Private company

Starwood Credit Real Estate Income Trust

American real estate investment trust based in Miami Beach1

In its 2026 annual report the company says: “We are a Maryland statutory trust formed on June 28, 2023 and we have elected to be taxed as a real estate investment trust for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2023.”10

Last updated Oct 20, 2026.

Overview

$82.5MRevenue, fiscal 20252
$29.6MNet income, fiscal 20252
  • IndustryReal Estate Investment Trusts1
  • HeadquartersMiami Beach, Florida1
  • Incorporated inMD3
  • Business address2340 Collins Avenue, Miami Beach, Fl 331393
  • Filer category, Emerging growth company3
  • Legal formBusiness Trust
  • Kind of organizationReal estate investment trust1

See how the biggest companies compare on our leaderboards

Financials

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

Key numbers, fiscal 2025

35.9%Net margin2
70.7%Revenue growth, 20252
11.6%Return on equity2
4.21×Debt to equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs8¢$6.3M
  • Interest56¢$46.5M
  • Profit36¢$29.6M

Out of $82.5M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks33¢$9.6M
  • Kept or used elsewhere67¢$19.9M

Out of $29.5M of cash from operations.2

Financial statements

Revenue2$82.5M in 2025+71% since 2024
0$25.0M$50.0M$75.0M$100.0M2024: $48.3M$48.3M20242025: $82.5M$82.5M2025+71%
Net income2$29.6M in 2025+286% since 2024
0$10.0M$20.0M$30.0M2024: $7.7M$7.7M20242025: $29.6M$29.6M2025+286%
Fiscal year202320242025
Revenue$48.3M2$82.5M2
Operating expenses$37.9M2$56.0M2
Interest$25.7M2$46.5M2
Net income$7.7M2$29.6M2
Earnings per share$1.022$2.322
Earnings per share (diluted)$1.022$2.322
Shares (weighted, basic)7.6M shares212.8M shares2
Shares (weighted, diluted)7.6M shares212.8M shares2

Compare Starwood Credit Real Estate Income Trust with another company

Corporate structure

Starwood Credit Real Estate Income Trust sits at the top of its group. 15 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Starwood Credit Real Estate Income Trust Miami Beach, Florida
    • SCREDIT CA Fundings, LLC Subsidiary · Delaware, United States
    • SCREDIT CA Fundings-T, LLC Subsidiary · Delaware, United States
    • SCREDIT FX Holdings, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding BC, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-1, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-1-T, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-2, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-2-T, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-3, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-3-T, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-4, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding Sub-4-T, LLC Subsidiary · Delaware, United States
    • SCREDIT Mortgage Funding, LLC Subsidiary · Delaware, United States
    • SCREDIT Real Estate Capital, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Starwood Credit Real Estate Income Trust 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.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.3M2 Dec 31, 2025$2.8M2 Dec 31, 2024+17.3%

Properties, in its own words

Our principal executive and administrative offices are located at 2340 Collins Avenue, Miami Beach, Florida 33139 and 591 West Putnam Avenue, Greenwich, CT 06830. As part of the Advisory Agreement, the Advisor is responsible for providing office space and office services required in rendering services to us. 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 23, 2026.10

Leadership

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

Chief financial officer

  1. Marc Fox2023
  2. Joseph Nieto2025

Chief operating officer

  1. Thomas M. Cosenza2023
2025
Board members and other officers (7)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive ChairpersonBarry S. Sternlicht named Nov 26, 202521

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • SCREDIT CA Fundings, LLC Delaware4
  • SCREDIT CA Fundings-T, LLC Delaware4
  • SCREDIT FX Holdings, LLC Delaware4
  • SCREDIT Mortgage Funding BC, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-1, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-1-T, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-2, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-2-T, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-3, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-3-T, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-4, LLC Delaware4
  • SCREDIT Mortgage Funding Sub-4-T, LLC Delaware4
  • SCREDIT Mortgage Funding, LLC Delaware4
  • SCREDIT Real Estate Capital, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 30, 20268-K Regulation FD disclosure22
  2. Sep 2, 20268-K Unregistered sale of shares23
  3. Aug 31, 20268-K Regulation FD disclosure24
  4. Aug 5, 20268-K Unregistered sale of shares25
  5. Jul 31, 20268-K Regulation FD disclosure26
  6. Jun 30, 20268-K Regulation FD disclosure27
  7. Jun 3, 20268-K Unregistered sale of shares28
  8. May 29, 20268-K Regulation FD disclosure29
  9. Apr 30, 20268-K Regulation FD disclosure30
  10. Mar 31, 20268-K Regulation FD disclosure31
  11. Mar 4, 20268-K Unregistered sale of shares32
  12. Feb 27, 20268-K Regulation FD disclosure33

Filings

130 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 73 major events, 28 insider forms, 3 private raises, 14 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Sep 2, 20268-K EDGAR
  3. Sep 1, 20263 EDGAR
  4. Aug 31, 20268-K EDGAR
  5. Aug 13, 202610-Q EDGAR
  6. Aug 5, 20268-K EDGAR
  7. Jul 31, 20268-K EDGAR
  8. Jun 30, 20268-K EDGAR
  9. Jun 3, 20268-K EDGAR
  10. May 29, 20268-K EDGAR
  11. May 11, 202610-Q EDGAR
  12. Apr 30, 20268-K EDGAR
  13. Mar 31, 20268-K EDGAR
  14. Mar 23, 202610-K EDGAR
  15. Mar 20, 20264 EDGAR
  16. Mar 20, 20264 EDGAR
  17. Mar 20, 20264 EDGAR
  18. Mar 4, 20268-K EDGAR
  19. Feb 27, 20268-K EDGAR
  20. Feb 4, 20268-K EDGAR

The 130 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

3 open-market trades by officers, directors and large owners since October 2021: 3 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 2, 2024McCarthy John PatrickDirectorBuy14,977$20.03$300.0KForm 4
Dec 1, 2023Fox MarcChief Financial OfficerBuy15,000$20.00$300.0KForm 4
Dec 1, 2023Levine Jay N.DirectorBuy12,500$20.00$250.0KForm 4

From Forms 4 filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 1, 2023Raised $249 million in a private offering of equity Form D: 1,227 investors so far Form D

SEC filer profile

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

  • Name on EDGARStarwood Credit Real Estate Income Trust1
  • CIK0001986395
  • Employer ID (EIN)93-648768710
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company10
  • Incorporated inMaryland10
  • 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 outstanding7,897,022 Class S Common Shares shares; 1,737,461 Class E Common Shares shares; 8,142,483 Class I Common Shares shares as of Mar 23, 202610
  • Public float$0 as of Dec 31, 20252
  • AuditorPricewaterhouseCoopers LLP, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting10
  • On EDGAR sinceAug 3, 20231
  • Filings130 in all: 8-K (73), 4 (15), 3 (12), 10-Q (9), CORRESP (5), UPLOAD (5), 10-12G/A (3), 10-K (3)1
    All 12 form types

    D/A (2), 10-12G (1), 3/A (1), D (1)

  • Latest filingsAnnual report (10-K) Mar 23, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Latest 8-K (8-K) Sep 30, 2026

Securities registered for trading

ClassSymbolExchange
Class T Common shares of beneficial interest, $0.01 par value per share
Class S Common shares of beneficial interest, $0.01 par value per share
Class D Common shares of beneficial interest, $0.01 par value per share
Class I Common shares of beneficial interest, $0.01 par value per share

From the cover page of the 10-K filed Mar 23, 2026 (Section 12(b) of the Exchange Act).10

Risk factors and legal proceedings

The risks Starwood Credit Real Estate Income Trust names in Item 1A of its 10-K filed Mar 23, 2026: 78 risks under these headings, as written.10

  • Risks Related to Our Organizational Structure
  • We have a limited operating history and there is no assurance that we will be able to successfully achieve our investment objectives.
  • 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 trustees for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and, in turn, may materially adversely affect our results of operations and financial condition.
  • We may make changes to our business, investment, leverage and financing strategies without shareholder approval.
  • There is no public trading market for our common shares; therefore, your ability to dispose of your common shares will likely be limited to repurchase by us. If you do sell your common shares to us, you may receive less than the price you paid.
  • Your ability to have your common shares repurchased through our share repurchase plan is limited. We may choose to repurchase fewer common shares than have been requested to be repurchased, or none at all, in our discretion at any time, and the amount of common shares we may repurchase is subject to caps. Further, our board of trustees may make exceptions to, modify or suspend our share repurchase plan if it deems such action to be in our best interest.
  • Economic events may have an adverse effect on our investments and may cause our shareholders to request that we repurchase their common shares, which may materially adversely affect our cash flow and our results of operations and financial condition.
  • We face risks associated with the deployment of our capital.
  • The amount and source of distributions, if any, we may make to our shareholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our shareholders at any time in the future.
  • We may pay distributions from sources other than our cash flow from operations, including, without limitation, borrowings, offering net proceeds and the sale of or repayments under our investments, and we have no limits on the amounts we may fund from such sources.
  • Payments to the Advisor in the form of common shares, which the Advisor may elect to receive in lieu of cash in respect of Management Fees or Performance Fees or certain expense reimbursements, will dilute future cash available for distribution to our shareholders.
The other 67 risks
  • Purchases and repurchases of our common shares will not be made based on the current NAV per share as of the date of the purchase or repurchase.
  • Valuations of our investments may reflect estimates of fair value and may not necessarily correspond to realizable value, which could adversely affect the value of your investment.
  • Our NAV per share may change materially if the values of our investments materially change, if the actual operating results for a particular month differ from what we originally budgeted for that month or if there are fluctuations in interest rates.
  • The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • Our shareholders generally have limited voting rights.
  • Our Declaration of Trust does not provide for the annual election of trustees by our shareholders, and contains provisions that could make removal of our trustees difficult, which could make it difficult for our shareholders to effect changes to our management.
  • Our Declaration of Trust permits our board of trustees to authorize us to issue preferred shares on terms that may be senior to the rights of the holders of our current common shares or discourage a third party from acquiring us.
  • Your interest in us will be diluted if we issue additional shares.
  • Maryland law and our Declaration of Trust limit our rights and the rights of our shareholders to recover claims against Covered Persons (as defined below), which could reduce your and our recovery against them if they cause us to incur losses.
  • We will not be required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • Your investment return may be reduced as a consequence of the actions we intend to take to avoid registering as an investment company under the Investment Company Act or 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 risk.
  • 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.
  • Uncertainty with respect to the financial stability of the United States and several countries in the EU could have a significant adverse effect on our business, financial condition and results of operations.
  • Misconduct of employees of the Advisor, its affiliates or third-party service providers could cause significant losses to us.
  • We may face limits on our ability to leverage the Advisor’s knowledge base.
  • Risks Related to Our Investments
  • Our loans and other investments expose us to risks associated with debt-oriented real estate investments generally.
  • The lack of liquidity in our investments may adversely affect our business.
  • Prepayment rates may adversely affect the value of our investment portfolio.
  • Difficulty in redeploying the proceeds from repayments of our loans and investments may cause our financial performance and returns to investors to suffer.
  • The mortgage loans in which we may invest and the mortgage loans underlying the mortgage securities in which we may invest are subject to delinquency, foreclosure and loss, which could result in losses to us.
  • We may need to foreclose on certain of the loans we originate or acquire, which could result in losses that harm our results of operations and financial condition.
  • Delays in liquidating defaulted CRE debt investments could reduce our investment returns.
  • Interest rate fluctuations could reduce our ability to generate income on our investments and may cause losses.
  • The due diligence process that the Advisor undertakes in regard to investment opportunities may not reveal all facts that may be relevant in connection with an investment and if the Advisor incorrectly evaluates the risks of our investments we may experience losses.
  • The properties securing our investments may be subject to unknown liabilities, including liabilities resulting from environmental hazards, that could affect the value of these properties and as a result, our investments.
  • If the Advisor overestimates the yields or incorrectly prices the risks of our investments, we may experience losses.
  • Inflation risks may have an adverse impact on our returns.
  • Real estate valuation is inherently subjective and uncertain.
  • Loans on properties in transition will involve a greater risk of loss than conventional mortgage loans.
  • Risks of cost overruns and noncompletion of renovations of properties in transition may result in significant losses.
  • Investment ratings that we may use are relative and subjective.
  • Investments in non-conforming and non-investment grade rated loans or securities involve increased risk of loss.
  • Any credit ratings assigned to our investments are subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
  • Our investments may be concentrated and are subject to risk of default.
  • Difficult conditions in the mortgage and CRE markets may cause us to experience market losses related to our holdings.
  • We operate in a highly competitive market for investment opportunities and competition may limit our ability to originate and/or acquire desirable investments in our target assets and could also affect the pricing of these assets.
  • If we are unable to successfully integrate new assets or businesses and manage our growth, our results of operations and financial condition may suffer.
  • The B Notes that we originate or acquire are subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us.
  • We may not be able to sell the B Notes that we originate or acquire, which may result in losses to us.
  • Mezzanine loans involve greater risks of loss than senior loans secured by income-producing properties.
  • Some of our portfolio investments are recorded at fair value and, as a result, there is uncertainty as to the value of these investments.
  • We may experience a decline in the fair value of our assets.
  • Any loans and investments that we make that later become distressed may subject us to losses and other risks relating to bankruptcy proceedings.
  • Investments outside the U.S. that are denominated in foreign currencies subject us to foreign currency risks and to the uncertainty of foreign laws and markets, which may adversely affect our distributions and our REIT status.
  • We are subject to the risks of investing in project finance investments, many of which are outside our control, and that may negatively impact our business and financial results.
  • We may have difficulty meeting our obligations on the unfunded commitments of the infrastructure loans, which could have a material adverse effect on us.
  • The power and oil and gas industries are subject to extensive regulation, which could adversely impact the business and financial performance of the projects to which our infrastructure loans relate.
  • We generally are not able to control the operations of the borrowers underlying our infrastructure loans.
  • Operation of a project underlying an infrastructure loan involves significant risks and hazards that may impair the project company’s ability to repay the loan, resulting in its default, which could have a material adverse effect on our business and financial results.
  • Loans to companies engaged in energy or power exploration and production may be exposed to production risk and to commodity price risk.
  • Our investments in CMBS are generally subject to losses.
  • We may not control the special servicing of the mortgage loans included in the CMBS in which we invest, and, in such cases, the special servicer may take actions that could adversely affect our interests.
  • With respect to certain mortgage loans included in our CMBS investments, the properties that secure the mortgage loans backing the securitized pool may also secure one or more related mortgage loans that are not in the CMBS, which may conflict with our interests.
  • The Company’s claims may be subordinated to those of other creditors, which may have an adverse effect on the Company’s performance.
  • Dislocations, illiquidity and volatility in the market for commercial real estate as well as the broader financial markets could adversely affect the performance and value of commercial mortgage loans, the demand for CMBS and the value of CMBS investments.
  • The CMBS in which we invest is subject to the risks of the mortgage securities market as a whole and risks of the securitization process.
  • We are subject to the risks relating to increases in prepayment rates of debt underlying CMBS.
  • We may sponsor, and purchase the more junior securities of, CLOs and such instruments involve significant risks, including that these securities receive distributions from the CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.
  • Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on joint venture partners’ financial condition and liquidity and disputes between us and our joint venture partners.
  • We will face risks associated with hedging transactions.
  • We invest in derivatives, which involve numerous risks.
  • We may be subject to contingent liabilities.
  • Various jurisdictional licensing requirements will cause us to incur expenses and our failure to be properly licensed may have a material adverse effect on us and our operations.
  • The Company may be liable to meet the future funding commitments to certain of its borrowers, and as a result, the Company will need to manage its liquidity in anticipation of funding such future funding commitments.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal and regulatory proceedings in the ordinary course of business.

The opening of Item 3, Legal Proceedings.10

Sources

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

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33