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Starwood Real Estate Income Trust cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$77.0M in Q2 2026 · $149M over twelve months

Operating cash flow$106M
Capital spending−$29.0M
Free cash flow+$77.0M

Analysis

In Q2 2026, Starwood Real Estate Income Trust generated $106M of operating cash flow and spent $29.0M on capital projects, leaving free cash flow of $77.0M. That is $540K more than in Q2 2025 ($76.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was $308M; the largest uses were other financing ($18.8B), buybacks ($456M), dividends ($331M); besides operations, cash came from shares issued ($14.4B), net borrowing (+) / repaid (−) ($4.9B); the cash balance fell by $17.1M.

Operating cash flow was $106M against net income of −$153M. The largest differences: depreciation & amortization +$177M, other liabilities +$33.4M, other non-cash −$6.0M.

Free cash flow

Starwood Real Estate Income Trust: free cash flow by quarterStarwood Real Estate Income Trust: free cash flow by quarter$94.8MQ3 2024$17.5MQ4 2024$53.3MQ1 2025$76.5MQ2 2025$55.3MQ3 2025−$12.9MQ4 2025$30.1MQ1 2026$77.0MQ2 2026
Operating cash flow less capital spending.
Starwood Real Estate Income Trust: operating cash flow against capital spendingStarwood Real Estate Income Trust: operating cash flow against capital spendingOperating cash flowCapital spending$146M$51.3MQ3 2024$76.6M$59.0MQ4 2024$85.2M$31.9MQ1 2025$112M$36.0MQ2 2025$98.6M$43.3MQ3 2025$49.3M$62.2MQ4 2025$54.2M$24.1MQ1 2026$106M$29.0MQ2 2026
Latest (Q2 2026): Operating cash flow $106M, Capital spending $29.0M.

Capital allocation, year by year

Starwood Real Estate Income Trust: where the cash came from (up) and went (down), by fiscal yearStarwood Real Estate Income Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $233MFY2021: Net borrowing $8.3BFY2021: Shares issued $13.2BFY2021: Capital spending −$40.4MFY2021: Buybacks −$64.5MFY2021: Dividends −$117M$21.8BFY2021FY2022: Operating cash flow $595MFY2022: Net borrowing $4.0BFY2022: Shares issued $17.6BFY2022: Capital spending −$143MFY2022: Buybacks −$1.3BFY2022: Dividends −$312M$22.2BFY2022FY2023: Operating cash flow $557MFY2023: Net borrowing $2.4BFY2023: Shares issued $14.1BFY2023: Asset sales $1.9BFY2023: Capital spending −$180MFY2023: Buybacks −$2.6BFY2023: Dividends −$356M$18.9BFY2023FY2024: Operating cash flow $429MFY2024: Net borrowing $1.3BFY2024: Shares issued $14.2BFY2024: Asset sales $300MFY2024: Capital spending −$186MFY2024: Buybacks −$1.1BFY2024: Dividends −$325M$16.2BFY2024FY2025: Operating cash flow $346MFY2025: Net borrowing $3.1BFY2025: Shares issued $14.3BFY2025: Asset sales $1.2BFY2025: Capital spending −$173MFY2025: Buybacks −$473MFY2025: Dividends −$342M$18.9BFY2025
Over these 5 years operating cash flow totalled $2.2B; the largest uses were buybacks ($5.6B) and dividends ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$207M
Debt$12.0B
Net debt$11.8B
Due within a year$2.9B

Starwood Real Estate Income Trust funds itself: free cash flow was $149M over the last twelve months, and $207M of cash and investments stands against $12.0B of debt ($2.9B due within a year, 0.1× covered by cash).

Starwood Real Estate Income Trust: debt maturities by year (FY2025)Starwood Real Estate Income Trust: debt maturities by year (FY2025)$2.9BYear 1$2.0BYear 2$561MYear 3$194MYear 4$3.2BYear 5$3.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $207M of cash and investments now.

Where the cash came from and went

Starwood Real Estate Income Trust: sources (+) and uses (−) of cash, Q2 2026Starwood Real Estate Income Trust: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$131MOperating cash flow$106MDividends−$71.7MBuybacks−$65.2MOther financing−$59.1MCapital spending−$29.0MCash drawn (+) / kept (−)−$16.3MShares issued$2.7MPartners$1.4MOther investing$1.2MExchange rates−$830K
Starwood Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Starwood Real Estate Income Trust: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing−$18.8BShares issued$14.4BNet borrowing (+) / repaid (−)$4.9BBuybacks−$456MDividends−$331MOperating cash flow$308MCapital spending−$159MOther investing$103MCash drawn (+) / kept (−)$17.1MPartners$14.8MExchange rates$8.5M

From profit to cash

Starwood Real Estate Income Trust: net income to operating cash flow, Q2 2026Starwood Real Estate Income Trust: net income to operating cash flow, Q2 2026Net income−$153MDepreciation & amortization$177MOther non-cash−$6.0MPrepaid and other assets$2.5MOther liabilities$33.4MOperating cash flow$106M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$106M−$29.0M−$65.2M−$71.7M$131M$2.7M−$16.3M$77.0M
Q1 2026$54.2M−$24.1M−$120M−$86.8M$1.9B$14.3B−$6.8M$30.1M
Q4 2025$49.3M−$62.2M−$133M−$86.1M$1.1B$4.4M$48.2M−$12.9M
Q3 2025$98.6M−$43.3M−$138M−$85.9M$1.7B$105M−$8.1M$55.3M
Q2 2025$112M−$36.0M−$102M−$85.1M$142M$118M$40.1M$76.5M
Q1 2025$85.2M−$31.9M−$87.3M−$84.7M$74.1M$14.1B$17.4M$53.3M
Q4 2024$76.6M−$59.0M−$101M−$84.3M$166M$108M−$21.0M$17.5M
Q3 2024$146M−$51.3M−$104M−$83.0M$143M$8.3M$8.0M$94.8M

Starwood Real Estate Income Trust: income statement and cash flow

Starwood Real Estate Income Trust, Q2 2026: revenue $398M (+0.9% year over year), operating margin 63.4%. The chart follows the revenue to costs, profit and cash.

Starwood Real Estate Income Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.