FS Credit Real Estate Income Trust, Inc. reported that its board, following the adviser’s recommendation, approved a reduction in the monthly distribution on its common stock starting with the distribution to holders of record on February 26, 2026. The February distribution, payable on February 27, 2026, will be $0.1479 per Class I share, $0.1415 per Class D and Class M share, $0.1300 per Class S and Class T share, $0.1736 per Class F share and $0.1739 per Class Y share.
Based on these February amounts and net asset values as of December 31, 2025, the annualized distribution rates are 7.42% for Class I, 6.89% for Class D, 6.87% for Class M, 6.28% for Class S, 6.34% for Class T, 8.27% for Class F and 8.73% for Class Y. The adviser and board plan to continue evaluating the distribution level in light of interest rates, leverage, capital flows and portfolio activity, and future distributions remain at the board’s discretion.
FS Credit Real Estate Income Trust set its February 1, 2026 transaction price equal to December 31, 2025 NAV per share, ranging from $23.9138 to $25.1960 across share classes. Total net asset value was $3.015 billion on 123,231,011 outstanding shares, supported mainly by $7.84 billion of loans receivable and $682.6 million of real estate investments.
The trust reported approximately $0.02 per share NAV decline in December but has delivered 69 consecutive months of positive total returns. The board approved a 30 bps reduction in the distribution rate across all classes starting with the February 27, 2026 payment, resulting in annualized distribution rates such as 7.42% for Class I and 6.28% for Class S based on December 31, 2025 NAVs. In 2025 it closed 34 loans totaling about $2.4 billion, with assets on nonaccrual at 2.65% of the debt portfolio and new or expanded financing facilities, including an NTX‑1 repurchase facility up to $200 million with an option to increase to $400 million.
FS Credit Real Estate Income Trust, Inc. reported an insider equity award linked to President & CEO Michael C. Forman through affiliated entities. On January 13, 2026, Franklin Square Holdings, LP, an entity associated with him, acquired 156,595.816 Class I Restricted Stock Units at $0 per unit as compensation. Following this award, Franklin Square Holdings, LP indirectly holds 1,667,039.568 Class I Restricted Stock Units.
The RSUs are issued as an administrative services fee equal to 1.0% of the company’s net asset value per year, payable quarterly in Class I RSUs under an advisory agreement, with the fee split 50/50 between the adviser and Rialto Capital Management LLC. Affiliated vehicle FSH Seed Capital Vehicle I LLC also indirectly holds 2,506.828 Class T, 413.861 Class M, and 412.313 Class S Common Stock, and the reporting person disclaims beneficial ownership beyond his pecuniary interest.
FS Credit Real Estate Income Trust, Inc. director Jeffrey P. Krasnoff reported indirect ownership changes tied to advisory compensation. An entity associated with him, Rialto Capital Management, LLC, acquired 156,595.816 Class I Restricted Stock Units on January 13, 2026 at a stated price of $0, increasing its beneficially owned derivative securities to 1,890,150.512 Class I Restricted Stock Units. These units are issued under an advisory arrangement where the company pays a 1.0% per annum administrative services fee on net asset value in Class I Restricted Stock Units, split 50/50 between the adviser and Rialto Capital Management, LLC.
Following the reported transactions, Rialto Capital Management, LLC held 476,183.442 Class I Common Shares indirectly for Krasnoff, while JTK RCM, LLC, which is jointly owned by Krasnoff and his spouse, held 22,702.351 Class I Common Shares and 38,079.649 Class F Common Shares. The filing notes that Krasnoff disclaims beneficial ownership of any shares held by Rialto that exceed his pecuniary interest.
FS Credit Real Estate Income Trust, Inc. entered into a Third Amendment to its Master Repurchase and Securities Contract Agreement through its indirect financing subsidiary FS CREIT Finance NTX-1 LLC. The amended NTX-1 facility with Natixis, New York Branch increases the maximum facility amount to $200,000,000, with an option to raise it to $400,000,000, giving the company greater borrowing capacity for its real estate credit activities.
The amendment also extends the reinvestment period to December 29, 2027 and pushes the facility termination date to December 29, 2029, lengthening the term of this financing arrangement. In connection with this amendment, FS Credit Real Estate Income Trust, Inc. reaffirmed its guarantee of the NTX-1 facility.
FS Credit Real Estate Income Trust, Inc. released a supplement updating investors on pricing, performance, portfolio activity and financing. The transaction price for subscriptions on January 2, 2026 equals the November 30, 2025 NAV per share, including $24.8627 for Class S and $23.9470 for Class I. Total net asset value was $3,013,838,000 with 123,096,434 shares outstanding as of November 30, 2025. The trust reported positive total returns for all share classes in November and has achieved 68 consecutive months of positive total returns, meeting 100% of repurchase requests. Current annualized distribution rates based on the January 1, 2026 transaction price include 7.71% for Class I and between roughly 6.57%–7.19% for the other listed classes. The portfolio totals about $8.7 billion, is heavily weighted to senior loans, and had 3.56% of assets on nonaccrual as of November 30, 2025. The trust also added or amended two repurchase facilities, each with up to $350 million of commitments, and updated offering status and investor suitability standards.
FS Credit Real Estate Income Trust, Inc. entered into an amended and restated master repurchase and securities contract facility through its subsidiary FS CREIT Finance MS-1 LLC with Morgan Stanley Mortgage Capital Holdings LLC, Morgan Stanley Bank, N.A. and other buyers. The MS-1 Facility provides aggregate purchase price commitments of up to $350,000,000 to finance performing senior commercial and multifamily mortgage loans, A-notes, pari passu participation interests and mezzanine loans. Each transaction accrues price differential at a spread over Term SOFR, and the facility has a termination date of December 9, 2030, with one-year extension options at the administrative agent’s discretion upon satisfaction of conditions.
FS Credit Real Estate Income Trust also entered into an amended and restated guaranty under which it guarantees payment and performance of obligations under the MS-1 Facility, with the guaranty potentially becoming full recourse upon specified events, including certain bankruptcy actions. The agreements include customary covenants requiring, among other things, an EBITDA to interest expense ratio of at least 1.40 to 1.00, total indebtedness to tangible net worth not exceeding 3.50 to 1.00, and minimum liquidity of at least the greater of $15,000,000 or 5% of the aggregate amount outstanding under the facility.
FS Credit Real Estate Income Trust, Inc. director Karen D. Buchholz reported buying additional Class I common stock. On 12/01/2025, she acquired 939.249 Class I common shares at a price of $23.9553 per share. Following this transaction, she beneficially owned a total of 16,415.583 Class I common shares in direct ownership. The filing is made on Form 4 by a single reporting person and shows no derivative securities transactions.
FS Credit Real Estate Income Trust, Inc. reported that one of its directors acquired additional shares of the company’s Class I Common Stock. On 12/01/2025, the reporting person acquired 834.888 shares of Class I Common Stock at a price of $23.9553 per share. Following this transaction, the director beneficially owned a total of 12,362.367 shares of Class I Common Stock in direct ownership form. This filing was made on Form 4, which discloses changes in the equity holdings of insiders such as directors.
FS Credit Real Estate Income Trust, Inc. reported an insider share acquisition by one of its directors. On 12/01/2025, the director acquired 939.249 shares of Class I common stock at a price of $23.9553 per share. Following this transaction, the director directly beneficially owns 13,409.124 shares of Class I common stock. This filing is a routine Form 4 disclosure showing updated insider ownership.