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SWDR on OTC

Starwood Real Estate Income Trust, Inc.

American real estate investment trust based in Baltimore, active since 20172

In its 2026 annual report the company says: “We are the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership. We and the Operating Partnership are externally managed by the Advisor, an affiliate of the Sponsor.”126 Its shares trade on OTC under the symbol SWDR.2

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Last updated Oct 21, 2026.

Overview

$1.6BRevenue, fiscal 20253
-$691.6MNet income, fiscal 20253

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  • TickerSWDR on OTC2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD4
  • Business address2340 Collins Avenue, Miami Beach, Fl 331394
  • Filer categoryNon-accelerated filer4
  • Legal formStock Corporation2
  • LEI5493001K8NJSB0VWJ6352
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O The Corporation Trust Incorporated, 21093-2264 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D180882862

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References herein to “Starwood Real Estate Income Trust,” “Company,” “we,” “us,” or “our” refer to Starwood Real Estate Income Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.126 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

61.1%Operating margin3
-43.7%Net margin3
-6.3%Revenue growth, 20253
-17.8%Return on equity3
3.08×Debt to equity3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Rental brought in 50% of the revenue Starwood Real Estate Income Trust, Inc. broke down this way in fiscal 2025.

  1. Rental$1.5B350%down 6% from 2024
  2. Rental Revenue$1.5B350%down 6% from 2024
  3. Real Estate, Other$31.3M31%down 19% from 2024
Products and services by year
Products and services202320242025
Rental$1.7B$1.6B$1.5B
Rental Revenue$1.7B$1.6B$1.5B
Real Estate, Other$58.4M$38.5M$31.3M

Business segments

Multifamily brought in 75% of the revenue Starwood Real Estate Income Trust, Inc. broke down this way in fiscal 2025.

  1. Multifamily$1.2B375%down 4% from 2024
  2. Office Building$167.0M311%up 0% from 2024
  3. Industrial$151.5M310%down 18% from 2024
  4. Other Property$82.7M35%down 20% from 2024
Business segments by year
Business segments202320242025
Multifamily$1.2B$1.2B$1.2B
Office Building$157.7M$166.8M$167.0M
Industrial$203.4M$183.9M$151.5M
Other Property$166.8M$103.3M$82.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue43¢$676.6M
  • Other costs17¢$265.0M
  • Interest40¢$636.1M
  • Income tax0¢$3.2M

Out of $1.6B in revenue.3 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid42¢$341.8M
  • Share buybacks58¢$472.9M

Out of $345.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue1271281291301313$1.6B in 2025
0$500.0M$1.0B$1.5B$2.0B2018: $0$020182019: $94.3M$94.3M20192020: $298.4M$298.4M2020+216%2021: $642.9M$642.9M2021+115%2022: $1.6B$1.6B2022+146%2023: $1.8B$1.8B2023+11%2024: $1.7B$1.7B2024−4%2025: $1.6B$1.6B2025−6%
Operating income1321291301313$965.5M in 2025+1441% since 2019
0$500.0M$1.0B$1.5B2019: $62.7M$62.7M20192020: $191.0M$191.0M2020+205%2021: $438.8M$438.8M2021+130%2022: $1.0B$1.0B2022+137%2023: $1.1B$1.1B2023+7%2024: $1.1B$1.1B2024−6%2025: $965.5M$965.5M2025−8%
Net income1321281291301313-$691.6M in 2025+40752% since 2018
-$800.0M-$600.0M-$400.0M-$200.0M02018: -$1.7M-$1.7M20182019: -$20.8M-$20.8M2019+1130%2020: -$96.3M-$96.3M2020+362%2021: -$302.3M-$302.3M2021+214%2022: -$65.7M-$65.7M2022−78%2023: -$649.7M-$649.7M2023+889%2024: -$684.9M-$684.9M2024+5%2025: -$691.6M-$691.6M2025+1%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Total revenues$1.6B$1.7B$1.8B
Property operating$676.6M$715.0M$748.5M
General and administrative$39.1M$47.0M$45.1M
Management fees$87.6M$105.4M$153.4M
Performance participation allocation$0$0$0
Impairment of investments in real estate$5.1M$150.4M$188.8M
Depreciation and amortization$704.8M$742.2M$811.8M
Total expenses$1.5B$1.8B$1.9B
Loss from unconsolidated real estate ventures-$13.5M-$13.4M-$11.6M
Income from investments in real estate debt, net$74.7M$95.8M$123.1M
Net gain on dispositions of real estate$21.1M$87.1M$289.8M
Interest expense-$636.1M-$641.4M-$583.5M
Loss on extinguishment of debt-$5.2M$0-$93.0K
Other expense, net-$241.7M-$180.0M-$299.9M
Total other expense-$800.8M-$652.0M-$482.2M
Net loss (income) attributable to non-controlling interests in consolidated joint ventures$4.7M$3.2M-$3.4M
Net loss attributable to non-controlling interests in Operating Partnership$36.7M$36.1M$29.2M
Net loss attributable to stockholders-$691.6M-$684.9M-$649.7M
Net loss per share of common stock, basic-$1.74-$1.68-$1.39
Net loss per share of common stock, diluted-$1.74-$1.68-$1.39
Weighted-average shares of common stock outstanding, basic397.6M shares408.2M shares467.3M shares
Weighted-average shares of common stock outstanding, diluted397.6M shares408.2M shares467.3M shares
Net loss-$733.0M-$724.2M-$675.5M
Foreign currency translation adjustments$73.3M-$35.0M$8.6M
Other comprehensive (loss) income$73.3M-$35.0M$8.6M
Comprehensive loss-$659.8M-$759.2M-$666.9M

Compare Starwood Real Estate Income Trust, Inc. with another company

Corporate structure

Starwood Real Estate Income Trust, Inc. sits at the top of its group. 161 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What Starwood Real Estate Income Trust, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$2.8B3 Dec 31, 2025$3.0B3 Dec 31, 2024−5.7%
Operating-lease assets (leased space)$105.2M3 Dec 31, 2025$105.2M3 Dec 31, 20240%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$16.9B3 Dec 31, 2025$17.8B3 Dec 31, 2024−5.1%
Real estate investments, at cost$19.6B3 Dec 31, 2025$20.0B3 Dec 31, 2024−1.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$200.8M3 Dec 31, 2025$281.5M3 Dec 31, 2024−28.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$272.5M3 Dec 31, 2025$297.4M3 Dec 31, 2024−8.4%
Accumulated amortization$133.7M3 Dec 31, 2025$135.5M3 Dec 31, 2024−1.3%
Finite-lived intangibles, net$138.8M3 Dec 31, 2025$161.9M3 Dec 31, 2024−14.3%

Properties, in its own words

For an overview of our real estate investments, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Portfolio.”

Our principal executive and administrative offices are located at 2340 Collins Avenue, Miami Beach, Florida 33139 and 591 West Putnam Avenue, Greenwich, Connecticut 06830. We consider these facilities to be suitable and adequate for the management and operations of our business.

Item 2 of the 10-K filed Mar 20, 2026.126

Leadership

Who has led Starwood Real Estate Income Trust, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Nora Creedon2025–now

President

  1. Sean Harris2021–2023

Chief financial officer

  1. Chris Lowthert2021–2024
  2. Joseph Nieto2025–now
20202025
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (GLEIF)

Also consolidated

All 119 also consolidated

Subsidiaries (Exhibit 21)

  • SREIT International Lender Australia, L.L.C.5

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 30, 20268-K Other events155
  2. Aug 31, 20268-K Other events156
  3. Aug 12, 20268-K Shareholder vote157
  4. Aug 4, 20268-K Regulation FD disclosure158
  5. Jul 31, 20268-K Other events159
  6. Jun 30, 20268-K Other events160
  7. May 29, 20268-K Other events161
  8. Apr 30, 20268-K Other events162
  9. Apr 29, 20268-K Other events163
  10. Mar 31, 20268-K Other events164
  11. Feb 27, 20268-K Other events165
  12. Jan 30, 20268-K Other events166
  13. Aug 29, 2025New chief executive Nora Creedon becomes CEO138
  14. Jun 22, 2017Founded Starwood Real Estate Income Trust, Inc. is founded2

Calendar

When it reported results

  1. Apr 3, 2025Reported quarterly or annual results167
  2. Nov 27, 2024Reported quarterly or annual results168
  3. May 16, 2024Reported quarterly or annual results169
  4. Feb 7, 2024Reported quarterly or annual results170
  5. Nov 20, 2023Reported quarterly or annual results171
  6. Nov 8, 2023Reported quarterly or annual results172
  7. Aug 1, 2023Reported quarterly or annual results173
  8. May 2, 2023Reported quarterly or annual results174

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

425 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 84 major events, 184 insider forms, 137 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Sep 16, 2026424B3 EDGAR
  3. Sep 4, 20264 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Aug 31, 20268-K EDGAR
  6. Aug 20, 20264 EDGAR
  7. Aug 20, 20264 EDGAR
  8. Aug 20, 20264 EDGAR
  9. Aug 20, 20264 EDGAR
  10. Aug 20, 20264 EDGAR
  11. Aug 20, 20264 EDGAR
  12. Aug 19, 20264 EDGAR
  13. Aug 14, 2026424B3 EDGAR
  14. Aug 12, 20268-K EDGAR
  15. Aug 12, 2026POS EX EDGAR
  16. Aug 12, 202610-Q EDGAR
  17. Aug 4, 2026424B3 EDGAR
  18. Aug 4, 20268-K EDGAR
  19. Jul 31, 20268-K EDGAR
  20. Jul 17, 2026424B3 EDGAR

The 425 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

31 open-market trades by officers, directors and large owners since October 2021: 1 buys and 30 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 1, 2026Nowlin AustinDirectorSale11,743$19.75$231.9KForm 4
Apr 1, 2026Nieto JosephChief Financial OfficerSale2,583$19.75$51.0KForm 4
Apr 1, 2026Guttin Matthew SSee RemarksSale3,256$19.75$64.3KForm 4
Apr 1, 2026STERNLICHT BARRY SDirectorSale941,662$19.75$18.6MForm 4
Apr 1, 2025STERNLICHT BARRY SDirectorSale811,079$21.48$17.4MForm 4
Apr 1, 2025Guttin Matthew SSee RemarksSale3,256$21.48$69.9KForm 4
Apr 1, 2025Nowlin AustinDirectorSale11,743$21.48$252.2KForm 4
Apr 1, 2025Nieto JosephChief Financial OfficerSale2,928$21.48$62.9KForm 4
Apr 1, 2024Lowthert ChrisChief Financial OfficerSale2,737$23.08$63.2KForm 4
Apr 1, 2024Guttin Matthew SSee RemarksSale3,116$23.08$71.9KForm 4
Apr 1, 2024STERNLICHT BARRY SDirectorSale973,000$23.08$22.5MForm 4
Apr 1, 2024Deason MarkHead of Asset & Portfolio MgmtSale1,716$23.08$39.6KForm 4
Apr 1, 2024Nowlin AustinDirectorSale9,902$23.08$228.5KForm 4
Apr 1, 2024Harris SeanSee RemarksSale18,014$23.08$415.8KForm 4
Apr 1, 2024McCarthy John PatrickVice Chairman of the BoardSale18,307$23.08$422.5KForm 4
Dec 1, 2023McCarthy John PatrickVice Chairman of the BoardSale12,212$24.62$300.7KForm 4
May 1, 2023STERNLICHT BARRY SDirectorSale814,151$25.54$20.8MForm 4
Apr 3, 2023GRAHAM CHRISTOPHER D.Chief Investment OfficerSale7,445$26.12$194.5KForm 4
Apr 3, 2023Harris SeanSee RemarksSale19,298$26.12$504.1KForm 4
Apr 3, 2023Nowlin AustinDirectorSale11,640$26.12$304.0KForm 4

All 31 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
First American Trust, Fsb18,661$364.7K0.0%+122
Financial Gravity Companies, Inc.2,228$43.5K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Starwood Real Estate Income Trust, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARStarwood Real Estate Income Trust, Inc.1
  • CIK0001711929
  • Employer ID (EIN)82-2023409126
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company126
  • Incorporated inMaryland126
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address2340 Collins Avenue, Miami Beach, FL 331391
  • Phone305-695-55001
  • Shares outstanding4,651,128 Common Class T shares; 173,427,108 Common Class S shares; 24,545,373 Common Class D shares; 185,907,606 Common Class I shares as of Mar 20, 2026126
  • Public float$0 as of Dec 31, 20253
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting126
  • On EDGAR sinceAug 11, 20171
  • Filings706 in all: 4 (245), 424B3 (148), 8-K (133), 10-Q (26), 3 (18), POS EX (16), EFFECT (14), UPLOAD (14)1
    All 30 form types

    CORRESP (12), POS AM (11), DFAN14A (10), 10-K (9), DEF 14A (8), 4/A (7), DEFA14A (6), S-11/A (5), ARS (4), S-11 (4), SC TO-T/A (4), 8-K/A (2), 3/A (1), 8-A12G (1), DEFC14A (1), DRS (1), DRS/A (1), DRSLTR (1), PRE 14A (1), PREC14A (1), SC 14D9 (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Mar 20, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Jun 17, 2026
    Latest 8-K (8-K) Sep 30, 2026

Risk factors and legal proceedings

The risks Starwood Real Estate Income Trust, Inc. names in Item 1A of its 10-K filed Mar 20, 2026: 79 risks under these headings, as written.126

  • Risks Related to Our Organizational Structure
  • We have incurred GAAP net losses attributable to stockholders and an accumulated deficit in the past and may incur GAAP net losses attributable to stockholders and continue to have an accumulated deficit in the future.
  • We have held certain of our current investments for only a limited period of time, and you will not have the opportunity to evaluate our future investments before we make them, which makes your investment more speculative.
  • There is no public trading market for shares of our common stock; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.
  • Your ability to have your shares repurchased through our share repurchase plan is limited. We may choose to repurchase fewer shares than have been requested to be repurchased in our discretion at any time, and the amount of shares we may repurchase is subject to caps. Further, our board of directors may modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders.
  • Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our results of operations and financial condition.
  • The amount of distributions we may make to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our stockholders at any time in the future.
  • We may pay distributions from sources other than our cash flow from operations, including, without limitation, the sale of assets, borrowings, or offering proceeds, and we have no limits on the amounts we may pay from such sources.
  • We are dependent on Starwood Capital and its affiliates, including the Advisor, and their key personnel who provide services to us through the Advisory Agreement, and we may not find a suitable replacement for the Advisor if the Advisory Agreement is terminated, or for these key personnel if they leave Starwood Capital or otherwise become unavailable to us.
  • The Advisor manages our portfolio pursuant to very broad investment guidelines and generally is not required to seek the approval of our board of directors for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and which could adversely affect our results of operations and financial condition.
  • Payments to the Advisor or the Special Limited Partner in respect of any common stock or Operating Partnership units they elect to receive in lieu of fees or distributions will dilute future cash available for distribution to our stockholders.
  • Purchases and repurchases of shares of our common stock are not made based on the NAV per share of our common stock as of the date of purchase or repurchase.
The other 68 risks
  • Valuations and appraisals of our assets are estimates of fair value and may not necessarily correspond to realizable value.
  • Our NAV per share amounts may change materially if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
  • It may be difficult to reflect, fully and accurately, material events that may impact our monthly NAV.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • If we are unable to continue to raise substantial funds, we will be limited in the number and type of investments we make, and the value of your investment in us will be more dependent on the performance of any of the specific assets we acquire.
  • Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in our offering, which would harm our ability to achieve our investment objectives.
  • The DST Program could subject us to liabilities from litigation or otherwise.
  • The DST Program will not shield us from risks related to the performance of the DST Properties held through such structures.
  • DST Program agreements may have an adverse effect on our results of operations, relative to if the DST Program agreements did not exist.
  • DST Properties may be less liquid than other assets, which could impair our ability to utilize cash proceeds from sales of such DST Properties for other purposes such as paying down debt, distributions or additional investments.
  • We face risks associated with the deployment of our capital.
  • Our board of directors may, in the future, adopt certain measures under Maryland law without stockholder approval that may have the effect of making it less likely that a stockholder would receive a “control premium” for his or her shares.
  • Our charter permits our board of directors to authorize us to issue preferred stock ranking senior to our current common stock with respect to distribution rights or rights upon our liquidation, dissolution or winding up or on terms that may discourage a third party from acquiring us.
  • Maryland law limits, in some cases, the ability of a third party to vote shares acquired in a “control share acquisition.”
  • Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.
  • Maryland law and our organizational documents limit our stockholders’ ability to amend our charter or dissolve us without the approval of our board of directors.
  • Your interest in us will be diluted if we issue additional shares or if the Operating Partnership issues additional units.
  • Our UPREIT structure may result in potential conflicts of interest with limited partners in our Operating Partnership whose interests may not be aligned with those of our stockholders.
  • Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
  • We depend on the Advisor to develop appropriate systems and procedures to control operational risks.
  • Operational risks, including the risk of cyberattacks, may disrupt our businesses, result in losses or limit our growth.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • General Risks Related to Investments in Real Estate
  • Our operating results may be affected by economic and regulatory changes that impact the real estate markets in general.
  • Uncertainty about U.S. federal initiatives could negatively impact our business, financial condition and results of operations.
  • Changes to U.S. tariff and import/export regulations may have an adverse effect on our business, financial condition and results of operations.
  • We face risks associated with epidemics and pandemics.
  • Our portfolio may be concentrated in a limited number of asset types, geographies or investments.
  • Risks associated with natural disasters and climate change may adversely affect our business and financial results and damage our reputation.
  • Our board of directors may change our investment and operational policies or our investment guidelines without stockholder consent.
  • We may have difficulty selling our properties, which may limit our flexibility and ability to pay distributions.
  • We face risks associated with property acquisitions.
  • Competition in acquiring properties may reduce our profitability and the return on your investment.
  • We may make a substantial amount of joint venture investments, including with Starwood Capital affiliates. Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners and disputes between us and our joint venture partners.
  • Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
  • There can be no assurance that the Advisor will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices or material misstatements or omissions during the due diligence phase or during our efforts to monitor and disclose information about the investment on an ongoing basis or that any risk management procedures implemented by us will be adequate.
  • The inability of property managers to effectively operate our properties and leasing agents to lease vacancies in our properties would hurt our financial performance.
  • We depend on tenants for our revenue, and therefore our revenue is dependent on the success and economic viability of our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated space and could adversely affect our operations and ability to pay distributions.
  • We may be unable to renew leases as leases expire.
  • Our properties face significant competition.
  • Our properties may be leased at below-market rates under long-term leases.
  • We may experience material losses or damage related to our properties and such losses may not be covered by insurance.
  • We could become subject to liability for environmental violations, regardless of whether we caused such violations.
  • Our properties are subject to property taxes that may increase in the future, which could adversely affect our cash flow.
  • Certain of our investments are in the form of ground leases, which provide limited rights to the underlying property.
  • We are subject to additional risks from our non-U.S. investments.
  • We could be negatively impacted by the condition of Fannie Mae or Freddie Mac and by changes in government support for multifamily housing.
  • Short-term leases associated with our multifamily and single-family rental properties may expose us to the effects of declining market rent and could adversely impact our ability to make cash distributions.
  • Increased levels of unemployment could adversely affect the occupancy and rental rates of our multifamily and single-family rental properties.
  • A number of our residential properties are part of homeowner’s associations (“HOAs”), and we and tenants of such properties are subject to the rules and regulations of such HOAs, which are subject to change and may be arbitrary or restrictive. Violations of such rules may subject us to additional fees, penalties and litigation with such HOAs which would be costly.
  • If any credit market disruptions or economic slowdowns occur, any investments in multifamily properties may face increased competition from single-family homes, condominiums for rent and new supply, which could limit our ability to retain residents, lease apartment units or increase or maintain rents.
  • We may not be able to attract desirable tenants for our residential properties and may have difficulty evicting defaulting tenants.
  • Rent control and other changes in applicable laws, or noncompliance with applicable laws, could adversely affect our residential properties.
  • Our industrial properties face unique risks, including risks that can impact our industrial property tenants.
  • We may be involved in disputes over ownership of land.
  • We may be adversely affected by trends in the office real estate industry.
  • The seasonal nature of the hospitality industry may have a negative impact on our hospitality properties.
  • The hospitality or leisure market is highly competitive and generally subject to greater volatility than our other market segments.
  • Government housing regulations may limit the opportunities at some of the government-assisted housing properties we invest in, and failure to comply with resident qualification requirements may result in financial penalties and/or loss of benefits, such as rental revenues paid by government agencies.
  • Our retail tenants will face competition from numerous retail channels.
  • We invest in commercial properties subject to net leases, which could subject us to losses.
  • Certain of our investments may have additional capital requirements.
  • High interest rates and elevated inflation may adversely affect our financial condition and results of operations.
  • General Risks Related to Investments in Real Estate Debt
  • Our debt investments face prepayment risk and interest rate fluctuations that may adversely affect our results of operations and financial condition.
  • Reinvestment risk could affect the price for our shares or their overall returns.
  • Real estate debt investments face a number of general market-related risks that can affect the creditworthiness of issuers, and modifications to certain loan structures and market terms make it more difficult to monitor and evaluate investments.
  • We may invest in commercial mortgage loans, which are non-recourse in nature and include limited options for financial recovery in the event of default; an event of default may adversely affect our results of operations and financial condition.

Legal proceedings

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2025, we were not involved in any material legal proceedings.

The opening of Item 3, Legal Proceedings.126

Sources

The numbers on this page point here. Each one links to the record it came from.

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