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

FS Credit Real Estate Income Mutual Fund (FSREM) 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 Financials

FSREM

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

This page shows FS Credit Real Estate Income Mutual Fund (FSREM) 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).

Financial Health Signals

Financial health score pending refresh

We are recalculating FS Credit Real Estate Income Mutual Fund's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. 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

Revenue

N/A

EBITDA

N/A

Net Income

$169.9M

YoY-2.9%

5Y CAGR+56.9%

FS Credit Real Estate Income Mutual Fund 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 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 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'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 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

FSREM 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

FSREM 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	N/A	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

FSREM 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

FSREM 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 profitable?

Yes, FS Credit Real Estate Income Mutual Fund (FSREM) 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 (FSREM) 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 (FSREM) 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 (FSREM) 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 (FSREM) 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 (FSREM) 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 (FSREM) 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 (FSREM) 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.