Starwood European Real Estate Finance (SWEF) lends against commercial property in Europe and the UK. As a provider of debt financing, SWEF sits further up the capital structure than equity investors, such as most trusts in the AIC UK Commercial Property sector. This means its track record of steady returns has not been disrupted by the pandemic, as we discuss in the performance section. SWEF has been able to maintain its dividend payments over 2020 and also not seen falls to its portfolio valuation. Despite displaying resilience throughout the pandemic, the shares have not fully recovered from the March 2020 crash, and trade on a 12.4% discount to NAV. SWEF mostly lends at floating rates. Although it has paid a 6.5p dividend each year since 2015, from 2021 the payment will be rebased to 5.5p as a consequence of the relentless march downwards in the interest rates off which its loans are priced. On a forward-looking basis we estimate that the share price yield is currently 6.1%. SWEF has exposure to sectors which have been operationally affected by COVID such as hospitality (36% of NAV) and retail (13%). However, it has seen no missed interest payments through the crisis, nor taken impairments for expected losses. The loan to value on the portfolio is just 61.8%, giving a substantial equity cushion, and SWEF has modest gearing at the portfolio level of just 3.7% of NAV. SWEF is managed by a subsidiary of Starwood Capital Group, one of the largest real-estate investors in the world, which brings a huge origination platform, specialist knowledge and strong relationships in the industry.