QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
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(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
N/A | N/A | N/A |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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PART I—FINANCIAL INFORMATION |
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ITEM 1. |
1 |
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1 |
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2 |
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3 |
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4 |
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6 |
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7 |
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ITEM 2. |
41 |
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ITEM 3. |
56 |
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ITEM 4. |
58 |
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PART II—OTHER INFORMATION |
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ITEM 1. |
58 |
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ITEM 1A. |
58 |
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ITEM 2. |
59 |
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ITEM 3. |
59 |
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ITEM 4. |
59 |
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ITEM 5. |
59 |
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ITEM 6. |
60 |
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62 |
June 30, 2022 (Unaudited) |
December 31, 2021 |
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Assets |
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Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
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Loans receivable, held-for-investment |
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Mortgage-backed securities held-to-maturity |
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Mortgage-backed securities available-for-sale, |
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Investment in real estate, net |
— | |||||||
Receivable for investments sold and repaid |
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Interest receivable |
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Deferred financing costs |
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Other assets |
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Total assets (1) |
$ | $ | ||||||
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Liabilities |
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Collateralized loan obligations (net of deferred financing costs of $ |
$ | $ | ||||||
Repurchase agreements payable (net of deferred financing costs of $ |
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Credit facilities payable (net of deferred financing costs of $ |
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Mortgage note payable (net of deferred financing costs of $ |
— | |||||||
Due to related party |
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Interest payable |
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Payable for shares repurchased |
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Other liabilities |
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Total liabilities (1) |
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Commitments and contingencies (See Note 11) |
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Stockholders’ equity |
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Preferred stock, $ |
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Class F common stock, $ |
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Class Y common stock, $ |
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Class T common stock, $ |
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Class S common stock, $ |
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Class D common stock, $ |
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Class M common stock, $ |
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Class I common stock, $ |
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Additional paid-in capital |
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Accumulated other comprehensive income (loss) |
( |
) | ||||||
Retained earnings |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | $ | ||||||
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(1) | The June 30, 2022 and December 31, 2021 consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of the VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse to the Company. As of June 30, 2022 and December 31, 2021, assets of the VIEs totaled $ |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2022 |
2021 |
2022 |
2021 |
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Net interest income |
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Interest income |
$ | $ | $ | $ | ||||||||||||
Less: Interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
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Net interest income |
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Other expenses |
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Management and performance fees |
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General and administrative expenses |
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Less: Expense limitation |
— | — | — | ( |
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Add: Expense recoupment to sponsor |
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Net other expenses |
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Other income (loss) |
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Net change in unrealized gain (loss) on interest rate cap |
( |
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) | — | ||||||||||
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Total other income (loss) |
( |
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) | — | ||||||||||
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Net income |
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Preferred stock dividends |
( |
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) | ( |
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Net income attributable to FS Credit Real Estate Income Trust, Inc. |
$ | $ | $ | $ | ||||||||||||
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Per share information—basic and diluted |
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Net income per share of common stock (earnings per share) |
$ | $ | $ | $ | ||||||||||||
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Weighted average common stock outstanding |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2022 |
2021 |
2022 |
2021 |
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Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive income |
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Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale |
( |
) | ( |
) | ||||||||||||
Total other comprehensive income (loss) |
( |
) | ( |
) | ||||||||||||
Comprehensive income |
$ | $ | $ | $ | ||||||||||||
Par Value |
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Common Stock Class F |
Common Stock Class Y |
Common Stock Class T |
Common Stock Class S |
Common Stock Class D |
Common Stock Class M |
Common Stock Class I |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) (1) |
Retained Earnings (Accumulated Deficit) |
Total Stockholders’ Equity |
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Three Months Ended June 30, 2022 |
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Balance as of March 31, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||||||||
Common stock issued |
— | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Distributions declared |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Proceeds from distribution reinvestment plan |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Redemptions of common stock |
— | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||
Stockholder servicing fees |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Offering costs |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Performance contingent rights issued |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends on preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||
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Balance as of June 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||||||||
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Three Months Ended June 30, 2021 |
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Balance as of March 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | — | $ | $ | ||||||||||||||||||||||||||||||||
Common stock issued |
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Distributions declared |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Proceeds from distribution reinvestment plan |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Redemptions of common stock |
— | ( |
) | — | — | — | ( |
) | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||
Stockholder servicing fees |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Offering costs |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends on preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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Balance as of June 30, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
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(1) | Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale. |
Par Value |
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Common Stock Class F |
Common Stock Class Y |
Common Stock Class T |
Common Stock Class S |
Common Stock Class D |
Common Stock Class M |
Common Stock Class I |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) (1) |
Retained Earnings (Accumulated Deficit) |
Total Stockholders’ Equity |
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Six Months Ended June 30, 2022 |
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Balance as of December 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Common stock issued |
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Distributions declared |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Proceeds from distribution reinvestment plan |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Redemptions of common stock |
— | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||
Stockholder servicing fees |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Offering costs |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Performance contingent rights issued |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends on preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Other comprehensive loss |
— | — | — | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||
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Balance as of June 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||||||||
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Six Months Ended June 30, 2021 |
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Balance as of December 31, 2020 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | — | $ | $ | ||||||||||||||||||||||||||||||||
Common stock issued |
— | — | — | |||||||||||||||||||||||||||||||||||||||||
Distributions declared |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Proceeds from distribution reinvestment plan |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Redemptions of common stock |
— | ( |
) | — | — | — | ( |
) | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||
Stockholder servicing fees |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Offering costs |
— | — | — | — | — | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Dividends on preferred stock |
— | — | — | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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Balance as of June 30, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
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(1) |
Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale. |
Six Months Ended June 30, |
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2022 |
2021 |
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Cash flows from operating activities |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities |
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Performance contingent rights issued |
— | |||||||
Amortization of deferred fees on loans and debt securities |
( |
) | ( |
) | ||||
Amortization of deferred financing costs and discount |
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Net change in unrealized loss on interest rate cap |
— | |||||||
Changes in assets and liabilities |
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Reimbursement due from sponsor |
— | |||||||
Interest receivable |
( |
) | ( |
) | ||||
Other assets |
( |
) | ||||||
Due to related party |
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Interest payable |
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Other liabilities |
( |
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Net cash provided by (used in) operating activities |
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Cash flows used in investing activities |
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Origination and fundings of loans receivable, held-for-investment |
( |
) | ( |
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Principal collections from loans receivable, held-for-investment |
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Exit and extension fees received on loans receivable, held-for-investment |
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Purchases of mortgage-backed securities available-for-sale |
( |
) | ( |
) | ||||
Principal repayments of mortgage-backed securities available-for-sale |
— | |||||||
Purchases of mortgage-backed securities held-to-maturity |
( |
) | — | |||||
Acquisition of real estate |
( |
) | — | |||||
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Net cash provided by (used in) investing activities |
( |
) | ( |
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Cash flows from financing activities |
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Issuance of common stock |
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Redemptions of common stock |
( |
) | ( |
) | ||||
Stockholder distributions paid |
( |
) | ( |
) | ||||
Stockholder servicing fees |
( |
) | ( |
) | ||||
Offering costs paid |
( |
) | ( |
) | ||||
Borrowing under mortgage note payable |
— | |||||||
Borrowings under repurchase agreements |
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Repayments under repurchase agreements |
( |
) | ( |
) | ||||
Borrowings under credit facilities |
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Repayments under credit facilities |
( |
) | ( |
) | ||||
Proceeds from issuance of collateralized loan obligations |
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Repayment of collateralized loan obligations |
( |
) | — | |||||
Payment of deferred financing costs |
( |
) | ( |
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Net cash provided by (used in) financing activities |
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Total increase (decrease) in cash, cash equivalents and restricted cash |
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Cash, cash equivalents and restricted cash at beginning of period |
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Cash, cash equivalents and restricted cash at end of period |
$ | $ | ||||||
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Supplemental disclosure of cash flow information and non-cash financial activities |
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Payments of interest |
$ | $ | ||||||
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Accrued stockholder servicing fee |
$ | $ | ||||||
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Distributions payable |
$ | $ | ||||||
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Reinvestment of stockholder distributions |
$ | $ | ||||||
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Payable for shares repurchased |
$ | $ | ||||||
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Loan principal payments held by servicer |
$ | $ | — | |||||
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Loan transferred from loans receivable, held-for-investment held-for-sale |
$ | — | $ | |||||
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June 30, |
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2022 |
2021 |
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Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
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Total cash, cash equivalents and restricted cash |
$ | $ | ||||||
Loan Risk Rating |
Summary Description | |
1 | Very Low Risk | |
2 | Low Risk | |
3 | Medium Risk | |
4 | High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss | |
5 | Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss |
Description |
Depreciable Life | |
Building | ||
Building and land improvements | ||
Furniture, fixtures and equipment | ||
Tenant improvements | ||
Lease intangibles |
Level 1: |
Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. |
Level 2: |
Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. |
Level 3: |
Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. |
• | Cash and cash equivalents: The carrying amount of cash on deposit and in money market funds approximates fair value. |
• | Restricted cash: The carrying amount of restricted cash approximates fair value. |
• | Loans receivable held-for-investment, |
• | Mortgage-backed securities available-for-sale: |
• | Mortgage-backed securities held-to-maturity: |
• | Collateralized loan obligations, repurchase agreements payable, credit facilities payable, and mortgage note payable: The fair values for these instruments were estimated based on the rate at which similar credit facilities would have currently been priced. |
June 30, 2022 (Unaudited) |
December 31, 2021 |
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Number of loans |
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Principal balance |
$ | $ | ||||||
Net book value |
$ | $ | ||||||
Unfunded loan commitments (1) |
$ | $ | ||||||
Weighted-average cash coupon (2) |
+ |
% | + |
% | ||||
Weighted-average all-in yield(2) |
+ |
% | + |
% | ||||
Weighted-average maximum maturity (years) (3) |
(1) | The Company may be required to provide funding when requested by the borrowers in accordance with the terms of the underlying agreements. |
(2) | The Company’s floating rate loans are indexed to the London Interbank Offered Rate, or LIBOR, and the Secured Overnight Financing Rate, or SOFR. In addition to cash coupon, all-in yield includes accretion of discount (amortization of premium) and accrual of exit fees. |
(3) | Maximum maturity assumes all extension options are exercised by the borrowers; however, loans may be repaid prior to such date. |
For the Six Months Ended June 30, |
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2022 |
2021 |
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Balance at beginning of period |
$ | $ | ||||||
Loan fundings |
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Loan repayments |
( |
) | ( |
) | ||||
Amortization of deferred fees on loans |
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Exit and extension fees received on loans |
( |
) | ( |
) | ||||
Balance at end of period |
$ | $ | ||||||
June 30, 2022 (Unaudited) |
December 31, 2021 |
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Property Type |
Net Book Value |
Percentage |
Net Book Value |
Percentage |
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Multifamily |
$ | % | $ | % | ||||||||||||
Office |
% | % | ||||||||||||||
Hospitality |
% | % | ||||||||||||||
Retail |
% | % | ||||||||||||||
Industrial |
% | % | ||||||||||||||
Self Storage |
% | % | ||||||||||||||
Various |
% | % | ||||||||||||||
Mixed Use |
% | % | ||||||||||||||
Total |
$ | % | $ | % | ||||||||||||
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||||||||||
Geographic Location (1) |
Net Book Value |
Percentage |
Net Book Value |
Percentage |
||||||||||||
South |
$ | % | $ | % | ||||||||||||
West |
% | % | ||||||||||||||
Northeast |
% | % | ||||||||||||||
Various |
% | % | ||||||||||||||
Midwest |
% | % | ||||||||||||||
Total |
$ | % | $ | % | ||||||||||||
(1) | As defined by the United States Department of Commerce, Bureau of the Census. |
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||||||||||||||||||
Risk Rating |
Number of Loans |
Net Book Value |
Percentage |
Number of Loans |
Net Book Value |
Percentage |
||||||||||||||||||
1 |
— | $ | — | — | — | $ | — | — | ||||||||||||||||
2 |
— | — | — | — | — | — | ||||||||||||||||||
3 |
% | % | ||||||||||||||||||||||
4 |
— | — | — | — | — | — | ||||||||||||||||||
5 |
— | — | — | — | — | — | ||||||||||||||||||
Total |
$ | % | $ | % | ||||||||||||||||||||
Gross Unrealized |
Weighted Average |
|||||||||||||||||||||||||||
Outstanding Face Amount |
Amortized Cost Basis |
Gains |
Losses |
Fair Value |
Coupon |
Remaining Duration (years) |
||||||||||||||||||||||
June 30, 2022 (Unaudited) |
||||||||||||||||||||||||||||
CMBS, available-for-sale |
$ | $ | $ | $ | ( |
) | $ | % | ||||||||||||||||||||
December 31, 2021 |
||||||||||||||||||||||||||||
CMBS, available-for-sale |
$ | $ | $ | $ | ( |
) | $ | % |
Estimated Fair Value |
Unrealized Losses |
|||||||||||||||
Securities with a loss less than 12 months |
Securities with a loss greater than 12 months |
Securities with a loss less than 12 months |
Securities with a loss greater than 12 months |
|||||||||||||
June 30, 2022 (Unaudited) |
||||||||||||||||
CMBS, available-for-sale |
$ | $ | $ | ( |
) | $ | ||||||||||
December 31, 2021 |
||||||||||||||||
CMBS, available-for-sale |
$ | $ | $ | ( |
) | $ |
Net Carrying Amount (Amortized Cost) |
Gross Unrecognized Holding Gains |
Gross Unrecognized Holding Losses |
Fair Value |
|||||||||||||
June 30, 2022 (Unaudited) |
||||||||||||||||
CMBS, held-to-maturity |
$ | $ | ||||||||||||||
December 31, 2021 |
||||||||||||||||
CMBS, held-to-maturity |
$ | $ |
Total |
Less than 1 year |
1-3 years |
3-5 years |
More than 5 years |
||||||||||||||||
June 30, 2022 (Unaudited) |
||||||||||||||||||||
CMBS, held-to-maturity |
$ | $ | $ | |||||||||||||||||
December 31, 2021 |
||||||||||||||||||||
CMBS, held-to-maturity |
$ | $ |
June 30, 2022 (Unaudited) |
||||
Building and building improvements |
$ | |||
Land and land improvements |
||||
Furniture, fixtures and equipment |
||||
Real estate, net |
$ | |||
Amount |
||||
Building and building improvements |
$ | |||
Land and land improvements |
||||
Furniture, fixtures and equipment |
||||
In-place lease intangibles |
||||
Net purchase price |
$ | |||
As of June 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Arrangement (1) |
Rate (2) |
Amount Outstanding |
Amount Available |
Maturity Date |
Carrying Amount of Collateral |
Fair Value of Collateral |
||||||||||||||||||
Collateralized Loan Obligations |
||||||||||||||||||||||||
2019-FL1 Notes |
(3) |
$ | $ | — | $ | $ | ||||||||||||||||||
2021-FL2 Notes |
(3) |
— | ||||||||||||||||||||||
2021-FL3 Notes |
(3) |
— | ||||||||||||||||||||||
2022-FL4 Notes |
( 6 ) |
— | ||||||||||||||||||||||
2022-FL5 Notes |
( 6 ) |
— | ||||||||||||||||||||||
— | ||||||||||||||||||||||||
Repurchase Agreements |
||||||||||||||||||||||||
WF-1 Facility |
( 4 ) |
|||||||||||||||||||||||
GS-1 Facility |
( 5 ) |
|||||||||||||||||||||||
BB-1 Facility |
( 6 ) |
|||||||||||||||||||||||
RBC Facility |
— | N/A | — | — | ||||||||||||||||||||
Revolving Credit Facility |
||||||||||||||||||||||||
CNB Facility |
( 7 ) |
— | — | |||||||||||||||||||||
MM-1 Facility |
( 8 )(9 ) |
|||||||||||||||||||||||
Mortgage Loan |
||||||||||||||||||||||||
Natixis Loan |
( 8 ) |
|||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||||||||||
(1) | The carrying amount outstanding under the facilities approximates their fair value. |
(2) | The rates are expressed over the relevant floating benchmark rates, which include USD LIBOR, Term SOFR, and SOFR Average (compounded average of SOFR over a rolling 30-day period). |
(3) | USD LIBOR is subject to a |
(4) |
Benchmark rate is subject to a |
(5) |
Term SOFR is subject to a GS-1 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis. |
( 6 ) |
USD LIBOR, Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a |
(7) |
Term SOFR is subject to a floor. The CNB Facility is subject to a credit spread adjustment of |
(8) |
Term SOFR is subject to a |
(9) |
The MM-1 Facility is subject to a credit spread adjustment of |
As of December 31, 2021 |
||||||||||||||||||||||||
Arrangement (1) |
Rate (2) |
Amount Outstanding |
Amount Available |
Maturity Date |
Carrying Amount of Collateral |
Fair Value of Collateral |
||||||||||||||||||
Collateralized Loan Obligation |
||||||||||||||||||||||||
2019-FL1 Notes |
(3) |
$ | $ | — | $ | $ | ||||||||||||||||||
2021-FL2 Notes |
(3) |
— | ||||||||||||||||||||||
2021-FL3 Notes |
(3) |
— | ||||||||||||||||||||||
— | ||||||||||||||||||||||||
Repurchase Agreements |
||||||||||||||||||||||||
WF-1 Facility |
( 4 ) |
|||||||||||||||||||||||
GS-1 Facility |
( 5 ) |
|||||||||||||||||||||||
BB-1 Facility |
||||||||||||||||||||||||
RBC Facility |
— | N/A | — | — | ||||||||||||||||||||
Revolving Credit Facility |
||||||||||||||||||||||||
CNB Facility |
( 6 ) |
— | — | |||||||||||||||||||||
MM-1 Facility |
(3) |
|||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||||||||||
(1) | The carrying amount outstanding under the facilities approximates their fair value. |
(2) | The rates are expressed over the relevant floating benchmark rates, which include USD LIBOR. |
(3) | USD LIBOR is subject to a |
(4) |
USD LIBOR is subject to a WF-1 facility are using term SOFR as the reference rate, subject to the rates specified in their applicable transaction confirmations. |
(5) |
USD LIBOR is subject to a GS-1 and Goldman Sachs, may mutually agree on rates outside this range or a different LIBOR floor on an asset by asset basis. |
( 6 ) |
USD LIBOR is subject to a |
Collateralized Loan Obligations |
Repurchase Agreements |
Revolving Credit Facility |
Mortgage Loan |
Total |
||||||||||||||||
2022 |
$ | $ | $ | $ | $ | |||||||||||||||
2023 |
||||||||||||||||||||
2024 |
||||||||||||||||||||
2025 |
||||||||||||||||||||
2026 |
||||||||||||||||||||
Thereafter |
||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | |||||||||||||||
As of June 30, 2022 (Unaudited) |
||||||||
Collateralized Loan Obligation |
Total Loans |
Principal |
||||||
2019-FL1 Notes |
$ | |||||||
2021-FL2 Notes |
||||||||
2021-FL3 Notes |
||||||||
2022-FL4 Notes |
||||||||
2022-FL5 Notes |
||||||||
Total |
$ | |||||||
As of June 30, 2022 (Unaudited) |
||||
Collateralized Loan Obligation |
Issuance Costs and Discount to be Amortized |
|||
2019-FL1 Notes |
$ | |||
2021-FL2 Notes |
||||
2021-FL3 Notes |
||||
2022-FL4 Notes |
||||
2022-FL5 Notes |
||||
Total |
$ | |||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||||
Related Party |
Source Agreement |
Description |
2022 |
2021 |
2022 |
2021 |
||||||||||||||
FS Real Estate Advisor |
Advisory Agreement | Base Management Fee (1) |
$ | $ | $ | $ | ||||||||||||||
FS Real Estate Advisor |
Advisory Agreement | Performance Fee (2) |
$ | $ | $ | $ | ||||||||||||||
FS Real Estate Advisor |
Advisory Agreement | Administrative Services Expenses (3) |
$ | $ | $ | $ |
(1) | During the six months ended June 30, 2022, FS Real Estate Advisor received $ |
June 30, 2022 and 2021, $ |
(2) | During the six months ended June 30, 2022 and 2021, $ |
(3) | During the six months ended June 30, 2022 and 2021, $ |
• | with respect to the Company’s outstanding Class T shares equal to |
• | with respect to the Company’s outstanding Class S shares equal to |
• | with respect to the Company’s outstanding Class D shares equal to |
• | with respect to the Company’s outstanding Class M shares equal to |
For the Three Months Ended |
Amount of Expense Reimbursement |
Recoupable Amount |
Recoupment paid or payable to sponsor |
Expired Amount |
Recoupment eligibility expiration |
|||||||||||||||
June 30, 2022 |
$ | $ | $ | $ | N/A | |||||||||||||||
March 31, 2022 |
— | — | — | — | N/A | |||||||||||||||
December 31, 2021 |
— | — | — | — | N/A | |||||||||||||||
September 30, 2021 |
— | — | — | — | N/A | |||||||||||||||
June 30, 2021 |
— | — | — | — | N/A | |||||||||||||||
March 31, 2021 |
— | — | ||||||||||||||||||
December 31, 2020 |
— | |||||||||||||||||||
September 30, 2020 |
— | — | ||||||||||||||||||
June 30, 2020 |
— | — | ||||||||||||||||||
March 31, 2020 |
— | — | — | — | N/A | |||||||||||||||
December 31, 2019 |
— | — | ||||||||||||||||||
September 30, 2019 |
— | — | ||||||||||||||||||
June 30, 2019 |
— | — | Expired |
|||||||||||||||||
March 31, 2019 |
— | — | Expired |
|||||||||||||||||
December 31, 2018 |
— | Expired |
||||||||||||||||||
September 30, 2018 |
— | Expired |
||||||||||||||||||
June 30, 2018 |
— | Expired |
||||||||||||||||||
March 31, 2018 |
— | — | Expired |
|||||||||||||||||
December 31, 2017 |
— | — | Expired |
|||||||||||||||||
September 30, 2017 |
— | — | Expired |
|||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||
Shares |
||||||||||||||||||||||||||||||||
Class F |
Class Y |
Class T |
Class S |
Class D |
Class M |
Class I |
Total |
|||||||||||||||||||||||||
Balance as of December 31, 2021 |
||||||||||||||||||||||||||||||||
Issuance of common stock |
||||||||||||||||||||||||||||||||
Reinvestment of distributions |
||||||||||||||||||||||||||||||||
Redemptions of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Transfers in or out |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as of June 30, 2022 |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
||||||||||||||||||||||||||||||||
Class F |
Class Y |
Class T |
Class S |
Class D |
Class M |
Class I |
Total |
|||||||||||||||||||||||||
Balance as of December 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Issuance of common stock |
||||||||||||||||||||||||||||||||
Reinvestment of distributions |
||||||||||||||||||||||||||||||||
Redemptions of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Transfers in or out |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Accrued stockholder servicing fees (1) |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as of June 30, 2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
||||||||||||||||||||||||||||||||
Class F |
Class Y |
Class T |
Class S |
Class D |
Class M |
Class I |
Total |
|||||||||||||||||||||||||
Balance as of December 31, 2020 |
||||||||||||||||||||||||||||||||
Issuance of common stock |
||||||||||||||||||||||||||||||||
Reinvestment of distributions |
||||||||||||||||||||||||||||||||
Redemptions of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Transfers in or out |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as of June 30, 2021 |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
||||||||||||||||||||||||||||||||
Class F |
Class Y |
Class T |
Class S |
Class D |
Class M |
Class I |
Total |
|||||||||||||||||||||||||
Balance as of December 31, 2020 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Issuance of common stock |
||||||||||||||||||||||||||||||||
Reinvestment of distributions |
||||||||||||||||||||||||||||||||
Redemptions of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Transfers in or out |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Accrued stockholder servicing fees (1) |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as of June 30, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, the Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class. |
Record Date |
Class F |
Class Y |
Class T |
Class S |
Class D |
Class M |
Class I |
|||||||||||||||||||||
January 28, 2022 |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
February 25, 2022 |
||||||||||||||||||||||||||||
March 30, 2022 |
||||||||||||||||||||||||||||
April 28, 2022 |
||||||||||||||||||||||||||||
May 27, 2022 |
||||||||||||||||||||||||||||
June 29, 2022 |
||||||||||||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Distributions: |
||||||||||||||||
Paid or payable in cash |
$ | $ | $ | $ | ||||||||||||
Reinvested in shares |
||||||||||||||||
Total distributions |
$ | $ | $ | $ | ||||||||||||
Source of distributions: |
||||||||||||||||
Cash flows from operating activities |
$ | $ | $ | $ | ||||||||||||
Offering proceeds |
||||||||||||||||
Total sources of distributions |
$ | $ | $ | $ | ||||||||||||
Net cash provided by (used in) operating activities (1) |
$ | $ | $ | $ | ||||||||||||
(1) | Cash flows from operating activities are supported by expense support payments from FS Real Estate Advisor and Rialto pursuant to the Company’s expense limitation agreement. See Note 7 for additional information regarding the Company’s expense limitation agreement. |
Class F |
Class Y |
Class T |
Class S |
Class D |
Class M |
Class I |
||||||||||||||||||
$ |
$ | $ | $ | $ | $ | $ |
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||||||||||||||||||||||||||
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||||||||||||||
Mortgage-backed securities available-for-sale |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest rate cap |
$ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||||||||||||||||||
Book Value |
Face Amount |
Fair Value |
Book Value |
Face Amount |
Fair Value |
|||||||||||||||||||
Financial Assets |
||||||||||||||||||||||||
Cash, cash equivalents and restricted cash |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Loans receivable—held-for-investment (1) |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Mortgage-backed securities held-to-maturity |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Financial Liabilities |
||||||||||||||||||||||||
Repurchase agreements (2) |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Credit facilities |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Collateralized loan obligations (2) |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Mortgage note payable (2) |
$ | $ | $ | $ | $ | $ |
(1) | Book value of loans receivable represents the face amount, net of unamortized loan fees and costs and accrual of exit fees, as applicable. |
(2) | Book value represents the face amount, net of deferred financing costs. |
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||
Assets: |
||||||||
Restricted cash |
$ | $ | ||||||
Loans receivable, held-for-investment |
||||||||
Interest receivable |
||||||||
Other assets |
||||||||
Total assets |
$ | $ | ||||||
Liabilities |
||||||||
Collateralized loan obligations (net of deferred financing costs of $ |
$ | $ | ||||||
Interest payable |
||||||||
Other liabilities |
||||||||
Total liabilities |
$ | $ | ||||||
June 30, 2022 |
||||
Intangible assets (1) |
||||
In-place lease intangibles |
$ | |||
Total intangible assets |
$ | |||
(1) | Included in Other assets in the Company’s consolidated balance sheets. |
Amortization |
||||
2022 (remaining) |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
2027 |
||||
Thereafter |
||||
Total |
$ | |||
Type of Derivative |
Notional Amount |
Strike |
Effective Date |
Maturity Date |
Fair Value (1) |
|||||||||||||||
Interest Rate Cap |
$ | % | $ |
(1) | Included in Other assets in the Company’s consolidated balance sheets. |
Type of Derivative |
Realized/Unrealized Gain (Loss) |
Location of Gain (Loss) Recognized in Net Income |
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||||||
Interest Rate Cap |
Unrealized Loss | (1 | ) | $ | ( |
) | $ | $ | ( |
) | $ |
(1) | Included in Other income (loss) in the Company’s consolidated statements of operations |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations (in thousands, except share and per share amounts). |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Loan fundings (1) |
$ | 2,042,818 | $ | 793,678 | $ | 3,084,586 | $ | 1,018,208 | ||||||||
Loan repayments |
(154,561 | ) | (72,182 | ) | (389,036 | ) | (96,067 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net fundings |
$ | 1,888,257 | $ | 721,496 | $ | 2,695,550 | $ | 922,141 | ||||||||
|
|
|
|
|
|
|
|
(1) | Includes new loan originations and additional fundings made under existing loans. |
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||
Number of loans |
135 | 102 | ||||||
Principal balance |
$ | 6,539,424 | $ | 3,843,110 | ||||
Net book value |
$ | 6,538,370 | $ | 3,841,868 | ||||
Unfunded loan commitments (1) |
$ | 610,703 | $ | 414,818 | ||||
Weighted-average cash coupon (2) |
+3.82 | % | +3.68 | % | ||||
Weighted-average all-in yield(2) |
+3.87 | % | +3.73 | % | ||||
Weighted-average maximum maturity (years) (3) |
4.4 | 4.5 |
(1) | We may be required to provide funding when requested by the borrower in accordance with the terms of the underlying agreements. |
(2) | Our floating-rate loans are indexed to LIBOR and SOFR. In addition to cash coupon, all-in yield includes accretion of discount (amortization of premium) and accrual of exit fees. |
(3) | Maximum maturity assumes all extension options are exercised by the borrower; however loans may be repaid prior to such date. |
Loan Type |
Origination Date (1) |
Total Loan |
Principal Balance |
Net Book Value |
Cash Coupon (2) |
All-in Yield (2) |
Maximum Maturity (3) |
Location |
Property Type |
LTV (1) |
||||||||||||||||||||||||||||
1 |
Senior Loan | 6/9/2022 | $ | 365,611 | $ | 336,733 | $ | 336,683 | +3.30 | % | +3.30 | % | 6/9/2027 | Various | Multifamily | 74 | % | |||||||||||||||||||||
2 |
Senior Loan | 4/28/2022 | 195,000 | 195,000 | 194,980 | +4.65 | % | +4.76 | % | 5/9/2027 | New York, NY | Hospitality | 70 | % | ||||||||||||||||||||||||
3 |
Senior Loan | 12/7/2021 | 175,000 | 150,783 | 150,767 | +3.60 | % | +3.60 | % | 12/9/2026 | Miami, FL | Retail | 38 | % | ||||||||||||||||||||||||
4 |
Mezz Loan | 10/1/2021 | 150,000 | 99,949 | 99,295 | 10.00 | % | 10.26 | % | 4/1/2026 | Various | Various | 93 | % | ||||||||||||||||||||||||
5 |
Senior Loan | 6/8/2022 | 144,160 | 144,160 | 144,175 | +3.89 | % | +4.14 | % | 6/9/2027 | New York, NY | Multifamily | 73 | % | ||||||||||||||||||||||||
6 |
Senior Loan | 10/12/2021 | 130,747 | 130,747 | 130,747 | +3.00 | % | +3.00 | % | 6/9/2026 | Philadelphia, PA | Multifamily | 69 | % | ||||||||||||||||||||||||
7 |
Senior Loan | 3/31/2022 | 120,470 | 81,979 | 81,962 | +4.30 | % | +4.31 | % | 4/9/2027 | Addison, TX | Office | 67 | % | ||||||||||||||||||||||||
8 |
Senior Loan | 9/9/2021 | 118,265 | 118,265 | 118,250 | +3.20 | % | +3.20 | % | 9/9/2026 | Various, NY | Self Storage | 70 | % | ||||||||||||||||||||||||
9 |
Senior Loan | 6/14/2022 | 111,100 | 97,500 | 97,475 | +3.80 | % | +3.81 | % | 6/9/2027 | San Jose, CA | Office | 39 | % | ||||||||||||||||||||||||
10 |
Senior Loan | 3/10/2022 | 110,150 | 90,577 | 90,549 | +5.00 | % | +5.01 | % | 4/9/2027 | Santa Clara, CA | Office | 62 | % | ||||||||||||||||||||||||
11 |
Senior Loan | 5/26/2022 | 108,500 | 97,172 | 97,157 | +3.40 | % | +3.59 | % | 6/9/2027 | Mesa, AZ | Multifamily | 67 | % | ||||||||||||||||||||||||
12 |
Senior Loan | 6/30/2022 | 106,000 | 100,000 | 99,985 | +4.15 | % | +4.15 | % | 7/9/2027 | Lynwood, CA | Retail | 61 | % | ||||||||||||||||||||||||
13 |
Senior Loan | 5/18/2022 | 105,000 | 105,000 | 105,000 | +3.50 | % | +3.50 | % | 6/9/2027 | New Rochelle, NY | Multifamily | 61 | % | ||||||||||||||||||||||||
14 |
Senior Loan | 1/13/2022 | 103,600 | 91,942 | 91,915 | +3.55 | % | +3.56 | % | 1/9/2027 | Austin, TX | Multifamily | 80 | % | ||||||||||||||||||||||||
15 |
Senior Loan | 6/28/2022 | 100,000 | 100,000 | 99,975 | +3.15 | % | +3.16 | % | 7/9/2027 | Fayetteville, NC | Multifamily | 76 | % | ||||||||||||||||||||||||
16 |
Senior Loan | 12/30/2021 | 95,000 | 95,000 | 94,983 | +4.20 | % | +4.21 | % | 1/9/2027 | San Diego, CA | Hospitality | 58 | % | ||||||||||||||||||||||||
17 |
Senior Loan | 12/21/2021 | 93,900 | 72,888 | 72,873 | +3.80 | % | +3.81 | % | 1/9/2027 | Houston, TX | Multifamily | 76 | % | ||||||||||||||||||||||||
18 |
Senior Loan | 5/13/2022 | 93,500 | 84,327 | 84,308 | +4.25 | % | +4.40 | % | 5/9/2027 | New York, NY | Multifamily | 60 | % | ||||||||||||||||||||||||
19 |
Senior Loan | 4/29/2022 | 90,000 | 90,000 | 90,000 | +3.55 | % | +3.55 | % | 5/6/2027 | Reseda, CA | Multifamily | 69 | % | ||||||||||||||||||||||||
20 |
Senior Loan | 5/13/2022 | 89,500 | 76,173 | 76,153 | +4.25 | % | +4.40 | % | 5/9/2027 | New York, NY | Multifamily | 58 | % | ||||||||||||||||||||||||
21 |
Senior Loan | 2/4/2022 | 89,000 | 89,000 | 89,180 | +3.75 | % | +3.75 | % | 2/1/2025 | Temecula, CA | Multifamily | 75 | % | ||||||||||||||||||||||||
22 |
Senior Loan | 12/15/2021 | 85,000 | 81,800 | 81,779 | +3.35 | % | +3.36 | % | 12/9/2026 | Sunny Isles, FL | Multifamily | 74 | % | ||||||||||||||||||||||||
23 |
Senior Loan | 5/12/2021 | 85,000 | 85,000 | 85,036 | 3.00 | % | +3.05 | % | 5/9/2026 | Detroit, MI | Industrial | 73 | % | ||||||||||||||||||||||||
24 |
Senior Loan | 3/9/2022 | 84,000 | 78,077 | 78,077 | +3.55 | % | +3.55 | % | 3/9/2027 | Temple Hills, MD | Multifamily | 75 | % | ||||||||||||||||||||||||
25 |
Senior Loan | 12/23/2021 | 83,400 | 73,028 | 73,005 | +4.45 | % | +4.46 | % | 1/9/2027 | Westminster, CO | Retail | 65 | % | ||||||||||||||||||||||||
26 |
Senior Loan | 12/22/2021 | 81,500 | 54,000 | 54,049 | +4.75 | % | +4.93 | % | 1/9/2027 | Farmers Branch, TX | Office | 62 | % | ||||||||||||||||||||||||
27 |
Senior Loan | 2/28/2022 | 75,000 | 72,250 | 72,250 | +3.85 | % | +3.85 | % | 3/9/2027 | Atlanta, GA | Multifamily | 68 | % | ||||||||||||||||||||||||
28 |
Senior Loan | 9/10/2021 | 71,201 | 66,900 | 66,879 | +3.25 | % | +3.26 | % | 10/9/2026 | Richardson, TX | Multifamily | 68 | % | ||||||||||||||||||||||||
29 |
Senior Loan | 4/26/2022 | 69,350 | 63,340 | 63,309 | +3.72 | % | +3.74 | % | 5/9/2027 | Tucson, AZ | Multifamily | 68 | % | ||||||||||||||||||||||||
30 |
Senior Loan | 4/26/2021 | 68,100 | 66,000 | 65,984 | +3.15 | % | +3.16 | % | 5/9/2026 | North Las Vegas, NV | Multifamily | 72 | % | ||||||||||||||||||||||||
31 |
Senior Loan | 4/27/2022 | 67,940 | 57,720 | 57,702 | +4.00 | % | +4.06 | % | 5/9/2027 | Indianapolis, IN | Multifamily | 79 | % | ||||||||||||||||||||||||
32 |
Senior Loan | 12/21/2021 | 65,450 | 65,450 | 65,433 | +4.35 | % | +4.36 | % | 1/9/2027 | Dallas, TX | Hospitality | 58 | % | ||||||||||||||||||||||||
33 |
Senior Loan | 4/15/2021 | 64,460 | 62,657 | 62,641 | +2.80 | % | +2.81 | % | 5/9/2026 | Lawrenceville, GA | Multifamily | 75 | % | ||||||||||||||||||||||||
34 |
Senior Loan | 5/20/2022 | 63,001 | 62,039 | 62,031 | 4.15 | % | +4.15 | % | 5/9/2027 | Montauk, NY | Hospitality | 80 | % | ||||||||||||||||||||||||
35 |
Senior Loan | 4/13/2022 | 62,650 | 53,400 | 53,369 | +3.90 | % | +3.92 | % | 5/9/2027 | Houston, TX | Multifamily | 78 | % | ||||||||||||||||||||||||
36 |
Senior Loan | 7/29/2021 | 62,500 | 62,500 | 62,497 | +3.10 | % | +3.10 | % | 8/9/2026 | Maitland, FL | Multifamily | 72 | % | ||||||||||||||||||||||||
37 |
Senior Loan | 7/22/2021 | 62,100 | 60,100 | 60,082 | +3.30 | % | +3.31 | % | 8/9/2026 | Nashville, TN | Multifamily | 75 | % | ||||||||||||||||||||||||
38 |
Senior Loan | 8/2/2021 | 60,130 | 58,445 | 58,425 | +2.80 | % | +2.81 | % | 8/9/2026 | Austin, TX | Multifamily | 73 | % | ||||||||||||||||||||||||
39 |
Senior Loan | 2/15/2022 | 58,750 | 56,020 | 55,998 | +3.50 | % | +3.51 | % | 3/9/2027 | Antioch, TN | Multifamily | 79 | % | ||||||||||||||||||||||||
40 |
Senior Loan | 5/12/2022 | 58,165 | 53,885 | 53,870 | +3.35 | % | +3.36 | % | 5/9/2027 | Denver, CO | Multifamily | 80 | % | ||||||||||||||||||||||||
41 |
Senior Loan | 1/7/2022 | 58,000 | 53,275 | 53,321 | +4.25 | % | +4.43 | % | 11/9/2026 | Miami, FL | Hospitality | 49 | % | ||||||||||||||||||||||||
42 |
Senior Loan | 8/13/2021 | 57,500 | 51,311 | 51,292 | +3.10 | % | +3.19 | % | 9/9/2026 | Various, FL | Industrial | 68 | % | ||||||||||||||||||||||||
43 |
Senior Loan | 6/23/2022 | 57,000 | 48,498 | 48,475 | +4.75 | % | +4.85 | % | 7/9/2027 | Seattle, WA | Multifamily | 68 | % | ||||||||||||||||||||||||
44 |
Senior Loan | 6/18/2021 | 56,000 | 56,000 | 55,992 | +3.50 | % | +3.51 | % | 7/9/2026 | Chicago, IL | Multifamily | 77 | % | ||||||||||||||||||||||||
45 |
Senior Loan | 11/5/2021 | 55,960 | 48,644 | 48,636 | +3.10 | % | +3.10 | % | 11/9/2026 | Houston, TX | Industrial | 74 | % | ||||||||||||||||||||||||
46 |
Senior Loan | 2/17/2022 | 55,400 | 46,186 | 46,180 | +4.10 | % | +4.20 | % | 3/9/2027 | Indianapolis, IN | Multifamily | 80 | % | ||||||||||||||||||||||||
47 |
Senior Loan | 11/10/2021 | 54,476 | 45,522 | 45,531 | +3.75 | % | +4.10 | % | 11/9/2026 | Fayetteville, AR | Multifamily | 70 | % | ||||||||||||||||||||||||
48 |
Senior Loan | 3/7/2022 | 53,885 | 46,879 | 46,879 | +3.50 | % | +3.59 | % | 3/9/2027 | Humble, TX | Multifamily | 75 | % | ||||||||||||||||||||||||
49 |
Senior Loan | 8/9/2021 | 53,160 | 51,333 | 51,315 | +3.15 | % | +3.16 | % | 8/9/2026 | Philadelphia, PA | Multifamily | 79 | % | ||||||||||||||||||||||||
50 |
Senior Loan | 6/16/2022 | 52,280 | 44,280 | 44,270 | +3.80 | % | +3.81 | % | 7/9/2027 | Jacksonville, FL | Multifamily | 71 | % | ||||||||||||||||||||||||
51 |
Senior Loan | 3/12/2021 | 52,250 | 30,961 | 30,946 | +5.75 | % | +5.75 | % | 3/9/2026 | San Francisco, CA | Office | 65 | % | ||||||||||||||||||||||||
52 |
Senior Loan | 7/7/2021 | 52,200 | 44,970 | 44,952 | +3.00 | % | +3.00 | % | 7/9/2026 | Austin, FL | Multifamily | 74 | % | ||||||||||||||||||||||||
53 |
Senior Loan | 3/22/2022 | 50,750 | 50,750 | 50,750 | +3.60 | % | +3.60 | % | 4/9/2027 | Humble, TX | Multifamily | 72 | % | ||||||||||||||||||||||||
54 |
Senior Loan | 2/18/2022 | 49,240 | 33,480 | 33,458 | +3.90 | % | +3.92 | % | 3/9/2027 | Atlanta, GA | Office | 60 | % | ||||||||||||||||||||||||
55 |
Senior Loan | 4/26/2022 | 49,125 | 43,525 | 43,508 | +4.05 | % | +4.15 | % | 5/9/2027 | Decatur, GA | Multifamily | 72 | % | ||||||||||||||||||||||||
56 |
Senior Loan | 12/15/2021 | 49,000 | 49,000 | 48,979 | +3.45 | % | +3.46 | % | 12/9/2026 | Ladson, SC | Multifamily | 77 | % | ||||||||||||||||||||||||
57 |
Senior Loan | 6/23/2021 | 48,944 | 45,421 | 45,403 | +2.80 | % | +2.80 | % | 7/9/2026 | Roswell, GA | Multifamily | 75 | % |
Loan Type |
Origination Date (1) |
Total Loan |
Principal Balance |
Net Book Value |
Cash Coupon (2) |
All-in Yield (2) |
Maximum Maturity (3) |
Location |
Property Type |
LTV (1) |
||||||||||||||||||||||||||||
58 |
Senior Loan | 11/1/2021 | $ | 48,907 | $ | 44,798 | $ | 44,778 | +3.70 | % | +3.71 | % | 11/9/2026 | Fort Lauderdale, FL | Office | 67 | % | |||||||||||||||||||||
59 |
Senior Loan | 11/23/2021 | 47,600 | 39,401 | 39,388 | +3.05 | % | +3.06 | % | 12/9/2026 | Dallas, TX | Multifamily | 69 | % | ||||||||||||||||||||||||
60 |
Senior Loan | 7/29/2021 | 47,500 | 47,500 | 47,497 | +3.10 | % | +3.10 | % | 8/9/2026 | Clearwater, FL | Multifamily | 79 | % | ||||||||||||||||||||||||
61 |
Senior Loan | 8/3/2021 | 46,500 | 46,500 | 46,490 | +3.10 | % | +3.11 | % | 8/9/2026 | San Antonio, TX | Multifamily | 72 | % | ||||||||||||||||||||||||
62 |
Senior Loan | 4/6/2022 | 46,500 | 44,000 | 43,976 | +3.50 | % | +3.52 | % | 4/9/2027 | Atlanta, GA | Multifamily | 79 | % | ||||||||||||||||||||||||
63 |
Senior Loan | 12/17/2021 | 46,100 | 36,500 | 36,499 | +4.30 | % | +4.40 | % | 1/9/2027 | Seattle, WA | Office | 53 | % | ||||||||||||||||||||||||
64 |
Senior Loan | 6/4/2021 | 45,000 | 45,000 | 44,981 | +3.20 | % | +3.21 | % | 6/9/2026 | Dallas, TX | Multifamily | 69 | % | ||||||||||||||||||||||||
65 |
Senior Loan | 1/28/2022 | 43,650 | 34,045 | 34,051 | +4.00 | % | +4.15 | % | 2/9/2027 | Milwaukee, WI | Office | 59 | % | ||||||||||||||||||||||||
66 |
Senior Loan | 7/28/2021 | 43,350 | 41,420 | 41,402 | +3.00 | % | +3.01 | % | 8/9/2026 | Sandy Springs, GA | Multifamily | 77 | % | ||||||||||||||||||||||||
67 |
Senior Loan | 8/19/2021 | 43,000 | 43,000 | 42,981 | +3.10 | % | +3.11 | % | 9/9/2026 | Omaha, NE | Multifamily | 75 | % | ||||||||||||||||||||||||
68 |
Senior Loan | 8/9/2021 | 42,660 | 37,695 | 37,684 | +3.05 | % | +3.06 | % | 8/9/2026 | Southaven, MS | Multifamily | 57 | % | ||||||||||||||||||||||||
69 |
Senior Loan | 11/1/2021 | 42,300 | 40,006 | 39,986 | +3.50 | % | +3.52 | % | 11/9/2026 | Doraville, GA | Multifamily | 82 | % | ||||||||||||||||||||||||
70 |
Senior Loan | 3/14/2022 | 42,000 | 40,200 | 40,206 | +3.50 | % | +3.67 | % | 4/9/2027 | Dallas, TX | Multifamily | 76 | % | ||||||||||||||||||||||||
71 |
Senior Loan | 8/25/2021 | 41,395 | 40,404 | 40,385 | +3.15 | % | +3.17 | % | 9/9/2026 | Cypress, TX | Multifamily | 69 | % | ||||||||||||||||||||||||
72 |
Senior Loan | 7/21/2021 | 41,300 | 38,954 | 38,943 | +2.80 | % | +2.81 | % | 8/9/2026 | Evanston, IL | Multifamily | 77 | % | ||||||||||||||||||||||||
73 |
Senior Loan | 10/28/2021 | 40,200 | 36,351 | 36,330 | +3.00 | % | +3.02 | % | 11/9/2026 | Dallas, TX | Multifamily | 74 | % | ||||||||||||||||||||||||
74 |
Senior Loan | 4/27/2021 | 39,050 | 35,177 | 35,167 | +3.15 | % | +3.16 | % | 5/9/2026 | Jamaica, NY | Industrial | 61 | % | ||||||||||||||||||||||||
75 |
Senior Loan | 8/31/2021 | 38,700 | 35,207 | 35,188 | +3.10 | % | +3.10 | % | 9/9/2026 | Colorado Springs, CO | Multifamily | 68 | % | ||||||||||||||||||||||||
76 |
Senior Loan | 6/24/2021 | 38,600 | 36,000 | 35,983 | +3.75 | % | +3.77 | % | 7/9/2026 | Austin, TX | Multifamily | 76 | % | ||||||||||||||||||||||||
77 |
Senior Loan | 8/3/2021 | 38,500 | 38,500 | 38,490 | +3.10 | % | +3.11 | % | 8/9/2026 | San Antonio, TX | Multifamily | 72 | % | ||||||||||||||||||||||||
78 |
Senior Loan | 11/30/2021 | 38,310 | 34,418 | 34,468 | +4.45 | % | +4.70 | % | 12/9/2026 | Memphis, TN | Office | 70 | % | ||||||||||||||||||||||||
79 |
Senior Loan | 4/9/2019 | 38,000 | 38,000 | 37,998 | +3.75 | % | +3.75 | % | 4/9/2024 | New York City, NY | Mixed Use | 75 | % | ||||||||||||||||||||||||
80 |
Senior Loan | 11/4/2021 | 37,300 | 35,920 | 35,920 | +3.35 | % | +3.85 | % | 11/1/2024 | Boca Raton, FL | Multifamily | 81 | % | ||||||||||||||||||||||||
81 |
Senior Loan | 4/29/2022 | 37,136 | 34,136 | 34,126 | +3.75 | % | +3.85 | % | 5/9/2027 | Euless, TX | Multifamily | 80 | % | ||||||||||||||||||||||||
82 |
Senior Loan | 11/5/2021 | 36,325 | 32,675 | 32,654 | +3.10 | % | +3.12 | % | 11/9/2026 | Mesquite, TX | Multifamily | 73 | % | ||||||||||||||||||||||||
83 |
Senior Loan | 12/21/2021 | 36,000 | 36,000 | 35,979 | +3.45 | % | +3.47 | % | 1/9/2027 | Hackensack, NJ | Multifamily | 68 | % | ||||||||||||||||||||||||
84 |
Senior Loan | 1/7/2022 | 36,000 | 36,000 | 36,000 | +3.80 | % | +3.80 | % | 1/9/2027 | Jupiter, FL | Office | 72 | % | ||||||||||||||||||||||||
85 |
Senior Loan | 3/29/2021 | 35,880 | 33,939 | 33,923 | +3.60 | % | +3.60 | % | 4/9/2026 | Arlington, TX | Multifamily | 80 | % | ||||||||||||||||||||||||
86 |
Senior Loan | 5/28/2021 | 35,785 | 31,085 | 31,068 | +5.00 | % | +5.02 | % | 6/9/2026 | Austin, TX | Office | 57 | % | ||||||||||||||||||||||||
87 |
Senior Loan | 2/27/2020 | 35,641 | 33,521 | 33,524 | +3.15 | % | +3.15 | % | 3/9/2025 | Various, SC | Industrial | 72 | % | ||||||||||||||||||||||||
88 |
Senior Loan | 6/22/2021 | 34,500 | 31,328 | 31,317 | +3.60 | % | +3.60 | % | 7/9/2026 | Tallahassee, FL | Multifamily | 74 | % | ||||||||||||||||||||||||
89 |
Senior Loan | 12/3/2021 | 34,327 | 34,327 | 34,318 | +3.45 | % | +3.46 | % | 12/9/2026 | Various, NY | Self Storage | 63 | % | ||||||||||||||||||||||||
90 |
Senior Loan | 12/16/2021 | 33,000 | 30,796 | 30,775 | +3.55 | % | +3.57 | % | 1/9/2027 | Fort Worth, TX | Multifamily | 72 | % | ||||||||||||||||||||||||
91 |
Senior Loan | 11/23/2021 | 32,000 | 26,379 | 26,367 | +3.05 | % | +3.07 | % | 12/9/2026 | Dallas, TX | Multifamily | 69 | % | ||||||||||||||||||||||||
92 |
Senior Loan | 3/11/2021 | 32,000 | 30,000 | 29,991 | +4.50 | % | +4.51 | % | 3/9/2026 | Colleyville, TX | Retail | 58 | % | ||||||||||||||||||||||||
93 |
Senior Loan | 4/27/2022 | 31,800 | 22,800 | 22,786 | +4.30 | % | +4.32 | % | 5/9/2027 | Morrow, GA | Industrial | 62 | % | ||||||||||||||||||||||||
94 |
Senior Loan | 1/28/2022 | 31,229 | 31,229 | 31,233 | +3.70 | % | +3.81 | % | 9/9/2026 | Dallas, TX | Multifamily | 82 | % | ||||||||||||||||||||||||
95 |
Senior Loan | 12/29/2020 | 31,128 | 28,191 | 28,344 | +3.75 | % | +3.93 | % | 1/9/2026 | Brooklyn, NY | Multifamily | 60 | % | ||||||||||||||||||||||||
96 |
Senior Loan | 5/4/2021 | 30,000 | 19,659 | 19,652 | +5.55 | % | +5.56 | % | 5/9/2026 | Richardson, TX | Office | 65 | % | ||||||||||||||||||||||||
97 |
Senior Loan | 6/28/2019 | 28,500 | 28,500 | 28,641 | +5.35 | % | +5.52 | % | 7/9/2024 | Davis, CA | Hospitality | 72 | % | ||||||||||||||||||||||||
98 |
Senior Loan | 12/18/2020 | 28,440 | 24,738 | 24,735 | +4.50 | % | +4.50 | % | 1/9/2026 | Rockville, MD | Office | 69 | % | ||||||||||||||||||||||||
99 |
Senior Loan | 12/15/2021 | 28,400 | 26,199 | 26,187 | +3.30 | % | +3.32 | % | 12/9/2026 | Arlington, TX | Multifamily | 79 | % | ||||||||||||||||||||||||
100 |
Senior Loan | 11/18/2021 | 27,387 | 27,387 | 27,375 | +3.60 | % | +3.61 | % | 12/9/2026 | Brooklyn, NY | Self Storage | 70 | % | ||||||||||||||||||||||||
101 |
Senior Loan | 1/20/2021 | 25,250 | 22,563 | 22,551 | +4.75 | % | +4.75 | % | 2/9/2026 | Laguna Hills, CA | Office | 63 | % | ||||||||||||||||||||||||
102 |
Senior Loan | 3/31/2021 | 25,250 | 25,250 | 25,238 | +3.20 | % | +3.22 | % | 4/9/2026 | Tempe, AZ | Multifamily | 77 | % | ||||||||||||||||||||||||
103 |
Senior Loan | 6/25/2021 | 25,000 | 23,898 | 23,887 | +3.05 | % | +3.06 | % | 7/9/2026 | Austin, TX | Multifamily | 68 | % | ||||||||||||||||||||||||
104 |
Senior Loan | 5/28/2021 | 24,700 | 23,087 | 23,077 | +3.50 | % | +3.52 | % | 6/9/2026 | Jacksonville, FL | Industrial | 61 | % | ||||||||||||||||||||||||
105 |
Senior Loan | 1/28/2022 | 24,489 | 24,489 | 24,490 | +3.70 | % | +3.81 | % | 9/9/2026 | Mesquite, TX | Multifamily | 78 | % | ||||||||||||||||||||||||
106 |
Senior Loan | 7/18/2018 | 22,650 | 22,650 | 22,712 | +5.25 | % | +5.37 | % | 8/9/2023 | Gaithersburg, MD | Hospitality | 80 | % | ||||||||||||||||||||||||
107 |
Senior Loan | 12/10/2020 | 22,300 | 17,183 | 17,172 | +5.25 | % | +5.25 | % | 1/9/2026 | Fox Hills, CA | Office | 55 | % | ||||||||||||||||||||||||
108 |
Senior Loan | 1/28/2022 | 22,149 | 22,149 | 22,149 | +3.70 | % | +3.81 | % | 9/9/2026 | Dallas, TX | Multifamily | 85 | % | ||||||||||||||||||||||||
109 |
Senior Loan | 8/26/2021 | 21,805 | 20,009 | 19,990 | +3.10 | % | +3.13 | % | 9/9/2026 | Seattle, WA | Multifamily | 69 | % | ||||||||||||||||||||||||
110 |
Senior Loan | 7/13/2021 | 21,350 | 21,350 | 21,332 | +3.40 | % | +3.43 | % | 8/9/2026 | Grand Prairie, TX | Multifamily | 72 | % | ||||||||||||||||||||||||
111 |
Senior Loan | 7/20/2021 | 21,136 | 18,259 | 18,257 | +3.25 | % | +3.36 | % | 8/9/2026 | Las Vegas, NV | Multifamily | 72 | % | ||||||||||||||||||||||||
112 |
Senior Loan | 8/6/2021 | 20,000 | 20,000 | 20,013 | +3.10 | % | +3.25 | % | 8/9/2026 | Sandy Springs, GA | Multifamily | 74 | % | ||||||||||||||||||||||||
113 |
Senior Loan | 5/10/2021 | 19,200 | 17,776 | 17,760 | +3.50 | % | +3.53 | % | 5/9/2026 | University City, PA | Multifamily | 70 | % | ||||||||||||||||||||||||
114 |
Senior Loan | 12/3/2021 | 18,828 | 18,828 | 18,820 | +3.45 | % | +3.46 | % | 12/9/2026 | Various, NY | Self Storage | 63 | % | ||||||||||||||||||||||||
115 |
Senior Loan | 2/26/2021 | 18,589 | 17,491 | 17,482 | +3.25 | % | +3.25 | % | 3/9/2026 | Newark, NJ | Industrial | 57 | % | ||||||||||||||||||||||||
116 |
Mezz Loan | 2/21/2020 | 18,102 | 18,102 | 18,101 | 10.00 | % | 10.00 | % | 3/1/2030 | Various, SC | Industrial | 70 | % | ||||||||||||||||||||||||
117 |
Senior Loan | 2/19/2020 | 18,000 | 14,400 | 14,406 | +3.50 | % | +3.49 | % | 3/9/2025 | Los Angeles, CA | Mixed Use | 71 | % |
Loan Type |
Origination Date (1) |
Total Loan |
Principal Balance |
Net Book Value |
Cash Coupon (2) |
All-in Yield (2) |
Maximum Maturity (3) |
Location |
Property Type |
LTV (1) |
||||||||||||||||||||||||||||||||
118 |
Senior Loan | 6/16/2021 | $ | 17,500 | $ | 16,376 | $ | 16,366 | +3.25 | % | +3.25 | % | 7/9/2026 | Everett, WA | Multifamily | 69 | % | |||||||||||||||||||||||||
119 |
Senior Loan | 10/22/2019 | 17,500 | 15,643 | 15,730 | +4.50 | % | +4.66 | % | 11/9/2024 | Oakland, CA | Mixed Use | 70 | % | ||||||||||||||||||||||||||||
120 |
Senior Loan | 9/23/2021 | 16,300 | 14,828 | 14,844 | +4.25 | % | +4.56 | % | 9/9/2026 | Various, NJ | Multifamily | 77 | % | ||||||||||||||||||||||||||||
121 |
Senior Loan | 1/28/2021 | 16,100 | 16,100 | 16,127 | +4.50 | % | +4.63 | % | 2/9/2026 | Philadelphia, PA | Self Storage | 79 | % | ||||||||||||||||||||||||||||
122 |
Mezz Loan | 6/8/2022 | 15,840 | 15,840 | 15,842 | +7.50 | % | +7.75 | % | 6/9/2027 | New York, NY | Multifamily | 81 | % | ||||||||||||||||||||||||||||
123 |
Senior Loan | 6/16/2021 | 15,406 | 14,780 | 14,770 | +3.25 | % | +3.25 | % | 7/9/2026 | Everett, WA | Multifamily | 71 | % | ||||||||||||||||||||||||||||
124 |
Mezz Loan | 2/14/2020 | 15,000 | 15,000 | 15,000 | +7.50 | % | +7.50 | % | 12/5/2026 | Queens, NY | Multifamily | 75 | % | ||||||||||||||||||||||||||||
125 |
Senior Loan | 11/17/2020 | 14,550 | 13,548 | 13,543 | +4.00 | % | +4.00 | % | 12/9/2025 | Vista, CA | Industrial | 54 | % | ||||||||||||||||||||||||||||
126 |
Senior Loan | 3/25/2021 | 13,405 | 12,019 | 12,024 | +3.25 | % | +3.36 | % | 4/9/2026 | Lithonia, GA | Multifamily | 67 | % | ||||||||||||||||||||||||||||
127 |
Senior Loan | 3/19/2021 | 12,718 | 12,718 | 12,736 | +3.95 | % | +4.14 | % | 4/9/2026 | Brooklyn, NY | Multifamily | 85 | % | ||||||||||||||||||||||||||||
128 |
Senior Loan | 1/28/2022 | 12,092 | 12,092 | 12,088 | +3.70 | % | +3.82 | % | 9/9/2026 | Duncanville, TX | Multifamily | 83 | % | ||||||||||||||||||||||||||||
129 |
Senior Loan | 3/7/2018 | 12,050 | 12,050 | 12,080 | +5.00 | % | +5.17 | % | 9/7/2022 | Las Vegas, NV | Hospitality | 71 | % | ||||||||||||||||||||||||||||
130 |
Senior Loan | 11/17/2020 | 11,010 | 10,636 | 10,631 | +4.00 | % | +4.02 | % | 12/9/2025 | Miramar, CA | Industrial | 65 | % | ||||||||||||||||||||||||||||
131 |
Senior Loan | 6/11/2018 | 8,000 | 8,000 | 8,040 | 4.50 | % | +4.61 | % | 3/9/2024 | Miami, FL | Retail | 68 | % | ||||||||||||||||||||||||||||
132 |
Senior Loan | 2/17/2021 | 7,000 | 7,000 | 7,010 | +3.85 | % | +4.04 | % | 3/9/2026 | Brooklyn, NY | Multifamily | 81 | % | ||||||||||||||||||||||||||||
133 |
Senior Loan | 6/11/2018 | 6,750 | 6,750 | 6,767 | +4.25 | % | +4.35 | % | 6/9/2023 | Miami, FL | Retail | 61 | % | ||||||||||||||||||||||||||||
134 |
Mezz Loan | 5/12/2022 | 5,785 | 5,785 | 5,785 | +10.50 | % | +10.50 | % | 5/9/2027 | Denver, CO | Multifamily | 86 | % | ||||||||||||||||||||||||||||
135 |
Mezz Loan | 4/6/2022 | 5,049 | 5,049 | 5,049 | +11.00 | % | +11.00 | % | 4/9/2027 | Atlanta, GA | Multifamily | 88 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total/Weighted Average |
|
$ | 7,150,123 | $ | 6,539,424 | $ | 6,538,370 | +3.82 | % | +3.87 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
(1) | Date loan was originated or acquired by us, and the loan-to-value, |
(2) | The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include USD LIBOR and SOFR. In addition to cash coupon, all-in yield include accretion of discount (amortization of premium) and accrual of exit fees. |
(3) | Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net interest income |
||||||||||||||||
Interest income |
$ | 68,877 | $ | 16,039 | $ | 114,861 | $ | 27,755 | ||||||||
Less: Interest expense |
(29,184 | ) | (4,981 | ) | (45,399 | ) | (7,810 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
39,693 | 11,058 | 69,462 | 19,945 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other expenses |
||||||||||||||||
Management and performance fees |
5,351 | 1,708 | 9,348 | 3,281 | ||||||||||||
General and administrative expenses |
5,783 | 1,394 | 9,326 | 2,799 | ||||||||||||
Less: Expense limitation |
— | — | — | (56 | ) | |||||||||||
Add: Expense recoupment to sponsor |
1,460 | 390 | 2,770 | 390 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net other expenses |
12,594 | 3,492 | 21,444 | 6,414 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other income (loss) |
||||||||||||||||
Net change in unrealized gain (loss) on interest rate cap |
(1,449 | ) | — | (1,449 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (loss) |
(1,449 | ) | — | (1,449 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
25,650 | 7,566 | 46,569 | 13,531 | ||||||||||||
Preferred stock dividends |
(4 | ) | (4 | ) | (8 | ) | (8 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to FS Credit Real Estate Income Trust, Inc. |
$ | 25,646 | $ | 7,562 | $ | 46,561 | $ | 13,523 | ||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net income (GAAP) |
$ | 25,650 | $ | 7,566 | $ | 46,569 | $ | 13,531 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Funds from operations |
$ | 25,650 | $ | 7,566 | $ | 46,569 | $ | 13,531 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjustments to arrive at modified funds from operations: |
||||||||||||||||
Accretion of discount on mortgage-backed securities held-to-maturity |
(152) | (137) | (299) | (271) | ||||||||||||
Net unrealized loss on interest rate cap |
(1,449) | — | (1,449) | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Modified funds from operations |
$ | 24,049 | $ | 7,429 | $ | 44,821 | $ | 13,260 | ||||||||
|
|
|
|
|
|
|
|
• | Commercial real estate debt classified as held-for-investment sub-adviser, evaluates for impairment each loan classified as held-for-investment. |
• | Mortgage-backed securities are classified as held-to-maturity |
• | Mortgage-backed securities that we do not hold for the purpose of selling in the near-term or may dispose of prior to maturity, are classified as available-for-sale mid-point of the average bid and ask prices obtained from such sources. |
• | Investments in real estate will initially be valued at cost, which is expected to represent fair value at that time. FS Real Estate Advisor, with assistance from our sub-adviser, expects to receive an appraisal performed by an independent third-party appraisal firm on each property prior to or upon acquisition. Each property will then be valued by an independent third-party appraisal firm no less frequently than annually. FS Real Estate Advisor will update the valuations of our properties for each month in which we do not receive an appraisal report from a third-party appraisal firm. Such monthly update valuations will be based on the then most recent appraisals provided by a third-party appraisal firm, current market data and other relevant information. |
• | Liabilities include repurchase agreements payable, credit facility payable, collateralized loan obligations, fees payable to FS Real Estate Advisor and the dealer manager, accounts payable, accrued operating expenses, any portfolio-level credit facilities, and other liabilities. All liabilities are valued at amounts payable, net of unamortized premium or discount, and net of unamortized debt issuance costs. Liabilities related to stockholder servicing fees allocable to Class T, Class S, Class D and Class M shares are only included in the NAV calculation for those classes. Liabilities related to advisory fees allocable to Class T, Class S, Class D, Class M, Class I and Class Y shares are only included in the NAV calculation for those classes. |
Components of NAV |
June 30, 2022 |
|||
Cash and cash equivalents |
$ | 75,659 | ||
Restricted cash |
19,111 | |||
Loans receivable |
6,538,370 | |||
Mortgage-backed securities held-to-maturity |
78,942 | |||
Mortgage-backed securities available-for-sale, |
153,274 | |||
Interest receivable |
14,904 | |||
Deferred financing costs |
647 | |||
Investment in real estate |
160,711 | |||
Receivable for investment sold and repaid |
52,959 | |||
Other assets |
42,284 | |||
Repurchase agreements payable, net of deferred financing costs |
(1,175,651 | ) | ||
Credit facility payable |
(692,472 | ) | ||
Collateralized loan obligations, net of deferred financing costs |
(3,193,515 | ) | ||
Mortgage note, net of deferred financing costs |
(122,568 | ) | ||
Accrued servicing fees (1) |
(831 | ) | ||
Other liabilities |
(38,894 | ) | ||
|
|
|||
Net asset value |
$ | 1,912,930 | ||
|
|
(1) | See Reconciliation of Stockholders’ Equity to NAV below for an explanation of the differences between the stockholder servicing fees accrued for purposes of NAV and the amount accrued under GAAP. |
NAV per Share |
Class F |
Class Y |
Class T |
Class S |
Class D |
Class M |
Class I |
Total |
||||||||||||||||||||||||
Net asset value |
$ | 22,599 | $ | 22,082 | $ | 37,627 | $ | 1,122,659 | $ | 17,168 | $ | 92,705 | $ | 598,090 | $ | 1,912,930 | ||||||||||||||||
Number of outstanding shares |
904,792 | 906,648 | 1,508,682 | 44,602,788 | 680,347 | 3,701,528 | 24,516,086 | 76,820,871 | ||||||||||||||||||||||||
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|
|
|
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|
|
|
|
|
|
|
|||||||||||||||||||
NAV per share as of June 30, 2022 |
$ | 24.9767 | $ | 24.3557 | $ | 24.9404 | $ | 25.1698 | $ | 24.9734 | $ | 25.0450 | $ | 24.4031 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Stockholders’ Equity to NAV |
June 30, 2022 |
|||
Total stockholders’ equity under GAAP |
$ | 1,821,230 | ||
Preferred stock |
(125 | ) | ||
|
|
|||
Total stockholders’ equity, net of preferred stock, under GAAP |
1,821,105 | |||
Adjustments: |
||||
Accrued stockholder servicing fees (1) |
90,376 | |||
Net change in unrealized (gain) loss on interest rate cap |
1,449 | |||
|
|
|||
Net asset value |
$ | 1,912,930 | ||
|
|
(1) | Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, we accrue future stockholder servicing fees in an amount equal to our best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class. |
• | a stockholder would be able to realize the NAV per share for the class of shares a stockholder owns if the stockholder attempts to sell its shares; |
• | a stockholder would ultimately realize distributions per share equal to per share NAV upon a liquidation of our assets and settlement of our liabilities or upon any other liquidity event; |
• | shares of our common stock would trade at per share NAV on a national securities exchange; |
• | a third party in an arm’s-length transaction would offer to purchase all or substantially all of our shares of common stock at NAV; |
• | NAV would equate to a market price for an open-end real estate fund; and |
• | NAV would represent the fair value of our assets less liabilities under GAAP. |
Six Months Ended June 30, 2022 |
||||||||
2022 |
2021 |
|||||||
Cash flows from operating activities |
$ | 48,925 | $ | 33,038 | ||||
Cash flows used in investing activities |
(3,087,732 | ) | (941,381 | ) | ||||
Cash flows from financing activities |
3,047,769 | 922,471 | ||||||
|
|
|
|
|||||
Net increase (decrease) in cash and cash equivalents and restricted cash |
$ | 8,962 | $ | 14,128 | ||||
|
|
|
|
Loan Risk Rating |
Summary Description | |
1 | Very Low Risk | |
2 | Low Risk | |
3 | Medium Risk | |
4 | High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss | |
5 | Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk. |
Basis Point Changes in Interest Rates |
Increase (Decrease) in Interest Income |
Increase (Decrease) in Interest Expense |
Increase (Decrease) in Net Interest Income |
Percentage Change in Net Interest Income |
||||||||||||
Down 50 basis points (1) |
$ | (32,026 | ) | $ | (25,628 | ) | $ | (6,398 | ) | (3.1 |
)% | |||||
Down 25 basis points (1) |
$ | (16,157 | ) | $ | (12,839 | ) | $ | (3,318 | ) | (1.6 |
)% | |||||
No change |
— | — | — | — | ||||||||||||
Up 25 basis points |
$ | 16,305 | $ | 12,839 | $ | 3,466 | 1.7 |
% | ||||||||
Up 50 basis points |
$ | 32,682 | $ | 25,678 | $ | 7,004 | 3.4 |
% |
(1) | Decrease in rates assumes the applicable benchmark rate does not decrease below 0%. |
Item 4. |
Controls and Procedures. |
Item 1. |
Legal Proceedings. |
Item 1A. |
Risk Factors. |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds. |
Period |
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) |
||||||||||||
April 1 - April 30, 2022 |
202,898 | $ | 25.10 | 202,898 | — | |||||||||||
May 1 - May 31, 2022 |
465,115 | $ | 25.00 | 465,115 | — | |||||||||||
June 1 - June 30, 2022 |
637,024 | $ | 24.92 | 637,024 | — | |||||||||||
|
|
|
|
|
|
|||||||||||
Total |
1,305,037 | 1,305,037 | — | |||||||||||||
|
|
|
|
|
|
(1) | Repurchases are limited as described above. |
Item 3. Defaults |
upon Senior Securities. |
Item 4. |
Mine Safety Disclosures. |
Item 5. |
Other Information. |
Item 6. |
Exhibits. |
31.2* | Certification of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1+ | Certification of Chief Executive Officer and Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS* | Inline XBRL Instance Document. | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document. | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
104* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Filed herewith |
+ | This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act. |
FS CREDIT REAL ESTATE INCOME TRUST, INC. | ||
By: | /s/ MICHAEL C. FORMAN | |
Michael C. Forman Chief Executive Officer (Principal Executive Officer) | ||
By: | /s/ EDWARD T. GALLIVAN, JR. | |
Edward T. Gallivan, Jr. Chief Financial Officer (Principal Accounting and Financial Officer) |