Starwood Capital

About Starwood Capital

Most of what follows comes from SREIT's annual report on Form 10-K for 2025, filed with the SEC on March 20, 2026. The report names Starwood Capital Group Holdings, L.P. as SREIT's sponsor. It calls the sponsor "a private investment firm with a primary focus on global real estate." It says Starwood Capital has operated "since its inception in 1991." The same filing says Starwood Capital "currently has over $125 billion of assets under management." That is the company's own figure as of the filing date, and Baker 1031 has not audited it.

SREIT lists 2340 Collins Avenue in Miami Beach, Florida, as its principal office. Starwood Capital Group Management, L.L.C., the group's registered investment adviser, uses the same address in FINRA's records.

SREIT is a real estate investment trust (REIT), a company that owns income-producing real estate. It was formed in 2017 as a Maryland corporation and elected to be taxed as a REIT starting in 2019. The 10-K says "there is no current public trading market" for its common stock, which is why it is called a non-traded REIT. SREIT is externally managed by Starwood REIT Advisors, L.L.C., an affiliate of the sponsor. The guide to non-traded REITs explains how this kind of company works.

The 10-K says SREIT's investments may include multifamily, industrial and office property, among other types. As of December 31, 2025, it reported 402 consolidated properties. It reported five business segments: multifamily, industrial, office, other, and real estate debt.

Starwood Capital's DST program

A Delaware Statutory Trust (DST) is a trust that owns real estate, with many investors each holding a fractional interest. DST interests can qualify as replacement property in a 1031 exchange, which defers tax on the gain from selling investment property.

When it started. SREIT filed a Form 8-K on December 18, 2023. It said SREIT was "launching a program (the 'DST Program')" to sell interests in DSTs holding one or more real properties. The 2025 10-K says the program launched in April 2024. The interests are sold in private placements to accredited investors.

How it is built. The 8-K describes three parts:

• The trusts. Each DST holds one or more properties. The 10-K says SREIT's existing properties, or properties bought from third parties, may be placed into DSTs.
• Master lease. Each property may be leased back to a wholly owned subsidiary of SREIT's operating partnership. That subsidiary acts as master tenant.
• Purchase option. The operating partnership has "the right, but not the obligation, to acquire the DST Interests." It can pay in operating partnership units or cash.

That purchase option is a 721 exchange path. In a 721 exchange, property moves into a REIT's operating partnership in return for partnership units. Because the option belongs to the operating partnership, the investor does not control whether or when it is used. The 721 exchange guide explains the trade-offs, including how the later sale of units can be taxed.

Size. The 10-K says, "As of March 20, 2026, we have raised approximately $62.2 million in gross offering proceeds through the DST Program." That is the company's own figure.

Dealer manager. The 8-K names Starwood Capital, L.L.C. as the "DST Dealer Manager." Under the 8-K, it sells without committing to place a set amount of interests.

DST interests are illiquid. Distributions are not guaranteed, and investors can lose money. Most DST offerings, including these, are open only to accredited investors.

How to research Starwood Capital's offerings

SREIT files annual reports, quarterly reports and prospectus supplements on SEC EDGAR, and many of them describe the DST Program. Search EDGAR for "Starwood Real Estate Income Trust" to find them. You can look up Starwood Capital, L.L.C. (CRD 146057) on FINRA BrokerCheck. Ask for the DST's private placement memorandum (PPM), how the purchase option would be priced, the total fees and master lease terms, and any loan on the property. The guides on how to check a DST sponsor and how to read a DST offering walk through those questions.

Frequently asked questions

Does Starwood Capital sponsor DSTs?

Yes, through Starwood Real Estate Income Trust. SREIT's DST Program sells interests in Delaware statutory trusts to accredited investors. SREIT's 10-K says the program launched in April 2024.

What is SREIT?

SREIT is Starwood Real Estate Income Trust, Inc., a REIT sponsored by Starwood Capital. Its shares do not trade on a public exchange. It owns multifamily, industrial, office and other property.

Does the Starwood DST program have a 721 exit?

SREIT's operating partnership has the right, but not the obligation, to buy the DST interests for operating partnership units or cash. That is a 721 exchange path. Investors do not control whether it is used.

Who sells Starwood's DST interests?

Starwood Capital, L.L.C., CRD 146057, is the DST Dealer Manager. Its record is on FINRA BrokerCheck.

How do I look up Starwood's DST program filings?

SREIT files annual reports, quarterly reports and prospectus supplements on SEC EDGAR, and many of them describe the DST Program. Search EDGAR for "Starwood Real Estate Income Trust" to find them.