The following table describes the fees and expenses accrued under the advisory agreement and sub-advisory agreement during the three and six months ended June 30, 2025 and 2024:


			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2025		2024		2025		2024
FS Real Estate Advisor	Advisory Agreement	Base Management Fee(1)	$	9,174	$	9,519	$	18,438	$	18,912
FS Real Estate Advisor	Advisory Agreement	Performance Fee(2)	—		5,786		—		11,951
FS Real Estate Advisor	Advisory Agreement	Administrative Services Fee(3)	7,352		7,673		14,764		15,235
FS Real Estate Advisor	Advisory Agreement	Capital Markets Fees	—		3,000		—		3,000
Rialto	Sub-Advisory Agreement	Valuation Services Fees(4)	—		114		104		223
FS Real Estate Advisor or Rialto	Advisory Agreement	Origination and Other Fees	3,147		3,393		6,820		5,763
Total			$	19,673	$	29,485	$	40,126	$	55,084

(1) During the six months ended June 30, 2025 and 2024, FS Real Estate Advisor received $18,657 and $18,763, respectively, in cash as payment for base management fees. As of June 30, 2025, $9,174 in base management fees were payable to FS Real Estate Advisor.

(2) During the six months ended June 30, 2025 and 2024, $0 and $11,780, respectively, in performance fees were paid to FS Real Estate Advisor. As of June 30, 2025, there were no performance fees payable to FS Real Estate Advisor.

(3) On December 1, 2022, the Company's method for reimbursing administrative services expense was replaced with an administrative services fee equal to 1.0% of the Company’s NAV per annum attributable to all shares of common stock, before giving effect to any accruals for the base management fee, the performance fee, the administrative services fee, the stockholder servicing fee or any distributions.

The following table reflects the amounts paid or waived by FS Real Estate Advisor and Rialto under the Expense Limitation Agreement and the expiration date for future possible reimbursements by the Company:


For the Three Months Ended	Amount of Expense Reimbursement		Recoupable Amount		Recoupment paid or payable to sponsor		Expired Amount		Recoupment eligibility expiration
June 30, 2025	$	1,247	$	1,247	$	—	$	—	June 30, 2028
March 31, 2025	342		342		—		—		March 31, 2028
December 31, 2024	139		139		—		—		December 31, 2027
	$	1,728	$	1,728	$	—	$	—