Starwood Real Estate Income Trust

Derivative book not disclosed by this fund

Incentive fee

12.5% over a 5.0% hurdle · fund level

Management-fee base

Nav (company nav + op unit nav held by non-company unitholders); 1.25% standard rate, currently waived 20% to 1.00% effective may 2024 (waiver continues until share repurchase plan reinstated to 2%/month and 5%/quarter caps)

Expense ratio after waivers

Manager has partially waived the management fee from the contractual 1.25% to 1.00% of aggregate NAV, effective May 2024. The waiver remains in place until the share repurchase plan reinstates its 2%/month + 5%/quarter standard caps.

Cap: 1.5% NAV/qtr (all windows) · 13 of 52 windows filled in full · 39 prorated

REIT 10-Q balance sheet ($ thousands scaled). net_assets=TA-TL (residual incl. redeemable NCI mezzanine). GAAP residual differs from sponsor NAV. assets_invested=investments in real estate, net. N-PORT-only fields N/A.

Frequency

Monthly (capped 0.5%/month; gated since Oct 2022)

Cap

0.5% of NAV / qtr

Annual cap

1.5% / yr

Gate cap

0.5%

Notice period

Not disclosed

Settlement lag

30d

Early repurchase fee

5.0% if held < 1 year

Lockup

None stated

Min investment

$2,500

Accreditation

Qualified Purchaser

Tax form

1099

Program type

Monthly repurchase

Windows observed: 52 · median open-to-pricing 30d · derived from filed window dates

all 213Prospectus supplement 105Current report 63Quarterly report 25Annual report 10Imported record 9Amended current report 1

These are the debt positions the fund holds as investments — distinct from the property leverage in How levered?. The weighted coupon is fair-value-weighted across the sleeve; floating-rate paper resets with its benchmark, fixed paper carries duration risk.

Sector shares are of the $20.6B gross-asset-value base (derived from the per-type GAV the filing discloses). Occupancy is on the basis each sector states — leased square footage, leased units or occupied keys.

Shares are of annualized base rent expiring in each window; a heavy near-term roll is re-leasing risk, a long-dated tail is locked-in income. Square-footage share is shown alongside. The filing discloses no per-bucket expiring-rent dollar column.

L1 $0 0.0% · L2 $62.0M 6.2% · L3 $940M 93.8%

Management fee is charged on nav (company nav + op unit nav held by non-company unitholders); 1.25% standard rate, currently waived 20% to 1.00% effective may 2024 (waiver continues until share repurchase plan reinstated to 2%/month and 5%/quarter caps).

Manager has partially waived the management fee from the contractual 1.25% to 1.00% of aggregate NAV, effective May 2024. The waiver remains in place until the share repurchase plan reinstates its 2%/month + 5%/quarter standard caps.

The two-part incentive-fee mechanics (lookback / per-class expense caps & recapture) are not yet surfaced — they need a dedicated terms table still in the schema queue.

Gross real estate and debt investments, less property leverage and other liabilities, sum to the $8.00B net asset value — the filing’s own monthly “Components of NAV”, struck and divided to the per-class NAV per share. The fair-value mark behind each asset — the Level I / II / III mix and unobservable inputs — lives in The Book · Marks.