Net income per common share for the years ended December 31, 2025 and 2024 and for the period since the date of initial capitalization through December 31, 2023, is computed as follows (dollars in thousands, except for share and per share data):


	For the Year Ended,				For the Period from July 14, 2023 (date of initial capitalization) through
	2025		2024			December 31, 2023
Basic:
Net income attributable to Starwood Credit Real Estate Income Trust	$	29,635	$	7,680	$		(1,745	)
Weighted-average common shares outstanding, basic		12,769,213		7,553,549			349,868
Basic net income per common share	$	2.32	$	1.02	$		(4.99	)
Diluted:
Net income attributable to Starwood Credit Real Estate Income Trust	$	29,635	$	7,680	$		(1,745	)
Weighted-average common shares outstanding, diluted(1)		12,769,336		7,555,116			349,868
Diluted net income per common share	$	2.32	$	1.02	$		(4.99	)

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(1)

Diluted earnings per share takes into account the effect of dilutive instruments, such as unvested common share awards. As of December 31, 2025 and 2024, 2,832 and 2,932 unvested common shares were outstanding, respectively.

For the year ended December 31, 2023, unvested Class E common shares awarded to the Company’s independent trustees are excluded from the calculation of diluted earnings per share as the inclusion of such potential common shares in the calculation would be anti-dilutive. The weighted average number of shares of common shares outstanding is identical for both basic and diluted shares.