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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from to .

Commission file number 000-56046

Starwood Real Estate Income Trust, Inc.

(Exact name of Registrant as specified in Its Charter)

     Maryland

     2340 Collins Avenue 
Miami Beach, FL 33139

     82-2023409

     (State or other jurisdiction of 
incorporation or organization)

     (Address of principal executive offices) (Zip Code)

     (I.R.S. Employer
Identification No.)

Registrant’s telephone number, including area code: (305) 695-5500

Securities registered pursuant to Section 12(b) of the Act: None

      
Title of each class

     Trading
Symbol(s)

Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of November 12, 2025, the registrant had the following shares outstanding: 4,860,654 shares of Class T common stock, 176,269,536 shares of Class S common stock, 24,821,468 shares of Class D common stock and 187,228,182 shares of Class I common stock.

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

	Condensed Consolidated Financial Statements (Unaudited):

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	1

	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2025 and 2024	2

	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024	3

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	5

	Notes to Condensed Consolidated Financial Statements	6

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	33

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	52

ITEM 4.	CONTROLS AND PROCEDURES	53

PART II.	OTHER INFORMATION	54

ITEM 1.	LEGAL PROCEEDINGS	54

ITEM 1A.	RISK FACTORS	54

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	54

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	55

ITEM 4.	MINE SAFETY DISCLOSURES	55

ITEM 5.	OTHER INFORMATION	55

ITEM 6.	EXHIBITS	57

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Starwood Real Estate Income Trust, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)


	September 30, 2025			December 31, 2024
Assets
Investments in real estate, net	$	17,054,679		$	17,830,254
Investment in real estate debt		909,383			852,461
Investments in unconsolidated real estate ventures		311,562			420,861
Cash and cash equivalents		243,842			281,512
Restricted cash		229,665			241,422
Other assets		416,961			1,365,479
Total assets	$	19,166,092		$	20,991,989
Liabilities and Equity
Mortgage notes and secured credit facilities, net	$	11,978,910		$	12,744,587
Secured financings on investment in real estate debt, net		547,564			467,988
Unsecured line of credit		1,208,000			1,362,000
Other liabilities		469,924			447,095
Subscriptions received in advance		125			1,113
Due to affiliates		246,714			275,601
Total liabilities		14,451,237			15,298,384

Commitments and contingencies		—			—
Redeemable non-controlling interests		408,263			434,878

Equity
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of September 30, 2025 and December 31, 2024		—			—
Common stock — Class T shares, $0.01 par value per share, 500,000,000 shares authorized; 4,916,543 and 5,055,645 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		49			51
Common stock — Class S shares, $0.01 par value per share, 1,000,000,000 shares authorized; 177,511,433 and 181,391,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		1,775			1,814
Common stock — Class D shares, $0.01 par value per share, 500,000,000 shares authorized; 25,025,913 and 25,928,114 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		250			259
Common stock — Class I shares, $0.01 par value per share, 1,000,000,000 shares authorized; 188,108,369 and 189,397,713 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		1,881			1,894
Additional paid-in capital		8,779,351			8,932,123
Accumulated other comprehensive income (loss)		20,318			(50,756	)
Accumulated deficit and cumulative distributions		(4,576,936	)		(3,691,379	)
Total stockholders’ equity		4,226,688			5,194,006
Non-controlling interests in consolidated joint ventures		79,904			64,721
Total equity		4,306,592			5,258,727
Total liabilities and equity	$	19,166,092		$	20,991,989

See accompanying notes to condensed consolidated financial statements.

Starwood Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(in thousands, except share and per share data)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues
Rental revenue	$	384,637		$	414,932		$	1,165,488		$	1,240,479
Other revenue		9,313			9,917			23,262			30,215
Total revenues		393,950			424,849			1,188,750			1,270,694
Expenses
Property operating		172,369			183,574			510,353			543,746
General and administrative		10,289			9,683			28,970			35,571
Management fees		21,678			23,690			66,622			82,200
Performance participation allocation		—			—			—			—
Impairment of investments in real estate		5,123			1,782			5,123			1,782
Depreciation and amortization		178,267			185,138			524,771			557,425
Total expenses		387,726			403,867			1,135,839			1,220,724
Other expense
Loss from unconsolidated real estate ventures		(4,280	)		(4,692	)		(10,634	)		(10,365	)
Income from investments in real estate debt, net		17,093			21,513			55,223			74,384
Net (loss) gain on dispositions of real estate		(3,239	)		(225	)		20,538			2,431
Interest expense		(159,915	)		(165,520	)		(463,033	)		(477,741	)
Other expense, net		(34,752	)		(207,535	)		(226,778	)		(214,283	)
Total other expense		(185,093	)		(356,459	)		(624,684	)		(625,574	)
Net loss	$	(178,869	)	$	(335,477	)	$	(571,773	)	$	(575,604	)
Net loss attributable to non-controlling interests in consolidated joint ventures	$	1,354		$	1,969		$	3,637		$	2,861
Net loss attributable to non-controlling interests in Operating Partnership		9,004			16,548			28,548			28,716
Net loss attributable to stockholders	$	(168,511	)	$	(316,960	)	$	(539,588	)	$	(544,027	)
Net loss per share of common stock, basic and diluted	$	(0.42	)	$	(0.79	)	$	(1.35	)	$	(1.33	)
Weighted-average shares of common stock outstanding, basic and diluted		396,747,527			403,615,752			399,087,177			410,266,671

Comprehensive loss:
Net loss	$	(178,869	)	$	(335,477	)	$	(571,773	)	$	(575,604	)
Other comprehensive income item:
Foreign currency translation adjustments		1,331			23,120			71,074			8,761
Other comprehensive income	$	1,331		$	23,120		$	71,074		$	8,761
Comprehensive loss	$	(177,538	)	$	(312,357	)	$	(500,699	)	$	(566,843	)

See accompanying notes to condensed consolidated financial statements.

Starwood Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)


	Par Value
	Common Stock Class T			Common Stock Class S			Common Stock Class D			Common Stock Class I			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit and Cumulative Distributions			Total Stockholders’ Equity			Non- controlling Interests			Total Equity
Balance at June 30, 2025	$	50		$	1,796		$	252		$	1,893		$	8,859,130		$	18,987	$	(4,293,722	)	$	4,588,386		$	79,187		$	4,667,573
Common stock issued (transferred)		(1	)		(3	)		—			17			27,321			—		—			27,334			—			27,334
Offering costs, net		—			—			—			—			666			—		—			666			(137	)		529
Distribution reinvestments		—			8			1			7			35,300			—		—			35,316			—			35,316
Amortization of restricted stock grants		—			—			—			—			210			—		—			210			—			210
Common stock repurchased		—			(26	)		(3	)		(36	)		(137,956	)		—		—			(138,021	)		—			(138,021	)
Net loss ($9,004 allocated to redeemable non-controlling interest)		—			—			—			—			—			—		(168,511	)		(168,511	)		(1,354	)		(169,865	)
Contributions from non-controlling interests		—			—			—			—			—			—		—			—			3,226			3,226
Distributions to non-controlling interests		—			—			—			—			—			—		—			—			(1,018	)		(1,018	)
Distributions declared on common stock (see Note 11)		—			—			—			—			—			—		(114,703	)		(114,703	)		—			(114,703	)
Other comprehensive income		—			—			—			—			—			1,331		—			1,331			—			1,331
Allocation to redeemable non-controlling interest		—			—			—			—			(5,320	)		—		—			(5,320	)		—			(5,320	)
Balance at September 30, 2025	$	49		$	1,775		$	250		$	1,881		$	8,779,351		$	20,318	$	(4,576,936	)	$	4,226,688		$	79,904		$	4,306,592


	Par Value
	Common Stock Class T			Common Stock Class S			Common Stock Class D			Common Stock Class I			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit and Cumulative Distributions			Total Stockholders’ Equity			Non- controlling Interests			Total Equity
Balance at June 30, 2024	$	51		$	1,831		$	262		$	1,902		$	9,042,890		$	(30,088	)	$	(3,001,856	)	$	6,014,992		$	45,863		$	6,060,855
Common stock issued (transferred)		—			123			17			211			32,279			—			—			32,630			—			32,630
Offering costs, net		—			—			—			—			(26,736	)		—			—			(26,736	)		—			(26,736	)
Distribution reinvestments		1			28			4			25			39,017			—			—			39,075			—			39,075
Amortization of restricted stock grants		—			—			—			—			210			—			—			210			—			210
Common stock repurchased		(1	)		(160	)		(22	)		(240	)		(103,693	)		—			—			(104,116	)		—			(104,116	)
Net loss ($16,548 allocated to redeemable non-controlling interest)		—			—			—			—			—			—			(316,960	)		(316,960	)		(1,969	)		(318,929	)
Contributions from non-controlling interests		—			—			—			—			—			—			—			—			8,878			8,878
Distributions to non-controlling interests		—			—			—			—			—			—			—			—			(1,070	)		(1,070	)
Distributions declared on common stock (see Note 11)		—			—			—			—			—			—			(115,859	)		(115,859	)		—			(115,859	)
Other comprehensive income		—			—			—			—			—			23,120			—			23,120			—			23,120
Allocation to redeemable non-controlling interest		—			—			—			—			(11,184	)		—			—			(11,184	)		—			(11,184	)
Balance at September 30, 2024	$	51		$	1,822		$	261		$	1,898		$	8,972,783		$	(6,968	)	$	(3,434,675	)	$	5,535,172		$	51,702		$	5,586,874

See accompanying notes to condensed consolidated financial statements.

Starwood Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)


	Par Value
	Common Stock Class T			Common Stock Class S			Common Stock Class D			Common Stock Class I			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit and Cumulative Distributions			Total Stockholders’ Equity			Non- controlling Interests			Total Equity
Balance at December 31, 2024	$	51		$	1,814		$	259		$	1,894		$	8,932,123		$	(50,756	)	$	(3,691,379	)	$	5,194,006		$	64,721		$	5,258,727
Common stock issued (transferred)		(2	)		(5	)		(4	)		58			98,359			—			—			98,406			—			98,406
Offering costs, net		—			—			—			—			394			—			—			394			(796	)		(402	)
Distribution reinvestments		—			25			2			22			109,193			—			—			109,242			—			109,242
Amortization of restricted stock grants		—			—			—			—			630			—			—			630			—			630
Common stock repurchased		—			(59	)		(7	)		(93	)		(339,994	)		—			—			(340,153	)		—			(340,153	)
Net loss ($28,548 allocated to redeemable non-controlling interest)		—			—			—			—			—			—			(539,588	)		(539,588	)		(3,637	)		(543,225	)
Contributions from non-controlling interests		—			—			—			—			—			—			—			—			24,786			24,786
Distributions to non-controlling interests		—			—			—			—			—			—			—			—			(5,170	)		(5,170	)
Distributions declared on common stock (see Note 11)		—			—			—			—			—			—			(345,969	)		(345,969	)		—			(345,969	)
Other comprehensive income		—			—			—			—			—			71,074			—			71,074			—			71,074
Allocation to redeemable non-controlling interest		—			—			—			—			(21,354	)		—			—			(21,354	)		—			(21,354	)
Balance at September 30, 2025	$	49		$	1,775		$	250		$	1,881		$	8,779,351		$	20,318		$	(4,576,936	)	$	4,226,688		$	79,904		$	4,306,592


	Par Value
	Common Stock Class T			Common Stock Class S			Common Stock Class D			Common Stock Class I			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit and Cumulative Distributions			Total Stockholders’ Equity			Non- controlling Interests			Total Equity
Balance at December 31, 2023	$	53		$	1,950		$	275		$	2,030		$	9,641,219		$	(15,729	)	$	(2,537,302	)	$	7,092,496		$	44,314		$	7,136,810
Common stock issued, net		(2	)		130			20			271			190,982			—			—			191,401			—			191,401
Offering costs, net		—			—			—			—			(1,193	)		—			—			(1,193	)		—			(1,193	)
Distribution reinvestments		2			47			7			42			133,058			—			—			133,156			—			133,156
Amortization of restricted stock grants		—			—			—			—			630			—			—			630			—			630
Common stock repurchased		(2	)		(305	)		(41	)		(445	)		(964,328	)		—			—			(965,121	)		—			(965,121	)
Net loss ($28,716 allocated to redeemable non-controlling interest)		—			—			—			—			—			—			(544,027	)		(544,027	)		(2,861	)		(546,888	)
Contributions from non-controlling interests		—			—			—			—			—			—			—			-			13,914			13,914
Distributions to non-controlling interests		—			—			—			—			—			—			—			-			(3,665	)		(3,665	)
Distributions declared on common stock (see Note 11)		—			—			—			—			—			—			(353,346	)		(353,346	)		—			(353,346	)
Other comprehensive income		—			—			—

Starwood Real Estate Income Trust, Inc. 10-Q