FS Credit Real Estate Income Trust, Inc. (FSREI) said its indirect wholly owned special-purpose financing subsidiary, FS CREIT Finance WF-2 LLC, entered into Amendment No. 2 to its Master Repurchase and Securities Contract Agreement with Wells Fargo Bank, National Association, as buyer. The amendment extends the agreement’s maturity date to October 18, 2027, and sets a maximum facility amount of $79,330,309.85. The original agreement is dated October 18, 2024.
FS Credit Real Estate Income Trust, Inc. (FSREI) is offering on a continuous basis up to $2.5 billion of common stock: up to $2.25 billion in the primary offering and up to $250 million through its distribution reinvestment plan. As of October 16, 2026, it had sold 8,085,222 primary-offering shares for $199.53 million and 1,428,086 reinvestment-plan shares with a total value of $34.72 million. The November 1 transaction prices equal September 30 NAV per share: Class S $24.4325, T $24.1626, D $24.2201, M $24.2905, I $23.5219, F $24.8216 and Y $23.5052.
Total NAV was $3,006.055 million across 125,047,435 outstanding shares as of September 30, 2026. September returns were negative across all share classes; the year-to-date return was 3.95% through September 30. Nonaccrual debt investments were 7.48% of the total debt portfolio as of September 30, including two multifamily loans placed on non-accrual during September. The company closed on a $245.1 million senior loan secured by office/R&D properties and developable land in Rancho Bernardo, a San Diego office submarket.
FS Credit Real Estate Income Trust, Inc. (FSREI) reported indirect transactions by Rialto Capital Management, LLC on October 1, 2026: 73,522 Class I Restricted Stock Units were disposed to the issuer, 73,522 Class I Common Stock shares were acquired, and 157,846 Class I Restricted Stock Units were awarded. The awarded RSU count is an estimate based on the most recently available net asset value and may differ when the grant-date net asset value is calculated.
The RSU agreement provides for exchange into Class I Common Stock subject to time-based vesting. The administrative-services fee equals 1.0% of the company’s net asset value per annum, is payable quarterly in RSUs, and is split 50/50 between the Adviser and Rialto. Rialto held 213,100 Class I common shares following the reported transaction. Director Jeffrey P. Krasnoff disclaims beneficial ownership of Rialto-held shares beyond his pecuniary interest.
FS Credit Real Estate Income Trust, Inc. reported indirect transactions by its President & CEO, Michael C. Forman, held through Franklin Square Holdings, L.P. On October 1, 2026, these included a disposition to the issuer of 73,522 Class I restricted stock units, an estimated award of 157,846 Class I restricted stock units, and acquisition of 73,522 Class I common shares. The company’s administrative services fee is 1.0% of net asset value per annum, payable quarterly in Class I RSUs and split 50/50 between the Adviser and Rialto Capital Management LLC. The RSU award and the 1,914,844-unit post-award derivative position are estimates that may differ after grant-date net asset value is calculated. Forman disclaims beneficial ownership of entity-held shares exceeding his pecuniary interest.
FS Credit Real Estate Income Trust, Inc. (FSREI) updates its continuous public offering by setting the October 1, 2026 transaction price for each share class equal to its August 31, 2026 NAV per share, ranging from $23.76 (Class I) to $25.06 (Class F). Total net asset value was $3.06 billion across 125.99 million shares, supported primarily by $8.22 billion of loans receivable and modest cash and securities, net of secured financing.
The portfolio produced positive total returns in August 2026 across all classes and has recorded positive total returns in 101 of 103 months, with an annualized distribution rate of 7.47% for Class I shares, implying a tax-equivalent rate of 8.35% for certain investors. Nonaccrual assets represented 2.36% of the debt portfolio, and approximately 96% of borrowings are financed through matched-term facilities.
The trust highlights an approximately $9.9 billion geographically diversified portfolio, recent origination of two senior loans totaling about $214 million, and full satisfaction of August repurchase requests. The supplement also clarifies that the adviser may adjust third-party valuations in good faith when it believes they do not reflect fair value, subject to documentation and board notification.
FS Credit Real Estate Income Trust, Inc. reported amended insider activity for President & CEO Michael C. Forman, reflecting transactions largely effected through Franklin Square Holdings, L.P. On July 1, 2026, Class I Restricted Stock Units representing 71,346.63 underlying Class I Common shares were disposed of to the issuer in exchange for common stock, and an estimated 157,164.83 new Class I RSUs were granted as part of the adviser’s 1.0% of net asset value annual administrative services fee, payable quarterly in Class I RSUs. Following these transactions, indirect holdings also include Class I Common Stock and Class T, M and S Common Stock through affiliated entities, and the amendment corrects the previously underreported Class I Common shares beneficially owned after the transaction.
FS Credit Real Estate Income Trust, Inc. is a non-traded REIT conducting a continuous public offering of Class T, S, D, M and I shares and a DRIP-only offering of Class F and Y shares. For subscriptions as of September 1, 2026, the transaction price per share equals the July 31, 2026 NAV for each class, including $24.7092 (Class S), $24.4460 (Class T), $24.5025 (Class D), $24.5731 (Class M), $23.7907 (Class I), $25.0927 (Class F) and $23.7768 (Class Y). Total NAV was $3.00 billion across 123.39 million shares, supported primarily by $8.17 billion of loans receivable and $0.84 billion of real estate, funded largely with collateralized loan obligations, repurchase agreements and credit facilities.
In July 2026, FS Credit REIT generated positive total returns for all share classes (Class I 0.41%, Class S/T 0.31%, Class D/M 0.36%, Class F/Y 0.51%) and has achieved 76 consecutive months of positive total returns, with 100 positive months out of 102 and a largest monthly drawdown of -0.27%. Current annualized distribution rates based on the September 1 prices are 6.31%–7.46% for Classes S/T/D/M/I and 8.30%–8.78% for Classes F/Y, with tax-equivalent rates higher due to the REIT dividend deduction. Assets on nonaccrual were 3.07% of the debt portfolio, and the portfolio totals approximately $9.7 billion, primarily private senior loans. As of June 30, 2026, total assets were $11.38 billion, liabilities $8.61 billion and stockholders’ equity $2.77 billion.
FS Credit Real Estate Income Trust, Inc. reported Q2 2026 net income of $20.4 million, down from $27.1 million in Q2 2025, with net income for the first six months of 2026 of $68.6 million versus $69.7 million a year earlier. Net interest income was $58.4 million for the quarter and $120.9 million year-to-date.
Total assets were $11.38 billion as of June 30 2026 compared with $11.76 billion at year-end 2025, while total liabilities were $8.61 billion and stockholders’ equity was $2.77 billion. The loan portfolio, held-for-investment, grew to $8.49 billion principal balance (net book value $8.42 billion) across 139 loans, with a CECL reserve of $69.9 million and unfunded commitments of $379.9 million.
Cash, cash equivalents and restricted cash totaled $213.4 million, down from $352.6 million at December 31 2025. The company used $525.5 million in investing cash flows, generated $96.5 million from operating activities, and $289.8 million from financing activities in the first half of 2026. Average borrowings were $6.51 billion during the period at a 5.52% weighted average interest rate.
Connors Terence J reported acquisition or exercise transactions in this Form 4 filing.
FS Credit Real Estate Income Trust, Inc. director Terence J Connors reported a non-derivative grant of 917.541 shares of Class I Common Stock on 2026-08-03 at $23.8409 per share. Following this award, his direct holdings increased to 18,865.268 shares of Class I Common Stock.
FS Credit Real Estate Income Trust, Inc. reported that director Karen Dougherty Buchholz received a grant of 943.7560 shares of Class I Common Stock on 2026-08-03 at $23.8409 per share. After this non-derivative grant/award acquisition, she directly holds 20,128.5710 shares of the company’s common stock.