FS CREDIT real estate income trust

Seeks to deliver an alternative source of income by investing in private commercial real estate debt

Class I
Class S
strong performance since inception

offering

FS Credit REIT has historically generated a steady level of income with a low level of volatility since inception.

Hypothetical Growth of $100,000

As of 2/5/24

The chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Past performance is not indicative of future results. An investment in FS Credit REIT is not a direct investment in real estate and has material differences from a direct investment in real estate, including those related to fees and expenses, liquidity and tax treatment.

FS Credit REIT is not traded on an exchange. The beginning value of Class I is the NAV per share as of the share class’s inception date on January 5, 2018. The beginning value of Class S is the NAV per share as of the share class’s inception date on May 4, 2018. The ending value is the transaction price as of August 1, 2025 (which generally equals the prior month’s NAV). The illustration assumes reinvestment of distributions pursuant to FS Credit REIT’s share repurchase program. Indexes are shown for illustrative purposes only. Each asset class is suitable for specific investor objectives, which vary greatly.

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Fact sheet
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FS credit reit seeks to provide:

income

Seeks to deliver an attractive level of current income
7.69
%

ANNUALIZED DISTRIBUTION RATE FOR CLASS i1

6.55
%

ANNUALIZED DISTRIBUTION RATE FOR CLASS S1

preservation

Focuses on capital preservation and delivering returns with low volatility
97.8%
%

Months with positive total return (Class I)2

‍

-0.27%
%

Largest monthly drawdown (Class I)3

-0.34%
%

Largest monthly drawdown (Class s)3

‍

diversification

Complements a traditional fixed income portfolio
0.16

modified duration (Years)4

‍

86.4%

Invested in Private

Real Estate Debt

‍

As with any investment, investors should make sure they consider the key risks before investing. In the case of commercial mortgages, loans are subject to illiquidity risk and default risk. There is also no assurance that commercial real estate investments will provide regular, stable distributions.

  1. The annualized distribution rate shown is expressed as a percentage equal to the projected annualized distribution amount per share (which is calculated by annualizing the most recent monthly cash distribution per share as of the date indicated, without compounding), divided by the net asset value per share. For the 12 months ended December 31, 2024, 100% of FS Credit REIT’s distributions were funded through net income.
  2. 88 months with positive total returns since inception out of 90 months (based on Class I).
  3. Largest monthly drawdown for Class I and Class S occurred March 2020.
  4. Duration is a measure of how sensitive a fixed income investment’s price is to a change in interest rates and is expressed as a number of years.
opportunity

why commercial real estate debt investing

Investors in commercial real estate debt serve as lenders to property owners to help purchase, renovate or repurpose a property. An investor’s return is largely driven by the interest income paid on the loan (or other form of debt) and retains a degree of insulation. That is, commercial real estate debt investors are paid ahead of property owners, which is important if there is a change in the amount of income a property generates or the value of a property.
FS Credit REIT provides a differentiated way to invest in a $6.1T commercial real estate debt market opportunity by investing primarily in floating rate senior loans secured by commercial real estate properties across the U.S.*

* U.S. Federal Reserve, as of September 30, 2024. Commercial mortgage loans are illiquid and may not have a secondary market. Consider the key risks before investing. While commercial loans are secured by a first-priority mortgage, they are subject to the risk of default. Although senior loans may be prioritized in payment, as represented in the image, there is no assurance that the valuation of the property that is collateral will be correct, thus, there is risk in investing in senior secured loans.

what it means to be a senior lender

Senior lenders are the first to be paid from a property’s rental income and the last to absorb losses if property values decline. This seniority may help preserve income and principal.

what happens if property values decline?

what happens if rental income fails?

Tax advantaged distributions

REIT tax advantages allow FS Credit REIT investors to realize attractive, consistent and tax-advantaged distributions.

Annualized distribution rate comparison

Assumes a 37% tax bracket as of December 31, 2024

FS Credit REIT’s failure to qualify or remain qualified to be taxed as a REIT would adversely affect the NAV and the amount of cash available for distribution to stockholders.

  1. Dividends that are not declared as capital gain dividends or qualified dividend income.
  2. Tax-equivalent distribution rate reflects the distribution rate required under the prior tax law in order for an investor to receive the same after-tax income under the new tax law. For example, a REIT’s annualized distribution rate would need to be 8.5% under the prior tax law in order for investors to receive the same amount of after-tax income as a REIT with an annualized distribution rate of 7.6% under the new tax law.

FS Credit REIT seeks to deliver an alternative source of income by investing in private commercial real estate debt.

industry leading managers
Future Standard has extensive experience designing and managing institutional-quality funds for the broader investing public, and Rialto provides a distinct competitive advantage as a leading real estate investment manager.
Rialto Capital Management is a real estate investment and asset management company with a competitive advantage through its access to information.
Portfolio

A diversified portfolio of commercial real estate debt

FS Credit REIT invests primarily in private floating rate senior loans secured by commercial real estate properties across the U.S.

Investment type

Private senior floating rate loans
85.3%
CMBS
6.9%
Equity
6.7%
Private mezzanine loans
1.1%

Property Types5

Self storage
0.2%
Industrial
11.4%
Retail
5.8%
Various
3.2%
Multifamily
53.3%
Mixed use
2.3%
Office
8.9%
Hospitality
15.0%

Top 5 states

Texas
15.4%
Various
10.8%
Florida
11.5%
California
12.3%
New York
14.5%

Portfolio 
Charac­teristics1,2,3,4

Invested in private real estate debt
86.4%
Average loan size
$53.8M
Floating rate loans
90.5%
Average LTV (loans)
66%
Largest monthly drawdown (Class I)
-0.27%
Largest monthly drawdown (Class S)
-0.34%
Modified duration (years)
0.16
Months with positive total return (Class I)
97.8%
Number of private loans
143
Total assets
$8.91B

Geography5

Northeast
18.4%
South
44.0%
Various
10.8%
Midwest
5.5%
West
21.3%

All portfolio data as of 6/30/2025. Unless otherwise stated.

  1. 88 months with positive total returns since inception out of 90 months (based on Class I).
  2. Duration is a measure of how sensitive a fixed income investment’s price is to a change in interest rates and is expressed as a number of years.
  3. Largest monthly drawdown for Class I and Class S occurred March 2020.
  4. Total assets are comprised of the sum of loans receivable, investment in real estate, mortgage-backed securities held-to-maturity, mortgage-backed securities (at fair value), cash and cash equivalents, restricted cash, receivables for investments sold, repaid interest receivables and other assets.
  5. Represents holdings with multiple property types.
  6. Represents holdings across multiple geographic regions.
Learn More

see more details on fs credit real estate income trust

FS Credit REIT seeks to deliver an alternative source of income by investing in private commercial real estate debt.
Class i
Class s
risk factors

Investing in FS Credit REIT involves significant risk, including the risk of a substantial loss of investment. The following are some of the risks an investment in FS Credit REIT’s common stock involves; however, you should carefully consider all of the information found in the section of FS Credit REIT’s prospectus entitled “Risk Factors” before deciding to invest in shares of FS Credit REIT’s common stock.

  • Since there is no public trading market for shares of FS Credit REIT’s common stock, repurchase of shares by FS Credit REIT will likely be the only way to dispose of your shares. FS Credit REIT’s share repurchase plan will provide stockholders with the opportunity to request that FS Credit REIT repurchase their shares on a monthly basis, subject to certain limitation. Further, FS Credit REIT’s board of directors may modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of stockholders. Finally, FS Credit REIT is not obligated by its charter or otherwise to effect a liquidity event at any time. As a result, shares should be considered as having only limited liquidity and at times may be illiquid.
  • The purchase and repurchase price for shares of FS Credit REIT’s common stock will be based on NAV and will not be based on any public trading market. Because the valuation of FS Credit REIT’s investments is inherently subjective, the NAV of FS Credit REIT’s common stock may not accurately reflect the actual price at which assets could be liquidated on any given day.
  • Valuations and appraisals of real estate-related debt and investments are estimates of fair value and may not necessarily correspond to realizable value, which could adversely affect the value of an investment.
  • FS Credit REIT’s business and operations are currently dependent on the commercial real estate industry. Adverse conditions in the commercial real estate industry can have a significant negative effect on FS Credit REIT’s business and financial condition.
  • FS Credit REIT cannot guarantee that it will make distributions, and if it does such distributions may be funded from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and there are no limits on the amounts that may be paid from such sources.
  • FS Credit REIT has no employees and is dependent on its adviser and sub-adviser to conduct operations. FS Credit REIT’s adviser and sub-adviser will face conflicts of interest as a result of, among other things, the obligation to allocate investment opportunities among FS Credit REIT and other investment vehicles, the allocation of time of their investment professionals and the substantial fees and expenses that we will pay to the adviser and its affiliates.
  • There are limits on the ownership and transferability of FS Credit REIT’s shares.
  • FS Credit REIT’s failure to qualify or remain qualified to be taxed as a REIT would adversely affect the NAV and the amount of cash available for distribution to stockholders.

important notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where FS Credit REIT is authorized for distribution.

Complete information about investing in shares of FS Credit REIT is available in the prospectus.
I acknowledge that (i) I have received the prospectus and (ii) either (a) I am a United States resident or (b) I have otherwise received authorization from FS Credit REIT or my broker-dealer/registered investment advisor to access the contents of this website.