Starwood Credit Real Estate Income Trust 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 12, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	STARWOOD CREDIT REAL ESTATE INCOME TRUST
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001986395
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Securities Act File Number	000-56577
Entity Address, Postal Zip Code	33139
Entity Current Reporting Status	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	93-6487687
City Area Code	305
Local Phone Number	695-5500
Entity Small Business	true
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, Address Line One	2340 Collins Avenue
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Class S Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,907,451
Class E Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,662,899
Class I Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,515,186
Class T Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class D Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 2,784	$ 777
Loans receivable, at fair value	805,444	158,288
Accrued interest receivable	4,063	214
Total assets	812,291	159,279
LIABILITIES AND EQUITY
Loans payable, at fair value	614,002	120,196
Derivative instrument liabilities, at fair value	2,102	0
Due to advisor	6,062	4,075
Accrued shareholder servicing fees	6,872	422
Interest payable	2,535	305
Distribution payable	1,174	246
Accrued expenses and other liabilities	366	140
Total liabilities	633,113	125,384
Commitments and contingencies (Note 6)
Redeemable common shares - Class E shares, par value $0.01 per share; 1,635,243 and 1,603,050 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	33,389	32,199
Equity
Additional paid-in capital	149,087	3,683
Accumulated earnings (deficit) and cumulative distributions	(3,378)	(1,991)
Total shareholders' equity	145,789	1,696
Total liabilities, redeemable common shares, and equity	812,291	159,279
Common Stock Class S [Member]
Equity
Common shares	47	3
Common Stock Class I [Member]
Equity
Common shares	$ 33	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Common shares, par value	$ 0.01
Common stock outstanding	7,954,317	326,800
Common Class S [Member]
Common shares, par value	$ 0.01	$ 0.01
Common stock issued	4,644,692	259,750
Common stock outstanding	4,644,692	259,750
Common Class I [Member]
Common shares, par value	$ 0.01	$ 0.01
Common stock issued	3,309,625	67,050
Common stock outstanding	3,309,625	67,050
Common Class E Shares [Member]
Redeemable common shares, par value	$ 0.01	$ 0.01
Redeemable common shares, shares issued	1,635,243	1,603,050
Redeemable common shares, shares outstanding	1,635,243	1,603,050

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024
Revenues
Interest income	$ 12,629,000		$ 0	$ 25,528,000
Other revenue	3,392,000		0	6,492,000
Total Revenues	16,021,000		0	32,020,000
Expenses
Interest expense	7,824,000		0	15,184,000
Financing fees	928,000		0	4,213,000
Professional fees	716,000		0	2,085,000
Management fees	478,000		0	889,000
General and administrative	86,000		0	216,000
Performance fees	560,000		0	688,000
Total Expenses	10,592,000		0	23,275,000
Gains (losses) from operations and financing
Unrealized loss on loans receivable	(2,673,000)		0	(5,242,000)
Unrealized gain on loans payable	132,000		0	1,864,000
Unrealized loss on derivative instruments, net	(1,628,000)		0	(2,102,000)
Gain on foreign currency translation	2,144,000		0	2,708,000
Total loss from operations and financing, net	(2,025,000)		0	(2,772,000)
Net income	$ 3,404,000		$ 0	$ 5,973,000
Net income per common share, basic	$ 0.37		$ 0	$ 0.89
Net income per common share, diluted	$ 0.37		$ 0	$ 0.89
Weighted-average common shares outstanding, basic	9,168,764		50	6,714,773
Weighted-average common shares outstanding, diluted	9,170,895	[1]	50	6,716,161	[1]
[1] Diluted earnings per share takes into account the effect of dilutive instruments, such as unvested stock awards. As of September 30, 2024 , 3,002 unvested shares were outstanding.

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Redeemable Common Shares and Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in Capital [Member]	Accumulated Earnings (Deficit) and Cumulative Distributions [Member]	Redeemable Common Stock [Member]	Common Class S [Member] Common Stock [Member]	Common Class I [Member] Common Stock [Member]
Temporary equity, balance at Jul. 13, 2023				$ 0
Balance at Jul. 13, 2023	$ 0
Temporary equity, common shares issued				1
Common shares issued	1
Net income	0
Temporary equity, balance at Sep. 30, 2023				1
Balance at Sep. 30, 2023	1
Temporary equity, balance at Dec. 31, 2023	32,199			32,199
Balance at Dec. 31, 2023	1,696	$ 3,683	$ (1,991)		$ 3	$ 1
Temporary equity, common shares issued				647
Common shares issued	153,704	153,628			44	32
Offering costs	(7,726)	(7,726)
Temporary equity, amortization of share grants				45
Net income	5,973		5,973
Temporary equity, remeasurement of redeemable common shares				498
Remeasurement of redeemable common shares	(498)	(498)
Distributions declared on common shares	(7,360)		(7,360)
Temporary equity, balance at Sep. 30, 2024	33,389			33,389
Balance at Sep. 30, 2024	145,789	149,087	(3,378)		47	33
Temporary equity, balance at Jun. 30, 2024				33,137
Balance at Jun. 30, 2024	119,284	122,635	(3,418)		39	28
Temporary equity, common shares issued				7
Common shares issued	28,153	28,140			8	5
Offering costs	(1,458)	(1,458)
Temporary equity, amortization of share grants				15
Net income	3,404		3,404
Temporary equity, remeasurement of redeemable common shares				230
Remeasurement of redeemable common shares	(230)	(230)
Distributions declared on common shares	(3,364)		(3,364)
Temporary equity, balance at Sep. 30, 2024	33,389			$ 33,389
Balance at Sep. 30, 2024	$ 145,789	$ 149,087	$ (3,378)		$ 47	$ 33

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 3,404	$ 0	$ 5,973
Adjustments to reconcile net income to net cash provided by operating activities
Unrealized gain on loans payable	(132)	0	(1,864)
Unrealized loss on loans receivable	2,673	0	5,242
Unrealized loss on derivative instruments, net	1,628	0	2,102
Gain on foreign currency translation	(2,144)	0	(2,708)
Financing fees	928	0	4,213
Amortization of share grants		0	45
Change in assets and liabilities
Increase in due to advisor		0	1,613
Increase in accrued interest receivable		0	(3,849)
Increase in other liabilities		0	2,458
Net cash provided by operating activities		0	13,225
CASH FLOWS FROM INVESTING ACTIVITIES
Loan origination and funding activities		0	(639,537)
Net cash used in investing activities		0	(639,537)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under loans payable		0	627,508
Financing fees		0	(4,213)
Repayments of loans payable		0	(142,250)
Contributions received from common shares issued		1	154,351
Offering costs		0	(904)
Distributions		0	(6,432)
Net cash provided by financing activities		1	628,060
Effect of exchange rate changes on cash balances		0	259
Net change in cash and cash equivalents		1	2,007
Cash and cash equivalents, beginning of period		0	777
Cash and cash equivalents, end of period	2,784	1	2,784
Supplemental disclosure of cash flow information:
Cash paid for interest		0	12,290
Non-cash activities:
Accrued shareholder servicing fees due to affiliate		0	6,783
Accrued offering costs due to affiliate		0	39
Distributions payable	$ 928	$ 0	$ 928

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Purpose	1. Organization and Business Purpose Starwood Credit Real Estate Income Trust (the “Company,” “we,” “our,” and “us”) 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 was organized to originate, acquire, finance and manage 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 expected to be primarily secured by properties located in U.S., European and Australian markets and include multifamily, industrial and select other CRE asset classes, such as student housing, self-storage, life science and data center assets. To a lesser extent, the Company also may invest in (1) other real asset lending strategies, including infrastructure loans and (2) other real estate-related debt and equity securities, including commercial mortgage-backed securities and collateralized loan obligations. The Company is externally managed by Starwood Credit Advisors, L.L.C. (the “Advisor”), an indirect, wholly-owned subsidiary of Starwood Capital Group Holdings L.P. (“Starwood Holdings” and together with any entity that is controlled by, controls or is under common control with Starwood Capital Group Holdings L.P., “Starwood Capital” or the “Sponsor”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC. Fair Value Option The Company has elected the fair value option for certain eligible financial assets and liabilities including CRE loans, infrastructure loans, real estate securities and liabilities associated with borrowing facilities. These financial assets and liabilities for which the Company has elected the fair value option are recorded in Loans receivable, at fair value and Loans payable, at fair value on the condensed consolidated balance sheets. The fair value elections were made to create a more direct alignment between the Company’s financial reporting and the calculation of net asset values per share used to determine the prices at which investors can purchase and redeem shares of the Company’s common shares (including redeemable common shares) of beneficial interest, par value $ 0.01 per share (“common shares”). The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately on the Company’s condensed consolidated balance sheet from those instruments using another accounting method. The Company’s fair value option elections will be made in accordance with the guidance in Accounting Standards Codification (“ASC”) 825, Financial Instruments (“ASC 825”) that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. In the cases of loans and securities investments for which the fair value option is elected, loan origination fees and costs related to the origination or acquisition of the instrument should be immediately recognized in earnings on the condensed consolidated statements of operations within Other revenue. In the cases of debt facilities for which the fair value option is elected, financing fees related to the debt should be immediately recognized as an expense on the condensed consolidated statements of operations within Financing fees. Unrealized gains and losses on assets and liabilities for which the fair value option has been elected are also reported in earnings without deferral. This is because under the fair value option, a lender reports the instrument at its exit price (i.e., the price that would be received to sell the instrument in an orderly transaction), which reflects the market’s assessment of the instrument’s cash flows and risks and does not include any entity-specific costs or fees. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2023. Since the Company has elected to be taxed as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes 90 % of its taxable income to its shareholders. REITs are subject to a number of other organizational and operational requirements. Even though the Company has elected to be taxed as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Share-based Payments The Company recognizes the cost of share-based compensation and payment transactions in the financial statements using the same expense category as would be charged for payments in cash. The fair value of the awards granted to the Company’s independent trustees is recorded to expense on a straight-line basis over the vesting period for the entire award, with an offsetting increase in shareholders’ equity. For grants to trustees, the fair value is determined based upon the NAV on the grant date. On December 1, 2023, the Company granted 3,002 restricted Class E shares to its independent trustees with a fair value of $ 60,040, based on the NAV per share as of December 1, 2023, that vest one year from the date of grant. For the three and nine months ended September 30, 2024 , the Company recognized compensation expenses of $ 15,010 and $ 45,030 , respectively. None of the shares granted to the trustees have vested as of September 30, 2024. The Performance Fee (as defined below) may be paid, at the Advisor’s election, in cash, Class I shares or Class E shares, or any combination thereof. During the three and nine month periods ending September 30, 2024, the Advisor earned $ 0.6 million and $ 0.7 million of performance fees, respectively. T he Advisor elected to receive all Performance Fee compensation in the form of 27,448 and 33,790 Class E shares for fees incurred during the three and nine month periods ending September 30, 2024, respectively, which were issued to the Advisor in April and October 2024. The Class E shares issued to the Advisor as payment for Performance Fees due are recorded as an increase to shareholders’ equity with an offsetting decrease to performance fees payable (Due to Advisor) on the date of the delivery of the shares. As discussed in Note 8 – “Redeemable Common Shares” , the Class E shares are classified in temporary equity and presented as Redeemable common shares on the Company’s condensed consolidated balance sheets at values adjusted to equal what the redemption amount would be as if redemption were to occur at the relevant reporting date. No Performance Fee was earned by the Advisor for the period ended December 31, 2023. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash investments, single asset commercial mortgage-backed securities (“CMBS”), loan investments and interest receivable. The Company may place cash investments in excess of insured amounts with high quality financial institutions. The Company performs ongoing analysis of credit risk concentrations in its investment portfolio by evaluating exposure to various markets, underlying property types, term, tenant mix and other credit metrics. As of September 30, 2024, the Company's assets included multiple CRE loans and an investment in a loan participation denominated in Pound Sterling (“GBP”). Refer to Note 3- “ Investment in Loans Receivable ” for additional information. Derivative Financial Instruments and Hedge Activities The Company enters into derivative financial instruments, specifically foreign currency forward contracts, to mitigate exposure from certain foreign currency risk. The Company accounts for derivative financial instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). This guidance establishes accounting and reporting standards for derivative financial instruments and requires all derivatives to be recognized as either assets or liabilities on the balance sheet and to be measured at fair value. Unrealized derivative gain positions are recorded as derivative assets on the condensed consolidated balance sheets, and unrealized derivative loss positions are recorded as derivative liabilities on the condensed consolidated balance sheets. No derivatives were designated as formal hedging relationships, but rather are considered economic hedges. For derivatives not designated as hedges, adjustments to reflect changes in the fair value of the derivatives are included in earnings in Gain (loss) on derivative financial instruments on the condensed consolidated statements of operations. The Company classifies cash flows related to the non-designated derivatives in either operating or investing activities on the condensed consolidated statement of cash flows depending on the nature of the cash flow activity. See Note 7- “ Derivatives and Hedging Activity ” , for further details. Foreign Currency The Company’s functional currency is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using foreign currency exchange rates at the end of the reporting period. Income and expenses are translated at the average exchange rates for each reporting period. Gains and losses from translation of foreign currency denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. The effects of translating the assets, liabilities and income of the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’s condensed consolidated statements of operations. Aggregate foreign currency transaction gains included in operations totaled $ 2.1 million and $ 2.7 million for the three and nine months ended September 30, 2024 , respectively. These amounts are recorded as a component of Gains (losses) from operations and financing in the Company’s condensed consolidated statements of operations. Recent Accounting Pronouncements On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for our fiscal year ending December 31, 2024 and interim quarters beginning in 2025, with early adoption permitted. It must be retrospectively applied to all prior periods presented. We do not expect this ASU will have a material impact on the Company. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which improves income tax disclosures by primarily requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for our fiscal year ending December 31, 2025, with early adoption permitted. It is to be applied on a prospective basis, with retrospective application permitted. We do not expect this ASU will have a material impact on the Company’s income tax disclosures.

Investment in Loans Receivable

Investment in Loans Receivable	9 Months Ended
	Sep. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Investment in Loans Receivable	3. Investment in Loans Receivable As of September 30, 2024, the Company's held for investment loan portfolio was as follows (amounts in thousands): Description Location Origination Date Weighted Average Interest Rate (1) Loan Amount (2) Principal Balance Outstanding Fair Value Payment Terms Maximum Maturity Date (3) Industrial Nashville, TN & Atlanta, GA 9/12/2024 7.95 % $ 188,326 $ 181,178 $ 179,303 Monthly; I/O 10/29/2029 Multifamily Berkeley, CA 8/7/2024 7.95 % 88,000 88,000 87,404 Monthly; I/O 8/7/2029 Self-Storage Various, United States 8/1/2024 8.50 % 78,209 65,834 65,124 Monthly; I/O 8/1/2029 Multifamily New York, NY 6/27/2024 8.51 % 20,000 20,000 19,833 Monthly; I/O 6/27/2026 Industrial Various, United Kingdom 4/25/2024 (4) 7.86 % 200,625 200,625 198,879 Quarterly; I/O 4/25/2026 Multifamily Houston, TX 2/9/2024 8.48 % 96,300 93,800 93,191 Monthly; I/O 2/11/2030 Multifamily Hayward, CA 11/30/2023 8.54 % 185,050 163,082 161,710 Monthly; I/O 12/9/2028 $ 856,510 $ 812,519 $ 805,444 As of December 31, 2023, the Company's held for investment loan portfolio was as follows (amounts in thousands): Description Location Origination Date Weighted Average Interest Rate (1) Loan Amount (2) Principal Balance Outstanding Fair Value Payment Terms Maximum Maturity Date (3) Multifamily Hayward, CA 11/30/2023 8.60 % $ 185,050 $ 160,000 $ 158,288 Monthly; I/O 12/9/2028 $ 185,050 $ 160,000 $ 158,288 (1) Represents the weighted average interest rate for each loan as of period end. With the exception of the industrial loan asset collateralized by properties in various locations in the United Kingdom, loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. The industrial loan asset collateralized by properties in the United Kingdom earns interest based on the Secured Overnight Index Average (“SONIA”) plus a spread. (2) Loan amounts consist of outstanding principal balance plus unfunded loan commitments for each loan. (3) Maximum maturity date assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to satisfaction of certain predefined conditions as defined in the respective loan agreements. (4) Reflects the acquisition date of the loan participation. On September 12, 2024, the Company originated a $ 188.3 million floating-rate first mortgage loan of which $ 181.2 million was funded at closing. The loan is collateralized by a portfolio of 21 industrial properties located in Nashville, TN and Atlanta, GA. At origination, the portfolio was occupied by 80+ tenants. The initial term of the mortgage loan is three years and provides for two one-year extension options , subject to the satisfaction of certain predefined conditions by the borrower. Through September 30, 2024, no additional amounts have been funded under the terms of this mortgage loan. Payments on the mortgage loan consist of interest only and a balloon payment at maturity . On August 7, 2024, the Company originated an $ 88.0 million floating rate first mortgage loan collateralized by a portfolio of five multifamily assets in Berkeley, CA. The properties were renovated between 2020 and 2023 and together comprise 179 units. There are no future funding obligations associated with this mortgage loan, as the loan was fully funded at closing. The initial term of the mortgage loan is three years with two one-year extension options , subject to satisfaction of certain predefined conditions by the borrower. Payments on the mortgage loan consist of interest only and a balloon payment at maturity . On August 1, 2024, the Company originated a $ 78.2 million floating rate first mortgage loan collateralized by a portfolio of seven interior corridor, climate-controlled self-storage facilities located in seven states across the United States. The properties were constructed between 2022-2023 and the mortgage loan is intended to bridge the portfolio’s financing through the remainder of the lease-up period to stabilized occupancy. The initial term of the mortgage loan is three years and provides for two one-year extension options , subject to the satisfaction of certain predefined conditions by the borrower. The total initial funding amount was $ 65.8 million. Through September 30, 2024, no additional amounts have been funded under the terms of this mortgage loan. Payments on the mortgage loan consist of interest only and a balloon payment at maturity. On June 27, 2024, the Company originated a $ 20.0 million floating rate first mortgage loan collateralized by a 16 -unit multifamily property located in the Tribeca neighborhood in Manhattan (New York), NY. The initial term of the mortgage loan is two years with three one-year extension options , subject to satisfaction of certain predefined conditions by the borrower. The mortgage loan was fully funded at closing. Monthly payments consist of interest only and a balloon payment at maturity. On April 25, 2024, the Company invested in the UK Loan Participation, a £ 150.0 million (equivalent to $ 187.6 million using the GBP closing date exchange rate) participation in a £ 1.4 B syndicated credit facility that was established to refinance a portfolio of 312 logistics assets totaling approximately 19 million square feet primarily located in last mile locations across the UK, in key UK logistics markets. The initial term of the underlying loan of the UK Loan Participation is two years and the loan also features three one-year extension options , subject to satisfaction of certain predefined conditions. The UK Loan Participation was fully funded at the closing of the acquisition and interest only payments are due on a quarterly basis with a balloon payment due at maturity . On February 9, 2024, the Company originated a $ 93.8 million floating rate first mortgage loan collateralized by 620 apartments in two adjacent multifamily assets that are operated together as one property in Houston, TX. One asset was constructed in 2009 and the other was built in 2011. The initial term of the loan is two years and the loan also features three one-year extension options , subject to the satisfaction of certain predefined conditions by the borrower. The total loan commitment is $ 96.3 million reflecting plans for as much as $ 2.5 million of additional advances to the borrower subject to the satisfaction of certain predefined conditions. Through September 30, 2024, no additional amounts have been funded under the terms of this loan. Payments on the mortgage loan consist of interest only and a balloon payment at maturity . On November 30, 2023, the Company originated a first mortgage and mezzanine loan collateralized by a 474 -unit multifamily property which also features 83,000 square feet of ground floor retail space. The property is located in Hayward, CA, which is in the East Bay region of Northern California. The improvements were constructed in 2022 and the property is currently in the latter stage of the lease-up phase. The mortgage loan has floating rate first mortgage and mezzanine components. Principal in the amount of $ 160.0 million was funded at closing. The total loan commitment is $ 185.0 million. Consistent with the initial funding, 80 % of any future funding amounts will be allocated to the first mortgage position and the remainder will be allocated to the mezzanine loan. During the nine months ended September 30, 2024, $ 3.1 million of additional proceeds were funded to the borrower. The initial term of the loan is three years , with two one-year options , subject to satisfaction of certain predefined conditions of the borrower. Payments on the mortgage loan consist of interest only and a balloon payment at maturity .

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Loans Payable	4. Loans Payable The following table presents the value of loans payable as of the period ended September 30, 2024 (amounts in thousands): Description Weighted Average Interest Rate (5) Maximum Facility Size Available Capacity Debt Amount Outstanding Fair Value of Debt Fair Value of Collateral Current Maturity Date Maximum Maturity Date Citibank Repurchase Agreement (1) 7.44 % $ 600,000 $ 399,500 $ 200,500 $ 200,132 $ 254,901 6/21/2026 6/21/2029 MS International Repurchase Agreement (2) 6.80 % 200,625 40,125 160,500 160,163 198,879 2/15/2029 2/15/2029 WF Repurchase Agreement (3) 7.26 % 250,000 52,058 197,942 196,866 264,260 6/21/2026 6/21/2029 MS US Repurchase Agreement (4) 7.09 % 200,000 142,750 57,250 56,841 87,404 7/25/2027 7/25/2029 $ 1,250,625 $ 634,433 $ 616,192 $ 614,002 $ 805,444 The following table presents the value of loans payable as of the period ended December 31, 2023 (amounts in thousands): Description Weighted Average Interest Rate (4) Maximum Facility Size Available Capacity Debt Amount Outstanding Fair Value of Debt Fair Value of Collateral Current Maturity Date Maximum Maturity Date Citibank Repurchase Agreement (1) 7.61 % $ 250,000 $ 129,500 $ 120,500 $ 120,196 $ 158,288 12/14/2025 12/14/2028 $ 250,000 $ 129,500 $ 120,500 $ 120,196 $ 158,288 (1) On June 21, 2024, the Company entered into an amended Master Repurchase Agreement (as amended and together with the related transaction documents, the “Citibank Repurchase Agreement”) with Citibank, N.A. (“Citibank”) to finance the acquisition and origination by the Company of eligible loans as more particularly described in the Citibank Repurchase Agreement. As a result of the amendment, the Citibank Repurchase Agreement provides for asset purchases of up to $ 600.0 million (reflecting an increase from the previous $ 250.0 million limit) by Citibank. In addition, the initial maturity date of the Citibank Facility was extended to June 21, 2026 (from December 14, 2025) and the commencement dates of each of the three one-year extension option periods were rescheduled to the respective anniversary dates of the initial maturity date. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the Citibank Repurchase Agreement . (2) On April 23, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-International Repurchase Agreement”), with Morgan Stanley Bank, N.A. (“Morgan Stanley”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-International Repurchase Agreement. The borrowing facility is subject to one or more one-year extension options at the option of Morgan Stanley. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants. Interest is paid quarterly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-International Repurchase Agreement. (3) On June 21, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “WF Repurchase Agreement”), with Wells Fargo Bank, N.A. (“Wells Fargo”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the WF Repurchase Agreement. The initial maturity date is June 21, 2026. The borrowing facility has up to three one-year extension options. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the WF Repurchase Agreement. (4) On July 25, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-US Repurchase Agreement”), with Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”), as administrative agent for Morgan Stanley, as a buyer, to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-US Repurchase Agreement. The MS-US Repurchase Agreement provides for asset purchases by MSMCH on behalf of Morgan Stanley of up to $ 200.0 million with the ability to increase to $ 250.0 million as more particularly described therein (the “MS-US Facility”). The maturity date of the MS-US Facility is July 25, 2027, subject to a one (1) year extension at the Company’s option and, if such option is exercised, another one (1) year extension at the Company’s request subject to the consent of MSMCH, in each case, subject to satisfaction of certain customary conditions. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-US Repurchase Agreement. (5) Represents the weighted average interest rate as of period end. With the exception of MS-International Repurchase Agreement, borrowings under our repurchase agreements carry interest at one-month Term SOFR plus a spread. Borrowings under MS-International Repurchase Agreement carry interest based on the SONIA plus a spread. Each of the Citibank Repurchase Agreement, MS-International Repurchase Agreement, WF Repurchase Agreement and the MS-US Repurchase Agreement and the respective guaranty agreements contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. As of September 30, 2024, the Company is in compliance with all covenants. On November 30, 2023, we entered into a credit agreement with Starwood Capital Group Management L.L.C. The agreement provided for maximum borrowings of $ 148 million. We incurred interest on the loan at a rate based on the one-month Term SOFR plus 2.5 %. The sole draw of $ 125.8 million under the agreement was executed on November 30, 2023 and the proceeds were used to originate a first mortgage loan and mezzanine loan on a single property. The loan was subsequently paid off in two installments with the last being $ 120.5 million on December 20, 2023 when the remaining debt balance was refinanced with proceeds from the Citibank Repurchase Agreement (as defined above). The interest accrued and paid on this loan was $ 0.6 million.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Accrued Expenses and Other Liabilities	5. Accrued Expenses and Other Liabilities The following table summarizes the components of accrued expenses and other liabilities (amounts in thousands): September 30, 2024 December 31, 2023 Deposit liability $ - $ 125 Trustee compensation payable 45 15 Unearned revenue 320 - Other 1 - Total accrued expenses and other liabilities $ 366 $ 140

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies As of September 30, 2024 , and December 31, 2023, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activity	7. Derivatives and Hedging Activity Risk Management Objective of Using Derivatives We are exposed to certain foreign currency risk from our investments in securities denominated in currencies other than the United States dollar (“USD”). Designated Hedges The Company does not generally elect to apply hedge accounting designations to its hedging instruments. As of September 30, 2024, the Company did not have any derivatives designated as hedges. Non-designated Hedges and Derivatives We have entered into foreign exchange (“FX”) forward contracts pursuant to which we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments. The following table summarizes our non-designated derivatives as of September 30, 2024 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Dates FX Contracts- Sell GBP 5 31,875 GBP December 2024 - June 2027 5 The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (amounts in thousands): Fair Value of Derivatives in an Asset Position as of Fair Value of Derivatives in a Liability Position as of September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Foreign exchange contracts $ - $ - $ 2,102 $ - $ - $ - $ 2,102 $ - The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 (amounts in thousands): Amount of Gain (Loss) Recognized in Income for the Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Three months ended September 30, 2024 Nine months ended September 30, 2024 Foreign exchange contracts Unrealized loss on derivative instruments, net $ ( 1,628 ) $ ( 2,102 ) $ ( 1,628 ) $ ( 2,102 ) The Company classifies foreign currency forward contracts as Level 2 fair value measurements pursuant to the fair value hierarchy. See Note 10- “ Fair Value ” for further details.

Redeemable Common Shares

Redeemable Common Shares	9 Months Ended
	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
Redeemable Common Shares	8. Redeemable Common Shares As of July 14, 2023, the Company was authorized to issue an unlimited number of shares classified as common shares, par value $ 0.01 per share. The Company was capitalized through the purchase by Starwood Real Estate Income Holdings, L.P. of 50 common shares for an aggregate purchase price of $ 1,000 . On December 1, 2023, the Company amended its Declaration of Trust, pursuant to which the Company is authorized to issue an unlimited number of common shares of beneficial interest, par value $ 0.01 per share, including an unlimited number of shares classified as Class T shares, an unlimited number of shares classified as Class S shares, an unlimited number of shares classified as Class D shares, an unlimited number of shares classified as Class I shares, and an unlimited number of shares classified as Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $ 0.01 per share. On November 30, 2023, in connection with the Initial Capitalization (as defined below), the Company issued an aggregate of 1,575,000 of its common shares to Starwood Real Estate Income Holdings, L.P., an affiliate of the Advisor (“Starwood RE Income Holdings”) at a price per share of $ 20.00 for an aggregate purchase price of $ 31.5 million (which were subsequently changed into Class E shares in connection with the Company’s amended Declaration of Trust). Additionally, on December 1, 2023, the Company issued 28,000 Class E shares to other affiliates of Starwood Capital and investors eligible to purchase Class E shares at a price per share of $ 20.00 for an aggregate purchase price of $ 0.6 million in its continuous, blind pool private offering. The following table details the movement of and proceeds received from the Company’s outstanding redeemable common shares during the three months ended September 30, 2024 (amounts in thousands except share amounts): Redeemable Common Shares Shares outstanding as of June 30, 2024 1,634,933 Redeemable common shares issued - Redeemable common shares issued as performance fee compensation - DRIP shares issued 310 Shares outstanding as of September 30, 2024 1,635,243 Proceeds from issuance of redeemable common shares $ 6 The following table details the movement of and proceeds received from the Company’s outstanding redeemable common shares during the nine months ended September 30, 2024 (amounts in thousands except share amounts): Redeemable Common Shares Shares outstanding as of December 31, 2023 1,603,050 Redeemable common shares issued 24,934 Redeemable common shares issued as performance fee compensation 6,342 DRIP shares issued 917 Shares outstanding as of September 30, 2024 1,635,243 Proceeds from issuance of redeemable common shares $ 518 The following table details the movement of and proceeds received from the Company’s outstanding redeemable common shares during the period from July 14, 2023 (date of initial capitalization) through September 30, 2023 (amounts in thousands except share amounts): Redeemable Common Shares Shares outstanding as of July 14, 2023 (date of initial capitalization) - Redeemable common shares issued 50 Redeemable common shares issued as performance fee compensation - DRIP shares issued - Shares outstanding as of September 30, 2023 50 Proceeds from issuance of redeemable common shares $ 1 At September 30, 2024, all issued and outstanding Class E shares are classified in temporary equity given that among other reasons (i) with respect to Class E shares held by Starwood Capital or its affiliate that were issued in connection with the Initial Capitalization (as defined below), the Company is required to repurchase such shares upon the request of the holder following the Applicable Liquidity Date (as defined below), subject to certain limitations and terms set forth in the definitive subscription agreement relating to the Initial Capitalization and (ii) with respect to Class E shares held by the Advisor or its affiliate that were issued in respect of management fees and/or performance fees, the Company is required to repurchase such shares upon the request of the Advisor, subject to the terms of the Advisory Agreement (as defined below). The redeemable common shares are subsequently adjusted to equal what the redemption amount would be as if redemption were to occur at the reporting date. As of September 30, 2024, the redeemable common shares are remeasured using the NAV per share as of September 30, 2024 with any adjustment between the carrying value and the redemption value recorded in shareholders' equity. Starwood Capital has agreed, from time to time, to purchase from the Company an aggregate amount of not less than $ 150.0 million in Class E shares, at a price per share equal to the Company’s most recently determined NAV of its Class E shares, (the “Initial Capitalization”). Starwood Capital has agreed to hold all of the Class E shares it receives in connection with the Initial Capitalization until, (i) with respect to the Class E shares issued in respect of the initial $ 125.0 million of its commitment, the earlier of (a) the first date that the Company's NAV reaches $ 1.0 billion and (b) the second anniversary of the initial closing of our continuous private offering (December 1, 2025), (ii) with respect to the Class E shares issued in respect of Starwood Capital’s commitment in excess of $ 125.0 million, but not greater than $ 150.0 million, at least the second anniversary of the initial closing of our private offering (December 1, 2025) and (iii) with respect to any remaining Class E shares (representing purchases exceeding $ 150.0 million), at any time following the initial closing of our continuous private offering (December 1, 2023) (such date, the “Applicable Liquidity Date”). Distributions The following table details the aggregate distributions declared for redeemable common shares for the three months ended September 30, 2024: Redeemable Common Shares Aggregate gross distributions declared per common share $ 0.3876 Shareholder servicing fee per common share (1) - Net distributions declared per common share $ 0.3876 The following table details the aggregate distributions declared for redeemable common shares for the nine months ended September 30, 2024: Redeemable Common Shares Aggregate gross distributions declared per common share $ 1.1628 Shareholder servicing fee per common share (1) - Net distributions declared per common share $ 1.1628 (1) There is no shareholder servicing fee with respect Class E shares. Refer to Note 11 — “Related Party Transactions” below for further information on shareholder servicing fees. There were no distributions declared for redeemable common shares for the period from July 14, 2023 (date of initial capitalization) through September 30, 2023.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders' Equity	9. Shareholders' Equity Authorized Capital As of July 14, 2023, the Company was authorized to issue an unlimited number of shares classified as common shares, par value $ 0.01 per share. On December 1, 2023, the Company amended its Declaration of Trust, pursuant to which the Company is authorized to issue an unlimited number of common shares of beneficial interest, par value $ 0.01 per share, including an unlimited number of shares classified as Class T shares, an unlimited number of shares classified as Class S shares, an unlimited number of shares classified as Class D shares, an unlimited number of shares classified as Class I shares, and an unlimited number of shares classified as Class E shares, and an unlimited number of shares classified as preferred shares of beneficial interest, par value $ 0.01 per share. The Company is conducting a continuous, blind pool private offering, pursuant to which it is offering and selling its common shares to a limited number of accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended), including common shares classified as Class T shares, Class S shares, Class D shares, Class I shares and Class E shares. The share classes have different upfront selling commissions and ongoing shareholder servicing fees. The per share purchase price for each class of its common shares will vary and will generally equal the Company’s prior month’s NAV per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees. Common Shares On October 31, 2023, the Company commenced its continuous, blind pool private offering of an unlimited number of its common shares. The following table details the movement of and proceeds received from the Company’s outstanding common shares during the three months ended September 30, 2024 (amounts in thousands except share amounts): Class S Common Shares Class I Common Shares Total Shares outstanding as of June 30, 2024 3,830,460 2,729,599 6,560,059 Common shares issued 769,503 548,348 1,317,851 DRIP shares issued 44,729 31,678 76,407 Shares outstanding as of September 30, 2024 4,644,692 3,309,625 7,954,317 Proceeds from issuance of common shares $ 16,317 $ 11,620 $ 27,936 The following table details the movement of and proceeds received from the Company’s outstanding common shares during the nine months ended September 30, 2024 (amounts in thousands except share amounts): Class S Common Shares Class I Common Shares Total Shares outstanding as of December 31, 2023 259,750 67,050 326,800 Common shares issued 4,299,507 3,189,358 7,488,865 DRIP shares issued 85,435 53,217 138,652 Shares outstanding as of September 30, 2024 4,644,692 3,309,625 7,954,317 Proceeds from issuance of common shares $ 88,542 $ 64,945 $ 153,487 As of September 30, 2024 , no Class D or Class T shares have been issued. Share Repurchase Plan The board of trustees has adopted a share repurchase plan, which commenced during the quarterly repurchase period ending March 31, 2024, which was the first full calendar quarter following the initial closing of the continuous private offering. Pursuant to the share repurchase plan, shareholders may request on a quarterly basis that the Company repurchase all or any portion of their shares. The Company is not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular quarter in its discretion. Repurchases will be made at the transaction price in effect on the repurchase date, except that shares that have not been outstanding for at least one year will be repurchased at 95 % of the transaction price (an “Early Repurchase Deduction”). The one-year holding period is measured from the first calendar day of the month the shares were issued to the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction will not apply to shares acquired through the distribution reinvestment plan (“DRIP”). The aggregate NAV of total repurchases of Class T shares, Class S shares, Class D shares, and Class I shares (including repurchases at certain non-U.S. investor access funds primarily created to hold our shares) under the share repurchase plan will be limited to no more than 5 % of the aggregate NAV per calendar quarter (measured using the aggregate NAV as of the end of the immediately preceding month). Shares issued to the Advisor pursuant to the Advisory Agreement (as defined below) are not subject to the share repurchase plan, including the quarterly volume limitation and the Early Repurchase Deduction. In the event that the Company determines to repurchase some but not all of the shares submitted for repurchase during any calendar quarter under the share repurchase plan, shares repurchased at the end of the calendar quarter will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted after the start of the next calendar quarter, or upon the recommencement of the share repurchase plan, as applicable. The board of trustees designated the following persons as “Key Persons” under the share repurchase plan: Barry Sternlicht, Jeffrey Dishner, Ellis Rinaldi, Dennis Schuh and any individual that replaces such persons. The share repurchase plan provides that if two or more Key Persons are no longer actively involved in the business and activities of Starwood Capital, or are otherwise unable or unwilling to exercise the authority and discharge those day-to-day management responsibilities with respect to Starwood Capital as are currently exercised and discharged by such Key Person(s) (such inactivity, inability or unwillingness, “Inactivity”), and Starwood Capital has not appointed one or more replacements who will fulfill substantially all of the duties of one of such Key Persons within 90 days from the date such Inactivity began (meaning, for the sake of clarity, that one Key Person’s responsibilities may remain unfilled for longer than 90 days) (a “Key Person Triggering Event”), then the Early Repurchase Deduction is waived with respect to shares that have been purchased in the 12 months preceding the expiration of five business days after the disclosure by the Company of the occurrence of such Key Person Triggering Event (“Disclosure Date”) as set forth herein. If the Disclosure Date is (x) at least one (1) business day prior to the date upon which the transaction price is made available during a quarter-ending month, the Early Repurchase Deduction shall be waived through the first repurchase date or (y) on or following the date upon which the transaction price is made available during a quarter-ending month, the Early Repurchase Deduction shall be waived through the next two (2) repurchase dates. The waiver of the Early Repurchase Deduction set forth in this paragraph will not apply to shares acquired through the DRIP. Under the share repurchase plan, our board of trustees may amend, suspend or terminate the share repurchase plan at any time if it deems such action to be in our best interest. As a result, share repurchases may not be available each quarter. We may fund repurchase requests from sources other than cash flow from operations, including, without limitation, the sale of or repayment under our assets, borrowings or offering proceeds, and we have no limits on the amounts we may pay from such sources. Should repurchase requests, in the Company’s judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in real estate or other investments rather than repurchasing our shares is in the best interests of the Company as a whole, then the Company may choose to repurchase fewer shares than have been requested to be repurchased, or none at all. Further, the board of trustees may make exceptions to, modify or suspend the share repurchase plan if it deems in its reasonable judgment such action to be in the Company’s best interest. For the three months and nine months ended September 30, 2024 , the Company received no repurchase requests. Distributions The following table details the aggregate distributions declared for Class S and Class I common shares for the three months ended September 30, 2024: Class S Common Shares Class I Common Shares (1) Aggregate gross distributions declared per common share $ 0.3876 $ 0.3876 Shareholder servicing fee per common share 0.0428 - Net distributions declared per common share $ 0.3448 $ 0.3876 The following table details the aggregate distributions declared for Class S and Class I common shares for the nine months ended September 30, 2024: Class S Common Shares Class I Common Shares (1) Aggregate gross distributions declared per common share $ 1.1628 $ 1.1628 Shareholder servicing fee per common share 0.1275 - Net distributions declared per common share $ 1.0353 $ 1.1628 (1) There is no shareholder servicing fee with respect Class I shares. Refer to Note 11 — “Related Party Transactions” below for further information on shareholder servicing fees.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	10. Fair Value GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We measure the fair value of our loans receivable and loans payable using a discounted cash flow analysis unless observable market data is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of loans receivable and loans payable valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. We measure the fair value of our foreign currency forward contracts by utilizing the foreign exchange forward curve, the yields on applicable government debt, and the counterparty credit risk. The most significant of these inputs relates to the foreign exchange forward curve and the yields on the applicable government debt, which are observable. Thus, we have determined that the fair values of the foreign currency forward contracts should be classified in Level II of the fair value hierarchy. Fair Value Disclosure The following table presents our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy (amounts in thousands): September 30, 2024 December 31, 2023 Level I Level II Level III Level I Level II Level III Financial Assets: Loans receivable, at fair value - - $ 805,444 - - $ 158,288 Total - - $ 805,444 - - $ 158,288 Financial Liabilities: Loans payable, at fair value - - $ ( 614,002 ) - - $ ( 120,196 ) Derivative instrument liabilities, at fair value - $ ( 2,102 ) - - - - Total - $ ( 2,102 ) $ ( 614,002 ) - - $ ( 120,196 ) The following table shows a reconciliation of the beginning and ending fair value measurements of our loans receivable for the nine months ended September 30, 2024 (amounts in thousands): Balance as of December 31, 2023 $ 158,288 Loan originations and fundings 639,537 Unrealized loss on loans receivable, net of foreign currency translation 7,619 Balance as of September 30, 2024 $ 805,444 The following table shows a reconciliation of the beginning and ending fair value measurements of our loans payable for the nine months ended September 30, 2024 (amounts in thousands): Balance as of December 31, 2023 $ ( 120,196 ) Borrowings under repurchase agreements ( 627,508 ) Repayments under repurchase agreements 142,250 Gain on loans payable, net of foreign currency translation ( 8,548 ) Balance as of September 30, 2024 $ ( 614,002 ) The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Financial Assets: Loans receivable, at fair value $ 805,444 Discounted cash flow Discount Rate 8.23 % Financial Liabilities: Loans payable, at fair value $ ( 614,002 ) Discounted cash flow Discount Rate 7.16 % December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Financial Assets: Loans receivable, at fair value $ 158,288 Discounted cash flow Discount Rate 9.06 % Financial Liabilities: Loans payable, at fair value $ ( 120,196 ) Discounted cash flow Discount Rate 7.97 %

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions The Company entered into an advisory agreement (the “Advisory Agreement”) with the Advisor. Pursuant to the Advisory Agreement, the Advisor is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, origination, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of trustees. Management and Performance Fee As compensation for its services provided pursuant to the Advisory Agreement, the Advisor will be paid a management fee (the “Management Fee”) equal to 1.25 % of NAV per annum for the outstanding Class T shares, Class S shares, Class D shares, and Class I shares, payable monthly in arrears. The Company does not pay the Advisor the Management Fee with respect to the Class E shares. In calculating the Management Fee, we will use our NAV before giving effect to accruals for the Management Fee, Performance Fee, shareholder servicing fees or distributions payable on our common shares. The Management Fee may be paid, at the Advisor’s election, in cash, Class I shares or Class E shares, or any combination thereof. To the extent that the Advisor elects to receive any portion of the Management Fee in Class I shares or Class E shares, we may repurchase such Class I shares or Class E shares from the Advisor at a later date. Our Class I shares or Class E shares obtained by the Advisor will not be subject to our share repurchase plan, including the repurchase limits and any Early Repurchase Deduction. The Advisor agreed to waive its Management Fee for the first three months following the initial closing of our continuous private offering (the period through February 29, 2024), and accordingly, no management fee was earned during the year ended December 31, 2023. During the three and nine month periods ended September 30, 2024 , Management Fees earned by the Advisor were $ 0.5 million and $ 0.9 million , respectively. The Advisor may be entitled to receive a performance fee (the “ Performance Fee”) which is accrued monthly and payable quarterly (or part thereof that the Advisory Agreement is in effect) in arrears. The Performance Fee will be an amount, not less than zero, equal to (i) 12.5 % of the cumulative Core Earnings (as defined in the Advisory Agreement) for the immediately preceding four calendar quarters (each such period, a “4-Quarter Performance Measurement Period”), subject to a hurdle rate, expressed as an annual rate of return on average adjusted capital, equal to 5.0 % (the “Annual Hurdle Rate”), minus (ii) the sum of any performance fees paid to the Advisor with respect to the first three calendar quarters in the applicable 4-Quarter Performance Measurement Period. For purposes of the Performance Fee, “adjusted capital” means cumulative net proceeds generated from sales of our Class T shares, Class S shares, Class D shares and Class I shares (including proceeds from the DRIP) reduced for distributions from dispositions of our investments paid to Class T, Class S, Class D and Class I shareholders and amounts paid to Class T, Class S, Class D and Class I shareholders for share repurchases pursuant to our share repurchase plan. The Advisor will not earn a Performance Fee for any calendar quarter until our Core Earnings for the applicable 4-Quarter Performance Measurement Period exceeds the Annual Hurdle Rate. Once our Core Earnings exceed the Annual Hurdle Rate, the Advisor is entitled to a “catch-up” fee equal to the amount of Core Earnings in excess of the Annual Hurdle Rate until our Core Earnings for the applicable 4-Quarter Performance Measurement Period exceed a percentage of average adjusted capital equal to the Annual Hurdle Rate divided by 0.875 (or 1 minus 0.125) for the applicable 4-Quarter Performance Measurement Period. Thereafter, the Advisor is entitled to receive 12.5 % of our Core Earnings. Proportional calculation methodologies to be applied prior to the completion of four full calendar quarters are defined in the Advisory Agreement. The Performance Fee may be paid, at the Advisor’s election, in cash, Class I shares or Class E shares, or any combination thereof. The Company does not pay the Advisor a Performance Fee on Class E shares. To the extent that the Advisor elects to receive any portion of the Performance Fee in Class I shares or Class E shares, we may repurchase such Class I shares or Class E shares from the Advisor at a later date. Our Class I shares or Class E shares obtained by the Advisor will not be subject to our share repurchase plan, including the repurchase limits and any Early Repurchase Deduction. During the three and nine month periods ended September 30, 2024, the Advisor earned Performance Fees of $ 0.6 million and $ 0.7 million , respectively. The Advisor has elected to receive all Performance Fees earned in Class E shares. During the year ended, December 31, 2023, no Performance Fee was earned. Due to Advisor The Company may retain certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or its operations, which may include capital markets services, restructuring services, valuation services, underwriting and diligence services, and special servicing, as well as services related to mortgage servicing, group purchasing, consulting/brokerage, capital markets/credit origination, loan servicing and asset management, property, title and other types of insurance, management consulting and other similar operational and investment matters. The following table details the components of Due to Advisor as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Accrued operating expenses $ 2,338 $ 893 Accrued organization expenses 666 888 Accrued offering costs 2,333 2,294 Accrued management fees 165 - Accrued performance fees 560 - Total $ 6,062 $ 4,075 Accrued operating costs The Advisor has agreed to advance certain of the Company’s operating expenses through the first anniversary of the date of the initial closing of the continuous private offering (December 1, 2024). The Advisor had incurred operating costs on the Company’s behalf of $ 2.3 million and $ 0.9 million , as of September 30, 2024 and December 31, 2023, respectively. On October 16, 2024, the Company and the Advisor entered into Amendment No. 1 to the Advisory Agreement (the “Amendment”), which amends, among other things, the provisions of the Agreement related to the reimbursement by the Company to the Advisor of the organization and offering expenses and certain operating expenses. Pursuant to the Amendment, the Advisor agreed for the Company’s benefit that the Advisor shall be reimbursed for all such advanced operating expenses ratably over a 60 -month period commencing in January 2026. Operating expenses incurred after the first anniversary of the initial closing of its private offering will be paid by the Company as incurred. Accrued organization and offering costs The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and shareholder servicing fees) through the first anniversary of the date of the initial closing of the continuous private offering (December 1, 2024). The Advisor had incurred organization and offering costs on the Company’s behalf of $ 3.0 million , consisting of offering costs of $ 2.3 million and organization costs of $ 0.7 million , and $ 3.2 million , consisting of offering costs of $ 2.3 million and organization costs of $ 0.9 million , as of September 30, 2024 and December 31, 2023, respectively. The organization costs are recorded on the condensed consolidated statement of operations and the offering costs are charged to equity. Pursuant to Amendment, the Advisor agreed for the Company’s benefit that the Advisor shall be reimbursed for all such advanced organization and offering expenses ratably over a 60 -month period commencing in January 2026. Accrued Shareholder Servicing Fees The Company entered into a deal manager agreement (the "Dealer Manager Agreement") with Starwood Capital L.L.C. (the "Dealer Manager"), on October 31, 2023. The Dealer Manager is entitled to receive shareholder servicing fees of 0.85 % per annum of the aggregate NAV for Class T shares and Class S shares. For Class T shares such shareholder servicing fee includes an advisor shareholder servicing fee of 0.65 % per annum, and a dealer shareholder servicing fee of 0.20 % per annum, of the aggregate NAV for the Class T shares. However, with respect to Class T shares sold through certain participating broker-dealers, the advisor shareholder servicing fee and the dealer shareholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85 % per annum of the NAV of such shares. The Class D shares will incur a shareholder servicing fee equal to 0.25 % per annum of the aggregate NAV for the Class D shares. The Dealer Manager anticipates that substantially all of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers. For the nine months ended September 30, 2024 and the year ended December 31, 2023, the Dealer Manager did not retain any shareholder servicing fees. The Company accrues the estimated amount of the future shareholder servicing fees payable to the Dealer Manager for Class T, Class S, and Class D shares based on the estimated hold period of those shares. Accrued shareholder servicing fees were $ 6.9 million and $ 0.4 million as of September 30, 2024 , and December 31, 2023, respectively.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	12. Net Income Per Share Net income per common share for the three months ended September 30, 2024, is computed as follows (in thousands, except for share and per share data): Basic: Net income attributable to Starwood Credit Real Estate Income Trust $ 3,404 Weighted-average common shares outstanding, basic 9,168,764 Basic net income per common share $ 0.37 Diluted: Net income attributable to Starwood Credit Real Estate Income Trust $ 3,404 Weighted-average common shares outstanding, diluted (1) 9,170,895 Diluted net income per common share $ 0.37 Net income per common share for the nine months ended September 30, 2024, is computed as follows (in thousands, except for share and per share data): Basic: Net income attributable to Starwood Credit Real Estate Income Trust $ 5,973 Weighted-average common shares outstanding, basic 6,714,773 Basic net income per common share $ 0.89 Diluted: Net income attributable to Starwood Credit Real Estate Income Trust $ 5,973 Weighted-average common shares outstanding, diluted (1) 6,716,161 Diluted net income per common share $ 0.89 (1) Diluted earnings per share takes into account the effect of dilutive instruments, such as unvested stock awards. As of September 30, 2024 , 3,002 unvested shares were outstanding.

Economic Dependency

Economic Dependency	9 Months Ended
	Sep. 30, 2024
Economic Dependency [Abstract]
Economic Dependency	Economic Dependency The Company will be dependent on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s common shares, origination, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Deferral of Reimbursement to Advisor and Temporary Waiver of Management Fees On October 16, 2024, the Board of Trustees approved the Amendment, which amends the provisions of the Advisory Agreement related to the waiver of the management fee and reimbursement by the Company to the Advisor of the Company’s organization and offering expenses and certain of the Company’s operating expenses that had been advanced by the Advisor through the first anniversary of the initial closing of the continuous private offering (the “Advanced Expenses”). Pursuant to the Amendment, the Advisor agreed to (i) be reimbursed by the Company for the Advanced Expenses in 60 equal monthly installments commencing January 1, 2026, (ii) an additional waiver of its management fee beginning on January 1, 2025 and continuing until the earlier of (x) July 1, 2026 and (y) the six months following the month in which the Company’s cumulative gross proceeds generated from sales of Class T shares, Class S shares, Class D shares and Class I shares (excluding proceeds from (i) Distribution Reinvestment Plan and (ii) any investment from Strategic Investors (as defined in the Amendment)) exceeds $ 300,000,000 (measured from and including subscriptions in January 2025). Private Offering Subsequent to September 30, 2024 through the date hereof, the Company issued the following shares (in thousands, except for share amounts): Shares Gross Proceeds Class S Common Shares 227,662 4,645 Class I Common Shares 183,039 3,668 Class E Common Shares - - Total 410,701 $ 8,313 Subsequent to September 30, 2024 through the date hereof, the Company also issued the following shares under the DRIP (in thousands, except for share amounts): Shares Gross Proceeds Class S Common Shares 35,097 $ 704 Class I Common Shares 22,522 451 Class E Common Shares 209 4 Total 57,828 $ 1,159

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All intercompany balances and transactions have been eliminated in consolidation. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC.
Fair Value Option	Fair Value Option The Company has elected the fair value option for certain eligible financial assets and liabilities including CRE loans, infrastructure loans, real estate securities and liabilities associated with borrowing facilities. These financial assets and liabilities for which the Company has elected the fair value option are recorded in Loans receivable, at fair value and Loans payable, at fair value on the condensed consolidated balance sheets. The fair value elections were made to create a more direct alignment between the Company’s financial reporting and the calculation of net asset values per share used to determine the prices at which investors can purchase and redeem shares of the Company’s common shares (including redeemable common shares) of beneficial interest, par value $ 0.01 per share (“common shares”). The decision to elect the fair value option is determined on an instrument-by-instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately on the Company’s condensed consolidated balance sheet from those instruments using another accounting method. The Company’s fair value option elections will be made in accordance with the guidance in Accounting Standards Codification (“ASC”) 825, Financial Instruments (“ASC 825”) that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. In the cases of loans and securities investments for which the fair value option is elected, loan origination fees and costs related to the origination or acquisition of the instrument should be immediately recognized in earnings on the condensed consolidated statements of operations within Other revenue. In the cases of debt facilities for which the fair value option is elected, financing fees related to the debt should be immediately recognized as an expense on the condensed consolidated statements of operations within Financing fees. Unrealized gains and losses on assets and liabilities for which the fair value option has been elected are also reported in earnings without deferral. This is because under the fair value option, a lender reports the instrument at its exit price (i.e., the price that would be received to sell the instrument in an orderly transaction), which reflects the market’s assessment of the instrument’s cash flows and risks and does not include any entity-specific costs or fees.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2023. Since the Company has elected to be taxed as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes 90 % of its taxable income to its shareholders. REITs are subject to a number of other organizational and operational requirements. Even though the Company has elected to be taxed as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Share-based Payments	Share-based Payments The Company recognizes the cost of share-based compensation and payment transactions in the financial statements using the same expense category as would be charged for payments in cash. The fair value of the awards granted to the Company’s independent trustees is recorded to expense on a straight-line basis over the vesting period for the entire award, with an offsetting increase in shareholders’ equity. For grants to trustees, the fair value is determined based upon the NAV on the grant date. On December 1, 2023, the Company granted 3,002 restricted Class E shares to its independent trustees with a fair value of $ 60,040, based on the NAV per share as of December 1, 2023, that vest one year from the date of grant. For the three and nine months ended September 30, 2024 , the Company recognized compensation expenses of $ 15,010 and $ 45,030 , respectively. None of the shares granted to the trustees have vested as of September 30, 2024. The Performance Fee (as defined below) may be paid, at the Advisor’s election, in cash, Class I shares or Class E shares, or any combination thereof. During the three and nine month periods ending September 30, 2024, the Advisor earned $ 0.6 million and $ 0.7 million of performance fees, respectively. T he Advisor elected to receive all Performance Fee compensation in the form of 27,448 and 33,790 Class E shares for fees incurred during the three and nine month periods ending September 30, 2024, respectively, which were issued to the Advisor in April and October 2024. The Class E shares issued to the Advisor as payment for Performance Fees due are recorded as an increase to shareholders’ equity with an offsetting decrease to performance fees payable (Due to Advisor) on the date of the delivery of the shares. As discussed in Note 8 – “Redeemable Common Shares” , the Class E shares are classified in temporary equity and presented as Redeemable common shares on the Company’s condensed consolidated balance sheets at values adjusted to equal what the redemption amount would be as if redemption were to occur at the relevant reporting date. No Performance Fee was earned by the Advisor for the period ended December 31, 2023.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash investments, single asset commercial mortgage-backed securities (“CMBS”), loan investments and interest receivable. The Company may place cash investments in excess of insured amounts with high quality financial institutions. The Company performs ongoing analysis of credit risk concentrations in its investment portfolio by evaluating exposure to various markets, underlying property types, term, tenant mix and other credit metrics. As of September 30, 2024, the Company's assets included multiple CRE loans and an investment in a loan participation denominated in Pound Sterling (“GBP”). Refer to Note 3- “ Investment in Loans Receivable ” for additional information.
Derivative Financial Instruments and Hedge Activities	Derivative Financial Instruments and Hedge Activities The Company enters into derivative financial instruments, specifically foreign currency forward contracts, to mitigate exposure from certain foreign currency risk. The Company accounts for derivative financial instruments in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). This guidance establishes accounting and reporting standards for derivative financial instruments and requires all derivatives to be recognized as either assets or liabilities on the balance sheet and to be measured at fair value. Unrealized derivative gain positions are recorded as derivative assets on the condensed consolidated balance sheets, and unrealized derivative loss positions are recorded as derivative liabilities on the condensed consolidated balance sheets. No derivatives were designated as formal hedging relationships, but rather are considered economic hedges. For derivatives not designated as hedges, adjustments to reflect changes in the fair value of the derivatives are included in earnings in Gain (loss) on derivative financial instruments on the condensed consolidated statements of operations. The Company classifies cash flows related to the non-designated derivatives in either operating or investing activities on the condensed consolidated statement of cash flows depending on the nature of the cash flow activity. See Note 7- “ Derivatives and Hedging Activity ” , for further details.
Foreign Currency	Foreign Currency The Company’s functional currency is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using foreign currency exchange rates at the end of the reporting period. Income and expenses are translated at the average exchange rates for each reporting period. Gains and losses from translation of foreign currency denominated transactions into U.S. dollars are included in current results of operations. Gains and losses resulting from foreign currency transactions are also included in current results of operations. The effects of translating the assets, liabilities and income of the Company’s foreign investments held by entities with functional currencies other than the U.S. dollar are included in the Company’s condensed consolidated statements of operations. Aggregate foreign currency transaction gains included in operations totaled $ 2.1 million and $ 2.7 million for the three and nine months ended September 30, 2024 , respectively. These amounts are recorded as a component of Gains (losses) from operations and financing in the Company’s condensed consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for our fiscal year ending December 31, 2024 and interim quarters beginning in 2025, with early adoption permitted. It must be retrospectively applied to all prior periods presented. We do not expect this ASU will have a material impact on the Company. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which improves income tax disclosures by primarily requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for our fiscal year ending December 31, 2025, with early adoption permitted. It is to be applied on a prospective basis, with retrospective application permitted. We do not expect this ASU will have a material impact on the Company’s income tax disclosures.

Investment in Loans Receivable

Investment in Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule of Loans Held for Investment Portfolio	As of September 30, 2024, the Company's held for investment loan portfolio was as follows (amounts in thousands): Description Location Origination Date Weighted Average Interest Rate (1) Loan Amount (2) Principal Balance Outstanding Fair Value Payment Terms Maximum Maturity Date (3) Industrial Nashville, TN & Atlanta, GA 9/12/2024 7.95 % $ 188,326 $ 181,178 $ 179,303 Monthly; I/O 10/29/2029 Multifamily Berkeley, CA 8/7/2024 7.95 % 88,000 88,000 87,404 Monthly; I/O 8/7/2029 Self-Storage Various, United States 8/1/2024 8.50 % 78,209 65,834 65,124 Monthly; I/O 8/1/2029 Multifamily New York, NY 6/27/2024 8.51 % 20,000 20,000 19,833 Monthly; I/O 6/27/2026 Industrial Various, United Kingdom 4/25/2024 (4) 7.86 % 200,625 200,625 198,879 Quarterly; I/O 4/25/2026 Multifamily Houston, TX 2/9/2024 8.48 % 96,300 93,800 93,191 Monthly; I/O 2/11/2030 Multifamily Hayward, CA 11/30/2023 8.54 % 185,050 163,082 161,710 Monthly; I/O 12/9/2028 $ 856,510 $ 812,519 $ 805,444 As of December 31, 2023, the Company's held for investment loan portfolio was as follows (amounts in thousands): Description Location Origination Date Weighted Average Interest Rate (1) Loan Amount (2) Principal Balance Outstanding Fair Value Payment Terms Maximum Maturity Date (3) Multifamily Hayward, CA 11/30/2023 8.60 % $ 185,050 $ 160,000 $ 158,288 Monthly; I/O 12/9/2028 $ 185,050 $ 160,000 $ 158,288 (1) Represents the weighted average interest rate for each loan as of period end. With the exception of the industrial loan asset collateralized by properties in various locations in the United Kingdom, loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. The industrial loan asset collateralized by properties in the United Kingdom earns interest based on the Secured Overnight Index Average (“SONIA”) plus a spread. (2) Loan amounts consist of outstanding principal balance plus unfunded loan commitments for each loan. (3) Maximum maturity date assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to satisfaction of certain predefined conditions as defined in the respective loan agreements. (4) Reflects the acquisition date of the loan participation.

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Securities	The following table presents the value of loans payable as of the period ended September 30, 2024 (amounts in thousands): Description Weighted Average Interest Rate (5) Maximum Facility Size Available Capacity Debt Amount Outstanding Fair Value of Debt Fair Value of Collateral Current Maturity Date Maximum Maturity Date Citibank Repurchase Agreement (1) 7.44 % $ 600,000 $ 399,500 $ 200,500 $ 200,132 $ 254,901 6/21/2026 6/21/2029 MS International Repurchase Agreement (2) 6.80 % 200,625 40,125 160,500 160,163 198,879 2/15/2029 2/15/2029 WF Repurchase Agreement (3) 7.26 % 250,000 52,058 197,942 196,866 264,260 6/21/2026 6/21/2029 MS US Repurchase Agreement (4) 7.09 % 200,000 142,750 57,250 56,841 87,404 7/25/2027 7/25/2029 $ 1,250,625 $ 634,433 $ 616,192 $ 614,002 $ 805,444 The following table presents the value of loans payable as of the period ended December 31, 2023 (amounts in thousands): Description Weighted Average Interest Rate (4) Maximum Facility Size Available Capacity Debt Amount Outstanding Fair Value of Debt Fair Value of Collateral Current Maturity Date Maximum Maturity Date Citibank Repurchase Agreement (1) 7.61 % $ 250,000 $ 129,500 $ 120,500 $ 120,196 $ 158,288 12/14/2025 12/14/2028 $ 250,000 $ 129,500 $ 120,500 $ 120,196 $ 158,288 (1) On June 21, 2024, the Company entered into an amended Master Repurchase Agreement (as amended and together with the related transaction documents, the “Citibank Repurchase Agreement”) with Citibank, N.A. (“Citibank”) to finance the acquisition and origination by the Company of eligible loans as more particularly described in the Citibank Repurchase Agreement. As a result of the amendment, the Citibank Repurchase Agreement provides for asset purchases of up to $ 600.0 million (reflecting an increase from the previous $ 250.0 million limit) by Citibank. In addition, the initial maturity date of the Citibank Facility was extended to June 21, 2026 (from December 14, 2025) and the commencement dates of each of the three one-year extension option periods were rescheduled to the respective anniversary dates of the initial maturity date. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the Citibank Repurchase Agreement . (2) On April 23, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-International Repurchase Agreement”), with Morgan Stanley Bank, N.A. (“Morgan Stanley”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-International Repurchase Agreement. The borrowing facility is subject to one or more one-year extension options at the option of Morgan Stanley. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants. Interest is paid quarterly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-International Repurchase Agreement. (3) On June 21, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “WF Repurchase Agreement”), with Wells Fargo Bank, N.A. (“Wells Fargo”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the WF Repurchase Agreement. The initial maturity date is June 21, 2026. The borrowing facility has up to three one-year extension options. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the WF Repurchase Agreement. (4) On July 25, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-US Repurchase Agreement”), with Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”), as administrative agent for Morgan Stanley, as a buyer, to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-US Repurchase Agreement. The MS-US Repurchase Agreement provides for asset purchases by MSMCH on behalf of Morgan Stanley of up to $ 200.0 million with the ability to increase to $ 250.0 million as more particularly described therein (the “MS-US Facility”). The maturity date of the MS-US Facility is July 25, 2027, subject to a one (1) year extension at the Company’s option and, if such option is exercised, another one (1) year extension at the Company’s request subject to the consent of MSMCH, in each case, subject to satisfaction of certain customary conditions. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-US Repurchase Agreement. (5) Represents the weighted average interest rate as of period end. With the exception of MS-International Repurchase Agreement, borrowings under our repurchase agreements carry interest at one-month Term SOFR plus a spread. Borrowings under MS-International Repurchase Agreement carry interest based on the SONIA plus a spread.

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Summary of Components of Accrued Expenses and Other Liabilities	The following table summarizes the components of accrued expenses and other liabilities (amounts in thousands): September 30, 2024 December 31, 2023 Deposit liability $ - $ 125 Trustee compensation payable 45 15 Unearned revenue 320 - Other 1 - Total accrued expenses and other liabilities $ 366 $ 140

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Non-designated Derivatives	The following table summarizes our non-designated derivatives as of September 30, 2024 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Dates FX Contracts- Sell GBP 5 31,875 GBP December 2024 - June 2027 5
Schedule of Fair Value of Derivative Financial Instruments Classification on the Condensed Consolidated Balance Sheets	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (amounts in thousands): Fair Value of Derivatives in an Asset Position as of Fair Value of Derivatives in a Liability Position as of September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Foreign exchange contracts $ - $ - $ 2,102 $ - $ - $ - $ 2,102 $ -
Schedule of Effect of Derivative Financial Instruments on the Consolidated Statements of Operations	The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 (amounts in thousands): Amount of Gain (Loss) Recognized in Income for the Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income Three months ended September 30, 2024 Nine months ended September 30, 2024 Foreign exchange contracts Unrealized loss on derivative instruments, net $ ( 1,628 ) $ ( 2,102 ) $ ( 1,628 ) $ ( 2,102 )

Redeemable Common Shares (Table

Redeemable Common Shares (Tables)	9 Months Ended
	Sep. 30, 2024
Class of Stock [Line Items]
Schedule of Outstanding Redeemable Common Shares	The following table details the movement of and proceeds received from the Company’s outstanding common shares during the three months ended September 30, 2024 (amounts in thousands except share amounts): Class S Common Shares Class I Common Shares Total Shares outstanding as of June 30, 2024 3,830,460 2,729,599 6,560,059 Common shares issued 769,503 548,348 1,317,851 DRIP shares issued 44,729 31,678 76,407 Shares outstanding as of September 30, 2024 4,644,692 3,309,625 7,954,317 Proceeds from issuance of common shares $ 16,317 $ 11,620 $ 27,936 The following table details the movement of and proceeds received from the Company’s outstanding common shares during the nine months ended September 30, 2024 (amounts in thousands except share amounts): Class S Common Shares Class I Common Shares Total Shares outstanding as of December 31, 2023 259,750 67,050 326,800 Common shares issued 4,299,507 3,189,358 7,488,865 DRIP shares issued 85,435 53,217 138,652 Shares outstanding as of September 30, 2024 4,644,692 3,309,625 7,954,317 Proceeds from issuance of common shares $ 88,542 $ 64,945 $ 153,487
Schedule of Distributions Declared	The following table details the aggregate distributions declared for Class S and Class I common shares for the three months ended September 30, 2024: Class S Common Shares Class I Common Shares (1) Aggregate gross distributions declared per common share $ 0.3876 $ 0.3876 Shareholder servicing fee per common share 0.0428 - Net distributions declared per common share $ 0.3448 $ 0.3876 The following table details the aggregate distributions declared for Class S and Class I common shares for the nine months ended September 30, 2024: Class S Common Shares Class I Common Shares (1) Aggregate gross distributions declared per common share $ 1.1628 $ 1.1628 Shareholder servicing fee per common share 0.1275 - Net distributions declared per common share $ 1.0353 $ 1.1628 (1) There is no shareholder servicing fee with respect Class I shares. Refer to Note 11 — “Related Party Transactions” below for further information on shareholder servicing fees.
Redeemable Common Shares
Class of Stock [Line Items]
Schedule of Outstanding Redeemable Common Shares	The following table details the movement of and proceeds received from the Company’s outstanding redeemable common shares during the three months ended September 30, 2024 (amounts in thousands except share amounts): Redeemable Common Shares Shares outstanding as of June 30, 2024 1,634,933 Redeemable common shares issued - Redeemable common shares issued as performance fee compensation - DRIP shares issued 310 Shares outstanding as of September 30, 2024 1,635,243 Proceeds from issuance of redeemable common shares $ 6 The following table details the movement of and proceeds received from the Company’s outstanding redeemable common shares during the nine months ended September 30, 2024 (amounts in thousands except share amounts): Redeemable Common Shares Shares outstanding as of December 31, 2023 1,603,050 Redeemable common shares issued 24,934 Redeemable common shares issued as performance fee compensation 6,342 DRIP shares issued 917 Shares outstanding as of September 30, 2024 1,635,243 Proceeds from issuance of redeemable common shares $ 518 The following table details the movement of and proceeds received from the Company’s outstanding redeemable common shares during the period from July 14, 2023 (date of initial capitalization) through September 30, 2023 (amounts in thousands except share amounts): Redeemable Common Shares Shares outstanding as of July 14, 2023 (date of initial capitalization) - Redeemable common shares issued 50 Redeemable common shares issued as performance fee compensation - DRIP shares issued - Shares outstanding as of September 30, 2023 50 Proceeds from issuance of redeemable common shares $ 1
Schedule of Distributions Declared	The following table details the aggregate distributions declared for redeemable common shares for the three months ended September 30, 2024: Redeemable Common Shares Aggregate gross distributions declared per common share $ 0.3876 Shareholder servicing fee per common share (1) - Net distributions declared per common share $ 0.3876 The following table details the aggregate distributions declared for redeemable common shares for the nine months ended September 30, 2024: Redeemable Common Shares Aggregate gross distributions declared per common share $ 1.1628 Shareholder servicing fee per common share (1) - Net distributions declared per common share $ 1.1628 (1) There is no shareholder servicing fee with respect Class E shares. Refer to Note 11 — “Related Party Transactions” below for further information on shareholder servicing fees.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Outstanding Redeemable Common Shares	The following table details the movement of and proceeds received from the Company’s outstanding common shares during the three months ended September 30, 2024 (amounts in thousands except share amounts): Class S Common Shares Class I Common Shares Total Shares outstanding as of June 30, 2024 3,830,460 2,729,599 6,560,059 Common shares issued 769,503 548,348 1,317,851 DRIP shares issued 44,729 31,678 76,407 Shares outstanding as of September 30, 2024 4,644,692 3,309,625 7,954,317 Proceeds from issuance of common shares $ 16,317 $ 11,620 $ 27,936 The following table details the movement of and proceeds received from the Company’s outstanding common shares during the nine months ended September 30, 2024 (amounts in thousands except share amounts): Class S Common Shares Class I Common Shares Total Shares outstanding as of December 31, 2023 259,750 67,050 326,800 Common shares issued 4,299,507 3,189,358 7,488,865 DRIP shares issued 85,435 53,217 138,652 Shares outstanding as of September 30, 2024 4,644,692 3,309,625 7,954,317 Proceeds from issuance of common shares $ 88,542 $ 64,945 $ 153,487
Schedule of Distributions Declared	The following table details the aggregate distributions declared for Class S and Class I common shares for the three months ended September 30, 2024: Class S Common Shares Class I Common Shares (1) Aggregate gross distributions declared per common share $ 0.3876 $ 0.3876 Shareholder servicing fee per common share 0.0428 - Net distributions declared per common share $ 0.3448 $ 0.3876 The following table details the aggregate distributions declared for Class S and Class I common shares for the nine months ended September 30, 2024: Class S Common Shares Class I Common Shares (1) Aggregate gross distributions declared per common share $ 1.1628 $ 1.1628 Shareholder servicing fee per common share 0.1275 - Net distributions declared per common share $ 1.0353 $ 1.1628 (1) There is no shareholder servicing fee with respect Class I shares. Refer to Note 11 — “Related Party Transactions” below for further information on shareholder servicing fees.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities on a Recurring Basis	The following table presents our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy (amounts in thousands): September 30, 2024 December 31, 2023 Level I Level II Level III Level I Level II Level III Financial Assets: Loans receivable, at fair value - - $ 805,444 - - $ 158,288 Total - - $ 805,444 - - $ 158,288 Financial Liabilities: Loans payable, at fair value - - $ ( 614,002 ) - - $ ( 120,196 ) Derivative instrument liabilities, at fair value - $ ( 2,102 ) - - - - Total - $ ( 2,102 ) $ ( 614,002 ) - - $ ( 120,196 )
Schedule of Fair Value Measurements of Loans Receivable	The following table shows a reconciliation of the beginning and ending fair value measurements of our loans receivable for the nine months ended September 30, 2024 (amounts in thousands): Balance as of December 31, 2023 $ 158,288 Loan originations and fundings 639,537 Unrealized loss on loans receivable, net of foreign currency translation 7,619 Balance as of September 30, 2024 $ 805,444
Schedule of Fair Value Measurements of Loans Payable	The following table shows a reconciliation of the beginning and ending fair value measurements of our loans payable for the nine months ended September 30, 2024 (amounts in thousands): Balance as of December 31, 2023 $ ( 120,196 ) Borrowings under repurchase agreements ( 627,508 ) Repayments under repurchase agreements 142,250 Gain on loans payable, net of foreign currency translation ( 8,548 ) Balance as of September 30, 2024 $ ( 614,002 )
Schedule of Quantitative Inputs and Assumptions used for Items Categorized in Level 3 of Fair Value	The following tables contain the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 Fair Value Valuation Technique Unobservable Inputs Weighted Average Financial Assets: Loans receivable, at fair value $ 805,444 Discounted cash flow Discount Rate 8.23 % Financial Liabilities: Loans payable, at fair value $ ( 614,002 ) Discounted cash flow Discount Rate 7.16 % December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Weighted Average Financial Assets: Loans receivable, at fair value $ 158,288 Discounted cash flow Discount Rate 9.06 % Financial Liabilities: Loans payable, at fair value $ ( 120,196 ) Discounted cash flow Discount Rate 7.97 %

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Components of Due to Advisor	Due to Advisor The Company may retain certain of the Advisor’s affiliates, from time to time, for services relating to the Company’s investments or its operations, which may include capital markets services, restructuring services, valuation services, underwriting and diligence services, and special servicing, as well as services related to mortgage servicing, group purchasing, consulting/brokerage, capital markets/credit origination, loan servicing and asset management, property, title and other types of insurance, management consulting and other similar operational and investment matters. The following table details the components of Due to Advisor as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Accrued operating expenses $ 2,338 $ 893 Accrued organization expenses 666 888 Accrued offering costs 2,333 2,294 Accrued management fees 165 - Accrued performance fees 560 - Total $ 6,062 $ 4,075

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Income Per Common Share	Net income per common share for the three months ended September 30, 2024, is computed as follows (in thousands, except for share and per share data): Basic: Net income attributable to Starwood Credit Real Estate Income Trust $ 3,404 Weighted-average common shares outstanding, basic 9,168,764 Basic net income per common share $ 0.37 Diluted: Net income attributable to Starwood Credit Real Estate Income Trust $ 3,404 Weighted-average common shares outstanding, diluted (1) 9,170,895 Diluted net income per common share $ 0.37 Net income per common share for the nine months ended September 30, 2024, is computed as follows (in thousands, except for share and per share data): Basic: Net income attributable to Starwood Credit Real Estate Income Trust $ 5,973 Weighted-average common shares outstanding, basic 6,714,773 Basic net income per common share $ 0.89 Diluted: Net income attributable to Starwood Credit Real Estate Income Trust $ 5,973 Weighted-average common shares outstanding, diluted (1) 6,716,161 Diluted net income per common share $ 0.89 (1) Diluted earnings per share takes into account the effect of dilutive instruments, such as unvested stock awards. As of September 30, 2024 , 3,002 unvested shares were outstanding.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2024
Subsequent Event [Line Items]
Schedule of Shares Issued	Subsequent to September 30, 2024 through the date hereof, the Company issued the following shares (in thousands, except for share amounts): Shares Gross Proceeds Class S Common Shares 227,662 4,645 Class I Common Shares 183,039 3,668 Class E Common Shares - - Total 410,701 $ 8,313
DRIP [Member]
Subsequent Event [Line Items]
Schedule of Shares Issued	Subsequent to September 30, 2024 through the date hereof, the Company also issued the following shares under the DRIP (in thousands, except for share amounts): Shares Gross Proceeds Class S Common Shares 35,097 $ 704 Class I Common Shares 22,522 451 Class E Common Shares 209 4 Total 57,828 $ 1,159

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Jul. 14, 2023
Common shares, par value	$ 0.01		$ 0.01		$ 0.01
General and administrative expenses	$ 86,000	$ 0	$ 216,000
Minimum REIT distribution percentage	90%		90%
Gains on foreign currency transaction	$ 2,144,000	$ 0	$ 2,708,000
Advisor [Member]
Organization costs	700,000		$ 700,000	$ 900,000
Class E Common Shares [Member]
Number of shares granted			3,002
Class E Common Shares [Member] | Advisor [Member]
Advisor payment for performance fees	$ 600,000		$ 700,000	$ 0
Advisor payment in form of shares	27,448		33,790
Class E Common Shares [Member] | Trustees [Member]
Number of shares granted			0
Class E Common Shares [Member] | Independent Trustees [Member]
Fair value based NAV per share			$ 60,040
Vesting period			1 year
Share-based compensation recognized cost	$ 15,010		$ 45,030

Investment in Loans Receivabl_2

Investment in Loans Receivable - Schedule of Loans Held for Investment Portfolio (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Dec. 31, 2023	Sep. 12, 2024	Aug. 07, 2024	Aug. 01, 2024	Feb. 09, 2024	Nov. 30, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount	[1]	$ 856,510	$ 185,050
Principal Balance Outstanding		812,519	160,000
Fair Value		$ 805,444	$ 158,288
Industrial, Nashville, TN & Atlanta, GA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount				$ 188,300
Principal Balance Outstanding				$ 181,200
Industrial, Nashville, TN & Atlanta, GA [Member] | Individually Specific Mortgage Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Origination Date		Sep. 12, 2024
Weighted Average Interest Rate	[2]	7.95%
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Loan Amount	[1]	$ 188,326
Principal Balance Outstanding		181,178
Fair Value		$ 179,303
Payment Terms		Monthly; I/O
Maturity Date	[3]	Oct. 29, 2029
Multifamily, Berkeley, CA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount					$ 88,000
Multifamily, Berkeley, CA [Member] | Individually Specific Mortgage Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Origination Date		Aug. 07, 2024
Weighted Average Interest Rate	[2]	7.95%
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Loan Amount	[1]	$ 88,000
Principal Balance Outstanding		88,000
Fair Value		$ 87,404
Payment Terms		Monthly; I/O
Maturity Date	[3]	Aug. 07, 2029
Self-Storage, Various, United States [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount						$ 78,200
Principal Balance Outstanding						$ 65,800
Self-Storage, Various, United States [Member] | Individually Specific Mortgage Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Origination Date		Aug. 01, 2024
Weighted Average Interest Rate	[2]	8.50%
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Loan Amount	[1]	$ 78,209
Principal Balance Outstanding		65,834
Fair Value		$ 65,124
Payment Terms		Monthly; I/O
Maturity Date	[3]	Aug. 01, 2029
Multifamily, New York, NY [Member] | Individually Specific Mortgage Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Origination Date		Jun. 27, 2024
Weighted Average Interest Rate	[2]	8.51%
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Loan Amount	[1]	$ 20,000
Principal Balance Outstanding		20,000
Fair Value		$ 19,833
Payment Terms		Monthly; I/O
Maturity Date	[3]	Jun. 27, 2026
Industrial, Various, United Kingdom [Member] | Individually Specific Mortgage Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Origination Date	[4]	Apr. 25, 2024
Weighted Average Interest Rate	[2]	7.86%
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Loan Amount	[1]	$ 200,625
Principal Balance Outstanding		200,625
Fair Value		$ 198,879
Payment Terms		Quarterly; I/O
Maturity Date	[3]	Apr. 25, 2026
Multifamily, Hayward, TX [Member] | Individually Specific Mortgage Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Origination Date		Feb. 09, 2024
Weighted Average Interest Rate	[2]	8.48%
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Loan Amount	[1]	$ 96,300
Principal Balance Outstanding		93,800
Fair Value		$ 93,191
Payment Terms		Monthly; I/O
Maturity Date	[3]	Feb. 11, 2030
Multifamily, Hayward, CA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount							$ 185,000
Principal Balance Outstanding								$ 160,000
Multifamily, Hayward, CA [Member] | Individually Specific Mortgage Loans [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Origination Date		Nov. 30, 2023	Nov. 30, 2023
Weighted Average Interest Rate	[2]	8.54%	8.60%
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Loan Amount	[1]	$ 185,050	$ 185,050
Principal Balance Outstanding		163,082	160,000
Fair Value		$ 161,710	$ 158,288
Payment Terms		Monthly; I/O	Monthly; I/O
Maturity Date	[3]	Dec. 09, 2028	Dec. 09, 2028
[1] Loan amounts consist of outstanding principal balance plus unfunded loan commitments for each loan. Represents the weighted average interest rate for each loan as of period end. With the exception of the industrial loan asset collateralized by properties in various locations in the United Kingdom, loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. The industrial loan asset collateralized by properties in the United Kingdom earns interest based on the Secured Overnight Index Average (“SONIA”) plus a spread. Maximum maturity date assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to satisfaction of certain predefined conditions as defined in the respective loan agreements. Reflects the acquisition date of the loan participation.

Investment in Loans Receivabl_3

Investment in Loans Receivable - Additional Information (Details) $ in Thousands, £ in Millions		Sep. 12, 2024 USD ($) IndustrialProperty	Aug. 07, 2024 USD ($) MultifamilyProperty Property	Aug. 01, 2024 USD ($)	Jun. 27, 2024 USD ($) MultifamilyProperty	Apr. 25, 2024 USD ($) ft² Logistic	Feb. 09, 2024 USD ($) Apartments	Nov. 30, 2023 USD ($) ft² MultifamilyProperty	Sep. 30, 2024 USD ($)	Apr. 25, 2024 GBP (£) ft²	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount	[1]								$ 856,510		$ 185,050
Investments | £										£ 150
Number of logistics | Logistic						312
Area Of land | ft²						19,000,000				19,000,000
Principal Balance Outstanding									812,519		$ 160,000
Mortgage loan term						2 years
Payment description						interest only payments are due on a quarterly basis with a balloon payment due at maturity
Mortgage loan, extension option						three one-year extension options
Industrial, Nashville, TN & Atlanta, GA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount		$ 188,300
Number of industrial properties | IndustrialProperty		21
Additional loan amount funded									0
Principal Balance Outstanding		$ 181,200
Mortgage loan term		3 years
Payment description		interest only and a balloon payment at maturity
Mortgage loan, extension option		two one-year extension options
Multifamily, Berkeley, CA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount			$ 88,000
Number of multifamily property unit | Property			5
Number of Units | MultifamilyProperty			179
Payment description			interest only and a balloon payment at maturity
Mortgage loan, extension option			two one-year extension options
Self-Storage, Various, United States [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount				$ 78,200
Additional loan amount funded									0
Principal Balance Outstanding				$ 65,800
Mortgage loan term				3 years
Mortgage loan, extension option				two one-year extension options
Multifamily, Hayward, CA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount							$ 185,000
Area Of land | ft²								83,000
Number of multifamily property unit | MultifamilyProperty								474
Additional advances to borrower									3,100
Principal Balance Outstanding								$ 160,000
Mortgage loan term								3 years
Payment description								interest only and a balloon payment at maturity
Mortgage loan, extension option								two one-year options
Mortgage loan future funding percentage								80%
Multifamily, Manhattan (New York), NY
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount					$ 20,000
Number of multifamily property unit | MultifamilyProperty					16
Mortgage loan term					2 years
Payment description					Monthly payments consist of interest only and a balloon payment at maturity.
Mortgage loan, extension option					three one-year extension options
Multifamily, Houston, TX [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan Amount							$ 96,300
Number of apartments | Apartments							620
Additional advances to borrower							$ 2,500
Additional loan amount funded									$ 0
Principal Balance Outstanding							$ 93,800
Mortgage loan term							2 years
Payment description							interest only and a balloon payment at maturity
Mortgage loan, extension option							three one-year extension options
Maximum [Member] | Syndicated Credit Facility [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Investments | £										£ 1,400
MS Repurchase Agreement [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Investments						$ 187,600
Mortgage Loan [Member] | Multifamily, Berkeley, CA [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Remaining of borrowing facility			$ 0
[1] Loan amounts consist of outstanding principal balance plus unfunded loan commitments for each loan.

Loans Payable - Schedule of Deb

Loans Payable - Schedule of Debt Securities (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2024		Dec. 31, 2023
Line of Credit Facility [Line Items]
Debt Facility, Maximum Facility Size		$ 1,250,625		$ 250,000
Debt Facility, Available Capacity		634,433		129,500
Debt Facility, Debt Amount Outstanding		616,192		120,500
Debt Facility, Fair Value of Debt		614,002		120,196
Debt Facility, Fair Value of Collateral		$ 805,444		$ 158,288
Citibank Repurchase Agreement [Member]
Line of Credit Facility [Line Items]
Debt Facility, Weighted Average (All In) Interest Spread	[1]	7.44%	[2]	7.61%	[3]
Debt Facility, Maximum Facility Size	[1]	$ 600,000		$ 250,000
Debt Facility, Available Capacity	[1]	399,500		129,500
Debt Facility, Debt Amount Outstanding	[1]	200,500		120,500
Debt Facility, Fair Value of Debt	[1]	200,132		120,196
Debt Facility, Fair Value of Collateral	[1]	$ 254,901		$ 158,288
Debt Instrument, Maturity Date	[1]	Jun. 21, 2026		Dec. 14, 2025
Debt Instrument Maximum Maturity Date	[1]	Jun. 21, 2029		Dec. 14, 2028
MS International Repurchase Agreement [Member]
Line of Credit Facility [Line Items]
Debt Facility, Weighted Average (All In) Interest Spread	[2],[4]	6.80%
Debt Facility, Maximum Facility Size	[4]	$ 200,625
Debt Facility, Available Capacity	[4]	40,125
Debt Facility, Debt Amount Outstanding	[4]	160,500
Debt Facility, Fair Value of Debt	[4]	160,163
Debt Facility, Fair Value of Collateral	[4]	$ 198,879
Debt Instrument, Maturity Date	[4]	Feb. 15, 2029
Debt Instrument Maximum Maturity Date	[4]	Feb. 15, 2029
WF Repurchase Agreement [Member]
Line of Credit Facility [Line Items]
Debt Facility, Weighted Average (All In) Interest Spread	[2],[5]	7.26%
Debt Facility, Maximum Facility Size	[5]	$ 250,000
Debt Facility, Available Capacity	[5]	52,058
Debt Facility, Debt Amount Outstanding	[5]	197,942
Debt Facility, Fair Value of Debt	[5]	196,866
Debt Facility, Fair Value of Collateral	[5]	$ 264,260
Debt Instrument, Maturity Date	[5]	Jun. 21, 2026
Debt Instrument Maximum Maturity Date	[5]	Jun. 21, 2029
MS US Repurchase Agreement [Member]
Line of Credit Facility [Line Items]
Debt Facility, Weighted Average (All In) Interest Spread	[2],[3]	7.09%
Debt Facility, Maximum Facility Size	[3]	$ 200,000
Debt Facility, Available Capacity	[3]	142,750
Debt Facility, Debt Amount Outstanding	[3]	57,250
Debt Facility, Fair Value of Debt	[3]	56,841
Debt Facility, Fair Value of Collateral	[3]	$ 87,404
Debt Instrument, Maturity Date	[3]	Jul. 25, 2027
Debt Instrument Maximum Maturity Date	[3]	Jul. 25, 2029
[1] On June 21, 2024, the Company entered into an amended Master Repurchase Agreement (as amended and together with the related transaction documents, the “Citibank Repurchase Agreement”) with Citibank, N.A. (“Citibank”) to finance the acquisition and origination by the Company of eligible loans as more particularly described in the Citibank Repurchase Agreement. As a result of the amendment, the Citibank Repurchase Agreement provides for asset purchases of up to $ 600.0 million (reflecting an increase from the previous $ 250.0 million limit) by Citibank. In addition, the initial maturity date of the Citibank Facility was extended to June 21, 2026 (from December 14, 2025) and the commencement dates of each of the three one-year extension option periods were rescheduled to the respective anniversary dates of the initial maturity date. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the Citibank Repurchase Agreement . Represents the weighted average interest rate as of period end. With the exception of MS-International Repurchase Agreement, borrowings under our repurchase agreements carry interest at one-month Term SOFR plus a spread. Borrowings under MS-International Repurchase Agreement carry interest based on the SONIA plus a spread. On July 25, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-US Repurchase Agreement”), with Morgan Stanley Mortgage Capital Holdings LLC (“MSMCH”), as administrative agent for Morgan Stanley, as a buyer, to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-US Repurchase Agreement. The MS-US Repurchase Agreement provides for asset purchases by MSMCH on behalf of Morgan Stanley of up to $ 200.0 million with the ability to increase to $ 250.0 million as more particularly described therein (the “MS-US Facility”). The maturity date of the MS-US Facility is July 25, 2027, subject to a one (1) year extension at the Company’s option and, if such option is exercised, another one (1) year extension at the Company’s request subject to the consent of MSMCH, in each case, subject to satisfaction of certain customary conditions. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-US Repurchase Agreement. On April 23, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-International Repurchase Agreement”), with Morgan Stanley Bank, N.A. (“Morgan Stanley”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-International Repurchase Agreement. The borrowing facility is subject to one or more one-year extension options at the option of Morgan Stanley. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants. Interest is paid quarterly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-International Repurchase Agreement. On June 21, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “WF Repurchase Agreement”), with Wells Fargo Bank, N.A. (“Wells Fargo”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the WF Repurchase Agreement. The initial maturity date is June 21, 2026. The borrowing facility has up to three one-year extension options. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the WF Repurchase Agreement.

Loans Payable - Schedule of D_2

Loans Payable - Schedule of Debt Securities (Parenthetical) (Details) - USD ($) $ in Thousands		Jul. 25, 2024	Jun. 21, 2024	Apr. 23, 2024	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Maximum loan borrowing					$ 1,250,625	$ 250,000
Citibank Repurchase Agreement [Member]
Line of Credit Facility [Line Items]
Maximum loan borrowing	[1]				600,000	250,000
Citibank Repurchase Agreement [Member] | Citibank, N.A. [Member]
Line of Credit Facility [Line Items]
Maximum loan borrowing			$ 600,000			$ 250,000
Maximum Guarantee on Liability			25%
MS International Repurchase Agreement [Member]
Line of Credit Facility [Line Items]
Maximum loan borrowing	[2]				200,625
MS International Repurchase Agreement [Member] | Morgan Stanley Bank, N.A [Member]
Line of Credit Facility [Line Items]
Maximum Guarantee on Liability				25%
WF Repurchase Agreement [Member]
Line of Credit Facility [Line Items]
Maximum loan borrowing	[3]				$ 250,000
WF Repurchase Agreement [Member] | Wells Fargo Bank, N.A [Member]
Line of Credit Facility [Line Items]
Maximum Guarantee on Liability			25%
MS Repurchase Agreement [Member] | MS-US Repurchase Facility [Member]
Line of Credit Facility [Line Items]
Asset purchases		$ 200,000
Increase in asset purchases		$ 250,000
Maximum Guarantee on Liability		25%
[1] On June 21, 2024, the Company entered into an amended Master Repurchase Agreement (as amended and together with the related transaction documents, the “Citibank Repurchase Agreement”) with Citibank, N.A. (“Citibank”) to finance the acquisition and origination by the Company of eligible loans as more particularly described in the Citibank Repurchase Agreement. As a result of the amendment, the Citibank Repurchase Agreement provides for asset purchases of up to $ 600.0 million (reflecting an increase from the previous $ 250.0 million limit) by Citibank. In addition, the initial maturity date of the Citibank Facility was extended to June 21, 2026 (from December 14, 2025) and the commencement dates of each of the three one-year extension option periods were rescheduled to the respective anniversary dates of the initial maturity date. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the Citibank Repurchase Agreement . On April 23, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “MS-International Repurchase Agreement”), with Morgan Stanley Bank, N.A. (“Morgan Stanley”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the MS-International Repurchase Agreement. The borrowing facility is subject to one or more one-year extension options at the option of Morgan Stanley. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants. Interest is paid quarterly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the MS-International Repurchase Agreement. On June 21, 2024, the Company entered into a Master Repurchase and Securities Contract Agreement (together with the related transaction documents, the “WF Repurchase Agreement”), with Wells Fargo Bank, N.A. (“Wells Fargo”), to finance the acquisition and origination by the Company of eligible investment assets as more particularly described in the WF Repurchase Agreement. The initial maturity date is June 21, 2026. The borrowing facility has up to three one-year extension options. The extensions are subject to satisfaction of certain predefined conditions including compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. Interest is paid monthly. Recourse to the Company is limited to 25 % of the then outstanding obligations of the special purpose (indirect) subsidiaries that are wholly-owned by the Company that borrow funds under the WF Repurchase Agreement.

Loans Payable - Additional Info

Loans Payable - Additional Information (Details) - USD ($)			3 Months Ended	9 Months Ended
	Dec. 20, 2023	Nov. 30, 2023	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Debt Facility, Maximum Facility Size				$ 1,250,625,000	$ 250,000,000
Debt instrument, spread rate		2.50%
Proceeds form unsecured line of credit			$ 0	$ 627,508,000
Credit Agreement [Member] | Starwood Capital Group Management L.LC. [Member]
Line of Credit Facility [Line Items]
Debt Facility, Maximum Facility Size		$ 148,000,000
Proceeds form unsecured line of credit		$ 125,800,000
Repaymant of borrowing facility	$ 120,500,000
Interest accrued	600,000
Interest paid	$ 600,000

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Summary of Components of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses and Other Liabilities [Line Items]
Deposit liability		$ 125
Trustee compensation payable	$ 45	15
Unearned revenue	320
Other	1
Total accrued expenses and other liabilities	$ 366	$ 140

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Summary of Non-designated Derivatives (Details) - Derivatives Not Designated as Hedging Instruments [Member] £ in Thousands	Sep. 30, 2024 GBP (£) Contract
Derivative [Line Items]
Number of Contracts	5
FX Contracts- Sell GBP
Derivative [Line Items]
Number of Contracts	5
Aggregate Notional Amount | £	£ 31,875
FX Contracts- Sell GBP | Minimum [Member]
Derivative [Line Items]
Maturity Dates	2024-12
FX Contracts- Sell GBP | Maximum [Member]
Derivative [Line Items]
Maturity Dates	2027-06

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Schedule of Fair Value of Derivative Financial Instruments Classification on the Condensed Consolidated Balance Sheets (Details) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives, Asset	$ 0	$ 0
Fair Value of Derivatives, Liability	2,102	0
Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives, Asset	0	0
Fair Value of Derivatives, Liability	$ 2,102	$ 0

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Schedule of Effect of Derivative Financial Instruments on the Consolidated Statements of Operations (Details) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on derivative instruments, net	$ (1,628)	$ (2,102)
Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on derivative instruments, net	$ (1,628)	$ (2,102)

Redeemable Common Shares - Addi

Redeemable Common Shares - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023	Dec. 01, 2023	Nov. 30, 2023	Jul. 14, 2023
Class of Stock [Line Items]
Common shares, par value	$ 0.01		$ 0.01				$ 0.01
Preferred shares, par value					$ 0.01
Share price						$ 20
Common stock issued						1,575,000	50
Aggregate purchase amount						$ 31,500,000	$ 1,000
Class T Shares [Member]
Class of Stock [Line Items]
Common shares, par value					0.01
Preferred shares, par value					0.01
Common stock issued	0		0
Class S shares [Member]
Class of Stock [Line Items]
Common shares, par value	$ 0.01		$ 0.01	$ 0.01	0.01
Common stock issued	4,644,692		4,644,692	259,750
Distributions declared per share	$ 0.3448		$ 1.0353
Class D Shares [Member]
Class of Stock [Line Items]
Common shares, par value					0.01
Common stock issued	0		0
Class I shares [Member]
Class of Stock [Line Items]
Common shares, par value	$ 0.01		$ 0.01	$ 0.01	0.01
Common stock issued	3,309,625		3,309,625	67,050
Distributions declared per share	$ 0.3876		$ 1.1628
Class E Shares [Member]
Class of Stock [Line Items]
Common shares, par value					0.01
Redeemable common shares, par value	$ 0.01		$ 0.01	$ 0.01	0.01
Share price					$ 20
Redeemable common shares, shares issued	1,635,243		1,635,243	1,603,050	28,000
Aggregate purchase price					$ 600,000
Initial capital commitments	$ 125,000,000		$ 125,000,000
Net asset value	1,000,000,000		1,000,000,000
Maximum capital commitments	125,000,000		125,000,000
Aggregate purchase exceeding amount	150,000,000		150,000,000
Class E Shares [Member] | Maximum [Member]
Class of Stock [Line Items]
Aggregate purchase amount	150,000,000		150,000,000
Class E Shares [Member] | Minimum [Member]
Class of Stock [Line Items]
Aggregate purchase amount	$ 150,000,000		$ 150,000,000
Redeemable Common Shares
Class of Stock [Line Items]
Distributions declared per share	$ 0.3876	$ 0	$ 1.1628

Redeemable Common Shares - Sche

Redeemable Common Shares - Schedule of Outstanding Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Class of Stock [Line Items]
Shares outstanding, beginning balance	6,560,059		326,800
Common shares issued	1,317,851		7,488,865
DRIP shares issued	76,407		138,652
Shares outstanding, ending balance	7,954,317		7,954,317
Proceeds from issuance of common shares	$ 27,936		$ 153,487
Redeemable Common Shares
Class of Stock [Line Items]
Shares outstanding, beginning balance	1,634,933	0	1,603,050
Common shares issued	0	50	24,934
Common shares issued as performance fee compensation	0	0	6,342
DRIP shares issued	310	0	917
Shares outstanding, ending balance	1,635,243	50	1,635,243
Proceeds from issuance of common shares	$ 6	$ 1	$ 518

Redeemable Common Shares - Sc_2

Redeemable Common Shares - Schedule of Distributions Declared (Details) - Redeemable Common Shares - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Class of Stock [Line Items]
Aggregate gross distributions declared per common share		$ 0.3876		$ 1.1628
Shareholder servicing fee per common share	[1]	0		0
Net distributions declared per share		$ 0.3876	$ 0	$ 1.1628
[1] There is no shareholder servicing fee with respect Class E shares. Refer to Note 11 — “Related Party Transactions” below for further information on shareholder servicing fees.

Redeemable Common Shares - Sc_3

Redeemable Common Shares - Schedule of Distributions Declared (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares
Class E Redeemable Common Shares
Class of Stock [Line Items]
Shareholder servicing fee per common share	$ 0

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024	Sep. 30, 2024 USD ($) BusinessDays $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 01, 2023 $ / shares shares	Nov. 30, 2023 shares	Jul. 14, 2023 $ / shares shares
Class of Stock [Line Items]
Common shares, par value	$ 0.01		$ 0.01				$ 0.01
Preferred shares, par value					$ 0.01
Common stock issued | shares						1,575,000	50
Share repurchase plan holding period			1 year
Repurchases price percentage of transaction price except shares not been outstanding for one year		95%
Quarterly percentage of net asset value, maximum	5%		5%
Share repurchase period			90 days
Stock repurchase expiration period			12 months
Number of business expiration days | BusinessDays			5
Repurchase requests | $	$ 0		$ 0
Class T Shares [Member]
Class of Stock [Line Items]
Common shares, par value					0.01
Preferred shares, par value					0.01
Common stock issued | shares	0		0
Class S shares [Member]
Class of Stock [Line Items]
Common shares, par value	$ 0.01		$ 0.01	$ 0.01	0.01
Common shares | $	$ 47,000		$ 47,000	$ 3,000
Common stock issued | shares	4,644,692		4,644,692	259,750
Class D Shares [Member]
Class of Stock [Line Items]
Common shares, par value					0.01
Common stock issued | shares	0		0
Class I shares [Member]
Class of Stock [Line Items]
Common shares, par value	$ 0.01		$ 0.01	$ 0.01	0.01
Common shares | $	$ 33,000		$ 33,000	$ 1,000
Common stock issued | shares	3,309,625		3,309,625	67,050
Class E Shares [Member]
Class of Stock [Line Items]
Common shares, par value					0.01
Temporary equity, par value	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares issued | shares	1,635,243		1,635,243	1,603,050	28,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Outstanding Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Class of Stock [Line Items]
Shares outstanding, beginning balance	6,560,059	326,800
Common shares issued	1,317,851	7,488,865
DRIP shares issued	76,407	138,652
Shares outstanding, ending balance	7,954,317	7,954,317
Proceeds from issuance of common shares	$ 27,936	$ 153,487
Common Class S [Member]
Class of Stock [Line Items]
Shares outstanding, beginning balance	3,830,460	259,750
Common shares issued	769,503	4,299,507
DRIP shares issued	44,729	85,435
Shares outstanding, ending balance	4,644,692	4,644,692
Proceeds from issuance of common shares	$ 16,317	$ 88,542
Common Class I [Member]
Class of Stock [Line Items]
Shares outstanding, beginning balance	2,729,599	67,050
Common shares issued	548,348	3,189,358
DRIP shares issued	31,678	53,217
Shares outstanding, ending balance	3,309,625	3,309,625
Proceeds from issuance of common shares	$ 11,620	$ 64,945

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Distributions Declared (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Class S shares [Member]
Class of Stock [Line Items]
Aggregate gross distributions declared per common share	$ 0.3876	$ 1.1628
Shareholder servicing fee per common share	0.0428	0.1275
Net distributions declared per share	0.3448	1.0353
Class I shares [Member]
Class of Stock [Line Items]
Aggregate gross distributions declared per common share	0.3876	1.1628
Shareholder servicing fee per common share	0	0
Net distributions declared per share	$ 0.3876	$ 1.1628

Shareholders' Equity - Schedu_3

Shareholders' Equity - Schedule of Distributions Declared (Parenthetical) (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Class I shares [Member]
Class of Stock [Line Items]
Shareholder servicing fee per common share	$ 0	$ 0

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial Assets:
Loans receivable, at fair value	$ 805,444	$ 158,288
Financial Liabilities:
Loans payable, at fair value	(614,002)	(120,196)
Derivative instrument liabilities, at fair value	(2,102)	0
Level I [Member] | Fair Value, Recurring [Member]
Financial Assets:
Loans receivable, at fair value	0	0
Total	0	0
Financial Liabilities:
Loans payable, at fair value	0	0
Derivative instrument liabilities, at fair value	0	0
Total	0	0
Level II [Member] | Fair Value, Recurring [Member]
Financial Assets:
Loans receivable, at fair value	0	0
Total	0	0
Financial Liabilities:
Loans payable, at fair value	0	0
Derivative instrument liabilities, at fair value	(2,102)	0
Total	(2,102)	0
Level III [Member] | Fair Value, Recurring [Member]
Financial Assets:
Loans receivable, at fair value	805,444	158,288
Total	805,444	158,288
Financial Liabilities:
Loans payable, at fair value	(614,002)	(120,196)
Derivative instrument liabilities, at fair value	0	0
Total	$ (614,002)	$ (120,196)

Fair Value - Schedule of Fair V

Fair Value - Schedule of Fair Value Measurements of Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Balance as of December 31, 2023		$ 158,288
Loan originations and fundings	$ 0	639,537
Unrealized loss on loans receivable, net of foreign currency translation		7,619
Balance as of September 30, 2024		$ 805,444

Fair Value - Schedule of Fair_2

Fair Value - Schedule of Fair Value Measurements of Loans Payable (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Balance as of December 31, 2023		$ (120,196)
Borrowings under repurchase agreements	$ 0	(627,508)
Repayments under repurchase agreements	$ 0	142,250
Gain on loans payable, net of foreign currency translation		(8,548)
Balance as of September 30, 2024		$ (614,002)

Fair Value - Schedule of Quanti

Fair Value - Schedule of Quantitative Inputs and Assumptions used for Items Categorized in Level 3 of Fair Value (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial Liabilities	$ (805,444)	$ (158,288)
Level 3 [Member] | Loans Receivable at Fair Value [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial Assets	$ 805,444	$ 158,288
Alternative Investment, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Alternative Investment, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Level 3 [Member] | Loans Receivable at Fair Value [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average	0.0823	0.0906
Level 3 [Member] | Loans Payable at Fair Value [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financial Liabilities	$ (614,002)	$ (120,196)
Debt Instrument, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Debt Instrument, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Level 3 [Member] | Loans Payable at Fair Value [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average	0.0716	0.0797

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)		3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Rate	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Management fees		$ 478,000	$ 0		$ 889,000	$ 0
Related party percentage of cumulative core earnings				12.50%
Annual hurdle percentage				5%
Average adjusted capital period equal annual hurdle rate | Rate				0.875
Performance fees		560,000	$ 0		$ 688,000	0
Advance expense ratably period					60 months
Accrued shareholder servicing fees		6,872,000		$ 422,000	$ 6,872,000	422,000
Advisor [Member]
Related Party Transaction [Line Items]
Offering costs					2,300,000	2,300,000
Operating costs					$ 2,300,000	900,000
Advance expense ratably period					60 months
Organization costs		700,000		$ 900,000	$ 700,000	900,000
Organization and offering costs					3,000,000	3,200,000
Advisor [Member] | Class T, S, D and I Shares [Member]
Related Party Transaction [Line Items]
Percentage of management fee payment of NAV per annum				1.25%
Starwood Capital Group Management L.LC. [Member]
Related Party Transaction [Line Items]
Accrued shareholder servicing fees		$ 6,900,000		$ 400,000	$ 6,900,000	$ 400,000
Starwood Capital Group Management L.LC. [Member] | Class D Shares [Member]
Related Party Transaction [Line Items]
Percentage of stockholder servicing fee on NAV per annum	0.25%
Starwood Capital Group Management L.LC. [Member] | Class S shares [Member]
Related Party Transaction [Line Items]
Percentage of stockholder servicing fee on NAV per annum	0.85%
Starwood Capital Group Management L.LC. [Member] | Class T Shares [Member]
Related Party Transaction [Line Items]
Percentage of stockholder servicing fee on NAV per annum	0.85%
Percentage of advisor stockholder servicing fee	0.65%
Percentage of dealer stockholder servicing fee	0.20%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Components of Due to Advisor (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Accrued operating expenses	$ 2,338	$ 893
Accrued organization expenses	666	888
Accrued offering costs	2,333	2,294
Accrued management fees	165	0
Accrued performance fees	560	0
Due to Advisor, Total	$ 6,062	$ 4,075

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024
Basic:
Net income attributable to Starwood Credit Real Estate Income Trust	$ 3,404			$ 5,973
Weighted-average common shares outstanding, basic	9,168,764		50	6,714,773
Basic net income per common share	$ 0.37		$ 0	$ 0.89
Diluted:
Net income attributable to Starwood Credit Real Estate Income Trust	$ 3,404			$ 5,973
Weighted-average common shares outstanding, diluted	9,170,895	[1]	50	6,716,161	[1]
Diluted net income per common share	$ 0.37		$ 0	$ 0.89
[1] Diluted earnings per share takes into account the effect of dilutive instruments, such as unvested stock awards. As of September 30, 2024 , 3,002 unvested shares were outstanding.

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Net Income Per Common Share (Parenthetical) (Details)	Sep. 30, 2024 shares
Earnings Per Share [Abstract]
Unvested shares, Outstanding	3,002

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member]	Oct. 16, 2024 USD ($) Installment
Subsequent Event [Line Items]
Number of monthly instaltments for reimbursement of advanced expenses | Installment	60
Advisory Agreement [Member]
Subsequent Event [Line Items]
Maximum investment from strategic investors | $	$ 300,000,000

Subsequent Events - Schedule of

Subsequent Events - Schedule of Shares Issued (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 12, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2023	Jul. 14, 2023
Subsequent Event [Line Items]
Shares					1,575,000	50
Gross Proceeds		$ 27,936	$ 153,487
Subsequent Event [Member]
Subsequent Event [Line Items]
Shares	410,701
Gross Proceeds	$ 8,313
Subsequent Event [Member] | Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Shares	57,828
Gross Proceeds	$ 1,159
Class S shares [Member]
Subsequent Event [Line Items]
Shares		4,644,692	4,644,692	259,750
Gross Proceeds		$ 16,317	$ 88,542
Class S shares [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Shares	227,662
Gross Proceeds	$ 4,645
Class S shares [Member] | Subsequent Event [Member] | Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Shares	35,097
Gross Proceeds	$ 704
Class I shares [Member]
Subsequent Event [Line Items]
Shares		3,309,625	3,309,625	67,050
Gross Proceeds		$ 11,620	$ 64,945
Class I shares [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Shares	183,039
Gross Proceeds	$ 3,668
Class I shares [Member] | Subsequent Event [Member] | Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Shares	22,522
Gross Proceeds	$ 451
Class E Shares [Member] | Subsequent Event [Member] | Distribution Reinvestment Plan [Member]
Subsequent Event [Line Items]
Shares	209
Gross Proceeds	$ 4