Starwood Real Estate Income Trust (SREIT) is a non-traded, perpetual-life REIT that owns and manages a diversified portfolio of income-producing commercial real estate, primarily in the U.S. with some European exposure. As of year-end 2025, SREIT owned 402 consolidated properties and 878 single-family rental units. SREIT is externally managed by an affiliate of Starwood Capital Group and has no employees of its own — the Advisor handles all sourcing, acquisition, management, and disposition decisions. The portfolio skews toward multifamily and industrial properties, though SREIT also owns office, self-storage, retail, and student housing assets. A smaller allocation goes to real estate debt, including CMBS, RMBS, and mezzanine loans. SREIT's core earnings come from rental income (net of property-level expenses) and interest income from debt investments. Key earnings drivers are occupancy rates, rental rate growth, portfolio size, and leverage — SREIT targets a leverage ratio of 50-65% of gross real estate assets. SREIT raises capital by continuously selling shares to individual investors through public offerings, having raised $14.3B in net proceeds to date. As a perpetual-life vehicle, SREIT has no planned liquidation event, allowing it to hold assets long-term without being forced to sell in unfavorable conditions. SREIT also operates a Delaware Statutory Trust program for investors completing tax-deferred 1031 exchanges, though this channel remains small relative to the core offering.