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FS Credit Real Estate Income Trust–I

FS Credit Real Estate Income Trust–I

Transaction Price1

for 12/01/2024

$24.19

Annual Distribution Rate2

as of 10/31/2024

7.64%

Past performance is not a guarantee of future results. View standardized performance.

View important disclosures

  • The above share class information represents the transaction price for each share class of our common stock for subscriptions accepted as of December 1, 2024 (and repurchases as of October 31, 2024). The transaction price presented is rounded to two decimal places

    The per share purchase (or repurchase) price is equal to the transaction price plus, for purchases of Class T shares, selling commissions of up to 3.00% and dealer manager fees of up to 0.50% of the transaction price, and, for purchases of Class S shares, selling commissions of up to 3.50% of the transaction price. Stockholders will not pay selling commissions or dealer manager fees on Class D, Class M or Class I shares. Class T, Class S, Class D and Class M shares are also subject to ongoing stockholder servicing fees equal to 0.85%, 0.85%, 0.30% and 0.30% per annum of the aggregate NAV of such share class, respectively. Class I shares are not subject to stockholder servicing fees. See the prospectus for additional information.
  • Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. For the nine months ended September 30, 2024, 100% of FS Credit REIT’s distributions were funded through net income.

Performance

Returns1 as of 10/31/2024

MTD YTD 1YR 3YR 5YR Since incept.
annualized 5/4/2018
Class I 0.71% 6.62% 7.65% 7.05% 6.86% 6.60%
2019 2020 2021 2022 2023
Class I 6.70% 6.76% 6.52% 6.09% 7.25%

Performance quoted is past performance and cannot guarantee future results. Current performance may be higher or lower. Certain performance figures above do not include applicable sales charges, which would have reduced the performance. Returns less than one year are cumulative; all others are annualized. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Monthly return since inception2

CLASS I JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2018 - 0.13% -0.19% 0.26% 0.48% 1.03% 0.53% 0.74% 0.39% 0.58% 0.47% 0.55% 5.08%
2019 0.74% 0.38% 0.61% 0.50% 0.55% 0.50% 0.61% 0.51% 0.53% 0.56% 0.53% 0.48% 6.70%
2020 0.61% 0.47% -0.27% 0.73% 0.68% 0.63% 0.83% 0.66% 0.60% 0.59% 0.52% 0.51% 6.76%
2021 0.55% 0.47% 0.50% 0.53% 0.54% 0.50% 0.56% 0.53% 0.52% 0.51% 0.55% 0.55% 6.52%
2022 0.55% 0.55% 0.52% 0.41% 0.56% 0.49% 0.52% 0.55% 0.56% 0.40% 0.51% 0.29% 6.09%
2023 0.68% 0.62% 0.37% 0.53% 0.68% 0.57% 0.78% 0.50% 0.70% 0.62% 0.52% 0.44% 7.25%
2024 0.74% 0.65% 0.55% 0.64% 0.69% 0.64% 0.70% 0.50% 0.63% 0.71% - - 6.62%

Performance quoted is past performance and cannot guarantee future results. Current performance may be higher or lower. Certain performance figures above do not include applicable sales charges, which would have reduced the performance. Returns less than one year are cumulative; all others are annualized. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

View important disclosures

  • Reflects the current month’s distribution annualized and divided by the prior month’s net asset value, which is inclusive of all fees and expenses. For the nine months ended September 30, 2024, 100% of FS Credit REIT’s distributions were funded through net income.
  • Returns (shown with and without sales charge) are the total returns an investor received for the highlighted period taking into account all distributions paid during such period. Returns are net all of FS Credit REIT expenses, including general and administrative expenses, transaction-related expenses, management fees, performance allocation, and share-class specific fees. The calculation is net of any ongoing stockholder servicing fees and assumes that the investor purchased shares at NAV or the transaction price (which generally equals the prior month’s NAV), as applicable, at the beginning of the applicable period and reinvested all cash distributions pursuant to FS Credit REIT’s distribution reinvestment plan (“DRP”). Valuation as of the end of each period is the transaction price pursuant to FS Credit REIT’s share repurchase programs on such date. Returns (without sales charge) do not include selling commissions and dealer manager fees, which could total up to 3.50% of the transaction price of Class S shares. Had such selling commissions and dealer manager fees been included, performance would be lower. Returns (with sales charge) assume payment of the maximum upfront sales charge of 3.50% at the beginning of the applicable period.

View important disclosures

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 ending value is the transaction price as of December 1, 2024 (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. Indexes are meant to illustrate general market performance. Each asset class is suitable for specific investor objectives, which vary greatly.

NAV is a non-GAAP financial measure. The closest GAAP financial measure to NAV is stockholders’ equity.  A reconciliation of our NAV to stockholders’ equity and stockholders’ equity per share is provided at footnote 3. This reconciliation can also be found in our most recent Form 10-K.

FS Credit Real Estate Income Trust seeks to generate an alternative source of income, preserve capital and realize long-term appreciation.

Offering highlights

Current maximum offering

$2.75 billion

Offering

Perpetually offered, non-listed, NAV mortgage REIT

Distribution3

Monthly

Tax reporting

Form 1099-DIV

Management fee6

1.25% on net assets

Performance fee6,7

10% over a 6.5% total return hurdle (with catch-up)

Portfolio allocation

May invest in:

  • Senior floating rate loans to generate current income
  • Other real estate-related assets, including, but not limited to, subordinated debt backed by commercial real estate properties and commercial mortgage-backed securities (CMBS) for enhanced income and the potential for capital appreciation

Subscriptions

  • Subscription agreements are submitted on an ongoing basis.
  • Purchases are effective as of the first calendar day of each month.
  • Subscription requests must be received in good order at least 5 business days prior to the first calendar day of the month or by such other time as agreed upon between a participating broker-dealer and UBS.

Repurchase offer4

Monthly repurchases will be made at the transaction price, which is generally equal to the prior month’s NAV.

  • Overall limit of 2% of NAV per month and 5% of NAV per calendar quarter
  • Repurchase requests must be received in good order by the second to last business day of the applicable month.
  • FS Credit REIT is not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in its discretion.

Suitability requirements5

Either (1) a minimum net worth of at least $250,000, or (2) a minimum net worth of at least $70,000 and a minimum annual gross income of at least $70,000. Certain states have additional suitability standards. See the prospectus for more information.

Key facts

Class I shares
CUSIP302950407
NAV8$24.19
AvailabilityThrough fee-based (wrap) accounts, registered investment advisors, and institutional and fiduciary accounts
Min. initial investment9$1 million
Total upfront sales load10—
Annual stockholder servicing fee—

FS Credit REIT is available through select broker-dealers. 

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View offering highlights disclosure for footnotes 3, 4, 5, 6, 7, 8, 9, 10, 11

3The payment of distributions on FS Credit REIT’s common stock is subject to the discretion of the fund’s board of directors and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such distributions.
4FS Credit REIT’s share repurchase plan is subject to a 2% monthly and 5% quarterly cap of the combined NAV of all share classes then participating and other limitations and conditions as set forth in FS Credit REIT’s prospectus.
5Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer FS Credit REIT at a higher minimum initial investment.
6FS Investments and Rialto split management and performance fees.
7Once core earnings in any quarter exceed the hurdle rate, our adviser will be entitled to a catchup fee equal to the amount of core earnings in excess of the hurdle rate, until our core earnings for such quarter equal 1.806%, or 7.222% annually, of adjusted capital. Thereafter, the adviser is entitled to receive 10.0% of our core earnings. Core earnings means the net income (loss) attributable to stockholders of Class S shares computed in accordance with GAAP, including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the performance fee, (iii) deprecation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items. Adjusted capital means cumulative net proceeds generated from sales of out common stock (including proceeds from our DRP) reduced for distributions from non-liquidating dispositions of our investments paid to stockholders and amounts paid for share purchases pursuant to our share repurchase plan.
8NAV is determined as of the last calendar day of each month by FS Real Estate Advisor in accordance with FS Credit REIT’s valuation guidelines. There is no rule, regulation or industry practice that requires the NAV be calculated in a certain way, and FS Credit REIT’s board of directors may adopt changes to the valuation guidelines. See historical NAV and annualized distribution rate information.
9FS Credit REIT may waive these minimum investment accounts in its sole and absolute discretion.
10Total upfront sales load consists of upfront sales commission of 3.50% for Class S shares.
11The stockholder servicing fee is calculated as a percentage per annum of the aggregate NAV of outstanding Class S shares. FS Credit REIT will cease paying stockholder servicing fees with respect to Class S shares help in a stockholder’s account when the total underwriting compensation from the upfront selling commissions and stockholder servicing fees paid with respect to such account exceeds 8.75% of the gross proceeds from the sale of shares in such account.

View risk factors disclosure

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
  • 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 of its shares and the amount of cash available for distribution to stockholders.
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An investment in any fund sponsored by FS Investments involves a high degree of risk and may be considered speculative. Investors are advised to consider the investment objectives, risks, and charges and expenses of the applicable fund carefully before investing. For funds offering shares to new investors, the applicable fund’s prospectus contains this and other information. Investors may obtain a copy of the applicable fund’s prospectus free of charge at www.fsinvestments.com or by contacting FS Investments at 201 Rouse Boulevard, Philadelphia, PA 19112 or by phone at 877-628-8575. Investors should read and carefully consider all information found in the applicable fund’s prospectus and other reports filed with the U.S. Securities and Exchange Commission (SEC) before investing.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. An offering is made only by a prospectus, which must be made available to you in connection with any offering. No offering is made to New York investors except by a prospectus filed with the Department of Law of the State of New York.

Individual investors and endowments may have different investment horizons, liquidity needs and risk tolerances. In addition, fees that may be incurred by an investor in any of the funds sponsored by FS Investments may be different than fees incurred by an endowment investing in similar assets as those in which the funds invest.

FS Investment Solutions, LLC | 201 Rouse Boulevard | Philadelphia, PA 19112

877-628-8575 | Member FINRA/SIPC

© 2024 FS Investments

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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.

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