v3.25.2
Stockholder's Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Below is a summary of transactions with respect to shares of the Company's common stock during the six months ended June 30, 2025 and 2024:
Shares
Class FClass YClass TClass SClass DClass MClass ITotal
Balance as of December 31, 2024729,680 843,658 825,192 64,784,166 442,779 4,638,955 48,222,436 120,486,866 
Issuance of common stock— — 25,176 4,682,603 62,530 141,507 4,191,049 9,102,865 
Reinvestment of distributions11,312 — 10,346 1,121,461 5,633 48,069 958,353 2,155,174 
Repurchases of common stock(151,961)— (8,448)(5,679,558)(22,208)(455,842)(6,101,295)(12,419,312)
Transfers in or out— — (66,239)(207,213)(86,215)(470,302)855,388 25,419 
Balance as of June 30, 2025
589,031 843,658 786,027 64,701,459 402,519 3,902,387 48,125,931 119,351,012 
Amount
Class FClass YClass TClass SClass DClass MClass ITotal
Balance as of December 31, 2024$17,798 $20,849 $20,848 $1,501,235 $11,165 $108,466 $1,155,063 $2,835,424 
Issuance of common stock— — 624 117,208 1,554 3,798 97,894 221,078 
Reinvestment of distributions287 — 256 28,298 140 1,196 23,105 53,282 
Repurchases of common stock(3,843)— (401)(142,004)(921)(11,350)(147,064)(305,583)
Transfers in or out— — (1,447)(5,432)(1,774)(11,720)20,373 — 
Accrued stockholder servicing fees(1)
— — (25)(1,520)(17)1,048 — (514)
Balance as of June 30, 2025
$14,242 $20,849 $19,855 $1,497,785 $10,147 $91,438 $1,149,371 $2,803,687 
Shares
Class FClass YClass TClass SClass DClass MClass ITotal
Balance as of December 31, 2023734,184 906,648 1,312,367 64,584,819 646,101 4,939,668 47,503,635 120,627,422 
Issuance of common stock— — 80,709 4,683,031 38,013 492,550 5,004,490 10,298,793 
Reinvestment of distributions14,136 — 13,194 1,096,854 6,858 58,998 1,085,789 2,275,829 
Repurchases of common stock(1,908)— (24,618)(5,428,594)(15,144)(179,860)(3,806,398)(9,456,522)
Transfers in or out— — (400,426)(179,171)(230,595)(68,395)817,678 (60,909)
Balance as of June 30, 2024
746,412 906,648 981,226 64,756,939 445,233 5,242,961 50,605,194 123,684,613 
Amount
Class FClass YClass TClass SClass DClass MClass ITotal
Balance as of December 31, 2023$17,913 $22,371 $31,238 $1,498,287 $15,989 $115,412 $1,147,391 $2,848,601 
Issuance of common stock— — 2,004 117,366 946 12,375 118,231 250,922 
Reinvestment of distributions357 — 328 27,491 171 1,471 24,067 53,885 
Repurchases of common stock(48)— (611)(136,069)(377)(4,484)(92,056)(233,645)
Transfers in or out— — (8,103)(4,492)(5,479)(1,705)19,779 — 
Accrued stockholder servicing fees(1)
— — (83)(749)(12)(514)— (1,358)
Balance as of June 30, 2024
$18,222 $22,371 $24,773 $1,501,834 $11,238 $122,555 $1,217,412 $2,918,405 
_______________________
(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.
Share Repurchase Plan
The Company has adopted an amended and restated share repurchase plan, (the "Share Repurchase Plan"), whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The repurchase of shares is limited to no more than 2% of the Company's aggregate NAV per month of all classes of shares then participating in the Share Repurchase Plan and no more than 5% of the Company's aggregate NAV per calendar quarter of all classes of shares then participating in the Share Repurchase Plan, which means that in any 12-month period, the Company limits repurchases to approximately 20% of the
total NAV of all classes of shares then participating in the Share Repurchase Plan. The Company's board of directors may modify, suspend or terminate the share repurchase plan if it deems such action to be in the Company's best interest and the best interest of its stockholders. During the six months ended June 30, 2025 and 2024, the Company repurchased 12,419,312 and 9,456,522, respectively, shares of common stock under its Share Repurchase Plan representing a total of $305,583 and $233,645, respectively. In March 2025, the Company received repurchase requests equal to 3.41%, of its aggregate NAV of all classes of shares then participating in its Share Repurchase Plan as of the last calendar day of the previous calendar month. Further, the cumulative repurchase requests for the first quarter of 2025 equaled 6.24% of the Company's aggregate NAV of all classes of shares then participating in its Share Repurchase Plan as of the last calendar day of the previous calendar quarter. The Company's board of directors, including all of its independent directors, unanimously authorized repurchases in excess of its 2% monthly repurchase limitation for March 2025 and its 5% quarterly repurchase limitation for the first quarter of 2025 such that 100% of share repurchase requests timely received in March 2025 and the first quarter of 2025 were satisfied. The Company had no unfulfilled repurchase requests during the six months ended June 30, 2025 or 2024, respectively.
Distribution Reinvestment Plan
Pursuant to the Company's distribution reinvestment plan, holders of shares of any class of the Company's common stock may elect to have their cash distributions reinvested in additional shares of the Company's common stock. The purchase price for shares pursuant to the distribution reinvestment plan will be equal to the transaction price for such shares at the time the distribution is payable.
Distributions
The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Dividends are paid first to the holders of the Company's Series A preferred stock at the rate of 12.0% per annum plus all accumulated and unpaid dividends thereon, and then to the holders of the Company's common stock. All distributions will be made at the discretion of the Company's board of directors and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors that the Company's board of directors deems relevant.
The following table reflects the cash distributions per share that the Company paid on its common stock during the six months ended June 30, 2025:
Record DateClass FClass YClass TClass SClass DClass MClass I
January 30, 2025$0.1799 $0.1799 $0.1362 $0.1362 $0.1477 $0.1477 $0.1539 
February 27, 20250.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 
March 28, 20250.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 
April 29, 20250.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 
May 29, 20250.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 
June 27, 20250.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 
Total$1.0794 $1.0794 $0.8172 $0.8172 $0.8862 $0.8862 $0.9234 
The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and six months ended June 30, 2025, and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Distributions:
Paid or payable in cash$26,949 $27,635 $54,103 $54,723 
Reinvested in shares26,248 27,133 53,282 53,885 
Total distributions$53,197 $54,768 $107,385 $108,608 
Source of distributions:
Cash flows from operating activities(1)
$53,197 $54,768 $107,385 $108,608 
Offering proceeds— — — — 
Total sources of distributions$53,197 $54,768 $107,385 $108,608 
Net cash provided by (used in) operating activities$48,336 $53,231 $87,430 $116,920 
_______________________
(1)    As of June 30, 2025, the Company's inception to date cash flows from operating activities have funded 100% of its distributions.
The Company currently declares and pays regular cash distributions on a monthly basis. The Company’s board of directors previously authorized regular monthly cash distributions for July 2025 for each class of its outstanding common stock in the net distribution amounts per share set forth below:
Class FClass YClass TClass SClass DClass MClass I
$0.1799 $0.1799 $0.1362 $0.1362 $0.1477 $0.1477 $0.1539 
The distributions for each class of outstanding common stock have been or will be paid monthly to stockholders of record as of the monthly record dates previously determined by the Company's board of directors. These distributions have been or will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan.
Earnings per Share
The Company's net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2025 and 2024 consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Numerator:
Net income attributable to FS Credit Real Estate Income Trust, Inc.$27,076 $32,961 $69,712 $48,777 
Denominator:
Weighted average common stock outstanding - basic119,976,846 124,540,702 121,239,780 123,607,049 
Weighted average common stock outstanding - diluted(1)
122,396,378 124,540,702 123,492,967 123,607,049 
Net income per share of common stock - basic$0.23 $0.26 $0.57 $0.39 
Net income per share of common stock - diluted$0.22 $0.26 $0.56 $0.39 
______________________
(1)    The outstanding shares used to calculate the weighted average basic shares outstanding exclude 2,678,781 and 1,761,918 of restricted stock units awarded as of June 30, 2025 and 2024, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income per share of common stock.