SREIT Performance and Redemptions: Every Year's Return and Every Month's Repurchases, 2019-2026

What this page adds

Our SREIT review covers the 2026 freeze, the Apollo recapitalization and the April distribution cut, and the Advisor repurchase story covers the shares bought back from Starwood's own adviser. This page is the long series behind both: every year's return by share class since 2019, and every month's repurchase result since the queue formed in October 2022, read from the footnotes to the “Issuer Purchases of Equity Securities” table in sixteen quarterly and annual reports. Starwood's website shows the current NAV and distribution; none of the search results we checked on October 5, 2026 lays out the monthly record.

One reading note. From 2023 on, the filings say shares in the monthly table “were submitted by our stockholders in the prior month and honored in the current month.” So the fill rates below are by request month, and the shares and prices in the CSV are by payment month, one month later.

Every year, by share class

Four strong years, then three weak ones. Compounded, Class I made 62.3% in 2019-2022 and lost 10.6% in 2023-2025; Class S lost 12.8% over the same three years (our arithmetic). The 2023-2025 losses came from NAV: Class I fell from $26.34 at the end of 2022 to $19.96 at the end of 2025, while the fund kept paying monthly distributions. The Class I average annualized distribution rate was 5.2% in 2023, 5.7% in 2024 and 6.2% in 2025, and 4.7% in the second quarter of 2026; for Class S, 4.3%, 4.8%, 5.2% and 3.8%. A rising rate on a falling NAV is the arithmetic of a payout held up while the price fell. The gross distribution declared for September 2026 was $0.0770 a share for Class I (8-K of September 30, 2026).

The since-inception number SREIT prints has followed the NAV down:

The FY2023 10-K labels that row “Inception-to-Date Total Return” without the word “annualized” that the other years carry; at 8.2% it is plainly an annual rate. For comparison, Blackstone's BREIT reported 9.4% a year since its 2017 start for Class I at the same date; its year-by-year record is in BREIT performance by year.

Every month of redemptions, October 2022 to August 2026

The plan let holders redeem up to 2% of NAV a month and 5% a quarter. When requests exceeded that, every request was cut pro rata. These are the percentages SREIT printed for each request month:

The FY2025 10-K gave January and February 2026 as about 3.5% and 3.2%; the later Q1 2026 10-Q rounds all three months to about 3%. We show the 10-Q.

Why the history matters to a holder now. The proration applied to each month's request, and requests did not carry over; holders had to resubmit. On the printed rates, a holder who asked to sell everything in November 2022 and resubmitted every month was about 99.9% out after twelve request months (our arithmetic). A holder who first asked in May 2024, after the monthly limit was cut from 2% to 0.33% of NAV, and resubmitted every month for 23 months, had sold only about 58% when the plan closed in April 2026, leaving about 42% in a fund that now accepts no ordinary requests (our arithmetic; it ignores the early-repurchase deduction and assumes the printed approximate rates).

How much went out each quarter

Two notes on the table. Capacity is calculated on the prior quarter's NAV and the payments lag requests by a month, so a quarter's payments can exceed its capacity; the 10-Q also notes small excesses where the fund bought out every account under $500. The Advisor shares are the ones the filings footnote as bought “outside of our share repurchase plan” (Q2 2025 combines the 811,079 and 531,337 shares footnoted for April and June). The monthly tables do not footnote every Advisor sale: the FY2024 10-K reports 3.2 million Class I shares bought from the Advisor and certain directors during 2023, a year with no such footnote. Our quarterly sums agree with the totals in the notes: $2.6 billion in 2023, $1.1 billion in 2024, $0.5 billion in 2025 and $185.5 million in the first half of 2026. For how SREIT's queue compares with the other big-brand NAV REITs, see the redemption status tracker and the 2026 big-brand comparison.

What changed the plan, in order

• May 23, 2024: the board cut the monthly limit from 2% to 0.33% of NAV, and from July 1, 2024 the quarterly limit to 1%. The Advisor agreed to waive 20% of its management fee, “thereby reducing it from 1.25 % of NAV to 1 % of NAV,” until the 2%/5% limits are reinstated.
• June 6, 2025: the monthly limit went to 0.5% and, from July 1, 2025, the quarterly limit to 1.5%.
• April 29, 2026: only requests upon death or qualifying disability and from accounts under $5,000 are accepted, up to $5.0 million a month each. The 10-Q: “As a result, no repurchase requests will be accepted except in connection with (i) and (ii) above.”

What a holder can do with this

• Find your class's real record. Your statement shows the class letter; the first table gives each year. Since inception, Class S holders have earned 4.3% a year and Class I 5.1% through June 30, 2026, against a NAV now below the 2018 starting price.
• If you are on the frozen side: ordinary requests are not being accepted at all. The exceptions are death, qualifying disability and accounts under $5,000. Requests did not carry over under the old plan either, so any earlier pending request is gone.
• If you receive a secondary bid or tender offer, check its price against the $19.27 Class I NAV of August 31, 2026 before accepting anything. Our review tracks the Apollo deal and what it means for the plan.
• For taxes, losses are realized only when shares are sold or repurchased.

FAQ

All figures are from Starwood Real Estate Income Trust's SEC filings read on EDGAR on October 5, 2026: Forms 10-K for fiscal years 2018 to 2025, Forms 10-Q for each quarter from September 30, 2022 to June 30, 2026 (the latest, accession 0001193125-26-346339), the Form 424B3 supplement filed September 16, 2026 (0001193125-26-393025) and the Form 8-K filed September 30, 2026 (0001193125-26-408572); every row of the CSV carries its accession number. Quarterly dollar amounts paid (shares times average price), compounded returns, NAV changes, the resubmission scenarios and sums are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.