment of £64.3 million (this investment and Hotel, Scotland). Both investments are with the same sponsor and a repeat borrower for Starwood Capital. Whilst the sponsor is the same on each investment, the two loans are not cross-collateralised as the investments sit in different fund vehicles. Each financing has been provided in the form of a significant initial advance to finance an asset acquisition along with a smaller capex facility to support the sponsor's capital expenditure for improvements and rebranding of the hotels. The day one advance on this loan amounts to £16.7 million whilst the total commitment is £22.95 million which is expected to be drawn over the first 1-2 years of the five year loan.
Hotel, Scotland	£27.2m	£15.5m
The Group committed to fund two new hotel acquisition financings for a total commitment of £64.3 million (this investment and Hotel, Scotland). Both investments are with the same sponsor and a repeat borrower for Starwood Capital. Whilst the sponsor is the same on each investment, the two loans are not cross-collateralised as the investments sit in different fund vehicles. Each financing has been provided in the form of a significant initial advance to finance an asset acquisition along with a smaller capex facility to support the sponsor's capital expenditure for improvements and rebranding of the hotels. The day one advance on this loan amounts to £25.9 million whilst the total commitment is £41.35 million which is expected to be drawn over the first 1-2 years of the five year loan.
Hotel, North Berwick	£10.5m	£4.5m
The Group committed to fund a hotel acquisition financing for a total commitment of £15.0 million. The sponsor is a repeat borrower for the Group. The financing, which has been provided in the form of a significant initial advance to finance an asset acquisition together with a smaller capex facility, will support the sponsor's capital expenditure for improvement and rebranding of the hotel. The day one advance amount is £10.5 million whilst the total commitment is £15.0 million. The loan is for a term of 5 years.
Logistics, UK	£12m	£0m
On 17 June 2020, the Group closed an investment in the funding of a €71.9 million, 36 month floating rate senior loan secured by a portfolio of industrial/logistics assets in the UK and Germany. The investment has been made alongside Starwood Property Trust, Inc (through a wholly owned subsidiary) with the Group participating in €20 million (27.8 per cent) of the senior loan amount. The single loan agreement has a Euro and Sterling tranche and this represents the sterling tranche outstanding.
Total Sterling Loans	£192.5m	£36.0m

Euro Loans

Transaction	Sterling equivalent balance (1)	Sterling equivalent unfunded commitment (1)
Three Shopping Centres, Spain	£33.8m	£0m
The Group committed to a €44.6 million whole loan secured by three shopping centres in Spain. The loan was made available to fund an initial acquisition advance along with capex funding to support the sponsors' proven retail repositioning capability to make further investment in the properties.
Shopping Centre, Spain	£15.5m	£0m
The Group committed to a €17 million floating rate mezzanine loan secured by a shopping centre in Spain. The property is well anchored, dominates its catchment area and is positioned to benefit from the sponsors’ active asset management strategy. The financing was provided in the form of an initial advance along with a capex facility to implement further value enhancing initiatives.
Hotel, Dublin, Ireland	£54.8m	£0m
The Group advanced a €60 million whole loan to finance the acquisition of a 764 key hotel, 27 apart-hotel units and ancillary development land in Dublin.
Hotel, Spain	£46.5m	£3m
The Group closed a €110 million floating rate whole loan secured by a hotel in Spain with Starwood Property Trust, Inc (through a wholly owned subsidiary) participating in 50 per cent of the loan amount, providing the Company with a net commitment of €55 million. The financing has been provided in the form of an initial advance along with a capex facility to support the sponsor’s repositioning strategy.
Office & Hotel, Madrid	£16.9m	£0.9m
On 09 November 2018 the Group committed to a €19.5 million fixed rate whole loan secured by a mixed-use office and hotel property located in Madrid, Spain. The financing was primarily provided in the form of an initial advance along with a smaller capex facility to support the borrower's value=enhancing, light capex initiatives. The loan term is 5 years, and the Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy.
Mixed Portfolio, Europe	£30.9m	£0m
On 10 May 2019 the Group committed to participate in the funding of a €104 million mezzanine loan secured by a diversified portfolio of assets located in the Netherlands, Germany and Finland. Starwood Property Trust, Inc (through a wholly owned subsidiary) is participating in 50 per cent of the mezzanine loan amount, with the Group funding the balance amounting to a net commitment of €52 million. The portfolio is comprised of 165 assets and provides strong diversification in terms of tenant base, location and asset class. The loan has a term of 3 years with two, 1 year extension options and the Group expects to earn an attractive risk-adjusted return in line with its stated investment strategy.
Mixed Use, Dublin	£2.4m	£11m
On 30^th September 2019 the Group committed to fund a €14.7 million fixed rate whole loan to support a mixed use development in Dublin. The loan is currently undrawn and is expected to draw down gradually over the next 2.5 years.
Office Portfolio, Spain	£19.3m	£2.2m
In November 2019, the Group closed an investment in a 4-year floating rate loan secured by a portfolio of office assets in Spain, with Starwood Property Trust, Inc (through a wholly owned subsidiary) participating in 50 per cent of the mezzanine loan amount, providing the Group with a net commitment of €24 million. The financing has been provided in the form of an initial advance along with a capex facility to support the sponsors' business plan to make further investment in the properties. The properties are well-located within the decentralised submarkets of Madrid and Barcelona. The assets are positioned to benefit from the sponsors' active asset management strategy.
Office Portfolio, Ireland	£32.1m	£0m
The Group committed to an investment in a c. 6 year floating rate loan secured by a portfolio of assets in Ireland, together with Starwood Property Trust, Inc (through a wholly owned subsidiary) participating in 50 per cent of the mezzanine loan amount, providing the Group with a net commitment of €35.15 million. The portfolio consists of 12 properties in Central Dublin with primarily office and some small amounts of retail and residential space totalling over 600,000 sqf in total.
Logistics, Germany	£6m	£0m
On 17 June 2020, the Group closed an investment in the funding of a €71.9 million, 36 month floating rate senior loan secured by a portfolio of industrial/logistics assets in the UK and Germany. The investment has been made alongside Starwood Property Trust, Inc (through a wholly owned subsidiary) with the Group participating in €20 million (27.8 per cent) of the senior loan amount. The single loan agreement has a Euro and Sterling tranche and this represents the Euro tranche outstanding.
Total Euro Loans	£258.2m	£17.1m

Total For Sterling and Euro

	Sterling equivalent balance (1)	Sterling equivalent unfunded commitment (1)
Total Portfolio	£450.7m	£53.1m

(1) Euro balances translated to sterling at period end exchange rates.