Starwood European Real Estate Finance Ltd (SWEF) SWEF: Half Yearly Report 30 June 2024 09-Sep-2024 / 07:00 GMT/BST Starwood European Real Estate Finance Limited Half Year Results for the Period Ended 30 June 2024 Orderly Realisation Process On Track Starwood European Real Estate Finance Limited (the “Company”) and its subsidiaries (“SEREF” or the “Group”), a leading investor originating, executing and managing a diverse portfolio of high quality real estate debt investments in the UK and Europe, announces Half Year Results for the six months ended 30 June 2024. Following the approval of the Company’s new investment objective and policy as recommended to shareholders by the Board at the Company’s EGM on 27 January 2023, the Company is pursuing a strategy of orderly realisation and the return of capital to shareholders. Highlights for the period, six months ended 30 June 2024 • Positive realisation progress – during the half year: A total of £102.1 million, 38.9 per cent of the Group’s 31 December 2023 total funded loan portfolio, has been repaid across five investments;

This included the full settlement of four loans (totalling £101.2 million or 38.5 per cent of the Group’s 31 December 2023 total funded loan portfolio); The proceeds of these realisations, along with available cash, were used to fund the return of capital to shareholders of £125.0 million paid in 2024 up to the date of this report. • All assets are carefully monitored for changes in their risk profile – during the half year: One Stage 2 asset was fully repaid, leaving three assets categorised as Stage 2. This categorisation indicates a change in credit risk of these loans since origination but no impairments anticipated; and

• The average interest rate on the loan portfolio is 10.5%. • The loan portfolio is comprised of 100% secured loans. **Detailed Analysis of Loan Portfolio**

The loan portfolio, as of December 31, 2023, presents a mixed picture of performance and risk.

€32.8 million, Three Shopping Centres, Spain (full repayment of loan) €23.0 million, Hotel, Dublin (full repayment of loan) €12.2 million, Shopping Centre, Spain (settlement of loan in full) £1.5 million, Hotel and Office, Northern Ireland (partial repayment of loan) These repayments along with available cash were used to return circa £125.0 million of capital to shareholders during 2024 to the date of this report. ADDITIONAL FUNDING: During the half year, the Group funded £8.8 million in relation to loan commitments made in prior years which were unfunded and interest of £0.6 million was capitalised. No new loans were entered into during the half year in line with the orderly realisation and the return of capital strategy as outlined in the Chairman’s Statement. Subsequent to 30 June 2024, to the date of this report, the following loan repayments occurred: £0.9 million, Hotel & Office, Northern Ireland (partial repayment of loan) Subsequent to 30 June 2024, the Group funded £1.1 million in relation to loan commitments made in prior years which were unfunded. PORTFOLIO OVERVIEW The Group continues to closely monitor and manage the credit quality of its loan exposures and repayments. The portfolio has continued to perform well, with total repayments of £102.1 million in the six months to 30 June 2024, equivalent to 39 per cent of the 31 December 2023 total funded portfolio. These repayments marked successful execution of underlying borrower business plans to refinance or sell assets upon stabilisation. The repayments during the half year included final settlement of the Shopping Centre, Spain and the Three Shopping Centres, Spain loans which results in the Group’s exposure to underlying retail assets reducing to zero. On an aggregate portfolio level the Group continues to benefit from material headroom in underlying collateral value against the loan basis, with a weighted average loan to value of 58 per cent. These metrics are based on independent third party appraisals. These appraisals are typically updated annually for income producing assets. The weighted average age of valuations as at 30 June 2024 is just over ten months. The Group’s remaining exposure is spread across eight investments. 99 per cent of the total funded loan portfolio as of 30 June 2024 is spread across five asset classes; Hospitality (40 per cent), Office (19 per cent), Light Industrial (16 per cent), Healthcare (15 per cent) and Life Sciences (9 per cent). Hospitality exposure (40 per cent) is diversified across three loan investments. This exposure has decreased from 31 December 2023 as a result of the full repayments of Hotel, Scotland and Hotel, Dublin and the partial repayment of Hotel and Office, Northern Ireland during the period. One loan (71 per cent of hospitality exposure) has two underlying key UK gateway city hotel assets, both of which are undergoing comprehensive refurbishment programmes due to complete during 2024. Both hotels are also rebranding to a major internationally recognised hotel brand. The second largest hospitality loan (23 per cent of hospitality exposure) has also been recently refurbished and is slowly increasing operating performance metrics post refurbishment. One loan (6 per cent of hospitality exposure) benefits from a State/Government licence in place at the property and has structured amortisation that continues to decrease this loan exposure. This loan is expected to be fully repaid before year end 2024. The weighted average loan to value of the hospitality exposure is 56 per cent. The Group’s office exposure (19 per cent) is spread across three loan investments. The weighted average loan to value of loans with office exposure is 73 per cent and the average age of these independently instructed valuation reports is just over a year. The higher loan to value of this sector exposure reflects the wider decrease in market sentiment driven by post pandemic trends and higher interest rates. These factors have resulted in reduced investor appetite for office exposure and a decline in both transaction volumes and values. The largest office investment is a mezzanine loan which represents 65 per cent of this bucket and is classified as a Stage 2 risk rated loan. The underlying assets comprise seven well located European city centre CBD buildings and are well tenanted, albeit certain assets are expected to require capital expenditure to upgrade to Grade-A quality to retain existing tenants upon future lease expiry events. The loan remains in compliance of its third-party senior loan facility and the Group’s mezzanine loan facility, however given the persisting challenging market dynamics, the Group is working closely with the sponsor, a very large institutional asset manager, and a leading global valuation and advisory firm to identify future capital expenditure needs, funding sources, exit values and the business plan to exit. Light Industrial and Healthcare exposures comprise 16 per cent and 15 per cent each respectively, totalling 31 per cent of the total funded portfolio (across two investments) and provides good diversification into asset classes that continue to have very strong occupational and investor demand. The weighted average loan to value of these exposures is 56 per cent. LOAN TO VALUE All assets securing the loans undergo third party valuations before each investment closes and periodically thereafter at a time considered appropriate by the lenders. The LTVs shown below are based on independent third party appraisals. The weighted average age of the dates of these valuations for the whole portfolio is just over ten months. As of 30 June 2024 the Group has an average last £ LTV of 58.0 per cent (31 December 2023: 61.8 per cent). The Group’s last £ LTV means the percentage which the total loan drawn less any deductible lender controlled cash reserves and less any amortisation received to date (when aggregated with any other indebtedness ranking alongside and/or senior to it) bears to the market value determined by the last formal lender valuation received, reviewed in detail and approved by the reporting date. LTV to first Group £ means the starting point of the loan to value range of the loans drawn (when aggregated with any other indebtedness ranking senior to it). For development projects the calculation includes the total facility available and is calculated against the assumed market value on completion of the relevant project. The table below shows the sensitivity of the loan to value calculation for movements in the underlying property valuation and demonstrates that the Group has considerable headroom within the currently reported last LTVs. Change in Valuation Hospitality Office Light Industrial & Healthcare Other Total -15% 65.4% 85.5% 65.4% 56.4% 68.3% -10% 61.8% 80.7% 61.7% 53.3% 64.5% -5% 58.6% 76.5% 58.5% 50.5% 61.1% 0% 55.6% 72.7% 55.6% 48.0% 58.0% 5% 53.0% 69.2% 52.9% 45.7% 55.3% 10% 50.6% 66.1% 50.5% 43.6% 52.7% 15% 48.4% 63.2% 48.3% 41.7% 50.5% LIQUIDITY AND HEDGING The Group had no available credit facilities as at 30 June 2024 as it was decided not to pursue the extension of any credit facilities that had been available to it in the past as the Group has sufficient resources to meet its liabilities as they fall due. The table below summarises the available liquidity as at 30 June 2024 and 31 August 2024. The decrease between 30 June 2024 and 31 August 2024 is primarily due to the £80.0 million capital redemption in July 2024 and the payment of the Q2 2024 dividend (amounting to circa £2.7 million) declared in July 2024 and paid in August 2024. 30 June 2024 31 August 2024 £ million £ million Cash and Cash Equivalents 117.1 38.1 Undrawn Commitments to Borrowers (24.1) (23.0) Available Capacity 93.0 (15.1) The Group had a proportion (17%) of its investments denominated in Euros as at 30 June 2024 (this proportion can change over time) and is a sterling denominated group. The Group is therefore subject to the risk that exchange rates move unfavourably and that a) foreign exchange losses on the loan principal are incurred and b) that interest payments received are lower than anticipated when converted back to Sterling and therefore returns are lower than the underwritten returns. The Group manages this risk by entering into forward contracts to hedge the currency risk. All non-Sterling loan principal is hedged back to Sterling to the maturity date of the loan (unless it was funded using the revolving credit facilities in which case it will have a natural hedge). Interest payments are generally hedged for the period for which prepayment protection is in place. However, the risk remains that loans are repaid earlier than anticipated and forward contracts need to be broken early. In these circumstances the forward curve may have moved since the forward contracts were placed which can impact the rate received. In addition, if the loan repays after the prepayment protection, interest after the prepayment protected period may be received at a lower rate than anticipated leading to lower returns for that period. Conversely the rate could have improved and returns may increase. The Group does have the obligation to post cash collateral under its hedging facilities. However, cash would not need to be posted until the hedges were more than £15.0 million out of the money. This situation is closely monitored as a result. The mark to market of the hedges at 30 June 2024 was £0.9 million (in the money) and with the robust hedging structure employed by the Group, cash collateral has never been required to be posted since inception. CREDIT RISK ANALYSIS All loans within the portfolio are classified and measured at amortised cost less impairment. During the half year there have been no changes to the existing credit risk levels for any of the investments, however following the successful settlement of the Stage 3 loan and the repayment of one of the Stage 2 loans there are now no loans classified as Stage 3 and three loans classified as Stage 2. The Group follows a three-stage model for impairment based on changes in credit quality since initial recognition as summarised below:  A financial instrument that is not credit-impaired on initial recognition is classified as Stage 1 and has its credit risk continuously monitored by the Group. The expected credit loss (“ECL”) is measured over a 12-month period of time.  If a significant increase in credit risk since initial recognition is identified, the financial instrument is moved to Stage 2 but is not yet deemed to be credit-impaired. The ECL is measured on a lifetime basis.  If the financial instrument is credit-impaired it is then moved to Stage 3. The ECL is measured on a lifetime basis. The Group closely monitors all loans in the portfolio for any deterioration in credit risk. As of 30 June 2024, assigned classifications are:  Stage 1 loans – five loan investments totalling £113.3 million, equivalent to 69 per cent of the funded portfolio are classified in the lowest risk profile, Stage 1.  Stage 2 loans – three loan investments totalling £51.8 million, equivalent to 31 per cent of the funded portfolio are classified as Stage 2. The average loan to value of these exposures is 67 per cent. The weighted average age of valuation report dates used in the loan to value calculation is one year. While these loans are higher risk than at initial recognition, no loss has been recognised on a twelve-month and lifetime expected credit losses basis. Therefore, no impairment in the value of these loans has been recognised. The drivers for classifying these deals as Stage 2 are typically either one or a combination of the below factors:  lower underlying property values following receipt of updated formal appraisals by independent valuers or agreed and in exclusivity sale values;  sponsor business plans progressing more slowly than originally underwritten meaning that trading performance has lagged expectations and operating financial covenants under the facility agreements have breached; and  additional equity support is required to cover interest or operating shortfalls as a result of slower lease up or operations taking longer to ramp up. The Stage 2 loans continue to benefit from headroom to the Group’s investment basis. The Group has a strategy for each of these deals which targets full loan repayment over a defined period of time. Timing of repayment will vary depending on the level of equity support from sponsors. Typically, where sponsors are willing to inject additional equity to partially pay down the loans and support their business plan execution, then the Group will grant some temporary financial covenant headroom. Otherwise, sponsors are running sale processes to sell assets and repay their loans.  Stage 3 loans – As of 30 June 2024, no loans were classified as Stage 3. This assessment has been made based on information in our possession at the date of reporting, our assessment of the risks of each loan and certain estimates and judgements around future performance of the assets. A detailed description of how the Group determines on what basis loans are classified as Stage 1, Stage 2 and Stage 3 post initial recognition is provided in to the Principal Risk section of the full year accounts. FAIR VALUE OF THE PORTFOLIO COMPARED TO AMORTISED COST The table below represents the fair value of the loans based on a discounted cash flow basis using a range of potential discount rates. Discount Rate Value Calculated % of book value 8.4% £ 171.8 M 102.9% 8.9% £ 170.5 M 102.2% 9.4% £ 169.3 M 101.4% 9.9% £ 168.1 M 100.7% 10.4% £ 166.9 M = BOOK VALUE 100.0% 10.9% £ 165.7 M 99.3% 11.4% £ 164.5 M 98.6% 11.9% £ 163.4 M 97.9% 12.4% £ 162.2 M 97.2% The effective interest rate (“EIR”) – i.e. the discount rate at which future cash flows equal the amortised cost is 10.4 per cent. We have sensitised the cash flows at EIR intervals of 0.5 per cent up to +/- 2.0 per cent. The table reflects how a change in market interest rates or credit risk premiums may impact the fair value of the portfolio versus the amortised cost. Further, the Group considers the EIR of 10.4 per cent to be conservative as many of these loans were part of a business plan which involved transformation and many of these business plans are advanced in the execution and therefore significantly de-risked from the original underwriting and pricing. The volatility of the fair value to movements in discount rates is low due to the low remaining duration of most loans. RELATED PARTY TRANSACTIONS Related party disclosures are given in note 16 to the Unaudited Condensed Consolidated Financial Statements. FORWARD LOOKING STATEMENTS Certain statements in this interim report are forward-looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. Starwood European Finance Partners Limited Investment Manager 6 September 2024 Principal Risks PRINCIPAL RISKS FOR THE REMAINING SIX MONTHS OF THE YEAR TO 31 DECEMBER 2024 The principal risks assessed by the Board relating to the Group were disclosed in the Strategic Report set out in the Annual Report and Audited Consolidated Financial Statements for the year to 31 December 2023. The Board and Investment Manager have reassessed the principal risks and do not consider these risks to have changed. Therefore, the following are the principal risks assessed by the Board and the Investment Manager as relating to the Group for the remaining six months of the year to 31 December 2024: FINANCIAL MARKET VOLATILITY (RISK THAT DIVIDENDS DO NOT MEET THE TARGETED LEVELS AND THAT THE SHARE PRICE DISCOUNT PERSISTS AND WIDENS) Subsequent to the EGM held on 27 January 2023 the Group’s strategy is for an orderly realisation of its assets and the return of capital to shareholders. During the realisation period the Company intends to target a similar per share level of dividends as previously for as long as this is feasible and to return capital to shareholders subject to maintaining sufficient cash to fund as yet unfunded cash commitments on loans and ongoing operating costs. The Group’s targeted returns are based on estimates and assumptions that are inherently subject to significant business and economic uncertainties and contingencies and, consequently, the actual rate of return may be materially lower than the targeted returns. As a result, the level of dividends to be paid by the Company may fluctuate and there is no guarantee that any such dividends will be paid. Since March 2020 the shares have traded at a discount to NAV per share and shareholders may be unable to realise their investments through the secondary market at NAV per share. The Board, along with the Investment Manager and the Investment Adviser, monitor, review and consider the estimates and assumptions that underpin the targeted returns of the business and, where necessary, communicate any changes in those estimates and assumptions to the market. The Board monitors the level of premium or discount of the share price to NAV per share and deployed a share buyback programme during 2020, 2021 and 2022 in order to support the share price. No shares were bought back in 2023 or the first six months of 2024. The current strategy of the orderly realization of assets and the return of capital to shareholders over time should mean that, subject to no unforeseen negative impacts on the value of investments, shareholders will receive a return of capital invested over time. During 2023 the Company returned £85.0 million to shareholders. During the first six months of 2024 the Company returned £45.0 million to shareholders. Subsequent to 30 June 2024 and prior to the issuance of this report the Company returned a further £80.0 million to shareholders. LONG-TERM STRATEGIC RISK (RISK THAT THE BUSINESS MODEL IS NO LONGER ATTRACTIVE) Subsequent to the EGM held on 27 January 2023, the Group’s strategy is for an orderly realisation and return of capital to shareholders. It is anticipated that the return of capital to shareholders will be completed in the next three to four years. The Group’s targeted returns are based on estimates and assumptions that are inherently subject to significant business and economic uncertainties and contingencies and, consequently, the actual rate of return may be materially lower than the targeted returns. The Directors regularly receive information on the performance of the existing loans, including the performance of underlying assets versus underwritten business plan and the likelihood of any early repayments, or the need for any loan amendments. The Board continues to monitor the revised investment strategy and performance on an ongoing basis. MARKET DETERIORATION RISK (RISK OF THE ECONOMIES IN WHICH THE GROUP OPERATES EITHER STAGNATE OR GO INTO RECESSION) The Group’s investments are comprised of debt investments in the United Kingdom (‘UK’) and the European Union’s internal market and it is therefore exposed to economic movements and changes in these markets. Any deterioration in the global, UK or European economy could have a significant adverse effect on the activities of the Group and may result in loan defaults or impairments. The Covid-19 pandemic has had a material long term impact on global economies and on the operations of the Group’s borrowers since 2020. The situation in Ukraine, following the February 2022 incursion into Ukraine by Russia and in the Middle East, following the October 2023 Hamas attacks in Israel, also presents a significant risk to European and global economies. While the Group has no direct or known indirect involvement with Ukraine, Russia or the Middle East it may be impacted by the consequences of the instability caused by the ongoing conflict. The impact of the UK’s departure from the European Union in 2020 still represents a potential threat to the UK economy as well as wider Europe. On a cyclical view, the national economies across Europe appear to be heading towards lower growth, and alongside the economic impact of Covid-19 and the destabilising impact of the conflicts in Ukraine and the Middle East, towards recession. In addition there is the impact of the ongoing high inflationary environment to consider (driven by increasing interest rates, energy costs and costs of living). This environment could make it harder for borrowers to meet their interest obligations to the Group and to ultimately repay the loans advanced to them. The Board have considered the impact of market deterioration on the current and future operations of the Group and its portfolio of loans advanced. As a result of the cash held in reserve by the Group and the underlying quality of the portfolio of loans advanced, both the Investment Manager and the Board still believe the fundamentals of the portfolio remain optimistic and that the Group can adequately support the portfolio of loans advanced despite current market conditions. In the event of a loan default in the portfolio, the Group is generally entitled to accelerate the loan and enforce security, but the process may be expensive and lengthy, and the outcome is dependent on sufficient recoveries being made to repay the borrower’s obligations and associated costs. Some of the investments held would rank behind senior debt tranches for repayment in the event that a borrower defaults, with the consequence of greater risk of partial or total loss. In addition, repayment of loans by the borrower at maturity could be subject to the availability of refinancing options, including the availability of senior and subordinated debt and is also subject to the underlying value of the real estate collateral at the date of maturity. The Group has mitigated against this with an average weighted loan to value of the portfolio of 58.0 per cent as at 30 June 2024. Therefore, the portfolio should be able to withstand a significant level of deterioration before credit losses are incurred. The Investment Adviser and Manager has also mitigated the risk of credit losses by undertaking detailed due diligence prior to the signing of each loan. Whilst the precise scope of due diligence will have depended on the proposed investment, such diligence will typically have included independent valuations, building, measurement and environmental surveys, legal reviews of property title, assessment of the strength of the borrower’s management team and key leases and, where necessary, mechanical and engineering surveys, accounting and tax reviews and know your customer checks. The Investment Adviser, Investment Manager and Board have also managed these risks in the past by ensuring a diversification of investments in terms of geography, market and type of loan. Such diversification will be harder to achieve as the company pursues a strategy of orderly realisation and does not enter into any new investments. The Investment Manager and Investment Adviser operate in accordance with the guidelines, investment limits and restrictions as determined by the Board. The Directors review the portfolio against these guidelines on a regular basis. The Investment Adviser obtains regular performance reporting from all borrowers and meets with all borrowers on a regular basis to monitor developments in respect of each loan and reports to the Investment Manager and the Board periodically and on an ad hoc basis where considered necessary. The Group’s loans are held at amortised cost. The performance of each loan is reviewed quarterly by the Investment Adviser for any indicators of significant increase in credit risk, impaired or defaulted loans. The Investment Adviser also provides their assessment of any expected credit loss for each loan advanced. The results of the performance review and allowance for expected credit losses are discussed with the Investment Manager and the Board. The Group has prudently assessed key risk indicators impacting all investments and three loans within the portfolio are classified as Stage 2 (increased risk of default) as at 30 June 2024. These loans account for 31 per cent of the portfolio funded by the Group as at 30 June 2024. No expected credit losses have been recognised against any of these loans, because of the strong LTVs across the loan portfolio and strong contractual agreements with borrowers, including these Stage 2 loans.This is further outlined in detail under the Credit Risk Analysis section of the Investment Manager report. Despite increased risk around higher interest rates and lower transaction volumes, the portfolio has continued to perform well. The reasons, estimates and judgements supporting this assessment are described in the Investment Manager’s report. INTEREST RATE RISK The Group is subject to the risk that the loan income and income from the cash and cash equivalents will fluctuate due to movements in interbank rates. The loans in place at 30 June 2024 are structured so that 85 per cent are floating rate and all of these floating rate loans are subject to interbank rate floors such that the interest cannot drop below a certain level, which offers some protection against downward interest rate risk. The remaining 15 per cent by value of the loans are fixed rate, which provides protection from downward interest rate movements to the overall portfolio (but also prevents the Group from benefiting from any interbank rate rises on these positions). FOREIGN EXCHANGE RISK The majority of the Group’s investments are Sterling denominated (83 per cent as at 30 June 2024) with the remainder being Euro denominated. The Group is subject to the risk that the exchange rates move unfavourably and that a) foreign exchange losses on the Euro loan principals are incurred and b) that Euro interest payments received are lower than anticipated when converted back to Sterling and therefore returns are lower than the underwritten returns. The Group manages this risk by entering into forward contracts to hedge the currency risk. All non-Sterling loan principal is hedged back to Sterling to the maturity date of the loan. Interest payments are normally hedged for the period for which prepayment protection is in place. However, the risk remains that loans are repaid earlier than anticipated and forward contracts need to be broken early. In these circumstances, the forward curve may have moved since the forward contracts were placed which can impact the rate received. In addition, if the loan repays after the prepayment protection, interest after the prepayment-protected period may be received at a lower rate than anticipated leading to lower returns for that period. Conversely, the rate could have improved, and returns may increase. As a consequence of the hedging strategy employed as outlined above, the Group is subject to the risk that it will need to post cash collateral against the mark to market on foreign exchange hedges which could lead to liquidity issues or leave the Group unable to hedge new non-Sterling investments. The Company had approximately £40.4 million (€47.8 million) of net hedged notional exposure with Lloyds Bank plc at 30 June 2024 (converted at 30 June 2024 FX rates). As at 30 June 2024, the hedges were in the money. If the hedges move out of the money and this mark to market exceeds £15.0 million the Company is required to post collateral, subject to a minimum transfer amount of £1 million. This situation is monitored closely, however, and as at 30 June 2024, the Company had sufficient liquidity to meet substantial cash collateral requirements. CYBERCRIME The Group is subject to the risk of unauthorised access into systems, identification of passwords or deleting data, which could result in loss of sensitive data, breach of data physical and electronic, amongst other potential consequences. This risk is managed and mitigated by regular reviews of the Group’s operational and financial control environment. The matter is also contained within service providers surveys which are completed by the Group’s service providers and are regularly reviewed by the Board. No adverse findings in connection with the service provider surveys have been found. The Company and its service providers have policies and procedures in place to mitigate this risk, the cybercrime risk continues to be closely monitored. REGULATORY RISK The Group is also subject to regulatory risk as a result of any changes in regulations or legislation. Constant monitoring by the Investment Adviser, Investment Manager and the Board is in place to ensure the Group keeps up to date with any regulatory changes and compliance with them. OPERATIONAL RISK The Group has no employees and is reliant on the performance of third-party service providers. Failure by the Investment Manager, Investment Adviser, Administrator or any other third-party service provider to perform in accordance with the terms of its appointment could have a material detrimental impact on the operation of the Group. The Board maintains close contact with all service providers to ensure that the operational risks are minimised. EMERGING RISKS Emerging risks to the Group are considered by the Board to be trends, innovations and potential rule changes relevant to the real estate mortgage and financial sector. The challenge to the Group is that emerging risks are known to some extent but are not likely to materialise or have an impact in the near term. The Board regularly reviews and discusses the risk matrix and has identified climate change as an emerging risk. CLIMATE CHANGE The consequences that climate change could have are potentially severe but highly uncertain. The potential high impact of possible losses has done a lot to raise the awareness of this risk in investment circles. The Board, in conjunction with the Investment Manager and Investment Adviser, considers the possible physical and transitional impact of climate change on properties secured on loans provided by the Group and includes the consideration of such factors in valuation instructions of the collateral properties and in considering any potential expected credit losses on loans. The Investment Adviser considers the possible physical and transitional impact of climate change as part of the origination process. In addition, the Board, in conjunction with the Investment Adviser, is monitoring closely the regulation and any developments in this area. Governance Board of Directors JOHN WHITTLE | Non-executive Director – Chairman of the Board John is a Fellow of the Institute of Chartered Accountants in England and Wales and holds the Institute of Directors Diploma in Company Direction. He is a Non-Executive Director and Audit Committee Chairman of The Renewable Infrastructure Group Ltd (FTSE 250), Sancus Lending Group Ltd (listed on AIM), and Chenavari Toro Limited Income Fund Limited (listed on the SFS segment of the Main Market of the London Stock Exchange). He was previously Finance Director of Close Fund Services, a large independent fund administrator, where he successfully initiated a restructuring of client financial reporting services and was a key member of the business transition team. Prior to moving to Guernsey, he was at Pricewaterhouse in London before embarking on a career in business services, predominantly telecoms. He co-led the business turnaround of Talkland International (which became Vodafone Retail) and was directly responsible for the strategic shift into retail distribution and its subsequent implementation; he subsequently worked on the private equity acquisition of Ora Telecom. John is a resident of Guernsey. GARY YARDLEY | Non-executive Director Gary is a Fellow of the Royal Institution of Chartered Surveyors and holds a degree in estate management from Southbank University and an MBA. He has been a senior deal maker in the UK and European real estate market for over 25 years. Gary was formally Managing Director & Chief Investment Officer of Capital & Counties Property PLC (“Capco”) and led Capco’s real estate investment and development activities. Leading Capco’s team on the redevelopment of Earls Court, Gary was responsible for acquiring and subsequently securing planning consent for over 11m sq. ft. at this strategic opportunity area capable of providing over 7,500 new homes for London. Gary was also heavily involved in the curation and growth of the Covent Garden estate for Capco, now an established premier London landmark. Gary is a Chartered Surveyor with over 30 years’ experience in UK & European real estate. He is a former CIO of Liberty International and former equity partner of King Sturge and led PwC’s real estate team in Prague and Central Europe in the early 1990s. Gary has recently returned to Prague and became Managing Director of West Bohemia Developments a.s, in August 2023, leading a major development opportunity on the D5 Highway adjacent to the German border. Gary now resides in the Czech Republic. SHELAGH MASON | Non-executive Director – Management Engagement Committee Chairman and Senior Independent Director Shelagh Mason is a solicitor specialising in English commercial property who retired as a consultant with Collas Crill LLP in 2020. She is the Non-Executive Chairman of the Channel Islands Property Fund Limited listed on the International Stock Exchange and is also Non-Executive Chairman of Riverside Capital PCC, sits on the board of Skipton International Limited, a Guernsey Licensed bank, and until 28 February 2022, she was a Non-Executive Director of the Renewables Infrastructure Fund a FTSE 250 company, standing down after nine years on the board. In addition to the Company, she has a non-executive position with Ruffer Investment Company Limited, a FTSE 250 company. Previously Shelagh was a member of the board of directors of Standard Life Investments Property Income Trust, a property fund listed on the London Stock Exchange for 10 years until December 2014. She retired from the board of Medicx Fund Limited, a main market listed investment company investing in primary healthcare facilities in 2017 after 10 years on the board. She is a past Chairman of the Guernsey Branch of the Institute of Directors and she also holds the IOD Company Direction Certificate and Diploma with distinction. Shelagh is a resident of Guernsey. CHARLOTTE DENTON | Non-executive Director – Audit Committee Chairman Charlotte is a Fellow of the Institute of Chartered Accountants in England and Wales and a Chartered Director and a fellow of the Institute of Directors. She holds a degree in politics from Durham University. During Charlotte’s executive career she worked in various locations through roles in diverse organisations, including KPMG, Rothschild, Northern Trust, a property development startup and a privately held financial services group. She has served on boards for nearly twenty years and is currently a Non-Executive Director of various entities including the GP boards of Private Equity groups Cinven and Hitec and the Investment Manager for NextEnergy. She is also on the board of Pershing Square Holdings Limited, a FTSE 100 company. Charlotte is a resident of Guernsey. Statement of Directors’ Responsibilities To the best of their knowledge, the Directors of Starwood European Real Estate Finance Limited confirm that: 1. The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union as required by DTR 4.2.4 R; and 2. The Interim Financial Report, comprising of the Chairman’s Statement, the Investment Manager’s Report and the Principal Risks, meets the requirements of an interim management report and includes a fair review of information required by: (i) DTR 4.2.7R of the UK Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months and their impact on the Unaudited Condensed Consolidated Financial Statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and (ii) DTR 4.2.8R of the UK Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months and that have materially affected the financial position or performance of the Company during that period, and any material changes in the related party transactions disclosed in the last Annual Report. By order of the Board For Starwood European Real Estate Finance Limited John Whittle Charlotte Denton

Chairman Director 6 September 2024 6 September 2024 Interim Financial Statements Independent Review Report to Starwood European Real Estate Finance Limited Report on the unaudited condensed consolidated financial statements OUR CONCLUSION We have reviewed Starwood European Real Estate Finance Limited’s unaudited condensed consolidated financial statements (the “interim financial statements”) in the Interim Financial Report and Unaudited Condensed Consolidated Financial Statements of Starwood European Real Estate Finance Limited for the 6-month period ended 30 June 2024 (the “period”). Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. The interim financial statements comprise:  the unaudited condensed consolidated statement of financial position as at 30 June 2024;  the unaudited condensed consolidated statement of comprehensive income for the period then ended;  the unaudited condensed consolidated statement of cash flows for the period then ended;  the unaudited condensed consolidated statement of changes in equity for the period then ended; and  the explanatory notes to the interim financial statements. The interim financial statements included in the Interim Financial Report and Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. BASIS FOR CONCLUSION We conducted our review in accordance with International Standard on Review Engagements 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the International Auditing and Assurance Standards Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have read the other information contained in the Interim Financial Report and Unaudited Condensed Consolidated Financial Statements and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements. RESPONSIBILITIES FOR THE INTERIM FINANCIAL STATEMENTS AND THE REVIEW OUR RESPONSIBILITIES AND THOSE OF THE DIRECTORS The Interim Financial Report and Unaudited Condensed Consolidated Financial Statements, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Financial Report and Unaudited Condensed Consolidated Financial Statements in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. Our responsibility is to express a conclusion on the interim financial statements in the Interim Financial Report and Unaudited Condensed Consolidated Financial Statements based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers CI LLP Chartered Accountants, Guernsey, Channel Islands 8 September 2024 (a) The maintenance and integrity of the Starwood European Real Estate Finance Limited website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim financial statements since they were initially presented on the website. (b) Legislation in Guernsey governing the preparation and dissemination of interim financial statements may differ from legislation in other jurisdictions. Unaudited Condensed Consolidated Statement of Comprehensive Income for the period ended 30 June 2024 1 January 2024 to 1 January 2023 to 1 January 2023 to 30 June 2024 30 June 2023 31 December 2023 Notes £ (unaudited) £ (unaudited) £ (audited) Income Income from loans advanced 7 10,792,003 18,204,923 31,923,037 Short term deposits interest income 1,443,065 11,435 1,222,122 Net foreign exchange gains / (losses) 3 452,917 (33,802) 1,809,952 Total income 12,687,985 18,182,556 34,955,111 Expenses Impairment (reversal) / loss on loans advanced 7 (143,478) 1,726,000 3,476,360 Investment management fees 16 1,092,092 1,520,900 2,910,524 Credit facility commitment fees 56,610 424,219 604,878 Credit facility interest and amortisation of fees 8,333 255,505 514,651 Other expenses 143,903 214,759 442,863 Audit and non-audit fees 143,460 182,957 290,376 Administration fees 193,737 158,769 353,610 Legal and professional fees 117,523 144,932 248,936 Directors’ fees and expenses 16 99,002 103,112 204,739 Broker’s fees and expenses 25,000 25,000 50,000 Total operating expenses 1,736,182 4,756,153 9,096,937 Operating profit for the period / year before tax 10,951,803 13,426,403 25,858,174 Taxation 15 130,100 367,217 607,193 Operating profit for the period / year 10,821,703 13,059,186 25,250,981 Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (74,037) 18,174 (60,422) Other comprehensive (loss)/income for the period / year (74,037) 18,174 (60,422) Total comprehensive income for the period / year 10,747,666 13,077,360 25,190,559 Weighted average number of shares in issue 4 286,319,699 395,326,056 378,184,423 Basic and diluted earnings per Ordinary Share (pence) 4 3.78 3.30 6.66 The accompanying notes form an integral part of these Unaudited Condensed Consolidated Financial Statements. Unaudited Condensed Consolidated Statement of Financial Position as at 30 June 2024 As at As at As at 30 June 2024 30 June 2023 31 December 2023 Notes £ (unaudited) £ (unaudited) £ (audited) Assets Cash and cash equivalents 5 117,143,316 13,137,269 63,837,644 Other receivables and prepayments 6 33,568 1,537,753 24,225 Revolving credit facility capitalised cost – 262,287 8,333 Financial assets at fair value through profit or loss 8 947,729 2,891,365 993,204 Loans advanced 7 166,864,999 384,146,488 264,096,284 Total assets 284,989,612 401,975,162 328,959,690 Liabilities Credit facilities 10 – – – Trade and other payables 9 1,506,891 1,543,420 1,627,985 Total liabilities 1,506,891 1,543,420 1,627,985 Net assets 283,482,721 400,431,742 327,331,705 Capital and reserves Share capital 11 269,825,015 385,435,824 313,280,868 Retained earnings 13,938,224 15,123,803 14,257,318 Translation reserve (280,518) (127,885) (206,481) Total equity 283,482,721 400,431,742 327,331,705 Number of Ordinary Shares in issue 11 270,178,206 385,940,346 313,690,942 Net asset value per Ordinary Share (pence) 104.92 103.75 104.35 These Unaudited Condensed Consolidated Financial Statements were approved and authorised for issue by the Board of Directors on 6 September 2024, and signed on its behalf by: John Whittle Charlotte Denton Chairman Director The accompanying notes form an integral part of these Unaudited Condensed Consolidated Financial Statements. Unaudited Condensed Consolidated Statement of Changes in Equity for the period ended 30 June 2024 Period ended 30 June 2024 Share capital £ (unaudited) Retained earnings £ (unaudited) Translation reserve £ (unaudited) Total equity £ (unaudited) Balance at 1 January 2024 313,280,868 14,257,318 (206,481) 327,331,705 Shares redeemed (43,455,853) (1,544,142) – (44,999,995) Dividends paid – (9,596,655) – (9,596,655) Operating profit for the period – 10,821,703 – 10,821,703 Other comprehensive income: Other comprehensive loss for the period – – (74,037) (74,037) Balance at 30 June 2024 269,825,015 13,938,224 (280,518) 283,482,721 Period ended 30 June 2023 Share capital £ (unaudited) Retained earnings £ (unaudited) Translation reserve £ (unaudited) Total equity £ (unaudited) Balance at 1 January 2023 395,075,556 21,218,267 (146,059) 416,147,764 Shares redeemed (9,639,732) (362,997) – (10,002,729) Dividends paid – (18,790,653) – (18,790,653) Operating profit for the period – 13,059,186 – 13,059,186 Other comprehensive income: Other comprehensive income for the period – – 18,174 18,174 Balance at 30 June 2023 385,435,824 15,123,803 (127,885) 400,431,742 Year ended 31 December 2023 Share capital £ (audited) Retained earnings £ (audited) Translation reserve £ (audited) Total equity £ (audited) Balance at 1 January 2023 395,075,556 21,218,267 (146,059) 416,147,764 Shares redeemed (81,794,688) (3,207,935) – (85,002,623) Dividends paid – (29,003,995) – (29,003,995) Operating profit for the year – 25,250,981 – 25,250,981 Other comprehensive income: Other comprehensive loss for the year – – (60,422) (60,422) Balance at 31 December 2023 313,280,868 14,257,318 (206,481) 327,331,705 The accompanying notes form an integral part of these Unaudited Condensed Consolidated Financial Statements. Unaudited Condensed Consolidated Statement of Cash Flows for the period ended 30 June 2024 1 January 2024 to 1 January 2023 to 1 January 2023 to 30 June 2024 30 June 2023 31 December 2023 £ £ £ (unaudited) (unaudited) (audited) Operating activities: Operating profit for the period / year before tax 10,951,803 13,426,403 25,858,174 Adjustments before tax Income from loans advanced (10,792,003) (18,204,923) (31,923,037) Short term deposits interest income (1,443,065) (11,435) (1,222,122) (Increase) / decrease in prepayments, receivables and capitalised costs (9,150) (5,875) 2,567 (Decrease) / increase in trade and other payables (65,135) (259,704) (312,832) Net unrealised losses / (gains) on foreign exchange derivatives 45,475 (2,184,704) (286,543) Net foreign exchange (gains) / losses (498,392) 5,036,923 (1,523,409) Net foreign exchange losses / (gains) on foreign exchange derivatives 2,142,687 (2,553,840) 4,988,870 Impairment (reversal) / loss on loans advanced (143,478) 1,726,000 3,476,360 Credit facility interest and amortisation of fees 8,333 255,504 514,651 Credit facility commitment fees 56,610 424,219 604,878 Currency translation difference 977,980 2,199,941 1,969,811 Corporate taxes paid (131,405) (290,396) (290,396) 1,100,260 (441,887) 1,856,972 Loans advanced1 (8,828,699) (1,661,978) (7,338,190) Loan repayments and amortisation 102,077,030 43,551,178 166,897,162 Interest, commitment and exit fee income from loans advanced 13,255,599 16,604,438 33,545,209 Net cash inflow from operating activities 107,604,190 58,051,751 194,961,153 Cash flows from investing activities Short term deposits interest income 1,443,065 11,435 1,222,122 Net cash inflow from investing activities 1,443,065 11,435 1,222,122 Cash flows from financing activities Share redemptions (44,999,995) (10,002,729) (85,002,623) Dividends paid (9,596,655) (18,790,653) (29,003,995) Repayments under credit facility – (19,000,000) (19,000,000) Credit facility interest and amortisation paid – (535,358) (377,796) Credit facility commitment fees paid (111,267) (443,877) (715,131) Net cash outflow from financing activities (54,707,917) (48,772,617) (134,099,545) Net (decrease)/increase in cash and cash equivalents 54,339,338 9,290,569 62,083,730 Cash and cash equivalents at the start of the period / year 63,837,644 3,576,155 3,576,155 Net foreign exchange (losses) / gains on cash and cash equivalents (1,033,666) 270,545 (1,822,241) Cash and cash equivalents at the end of the period / year 117,143,316 13,137,269 63,837,644 1 Net of arrangement fees of £nil (period ended 30 June 2023: £nil, year ended 31 December 2023: £nil) withheld. The accompanying notes form an integral part of these Unaudited Condensed Consolidated Financial Statements. Notes to the Unaudited Condensed Consolidated Financial Statements for the period ended 30 June 2024 1. GENERAL INFORMATION Starwood European Real Estate Finance Limited (the “Company”) was incorporated with limited liability in Guernsey under the Companies (Guernsey) Law, 2008, as amended, on 9 November 2012 with registered number 55836, and has been authorised by the Guernsey Financial Services Commission (the “GFSC”) as a registered closed-ended investment scheme. The registered office and principal place of business of the Company is 1, Royal Plaza, Royal Avenue, St Peter Port, Guernsey, Channel Islands, GY1 2HL. The Company has appointed Starwood European Finance Partners Limited as the Investment Manager (the “Investment Manager”), a company incorporated in Guernsey and regulated by the GFSC. The Investment Manager has appointed Starwood Capital Europe Advisers, LLP (the “Investment Adviser”), an English limited liability partnership authorised and regulated by the FCA, to provide investment advice pursuant to an Investment Advisory Agreement. The administration of the Company is delegated to Apex Fund and Corporate Services (Guernsey) Limited (the “Administrator”). On 12 December 2012, the Company announced the results of its IPO, which raised net proceeds of £223.9 million. The Company’s Ordinary Shares were admitted to the premium segment of the UK FCA’s Official List and to trading on the Main Market of the London Stock Exchange as part of its IPO which completed on 17 December 2012. Further issues took place in March 2013, April 2013, July 2015, September 2015, August 2016 and May 2019. On 10 August 2020, the Company announced the appointment of Jefferies International Limited as buy-back agent to effect share buybacks on behalf of the Company. During the years ended 2020, 2021 and 2022 the Company bought back a total of 17,626,702 Ordinary Shares at an average cost of 91.51 pence per share. These Ordinary Shares were held in treasury until they were cancelled in June 2023. Following the Company’s Extraordinary General Meeting (“EGM”) on 27 January 2023, the Company’s objective changed and is now to conduct an orderly realisation of the assets of the Group and the return of capital to Shareholders. In line with this objective the Board will endeavour to realise all of the Group’s investments in a manner that achieves a balance between maximising the net value received from those investments and making timely returns to Shareholders. During June, August and December of 2023 and February and March of 2024 the Company redeemed a total of 125,414,490 Ordinary Shares at an average cost of 103.66 pence per share. Subsequent to period end, in July 2024 the Company compulsorily redeemed a further 76,248,573 Ordinary Shares at a price of 104.92 pence per share. As at the date of the issuance of this report the Company had 193,929,633 shares in issue and the total number of voting rights was 193,929,633. Further details and background is covered in the Corporate Summary section of this report. The Unaudited Condensed Consolidated Financial Statements comprise the financial statements of the Company, Starfin Public Holdco 1 Limited (“Holdco 1”), Starfin Public Holdco 2 Limited (“Holdco 2”), Starfin Lux S.à.r.l (“Luxco”), Starfin Lux 3 S.à.r.l (“Luxco 3”) and Starfin Lux 4 S.à.r.l (“Luxco 4”) (together, the “Group”) as at 30 June 2024. 2. BASIS OF PREPARATION AND PRINCIPAL ACCOUNTING POLICIES The Company has prepared these Unaudited Condensed Consolidated Financial Statements on a going concern basis in accordance with International Accounting Standard 34, “Interim Financial Reporting”, as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. This Interim Financial Report does not comprise statutory Financial Statements within the meaning of the Companies (Guernsey) Law, 2008, and should be read in conjunction with the Consolidated Financial Statements of the Group as at and for the year ended 31 December 2023, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and the Companies (Guernsey) Law, 2008. The statutory Financial Statements for the year ended 31 December 2023 were approved by the Board of Directors on 18 March 2024. The opinion of the Auditor on those Financial Statements was unqualified. This Interim Financial Report and Unaudited Condensed Consolidated Financial Statements for the period ended 30 June 2024 has been reviewed by the Auditor but not audited. In line with the considerations noted in Note 1 above, the Directors have undertaken a comprehensive review and considered it appropriate to adopt the going concern basis of accounting in preparing the Interim Financial Report and Unaudited Condensed Consolidated Financial Statements. There are a number of new and amended accounting standards and interpretations that became applicable for annual reporting periods commencing on or after 1 January 2024. These amendments have not had a significant impact on these Unaudited Condensed Consolidated Financial Statements and therefore the additional disclosures associated with first time adoption have not been made. The preparation of the Unaudited Condensed Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these Unaudited Condensed Consolidated Financial Statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Annual Consolidated Financial Statements for the year ended 31 December 2023. 3. NET FOREIGN EXCHANGE GAINS / (LOSSES) 30 June 2024 30 June 2023 31 December 2023 £ £ £ Loans advanced gains – realised 449,103 113,162 221,192 Loans advanced losses – realised (2,294,092) (166,935) (724,358) Forward contracts gains – realised 2,255,012 2,755,096 5,218,375 Forward contracts losses – realised (8,500) (209,237) (334,112) Other gains/(losses) – realised (85,477) 4,904 320,918 Total realised gains 316,046 2,496,990 4,702,015 Loans advanced gains – unrealised 1,305,216 32,929 57,994 Loans advanced losses – unrealised (1,122,870) (4,748,425) (3,236,599) Forward contracts gains – unrealised 4,039,911 7,716,816 7,319,115 Forward contracts losses – unrealised (4,085,386) (5,532,112) (7,032,573) Total unrealised gains/(losses) 136,871 (2,530,792) (2,892,062) Net gains/(losses) 452,917 (33,802) 1,809,952 On occasion, the Group may realise a gain or loss on the roll forward of a hedge if it becomes necessary to extend a capital hedge beyond the initial anticipated loan term. If this situation arises the Group will separate the realised FX gain or loss from other realised FX gains or losses and not consider it available to distribute (or as a reduction in distributable profits). The FX gain or loss will only be considered part of distributable reserves when the rolled hedge matures or is settled and the final net gain or loss on the capital hedges can be determined. 4. EARNINGS PER SHARE AND NET ASSET VALUE PER SHARE The calculation of basic earnings per Ordinary Share is based on the operating profit of £10,821,703 (30 June 2023: £13,059,186 and 31 December 2023: £25,250,981) and on the weighted average number of Ordinary Shares in issue at 30 June 2024 of 286,319,699 (30 June 2023: 395,326,056 and 31 December 2023: 378,184,423). The calculation of NAV per Ordinary Share is based on a NAV of £283,482,721 (30 June 2023: £400,431,742 and 31 December 2023: £327,331,705) and the actual number of Ordinary Shares in issue at 30 June 2024 of 270,178,206 (30 June 2023: 385,940,346 and 31 December 2023: 313,690,942). 5. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprises bank balances and short term bank deposits held by the Group. The carrying amount of these represents their fair value. 30 June 2024 30 June 2023 31 December 2023 £ £ £ Cash at bank 18,661,380 3,125,834 20,673,973 Short term deposit 98,481,936 10,011,435 43,163,671 117,143,316 13,137,269 63,837,644 Cash and cash equivalents comprises cash and short-term deposits held with various banking institutions with original maturities of three months or less. 6. OTHER RECEIVABLES AND REPAYMENTS 30 June 2024 30 June 2023 31 December 2023 £ £ £ Prepayments 33,568 32,667 24,225 Investment interest – 1,505,086 – receivable1 33,568 1,537,753 24,225 1 Investment interest receivable as at 30 June 2023 relates to loan related payments which were received after period end. 7. LOANS ADVANCED 30 June 2024 30 June 2023 31 December 2023 £ £ £ UK Hotels, United Kingdom 46,046,030 32,061,420 37,355,613 Industrial Estate, UK 27,261,756 27,414,987 27,410,670 Hospitals, UK 25,354,632 25,363,038 25,370,368 Life Science, UK 16,021,354 20,055,999 15,923,105 Hotel, North Berwick 15,189,791 15,253,555 15,241,403 Hotel and Office, Northern Ireland 7,579,367 10,919,618 9,099,325 Hotel & Residential, UK – 50,110,830 – Hotel, Scotland – 43,249,198 43,232,893 Office, London – 20,975,997 – Spain Office Portfolio, Spain 8,019,380 8,138,179 8,236,586 Three Shopping Centres – 29,590,487 29,276,457 Office, Madrid, Spain – 15,988,322 – Shopping Centre, Spain – 13,466,064 11,189,028 Ireland Office Portfolio, Ireland 21,392,689 21,264,090 21,428,669 Hotel, Dublin – 33,267,881 20,332,167 Mixed use, Dublin – 11,127,912 – Rest of Europe Mixed Portfolio, Europe – 5,898,911 – 166,864,999 384,146,488 264,096,284 The amortised carrying cost of the Shopping Centre, Spain in 2023 includes an impairment provision of £1.7 million as at 30 June 2023 and £3.5 million as at 31 December 2023. This loan was settled in March 2024 resulting in the writing back of £0.14 million of the provision held as at 31 December 2023 as shown below. The table below reconciles the movement of the carrying value of loans advanced in the period / year. 30 June 2024 30 June 2023 31 December 2023 £ £ £ Loans advanced at the start of the period / year 264,096,284 432,459,966 432,459,966 Loans advanced1 9,410,527 1,637,570 7,338,190 Income from loans advanced 10,792,003 18,204,923 31,923,037 Impairment reversal/(loss) on loans advanced 143,478 (1,726,000) (3,476,360) Foreign exchange gains/(losses) (1,662,643) (4,769,269) (3,681,770) Exit fees received (1,163,650) (238,207) (499,300) Commitment fees received (307,042) (433,719) (846,127) Interest payments received1 (12,366,928) (17,437,598) (32,199,782) Loan repayments (102,077,030) (43,551,178) (166,921,570) Loans advanced at the end of the period / year 166,864,999 384,146,488 264,096,284 Loans advanced at fair value 178,250,750 398,443,765 275,556,353 These items include interest capitalised of £581,828. 8. FINANCIAL ASSETS AND FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets at fair value through profit or loss comprise currency forward contracts which represent contractual obligations to purchase domestic currency and sell foreign currency on a future date at a specified price. The underlying instruments of currency forwards become favourable (assets) or unfavourable (liabilities) as a result of fluctuations of foreign exchange rates relative to their terms. The aggregate contractual or notional amount of derivative financial instruments, the extent to which instruments are favourable or unfavourable, and thus the aggregate fair values of derivative financial assets and liabilities, can fluctuate significantly from time to time. The foreign exchange derivatives are subject to offsetting, enforceable master netting agreements for each counterparty. The gains and losses relating to the currency forwards are included within “Net foreign exchange gains / (losses)” in the Unaudited Condensed Consolidated Statement of Comprehensive Income”. Fair value estimation The fair value of financial assets, which comprise derivatives not designated as hedges, are valued based on the difference between the agreed price of selling or buying the financial instruments on a future date and the price quoted on the year end date for selling or buying the same or similar financial instruments. The fair value of financial assets and liabilities at fair value through profit or loss are set out below: Notional contract Fair values 30 June 2024 amount1 Assets Liabilities Total £ £ £ £ Foreign exchange derivatives Currency forwards: Lloyds Bank plc 72,153,271 1,419,030 (471,301) 947,729 Total 72,153,271 1,419,030 (471,301) 947,729 Notional contract Fair values 30 June 2023 amount1 Assets Liabilities Total £ £ £ £ Foreign exchange derivatives Currency forwards: Lloyds Bank plc 238,265,359 4,865,135 (1,973,770) 2,891,365 Total 238,265,359 4,865,135 (1,973,770) 2,891,365 Notional contract Fair values 31 December 2023 amount1 Assets Liabilities Total £ £ £ £ Foreign exchange derivatives Currency forwards: Lloyds Bank plc 329,276,074 3,826,628 (2,833,424) 993,204 Total 329,276,074 3,826,628 (2,833,424) 993,204 1 Euro amounts are translated at the period / year end exchange rate 9. TRADE AND OTHER PAYABLES 30 June 2024 30 June 2023 31 December 2023 £ £ £ Investment management fees payable 525,743 757,750 672,075 Audit fees payable 223,569 223,094 206,866 Accrued expenses 273,745 172,764 256,530 Administration fees payable 141,865 132,971 82,556 Commitment fees paya