Starwood Credit Real Estate Income Trust earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026
Q2 2026 Revenue up 22% year over year to $24.5M · 28¢ of every $1 of revenue kept as net profit · operating margin 27.5%
Starwood Credit Real Estate Income Trust made $24.5M in Q2 2026 (+22% Y/Y). Operating margin 27.5%, net earnings $6.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Revenue$24.5M
Year over year+22%
Operating margin27.5%
Net earnings$6.8M
Operating cash flow$6.6M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $24.5M in Q2 2026, up 22% year over year and up 1% from the previous quarter.
Operating profit was $6.8M, a 27.5% margin (down 2.4 points year over year). Of the extra revenue versus Q2 2025, 17% reached operating profit, below the 30% margin then. Total costs grew 26% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+28%). Net earnings were $6.8M, up 3% year over year. The effective tax rate was 0.0%.
Operating cash flow was $6.6M (down 1% year over year), 97% of net earnings.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 13, 2026
$24.5M
+22%
27.5%
$6.8M
$6.6M
Q1 2026
10-Q
May 11, 2026
$24.2M
+42%
29.1%
$7.5M
$6.1M
Q4 2025
10-K
Mar 23, 2026
$23.5M
+44%
31.1%
$7.8M
$8.8M
Q3 2025
10-Q
Nov 13, 2025
$21.7M
+36%
36.6%
$9.2M
$8.8M
Q2 2025
10-Q
Aug 12, 2025
$20.1M
+94%
29.9%
$6.6M
$6.7M
Q1 2025
10-Q
May 13, 2025
$17.1M
+202%
30.2%
$6.1M
$5.1M
Q4 2024
10-K
Mar 21, 2025
$16.3M
+440%
10.5%
$1.7M
$3.6M
Charts
Latest (Q2 2026): Y/Y +22%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $6.8M, Operating cash flow $6.6M.Cash $3.3M, short-term investments —, long-term debt $1.1B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Starwood Credit Real Estate Income Trust (the “Company”) was formed on June 28, 2023, as a Maryland statutory trust and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company originates, acquires, finances and manages a portfolio of primarily commercial real estate (“CRE”) debt investments, focused on senior secured, floating-rate CRE loans diversified across both geography and asset class. The Company’s CRE loans are primarily secured by properties located in the U.S. and Europe and include multifamily, industrial and select other CRE asset classes, such as student housing, senior housing and self-storage.
In its own words, from its 10-Q, filed Aug 13, 2026.
Starwood Credit Real Estate Income Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +22% against the peers' median +14%. Operating margin: 27.5% against the peers' median 20.6%.