What is FS Credit Real Estate Income Mutual Fund's earnings per share (EPS)?

FS Credit Real Estate Income Mutual Fund (FSREI) reported diluted earnings per share of $1.36 for fiscal year 2025. This represents a -2.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

FS Credit Real Estate Income Mutual Fund (FSREI) Financials

FSREI

FY2025 annual

Revenue Not reported for FY2025

Net Income $169.9M -2.9% YoY

EPS (Diluted) $1.36 -2.9% YoY

Operating Cash Flow $190.6M -19.5% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FSREI SEC filings page.

This page shows FS Credit Real Estate Income Mutual Fund (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 2026-08-29

A leveraged balance sheet funds asset growth, while rising interest costs and shareholder distributions compete with operating cash generation.

Cash conversion weakened in FY2025: operating cash flow fell while net income remained broadly stable, narrowing the operating-cash-flow-to-net-income ratio from 1.4x to 1.1x. Earnings still translated into cash, but the smaller cushion means reported profitability provided less incremental operating liquidity than in FY2024.

Total assets expanded from $4.0B in FY2021 to $11.8B in FY2025, showing a much larger balance-sheet base. Debt-to-equity remained elevated at 3.2x in FY2025 while return on assets was only 1.4%, indicating that balance-sheet expansion did not produce proportionate asset efficiency.

Interest expense reached $387.8M in FY2025, roughly twice operating cash flow of $190.6M, making financing cost a central claim on internally generated cash. Buybacks alone exceeded operating cash flow, while positive financing cash flow indicates shareholder distributions coincided with reliance on financing flows rather than operating cash alone.

Financial Health Signals

Financial health score not available

FS Credit Real Estate Income Mutual Fund does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Earnings Quality Cash-Backed

1.12x

For every $1 of reported earnings, FS Credit Real Estate Income Mutual Fund 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

Net Income

$20.4M

YoY-24.6%

QoQ-57.6%

FS Credit Real Estate Income Mutual Fund reported $20.4M in net income in Q2 2026. This represents a decrease of 24.6% from the same quarter a year earlier. Against the prior quarter it is down 57.6%.

EPS (Diluted)

$0.16

YoY-27.3%

QoQ-57.9%

5Y CAGR-17.2%

FS Credit Real Estate Income Mutual Fund earned $0.16 per diluted share (EPS) in Q2 2026. This represents a decrease of 27.3% from the same quarter a year earlier. Against the prior quarter it is down 57.9%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$174.1M

YoY+59.9%

QoQ+12.6%

5Y CAGR+67.2%

FS Credit Real Estate Income Mutual Fund held $174.1M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

Diluted avg 126M

FS Credit Real Estate Income Mutual Fund had a weighted average of 126M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

0.7%

YoY-0.3pp

QoQ-1.0pp

FS Credit Real Estate Income Mutual Fund's ROE was 0.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$142.0M

YoY-23.7%

QoQ+15.9%

5Y CAGR+130.3%

FS Credit Real Estate Income Mutual Fund spent $142.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 23.7% from the same quarter a year earlier. Against the prior quarter it is up 15.9%.

R&D Spending

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

FSREI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FSREI quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
SG&A Expenses	N/A	$46.8M+1.4%	$46.1M+12.1%	$41.2M+67.6%	$24.6M+178.5%	$8.8M+72.6%	$5.1M+33.6%	$3.8M+23.4%	$3.1M+385.4%	$639K
Interest Expense	N/A	$387.8M-14.0%	$450.8M+5.7%	$426.4M+128.3%	$186.7M+581.8%	$27.4M+141.3%	$11.4M+8.7%	$10.4M+86.3%	$5.6M+1092.3%	$470K
Income Tax	N/A	$869K-61.6%	$2.3M-10.7%	$2.5M+102.5%	$1.3M+103.7%	$614K+496.1%	$103K+364.1%	-$39K	N/A	N/A
Net Income	N/A	$169.9M-2.9%	$175.0M+16.5%	$150.2M+18.9%	$126.4M+215.8%	$40.0M+124.1%	$17.9M+95.9%	$9.1M+128.4%	$4.0M+1714.1%	$220K
EPS (Basic)	N/A	$1.39-2.1%	$1.42+7.6%	$1.32-20.0%	$1.65+0.6%	$1.64-3.5%	$1.70	N/A	N/A	N/A
EPS (Diluted)	$1.33	$1.36-2.9%	$1.40+6.1%	$1.32-20.0%	$1.65	$1.64	$1.70	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	125M-0.3%	125M+9.9%	114M+48.2%	77M	24.40B	10M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
SG&A Expenses	$10.8M-13.1%	$11.3M-4.3%	N/A	$11.3M-3.6%	$12.4M+8.4%	$11.8M+4.7%	N/A	$11.7M+17.3%
Interest Expense	$93.3M-4.4%	$91.6M-12.6%	N/A	$94.8M-19.7%	$97.6M-13.0%	$104.8M-4.9%	N/A	$118.1M+6.8%
Income Tax	$270K+3.4%	$289K-39.8%	N/A	$60K-87.4%	$261K-67.0%	$480K0.0%	N/A	$478K+74.5%
Net Income	$20.4M-24.6%	$48.1M+12.9%	N/A	$59.8M+14.9%	$27.1M-17.9%	$42.6M+169.5%	N/A	$52.1M-6.9%
EPS (Basic)	$0.17-26.1%	$0.39+11.4%	$0.32-47.5%	$0.49+16.7%	$0.23-11.5%	$0.35+169.2%	$0.61+117.9%	$0.42-12.5%
EPS (Diluted)	$0.16-27.3%	$0.38+11.8%	$0.31-48.3%	$0.48+17.1%	$0.22-15.4%	$0.34+161.5%	$0.60+114.3%	$0.41-14.6%
Diluted Shares (Avg)	126M+3.2%	128M+1.8%	N/A	125M-1.1%	122M-1.7%	125M+2.2%	N/A	126M+8.3%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

FSREI Balance Sheet

FSREI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Total Assets	$11.8B+15.3%	$10.2B+7.8%	$9.5B+13.5%	$8.3B+107.2%	$4.0B+419.2%	$775.0M+55.4%	$498.8M+103.4%	$245.2M+362.2%	$53.1M
Cash & Equivalents	$265.4M+331.6%	$61.5M-58.2%	$147.0M-19.9%	$183.7M+292.5%	$46.8M+197.9%	$15.7M-60.9%	$40.2M+6514.1%	$608K+37.6%	$442K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$8.9B+20.3%	$7.4B+11.4%	$6.7B+10.9%	$6.0B+97.4%	$3.1B+550.0%	$469.3M+40.9%	$333.0M+105.8%	$161.8M+582.3%	$23.7M
Total Equity	$2.8B+1.8%	$2.8B-0.9%	$2.8B+20.5%	$2.3B+138.1%	$973.3M+218.4%	$305.7M+84.4%	$165.8M+98.7%	$83.4M+184.4%	$29.3M
Retained Earnings	-$160.9M-40.8%	-$114.3M-58.6%	-$72.1M-635.8%	$13.4M+309.1%	$3.3M+82.4%	$1.8M+191.1%	$619K+532.9%	-$143K+23.5%	-$187K

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$11.4B+5.1%	$11.7B+9.5%	$11.8B+15.3%	$11.0B+8.4%	$10.8B+1.4%	$10.6B+12.4%	$10.2B+7.8%	$10.2B+16.1%
Cash & Equivalents	$174.1M+59.9%	$154.6M+2.9%	$265.4M+331.6%	$342.6M+145.8%	$108.9M+58.7%	$150.3M+52.6%	$61.5M-58.2%	$139.4M-16.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$8.6B+6.2%	$8.9B+12.0%	$8.9B+20.3%	$8.3B+10.9%	$8.1B+3.3%	$7.9B+18.5%	$7.4B+11.4%	$7.4B+23.6%
Total Equity	$2.8B+2.1%	$2.8B+2.5%	$2.8B+1.8%	$2.8B+1.4%	$2.7B-3.7%	$2.7B-2.3%	$2.8B-0.9%	$2.8B-0.2%
Retained Earnings	-$198.7M-30.7%	-$166.6M-32.4%	-$160.9M-40.8%	-$146.0M-8.5%	-$152.0M-15.2%	-$125.8M-14.3%	-$114.3M-58.6%	-$134.6M-152.5%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

FSREI Cash Flow Statement

FSREI quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Operating Cash Flow	$199.7M	$190.6M-19.5%	$236.7M-7.8%	$256.8M+66.2%	$154.5M+300.5%	$38.6M+77.2%	$21.8M+96.7%	$11.1M+113.0%	$5.2M+797.8%	$579K
Depreciation & Amortization	N/A	$20.4M+32.5%	$15.4M+109.7%	$7.3M	$0	$0	N/A	N/A	N/A	N/A
Investing Cash Flow	-$842.8M	-$331.3M-13.6%	-$291.6M+48.5%	-$566.6M+85.4%	-$3.9B-22.7%	-$3.2B-833.9%	-$339.4M-92.2%	-$176.6M+7.5%	-$191.0M-283.1%	-$49.8M
Financing Cash Flow	$715.8M	$402.7M+464.3%	-$110.5M-130.3%	$364.3M-90.5%	$3.9B+20.4%	$3.2B+1143.1%	$257.3M+6.7%	$241.1M+29.6%	$185.9M+261.0%	$51.5M
Dividends Paid	$162.3M	$109.1M-0.7%	$109.9M+12.5%	$97.7M+74.1%	$56.1M+165.2%	$21.2M+96.3%	$10.8M+127.2%	$4.7M+285.4%	$1.2M+1458.2%	$79K
Share Buybacks	$444.1M	$492.7M-7.6%	$533.3M+40.8%	$378.8M+123.6%	$169.4M+674.4%	$21.9M-45.5%	$40.2M+39.4%	$28.8M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$58.8M+21.6%	$37.7M-3.6%	$45.6M-16.1%	$57.6M-12.0%	$48.3M-9.2%	$39.1M-38.6%	$54.3M-1.4%	$65.5M-20.1%
Depreciation & Amortization	$4.9M+13.2%	$11.6M+79.8%	$5.6M-25.4%	$4.0M-6.4%	$4.4M+137.8%	$6.5M+253.0%	$7.5M+1.7%	$4.3M
Investing Cash Flow	-$211.9M-551.5%	-$313.6M-414.7%	-$741.1M-540.4%	$423.8M-11.3%	$46.9M+109.7%	-$60.9M+63.8%	-$115.7M-55.5%	$477.8M+666.7%
Financing Cash Flow	$173.8M+229.1%	$116.0M+4.1%	$647.3M+1052.3%	-$221.4M+51.4%	-$134.7M-130.0%	$111.4M+409.8%	-$68.0M-212.5%	-$455.9M-1792.3%
Dividends Paid	$52.5M-1.4%	$28.1M+4.6%	$27.8M+3.1%	$53.9M-1.6%	$53.2M-2.9%	$26.8M-0.7%	$27.0M-0.7%	$54.8M+7.4%
Share Buybacks	$142.0M-23.7%	$122.5M-3.5%	$97.5M-41.0%	$82.1M-44.9%	$186.1M+64.9%	$127.0M+19.6%	$165.3M+57.5%	$149.0M+109.7%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.

FSREI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FSREI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
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%+0.3pp	5.5%+0.7pp	4.8%+4.0pp	0.8%
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%+0.5pp	1.8%+0.2pp	1.6%+1.2pp	0.4%
Debt-to-Equity	3.17+0.5x	2.69+0.3x	2.39-0.2x	2.60-0.5x	3.13+1.6x	1.53-0.5x	2.01+0.1x	1.94+1.1x	0.81

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	0.7%-0.3pp	1.7%+0.2pp	N/A	2.1%+0.2pp	1.0%-0.2pp	1.6%+1.0pp	N/A	1.9%-0.1pp
Return on Assets	0.2%-0.1pp	0.4%0.0pp	N/A	0.5%0.0pp	0.3%-0.1pp	0.4%+0.2pp	N/A	0.5%-0.1pp
Debt-to-Equity	3.11+0.1x	3.17+0.3x	3.17+0.5x	2.95+0.3x	2.99+0.2x	2.90+0.5x	2.69+0.3x	2.70+0.5x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.

Where FS Credit Real Estate Income Mutual Fund Ranks

Frequently Asked Questions

Is FS Credit Real Estate Income Mutual Fund profitable?

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

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

FS Credit Real Estate Income Mutual Fund (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's operating cash flow?

FS Credit Real Estate Income Mutual Fund (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's total assets?

FS Credit Real Estate Income Mutual Fund (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 buy back shares?

Yes, FS Credit Real Estate Income Mutual Fund (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's debt-to-equity ratio?

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

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

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

FS Credit Real Estate Income Mutual Fund (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.