Net income per common share for the three months ended March 31, 2026 and 2025, is computed as follows (in thousands, except for share and per share data):


	For the Three Months Ended March 31,
	2026		2025
Basic:
Net income attributable to Starwood Credit Real Estate Income Trust	$	7,467	$	6,063
Weighted-average common shares outstanding, basic		16,664,705		11,304,702
Basic net income per common share	$	0.45	$	0.54
Diluted:
Net income attributable to Starwood Credit Real Estate Income Trust	$	7,467	$	6,063
Weighted-average common shares outstanding, diluted(1)		16,665,198		11,305,280
Diluted net income per common share	$	0.45	$	0.54

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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 March 31, 2026 and 2025, 2,832 and 2,932 unvested common shares were outstanding, respectively.