Net income per common share for the three and six months ended June 30, 2026 and 2025, is computed as follows (in thousands, except for share and per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Basic:
Net income attributable to Starwood Credit Real Estate Income Trust	$	6,766	$	6,591	$	14,234	$	12,655
Weighted-average common shares outstanding, basic		18,253,861		12,301,032		17,463,673		11,805,619
Basic net income per common share	$	0.37	$	0.54	$	0.82	$	1.07
Diluted:
Net income attributable to Starwood Credit Real Estate Income Trust	$	6,766	$	6,591	$	14,234	$	12,655
Weighted-average common shares outstanding, diluted(1)		18,254,716		12,302,358		17,464,528		11,806,572
Diluted net income per common share	$	0.37	$	0.54	$	0.82	$	1.07

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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 June 30, 2026 and 2025, 2,832 and 2,932 unvested common shares were outstanding, respectively.