FS Credit Real Estate Income Mutual Fund Class I Financials

FSREI

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows FS Credit Real Estate Income Mutual Fund Class I (FSREI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FSREI FY2025 2026-05-13

Asset growth has outpaced cash generation, making this business increasingly dependent on its balance sheet rather than internal cash.

From FY2023 to FY2025, total assets rose from $9.5B to $11.8B, which enlarged the earning base the company has to carry. Over the same span, operating cash flow slipped from $256.8M to $190.6M, so incremental balance-sheet growth is producing less cash instead of compounding liquidity.

The ROA-to-ROE gap explains how the model works: FY2025 return on assets was 1.4% while return on equity was 6.0%. Equity returns are being amplified mainly by leverage, not by unusually high earnings on the asset base itself.

Cash returns to owners have been larger than internal cash generation: FY2025 buybacks were $492.7M versus $190.6M of operating cash flow. The same pattern showed up in FY2024, which helps explain why cash only rebuilt to $265.4M and why external financing remains part of the operating posture.

Financial Health Signals

Financial Profile 10/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of FS Credit Real Estate Income Mutual Fund Class I's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

FS Credit Real Estate Income Mutual Fund Class I has a moderate D/E ratio of 3.17. This balance of debt and equity financing earns a leverage score of 37/100.

Returns

FS Credit Real Estate Income Mutual Fund Class I generates a 6.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is down from 6.3% the prior year.

Piotroski F-Score Weak

3/9

FS Credit Real Estate Income Mutual Fund Class I passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Cash-Backed

1.12x

For every $1 of reported earnings, FS Credit Real Estate Income Mutual Fund Class I generates $1.12 in operating cash flow ($190.6M OCF vs $169.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$169.9M

YoY-2.9%

5Y CAGR+56.9%

FS Credit Real Estate Income Mutual Fund Class I reported $169.9M in net income in fiscal year 2025. This represents a decrease of 2.9% from the prior year.

EPS (Diluted)

$1.36

YoY-2.9%

5Y CAGR-4.4%

FS Credit Real Estate Income Mutual Fund Class I earned $1.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 2.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$265.4M

YoY+331.6%

5Y CAGR+76.0%

FS Credit Real Estate Income Mutual Fund Class I held $265.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

6.0%

YoY-0.3pp

5Y CAGR+0.2pp

FS Credit Real Estate Income Mutual Fund Class I's ROE was 6.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$492.7M

YoY-7.6%

5Y CAGR+65.1%

FS Credit Real Estate Income Mutual Fund Class I spent $492.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 7.6% from the prior year.

Capital Expenditures

N/A

FSREI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$46.8M+1.4%	$46.1M+12.1%	$41.2M+67.6%	$24.6M+178.5%	$8.8M+72.6%	$5.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$387.8M-14.0%	$450.8M+5.7%	$426.4M+128.3%	$186.7M+581.8%	$27.4M+141.3%	$11.4M
Income Tax	$869K-61.6%	$2.3M-10.7%	$2.5M+102.5%	$1.3M+103.7%	$614K+496.1%	$103K
Net Income	$169.9M-2.9%	$175.0M+16.5%	$150.2M+18.9%	$126.4M+215.8%	$40.0M+124.1%	$17.9M
EPS (Diluted)	$1.36-2.9%	$1.40+6.1%	$1.32-20.0%	$1.65+0.6%	$1.64-3.5%	$1.70

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.3M	N/A	$11.3M-8.7%	$12.4M+5.1%	$11.8M	N/A	$11.7M+2.6%	$11.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$91.6M	N/A	$94.8M-2.9%	$97.6M-6.8%	$104.8M	N/A	$118.1M+5.3%	$112.2M
Income Tax	$289K	N/A	$60K-77.0%	$261K-45.6%	$480K	N/A	$478K-39.5%	$790K
Net Income	$48.1M	N/A	$59.8M+121.0%	$27.1M-36.5%	$42.6M	N/A	$52.1M+58.1%	$33.0M
EPS (Diluted)	$0.38	N/A	$0.48+118.2%	$0.22-35.3%	$0.34	N/A	$0.41+57.7%	$0.26

FSREI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$11.8B+15.3%	$10.2B+7.8%	$9.5B+13.5%	$8.3B+107.2%	$4.0B+419.2%	$775.0M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$265.4M+331.6%	$61.5M-58.2%	$147.0M-19.9%	$183.7M+292.5%	$46.8M+197.9%	$15.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.9B+20.3%	$7.4B+11.4%	$6.7B+10.9%	$6.0B+97.4%	$3.1B+550.0%	$469.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.8B+1.8%	$2.8B-0.9%	$2.8B+20.5%	$2.3B+138.1%	$973.3M+218.4%	$305.7M
Retained Earnings	-$160.9M-40.8%	-$114.3M-58.6%	-$72.1M-635.8%	$13.4M+309.1%	$3.3M+82.4%	$1.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$11.7B-0.9%	$11.8B+6.4%	$11.0B+2.1%	$10.8B+1.7%	$10.6B+4.3%	$10.2B0.0%	$10.2B-4.4%	$10.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$154.6M-41.7%	$265.4M-22.6%	$342.6M+214.6%	$108.9M-27.5%	$150.3M+144.4%	$61.5M-55.9%	$139.4M+103.1%	$68.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.9B-1.0%	$8.9B+8.4%	$8.3B+1.8%	$8.1B+2.5%	$7.9B+6.4%	$7.4B-0.1%	$7.4B-5.3%	$7.9B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$3.4B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.8B-0.7%	$2.8B+0.7%	$2.8B+3.1%	$2.7B-0.6%	$2.7B-1.4%	$2.8B+0.3%	$2.8B-2.1%	$2.8B
Retained Earnings	-$166.6M-3.6%	-$160.9M-10.2%	-$146.0M+3.9%	-$152.0M-20.8%	-$125.8M-10.1%	-$114.3M+15.1%	-$134.6M-2.1%	-$131.9M

FSREI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$190.6M-19.5%	$236.7M-7.8%	$256.8M+66.2%	$154.5M+300.5%	$38.6M+77.2%	$21.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$331.3M-13.6%	-$291.6M+48.5%	-$566.6M+85.4%	-$3.9B-22.7%	-$3.2B-833.9%	-$339.4M
Financing Cash Flow	$402.7M+464.3%	-$110.5M-130.3%	$364.3M-90.5%	$3.9B+20.4%	$3.2B+1143.1%	$257.3M
Dividends Paid	$109.1M-0.7%	$109.9M+12.5%	$97.7M+74.1%	$56.1M+165.2%	$21.2M+96.3%	$10.8M
Share Buybacks	$492.7M-7.6%	$533.3M+40.8%	$378.8M+123.6%	$169.4M+674.4%	$21.9M-45.5%	$40.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$37.7M-17.3%	$45.6M-20.9%	$57.6M+19.2%	$48.3M+23.6%	$39.1M-28.1%	$54.3M-17.0%	$65.5M+23.0%	$53.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$313.6M+57.7%	-$741.1M-274.9%	$423.8M+802.9%	$46.9M+177.0%	-$60.9M+47.4%	-$115.7M-124.2%	$477.8M+198.4%	-$485.5M
Financing Cash Flow	$116.0M-82.1%	$647.3M+392.4%	-$221.4M-64.4%	-$134.7M-220.8%	$111.4M+263.9%	-$68.0M+85.1%	-$455.9M-201.5%	$449.3M
Dividends Paid	$28.1M+0.9%	$27.8M-48.4%	$53.9M+1.3%	$53.2M+98.3%	$26.8M-0.5%	$27.0M-50.8%	$54.8M+0.1%	$54.8M
Share Buybacks	$122.5M+25.6%	$97.5M+18.7%	$82.1M-55.9%	$186.1M+46.6%	$127.0M-23.2%	$165.3M+10.9%	$149.0M+32.1%	$112.9M

FSREI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	6.0%-0.3pp	6.3%+0.9pp	5.4%-0.1pp	5.5%+1.3pp	4.1%-1.7pp	5.8%
Return on Assets	1.4%-0.3pp	1.7%+0.1pp	1.6%+0.1pp	1.5%+0.5pp	1.0%-1.3pp	2.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.17+0.5	2.69+0.3	2.39-0.2	2.60-0.5	3.13+1.6	1.53
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	1.7%	N/A	2.1%+1.1pp	1.0%-0.6pp	1.6%	N/A	1.9%+0.7pp	1.2%
Return on Assets	0.4%	N/A	0.5%+0.3pp	0.3%-0.1pp	0.4%	N/A	0.5%+0.2pp	0.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.170.0	3.17+0.2	2.95-0.0	2.99+0.1	2.90+0.2	2.69-0.0	2.70-0.1	2.79
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is FS Credit Real Estate Income Mutual Fund Class I profitable?

Yes, FS Credit Real Estate Income Mutual Fund Class I (FSREI) reported a net income of $169.9M in fiscal year 2025.

What is FS Credit Real Estate Income Mutual Fund Class I's return on equity (ROE)?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) has a return on equity of 6.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is FS Credit Real Estate Income Mutual Fund Class I's operating cash flow?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) generated $190.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are FS Credit Real Estate Income Mutual Fund Class I's total assets?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) had $11.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Does FS Credit Real Estate Income Mutual Fund Class I buy back shares?

Yes, FS Credit Real Estate Income Mutual Fund Class I (FSREI) spent $492.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is FS Credit Real Estate Income Mutual Fund Class I's debt-to-equity ratio?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) had a debt-to-equity ratio of 3.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is FS Credit Real Estate Income Mutual Fund Class I's return on assets (ROA)?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is FS Credit Real Estate Income Mutual Fund Class I's Piotroski F-Score?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are FS Credit Real Estate Income Mutual Fund Class I's earnings high quality?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) has an earnings quality ratio of 1.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is FS Credit Real Estate Income Mutual Fund Class I?

FS Credit Real Estate Income Mutual Fund Class I (FSREI) scores 10 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.