Starwood REIT CFO granted 3,798 partnership units

Nieto Joseph reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Nieto Joseph reported acquisition or exercise transactions in this Form 4 filing.

Starwood Real Estate Income Trust Chief Financial Officer Joseph Nieto received a grant of 3,798 Class I Partnership Units at no cost. These units vest only if his employment continues and can settle into Operating Partnership Units, Class I common shares, or cash. Following this award, he holds 3,798 such units.

Insider Trade Summary

Grant/Award: 3,798 shares

Grant/Award 1 txn

Insider Nieto Joseph

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Class I Partnership Units	3,798	$0.00	$0.00

Holdings After Transaction: Class I Partnership Units — 3,798 contracts (Direct)

Footnotes (3)

1. F1. Upon vesting, Class I Partnership Units settle in Operating Partnership Units, Common Shares or Cash, at the discretion of the Starwood REIT Special Limited Partner, LLC.
2. F2. The reported Class I Partnership Units will vest, subject to the Reporting Person's continued employment.
3. F3. Operating Partnership Units are redeemable for an equal number of shares of REIT Common Stock or cash equal to the fair market value of such shares. Operating Partnership Units have no expiration date.

Key Figures

Class I Partnership Units granted: 3,798 units Grant price per unit: $0.00 per unit Units held after transaction: 3,798 units +1 more

4 metrics

Class I Partnership Units granted 3,798 units Grant to CFO on March 19, 2026

Grant price per unit $0.00 per unit Compensation award, not open-market purchase

Units held after transaction 3,798 units Total Class I Partnership Units following grant

Underlying securities 3,798 units/shares Underlying Operating Partnership Units or Class I common shares

Key Terms

Class I Partnership Units, Operating Partnership Units, Common Shares

3 terms

Class I Partnership Units financial

"The reported Class I Partnership Units will vest, subject to the Reporting Person's continued employment."

Operating Partnership Units financial

"Operating Partnership Units are redeemable for an equal number of shares of REIT Common Stock or cash equal to the fair market value of such shares."

Operating partnership units are ownership stakes in a limited partnership that typically sits under a real estate investment trust or similar corporate structure; each unit represents a claim on the partnership’s cash flow and assets and is often convertible into the parent company’s common shares. For investors, these units matter because they convey economic interest and potential voting influence, can be used to compensate managers, and may dilute or change the value of common shares — think of them as second-layer shares that interact with the main stock like shares in a holding company.

Common Shares financial

"Upon vesting, Class I Partnership Units settle in Operating Partnership Units, Common Shares or Cash, at the discretion of the Starwood REIT Special Limited Partner, LLC."

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SWDR CFO Joseph Nieto report in this Form 4?

He reported receiving 3,798 Class I Partnership Units as a compensation grant. The award was made at no cost per unit and is structured as a derivative security that can ultimately settle in Operating Partnership Units, Class I common shares, or cash.

How many Class I Partnership Units did the SWDR CFO receive?

He received 3,798 Class I Partnership Units. These units are subject to vesting conditions tied to his continued employment and represent the right to receive Operating Partnership Units or Class I common shares, or an equivalent cash amount, in the future.

What are the vesting conditions for the SWDR CFO’s new units?

The reported Class I Partnership Units will vest only if the reporting person’s employment continues. This means the award is forfeitable until vesting and is designed to align the Chief Financial Officer’s compensation with ongoing service to the real estate investment trust.

How can the Class I Partnership Units be settled or redeemed at SWDR?

Upon vesting, the Class I Partnership Units settle in Operating Partnership Units, common shares, or cash at the discretion of Starwood REIT Special Limited Partner, LLC. Operating Partnership Units themselves are redeemable for an equal number of REIT common shares or cash equal to their fair market value.

Does this Form 4 show any open-market buying or selling by SWDR’s CFO?

No open-market buying or selling is shown. The filing reports a grant of 3,798 Class I Partnership Units with a per-unit price of $0.00, reflecting a compensation-related award rather than a purchase or sale on the market by the Chief Financial Officer.

What is the CFO’s reported holding after this transaction at SWDR?

After this grant, the total reported holdings are 3,798 Class I Partnership Units. These derivative units are linked to an equal number of underlying Operating Partnership Units or Class I common shares, providing potential future equity or cash value depending on how they are ultimately settled.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/06/2026 - 06:48 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nieto Joseph

(Last) (First) (Middle)

2340 COLLINS AVENUE

(Street)

MIAMI BEACH FLORIDA 33139

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Starwood Real Estate Income Trust, Inc. [ N/A ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class I Partnership Units	(1)	03/19/2026		A		3,798		(2)	(2)	Operating Partnership Units or Class I Common Shares(3)	3,798(3)	$0	3,798	D

Explanation of Responses:

1. Upon vesting, Class I Partnership Units settle in Operating Partnership Units, Common Shares or Cash, at the discretion of the Starwood REIT Special Limited Partner, LLC.

2. The reported Class I Partnership Units will vest, subject to the Reporting Person's continued employment.

3. Operating Partnership Units are redeemable for an equal number of shares of REIT Common Stock or cash equal to the fair market value of such shares. Operating Partnership Units have no expiration date.

	/s/ Matthew Guttin, Attorney-in-Fact	04/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)