FS Credit Real Estate Income Trust, Inc. provides a 2025 annual overview as a non-traded REIT focused on senior loans secured by U.S. commercial real estate. The loans receivable portfolio totaled $7,764,337 net as of December 31, 2025, up from $7,402,810 a year earlier.
Multifamily properties accounted for $4,250,284 or 54% of net book value, with additional exposure to hospitality, office, industrial, mixed-use and retail. The South region represented 46% of net book value. A CECL reserve of $77,270 was recorded against loans receivable.
The company funds growth through ongoing public and private offerings and multiple financing lines. As of December 31, 2025, it had approximately $6,384,970 outstanding across collateralized loan obligations, repurchase agreements, revolving credit facilities and a mortgage loan, secured by collateral with a carrying amount of $7,855,722.
FS Credit Real Estate Income Trust, Inc. director William P. Hankowsky reported an acquisition of Class I Common Stock through a grant or award. He received 783.7940 shares on March 2, 2026 at a price of $23.9221 per share. Following this award, his direct holdings in Class I Common Stock increased to 5,451.8300 shares.
Schiff David M reported acquisition or exercise transactions in this Form 4 filing.
FS Credit Real Estate Income Trust, Inc. director David M. Schiff reported an award of 783.794 shares of Class I Common Stock at $23.9221 per share. After this grant, he holds a total of 10,760.370 shares directly.
Connors Terence J reported acquisition or exercise transactions in this Form 4 filing.
FS Credit Real Estate Income Trust, Inc. director Terence J. Connors received an award of 914 shares of Class I common stock at $23.92 per share. After this grant, he directly holds 17,032 shares. This filing records an equity-based compensation grant rather than an open-market purchase.
BROWN JAMES W reported acquisition or exercise transactions in this Form 4 filing.
FS Credit Real Estate Income Trust, Inc. director James W. Brown received a grant of 836.047 shares of Class I Common Stock on March 2, 2026, as a stock award rather than an open-market purchase, at a reported price of $23.9221 per share. Following this award, his directly held stake in this class increased to 13,435.294 shares.
FS Credit Real Estate Income Trust, Inc. director Karen Dougherty Buchholz reported an equity award of Class I Common Stock. She acquired 940.5530 shares on March 2, 2026 at a stated price of $23.9221 per share as a grant, award, or other acquisition, not an open-market purchase. Following this transaction, her directly held Class I Common Stock position increased to 17,670.6820 shares.
FS Credit Real Estate Income Trust, Inc. director John A. Fry reported an acquisition of Class I Common Stock. On March 2, 2026, he received a grant or award of 940.553 Class I Common Stock shares at a reported price of $23.9221 per share. After this award, his directly held position in this class increased to 16,465.845 shares.
FS Credit Real Estate Income Trust, Inc. director Ryan Boyer reported an equity award of Class I Common Stock. He acquired 940.5530 shares on March 2, 2026 at a reported price of $23.9221 per share as a grant, award, or other acquisition. After this transaction, his directly held position increased to 14349.6770 shares of Class I Common Stock.
FS Credit Real Estate Income Trust updated investors on pricing, performance and financing. As of January 31, 2026, net asset value (NAV) was $3,019,872,000 across 123,478,331 shares, with class NAVs per share ranging from $23.9072 to $25.1936. March 1, 2026 transaction prices equal these NAVs, before any upfront commissions and fees.
The trust has recorded 70 consecutive months of positive total returns, though February 2026 distributions were reduced by about 30 bps to support long-term sustainability. Based on January 31 NAVs, annualized distribution rates range from 6.28% to 8.73%, with higher tax-equivalent rates due to the REIT dividend deduction.
Management highlighted a $9.4 billion portfolio, 2.21% of which is on nonaccrual, and closed $149.6 million in new originations in January 2026 and approximately $2.4 billion across 34 loans in 2025. They met 100% of January repurchase requests.
The company also completed a new collateralized loan obligation on February 10, 2026 through FS Rialto 2026‑FL11 Issuer, LLC, issuing multiple note classes including $600,098,000 of Class A Notes rated AAAsf / AAA(sf) that mature in January 2044. Proceeds financed an initial collateral portfolio and refinanced certain prior facilities, while junior and equity tranches were retained within the corporate structure. The CLO is expected to generate taxable mortgage pool income, which the company intends to tax at the corporate level rather than distribute.
The continuous public offering remains open for up to $2.75 billion. As of this supplement, the trust has issued 73,672,340 primary shares for $1.82 billion in proceeds and 13,338,675 reinvested shares valued at $328.68 million.
FS Credit Real Estate Income Trust, Inc. entered into a major financing by issuing a new collateralized loan obligation through its FS Rialto 2026-FL11 structure. The CLO issuer sold six classes of offered notes, including Class A Notes with a principal balance of $600,098,000, representing 58.000% of the aggregate principal balance of all notes, and several mezzanine tranches rated down to BBB(low)(sf).
Additional subordinated Classes F, G and equity-like Class H Notes, totaling tens of millions of dollars, were acquired and retained by an indirect wholly owned subsidiary. The secured notes are backed by commercial mortgage loans and related interests and are scheduled to mature at par in January 2044, with a reinvestment period through the payment date in February 2029.
The structure includes note protection tests requiring a minimum par value ratio of 110.58% and minimum interest coverage of 120.00%, which can redirect interest cash flow to redeem senior notes if breached. The CLO is expected to be a taxable mortgage pool that generates excess inclusion income; the company currently intends to pay corporate income tax on that income rather than distribute it to stockholders, but acknowledges uncertainty in how such income will be computed and notes transfer restrictions needed to preserve qualified REIT subsidiary status.