Douglas Emmett Inc

7. Secured Notes Payable, Net

Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to extend the loan maturity date.

(1)Maturity dates include extension options.

(2)All of our floating rate debt agreements include azero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.

(3)Effective rate as of March 31, 2026. Includes the effect of interest rate swaps (if applicable) and excludes the effect of points and prepaid loan fees, and loan premiums/discounts. See Note 9 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums/discounts.

(4)Comprised ofeight loans with the same terms.

(5)The construction loan will provide up to $375 million, including interest, for redevelopment of our Landmark Residences project in Brentwood. The loan has a floating interest rate. We entered into accreting swaps starting January 2, 2026 that mature January 1, 2030. As of March 31, 2026, the swaps effectively fix 81% of the loan at an interest rate of 5.80% with the remainder of the loan floating at SOFR +2.45%. We made certain guarantees related to the loan, including the completion of the development project.

(6)The loan consists of a $200 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. See Note 8 regarding the accrued interest on the loan. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%. The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of March 31, 2026, there wasno balance outstanding on the revolving credit facility.

(7)The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. $380 million of swaps were previously associated with other debt that we paid off in August 2025. They continue to hedge our remaining floating rate debt. For purposes of this table we have applied $350.0 million to this loan and the remaining $30.0 million has been applied to our pool of floating rate debt.

(8)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.

(9)The interest rate cap which capped the interest rate at 7.45% expires in May 2026.

(10)The loan requires monthly payments of principal and interest fortwelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.

(11)We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 15.

(12)The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining term of the loan.

(13)See Note 12 for our debt fair value disclosures.

(14)Balances are net of accumulated amortization/accretion of $1.0 million and $1.1 million at March 31, 2026 and December 31, 2025, respectively.

(15)Balances are net of accumulated amortization of $59.2 million and $55.8 million at March 31, 2026 and December 31, 2025, respectively.

The table below summarizes our consolidated fixed and floating rate debt. The statistics include the impact of $30.0 million of swaps and $472.0 million of caps that are not assigned to loans in the debt table at the beginning of this footnote.

The table below summarizes certain consolidated debt statistics as of March 31, 2026. The statistics include the impact of $30.0 million of swaps (maturing June 1, 2027) that are not assigned to loans in the debt table at the beginning of this footnote.

Future Principal Payments

At March 31, 2026, the minimum future principal payments due on our consolidated secured notes payable were as follows:

(1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.

Loan Premium and Loan Costs

The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations: