Current Portfolio (as at 31 December 2019)

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.
Mixed use development, South East UK	£0.7m	£1.1m
The Group, together with Starwood Property Trust, Inc, committed to a whole loan in relation to three mixed use development projects in the south east of England. The borrower’s aim is to deliver strong mixed use schemes in the centre of high growth commuter locations providing PRS, private residential for sale, retail, office, hotel and serviced apartments.
Credit Linked Notes, UK real estate	£21.8m	£0m
The Group acquired £21.77 million junior notes linked to the performance of a portfolio of high quality UK real estate loans owned by a major commercial bank. The underlying reference loan pool is secured by an institutional quality, well-diversified pool of commercial real estate assets with an average LTV of less than 50 per cent.
Hotel & Residential, UK	£39.9m	£0m
The Group acquired £21.77 million junior notes linked to the performance of a portfolio of high quality UK real estate loans owned by a major commercial bank. The underlying reference loan pool is secured by an institutional quality, well-diversified pool of commercial real estate assets with an average LTV of less than 50 per cent.
Office, Scotland	£4.4m	£0.6m
On 24 April 2019 the Group committed to provide a £5 million whole loan on an office in Scotland.
Office, London	£12.6m	£7.9m
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	£49m	£5.7m
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	£25.9m	£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.
Total Sterling Loans	£196.0m	£37.1m

Euro Loans

Transaction	Sterling equivalent balance (1)	Sterling equivalent unfunded commitment (1)
Three Shopping Centres, Spain	£32m	£5.5m
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	£14.5m	£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	£51.2m	£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.
Office, Paris, France	£13.7m	£0m
The Group subscribed to a senior €26 million note issuance, the proceeds of which were used to finance an office building in suburban Paris. A repayment of €10 million was received in December 2018.
Hotel, Spain	£25.8m	£20.5m
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	£15.8m	£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	£43.2m	£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	£0.7m	£11.9m
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	£18.2m	£2.3m
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.
Total Euro Loans	£215.1m	£41.1m

Total For Sterling and Euro

	Sterling equivalent balance (1)	Sterling equivalent unfunded commitment (1)
Total Portfolio	£411.1m	£78.2m

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