Starwood Real Estate Income Trust's Business Segments

The registrant operates as a real estate investment entity managed by Starwood REIT Advisors, L.L.C. (the Advisor), affiliated with Starwood Capital. The Advisor manages the registrant's portfolio under broad investment guidelines approved by the board of directors, permitting acquisitions and dispositions of real estate properties, real estate debt, and real estate-related equity securities without prior board approval for each transaction, provided they comply with the investment guidelines and charter. Personnel of the Advisor, including key officers such as Barry S. Sternlicht, allocate time between managing the registrant and other Starwood Capital accounts, which may influence the attention and resources devoted to the registrant, particularly during market turbulence. The registrant’s investment strategy and operations rely significantly on the Advisor’s performance and resource allocation. The Advisor and the Special Limited Partner may receive fees or distributions in the form of common stock or Operating Partnership units, potentially diluting cash available for distribution to stockholders. The registrant’s net asset value (NAV) is calculated monthly based on property valuations conducted by the Advisor and reviewed by an independent valuation advisor, with third-party appraisals performed at least annually. These valuations are estimates and may not reflect realizable value. Offering and repurchase prices are generally based on the prior month’s NAV, which may differ from the actual NAV at the transaction date due to market volatility.

The registrant's reportable segments include Multifamily, Industrial, Office, Other, and Investment in Real Estate Debt. Effective January 1, 2025, the Single-Family Rental properties and Self-Storage properties segments were consolidated into the Other properties segment. Prior period amounts have been recast to align with the current presentation.