FS Credit Real Estate Income Trust, Inc. entered into a Master Repurchase Agreement with JP Morgan Chase Bank to finance eligible commercial real estate loans and related interests. The JP-1 Facility provides up to $612,312,452.79 in financing.
Assets financed under the facility must be repurchased no later than October 15, 2030, or earlier if the asset matures sooner. FS CREIT delivered a Guaranty that may become full recourse upon certain events, including the commencement of certain bankruptcy actions involving FS CREIT or its financing subsidiary.
Covenants require 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 the greater of $15,000,000 or 5% of the facility’s outstanding amount. Pricing accrues at a fixed spread over Term SOFR with asset-specific advance rates.
FS Credit Real Estate Income Trust, Inc. reported that its indirect subsidiary, FS CREIT Finance MS-1 LLC, executed a First Amendment to its Master Repurchase and Securities Contract Agreement with Morgan Stanley N.A.
The amendment extends the facility termination date from October 13, 2025 to November 12, 2025. The company also noted this relates to a direct financial obligation under Item 2.03. The amendment agreement is filed as Exhibit 2.1 and incorporated by reference.