Starwood Credit Real Estate Income Trust
MD
Non-traded REITNon-traded REIT
Compared against Non-traded REIT non-traded reits.
1Y return
+10.8%
92th pctile · ahead of most peersas of 2026-03-23computed from net asset value per share and distributions, which the manager determines
Since inception
not stated in filings
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$292.0M
as of 2026-03-23
Net expenses
not stated yet
Repurchase
5% quarterly
5 of 42 peers matchLevel 3
100%
75th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Entity-level expenses$3.6M
Sponsor fees at the property level$0.7M
Average net asset value$310.5M
Fixed costs as a share of net assets2.64%
Ongoing cost is about 2.6% a year: a 1.25% management fee on net asset value, restarted 1 July 2026 after a waiver, plus about 1.4% of audit, legal, administration and affiliate service costs. Interest of 17.8% and the 1.3% performance fee are excluded. A five-year catch-up of previously advanced costs adds about 0.6% through 2030.
Sales loadnone
Total drag per year2.64%
This is the cost for class I. It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
The figure above is the ongoing cost. For the period the filing covers it was 3.23%, including 0.59% of one-time costs that will not repeat.
Based on fiscal year2025 annual figures from the Form 10-K for the year ended 12/31/2025 (dollar expenses divided by average NAV of $261.5M, being the mean of .
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
This issuer reports costs in dollars rather than as an expense ratio. The figure above is 3.6M of entity-level expenses plus 0.7M of sponsor fees charged at the property level against 310.5M of average net assets. Property operating costs, depreciation and mortgage interest sit in the returns, not here. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Performance fee of 12.5% of cumulative Core Earnings over the prior four quarters, subject to a 5.0% annual hurdle on adjusted capital with a full catch-up; accrued monthly, paid quarterly; not charged on Class E shares. $3.5 million earned in 2025.) apply only to returns earned. How this is calculated
Against Non-traded REIT non-traded reits
Total drag
52th pctile · pricier than most
1Y return
92th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual figures from the Form 10-K for the year ended 12/31/2025 (dollar expenses divided by average NAV of $261.5M, being the mean of $212.5M at 12/31/2024 and $310.5M at 12/31/2025); adjusted upward to add the contractual 1.25% management fee, which the Q2 2026 Form 10-Q confirms resumed on 1 July 2026 after a temporary waiver. Not an annualization of a partial period..
Open the filing on sec.gov (0001193125-26-119699)Size and leverage
Net assets$292.0M?
Borrowings$1.08B?
Leveragedebt to equity3.69x?
Investments held18?
Started2023-06-28?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of cumulative Core Earnings for the immediately preceding four calendar quarters, subject to a hurdle expressed as an annual rate of return on average adjusted capital equal to 5.0%, less performance fees already paid in the first three quarters of the measurement period; a catch-up applies once the hurdle is exceeded. Accrued monthly, payable quarterly. Not charged on Class E shares.?
Hurdle5.00%?
High water markNo?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee5.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Funded by borrowing0.00%?
What it holds
Largest position14.40%?
Top ten80.60%?
Floating rate100.00%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available100.00%?
MostlyMultifamily?
Who is involved
AdviserStarwood Credit Advisors, L.L.C.?
AuditorPricewaterhouseCoopers LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class T | 0.85% | 3.50% | - | - |
| Class S | 0.85% | 3.50% | - | - |
| Class D | 0.25% | 1.50% | - | - |
| Class I | 0.00% | 0.00% | - | - |
| Class E | 0.00% | 0.00% | - | - |
Also worth knowing
- Management fee waiver expiry: 1.25% fee resumed 1 July 2026; $2.8 million waived in 2025 percent of NAV per annum (The 2025 reported cost of ownership is artificially low because no management fee was charged; the fee that resumed in July 2026 raises the ongoing cost by about 1.25% of net assets and will persist.)
- Catch-up reimbursement of Advisor-advanced costs: $7.8 million payable in 60 equal monthly installments from January 2026 USD (These previously advanced organization, offering and operating costs were excluded from NAV until reimbursed, so NAV will absorb roughly $1.55 million a year (about 0.6% of average net assets) through December 2030.)
- Shareholder servicing fee accrued but not yet in NAV: $10.0 million accrued under GAAP versus $0.1 million recognized in NAV USD (Class S holders pay 0.85% of NAV per year for the life of their shares; the GAAP accrual shows the size of that future obligation, which the NAV recognizes only month by month.)
- Unfunded loan commitments: 55,100,000 USD (Future fundings must be met from cash, loan repayments or facility draws, competing with share repurchases for liquidity.)
- Repurchase facility recourse limit: 25% of then outstanding obligations of the borrowing subsidiaries (Caps the entity-level guarantee exposure on $1.08 billion of secured borrowings, though cross-default and cross-collateralization provisions still link the facilities.)
- Sponsor and CalSTRS undrawn equity commitments: $118.5 million from Starwood Capital and $180.0 million from CalSTRS undrawn at 12/31/2025 USD (Committed capital supports growth and dilutes fixed operating costs, which are currently about 1.4% of net assets and should fall as the asset base grows.)
- Net counterparty exposure on pledged collateral: 313,654,000 USD (The excess of pledged collateral over debt outstanding is the amount at risk if a repurchase counterparty defaults; it exceeds shareholders equity.)
- Special distribution declared for December 2025: 0.21 USD per share (The December distribution was inflated by a one-time special payment, so the trailing distribution rate overstates the recurring monthly rate of $0.1560 per share.)
Valuation
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Valuation frequencyMonthly
Structure
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
Charts appear here once a field has two dated values extracted from different filings.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.