# EDGAR Filing Document

**Accession Number:** 0001711929
**File Stem:** 0001193125-26-216496
**Filing Date:** 2026-5
**Character Count:** 267201
**Document Hash:** 06b446053d196a9be0936f81a89ca610
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-216496.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001193125-26-216496

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 98

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Starwood Real Estate Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001711929
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 822023409
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56046
- **FILM NUMBER:** 26962508

**BUSINESS ADDRESS:**
- **STREET 1:** 2340 COLLINS AVENUE
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139
- **BUSINESS PHONE:** 305-695-5500

**MAIL ADDRESS:**
- **STREET 1:** 2340 COLLINS AVENUE
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE QUARTERLY PERIOD ENDED** **MARCH 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Transition period from to .**

**Commission file number** 000-56046

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Starwood Real Estate Income Trust, Inc.

(**Exact name of Registrant as specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Maryland | 2340 Collins Avenue <br>Miami Beach**,** FL 33139 | 82-2023409 |
| **(State or other jurisdiction of** <br>**incorporation or organization)** | **(Address of principal executive offices) (Zip Code)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

**Registrant's telephone number, including area code: (**305**)** 695-5500

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Securities registered pursuant to Section 12(b) of the Act: None

---

| | | |
|:---|:---|:---|
| <br>**Title of each class** | **Trading**<br>**Symbol(s)** | <br>**Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒  | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 11, 2026, the registrant had the following shares outstanding: 4,597,114 shares of Class T common stock, 172,900,751 shares of Class S common stock, 24,350,492 shares of Class D common stock and 185,175,639 shares of Class I common stock.

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**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I.** | [**<u>FINANCIAL INFORMATION</u>**](#part_i_fi) | 1 |
| ITEM 1. | [<u>FINANCIAL STATEMENTS</u>](#itm_1_fs) | 1 |
|  | [<u>Condensed Consolidated Financial Statements (Unaudited):</u>](#condensed_consolidated_balance_sheets) | 1 |
|  | [<u>Condensed</u> <u>Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025</u>](#condensed_consolidated_balance_sheets) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended</u>](#statements_of_operations)<br>[<u>March 31, 2026 and 2025</u>](#statements_of_operations) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025</u>](#statements_of_changes_in_equity) | 3 |
|  | [<u>Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025</u>](#statements_of_cash_flows) | 4 |
|  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#notes_to_condensed_consolidated_financia) | 5 |
| ITEM 2. | [<u>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</u>](#management_discussion_and_analysis) | 29 |
| ITEM 3. | [<u>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>](#quantitative_and_qualitative_disclosures) | 46 |
| ITEM 4. | [<u>CONTROLS AND PROCEDURES</u>](#controls_and_procedures) | 47 |
| **PART II.** | [**<u>OTHER INFORMATION</u>**](#other_information) | 48 |
| ITEM 1. | [<u>LEGAL PROCEEDINGS</u>](#legal_proceedings) | 48 |
| ITEM 1A. | [<u>RISK FACTORS</u>](#risk_factors) | 48 |
| ITEM 2. | [<u>UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</u>](#unregistered_sales_of_equity_securities) | 49 |
| ITEM 3. | [<u>DEFAULTS UPON SENIOR SECURITIES</u>](#defaults_upon_senior_securities) | 51 |
| ITEM 4. | [<u>MINE SAFETY DISCLOSURES</u>](#mine_safety_disclosures) | 51 |
| ITEM 5. | [<u>OTHER INFORMATION</u>](#item5_other_information) | 51 |
| ITEM 6. | [<u>EXHIBITS</u>](#exhibits) | 52 |

---

------

**PART I. FINANCIAL INFORMATION**

## ITEM 1. FINAN CIAL STATEMENTS
**Starwood Real Estate Income Trust, Inc.**

**Condensed Consolidated Balance Sheets (Unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Investments in real estate, net | $16759201 | $16929132 |
| Investment in real estate debt | 940286 | 915431 |
| Investments in unconsolidated real estate ventures | 291444 | 294392 |
| Cash and cash equivalents | 211144 | 200806 |
| Restricted cash | 220891 | 224454 |
| Other assets | 321593 | 353647 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $18744559 | $18917862 |
| **Liabilities and Equity** |  |  |
| Mortgage notes and secured credit facilities, net | $11969195 | $11957210 |
| Secured financings on investment in real estate debt, net | 565864 | 550951 |
| Unsecured line of credit | 1517500 | 1373000 |
| Other liabilities | 400808 | 433156 |
| Subscriptions received in advance | 200 | 145 |
| Due to affiliates | 226777 | 235809 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 14680344 | 14550271 |
| Commitments and contingencies |  |  |
| Redeemable non-controlling interests | 392717 | 399101 |
| **Equity** |  |  |
| Preferred stock, $0.01 par value per share, 100,000,000 shares authorized;<br> none issued and outstanding as of March 31, 2026 and December 31, 2025 |  |  |
| Common stock — Class T shares, $0.01 par value per share, 500,000,000 shares authorized; 4,651,128 and 4,785,065 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 47 | 48 |
| Common stock — Class S shares, $0.01 par value per share, 1,000,000,000 shares authorized; 173,412,693 and 175,605,537 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 1734 | 1756 |
| Common stock — Class D shares, $0.01 par value per share, 500,000,000 shares authorized; 24,538,629 and 24,744,496 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 245 | 247 |
| Common stock — Class I shares, $0.01 par value per share, 1,000,000,000 shares authorized; 186,271,374 and 186,884,080 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 1863 | 1869 |
| Additional paid-in capital | 8633963 | 8702558 |
| Accumulated other comprehensive income | 13797 | 22499 |
| Accumulated deficit and cumulative distributions | (5068956) | (4842847) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 3582693 | 3886130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests in consolidated joint ventures | 88805 | 82360 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 3671498 | 3968490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $18744559 | $18917862 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Starwood Real Estate Income Trust, Inc.**

**Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenue | $385714 | $394050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 6566 | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 392280 | 400265 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating | 160119 | 171105 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 10239 | 9654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 20427 | 22766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 177646 | 172850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 368431 | 376375 |
| **Other expense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated real estate ventures | (2927) | (1829) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from investments in real estate debt, net | 20143 | 19636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain on dispositions of real estate | (65) | 9690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (172317) | (152227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | (2356) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 13805 | (86734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense** | (143717) | (211464) |
| **Net loss** | $(119868) | $(187574) |
| Net loss attributable to non-controlling interests in consolidated joint ventures | $911 | $1079 |
| Net loss attributable to non-controlling<br> interests in Operating Partnership | 6103 | 9315 |
| **Net loss attributable to stockholders** | $(112854) | $(177180) |
| **Net loss per share of common stock, basic and diluted** | $(0.29) | $(0.44) |
| **Weighted-average shares of common stock<br> outstanding, basic and diluted** | 389628622 | 400996211 |
| **Comprehensive loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss | $(119868) | $(187574) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) item: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (8702) | 22208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income | $(8702) | $22208 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive loss** | $(128570) | $(165366) |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Starwood Real Estate Income Trust, Inc.**

**Condensed Consolidated Statements of Changes in Equity (Unaudited)**

**(in thousands)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Par Value** | **Par Value** | **Par Value** | **Par Value** |  |  |  |  |  |  |
|  | **Common<br>Stock<br>Class T** | **Common<br>Stock<br>Class S** | **Common<br>Stock<br>Class D** | **Common<br>Stock<br>Class I** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Other <br>Comprehensive<br>Income** | **Accumulated<br>Deficit and<br>Cumulative<br>Distributions** | **Total<br>Stockholders'<br>Equity** | **Non-<br>controlling<br>Interests** | **Total<br>Equity** |
| **Balance at December 31, 2025** | $48 | $1756 | $247 | $1869 | $8702558 | $22499 | $(4842847) | $3886130 | $82360 | $3968490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued (transferred) | (1) | (4) |  | 18 | 23974 |  |  | 23987 |  | 23987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs, net |  |  |  |  | 542 |  |  | 542 | (127) | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestments |  | 8 | 1 | 7 | 32858 |  |  | 32874 |  | 32874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted stock grants |  |  |  |  | 210 |  |  | 210 |  | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock repurchased |  | (26) | (3) | (31) | (120253) |  |  | (120313) |  | (120313) |
| &nbsp;&nbsp;&nbsp;Net loss ($6,103 allocated to redeemable non-controlling interest) |  |  |  |  |  |  | (112854) | (112854) | (911) | (113765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 8320 | 8320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interests |  |  |  |  |  |  |  |  | (837) | (837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared on common stock<br> (see Note 11) |  |  |  |  |  |  | (113255) | (113255) |  | (113255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss |  |  |  |  |  | (8702) |  | (8702) |  | (8702) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable non-controlling<br> interest |  |  |  |  | (5926) |  |  | (5926) |  | (5926) |
| **Balance at March 31, 2026** | $47 | $1734 | $245 | $1863 | $8633963 | $13797 | $(5068956) | $3582693 | $88805 | $3671498 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Par Value** | **Par Value** | **Par Value** | **Par Value** |  |  |  |  |  |  |
|  | **Common<br>Stock<br>Class T** | **Common<br>Stock<br>Class S** | **Common<br>Stock<br>Class D** | **Common<br>Stock<br>Class I** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Other <br>Comprehensive<br>Loss** | **Accumulated<br>Deficit and<br>Cumulative<br>Distributions** | **Total<br>Stockholders'<br>Equity** | **Non-<br>controlling<br>Interests** | **Total<br>Equity** |
| **Balance at December 31, 2024** | $51 | $1814 | $259 | $1894 | $8932123 | $(50756) | $(3691379) | $5194006 | $64721 | $5258727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued (transferred) | (1) |  | (4) | 18 | 31135 |  |  | 31148 |  | 31148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs, net |  |  |  |  | 71 |  |  | 71 | (366) | (295) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestments |  | 9 | 1 | 7 | 37327 |  |  | 37344 |  | 37344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted stock grants |  |  |  |  | 210 |  |  | 210 |  | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock repurchased |  | (16) | (2) | (22) | (87288) |  |  | (87328) |  | (87328) |
| &nbsp;&nbsp;&nbsp;Net loss ($9,315 allocated to redeemable<br> non-controlling interest) |  |  |  |  |  |  | (177180) | (177180) | (1079) | (178259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from non-controlling interests |  |  |  |  |  |  |  |  | 11361 | 11361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interests |  |  |  |  |  |  |  |  | (3239) | (3239) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions declared on common stock<br> (see Note 11) |  |  |  |  |  |  | (115760) | (115760) |  | (115760) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income |  |  |  |  |  | 22208 |  | 22208 |  | 22208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable non-controlling<br> interest |  |  |  |  | (4102) |  |  | (4102) |  | (4102) |
| **Balance at March 31, 2025** | $50 | $1807 | $254 | $1897 | $8909476 | $(28548) | $(3984319) | $4900617 | $71398 | $4972015 |

---

*See accompanying notes to condensed consolidated financial statements.*

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**Starwood Real Estate Income Trust, Inc.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(119868) | $(187574) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjustments to reconcile net loss to net cash provided by operating<br> activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 20427 | 22766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance participation allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 177646 | 172850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 6058 | 7197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent amortization | (2899) | (1368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income amortization | (7240) | (4120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on changes in fair value of financial instruments | (41152) | 89952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency gain | (10119) | (644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 2356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted stock grants | 210 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on dispositions of investments in real estate | 65 | (9690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated real estate ventures | 2927 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of earnings from unconsolidated real estate ventures | 21 | 7550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss (gain) on derivative instruments | 36860 | (1445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other items | (1877) | (2166) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Change in assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other assets | 11052 | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in due to affiliates | 34 | (2128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in other liabilities | (20287) | (32858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 54214 | 85246 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from dispositions of real estate | 332 | 1047404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital improvements to real estate | (24128) | (31938) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital from unconsolidated real estate ventures |  | 77842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of derivative instruments | (5059) | (2407) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from derivative instruments | 26773 | 24922 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by investing activities** | (2082) | 1115823 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net | 3205 | 7053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs paid | (8485) | (7911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions received in advance | 200 | 13004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (120313) | (87328) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings from mortgage notes, secured credit facilities and unsecured line of credit | 1931520 | 74088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of mortgage notes, secured credit facilities and unsecured line of credit | (1759923) | (1137042) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (13589) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from non-controlling interests | 8320 | 11361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interests | (837) | (3239) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (86823) | (84692) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (46725) | (1214706) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Effect of exchange rate changes** | 1368 | (3759) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents and restricted cash** | 6775 | (17396) |
| **Cash and cash equivalents and restricted cash, beginning of the year** | 425260 | 522934 |
| **Cash and cash equivalents and restricted cash, end of the period** | $432035 | $505538 |
| **Reconciliation of cash and cash equivalents and restricted cash to the condensed<br> consolidated balance sheets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $211144 | $270366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 220891 | 235172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total cash and cash equivalents and restricted cash** | $432035 | $505538 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $190731 | $206545 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued stockholder servicing fees due to affiliate | $(1011) | $(367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Class I shares for payment of management fee | $20589 | $22984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued distributions | $39653 | $40555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestment | $32874 | $37344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation to redeemable non-controlling interests | $5926 | $4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital expenditures | $1594 | $1279 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Starwood Real Estate Income Trust, Inc.**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

**1.** **Organization and Business Purpose**

Starwood Real Estate Income Trust, Inc. (the "Company") was formed on June 22, 2017 as a Maryland corporation and has elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes. The Company is organized to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. The Company's portfolio is principally comprised of properties located in the United States. The Company has diversified its portfolio on a global basis through the acquisition of properties outside of the United States, with a focus on Europe. To a lesser extent, the Company has invested in debt secured by commercial real estate and real estate-related securities. The Company is the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). Starwood REIT Special Limited Partner, L.L.C. (the "Special Limited Partner"), a wholly owned subsidiary of Starwood Capital Group Holdings, L.P. (the "Sponsor" and together with any entity that is controlled by, controls or is under common control with the Sponsor, and any of their respective predecessor entities, "Starwood Capital"), owns a special limited partner interest in the Operating Partnership. Substantially all of the Company's business is conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Starwood REIT Advisors, L.L.C. (the "Advisor"), an affiliate of the Sponsor.

On December 27, 2017, the Company commenced its initial public offering of up to $5.0 billion in shares of common stock. On June 2, 2021, the initial public offering terminated and the Company commenced a follow-on public offering of up to $10.0 billion in shares of common stock. On August 10, 2022, the follow-on public offering terminated and the Company commenced its third public offering of up to $18.0 billion in shares of common stock.

On February 4, 2026, the third public offering terminated, and the Company commenced its fourth public offering of up to $10.0 billion in shares of common stock, consisting of up to $9.5 billion in shares in its primary offering and up to $0.5 billion in shares pursuant to its distribution reinvestment plan. As of March 31, 2026, the Company had received aggregate net proceeds of $14.3 billion from the sale of shares of its common stock through its public offerings.

In April 2024, the Company launched a program (the "DST Program") to raise capital, through its Operating Partnership, through private placement offerings exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), by selling beneficial interests ("DST Interests") in specific Delaware statutory trusts ("DSTs") holding real properties (the "DST Properties"). As of March 31, 2026, the Company has raised approximately $63.5 million in gross offering proceeds through the DST Program.

As of March 31, 2026, the Company owned 402 consolidated real estate properties, 877 single-family rental units, two investments in unconsolidated real estate ventures and one real estate debt investment. The Company currently operates in five reportable segments: Multifamily, Industrial, Office, Other, and Investment in Real Estate Debt. Financial results by segment are reported in Note 15.

**2.** **Summary of Significant Accounting Policies** 

**Principles of Consolidation and Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the "SEC").

Certain amounts in the Company's prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to reclassify realized gains and losses on derivative instruments as reflected on the Condensed Consolidated Statements of Cash Flows from "Other items" to "Realized loss (gain) on derivative instruments" for the three months ended March 31, 2025. This reclassification had no effect on the previously reported totals or subtotals included in the Condensed Consolidated Statements of Cash Flows.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, the Company's subsidiaries and joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling

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partner's share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner's interest is generally computed as the joint venture partner's ownership percentage. Certain of the joint ventures formed by the Company provide the other partner a profits interest based on certain return hurdles being achieved. Any profits interest due to the other partner is reported within non-controlling interests.

In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity ("VIE") and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. The Operating Partnership is considered to be a VIE. The Company consolidates the Operating Partnership because it has the ability to direct the most significant activities of the entity such as purchases, dispositions, financings, budgets, and overall operating plans. The Company meets the VIE disclosure exemption criteria, as the Company's interest in the Operating Partnership is considered a majority voting interest. Where the Company does not have the power to direct the activities of the VIE that most significantly impact its economic performance, the Company's interest for those partially owned entities are accounted for using the equity method of accounting.

The Company has a DST Program to raise capital through private placement offerings by selling DST Interests in specific DSTs holding real properties. Under the DST Program, each private placement offers interest in one or more DST Properties. DST Properties may be sourced from properties currently owned by the Operating Partnership or newly acquired properties. The underlying interest of real properties sold to investors pursuant to such private placements are leased-back to a wholly owned subsidiary of the Operating Partnership on a long-term basis through January 2, 2031, unless sooner terminated pursuant to master lease agreements. These master lease agreements are fully guaranteed by the Operating Partnership in the form of demand notes capitalizing the lessee. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the DSTs from the investors at a later time in exchange for Operating Partnership units.

Under the master lease agreements, a wholly owned indirect subsidiary of the Operating Partnership is responsible for subleasing the property to occupying tenants and all underlying costs associated with operating the property and is responsible for paying rent to the DST that owns such property. For financial reporting purposes (and not for income tax purposes), the Company evaluated the transfer of the DST properties under GAAP and concluded that the sale of the DST Properties does not qualify as a sale due to continuing involvement and the fair market value repurchase option and is, therefore, accounted for as a failed sale-leaseback transaction. As a result of this determination, the DST Properties are included in the Company's Condensed Consolidated Balance Sheets. The master lease agreements are absolute leases, pursuant to which the master tenant will pay the stated rent and will be responsible for paying leasing costs, operating expenses, real estate taxes, special assessments, sales and use taxes, utilities, insurance and repairs for maintenance related to the DST Properties.

As of March 31, 2026 and December 31, 2025, the Company held two properties through the DST Program and the total investments in real estate, net associated with the DST Properties were $156.5 million and $157.8 million, respectively.

The Company has determined that the DST entities are VIEs. The Company has determined that it is the primary beneficiary of these VIEs. As a result, these DST entities are included in the Company's condensed consolidated financial statements. As of March 31, 2026 and December 31, 2025, the total liabilities of the Company's consolidated VIEs, excluding the Operating Partnership, were $0.1 billion and $0.1 billion, respectively. Such amounts are included on the Company's Condensed Consolidated Balance Sheets. There were no assets of the Company's consolidated VIEs as of March 31, 2026 and December 31, 2025, due to certain intercompany eliminations upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

**Investments in Real Estate**

Refer to Note 2 — "Summary of Significant Accounting Policies" to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, for further details of the GAAP treatment regarding the Company's investments in real estate.

*Impairment of Investments in Real Estate*

The Company's management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and

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exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be "long-lived assets to be held and used" are considered on an undiscounted basis to determine whether an asset has been impaired, the Company's strategy of holding properties over the long term decreases the likelihood of recording an impairment loss. If the Company's strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company's results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. Impairment charges are recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

During the three months ended March 31, 2026 and 2025, the Company did not recognize any impairment charges on investments in real estate.

**Properties Held-for-Sale**

The Company classifies the assets and liabilities related to its investments in real estate as held-for-sale when a sale is probable to occur within one year. The Company considers a sale to be probable when a binding contract has been executed, the buyer has posted a non-refundable deposit, and there are limited contingencies to closing. The Company records held-for-sale investments in real estate at the lower of depreciated cost or fair value, less estimated closing costs. Held-for-sale assets and liabilities are presented within Other assets and Other liabilities on the Company's Condensed Consolidated Balance Sheets. Liabilities are included in the held-for-sale disposal group only if these liabilities are directly associated with the assets to be disposed of and are expected to be settled as part of the pending sale transaction. This includes mortgage notes, net, that are assumed by the buyer or mortgage notes, net, that are fully repaid as part of the pending sale transaction. As of March 31, 2026 and December 31, 2025, no properties were classified as held-for-sale.

**Fair Value Measurements**

Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the market place, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy:

Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments.

Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.

Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.

*Valuation of assets and liabilities measured at fair value*

The Company's investment in real estate debt is reported at fair value. The Company's investment in real estate debt includes a loan secured by real estate, which may not have readily available market quotations. In such cases, the Company will generally determine the initial value based on the origination amount or acquisition price of such investment if acquired by the Company or the par value of such investment if originated by the Company. Following the initial measurement, the Company will determine fair value by utilizing or reviewing certain of the following inputs (i) market yield data, (ii) discounted cash flow modeling, (iii) collateral asset performance, (iv) local or macro real estate performance, (v) capital market conditions, (vi) debt yield or loan-to-value ratios, and (vii) borrower financial condition and performance.

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The Company's derivative financial instruments are reported at fair value and are recorded within Other assets and Other liabilities on the Company's Condensed Consolidated Balance Sheets. The Company's interest rate swap agreements are valued using a discounted cash flow analysis based on the terms of the contract and the forward interest rate curve adjusted for the Company's non-performance risk. The Company's interest rate cap positions are valued using models developed by the respective counterparty as well as third party pricing service providers that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data).

The fair values of the Company's foreign currency forward contracts are determined by comparing the contracted forward exchange rate to the current market exchange rate. The current market exchange rates are determined by using market spot rates, forward rates and interest rate curves for the underlying instruments.

The fair values of the Company's financial instruments (other than investments in real estate debt, mortgage notes, secured credit facilities, unsecured line of credit and derivative instruments), including cash and cash equivalents, restricted cash and other financial instruments, approximate their carrying or contract value. The Company utilizes a discounted cash flow model to value its loans secured by real estate (considering loan features, credit quality of the loans and includes a review of market yield data, collateral asset performance, local and macro real estate performance, capital market conditions, debt yield, loan-to-value ratios, borrower financial condition and performance, among other factors). The Company continuously monitors and assesses the credit quality of individual loans including the review of delinquency and loan-to-value ratios on its loans secured by real estate. Such loans have floating interest rates with market terms and there are no underlying credit quality issues as of March 31, 2026.

The following table details the Company's assets and liabilities that are measured at fair value on a recurring basis ($ in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in real estate debt | $— | $— | $940286 | $940286 | $— | $— | $915431 | $915431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  | 61969 |  | 61969 |  | 83223 |  | 83223 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $— | $61969 | $940286 | $1002255 | $— | $83223 | $915431 | $998654 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | $— | $56422 | $— | $56422 | $— | $59520 | $— | $59520 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $— | $56422 | $— | $56422 | $— | $59520 | $— | $59520 |

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The following table details the Company's assets that are measured at fair value on a recurring basis using Level 3 inputs ($ in thousands):

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| | |
|:---|:---|
|  | **Investments in <br>Real Estate Debt** |
| Balance as of December 31, 2025 | $915431 |
| Included in net loss |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency exchange gain | 24855 |
| Balance as of March 31, 2026 | $940286 |

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The following table contains the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Weighted Average** | **Impact to Valuation from a Decrease in Input** |
| **Financial Assets:** |  |  |  |  |  |
| Investment in real estate debt | $940286 | Discounted Cash Flow | Discount Rate | 8.8% | Increase |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Weighted Average** | **Impact to Valuation from a Decrease in Input** |
| **Financial Assets:** |  |  |  |  |  |
| Investment in real estate debt | $915431 | Discounted Cash Flow | Discount Rate | 8.8% | Increase |

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*Valuation of assets measured at fair value on a nonrecurring basis*

Certain of the Company's assets may not be measured at fair value on an ongoing basis but are subject to fair value adjustments, such as when there is evidence of impairment, and therefore measured at fair value on a nonrecurring basis. The Company reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value.

During the three months ended March 31, 2026 and 2025, the Company did not recognize any impairment charges on investments in real estate.

*Valuation of liabilities not measured at fair value*

Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to the present value using an appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. As of March 31, 2026 and December 31, 2025, the fair value of the Company's mortgage notes, secured credit facilities, and secured financings on investment in real estate debt was approximately $239.4 million and $265.6 million below the outstanding principal balance, respectively.

**Income Taxes**

The Company elected to be taxed as a REIT under the Internal Revenue Code (the "Code"), for federal income tax purposes, beginning with its taxable year ended December 31, 2019. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in a taxable year, without the benefit of certain relief provisions, it will be subject to federal and state income tax on its taxable income at regular corporate tax rates. Even if the Company qualifies for taxation as a REIT, it may also be subject to certain federal, state, local, and foreign taxes on its income and assets, including (i) taxes on any undistributed income, (ii) taxes related to its taxable REIT subsidiaries ("TRSs"), and (iii) certain state or local income taxes. The Company and the Operating Partnership's tax returns for three years from the date filed are subject to examination.

The Company has formed subsidiaries to function as TRSs and filed TRS elections, together with such subsidiaries, with the Internal Revenue Service. In general, a TRS may perform additional services for the Company's tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. The TRSs may be subject to taxation at the federal, state, local, and foreign levels, as applicable, at regular corporate tax rates. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized.

In 2021, the Organization for Economic Co-operation and Development ("OECD") announced a two-pillar solution to address tax challenges arising from the digitalization of the economy, which included a 15% global minimum tax under Pillar Two Model Rules ("Pillar Two"). On January 5, 2026, the OECD released a "side-by-side package" ("SbS") for Pillar Two that includes administrative guidance on SbS system, a permanent simplified effective tax rate safe harbor, an extension of the transitional country-by-country reporting safe harbor through 2027, and a substance-based tax incentive safe harbor. Under this guidance, the U.S. is recognized as a qualified SbS regime which effectively alleviates U.S.-based multi-national companies from top-up tax collectible under the Pillar Two income inclusion and undertaxed payments rules. While the Company may be subject to Qualified Domestic Minimum Top-Up Taxes in the jurisdictions in which it operates, the safe harbors provided by SbS are broadly applicable and the Company does not expect the Pillar Two framework to have a material impact on the Company's effective tax rate, consolidated results of operations, financial position, or cash flows.

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For the three months ended March 31, 2026 and 2025, the Company recognized an income tax expense of ($0.7) million and ($0.4) million, respectively, within Other income (expense), net in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss. As of March 31, 2026 and December 31, 2025, the Company recorded a net deferred tax liability of $35.2 million and $35.6 million, respectively, primarily due to assumed capital gains from three European investments, within Other liabilities on the Company's Condensed Consolidated Balance Sheets.

As of December 31, 2025, net operating loss ("NOL") carryforwards for federal, state and foreign income tax purposes totaled $112.8 million, and are primarily driven by dispositions of residential rental units within one of the Company's TRSs and valuation adjustments in certain foreign jurisdictions. Although the federal NOL carryforwards do not expire, the Company has recorded full valuation allowances against certain deferred tax assets for which the Company believes it is more likely than not that the Company will not realize a benefit from these in future taxable years.

**Recent Accounting Pronouncements**

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update No. 2024-03, "*Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*" which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the consolidated financial statements. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied either (i) prospectively to financial statements issued for reporting periods after the effective date or (ii) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this standard on the condensed consolidated financial statements and related disclosures.

**3.** **Investments**

**Investments in Real Estate**

Investments in real estate, net consisted of the following ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Building and building improvements | $16451030 | $16452127 |
| Land and land improvements | 2793271 | 2797405 |
| Furniture, fixtures and equipment | 267446 | 268251 |
| Right-of-use asset - operating lease<sup>(1)</sup> | 105230 | 105230 |
| Total | 19616977 | 19623013 |
| Accumulated depreciation and amortization | (2857776) | (2693881) |
| Investments in real estate, net | $16759201 | $16929132 |

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<sup>(1)</sup> Refer to Note 14 for additional details on the Company's leases.

*<u>Asset Dispositions</u>*

During the three months ended March 31, 2026, the Company sold one single-family rental unit. During the three months ended March 31, 2025, the Company sold an aggregate of $1.0 billion of investments in real estate, net, generating total net cash proceeds, net of mortgage repayments, of approximately $0.3 billion. During the three months ended March 31, 2025, the Company recorded $9.7 million of net gains from the disposition of 43 industrial properties, 13 multifamily properties, one hospitality property and 16 single-family rental units.

**Investments in Unconsolidated Real Estate Ventures**

The following table details the Company's equity investments in unconsolidated real estate ventures ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in Unconsolidated <br>Real Estate Ventures** | **Segment** | **Date <br>Acquired** | **Number of Properties** | **Ownership Interest** | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay Portfolio | Other | July 2022 | 195 | 45% | $281973 | $285313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fort Lauderdale Hotel | Other | March 2019 | 1 | 43% | 9471 | 9079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in unconsolidated real estate ventures | &nbsp;&nbsp;&nbsp;&nbsp;Total investments in unconsolidated real estate ventures | &nbsp;&nbsp;&nbsp;&nbsp;Total investments in unconsolidated real estate ventures |  |  | $291444 | $294392 |

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The following table details the Company's income (loss) from equity investments in unconsolidated real estate ventures ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
|  |  | **Three Months Ended <br>March 31,** | **Three Months Ended <br>March 31,** |
| **Investments in Unconsolidated Real Estate Ventures** | **Segment** | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay Portfolio | Other | $(3319) | $(2174) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fort Lauderdale Hotel | Other | 392 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loss from unconsolidated real estate ventures |  | $(2927) | $(1829) |

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**4.** **Intangibles**

The gross carrying amount and accumulated amortization of the Company's intangible assets and liabilities consisted of the following ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| <u>Intangible assets:</u> <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-place lease intangibles | $201745 | $201062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Above-market lease intangibles | 35693 | 36264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 35188 | 35191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets | 272626 | 272517 |
| <u>Accumulated amortization:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-place lease amortization | (101565) | (98526) |
| &nbsp;&nbsp;&nbsp;&nbsp;Above-market lease amortization | (21064) | (20449) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (15415) | (14746) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accumulated amortization | (138044) | (133721) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | $134582 | $138796 |
| <u>Intangible liabilities:</u> <sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below-market lease intangibles | $56566 | $57110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible liabilities | 56566 | 57110 |
| <u>Accumulated amortization:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below-market lease amortization | (25843) | (24734) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accumulated amortization | (25843) | (24734) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible liabilities, net | $30723 | $32376 |

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<sup>(1)</sup> Included in Other assets on the Company's Condensed Consolidated Balance Sheets.

<sup>(2)</sup> Included in Other liabilities on the Company's Condensed Consolidated Balance Sheets.

The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of March 31, 2026 is as follows ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **In-place <br>Lease Intangibles** | **Above-market<br>Lease Intangibles** | **Other** | **Below-market<br>Lease Intangibles** |
| 2026 (remaining) | $16689 | $2791 | $2013 | $(3491) |
| 2027 | 18217 | 3085 | 2684 | (3843) |
| 2028 | 15222 | 2490 | 2684 | (3804) |
| 2029 | 12916 | 2322 | 2684 | (3355) |
| 2030 | 11167 | 2147 | 2651 | (3517) |
| Thereafter | 25969 | 1794 | 7057 | (12713) |
|  | $100180 | $14629 | $19773 | $(30723) |

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**5.** **Investment in Real Estate Debt**

The following tables detail the Company's investment in real estate debt as of March 31, 2026 and December 31, 2025 ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Type of Security/Loan** | **Number of Positions** | **Coupon** <sup>(1)</sup> | **Maturity Date** <sup>(2)</sup> | **Cost Basis** | **Fair Value** |
| Term loan | 1 | BBSY + 4.75% | June 2030 | $956877 | $940286 |
| Total investment in real estate debt | 1 | BBSY + 4.75% | June 2030 | $956877 | $940286 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Type of Security/Loan** | **Number of<br>Positions** | **Coupon** <sup>(1)</sup> | **Maturity Date** <sup>(2)</sup> | **Cost Basis** | **Fair Value** |
| Term loan | 1 | BBSY + 4.75% | June 2030 | $956877 | $915431 |
| Total investment in real estate debt | 1 | BBSY + 4.75% | June 2030 | $956877 | $915431 |

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<sup>(1)</sup> The symbol "BBSY" refers to the relevant benchmark rate, the three-month Bank Bill Swap Bid Rate ("BBSY").

<sup>(2)</sup> Maturity date is based on the fully extended maturity date of the underlying collateral.

During June 2022, the Company provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of Australia's largest hotel and casino company. The loan is in the amount of AUD 1,377 million and has an initial term of five years, with a two-year extension option. The loan is pre-payable at the option of the borrower at any time. During June 2025, the Company extended the loan term by three years to June 2030.

During the three months ended March 31, 2026 and 2025, the Company did not record any net realized gains or losses on its investment in real estate debt.

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**6.** **Mortgage Notes and Secured Credit Facilities**

The following table is a summary of the mortgage notes and credit facilities secured by the Company's properties as of March 31, 2026 and December 31, 2025 ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal Balance Outstanding**<sup>(3)</sup> | **Principal Balance Outstanding**<sup>(3)</sup> |
| **Indebtedness** | **Weighted <br>Average<br>Interest Rate**<sup>(1)</sup> | **Weighted <br>Average<br>Maturity Date**<sup>(2)</sup> | **Maximum<br>Facility<br>Size** | **March 31, 2026** | **December 31, 2025** |
| *Fixed rate loans* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate mortgages | 3.41% | January 2031 | N/A | $3161776 | $3167322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed rate loans |  |  |  | 3161776 | 3167322 |
| *Variable rate loans* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating rate mortgages | B + 1.95% | January 2031 | N/A | 8714858 | 8690438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable rate secured credit facility<sup>(4)</sup> | B + 2.25% | May 2026 | $160378 | 160378 | 161140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior secured revolving credit facility<sup>(5)</sup> | B + 2.50% | January 2027 | $150000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total variable rate loans |  |  |  | 8875236 | 8851578 |
| Total loans secured by the Company's <br>&nbsp;&nbsp;&nbsp;&nbsp;properties |  |  |  | 12037012 | 12018900 |
| Deferred financing costs, net |  |  |  | (61436) | (55327) |
| Discount on assumed debt, net |  |  |  | (6381) | (6363) |
| Mortgage notes and secured credit facilities, net | Mortgage notes and secured credit facilities, net | Mortgage notes and secured credit facilities, net |  | $11969195 | $11957210 |

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**__________**

<sup>(1)</sup> The symbol "B" refers to the relevant floating benchmark rates, which includes one-month Secured Overnight Financing Rate ("SOFR"), Federal Reserve Bank of New York ("NYFED") 30 day SOFR, three-month Euro Interbank Offered Rate ("EURIBOR") and three-month Norwegian Interbank Offered Rate ("NIBOR"), as applicable to each loan.

<sup>(2)</sup> For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed.

<sup>(3)</sup> The majority of the Company's mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

<sup>(4)</sup> The repayment of the variable rate secured credit facility is guaranteed by the Operating Partnership.

<sup>(5)</sup> The repayment of the senior secured revolving credit facility is secured by pledges of ownership interests in holding companies that are directly under the Operating Partnership.

In July 2024, the Company entered into a senior secured revolving credit facility agreement with a total borrowing capacity of $150.0 million. The senior secured revolving credit facility agreement matures in January 2027, at which time the Company may seek to refinance the senior secured revolving credit facility. Interest under the senior secured revolving credit facility is determined based on one-month U.S. dollar denominated SOFR plus 2.5%.

The following table presents the future principal payments under the Company's mortgage notes and secured credit facilities as of March 31, 2026 ($ in thousands):

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| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 (remaining) | $1160800 |
| 2027 | 1961432 |
| 2028 | 562613 |
| 2029 | 193636 |
| 2030 | 3175280 |
| 2031 | 701599 |
| Thereafter | 4281652 |
| Total | $12037012 |

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The Company actively monitors upcoming debt maturities and capital market conditions. The Company has approximately $4.0 billion of indebtedness, including $2.2 billion related to mortgage notes, $0.2 billion related to secured credit facilities and $1.6 billion related to the Company's unsecured line of credit (Refer to Note 8 — "Unsecured Line of Credit" for additional details), that are coming due within 12 months of issuance of the condensed consolidated financial statements. As of March 31, 2026, the Company has $211.1 million of available liquidity in cash and cash equivalents. Management plans to address upcoming debt maturities by pursuing potential strategic capital transactions and refinancing its remaining debt obligations prior to maturity. Management believes

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these actions are probable of being completed and that market-based alternatives will be available to support these actions and provide the necessary cash flows to meet its obligations as they come due.

Pursuant to lender agreements for certain of the Company's mortgages, the Company has the ability to draw $5.0 million for leasing commissions and tenant and building improvements as of March 31, 2026.

The Company's mortgage notes and secured credit facilities may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company was in compliance with all corporate and all property level financial covenants with no events of default as of March 31, 2026 and December 31, 2025, respectively.

**7.** **Secured Financings on Investments in Real Estate Debt** 

Secured financings on investments in real estate debt are treated as collateralized financing transactions and are carried at their contractual amounts, including accrued interest, as specified in the respective agreements. Although structured as a sale and repurchase obligation, a secured financing on investments in real estate debt operates as a financing under which securities are pledged as collateral to secure a short-term loan equal in value to a specified percentage of the market value of the pledged collateral. While used as collateral, the Company retains beneficial ownership of the pledged collateral, including the right to distributions. At the maturity of a secured financing on investments in real estate debt, the Company is required to repay the loan and concurrently receive the pledged collateral from the lender or, with the consent of the lender, renew such agreement at the then-prevailing financing rate.

Interest rates on these borrowings are determined based on prevailing rates corresponding to the terms of the borrowings, and interest is paid at the termination of the borrowing at which time the Company may enter into a new borrowing arrangement at prevailing market rates with the same counterparty or repay that counterparty and negotiate financing with a different counterparty.

The fair value of financial instruments pledged as collateral on the Company's secured financings on investments in real estate debt disclosed in the tables below represents the Company's fair value of such instruments, which may differ from the fair value assigned to the collateral by its counterparties.

During June 2022, the Company entered into separate repurchase agreements with Morgan Stanley Bank, N.A. ("Morgan Stanley"), Guardians of New Zealand Superannuation as manager and administrator of the New Zealand Superannuation Fund ("NZ Super"), and BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft ("BAWAG") in order to finance its term loan investment (the "Syndicated RA") to an unaffiliated entity in connection with its acquisition of three Australian hospitality and leisure resorts.

During June 2025, the Company refinanced its secured financings on investments in real estate debt through a series of transactions. The Company amended its repurchase agreement with Morgan Stanley and entered into a repurchase agreement with Barclays Bank PLC ("Barclays"), (Morgan Stanley and Barclays, collectively referred to as "Syndicated RA II"). As a result of the amendment to the repurchase agreement with Morgan Stanley, the Company increased the facility size by AUD 174.0 million to AUD 553.5 million and extended the maturity date from June 2027 to June 2030. The repurchase agreement with Barclays has a facility size of AUD 272.7 million and a maturity date of June 2030. The Company terminated its repurchase agreements with NZ Super and BAWAG. As a result of these transactions, the Company reduced the weighted average spread over the relevant benchmark rate (BBSY) from 2.82% to 2.65%.

During February 2026, Morgan Stanley transferred and assigned a portion of its interest in the repurchase agreement to three parties, including American General Life Insurance Company, The Variable Annual Life Insurance Company, and The United States Life Insurance Company in the City of New York (collectively referred to as "Corebridge").

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For financial statement purposes, the Company does not offset its secured financings on investments in real estate debt and securities lending transactions because the conditions for netting as specified by GAAP are not met. Although not offset on the Company's Condensed Consolidated Balance Sheets, these transactions are summarized in the following tables ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **March 31, 2026** | **March 31, 2026** |
| **Indebtedness** | **Maturity Date** | **Coupon** | **Collateral<br>Assets**<sup>(1)</sup> | **Outstanding<br>Balance** |
| Syndicated RA II | June 2030 | BBSY + 2.65% | $940286 | $565864 |
|  |  |  | $940286 | $565864 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **December 31, 2025** | **December 31, 2025** |
| **Indebtedness** | **Maturity Date** | **Coupon** | **Collateral<br>Assets**<sup>(1)</sup> | **Outstanding<br>Balance** |
| Syndicated RA II | June 2030 | BBSY + 2.65% | $915431 | $550951 |
|  |  |  | $915431 | $550951 |

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__________

<sup>(1)</sup> Represents the fair value of the Company's investment in real estate debt.

**8.** **Unsecured Line of Credit**

In May 2024, the Company entered into an amendment to extend its unsecured line of credit with borrowing capacity of approximately $1.6 billion for two years, at which time the Company may request an additional one-year extension thereafter. Interest under the unsecured line of credit is determined based on one-month U.S. dollar-denominated SOFR plus 2.5%. The repayment of the unsecured line of credit is guaranteed by the Company. Please refer to Note 6 — "Mortgage Notes and Secured Credit Facilities" for management's plans to address the upcoming debt maturity.

As of March 31, 2026 and December 31, 2025, there were approximately $1.5 billion and $1.4 billion of borrowings outstanding on the unsecured line of credit, respectively.

**9.** **Other Assets and Other Liabilities**

The following table summarizes the components of Other assets ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Intangible assets, net | $134582 | $138796 |
| Receivables | 94142 | 95555 |
| Derivative instruments | 61969 | 83223 |
| Prepaid expenses | 11879 | 22619 |
| Deferred financing costs, net | 8588 | 9530 |
| Interest receivable | 6774 | 211 |
| Other | 3659 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other assets | $321593 | $353647 |

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The following table summarizes the components of Other liabilities ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Derivative instruments | $56422 | $59520 |
| Accounts payable and accrued expenses | 55948 | 69914 |
| Real estate taxes payable | 47299 | 61182 |
| Tenant security deposits | 47291 | 46563 |
| Accrued interest expense | 46899 | 50262 |
| Distributions payable | 39653 | 39888 |
| Deferred tax liabilities | 35222 | 35567 |
| Intangible liabilities, net | 30723 | 32376 |
| Right-of-use liability - operating leases | 12216 | 12242 |
| Deferred income | 10358 | 8950 |
| Other taxes payable | 9468 | 9019 |
| Other | 9309 | 7673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | $400808 | $433156 |

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**10.** **Derivatives**

The Company uses derivative financial instruments to minimize the risks and/or costs associated with the Company's investments and financing transactions. The Company has not designated any of its derivative financial instruments as hedges as defined under GAAP. Although not designated as hedging instruments under GAAP, the Company's derivatives are not speculative and are used to manage the Company's exposure to interest rate movements, fluctuations in foreign exchange rates, and other identified risks.

The Company's derivative instruments are subject to market risk associated with changes in interest rates and foreign exchange rates. Although these instruments are not designated as accounting hedges, they are economically intended to reduce variability in cash flows.

The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these contractual arrangements do not perform as agreed. To mitigate this risk, the Company enters into derivative financial instruments with counterparties it believes to have appropriate credit ratings and that are major financial institutions with which the Company and its affiliates may also have other financial relationships.

**Interest Rate Contracts**

Certain of the Company's transactions expose the Company to interest rate risks, which include exposure to variable interest rates on certain loans secured by the Company's real estate in addition to its secured financings of investment in real estate debt. The Company uses derivative financial instruments, which includes interest rate caps and swaps, and may also include options, floors, and other interest rate derivative contracts, to limit the Company's exposure to the future variability of interest rates.

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The following tables detail the Company's outstanding interest rate derivatives that were non-designated hedges of interest rate risk (notional amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Interest Rate Derivatives** | **Number of Instruments** | **Notional Amount** | **Weighted Average Strike Rate** | **Index** | **Weighted Average Maturity (Years)** |
| Interest Rate Caps - Property debt | 131 | $8313654 | 3.8% | SOFR | 1.3 |
| Interest Rate Caps - Property debt | 2 | 91537 | 1.0% | EURIBOR | 0.8 |
| Interest Rate Swaps - Property debt | 3 | 207721 | 1.9% | EURIBOR | 1.3 |
| Interest Rate Swaps - Property debt | 2 | 520000 | 2.5% | NIBOR | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rate derivatives | 138 |  | 3.7% |  | 1.3 |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Interest Rate Derivatives** | **Number of Instruments** | **Notional Amount** | **Weighted Average Strike Rate** | **Index** | **Weighted Average Maturity (Years)** |
| Interest Rate Caps - Property debt | 81 | $8319410 | 3.1% | SOFR | 1.1 |
| Interest Rate Caps - Property debt | 2 | 91389 | 1.0% | EURIBOR | 0.5 |
| Interest Rate Swaps - Property debt | 3 | 207721 | 1.9% | EURIBOR | 1.6 |
| Interest Rate Swaps - Property debt | 2 | 520000 | 2.5% | NIBOR | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rate derivatives | 88 |  | 3.0% |  | 1.1 |

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**Foreign Currency Forward Contracts**

Certain of the Company's international investments expose it to fluctuations in foreign currency exchange rates and interest rates. These fluctuations may impact the value of the Company's cash receipts and payments in terms of its functional currency, the U.S. dollar. The Company uses foreign currency forward contracts to protect the value or fix the amount of certain investments or cash flows in terms of the U.S. dollar.

The following table details the Company's outstanding foreign currency forward contracts that were non-designated hedges of foreign currency risk (notional amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Foreign Currency Forward Contracts** | **Number of Instruments** | **Notional Amount** | **Notional Amount** | **Number of Instruments** | **Notional Amount** | **Notional Amount** |
| Buy USD/Sell EUR Forward | 27 | € | 510897 | 39 | € | 531769 |
| Buy USD/Sell DKK Forward | 4 | DKK | 1135567 | 6 | DKK | 1156784 |
| Buy USD/Sell AUD Forward | 16 | AUD | 1823695 | 15 | AUD | 1807627 |
| Buy USD/Sell NOK Forward | 9 | NOK | 406300 | 12 | NOK | 410700 |

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**Valuation and Financial Statement Impact**

The following table details the fair value of the Company's derivative financial instruments ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value of Derivatives in an Asset** <sup>(1)</sup> **Position** | **Fair Value of Derivatives in an Asset** <sup>(1)</sup> **Position** | **Fair Value of Derivatives in a Liability** <sup>(2)</sup> **Position** | **Fair Value of Derivatives in a Liability** <sup>(2)</sup> **Position** |
|  | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| Interest rate derivatives | $44956 | $75648 | $— | $— |
| Foreign currency forward contracts | 17013 | 7575 | 56422 | 59520 |
| Total derivatives | $61969 | $83223 | $56422 | $59520 |

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<sup>(1)</sup> Included in Other assets on the Company's Condensed Consolidated Balance Sheets.

<sup>(2)</sup> Included in Other liabilities on the Company's Condensed Consolidated Balance Sheets.

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The following table details the effect of the Company's derivative financial instruments in the Condensed Consolidated Statements of Operations and Comprehensive Loss ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
|  |  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| **Type of Derivative** | **Net Realized/Unrealized Gain (Loss)** | **2026** | **2025** |
| Interest Rate Caps - Property debt | Unrealized gain (loss)<sup>(1)</sup> | $26442 | $(68049) |
| Interest Rate Swaps - Property debt | Unrealized gain (loss)<sup>(1)</sup> | 2173 | (824) |
| Foreign Currency Forward Contracts | Unrealized gain (loss)<sup>(2)</sup> | 12537 | (21079) |
| Foreign Currency Forward Contracts | Realized (loss) gain<sup>(1)</sup> | (3863) | 837 |
| Interest Rate Caps - Property debt | Realized (loss) gain<sup>(1)</sup> | (32997) | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $4292 | $(88507) |

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<sup>(1)</sup> Included in Other income (expense), net in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss.

<sup>(2)</sup> A portion of this amount is included within Income from investments in real estate debt, net and the remaining amount is included within Other income (expense), net in the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss.

**11.** **Equity and Redeemable Non-controlling Interests** 

*Authorized Capital*

The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company's board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. Refer to Note 2 — "Summary of Significant Accounting Policies" to the Company's consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights.

As of March 31, 2026 and December 31, 2025, the Company had the authority to issue 3,100,000,000 shares of capital stock, consisting of the following:

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| | | |
|:---|:---|:---|
| **Classification** | **Number of<br>Shares** | **Par Value** |
| Preferred Stock | 100000000 | $0.01 |
| Class T Shares | 500000000 | $0.01 |
| Class S Shares | 1000000000 | $0.01 |
| Class D Shares | 500000000 | $0.01 |
| Class I Shares | 1000000000 | $0.01 |
| **Total** | 3100000000 |  |

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*Common Stock*

The following tables detail the movement in the Company's outstanding shares of common stock:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **Class T** | **Class S** | **Class D** | **Class I** | **Total** |
| December 31, 2025 | 4785065 | 175605537 | 24744496 | 186884080 | 392019178 |
| Common stock shares issued <sup>(1)</sup> | (129548) | (418216) | (184) | 1757713 | 1209765 |
| Distribution reinvestment plan shares issued | 33093 | 788407 | 68095 | 747464 | 1637059 |
| Common stock shares repurchased | (37482) | (2563035) | (273778) | (3117883) | (5992178) |
| March 31, 2026 | 4651128 | 173412693 | 24538629 | 186271374 | 388873824 |
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **Class T** | **Class S** | **Class D** | **Class I** | **Total** |
| December 31, 2024 | 5055645 | 181391241 | 25928114 | 189397713 | 401772713 |
| Common stock shares issued <sup>(1)</sup> | (39018) | 40661 | (353540) | 1786932 | 1435035 |
| Distribution reinvestment plan shares issued | 34788 | 867873 | 74717 | 739005 | 1716383 |
| Common stock shares repurchased | (12022) | (1616541) | (200916) | (2188528) | (4018007) |
| March 31, 2025 | 5039393 | 180683234 | 25448375 | 189735122 | 400906124 |

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<sup>(1)</sup> Includes exchanges between share classes.

*Share Repurchases*

The Company has adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that the Company repurchases all or any portion of their shares. Should repurchase requests, in the Company's judgment, place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other illiquid investments rather than repurchasing its shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the Company's board of directors may modify or suspend the Company's share repurchase plan if it deems such action to be in the Company's best interest and in the best interest of its stockholders. In addition, the total amount of shares that the Company may repurchase is limited. From the Company's inception until its share repurchase plan was amended as described below, the total amount of shares that the Company could repurchase was limited, in any calendar month, to shares whose aggregate value (based on the repurchase price per share on the date of the repurchase) was no more than 2% of its aggregate net asset value ("NAV") per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and no more than 5% of its aggregate NAV per calendar quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter).

On May 23, 2024, the Company amended its share repurchase plan such that, beginning with repurchases during the month of May 2024, the Company limited share repurchases to 0.33% of NAV per month and, beginning on July 1, 2024, the Company limited share repurchases to 1% of NAV per quarter.

On June 6, 2025, the Company further amended its share repurchase plan such that, beginning with repurchases during the month of June 2025, the Company limits share repurchases to 0.5% of NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and beginning on July 1, 2025, the Company limits share repurchases to 1.5% of NAV per quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). As a result, the limit for the quarter ended March 31, 2026 was approximately 1.5% of the Company's aggregate NAV (measured using the Company's aggregate NAV attributable to stockholders as of December 31, 2025).

In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any month (including where repurchase requests exceed the monthly or quarterly limits), shares submitted for repurchase during such month will be repurchased subject to the following repurchase priority. First, repurchase requests made upon the death or qualifying disability of a stockholder who is a natural person will be repurchased in full to the extent there are available funds up to a limit of $5.0 million per month, subject to the terms and conditions regarding the death or qualifying disability for waivers of the Early Repurchase Deduction set forth in the share repurchase plan. To the extent such repurchase requests exceed the $5.0 million per month limit, such requests will be satisfied in the order of the date of death or qualifying disability, beginning with the earliest of such date, and any unfulfilled requests will be repurchased on a pro rata basis with all other repurchase requests for such month. Second, repurchase requests that

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would result in an account, including accounts in certain feeder funds created to hold the Company's shares, having a balance below $2,500 will be repurchased in full to the extent there are available funds. Thereafter, any remaining funds will be used to repurchase all other shares submitted for repurchase during such month on a pro rata basis.

For the three months ended March 31, 2026, the Company repurchased approximately 6.0 million shares of common stock, representing a total of approximately $120.3 million. For the three months ended March 31, 2025, the Company repurchased approximately 4.0 million shares of common stock, representing a total of approximately $87.3 million.

See Note 16 for information regarding subsequent amendments to the Company's share repurchase plan.

*Distributions*

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net earnings as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code.

Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and is paid directly to the applicable distributor.

The following table details the aggregate distributions declared for each applicable class of common stock:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **Class T** | **Class S** | **Class D** | **Class I** |
| Aggregate gross distributions declared per share of common stock | $0.3105 | $0.3105 | $0.3105 | $0.3105 |
| Stockholder servicing fee per share of common stock | (0.0417) | (0.0420) | (0.0121) |  |
| Net distributions declared per share of common stock | $0.2688 | $0.2685 | $0.2984 | $0.3105 |

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*Redeemable Non-controlling Interests*

In connection with its performance participation interest, the Special Limited Partner holds Class I units in the Operating Partnership. See Note 12 for further details of the Special Limited Partner's performance participation interest. Because the Special Limited Partner has the ability to redeem its Class I units for cash, at its election, the Company has classified these Class I units as Redeemable non-controlling interest in mezzanine equity on the Company's Condensed Consolidated Balance Sheets. The redeemable non-controlling interest is recorded at the greater of the carrying amount, adjusted for its share of the allocation of income or loss and distributions, or the redemption value, which is equivalent to fair value, of such units at the end of each measurement period. In addition to the Special Limited Partner's interest noted above, certain third parties also have a redeemable non-controlling interest.

The following tables detail the redeemable non-controlling interests activity related to the Special Limited Partner and third-party Operating Partnership unitholders for the three months ended March 31, 2026 and 2025 ($ in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Special Limited Partner**<sup>(1)</sup> | **Third-party Operating Partnership unitholders** | **Total** |
| Balance at December 31, 2025 | $258241 | $140860 | $399101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of performance participation allocation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP loss allocation | (3949) | (2154) | (6103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (4016) | (2191) | (6207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value allocation | 3834 | 2092 | 5926 |
| Balance at March 31, 2026 | $254110 | $138607 | $392717 |

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| | | | |
|:---|:---|:---|:---|
|  | **Special Limited Partner**<sup>(1)</sup> | **Third-party Operating Partnership unitholders** | **Total** |
| Balance at December 31, 2024 | $280872 | $154006 | $434878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of performance participation allocation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP loss allocation | (6016) | (3299) | (9315) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (4016) | (2202) | (6218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value allocation | 2649 | 1453 | 4102 |
| Balance at March 31, 2025 | $273489 | $149958 | $423447 |

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<sup>(1)</sup> Includes units transferred to Barry S. Sternlicht, which are deemed to be beneficially owned by Mr. Sternlicht.

**12.** **Related Party Transactions**

**Management Fee and Performance Participation Allocation**

Prior to May 2024, the Advisor was entitled to an annual management fee equal to (i) 1.25% of the Company's NAV per annum payable monthly, before giving effect to any accruals for the management fee, the stockholder servicing fee, the performance participation interest or any distributions, plus (ii) 1.25% per annum of the aggregate DST Property consideration for all DST Properties subject to the fair market value option held by the Operating Partnership. For avoidance of doubt, the Advisor does not receive a duplicative management fee with respect to any DST Property. Additionally, to the extent the Operating Partnership issues Operating Partnership units to parties other than the Company, the Operating Partnership will pay the Advisor an annual management fee equal to 1.25% of the Operating Partnership's NAV attributable to such Operating Partnership units not held by the Company, payable monthly. The management fee can be paid, at the Advisor's election, in cash, shares of common stock, or Operating Partnership units.

In connection with the share repurchase plan amendment, the Advisor has agreed, commencing with the month of May 2024, to waive 20% of its management fee, thereby reducing it from 1.25% of NAV to 1% of NAV, until the Company's share repurchase plan has been reinstated to the monthly repurchase limit of 2% of NAV (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and quarterly repurchase limit of 5% of NAV (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter).

During the three months ended March 31, 2026 and 2025, the Company incurred management fees of approximately $20.4 million and approximately $22.8 million, respectively.

To date, the Advisor has elected to receive the management fee in shares of the Company's common stock. During January 2026, the Company issued 346,519 unregistered Class I shares to the Advisor as payment for the $6.9 million management fee accrued as of December 31, 2025. For the three months ended March 31, 2026, the Company issued 690,530 unregistered Class I shares to the Advisor as payment for the management fee incurred through February 2026 and also had a payable of approximately $6.8 million related to the management fee as of March 31, 2026, which is included in Due to affiliates on the Company's Condensed Consolidated Balance Sheets. In April 2026, the Company issued 343,930 unregistered Class I shares to the Advisor as payment for the $6.8 million management fee accrued as of March 31, 2026. The shares issued to the Advisor for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned.

Additionally, the Special Limited Partner, an affiliate of the Advisor, holds a performance participation interest in the Operating Partnership that entitles it to receive an allocation of the Operating Partnership's total return to its capital account. Total return is defined as distributions paid or accrued plus the change in NAV. Under the Operating Partnership's limited partnership agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The annual distribution of the performance participation interest will be paid in cash or Class I units of the Operating Partnership, at the election of the Special Limited Partner. During the three months ended March 31, 2026 and 2025, the Company did not recognize a performance participation allocation as the return hurdles were not achieved.

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**Related Party Share Ownership**

As of March 31, 2026, the Advisor, its employees, its affiliates, including the Company's executive officers, and the Company's independent directors hold an aggregate of $528.8 million in the Company, across shares of common stock of the Company and Class I units in the Operating Partnership.

During the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares outside of its share repurchase plan, respectively.

**Due to Affiliates**

The following table details the components of Due to affiliates ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Accrued stockholder servicing fee | $215428 | $224332 |
| Performance participation allocation |  |  |
| Accrued management fee | 6757 | 6918 |
| Advanced operating expenses | 2980 | 638 |
| Accrued affiliate service provider expenses | 1612 | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $226777 | $235809 |

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*Accrued stockholder servicing fee*

The Company accrues the full amount of the future stockholder servicing fees payable to the Starwood Capital, L.L.C. (the "Dealer Manager") for Class T shares, Class S shares, and Class D shares up to the 8.75% limit at the time such shares are sold. The Dealer Manager has entered into agreements with the participating broker dealers distributing the Company's shares in the public offerings, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such participating broker dealers.

*Accrued affiliate service provider expenses*

The Company has engaged and expects to continue to engage Highmark Residential (formerly Milestone Management), a portfolio company owned by an affiliate of the Sponsor, to provide day-to-day operational and management services (including leasing, construction management, revenue management, accounting, legal and contract management, expense management, and capital expenditure projects and transaction support services) for a portion of the Company's multifamily properties. The cost for such services is a percentage of the gross receipts and project costs, respectively, (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the three months ended March 31, 2026 and 2025, the Company incurred approximately $8.2 million and $7.9 million of expenses due to Highmark Residential in connection with its operational and management services, respectively. These amounts are included in Property operating expenses on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss.

The Company has engaged Rinaldi, Finkelstein & Franklin L.L.C. ("RFF"), a law firm owned and controlled by Ellis F. Rinaldi, Co-General Counsel and Senior Managing Director of the Sponsor and certain of its affiliates, to provide corporate legal support services to the Company. During the three months ended March 31, 2026 and 2025, the amounts incurred for services provided by RFF were $0.1 million and $0.1 million, respectively.

The Company has engaged Essex Title, LLC ("Essex"), a title agent company majority owned by Starwood Capital. Essex acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Starwood Capital and its affiliates and third parties. Essex focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. Essex will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter. Essex earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Starwood Capital receives distributions from Essex in connection with investments by the Company based on its equity interest in Essex. In each case, there will be no related offset to the Company. During the three months ended March 31, 2026 and 2025, the Company incurred approximately $1.5 million and $0.1 million, respectively, of expenses for services provided by Essex.

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The Company has engaged Starwood Retail Partners to provide leasing and legal services for any retail and certain industrial and other properties the Company acquires. During the three months ended March 31, 2026 and 2025, the Company incurred an insignificant amount and approximately $0.1 million of expenses from Starwood Retail Partners, respectively.

The Company has incurred legal expenses from third party law firms whose lawyers have been seconded to affiliates of Starwood Capital for the purpose of providing legal services in Europe to investment vehicles sponsored by Starwood Capital. During the three ended March 31, 2026 and 2025, the Company incurred an insignificant amount of expenses relating to these services provided.

The Company has engaged STR Management Co, LLC, an affiliate of the Advisor, to provide property management services to certain of the Company's residential units that function as short term rental assets. The costs for such services is a percentage of gross revenue produced by the short-term rentals on a monthly basis. During the three months ended March 31, 2026 and 2025, the Company incurred approximately $0.2 million and $0.4 million of expenses for services provided from SCG STR Management Co, LLC, respectively.

The Company has entered into an agreement with an affiliate of Starwood Global Opportunity Fund XI to assist with property management of the Company's assets in Spain and Italy. The Starwood Capital Group ("SCG") Southern Europe Team charges market fees for such property management services. During the three months ended March 31, 2026 and 2025, the amounts incurred for services provided by the SCG Southern Europe Team was $0.1 million and $0.1 million, respectively.

*Advanced operating expenses*

For the three months ended March 31, 2026 and 2025, the Advisor incurred approximately $4.6 million and $4.2 million, respectively, of expenses on the Company's behalf for general corporate expenses. Such amounts are generally reimbursed to the Advisor one month in arrears. These amounts are primarily included in General and administrative expenses on the Company's Condensed Consolidated Statements of Operations and Comprehensive Loss.

*DST Program expenses*

During the three months ended March 31, 2026 and 2025, the Company incurred an insignificant amount of expenses in connection with the DST Program, respectively.

**13.** **Commitments and Contingencies**

As of March 31, 2026 and December 31, 2025, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

**14.** **Leases**

**Lessee**

Certain of the Company's investments in real estate are subject to a ground lease. The Company's ground leases are classified as right of use liability – operating leases based on the characteristics of the respective lease. Right-of-use liabilities are presented within Other liabilities on the Company's Condensed Consolidated Balance Sheets. The ground leases were acquired as part of the acquisition of real estate and no incremental costs were incurred for such ground leases. The Company's ground leases are non-cancelable and do not contain any additional renewal options.

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The following table presents the future lease payments due under the Company's ground leases as of March 31, 2026 ($ in thousands):

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| | |
|:---|:---|
| **Year** | **Operating<br>Leases** |
| 2026 (remaining) | $535 |
| 2027 | 714 |
| 2028 | 714 |
| 2029 | 714 |
| 2030 | 743 |
| 2031 | 746 |
| Thereafter | 22864 |
| Total undiscounted future lease payments | 27030 |
| Difference between undiscounted cash flows and discounted cash flows | (14814) |
| Total right-of-use liabilities | $12216 |

---

The Company utilized its incremental borrowing rate, which was between 4.5% and 6%, to determine its lease liabilities. As of March 31, 2026, the weighted average remaining lease term of the Company's operating leases was 34 years.

Payments under the Company's ground leases contain fixed payment components. The Company's ground leases contained escalations prior to the Company's hold period.

**Lessor**

The Company's rental revenue primarily consists of rent earned from operating leases at the Company's multifamily, industrial, office and other properties. Leases at the Company's industrial, office and other properties generally include a fixed base rent and certain leases also contain a variable component. The variable component of the Company's operating leases at its industrial, office and other properties primarily consist of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs.

Leases at the Company's industrial, office and other properties are generally longer term and may contain extension and termination options at the lessee's election. The Company's rental revenue earned from leases at the Company's multifamily and certain other properties, including single-family rental and self-storage properties, primarily consists of a fixed base rent and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities. Leases at the Company's multifamily and certain other properties, including single-family rental and self-storage properties, are short term in nature, generally not greater than 12 months in length.

The following table summarizes the fixed and variable components of the Company's operating leases ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Fixed lease payments | $350404 | $360306 |
| Variable lease payments | 35310 | 33744 |
| Rental revenue | $385714 | $394050 |

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The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and certain other properties as of March 31, 2026 ($ in thousands). The table excludes leases at the Company's multifamily and certain other properties including single-family and self-storage properties, which are short term, generally 12 months or less, and are therefore not included pursuant to Accounting Standards Codification 842-20-50.

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| | |
|:---|:---|
| **Year** | **Future Minimum Rents** |
| 2026 (remaining) | $192444 |
| 2027 | 248717 |
| 2028 | 218473 |
| 2029 | 190111 |
| 2030 | 159720 |
| 2031 | 112414 |
| Thereafter | 266428 |
| Total | $1388307 |

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**15.** **Segment Reporting**

The Company operates in five reportable segments: Multifamily properties, Industrial properties, Office properties, Other properties and Investments in real estate debt. The chief operating decision maker (the "CODM") is the Company's Chief Executive Officer, who manages the Company, including allocating resources and evaluating results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The Company allocates resources and evaluates results based on the performance of each segment individually. All property revenue and property operating expenses are disaggregated by operating segment. The CODM does not evaluate general and administrative expenses, management fee expenses, depreciation and amortization expense, interest expense, other income (expense), net, impairment of investments in real estate, net gain (loss) on dispositions of real estate, or losses on extinguishment of debt by segment.

The following table sets forth the total assets by segment ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Multifamily | $12835142 | $12993713 |
| Industrial | 2167136 | 2189423 |
| Office | 1572423 | 1593352 |
| Other properties<sup>(1)</sup> | 1174564 | 1183005 |
| Investments in real estate debt | 940286 | 915431 |
| Other (Corporate) | 55008 | 42938 |
| Total assets | $18744559 | $18917862 |

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__________

<sup>(1)</sup> Other properties includes hospitality, single-family rental, self-storage, medical office and retail properties and two investments in unconsolidated real estate ventures.

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The following table sets forth the financial results by segment for the three months ended March 31, 2026 ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Multifamily** | **Industrial** | **Office** | **Other** | **Investments <br>in Real<br>Estate Debt** | **Total** |
| **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Rental revenue | $287775 | $40692 | $40786 | $16461 | $— | $385714 |
| &nbsp;&nbsp;Other revenue | 5310 | 45 | 46 | 1165 |  | 6566 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 293085 | 40737 | 40832 | 17626 |  | 392280 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Property operating | 127790 | 9414 | 15169 | 7746 |  | 160119 |
| **Total segment expenses** | 127790 | 9414 | 15169 | 7746 |  | 160119 |
| Loss from unconsolidated<br> real estate ventures |  |  |  | (2927) |  | (2927) |
| Income from investments in<br> real estate debt, net |  |  |  |  | 20143 | 20143 |
| **Segment net operating income** | $165295 | $31323 | $25663 | $6953 | $20143 | $249377 |
| General and administrative | General and administrative |  |  |  |  | (10239) |
| Management fees | Management fees |  |  |  |  | (20427) |
| Depreciation and amortization | Depreciation and amortization |  |  |  |  | (177646) |
| Net loss on dispositions of real estate | Net loss on dispositions of real estate | Net loss on dispositions of real estate | Net loss on dispositions of real estate |  |  | (65) |
| Interest expense | Interest expense |  |  |  |  | (172317) |
| Loss on extinguishment of debt | Loss on extinguishment of debt | Loss on extinguishment of debt | Loss on extinguishment of debt |  |  | (2356) |
| Other income, net | Other income, net |  |  |  |  | 13805 |
| **Net loss** | **Net loss** |  |  |  |  | $(119868) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures |  |  | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership |  |  | 6103 |
| **Net loss attributable to stockholders** | **Net loss attributable to stockholders** | **Net loss attributable to stockholders** | **Net loss attributable to stockholders** |  |  | $(112854) |

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The following table sets forth the financial results by segment for the three months ended March 31, 2025 ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Multifamily** | **Industrial** | **Office** | **Other** | **Investments <br>in Real<br>Estate Debt** | **Total** |
| **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Rental revenue | $296971 | $38187 | $40704 | $18188 | $— | $394050 |
| &nbsp;&nbsp;Other revenue | 3841 | 77 | 62 | 2235 |  | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 300812 | 38264 | 40766 | 20423 |  | 400265 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Property operating | 136115 | 9647 | 15606 | 9737 |  | 171105 |
| **Total segment expenses** | 136115 | 9647 | 15606 | 9737 |  | 171105 |
| Loss from unconsolidated<br> real estate ventures |  |  |  | (1829) |  | (1829) |
| Income from investments in real <br> estate debt, net |  |  |  |  | 19636 | 19636 |
| **Segment net operating income** | $164697 | $28617 | $25160 | $8857 | $19636 | $246967 |
| General and administrative | General and administrative |  |  |  |  | (9654) |
| Management fees | Management fees |  |  |  |  | (22766) |
| Depreciation and amortization | Depreciation and amortization |  |  |  |  | (172850) |
| Net gain on dispositions of real estate | Net gain on dispositions of real estate | Net gain on dispositions of real estate | Net gain on dispositions of real estate |  |  | 9690 |
| Interest expense | Interest expense |  |  |  |  | (152227) |
| Other expense, net | Other expense, net |  |  |  |  | (86734) |
| **Net loss** | **Net loss** |  |  |  |  | $(187574) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in consolidated joint ventures |  |  | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership | &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests in Operating Partnership |  |  | 9315 |
| **Net loss attributable to stockholders** | **Net loss attributable to stockholders** | **Net loss attributable to stockholders** | **Net loss attributable to stockholders** |  |  | $(177180) |

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**16.** **Subsequent Events**

*<u>Financing and Capital Activity</u>*

During the period from April 1, 2026 through May 11, 2026, the Company repurchased $0.1 billion of common stock through its share repurchase plan.

During the period from April 1, 2026 through May 11, 2026, the Company received approximately $0.1 billion of net borrowings on its unsecured line of credit and its senior secured revolving credit facility.

*Share Repurchase Plan*

Effective April 29, 2026, the Company amended its share repurchase plan, beginning with repurchases submitted during the month of April 2026 such that (i) repurchase requests made upon the death or qualifying disability of a stockholder who is a natural person will be repurchased in full to the extent there are available funds up to a limit of $5 million per month; and (ii) repurchase requests for accounts having a balance below $5,000 will be repurchased in full to the extent there are available funds up to a limit of $5 million per month. As a result, no repurchase requests will be accepted except in connection with (i) and (ii) above.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References herein to "Starwood Real Estate Income Trust, Inc.," "Company," "we," "us," or "our" refer to Starwood Real Estate Income Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.*

*The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed under Item 1A. "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on March 20, 2026 and elsewhere in this Quarterly Report on Form 10-Q. We do not undertake to revise or update any forward-looking statements.*

**Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements about our business, including, in particular, statements about our plans, strategies and objectives. Forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words. These statements include our plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds for repurchases, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control.

Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

You should carefully review Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this Quarterly Report on Form 10-Q for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**Overview**

We were formed on June 22, 2017 as a Maryland corporation to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. Our portfolio is principally comprised of properties located in the United States and is diversified on a global basis through investments in properties outside of the United States, with a focus on Europe. To a lesser extent, we also invest in real estate debt, including loans secured by real estate and real estate-related securities. We are an externally advised, perpetual-life REIT. We own all or substantially all of our assets through the Operating Partnership, of which we are the sole general partner. We and the Operating Partnership are externally managed by the Advisor.

Our board of directors has at all times oversight and policy-making authority over us, including responsibility for governance, financial controls, compliance and disclosure. Pursuant to an advisory agreement among the Advisor, the Operating Partnership and us (the "Advisory Agreement"), we have delegated to the Advisor the authority to source, evaluate and monitor our investment opportunities and make decisions related to the acquisition, management, financing and disposition of our assets, in accordance with our investment objectives, guidelines, policies and limitations, subject to oversight by our board of directors.

We have elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with our taxable year ended December 31, 2019. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income (determined without regard to our net capital gain and dividends-paid deduction) to stockholders and maintain our qualification as a REIT.

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*Public Offerings*

On December 27, 2017, we commenced our initial public offering of up to $5.0 billion in shares of our common stock. On June 2, 2021, our initial public offering terminated and we commenced our follow-on public offering of up to $10.0 billion in shares of common stock.

On February 4, 2026, our third public offering terminated, and we commenced our fourth public offering of up to $10.0 billion in shares of common stock, consisting of up to $9.5 billion in shares in our primary offering and up to $0.5 billion in shares pursuant to our distribution reinvestment plan. We intend to continue selling shares in our fourth public offering on a monthly basis.

As of May 11, 2026, we had received net proceeds of $14.3 billion from the sale of our common stock through our public offerings. We have contributed the net proceeds from our public offerings to the Operating Partnership in exchange for a corresponding number of Class T, Class S, Class D and Class I units. The Operating Partnership has primarily used the net proceeds to make investments in real estate and real estate debt as further described below under "Portfolio."

*DST Program*

In April 2024, we, through the Operating Partnership, commenced the DST Program to issue and sell up to a maximum aggregate offering amount of $1.0 billion of DST Interests in specific DSTs holding one or more DST Properties. These DST Interests will be issued and sold to "accredited investors," as that term is defined under Regulation D promulgated by the SEC under the Securities Act, in private placements exempt from registration pursuant to Section 4(a)(2) of the Securities Act (the "DST Offerings").

Under the DST Program, each DST Property may be sourced from our real properties or from third parties, which will be held in a DST are leased-back to a wholly owned subsidiary of the Operating Partnership on a long-term basis through January 2, 2031, unless sooner terminated pursuant to master lease agreements. Each master lease agreement will be guaranteed by the Operating Partnership, which will retain a fair market value option (the "FMV Option"), giving it the right, but not the obligation, to acquire the DST Interests in the applicable DST from the investors in exchange for Operating Partnership units or cash, at the Operating Partnership's discretion. Such FMV Option shall be exercisable any time after two years from the closing of the applicable DST Offering. The Operating Partnership, in its sole and absolute discretion, may assign its rights in the FMV Option to a subsidiary, an affiliate, a successor entity to the Operating Partnership or the acquiror of a majority of the Operating Partnership's assets. After a one-year holding period, investors who acquire Operating Partnership units pursuant to the FMV Option generally have the right to cause the Operating Partnership to redeem all or a portion of their Operating Partnership units for, at our sole discretion, shares of our common stock, cash, or a combination of both.

We expect that the DST Program will give us the opportunity to expand and diversify our capital-raising strategies by offering what we believe to be an attractive investment product for investors that may be seeking like-kind replacement properties to complete tax-deferred exchange transactions under Section 1031 of the Code. Affiliates of the Advisor are expected to receive fees in connection with the sale of the DST Interests and the management of the DSTs. We intend to use the net offering proceeds from the DST Program to make investments in accordance with our investment strategy and policies, reduce our borrowings, repay indebtedness, fund the repurchase of shares of all classes of our common stock under our share repurchase plan and for other corporate purposes.

As of March 31, 2026, we have raised approximately $63.5 million in gross offering proceeds through the DST Program.

**Investment Objectives**

Our investment objectives are to invest in assets that will enable us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide current income in the form of regular, stable cash distributions to achieve an attractive distribution yield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preserve and protect invested capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•realize appreciation in NAV from proactive investment management and asset management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate with lower volatility than publicly traded real estate companies.

We cannot assure you that we will achieve our investment objectives. See Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.

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**Recent Developments** 

*Portfolio Update*

We own a diversified, hard-to-replicate portfolio of 598 income-producing properties valued at approximately $22.4 billion with an approximate 94% occupancy as of March 31, 2026. The portfolio is concentrated in the fastest-growing regions of the country, with approximately 71% of our value allocated to multifamily housing, a sector that is less exposed to technological disruption and risk.

The Company is among the largest owners of multifamily apartments in the United States, with more than 63,000 apartment units, including approximately 40,000 market-rate and 23,500 affordable housing units. Our portfolio is concentrated in the Sunbelt markets, including Texas and Florida, two states with no state income taxes that are benefiting from population and employment growth.

Furthermore, approximately 75% of our multifamily assets are located in the eight states projected to add over one million young adults over the next five years, while the remaining 42 states are projected to lose nearly 900,000 young adults. At our NAV, approximate basis per unit in the market-rate apartments is approximately $257K, and in the affordable units, approximately $220K, both well below replacement cost. This is important since future new construction will demand higher rents, allowing us, we hope, to increase rents.

While rents of market-rate apartments have been relatively stagnant over the past few years due to the new supply, that is now rapidly diminishing (approximately 60-70% in some of our markets), occupancy has remained strong, underscoring healthy demand in our markets. Affordability for our tenants has also improved significantly as incomes have grown while rents have remained stable, setting the sector up for renewed growth. As this remaining new supply declines, we expect rent growth to accelerate.

While we wait for revenue growth to return to this sector, we have been very busy over the past 12 months positioning the Company to have a solid balance sheet. Since the beginning of 2025, we have refinanced approximately $6.1 billion of mortgage financing and extended the average remaining term of our property-level debt to roughly five years, while lowering financing spreads by approximately 12 basis points. This longer-term financing positions us well for long-term sustainable performance.

*Strategic Review* 

In March 2024, we made the decision to slow property sales and wait for improved market conditions. At that time, nearly 80% of our investors had not redeemed, and it did not make sense to sell assets into a challenged market—penalizing those who remained invested in us for the benefit of those who chose to exit.

In April 2026, we implemented a set of actions that we believe are the right ones for the long term and will position the Company to deliver improved performance for all stockholders.

*Comprehensive Action Plan* 

Distribution Adjustment

Beginning with the April 2026 distribution, we are reducing the monthly distribution paid on our common stock. We believe this continues to represent an attractive level of income, particularly given the tax-efficient nature of REIT distributions.

Share Repurchase Plan Amendment

Effective April 29, 2026, and including share repurchase requests submitted for April 2026, we are temporarily suspending repurchases, subject to a few exceptions noted below.

Taking this step now allows us to preserve the opportunity to realize better outcomes as market conditions improve. By retaining capital within the portfolio, we can better support share price stability and performance. We would also expect the war with Iran to conclude, oil prices to subside, inflation to stabilize, and for Kevin Warsh to be seated as Fed Chair, supporting a lower interest rate environment. We will reintroduce liquidity when it can be done in a consistent and sustainable way. Until then, we will honor repurchase requests (i) for accounts having a balance below $5,000 to the extent there are available funds up to a limit of $5 million

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per month and (ii) in connection with the death or qualifying disability of a stockholder that is a natural person to the extent there are available funds up to a limit of $5 million per month.

Pursuing Growth Opportunities

We are continuing to actively explore strategic capital raises that would support liquidity and potentially drive additional reliable NAV per share growth through new investments in other real estate sectors. We intend to complement these efforts through strategic asset sales as necessary to generate improved liquidity for our stockholders.

Our goal is straightforward: to have all stockholders benefit from improved performance, and for those seeking liquidity to do so at values that better reflect the stability of the portfolio.

**Q1 2026 Highlights**

Operating Results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Declared monthly net distributions totaling $119.5 million for the three months ended March 31, 2026. The details of the average annualized distribution rates and total returns are shown in the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class T** | **Class S** | **Class D** | **Class I** |
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Average Annualized Distribution Rate | 5.4% | 5.4% | 6.1% | 6.3% |
| Annualized Year-to-Date Total Return, without upfront selling commissions and dealer manager fees | (1.1%) | (1.0%) | (0.4%) | (0.2%) |
| Annualized Inception-to-Date Total Return, without upfront selling commissions and dealer manager fees | 4.5% | 4.5% | 4.8% | 5.2% |
| Annualized Inception-to-Date Total Return, assuming full upfront selling commissions and dealer manager fees | 4.0% | 4.0% | 4.6% | N/A |

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Financing Activity:

&nbsp;&nbsp;&nbsp;&nbsp;•Refinanced and closed an aggregate of $1.7 billion in property-level financing.

**Portfolio**

*Summary of Portfolio*

The following chart outlines the percentage of our assets across investments in real estate and our investment in a real estate loan based on fair value as of March 31, 2026:

![img208138257_0.jpg](img208138257_0.jpg)

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The following charts further describe the composition of our investments in real estate and our investment in a real estate loan based on fair value as of March 31, 2026:

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| | |
|:---|:---|
| <br>![img208138257_1.jpg](img208138257_1.jpg) | ![img208138257_2.jpg](img208138257_2.jpg) |

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<sup>(1)</sup> Investments in real estate includes our direct property investments and our unconsolidated investments. Our investment in a real estate loan includes our term loan.

<sup>(2)</sup> Includes our direct property investments, our unconsolidated investments and our investment in a term loan.

<sup>(3)</sup> Geography weighting includes our term loan. Geography weighting is measured as the asset value of real estate properties, unconsolidated real estate ventures, and our investment in a real estate loan for each geographical category against the total value of all (i) real estate properties, (ii) unconsolidated real estate ventures, and (iii) our investment in a real estate loan.

*Investments in Real Estate*

The following table provides a summary of our portfolio as of March 31, 2026 ($ in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Segment** | **Number of<br>Consolidated<br>Properties** | **Sq. Feet<br>(in millions)<br>/ Number of<br>Units/Keys** | **Occupancy<br>Rate** <sup>(1)</sup> | **Gross Asset Value** <sup>(2)</sup> | **Segment<br>Revenue for the three months ended March 31, 2026** | **Percentage of<br>Segment<br>Revenue** |
| Multifamily | 271 | 63,233 units | 95% | $15361300 | $293085 | 75% |
| Industrial | 81 | 15.79 sq. ft. | 91% | 2707581 | 40737 | 10% |
| Office | 20 | 3.90 sq. ft. | 91% | 1539487 | 40832 | 10% |
| Other Properties<sup>(3)(4)</sup> | 30 | N/A <sup>(5)</sup> | N/A | 932300 | 17626 | 5% |
| Total | 402 |  |  | $20540668 | $392280 | 100% |

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<sup>(1)</sup> The occupancy rate for our multifamily investments is defined as the number of leased units divided by the total unit count as of March 31, 2026. The occupancy rate for our industrial and office investments is defined as all leased square footage divided by the total available square footage as of March 31, 2026.

<sup>(2)</sup> Based on fair value as of March 31, 2026.

<sup>(3)</sup> Includes a 100% interest in a subsidiary with 19 single-family rental units and a 95% interest in a consolidated joint venture with 858 single-family rental units. These are excluded from the number of consolidated properties count.

<sup>(4)</sup> Excludes our investments in unconsolidated real estate ventures.

<sup>(5)</sup> Includes approximately 2.3 million sq. ft. across our self-storage, medical office and retail properties, 150 keys at our consolidated hospitality property and 877 single-family rental units.

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*Average Effective Annual Base Rents*

The following table provides a summary of the average effective annual base rents across our portfolio as of March 31, 2026:

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| | |
|:---|:---|
| **Property Type** | **Average Effective Annual <br>Base Rent per Leased <br>Square Foot / Units** |
| Multifamily<sup>(1)</sup> | $18258 |
| Industrial<sup>(2)</sup> | $8.37 |
| Office<sup>(2)</sup> | $34.96 |

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<sup>(1)</sup> For multifamily properties, average effective annual base rent per leased unit represents the annualized base rent for the three months ended March 31, 2026. The average effective annual base rent includes the effects of rent concessions and abatements and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.

<sup>(2)</sup> For industrial and office properties, average effective annual base rent represents the annualized base rent per leased square foot for the three months ended March 31, 2026. The average effective annual base rent includes the effects of rent concessions and abatements and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.

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The following table provides information regarding our portfolio of real estate properties as of March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Segment and Investment** | **Number of<br>Properties** | **Location** | **Acquisition<br>Date** | **Ownership <br>Interest** <sup>(1)</sup> | **Sq. Feet<br>(in millions)<br>/ Number of<br>Units/Keys** | **Occupancy**<sup>(2)</sup> |
| <u>Multifamily:</u> |  |  |  |  |  |  |
| Florida Multifamily Portfolio | 4 | Jacksonville/Naples, FL | January 2019 | 100% | 1150 | 97% |
| Phoenix Property | 1 | Mesa, AZ | January 2019 | 100% | 256 | 95% |
| Columbus Multifamily | 2 | Columbus, OH | October 2019 | 96% | 516 | 95% |
| Cascades Apartments<sup>(3)</sup> | 1 | Charlotte, NC | October 2019 | 47% | 570 | 94% |
| Exchange on Erwin | 1 | Durham, NC | November 2019 | 100% | 265 | 91% |
| Avida Apartments | 1 | Salt Lake City, UT | December 2019 | 100% | 400 | 96% |
| Southeast Affordable Housing Portfolio | 22 | Various | Various 2020 | 100% | 4384 | 91% |
| Florida Affordable Housing Portfolio II | 4 | Jacksonville, FL | October 2020 | 100% | 958 | 92% |
| Mid-Atlantic Affordable Housing Portfolio | 28 | Various | October 2020 | 100% | 3660 | 96% |
| Kalina Way<sup>(3)</sup> | 1 | Salt Lake City, UT | December 2020 | 47% | 264 | 98% |
| Southeast Affordable Housing Portfolio II | 9 | DC, FL, GA, MD, SC, VA | May 2021 | 100% | 1642 | 97% |
| Azalea Multifamily Portfolio | 14 | TX, FL, NC, MD, TN, GA | June/July 2021 | 100% | 4548 | 95% |
| Keystone Castle Hills | 1 | Dallas, TX | July 2021 | 100% | 690 | 95% |
| Greater Boston Affordable Portfolio | 5 | Boston, MA | August/September 2021 | 98% | 842 | 95% |
| Columbus Preferred Portfolio | 2 | Columbus, OH | September 2021 | 96% | 400 | 96% |
| The Palmer Dadeland | 1 | Dadeland, FL | September 2021 | 100% | 844 | 96% |
| Seven Springs Apartments | 1 | Burlington, MA | September 2021 | 100% | 331 | 95% |
| Maison's Landing | 1 | Taylorsville, UT | September 2021 | 100% | 492 | 95% |
| Sawyer Flats | 1 | Gaithersburg, MD | October 2021 | 100% | 648 | 96% |
| Raleigh Multifamily Portfolio | 6 | Raleigh, NC | November 2021 | 95% | 2291 | 96% |
| SEG Multifamily Portfolio | 57 | Various | November 2021 | 100% | 14066 | 95% |
| South Florida Multifamily Portfolio | 3 | Various | November 2021 | 95% | 1150 | 95% |
| Florida Affordable Housing Portfolio III | 16 | Various | November 2021 | 100% | 2660 | 97% |
| Central Park Portfolio | 9 | Denver, CO | December 2021 | 100% | 1444 | 95% |
| National Affordable Housing Portfolio | 17 | Various | December 2021 | 100% | 3264 | 94% |
| Phoenix Affordable Housing Portfolio | 7 | Phoenix, AZ | April/May 2022 | 100% | 1462 | 93% |
| Mid-Atlantic Affordable Housing Portfolio II | 8 | DC, GA | April 2022 | 100% | 1449 | 94% |
| Texas and North Carolina Multifamily Portfolio | 5 | TX, NC | April/June 2022 | 95% | 1601 | 94% |
| Summit Multifamily Portfolio | 33 | Various | May/June 2022 | 100% | 8612 | 95% |
| Florida Affordable Housing Portfolio IV | 9 | Various, FL | June/July 2022 | 100% | 2054 | 92% |
| Blue Multifamily Portfolio | 1 | San Antonio, TX | August 2022 | 100% | 320 | 94% |
| **Total Multifamily** | **271** |  |  |  | **63233** |  |
| <u>Industrial:</u> |  |  |  |  |  |  |
| Airport Logistics Park | 6 | Nashville, TN | September 2020 | 100% | 0.40 | 100% |
| Marshfield Industrial Portfolio | 4 | Baltimore, MD | October 2020 | 100% | 1.33 | 65% |
| Denver/Boulder Industrial Portfolio | 16 | Denver, CO | April 2021 | 100% | 1.68 | 100% |
| Reno Logistics Portfolio | 18 | Reno, NV | May 2021 | 100% | 3.04 | 75% |
| Northern Italy Industrial Portfolio | 4 | Northern Italy | August 2021 | 100% | 0.75 | 100% |
| Southwest Light Industrial Portfolio | 15 | AZ, NV | September 2021 | 100% | 2.48 | 91% |
| Norway Logistics Portfolio | 2 | Oslo, Norway | February 2022 | 100% | 0.38 | 100% |
| Verona Oppeano | 5 | Verona, Italy | June 2022 | 100% | 2.64 | 100% |
| Denmark Logistics Portfolio | 10 | Eastern Denmark | June 2022 | 100% | 1.97 | 100% |
| Belgioioso Logistics | 1 | Greater Milan, Italy | August 2022 | 100% | 1.12 | 100% |
| **Total Industrial** | **81** |  |  |  | **15.79** |  |
| <u>Office:</u> |  |  |  |  |  |  |
| Florida Office Portfolio | 11 | Jacksonville, FL | May 2019 | 97% | 1.27 | 82% |
| Columbus Office Portfolio | 1 | Columbus, OH | October 2019 | 96% | 0.32 | 87% |
| Nashville Office | 1 | Nashville, TN | February 2020 | 100% | 0.36 | 100% |
| 60 State Street | 1 | Boston, MA | March 2020 | 100% | 0.91 | 96% |
| Stonebridge | 3 | Atlanta, GA | February 2021 | 100% | 0.46 | 95% |
| M Campus | 2 | Paris, France | December 2021 | 100% | 0.24 | 100% |
| Barcelona Mediacomplex | 1 | Barcelona, Spain | June 2022 | 100% | 0.34 | 97% |
| **Total Office** | **20** |  |  |  | **3.90** |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Segment and Investment** | **Number of<br>Properties** | **Location** | **Acquisition<br>Date** | **Ownership <br>Interest** <sup>(1)</sup> | **Sq. Feet<br>(in millions)<br>/ Number of<br>Units/Keys** | **Occupancy**<sup>(2)</sup> |
| <u>Other Properties:</u> |  |  |  |  |  |  |
| U.S. Select Service Portfolio | 1 | Boulder, CO | January 2019 | 100% | 150 | 69% |
| Fort Lauderdale Hotel <sup>(5)</sup> | 1 | Fort Lauderdale, FL | March 2019 | 43% | 236 | 67% |
| Exchange on Erwin - Commercial | 2 | Durham, NC | November 2019 | 100% | 0.10 | 100% |
| Barlow | 1 | Chevy Chase, MD | March 2020 | 100% | 0.29 | 86% |
| Single-Family Rental Joint Venture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | Various | Various | 95% | 858 | 94% |
| Sun Belt Single-Family Rental Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | Various | December 2021 | 100% | 19 | 95% |
| Morningstar Self-Storage Joint Venture | 26 | Various | December 2021/March 2022 | 95% | 1.94 | 85% |
| Extended Stay Portfolio <sup>(5)</sup> | 195 | Various | July 2022 | 45% | 24802 | 88% |
| **Total Other Properties** | **226** |  |  |  | **N/A** <sup>(4)</sup> |  |
| **Total Investment Properties** | **598** |  |  |  |  |  |

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<sup>(1)</sup> Certain of the joint venture agreements entered into by us provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by us and any profits interest due to the other partner will be reported within non-controlling interests in consolidated joint ventures on our Condensed Consolidated Balance Sheets. The table also includes two investments (196 total properties) owned by two unconsolidated real estate ventures.

<sup>(2)</sup> The occupancy rate for our multifamily and certain other properties, including single-family rental investments, is defined as the number of leased units divided by the total unit count as of March 31, 2026. The occupancy rate for our industrial and office investments is defined as all leased square footage divided by the total available square footage as of March 31, 2026. The occupancy rate for our other investments, including self-storage investments, is defined as all leased square footage divided by the total available square footage as well as the trailing 12 month average occupancy for hospitality and extended stay investments for the period ended March 31, 2026.

<sup>(3)</sup> Held through our DST Program as of March 31, 2026. These properties have been consolidated on our Condensed Consolidated Balance Sheets. Any profit interest due to the third-party investors in the DST Program are reported within non-controlling interests in consolidated joint ventures on our Condensed Consolidated Balance Sheets.

<sup>(4)</sup> Includes approximately 2.3 million sq. ft. across our self-storage, medical office and retail properties, 25,188 keys at our hospitality and extended stay properties and 877 single-family rental units.

<sup>(5)</sup> Investment in unconsolidated real estate venture.

*Impairment of Investments in Real Estate*

Management reviews its consolidated real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties are considered on an undiscounted basis to determine whether an asset has been impaired, our strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material to our results. If we determine that an impairment has occurred, the affected assets must be reduced to their fair value.

During the three months ended March 31, 2026 and 2025, we did not recognize any impairments on our investments in real estate.

*Impairment of Investments in Unconsolidated Real Estate Ventures*

Management reviews its investments in unconsolidated joint ventures for impairment each quarter and will record impairment charges when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions.

During the three months ended March 31, 2026 and 2025, we did not recognize any impairments on our investments in unconsolidated real estate ventures.

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*Investment in Real Estate Debt*

The following table details our investment in real estate debt as of March 31, 2026 ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Type of Security/Loan** | **Number of Positions** | **Coupon** <sup>(1)</sup> | **Maturity Date** <sup>(2)</sup> | **Cost Basis** | **Fair Value** |
| Term loan | 1 | BBSY + 4.75% | June 2030 | $956877 | $940286 |
| Total investment in real estate debt | 1 | BBSY + 4.75% | June 2030 | $956877 | $940286 |

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<sup>(1)</sup> The symbol "BBSY" refers to the relevant benchmark rate, which is three-month BBSY.

<sup>(2)</sup> Maturity date is based on the fully extended maturity date of the underlying collateral.

During June 2022, we provided financing in the form of a term loan to an unaffiliated entity in connection with its acquisition of Australia's largest hotel and casino company. The loan is in the amount of AUD 1,377 million and has an initial term of five years, with a two-year extension option. The loan is pre-payable at the option of the borrower at any time. During June 2025, we extended the loan term by three years to June 2030.

*Lease Expirations* 

The following table details the expiring leases at our industrial, office and other properties by annualized base rent as of March 31, 2026 ($ in thousands). The table below excludes our multifamily and certain other properties, including single-family rental and self-storage properties, as substantially all leases at such properties expire within 12 months.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Industrial** | **Industrial** | **Office** | **Office** | **Other Properties** | **Other Properties** | **Total** | **Total** |
| **Year** | **Annualized<br>Base Rent** <sup>(1)</sup> | **% of Total<br>Annualized<br>Base<br>Rent<br>Expiring** | **Annualized<br>Base Rent** <sup>(1)</sup> | **% of Total<br>Annualized<br>Base<br>Rent<br>Expiring** | **Annualized<br>Base Rent** <sup>(1)</sup> | **% of Total<br>Annualized<br>Base<br>Rent<br>Expiring** | **Annualized<br>Base Rent** <sup>(1)</sup> | **% of Total<br>Annualized<br>Base<br>Rent<br>Expiring** |
| 2026 | $17071 | 5% | $5896 | 2% | $813 | 0% | $23780 | 7% |
| 2027 | 28598 | 9% | 9392 | 3% | 1333 | 0% | 39323 | 12% |
| 2028 | 24422 | 8% | 14332 | 5% | 1179 | 0% | 39933 | 13% |
| 2029 | 17298 | 5% | 8857 | 3% | 6837 | 2% | 32992 | 10% |
| 2030 | 17960 | 6% | 19989 | 6% | 1727 | 1% | 39676 | 13% |
| 2031 | 11587 | 4% | 33520 | 11% | 847 | 0% | 45954 | 15% |
| 2032 | 10737 | 3% | 10395 | 3% | 4294 | 1% | 25426 | 7% |
| 2033 | 11561 | 4% | 14497 | 5% | 2238 | 1% | 28296 | 10% |
| 2034 | 2124 | 1% | 5976 | 2% | 422 | 0% | 8522 | 3% |
| 2035 | 823 | 0% | 947 | 0% | 492 | 0% | 2262 | 0% |
| Thereafter | 4005 | 1% | 23329 | 7% | 2842 | 2% | 30176 | 10% |
| Total | $146186 | 46% | $147130 | 47% | $23024 | 7% | $316340 | 100% |

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<sup>(1)</sup> Annualized base rent is determined from the annualized base rent per leased square foot of the applicable year and excludes tenant recoveries, straight-line rent and above-market and below-market lease amortization.

Certain operating leases contain early termination options that require advance notification and may include payment of penalty, which, in most cases, is substantial enough to be deemed economically disadvantageous by a tenant to exercise. As of March 31, 2026, approximately 1% of our industrial portfolio square footage and approximately 15% of our office portfolio square footage is subject to early termination provisions. Approximately 52% of our office portfolio that is subject to these early termination provisions have early termination dates prior to January 1, 2030.

During the three months ended March 31, 2026, there were no tenants who exercised early lease termination provisions across our industrial and office properties. During the year ended December 31, 2025, three tenants exercised early lease termination provisions, impacting 34,202 square feet across our industrial and office properties, which represents approximately 0.3% of our combined square footage owned across our industrial and office properties.

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**Results of Operations**

The following table sets forth information regarding our consolidated results of operations ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;Rental revenue | $385714 | $394050) |
| &nbsp;&nbsp;Other revenue | 6566 | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 392280 | 400265) |
| **Expenses** |  |  |
| &nbsp;&nbsp;Property operating | 160119 | 171105) |
| &nbsp;&nbsp;General and administrative | 10239 | 9654 |
| &nbsp;&nbsp;Management fees | 20427 | 22766) |
| &nbsp;&nbsp;Performance participation allocation |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 177646 | 172850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 368431 | 376375) |
| **Other expense** |  |  |
| &nbsp;&nbsp;Loss from unconsolidated real estate ventures | (2927) | (1829) |
| &nbsp;&nbsp;Income from investments in real estate debt, net | 20143 | 19636 |
| &nbsp;&nbsp;Net (loss) gain on dispositions of real estate | (65) | 9690) |
| &nbsp;&nbsp;Interest expense | (172317) | (152227) |
| &nbsp;&nbsp;Loss on extinguishment of debt | (2356) | —) |
| &nbsp;&nbsp;Other income (expense), net | 13805 | (86734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expense** | (143717) | (211464) |
| **Net loss** | (119868) | (187574) |
| Net loss attributable to non-controlling interests in consolidated joint ventures | 911 | 1079) |
| Net loss attributable to non-controlling<br> interests in Operating Partnership | 6103 | 9315) |
| **Net loss attributable to stockholders** | $(112854) | $(177180) |

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*Revenues*

Rental revenue primarily consists of base rent arising from tenant leases at our multifamily, industrial, office and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. During the three months ended March 31, 2026 and 2025, rental revenue was $385.7 million and $394.1 million, respectively. The decrease in rental revenue was driven by the impact of asset sales during the year ended December 31, 2025.

Other revenue primarily consists of revenue generated by our hospitality properties. Hospitality revenue consists primarily of room revenue. During the three months ended March 31, 2026 and 2025, other revenue was $6.6 million and $6.2 million, respectively, resulting in a year over year increase of approximately $0.4 million, driven by an increase in other revenue at our multifamily properties, partially offset by a reduction in other revenue at our hospitality properties due to an asset sale during the three months ended March 31, 2025.

*Expenses*

Property operating expenses consist of the costs of ownership and operation of our real estate investments. Examples of property operating expenses include real estate taxes, insurance, utilities and repair and maintenance expenses. Property operating expenses also include general and administrative expenses unrelated to the operations of the properties. During the three months ended March 31, 2026 and 2025, property operating expenses were $160.1 million and $171.1 million, respectively. The decrease was driven primarily by the impact of asset sales during the year ended December 31, 2025.

General and administrative expenses are corporate-level expenses that relate mainly to our compliance and administration costs and consist primarily of legal fees, accounting fees, transfer agent fees and other professional fees. During the three months ended March 31, 2026, general and administrative expenses increased $0.6 million compared to the three months ended March 31, 2025 primarily due to an increase in legal and other professional fee expenses associated with property-level refinancings.

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Management fees are earned by our Advisor for providing services pursuant to the Advisory Agreement. During the three months ended March 31, 2026 and 2025, management fees were $20.4 million and $22.8 million, respectively. The decrease was primarily driven by the reduction in our average NAV from March 31, 2025 to March 31, 2026.

Performance participation allocation relates to allocations from the Operating Partnership to the Special Limited Partner based on the total return of the Operating Partnership. Total return is defined as distributions paid or accrued plus the change in NAV. The performance participation allocation is measured annually and any amount earned by the Special Limited Partner becomes payable as of December 31 of the applicable year. During the three months ended March 31, 2026 and 2025, there was no performance participation allocation as the return hurdle was not achieved.

During the three months ended March 31, 2026 and 2025, we did not recognize any impairments on our investments in real estate.

Depreciation and amortization expenses are impacted by the values assigned to buildings, personal property and in-place lease assets as part of the initial purchase price allocation. During the three months ended March 31, 2026 and 2025, depreciation and amortization expenses were $177.6 million and $172.9 million, respectively. The increase in depreciation expense was driven by an increase in depreciation expense on our multifamily properties during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

*Other Expense*

During the three months ended March 31, 2026 and 2025, loss from unconsolidated real estate ventures was ($2.9) million and ($1.8) million, respectively, driven by lower property net operating income on one of our unconsolidated real estate venture investments.

During the three months ended March 31, 2026 and 2025, income from investments in real estate debt, net was $20.1 million and $19.6 million, respectively, which consisted of interest income, realized losses, and unrealized gains and losses resulting from changes in the fair value of our real estate debt investments and related hedges. The increase was primarily attributable to an increase in interest income on our one floating-rate term loan investment.

During the three months ended March 31, 2026, we recorded ($0.1) million of net losses from the disposition of one single-family rental unit. During the three months ended March 31, 2025, we recorded $9.7 million of net gains from the disposition of 43 industrial properties, 13 multifamily properties, one hospitality property, and 16 single-family rental units.

During the three months ended March 31, 2026 and 2025, interest expense was $172.3 million and $152.2 million, respectively, which primarily consisted of interest expense incurred on our mortgage notes, secured credit facilities, line of credit and borrowings under our secured financing on investments in real estate debt. The increase was primarily driven by an increase in interest expense of $17.0 million on our mortgage notes and an increase in interest expense of $1.8 million on our unsecured line of credit during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

During the three months ended March 31, 2026, the loss on extinguishment of debt was ($2.4) million as a result of refinancing activities. During the three months ended March 31, 2025 there were no losses on extinguishment of debt recorded.

During the three months ended March 31, 2026 and 2025, other income (expense), net was $13.8 million and ($86.7) million, respectively. These results were primarily driven by unrealized gains relating to the changes in the fair value of our interest rate caps and swaps of $28.6 million during the three months ended March 31, 2026, compared to unrealized losses of ($68.9) million during the three months ended March 31, 2025. These results were also driven by unrealized gains relating to the changes in the fair value of our foreign exchange market forwards of $12.5 million during the three months ended March 31, 2026, compared to unrealized losses of ($21.1) million during the three months ended March 31, 2025. These results were partially offset by realized losses of ($33.0) million relating to the settlement of certain interest rate caps during the three months ended March 31, 2026, compared to $0.6 million of realized gains recognized during the three months ended March 31, 2025. The interest rate caps and swaps are used primarily to limit our interest rate payments on certain of our variable rate borrowings.

**Funds from Operations and Adjusted Funds from Operations**

We believe funds from operations ("FFO") is a meaningful supplemental non-GAAP operating measure, which should be considered along with, but not as an alternative to, net loss as a measure of operating performance. Our consolidated financial statements are presented under historical cost accounting which, among other things, requires depreciation of real estate investments to be calculated on a straight-line basis. As a result, our operating results imply that the value of our real estate investments will decrease evenly over a set time period. However, we believe that the value of real estate investments will change over time based on market conditions and as

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such, depreciation under historical cost accounting may be less informative. FFO is a standard REIT industry metric defined by the National Association of Real Estate Investment Trusts ("Nareit").

FFO, as defined by Nareit and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) gains or losses from sales of depreciable real property, (ii) impairment write-downs on depreciable real property, (iii) plus real estate-related depreciation and amortization, (iv) net gains or losses from sales of real estate, and (v) similar adjustments for unconsolidated joint ventures.

We also believe that adjusted FFO ("AFFO") is a meaningful supplemental non-GAAP disclosure of our operating results. AFFO further adjusts FFO in order for our operating results to reflect the specific characteristics of our business by adjusting for items we believe are not related to our core operations. Our adjustments to FFO to arrive at AFFO include removing the impact of (i) straight-line rental income and expense, (ii) deferred income amortization, (iii) amortization of above- and below-market lease intangibles, net, (iv) amortization of mortgage premium / discount, (v) unrealized gains or losses from changes in the fair value of investments in real estate debt and other financial instruments, (vi) gains and losses resulting from foreign currency translations, (vii) amortization of restricted stock awards, (viii) non-cash performance participation allocation, even if repurchased by us, (ix) amortization of deferred financing costs, (x) gains or losses on extinguishment of debt, and (xi) similar adjustments for unconsolidated joint ventures. AFFO is not defined by Nareit and our calculation of AFFO may not be comparable to disclosures made by other REITs.

The following table presents a reconciliation of net loss attributable to stockholders to FFO and AFFO ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net loss attributable to stockholders | $(112854) | $(177180) |
| &nbsp;&nbsp;Adjustments to arrive at FFO: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate depreciation and amortization | 177646 | 172850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated real estate ventures – depreciation and amortization | 13169 | 12461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on dispositions of real estate | 65 | (9690) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to non-controlling interests <br> for above adjustments | (1207) | (840) |
| FFO attributable to stockholders | 76819 | (2399) |
| &nbsp;&nbsp;Adjustments to arrive at AFFO: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rental income and expense | (2899) | (1368) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income amortization <sup>(1)</sup> | (7066) | (3800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above- and below-market lease intangibles, net | (174) | (320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gains) losses from changes in the fair value of investments in real estate debt and other financial instruments | (41152) | 89952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency gain | (10119) | (644) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash performance participation allocation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 6058 | 7197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 2356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted stock awards | 210 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount attributable to non-controlling interests<br> for above adjustments | (201) | (439) |
| AFFO attributable to stockholders | $23832 | $88389 |

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<sup>(1)</sup> Includes the amortization of mortgage premium / discount.

FFO and AFFO should not be considered to be more relevant or accurate than the GAAP methodology in calculating net income (loss) or in evaluating our operating performance. In addition, FFO and AFFO should not be considered as alternatives to net income (loss) as indications of our performance or as alternatives to cash flows from operating activities as indications of our liquidity, but rather should be reviewed in conjunction with these and other GAAP measurements. Further, FFO and AFFO are not intended to be used as liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our stockholders.

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**Net Asset Value**

Our board of directors, including a majority of our independent directors, has adopted valuation guidelines that contain a comprehensive set of methodologies to be used by the Advisor, our independent valuation advisor and third-party appraisal firms in connection with estimating the values of our assets and liabilities for purposes of our NAV calculation. These guidelines are designed to produce a fair and accurate estimate of the price that would be received for our investments in an arm's-length transaction between a willing buyer and a willing seller in possession of all material information about our investments. Our independent valuation advisor reviews our valuation guidelines and methodologies related to investments in real property with the Advisor and our board of directors at least annually. From time to time, our board of directors, including a majority of our independent directors, may adopt changes to the valuation guidelines if it (i) determines that such changes are likely to result in a more accurate reflection of NAV or a more efficient or less costly procedure for the determination of NAV without having a material adverse effect on the accuracy of such determination or (ii) otherwise reasonably believes a change is appropriate for the determination of NAV.

For more information on our NAV calculation and valuation guidelines, please refer to Item 5. "Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" in our Annual Report on Form 10-K for the year ended December 31, 2025. Please also refer to Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented, for additional disclosure relating to material trends or uncertainties that may impact our NAV and our business.

The following table provides a breakdown of the major components of our NAV as of March 31, 2026 ($ and shares/units in thousands):

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| | |
|:---|:---|
| **Components of NAV** | **March 31, 2026** |
| Investments in real estate | $20937275 |
| Investment in real estate debt | 943107 |
| Cash and cash equivalents | 211144 |
| Restricted cash | 220642 |
| Other assets | 124296 |
| Debt obligations | (11797601) |
| Secured financings on investments in real estate debt | (565864) |
| Subscriptions received in advance | (200) |
| Other liabilities | (1884033) |
| Performance participation accrual |  |
| Management fee payable | (6757) |
| Accrued stockholder servicing fees<sup>(1)</sup> | (2662) |
| Non-controlling interests in consolidated joint ventures | (121971) |
| Net asset value | $8057376 |
| Number of outstanding shares/units | 408864 |

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<sup>(1)</sup> Stockholder servicing fees only apply to Class T, Class S, and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class T, Class S and Class D shares. As of March 31, 2026, we have accrued under GAAP $215.4 million of stockholder servicing fees payable to the Dealer Manager related to the Class T, Class S and Class D shares sold.

The following table provides a breakdown of our total NAV and NAV per share by share class as of March 31, 2026 ($ and shares/units in thousands, except per share/unit data):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NAV Per Share** | **Class S<br>Shares** | **Class T<br>Shares** | **Class D<br>Shares** | **Class I<br>Shares** | **Third-party<br>Operating<br>Partnership<br>Units**<sup>(1)</sup> | **Total** |
| Net asset value | $3436930 | $92218 | $476130 | $3659381 | $392717 | $8057376 |
| Number of outstanding shares/units | 173413 | 4651 | 24539 | 186271 | 19990 | 408864 |
| NAV Per Share/Unit as of March 31, 2026 | $19.82 | $19.83 | $19.40 | $19.65 | $19.65 |  |

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<sup>(1)</sup> Includes the Operating Partnership units held by the Special Limited Partner and other third parties.

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Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the March 31, 2026 valuations, based on property types. Once we own more than one single-family, one self-storage and one extended stay investment, we will include the key assumptions for the property types.

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| | | |
|:---|:---|:---|
| **Property Type** | **Discount Rate** | **Exit Capitalization<br>Rate** |
| Multifamily | 6.9% | 5.5% |
| Industrial | 7.3% | 5.8% |
| Office | 8.0% | 6.8% |
| Other | 8.3% | 6.7% |

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For quarter-end months, these assumptions are determined by the independent valuation advisor or third party appraisers, as applicable, per the terms of our valuation guidelines. The Advisor reviews the assumptions from each of the appraisals. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Input** | **Hypothetical<br>Change** | **Multifamily<br>Investment<br>Values** | **Industrial<br>Investment<br>Values** | **Office<br>Investment<br>Values** | **Other<br>Investment<br>Values** |
| Discount Rate | 0.25% decrease | +1.9% | +1.9% | +1.9% | +1.9% |
| (weighted average) | 0.25% increase | (1.9)% | (1.9)% | (1.9)% | (1.9)% |
| Exit Capitalization Rate | 0.25% decrease | +3.0% | +2.8% | +2.4% | +2.3% |
| (weighted average) | 0.25% increase | (2.7)% | (2.6)% | (2.3)% | (2.1)% |

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The following table reconciles stockholders' equity from our Condensed Consolidated Balance Sheet to our NAV ($ in thousands):

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| | |
|:---|:---|
| **Reconciliation of Stockholders' Equity to NAV** | **March 31, 2026** |
| Total stockholders' equity under GAAP | $3582693 |
| Redeemable non-controlling interests | 392717 |
| Total partners' capital of Operating Partnership | 3975410 |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued stockholder servicing fee | 212766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized net real estate and real estate debt appreciation | 561097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | 3308103 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAV | $8057376 |

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The following details the adjustments to reconcile stockholders' equity to our NAV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accrued stockholder servicing fee represents the accrual for the full cost of the stockholder servicing fee for Class T, Class S and Class D shares. Under GAAP, we accrued the full cost of the stockholder servicing fee payable over the life of each share (assuming such share remains outstanding the length of time required to pay the maximum stockholder servicing fee) as an offering cost at the time we sold the Class T, Class S and Class D shares. Refer to Note 2 — "Summary of Significant Accounting Policies" to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025, for further details of the GAAP treatment regarding the stockholder servicing fee. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our investments in real estate are presented under historical cost in our condensed consolidated financial statements. Additionally, our mortgage notes, secured credit facilities, secured financings on investments in real estate debt and unsecured line of credit ("Debt") are presented at their carrying value in our condensed consolidated financial statements. As such, any changes in the fair value of our Debt are not included in our GAAP results. For purposes of determining our NAV, our investments in real estate and our Debt are recorded at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We depreciate our investments in real estate and amortize certain other assets and liabilities in accordance with GAAP. Such depreciation and amortization is not recorded for purposes of determining our NAV.

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**Distributions**

Since February 2019, we have declared monthly distributions for each class of our common stock, which are generally paid three business days after month-end. Each class of our common stock received the same gross distribution per share, which was an aggregate of $0.3105 per share for the three months ended March 31, 2026. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the gross distribution per share and paid to the Dealer Manager. The table below details the net distribution for each of our share classes for the three months ended March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class T** | **Class S** | **Class D** | **Class I** |
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| January 31, 2026 | $0.0890 | $0.0890 | $0.0993 | $0.1035 |
| February 28, 2026 | 0.0906 | 0.0904 | 0.0997 | 0.1035 |
| March 31, 2026 | 0.0892 | 0.0891 | 0.0994 | 0.1035 |
| Total | $0.2688 | $0.2685 | $0.2984 | $0.3105 |

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The following table summarizes our distributions declared on our common stock and Operating Partnership units held by parties other than us during the three months ended March 31, 2026 and 2025 ($ in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31, 2026** | **For the Three Months Ended<br>March 31, 2026** | **For the Three Months Ended<br>March 31, 2025** | **For the Three Months Ended<br>March 31, 2025** |
|  | **Amount** | **%** | **Amount** | **%** |
| **Distributions** |  |  |  |  |
| &nbsp;&nbsp;Payable in cash | $89066 | 75% | $87159 | 71% |
| &nbsp;&nbsp;Reinvested in shares | 30396 | 25% | 34819 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | $119462 | 100% | $121978 | 100% |
| **Sources of Distributions** |  |  |  |  |
| &nbsp;&nbsp;Cash flows from operating activities<sup>(1)</sup> | $54214 | 45% | $121978 | 100% |
| &nbsp;&nbsp;Cash flows from investing activities<sup>(2)</sup> | 1877 | 2 |  |  |
| &nbsp;&nbsp;Offering proceeds<sup>(3)</sup> | 63371 | 53 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sources of distributions | $119462 | 100% | $121978 | 100% |
| Cash flows from operating activities | $54214 |  | $85246 |  |
| Funds from operations<sup>(4)</sup> | $76819 |  | $(2399) |  |

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<sup>(1)</sup> As of March 31, 2025, our inception to date cash flows from operating activities funded 100% of our distributions.

<sup>(2)</sup> Certain cash flows from interest rate derivatives, classified as cash flows from investing activities, have funded a portion of our distributions.

<sup>(3)</sup> Offering proceeds represents distributions reinvested in shares of our common stock through our distribution reinvestment plan.

<sup>(4)</sup> See "Funds from Operations and Adjusted Funds from Operations" above for a description of FFO and a reconciliation of GAAP net loss attributable to stockholders to FFO.

**Liquidity and Capital Resources**

Our primary sources of liquidity include cash and cash equivalents and available borrowings under our unsecured line of credit and senior secured revolving credit facility. The following table summarizes amounts available under these sources as of March 31, 2026 ($ in thousands):

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| | |
|:---|:---|
|  | **March 31, 2026** |
| Cash and cash equivalents | $211144 |
| Available borrowings on undrawn unsecured line of credit | 32500 |
| Available borrowings on undrawn senior secured revolving credit facility | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total available liquidity and capital resources | $393644 |

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Our primary needs for liquidity and capital resources are to fund our investments, to make distributions to our stockholders, to repurchase shares of our common stock pursuant to our share repurchase plan, to pay our offering and operating expenses and capital expenditures, to pay debt service on the outstanding indebtedness we incur, and to repay principal on outstanding indebtedness as it comes due. Our operating expenses include, among other things, fees and expenses related to managing our properties and other investments, the management fee we pay to the Advisor (to the extent the Advisor elects to receive the management fee in cash), the

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performance participation allocation that the Operating Partnership will pay to the Special Limited Partner (when earned and to the extent that the Special Limited Partner elects to receive the performance participation allocation in cash) and general corporate expenses. Since October 2022, share repurchase requests from our stockholders have exceeded the limits of our share repurchase plan. In April 2026, we amended our share repurchase plan to further limit repurchases and reduced distributions paid on our common stock. For further discussion, see "Recent Developments" above.

Our cash needs for acquisitions and other investments will be funded primarily from the sale of shares of our common stock and through the assumption or incurrence of debt.

Other potential future sources of capital include secured or unsecured financings from banks or other lenders and proceeds from the sale of assets and our investment in real estate-related debt. If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures. From inception through March 31, 2026, our distributions have been primarily funded from cash flows from operating activities in addition to certain cash flows from interest rate derivatives, classified as cash flows from investing activities. In addition, for the three months ended March 31, 2026 and 2025, we have repurchased $0.1 billion and $0.1 billion in shares of our common stock under our share repurchase plan.

The following table is a summary of our indebtedness as of March 31, 2026 and December 31, 2025 ($ in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Principal Balance Outstanding**<sup>(3)</sup> | **Principal Balance Outstanding**<sup>(3)</sup> |
| **Indebtedness** | **Weighted <br>Average<br>Interest Rate**<sup>(1)</sup> | **Weighted <br>Average<br>Maturity Date**<sup>(2)</sup> | **Maximum<br>Facility<br>Size** | **March 31,<br>2026** | **December 31,<br>2025** |
| *Fixed rate loans* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate mortgages | 3.41% | January 2031 | N/A | $3161776 | $3167322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed rate loans |  |  |  | 3161776 | 3167322 |
| *Variable rate loans* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating rate mortgages | B + 1.95% | January 2031 | N/A | 8714858 | 8690438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable rate secured credit facility<sup>(4)</sup> | B + 2.25% | May 2026 | $160378 | 160378 | 161140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior secured revolving credit facility<sup>(5)</sup> | B + 2.50% | January 2027 | $150000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total variable rate loans |  |  |  | 8875236 | 8851578 |
| Total loans secured by the Company's <br>&nbsp;&nbsp;&nbsp;&nbsp;properties |  |  |  | 12037012 | 12018900 |
| Secured financings on investments in real estate debt | BBSY + 2.65% | June 2030 | $565864 | 565864 | 550951 |
| Unsecured line of credit<sup>(6)</sup> | B + 2.50% | May 2027 | $1550000 | 1517500 | 1373000 |
| **Total Indebtedness** |  |  |  | $14120376 | $13942851 |

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<sup>(1)</sup> The symbol "B" refers to the relevant floating benchmark rates, which includes one-month SOFR, NYFED 30 day SOFR, three-month EURIBOR, three-month CIBOR and three-month BBSY, as applicable to each loan.

<sup>(2)</sup> For loans where we, at our own discretion, have extension options, the maximum maturity date has been assumed.

<sup>(3)</sup> The majority of our mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

<sup>(4)</sup> The repayment of the variable rate secured credit facility is guaranteed by the Operating Partnership.

<sup>(5)</sup> The repayment of the senior secured revolving credit facility is secured by pledges of ownership interests in holding companies that are directly under the Operating Partnership.

<sup>(6)</sup> The repayment of the unsecured line of credit facility is guaranteed by us.

Effective April 29, 2026, we amended our share repurchase plan, beginning with repurchases submitted during the month of April 2026 such that (i) repurchase requests made upon the death or qualifying disability of a stockholder who is a natural person will be repurchased in full to the extent there are available funds up to a limit of $5 million per month; and (ii) repurchase requests for accounts having a balance below $5,000 will be repurchased in full to the extent there are available funds up to a limit of $5 million per month. As a result, no repurchase requests will be accepted except in connection with (i) and (ii) above.

Pursuant to the terms of the amended share repurchase plan described above, during the month of April 2026, we repurchased approximately $4.8 million of common stock under our share repurchase plan, which represented all repurchase requests for such period made upon the death or qualifying disability of a stockholder and for accounts having a balance below $5,000.

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During the period from April 1, 2026 through May 11, 2026, we received approximately $0.1 billion of net borrowings on our unsecured line of credit and our senior secured revolving credit facility.

**Cash Flows**

The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash ($ in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2025** |
| Cash flows provided by operating activities | $54214 | $85246 |
| Cash flows (used in) provided by investing activities | (2082) | 1115823 |
| Cash flows used in financing activities | (46725) | (1214706) |
| Effect of exchange rate changes | 1368 | (3759) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | $6775 | $(17396) |

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Cash flows provided by operating activities decreased by approximately $31.0 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This decrease is primarily attributable to a reduction in property operating income as a result of asset sales during the three months ended March 31, 2025.

Cash flows provided by investing activities decreased by approximately $1.1 billion during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was primarily due to approximately $1.0 billion in proceeds from dispositions of real estate during the three months ended March 31, 2025.

Cash flows used in financing activities decreased by approximately $1.2 billion during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was primarily driven by a $1.2 billion decrease in net borrowings on our mortgage notes as a result of the repayment of property-level financing associated with asset sales during the three months ended March 31, 2025. This was offset by additional net borrowings on our unsecured line of credit during the three months ended March 31, 2026.

**Critical Accounting Policies**

The preparation of the financial statements in accordance with GAAP involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. Refer to "Critical Accounting Policies", as reflected in Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations, to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025, for further descriptions of such accounting policies.

**Recent Accounting Pronouncements**

See Note 2 — "Summary of Significant Accounting Policies" to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q for a discussion concerning recent accounting pronouncements.

## Off-Balance Sheet Arrangements
We have no existing off-balance sheet arrangements.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Capital Market Risk**

We are exposed to risks related to the equity capital markets and our related ability to raise capital through the issuance of our common stock. We are also exposed to risks related to the debt capital markets, and our related ability to finance our business through borrowings under mortgages, repurchase obligations or other debt instruments. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business.

Economic events affecting the U.S. economy, such as the general negative performance of the real estate sector (including as a result of inflation or higher interest rates), actual or perceived instability in the U.S. banking system, disruptions in the labor market (including labor shortages and unemployment), stock market volatility, trade conflict, civil unrest, national and international security events, geopolitical events, military conflicts and war (including the ongoing conflicts in the Middle East and Ukraine), have resulted in extreme volatility in a variety of global markets, including the real estate-related debt markets. Recent bank failures and consolidations have contributed to volatility in global markets and resulted in diminished liquidity and credit availability in the market broadly. We have received and may in the future receive margin calls from our lenders as a result of the decline in the market value of assets pledged by us to our lenders under our secured financings on investments in real estate debt, and if we fail to resolve such margin calls when due by payment of cash or delivery of additional collateral, the lenders may exercise remedies including taking ownership of the assets securing the applicable obligations.

**Interest Rate Risk**

We are exposed to interest rate risk with respect to our variable-rate mortgage indebtedness, variable-rate secured credit facilities, secured financings on investments in real estate debt and our unsecured line of credit, where an increase in interest rates would directly result in higher interest expense costs. We seek to manage our exposure to interest rate risk by utilizing a mix of fixed and floating rate financings with staggered maturities and through interest rate protection agreements to fix or cap a portion of our variable rate debt. As of March 31, 2026, the outstanding principal balance of our variable rate indebtedness was $11.0 billion.

Certain of our mortgage loans and secured financings on investments in real estate debt are variable rate and are indexed to the one-month SOFR or other benchmark rates. We have executed interest rate caps and swaps with an aggregate notional amount of $8.7 billion as of March 31, 2026 to hedge the risk of increasing interest rates. For the three months ended March 31, 2026, a 10 basis point increase in the SOFR or other benchmark rates would have resulted in an increase in interest expense of $2.1 million net of the impact of our interest rate caps and swaps.

**Foreign Currency Risk**

We intend to hedge our currency exposures in a prudent manner to the extent it is cost effective to do so. However, our currency hedging strategies may not eliminate all of our currency risk due to, among other things, uncertainties in the timing and/or amount of payments received on the related investments, and/or unequal, inaccurate, or unavailable hedges to perfectly offset changes in future exchange rates. Additionally, we may be required under certain circumstances to collateralize our currency hedges for the benefit of the hedge counterparty, which could adversely affect our liquidity.

Consistent with our strategy of hedging foreign currency exposure on certain investments, we typically enter into a series of foreign currency forward contracts to fix the U.S. dollar amount of foreign currency denominated cash flows (interest income, rental income, principal payments and net sales proceeds after the repayment of debt) we expect to receive from our foreign currency denominated investments.

**Investments in Real Estate Debt**

As of March 31, 2026, we held a $0.9 billion investment in real estate debt. Our investment in real estate debt is floating rate and indexed to various benchmark rates and as such, are exposed to interest rate risk. Our net income will increase or decrease depending on interest rate movements. While we cannot predict factors that may or may not affect interest rates, for the three months ended March 31, 2026, a 10 basis point increase or decrease in the various benchmark rates would have resulted in an increase or decrease to income from investments in real estate debt of $0.2 million.

We may also be exposed to market risk with respect to our investment in real estate debt due to changes in the fair value of our investments. We seek to manage our exposure to market risk with respect to our investment in real estate debt by making investments in securities backed by different types of collateral and varying credit ratings. The fair value of our investment may fluctuate, thus the amount we will realize upon any sale of our investment is unknown. As of March 31, 2026, the fair value at which we may sell our

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investment in real estate debt is not known, but a 10% change in the fair value of our investment in real estate debt may result in an unrealized gain or loss of $94.0 million.

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q was made under the supervision and with the participation of our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"). Based upon this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures (i) are effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC rules and forms and (ii) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Controls Over Financial Reporting**

There have been no changes in our "internal control over financial reporting" (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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# PART II. OTHE R INFORMATION
**ITEM 1. 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 March 31, 2026, we were not involved in any material legal proceedings.

**ITEM 1A. RISK FACTORS**

Except as set forth below, there were no material changes during the period covered by this Quarterly Report to the risk factors previously disclosed under Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2025.

***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.***

There is no current public trading market for shares of our common stock, and we do not expect that such a market will ever develop. Therefore, repurchase of shares by us will likely be the only way for you to dispose of your shares. We repurchase shares at a price equal to the transaction price of the class of shares being repurchased on the date of repurchase (which will generally be equal to our prior month's NAV per share) and not based on the price at which you initially purchased your shares. Subject to limited exceptions, shares repurchased within one year of the date of issuance are repurchased at 95% of the transaction price. As a result, you may receive less than the price you paid for your shares when you sell them to us pursuant to our share repurchase plan. Under our share repurchase plan as last amended in April 2026, we repurchase requests made upon the death or qualifying disability of a stockholder and repurchase requests made for accounts having a balance below $5,000 to the extent there are available funds up to a limit of $5 million per month.

***Your ability to have your shares repurchased through our share repurchase plan is limited to repurchases resulting from death or qualifying disability and for accounts having a balance below $5,000. We may choose to repurchase fewer shares than have been requested to be repurchased or no shares in our discretion at any time, and the amount of shares we may repurchase is subject to a monthly limit of $5 million. 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.***

Effective April 29, 2026, we amended our share repurchase plan such that (i) repurchase requests made upon the death or qualifying disability of a stockholder who is a natural person will be repurchased in full to the extent there are available funds up to a limit of $5 million per month; and (ii) repurchase requests for accounts having a balance below $5,000 will be repurchased in full to the extent there are available funds up to a limit of $5 million per month. As a result, no repurchase requests will be accepted except in connection with (i) and (ii) above. Since October 2022, repurchase requests have consistently exceeded the applicable monthly and quarterly limits of our share repurchase plan and may continue to exceed the limits of our share repurchase plan in the future. 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. If the full amount of all shares of our common stock requested to be repurchased in any given month are not repurchased, funds are allocated pro rata based on the total number of shares of common stock being repurchased without regard to class and subject to the limitation. All unsatisfied repurchase requests must be resubmitted after the start of the next month or quarter, or upon the recommencement of the share repurchase plan, as applicable.

In any particular month, we may choose to repurchase fewer shares than have been requested to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. We may repurchase fewer shares than have been requested to be repurchased due to lack of readily available funds because of adverse market conditions beyond our control, the need to maintain liquidity for our operations or because we have determined that investing in real property or other illiquid investments is a better use of our capital than repurchasing our shares.

The vast majority of our assets consist of properties that generally cannot be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have a sufficient amount of cash to immediately satisfy repurchase requests. Since historical repurchase requests, in our judgment, placed an undue burden on our liquidity, adversely affected our operations or risked an adverse impact on us as a whole, and we determined that investing our liquid assets in real properties or other illiquid investments rather than repurchasing our shares is in the best interests of our company as a whole, we amended our share repurchase plan in April 2026 as set forth above. We are not required to reinstate the historical limits of our share repurchase plan (monthly limit of 2% of NAV and quarterly limit of 5% of NAV) at any time and the current terms of our share repurchase plan may continue indefinitely. In addition, we are not required to authorize the recommencement of the share repurchase plan within any specified period of time, we may effectively terminate the plan by suspending it indefinitely. As a result, your ability to have your shares repurchased by us may be limited and at times you may not be able to liquidate your investment.

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***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.***

Economic events affecting the U.S. economy, such as the general negative performance of the real estate sector (including as a result of inflation or higher interest rates), actual or perceived instability in the U.S. banking system, disruptions in the labor market (including labor shortages and unemployment), stock market volatility, trade conflict, civil unrest, national and international security events, geopolitical events, military conflicts and war (including the ongoing conflicts in the Middle East and Ukraine) could cause our stockholders to seek to sell their shares to us pursuant to our share repurchase plan at a time when such events are adversely affecting the performance of our assets. Even if we decide to satisfy all resulting repurchase requests, our cash flow could be materially adversely affected. In addition, if we determine to sell assets to satisfy repurchase requests, we may not be able to realize the return on such assets that we may have been able to achieve had we sold at a more favorable time, and our results of operations and financial condition, including, without limitation, breadth of our portfolio by property type and location, could be materially adversely affected.

In addition, stockholders have and may continue to seek to repurchase some or all of the shares of our common stock that they hold. A significant volume of repurchase requests in a given period has in the past and may in the future cause requests to exceed the monthly and quarterly limits under our share repurchase plan, resulting in less than the full amount of repurchase requests being satisfied in such period. However, under our amended share repurchase plan, we may repurchase requests only made upon the death or qualifying disability of a stockholder and repurchase requests made for accounts having a balance below $5,000 to the extent there are available funds up to a limit of $5 million per month.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

*Unregistered Sales of Equity Securities*

Except as described below, during the three months ended March 31, 2026, we did not sell any equity securities that were not registered under the Securities Act. As described in Note 12 – "Related Party Transactions" to our condensed consolidated financial statements in this Quarterly Report on Form 10-Q, the Advisor is entitled to a management fee payable monthly in cash, shares of common stock, or units of the Operating Partnership, in each case at the Advisor's election. For the three months ended March 31, 2026, the Advisor elected to receive its management fees in Class I shares and we issued an aggregate of 690,530 unregistered Class I shares to the Advisor in satisfaction of the management fee for January 2026 and February 2026. Additionally, we issued 343,930 unregistered Class I shares to the Advisor in April 2026 in satisfaction of the March 2026 management fee. The shares were issued at the applicable NAV per share at the end of each month for which the fee was earned. Each issuance to the Advisor was made pursuant to Section 4(a)(2) of the Securities Act.

*Share Repurchase Plan*

We have adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that we repurchase all or any portion of their shares. We may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in our discretion, subject to any limitations in the share repurchase plan.

In the event that we determine to repurchase some but not all of the shares submitted for repurchase during any month, shares submitted for repurchase during such month will be repurchased on a pro rata basis subject to the following repurchase priority. First, repurchase requests made upon the death or qualifying disability of a stockholder who is a natural person will be repurchased in full to the extent there are available funds up to a limit of $5 million per month. Second, repurchase requests that would result in the account having a balance below $2,500 will be repurchased in full to the extent there are available funds. Thereafter, any remaining funds will be used to repurchase all other shares submitted for repurchase during such month on a pro rata basis.

The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares (excluding any early repurchase deduction) is limited. From our inception until our share repurchase plan was amended as described below, the total amount of shares that we could repurchase was limited to 2% of the aggregate NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and 5% of the aggregate NAV per calendar quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). On May 23, 2024, we amended our share repurchase plan such that, beginning with repurchases during the month of May 2024, we limited share repurchases to 0.33% of NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and, beginning on July 1, 2024, we limited share repurchases to 1% of NAV per quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter). On June 6, 2025, we amended our share repurchase plan so that beginning with repurchases during the month of June 2025, we limit share repurchases to 0.5% of NAV per month (measured using

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the aggregate NAV attributable to stockholders as of the end of the immediately preceding month). Beginning July 1, 2025, the share repurchase plan has been amended such that we limit share repurchases to 1.5% of NAV per quarter (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding quarter).

Effective April 29, 2026, we amended our share repurchase plan, beginning with repurchases submitted during the month of April 2026 such that (i) repurchase requests made upon the death or qualifying disability of a stockholder who is a natural person will be repurchased in full to the extent there are available funds up to a limit of $5 million per month; and (ii) repurchase requests for accounts having a balance below $5,000 will be repurchased in full to the extent there are available funds up to a limit of $5 million per month. As a result, no repurchase requests will be accepted except in connection with (i) and (ii) above.

Shares are repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year are repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, we may not have sufficient liquid resources to fund repurchase requests and may elect not to repurchase some or all of the shares submitted for repurchase in a given period. Further, we may make exceptions to, modify or suspend the share repurchase plan. Our board of directors may also determine to terminate our share repurchase plan if required by applicable law or in connection with a transaction in which our stockholders receive liquidity for their shares of our common stock, such as a sale or merger of our company or listing of our shares on a national securities exchange.

If the transaction price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests.

During the three months ended March 31, 2026, we repurchased shares of our common stock in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Total Number of** | **Maximum Number of** |
|  |  |  | **Shares Repurchased** | **Shares That May Yet** |
|  | **Total Number** | **Average** | **as Part of Publicly** | **Be Repurchased Pursuant to** |
|  | **of Shares** | **Price Paid** | **Announced Plans** | **Publicly Announced** |
| **Month of:** | **Repurchased** <sup>(1) (2)</sup> | **per Share** | **or Programs** | **Plans or Programs** <sup>(2)</sup> |
| January 2026<sup>(3)</sup> | 2054897 | $20.25 | 2054897 |  |
| February 2026<sup>(3)</sup> | 1967018 | 20.03 | 1967018 |  |
| March 2026<sup>(3)</sup> | 1970263 | 19.91 | 1970263 |  |
| Total | 5992178 | $20.07 | 5992178 |  |

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__________

<sup>(1)</sup> Repurchases are limited under the share repurchase plan as described above, which was first announced in December 2017. Under the share repurchase plan, we were authorized to repurchase up to an aggregate of $117.8 million of Class T, Class S, Class D and Class I shares based on our December 31, 2025 NAV in the first quarter of 2026. Pursuant to the share repurchase plan, this amount resets at the beginning of each quarter. Shares repurchased were submitted by our stockholders in the prior month and honored in the current month.

<sup>(2)</sup> Share repurchases are funded through a combination of available cash on hand, sales of shares of our common stock, borrowings from our unsecured line of credit and proceeds from asset dispositions.

<sup>(3)</sup> In each of January, February and March 2026, we received repurchase requests in excess of the applicable monthly or quarterly repurchase limitation. As per the terms of our share repurchase plan, we honored all repurchase requests for each of January, February and March 2026 on a pro rata basis up to the applicable monthly or quarterly repurchase limitation following certain repurchases that receive priority. As such, approximately 3% of each stockholder's January 2026 repurchase request was satisfied, approximately 3% of each stockholder's February 2026 repurchase request was satisfied and approximately 3% of each stockholder's March 2026 repurchase requested was satisfied.

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**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5.** OTHER **INFORMATION**

*Trading Arrangements* 

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarter ended March 31, 2026.

*Independent Director Restricted Share Plan* 

Effective May 8, 2026, our board of directors adopted the Amended and Restated Independent Director Restricted Share Plan to increase the aggregate number of shares reserved and available for issuance pursuant to awards granted thereunder to 400,000.

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**ITEM 6. EXHIBITS**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Articles of Amendment and Restatement (filed as Exhibit 3.1 to the Company's Annual Report on Form 10-K filed on March 30, 2018 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/1711929/000119312518103212/d503370dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [<u>Articles of Amendment (filed as Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q filed on August 12, 2019 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/1711929/000156459019031521/ck0001711929-ex32_611.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [<u>Second Articles of Amendment (filed as Exhibit 3.3 to the Company's Quarterly Report on Form 10-Q filed on May 11, 2021 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/1711929/000156459021026597/ck0001711929-ex33_493.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | [<u>Amended & Restated Bylaws (filed as Exhibit 3.4 to the Company's Quarterly Report on Form 10-Q filed on August 12, 2022 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/1711929/000156459022029291/ck1711929-ex34_386.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [<u>Distribution Reinvestment Plan (filed as Exhibit 4.1 to the Company's Registration Statement on Form S-11 filed on April 9, 2025 and incorporated herein by reference)</u>](https://www.sec.gov/Archives/edgar/data/1711929/000119312523297721/d940689dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1\* | [<u>Amended and Restated Independent Director Restricted Share Plan</u>](ck0001711929-ex10_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1\* | [<u>Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0001711929-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2\* | [<u>Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](ck0001711929-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1\*\* | [<u>Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0001711929-ex32_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2\*\* | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](ck0001711929-ex32_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;101 | The following information from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations and Comprehensive Loss (iii) Condensed Consolidated Statements of Changes in Equity; and (iv) Condensed Consolidated Statements of Cash Flows |
| &nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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\* Filed herewith

\*\* Furnished herewith

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**STARWOOD REAL ESTATE INCOME TRUST, INC**.

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| | |
|:---|:---|
| May 11, 2026 | /s/ Nora Creedon |
| Date | Nora Creedon |
|  | Chief Executive Officer, President, and Director<br>(Principal Executive Officer) |
| May 11, 2026 | /s/ Joseph Nieto |
| Date | Joseph Nieto |
|  | Chief Financial Officer and Treasurer<br>(Principal Financial Officer and Principal<br>Accounting Officer) |

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## Exhibit 10.1

**STARWOOD REAL ESTATE INCOME TRUST, INC.** 

**AMENDED AND RESTATED**

**INDEPENDENT DIRECTOR RESTRICTED SHARE PLAN** 

**Article 1** **<br>PURPOSE** 

1.1<u>PURPOSE</u>. The purpose of the Starwood Real Estate Income Trust, Inc. Amended and Restated Independent Director Restricted Share Plan (the "Plan") is to promote the interests of Starwood Real Estate Income Trust, Inc. (the "Company") and its stockholders by granting restricted stock and/or restricted stock units to its Independent Directors in order to: (i) attract and retain Independent Directors by affording them an opportunity to share in the future successes of the Company, (ii) strengthen the mutuality of interests between such Independent Directors and the Company's stockholders and (iii) provide the Independent Directors with a proprietary interest in maximizing the growth, profitability and overall success of the Company.

**Article 2** **<br>DEFINITIONS** 

2.1<u>DEFINITIONS</u>. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"Affiliate" means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"Award" means an award of Restricted Stock and/or Restricted Stock Units granted to a Participant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"Award Certificate" means a written document, in such form as the Board prescribes from time to time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Award or series of Awards under the Plan. The Board may provide for the use of electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"Beneficial Owner" shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"Board" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"Change in Control" means and includes the occurrence of any one of the following events but shall specifically exclude a Public Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)during any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board of Directors of the Company (the "Incumbent Directors") cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors ("Election Contest") or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board ("Proxy Contest"), including by reason of

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any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any person becomes a Beneficial Owner, directly or indirectly, of either (A) 50% or more of the then-outstanding shares of common stock of the Company ("Company Common Stock") or (B) securities of the Company representing 50% or more of the combined voting power of the Company's then outstanding securities eligible to vote for the election of directors (the "Company Voting Securities"); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a "Reorganization"), or the sale or other disposition of all or substantially all of the Company's assets (a "Sale") or the acquisition of assets or stock of another corporation or other entity (an "Acquisition"), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company's assets or stock either directly or through one or more subsidiaries, the "Surviving Entity") in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 50% or more of the total common stock or 50% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board's approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a "Non-Qualifying Transaction").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"Charter" means the means the articles of incorporation of the Company, as such articles of incorporation may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"Code" means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"Company" means Starwood Real Estate Income Trust, Inc. a Maryland corporation, or any successor corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"Continuous Service" means the absence of any interruption or termination of service as a director of the Company or any Affiliate, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"Disability" of a Participant shall mean the inability of the Participant, as reasonably determined by the Company, to perform the essential functions of his or her regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental illness which has lasted (or can reasonably be expected to last) for a period of six (6) consecutive months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"Dividend Equivalent" means a right granted with respect to a Restricted Stock Unit Award pursuant to Article 7.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"Effective Date" has the meaning assigned such term in Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"Eligible Participant" means an Independent Director of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"Grant Date" of an Award means the first date on which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the grantee within a reasonable time after the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"Independent Director" means a director of the Company who meets the requirements set forth for an "independent director" in the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"Parent" means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)"Participant" means an Eligible Participant who has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term "Participant" refers to a beneficiary designated pursuant to Section 8.5 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)"Person" means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)"Plan" means this Starwood Real Estate Income Trust, Inc. Independent Director Restricted Share Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)"Public Offering" means a public offering of any class or series of the Company's equity securities pursuant to a registration statement filed by the Company under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"Restricted Stock" means Stock granted to a Participant under Article 6 that is subject to certain restrictions and to risk of forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)"Restricted Stock Unit" means the right granted to a Participant under Article 6 to receive shares of Stock (or the equivalent value in cash or other property if the Board so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)"Shares" means shares of the Company's Stock. If there has been an adjustment or substitution with respect to the Shares (whether or not pursuant to Article 9), the term "Shares" shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)"Stock" means the $.01 par value Class I common stock of the Company and such other securities of the Company as may be substituted for Stock pursuant to Article 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)"Subsidiary" means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)"1933 Act" means the Securities Act of 1933, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)"1934 Act" means the Securities Exchange Act of 1934, as amended from time to time.

**Article 3** **<br>EFFECTIVE TERM OF PLAN** 

3.1<u>EFFECTIVE DATE</u>. The Plan will become effective on May 8, 2026 (the "Effective Date").

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3.2<u>TERM OF PLAN</u>. Unless earlier terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the Effective Date or, if the stockholders approve an amendment to the Plan that increases the number of Shares subject to the Plan, the tenth anniversary of the date of such approval. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the applicable terms and conditions of the Plan.

**Article 4** **<br>ADMINISTRATION** 

4.1<u>ADMINISTRATOR; ACTION AND INTERPRETATIONS BY THE BOARD</u>. The Plan shall be administered by the Board. For purposes of administering the Plan, the Board may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Board may deem appropriate. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the intent of the Plan. The Board's interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Board with respect to the Plan are final, binding, and conclusive on all parties and shall be given the maximum deference permitted by applicable law. Each member of the Board is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer of the Company or any Affiliate, the Company's or an Affiliate's independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company or the Board to assist in the administration of the Plan. No member of the Board will be liable for any good faith determination, act or omission in connection with the Plan or any Award.

4.2<u>AUTHORITY OF BOARD</u>. The Board has the exclusive power, authority and discretion to: (a) grant Awards; (b) designate Participants; (c) determine the type or types of Awards to be granted to each Participant; (d) determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate; (e) determine the terms and conditions of any Award granted under the Plan; (f) prescribe the form of each Award Certificate, which need not be identical for each Participant; (g) decide all other matters that must be determined in connection with an Award; (h) establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan; (i) make all other decisions and determinations that may be required under the Plan or as the Board deems necessary or advisable to administer the Plan; (j) amend the Plan or any Award Certificate as provided herein; and (k) adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of the United States or any non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in the United States or such other jurisdictions and to further the objectives of the Plan.

**Article 5** **<br>SHARES SUBJECT TO THE PLAN** 

5.1<u>NUMBER OF SHARES</u>. Subject to adjustment as provided in Sections 5.2 and Section 9.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 400,000. The maximum aggregate number of Shares associated with any Award granted under the Plan in any calendar year to any one Eligible Participant shall be 10,000.

5.2<u>SHARE COUNTING</u>. Shares covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date, but shall be added back to the Plan share reserve or otherwise treated in accordance with this Section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Shares subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent that the full number of Shares subject to an Award is not issued for any reason, the unissued Shares originally subject to the Award shall count against the number of Shares remaining available for issuance pursuant to Awards granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Shares withheld from an Award to satisfy tax withholding requirements shall count against the number of Shares remaining available for issuance pursuant to Awards granted under the Plan, and Shares delivered by a participant to satisfy tax withholding requirements shall not be added to the Plan share reserve.

5.3<u>STOCK DISTRIBUTED</u>. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market.

**Article 6** **<br>RESTRICTED STOCK AND RESTRICTED STOCK UNITS** 

6.1<u>GRANT OF RESTRICTED STOCK AND RESTRICTED STOCK UNITS</u>. The Board is authorized to make Awards of Restricted Stock or Restricted Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Board and set forth in an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award.

6.2<u>ISSUANCE AND RESTRICTIONS</u>. Restricted Stock or Restricted Stock Units shall be subject to such restrictions on transferability and other restrictions as the Board may impose (including, for example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, as the Board determines at the time of the grant of the Award or thereafter. Except as otherwise provided in an Award Certificate or any special Plan document governing an Award, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units until such time as Shares of Stock are paid in settlement of such Awards.

6.3<u>DIVIDENDS ON RESTRICTED STOCK</u>. In the case of Restricted Stock, the Board may provide that ordinary cash dividends declared on the Shares before they are vested (i) will be paid or distributed to the Participant as accrued (in which case, such dividends must be paid or distributed no later than the 15th day of the 3rd month following the later of (A) the calendar year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant's right to such dividends is no longer subject to a substantial risk of forfeiture), (ii) will be forfeited; (iii) will be deemed to have been reinvested in additional Shares or otherwise reinvested (subject to Share availability under Section 5.1 hereof and subject to the same vesting provisions as provided for the host Award); or (iv) will be credited by the Company to an account for the Participant and accumulated without interest until the date upon which the host Award becomes vested, and any dividends accrued with respect to forfeited Restricted Stock will be reconveyed to the Company without further consideration or any act or action by the Participant.

6.4<u>FORFEITURE</u>. Subject to the terms of the Award Certificate and except as otherwise determined by the Board at the time of the grant of the Award or thereafter, upon termination of Continuous Service during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time subject to restrictions shall be forfeited.

6.5<u>DELIVERY OF RESTRICTED STOCK</u>. Shares of Restricted Stock shall be delivered to the Participant at the Grant Date either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company) designated by the Board, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

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**Article 7** **<br>DIVIDEND EQUIVALENTS** 

7.1<u>GRANT OF DIVIDEND EQUIVALENTS</u>. The Board is authorized to grant Dividend Equivalents with respect to Restricted Stock Units granted hereunder, subject to such terms and conditions as may be selected by the Board. Dividend Equivalents shall entitle the Participant to receive payments equal to ordinary cash dividends or distributions with respect to all or a portion of the number of Shares subject to Restricted Stock Unit Award, as determined by the Board. The Board may provide that Dividend Equivalents (i) will be paid or distributed to the Participant as accrued (in which case, such Dividend Equivalents must be paid or distributed no later than the 15th day of the 3rd month following the later of (A) the calendar year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant's right to such Dividend Equivalents is no longer subject to a substantial risk of forfeiture), (ii) will be deemed to have been reinvested in additional Shares or otherwise reinvested, which shall be subject to the same vesting provisions as provided for the host Award, or (iii) will be credited by the Company to an account for the Participant and accumulated without interest until the date upon which the host Award becomes vested, and any Dividend Equivalents accrued with respect to forfeited Awards will be reconveyed to the Company without further consideration or any act or action by the Participant.

**Article 8** **<br>PROVISIONS APPLICABLE TO AWARDS** 

8.1<u>ELIGIBILITY</u>. Awards may be granted only to Eligible Participants.

8.2<u>AWARD CERTIFICATES</u>. Each Award shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Board.

8.3<u>FORM OF PAYMENT FOR AWARDS</u>. At the discretion of the Board, payment of Awards may be made in cash, Stock, a combination of cash and Stock, or any other form of property as the Board shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Board deems appropriate, including, in the case of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions.

8.4<u>LIMITS ON TRANSFER</u>. No right or interest of a Participant in any restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party, or shall be subject to any lien, obligation, or liability of such Participant to any other party. No restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution; <u>provided</u>, <u>however</u>, that the Board may (but need not) permit other transfers (other than transfers for value) where the Board concludes that such transferability (i) does not result in accelerated taxation, and (ii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards.

8.5<u>BENEFICIARIES</u>. Notwithstanding Section 8.4, a Participant may, in the manner determined by the Board, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant's death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Board. If no beneficiary has been designated or survives the Participant, any payment due to the Participant shall be made to the Participant's estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant, in the manner provided by the Company, at any time provided the change or revocation is filed with the Company.

8.6<u>STOCK TRADING RESTRICTIONS</u>. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Board deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Board may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock.

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8.7<u>DISCRETION TO ACCELERATE VESTING</u>. The Board may in its sole discretion at any time determine that all or a part of the restrictions on all or a portion of the Participant's outstanding Awards shall lapse, as of such date as the Board may, in its sole discretion, declare. The Board may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 8.7.

8.8<u>FORFEITURE EVENTS</u>. Awards under the Plan shall be subject to any compensation recoupment policy that the Company may adopt from time to time that is applicable by its terms to the Participant. In addition, the Board may specify in an Award Certificate that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting conditions of an Award. Such events may include, but shall not be limited to, (i) violation of material Company or Affiliate policies, (ii) breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or (iii) other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate.

**Article 9** **<br>CHANGES IN CAPITAL STRUCTURE** 

9.1<u>MANDATORY ADJUSTMENTS</u>. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the Board shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Board may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; and (iii) any other adjustments that the Board determines to be equitable. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limit under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the Board, be adjusted proportionately without any change in the aggregate purchase price therefor.

9.2<u>DISCRETIONARY ADJUSTMENTS</u>. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 9.1), the Board may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and non-forfeitable, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, or (iv) any combination of the foregoing. The Board's determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated.

9.3<u>GENERAL</u>. Any discretionary adjustments made pursuant to this Article 9 shall be subject to the provisions of Section 10.2.

**Article 10** **<br>AMENDMENT, MODIFICATION AND TERMINATION** 

10.1<u>AMENDMENT, MODIFICATION AND TERMINATION</u>. The Board or the Board may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; <u>provided</u>, <u>however</u>, that if an amendment to the Plan would, in the reasonable opinion of the Board constitute a material change requiring stockholder approval under applicable laws, policies or regulations, then such amendment shall be subject to stockholder approval; and <u>provided</u>, <u>further</u>, that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason.

10.2<u>AWARDS PREVIOUSLY GRANTED</u>. At any time and from time to time, the Board may amend, modify or terminate any outstanding Award without approval of the Participant; <u>provided</u>, <u>however</u>:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant's consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be "adversely affected" by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment.

10.3<u>COMPLIANCE AMENDMENTS</u>. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Award Certificate to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 10.3 to any Award granted under the Plan without further consideration or action.

**Article 11** **<br>GENERAL PROVISIONS** 

11.1<u>RIGHTS OF PARTICIPANTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Board is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Board selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Nothing in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant's service as a director, at any time, nor confer upon any Participant any right to continue as a director of the Company or any Affiliate, whether for the duration of a Participant's Award or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or any Affiliate and, accordingly, subject to Article 10, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Board without giving rise to any liability on the part of the Company or an of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No Award gives a Participant any of the rights of a stockholder of the Company unless and until Shares are in fact issued to such person in connection with such Award.

11.2<u>WITHHOLDING</u>. The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the Participant's FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such payment or arrangements and the Company or such Affiliate will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Unless otherwise determined by the Board at the time the Award is granted or thereafter, any such withholding requirement may be satisfied, in whole or in part, by withholding from the Award Shares having a fair market value (as determined by the Company) on the date of withholding equal to the amount required to be withheld in accordance with applicable tax requirements (up to the maximum individual statutory rate in the applicable jurisdiction as may be permitted under then-current accounting principles to qualify for equity classification), all in accordance with such procedures as the Board establishes. All such elections shall be subject to any restrictions or limitations that the Board, in its sole discretion, deems appropriate.

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11.3SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Definitional Restrictions</u>. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt "deferred compensation" for purposes of Section 409A of the Code ("Non-Exempt Deferred Compensation") would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) of such Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant's Disability or separation from service, such Non-Exempt Deferred Compensation will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service meet any description or definition of "change in control event", "disability" or "separation from service", as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not affect the dollar amount or prohibit the *vesting* of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment or distribution of any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the non-409A-conforming event.

11.4<u>UNFUNDED STATUS OF AWARDS</u>. The Plan is intended to be an "unfunded" plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. In its sole discretion, the Board may authorize the creation of grantor trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is not intended to be subject to ERISA.

11.5<u>EXPENSES</u>. The expenses of administering the Plan shall be borne by the Company and its Affiliates.

11.6<u>TITLES AND HEADINGS</u>. The titles and headings of the Sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

11.7<u>GENDER AND NUMBER</u>. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

11.8<u>FRACTIONAL SHARES</u>. No fractional Shares shall be issued and the Board shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down.

11.9GOVERNMENT AND OTHER REGULATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of the Plan, if at any time the Board shall determine that the registration, listing or qualification of the Shares covered by an Award upon any securities exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Board. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Board may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Board's determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement.

11.10<u>GOVERNING LAW.</u> To the extent not governed by federal law, the Plan and all Award Certificates shall be construed in accordance with and governed by the laws of the State of Maryland.

11.11<u>SEVERABILITY</u>. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision was not contained herein.

11.12<u>NO LIMITATIONS ON RIGHTS OF COMPANY</u>. The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Board so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as the Board may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Board pursuant to the provisions of the Plan.

The foregoing is hereby acknowledged as being the Starwood Real Estate Income Trust, Inc. Independent Director Restricted Share Plan as adopted by the Board on May 8, 2026.

<br> STARWOOD REAL ESTATE INCOME TRUST, INC.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;By: | &nbsp;&nbsp;&nbsp;/s/ Matthew Guttin |
| &nbsp;&nbsp;&nbsp;Name: | &nbsp;&nbsp;&nbsp;Matthew Guttin |
| &nbsp;&nbsp;&nbsp;Its: | &nbsp;&nbsp;&nbsp;Chief Compliance Officer and Secretary |

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## Exhibit 31.1

**Exhibit 31.1**

![img83645681_0.jpg](img83645681_0.jpg)

**CERTIFICATION** 

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Nora Creedon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Starwood Real Estate Income Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 11, 2026 | /s/ Nora Creedon |
|  | Nora Creedon |
|  | Chief Executive Officer, President and Director <br>(Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

![img84569202_0.jpg](img84569202_0.jpg)

**CERTIFICATION** 

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Joseph Nieto, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of Starwood Real Estate Income Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 11, 2026 | /s/ Joseph Nieto |
|  | Joseph Nieto |
|  | Chief Financial Officer and Treasurer<br>(Principal Financial Officer and Principal Accounting Officer) |

---

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## Exhibit 32.1

**Exhibit 32.1**

![img165842994_0.jpg](img165842994_0.jpg)

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Starwood Real Estate Income Trust, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Nora Creedon, Chief Executive Officer, President and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Nora Creedon

---

| |
|:---|
| Nora Creedon |
| Chief Executive Officer, President and Director<br>(Principal Executive Officer) |
| May 11, 2026 |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 32.2

**Exhibit 32.2**

![img166766515_0.jpg](img166766515_0.jpg)

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Starwood Real Estate Income Trust, Inc. (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Joseph Nieto, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Joseph Nieto

---

| |
|:---|
| Joseph Nieto |
| Chief Financial Officer and Treasurer<br>(Principal Financial Officer and Principal Accounting Officer) |
| May 11, 2026 |

---

This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

&nbsp;&nbsp;&nbsp;&nbsp;

DOCPROPERTY "CUS_DocIDChunk0" LEGAL02/42893802v1

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