Woodstar Fund (the "Fund") $ millions > The Fund, which was formed in Q4 2021, holds the **14,793** affordable housing units comprising the Woodstar I and Woodstar II portfolios and is accounted for under ASC 946, Financial Services – Investment Companies, with its investments reported on our consolidated balance sheet at fair value and changes in fair value each period recognized in earnings Income Statement: - DE ($18M): Represents net income at the portfolio-level excluding unrealized fair value adjustments - GAAP ($5M): Net income from our investments is reported as a single line item, which includes changes in fair value of the investments ($-13M), changes in working capital ($+9M), and cash income distributions received ($+9M) <::table: Net Income Rental and other income $ 59.3 Cost of rental operations (24.2) Interest expense (16.9) Change in fair value (13.3) Income from affordable housing fund investments $ 4.9 Change in FMV Properties $ (9.3) Debt (2.0) Derivative (2.0) Total change in FMV $ (13.3) ::>

Balance Sheet:	Net Investment
Net Investment: Property-level assets, net	Properties, at fair value	$ 3,239.7
of property-level debt	Cash and other assets	43.4
Temporary Equity: 20.6% attributable to third party investors	Secured debt, at fair value Accrued liabilities	(1,529.5) (28.2)
	Investments of consolidated affordable housing fund, at fair value	$ 1,725.4

STARWOOD PROPERTY TRUST 23