Filing Flows › Starwood Real Estate Income Trust (SWDR) › Q1 2026 › vs Q4 2025
Starwood Real Estate Income Trust (SWDR) Q1 2026 vs Q4 2025 (quarter over quarter)
Starwood Real Estate Income Trust's revenue rose $101K (0%) from $392M in Q4 2025 to $392M in Q1 2026. The biggest changes: Rental Revenue +$1.5M (+0.4%); Real Estate Other −$1.4M (-18%).
Starwood Real Estate Income Trust, Q1 2026: revenue $392M (-2% year over year), operating margin 63.6%, net loss $120M, operating cash flow $54.2M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 7.7% | -3.3% | +11.0 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Rental Revenue | $386M | $384M | $1.5M | +0.4% |
| Real Estate Other | $6.6M | $8.0M | −$1.4M | -18% |
| Revenue | $392M | $392M | $101K | 0% |
| Income tax benefit | $700K | $2.6M | −$1.9M | -73% |
| Net loss | $120M | $161M | −$41.4M | -26% |
| Costs & expenses | $513M | $556M | −$43.2M | -8% |
| Operating costs | $143M | $150M | −$6.8M | -5% |
| Interest & other, net | $370M | $406M | −$36.4M | -9% |
| General & admin | $10.2M | $10.1M | $155K | +2% |
| Other operating costs | $133M | $140M | −$6.9M | -5% |
| Operating cash sources | $178M | $180M | −$2.3M | -1% |
| Depreciation & amortization | $178M | $180M | −$2.3M | -1% |
| Net loss absorbed | $120M | $161M | −$41.4M | -26% |
| Working capital & other | $3.6M | −$30.6M | $34.2M | — |
| Operating cash flow | $54.2M | $49.3M | $4.9M | +10% |
| Free cash flow (OCF − capex) | $30.1M | −$12.9M | $43.0M | — |
| Capital expenditures | $24.1M | $62.2M | −$38.1M | -61% |
Questions
How much did Starwood Real Estate Income Trust's revenue grow quarter over quarter in Q1 2026?
Starwood Real Estate Income Trust's revenue rose $101K (0%) from $392M in Q4 2025 to $392M in Q1 2026.
What drove Starwood Real Estate Income Trust's revenue change in Q1 2026?
Rental Revenue +$1.5M (+0.4%); Real Estate Other −$1.4M (-18%).