The non-traded fund disclosed fresh monthly valuations and a new addition to its investment committee while honoring only hardship-based repurchase requests.

June 16, 2026

Starwood Real Estate Income Trust disclosed its updated transaction prices and net asset value calculations in a prospectus supplement dated June 15, 2026, offering investors a fresh look at the non-traded REIT’s valuation as it continues to operate under sharply curtailed redemption rules.

July Transaction Prices

The fund set transaction prices for subscriptions accepted as of July 1, 2026, based on its May 31 net asset value. Class S and Class T shares were each priced at $19.72, Class D at $19.30, and Class I at $19.54. These figures represent a continued gradual decline from earlier in the year. As previously reported, Class I shares stood at $19.65 at the end of the first quarter, meaning the per-share value slipped further over the spring months.

Net Asset Value Detail

Total net asset value stood at approximately $7.99 billion as of May 31, 2026, down slightly from roughly $8.0 billion the prior month. The portfolio’s largest component remained its real estate investments, valued at nearly $21 billion, alongside an investment in real estate debt of approximately $990.8 million. Offsetting these assets were debt obligations of about $11.8 billion and other liabilities of roughly $2.0 billion.

The valuation methodology relied on discounted cash flow assumptions that varied by property type. Multifamily assets carried a discount rate of 6.9 percent and an exit capitalization rate of 5.5 percent, while office properties, which tend to face greater valuation pressure, used an 8.0 percent discount rate and a 6.8 percent exit capitalization rate. The company noted that a modest shift in these assumptions could move investment values meaningfully — for instance, a quarter-point decrease in exit capitalization rates would lift multifamily values by roughly 3 percent.

Redemptions Remain Severely Limited

The supplement reaffirmed the restrictive share repurchase framework adopted in late April 2026. Under the amended plan, the fund honors only two categories of requests: those arising from the death or qualifying disability of an individual stockholder, and those for accounts holding balances below $5,000. Each category is subject to a $5 million monthly cap.

The practical effect of these limits was evident in the months reported. In April, the fund repurchased approximately $4.8 million in shares, and in May, that figure fell to roughly $2.3 million — in both cases representing the entirety of qualifying hardship and small-balance requests. The earlier broad-based repurchase demand that overwhelmed the plan throughout 2024 and 2025 is no longer being accommodated.

Offering Progress

Starwood REIT’s fourth public offering, declared effective in February 2026, continues on a continuous monthly basis with a target of up to $10 billion in shares, including $9.5 billion in the primary offering and $500 million through the distribution reinvestment plan. Capital raising has been modest so far. The fund had sold 194,036 shares in the primary offering for approximately $3.8 million, while distribution reinvestment accounted for a larger 1,826,456 shares valued at about $36.2 million. The disparity underscores that much of the fund’s current share issuance stems from existing investors reinvesting distributions rather than new capital inflows.

Leadership Addition

On May 18, 2026, John Gonnella was appointed to the Advisor’s Investment Committee. Gonnella serves as Senior Managing Director and Head of Asset Management for the U.S. at Starwood Capital Group, where he oversees asset management of the firm’s U.S. equity investments and drives strategy and value creation across asset classes. His prior experience includes senior roles at Centerbridge Partners, Northwood Investors, and Morgan Stanley Real Estate Funds. His addition brings the consensus-based investment committee to ten members, a group that includes founder Barry Sternlicht, president Jonathan Pollack, and chief executive Nora Creedon.

Other Updates

The supplement also introduced a new suitability standard for Minnesota investors, capping their aggregate investment in the company and other non-traded direct participation programs at 10 percent of liquid net worth, with exceptions for accredited investors and reinvested distributions. The fund additionally refreshed disclosures governing its distribution reinvestment plan and replaced the form of subscription agreement in the prospectus.