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Form 10-Q FS Credit Real Estate For: Jun 30

August 15, 2022 6:00 PM EDT

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falseQ20001690536--12-31The 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 $4,033,871 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,197,715 and $1,887,944, respectively. See Note 10 for further details.Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale.Book value represents the face amount, net of deferred financing costs.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.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.Book value of loans receivable represents the face amount, net of unamortized loan fees and costs and accrual of exit fees, as applicable.Included in Other assets in the Company’s consolidated balance sheets.Included in Other income (loss) in the Company’s consolidated statements of operations 0001690536 2022-06-30 0001690536 2021-06-30 0001690536 2022-01-01 2022-06-30 0001690536 2021-01-01 2021-12-31 0001690536 2021-01-01 2021-06-30 0001690536 2021-04-01 2021-06-30 0001690536 2022-04-01 2022-06-30 0001690536 2021-12-31 0001690536 2016-11-07 2022-06-30 0001690536 2021-01-01 2021-03-31 0001690536 2020-10-01 2020-12-31 0001690536 2020-07-01 2020-09-30 0001690536 2020-04-01 2020-06-30 0001690536 2019-10-01 2019-12-31 0001690536 2019-07-01 2019-09-30 0001690536 2019-04-01 2019-06-30 0001690536 2019-01-01 2019-03-31 0001690536 2018-10-01 2018-12-31 0001690536 2018-07-01 2018-09-30 0001690536 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
10-Q
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM
                
TO
                
COMMISSION FILE NUMBER:
000-56163
 
 
FS Credit Real Estate Income Trust, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
Maryland
 
81-4446064
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
   
201 Rouse Boulevard
Philadelphia, Pennsylvania
 
19112
(Address of principal executive offices)
 
(Zip Code)
(215495-1150
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Exchange Act: None.
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
N/A   N/A   N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in
Rule 12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated filer
     Smaller reporting company  
       
         Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2
of the Exchange Act).    Yes  ☐    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
As of August 5, 2022 there were 
903,286
 outstanding shares of Class F common stock, 
906,648 outstanding shares of Class Y common stock, 1,569,512 outstanding shares of Class T common stock, 49,187,066 outstanding shares of Class S common stock, 729,640 outstanding shares of Class D common stock, 4,027,392 outstanding shares of Class M common stock and 28,555,816 outstanding shares of Class I common stock.
 
 
 

TABLE OF CONTENTS
 
 
  
 
  
Page
 
PART I—FINANCIAL INFORMATION
  
ITEM 1.
  
  
 
1
 
  
  
 
1
 
  
  
 
2
 
  
  
 
3
 
  
  
 
4
 
  
  
 
6
 
  
  
 
7
 
ITEM 2.
  
  
 
41
 
ITEM 3.
  
  
 
56
 
ITEM 4.
  
  
 
58
 
PART II—OTHER INFORMATION
  
ITEM 1.
  
  
 
58
 
ITEM 1A.
  
  
 
58
 
ITEM 2.
  
  
 
59
 
ITEM 3.
  
  
 
59
 
ITEM 4.
  
  
 
59
 
ITEM 5.
  
  
 
59
 
ITEM 6.
  
  
 
60
 
  
  
 
62
 

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
FS Credit Real Estate Income Trust, Inc.
Consolidated Balance Sheets
(in thousands, except share amounts)
 
    
June 30, 2022
(Unaudited)
   
December 31,
2021
 
Assets
                
Cash and cash equivalents
   $ 75,659     $ 46,798  
Restricted cash
     19,111       39,010  
Loans receivable,
held-for-investment
     6,538,370       3,841,868  
Mortgage-backed securities
held-to-maturity
     78,942       37,862  
Mortgage-backed securities
available-for-sale,
at fair value
     153,274       44,518  
Investment in real estate, net
     160,711       —    
Receivable for investments sold and repaid
     52,959       6,625  
Interest receivable
     14,904       6,861  
Deferred financing costs
     647       658  
Other assets
     40,835       194  
    
 
 
   
 
 
 
Total assets
(1)
   $ 7,135,412     $ 4,024,394  
    
 
 
   
 
 
 
Liabilities
                
Collateralized loan obligations (net of deferred financing costs of $27,057 and $16,701, respectively)
   $ 3,193,515     $ 1,886,382  
Repurchase agreements payable (net of deferred financing costs of $3,278 and $1,958, respectively)
     1,175,651       903,010  
Credit facilities payable (net of deferred financing costs of $8,666 and $2,230, respectively)
     692,472       196,960  
Mortgage note payable (net of deferred financing costs of $2,132 and $0, respectively)
     122,568       —    
Due to related party
     92,665       48,514  
Interest payable
     7,922       2,591  
Payable for shares repurchased
     19,250       4,227  
Other liabilities
     10,139       9,370  
    
 
 
   
 
 
 
Total liabilities
(1)
     5,314,182       3,051,054  
    
 
 
   
 
 
 
Commitments and contingencies (See Note 11)
                
Stockholders’ equity
                
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 125 and 125 issued and outstanding, respectively
     —         —    
Class F common stock, $0.01 par value, 125,000,000 shares authorized, 904,792 and 902,878 issued and outstanding, respectively
     9       9  
Class Y common stock, $0.01 par value, 125,000,000 shares authorized, 906,648 and 906,648 issued and outstanding, respectively
     9       9  
Class T common stock, $0.01 par value, 125,000,000 shares authorized, 1,508,682 and 1,407,377 issued and outstanding, respectively
     15       14  
Class S common stock, $0.01 par value, 125,000,000 shares authorized, 44,602,788 and 22,823,721 issued and outstanding, respectively
     446       228  
Class D common stock, $0.01 par value, 125,000,000 shares authorized, 680,347 and 642,162 issued and outstanding, respectively
     7       6  
Class M common stock, $0.01 par value, 125,000,000 shares authorized, 3,701,528 and 2,876,736 issued and outstanding, respectively
     37       29  
Class I common stock, $0.01 par value, 300,000,000 shares authorized, 24,516,086 and 11,366,687 issued and outstanding, respectively
     245       114  
Additional
paid-in
capital
     1,820,033       969,558  
Accumulated other comprehensive income (loss)
     (3,192     86  
Retained earnings
     3,621       3,287  
    
 
 
   
 
 
 
Total stockholders’ equity
     1,821,230       973,340  
    
 
 
   
 
 
 
Total liabilities and stockholders’ equity
   $ 7,135,412     $ 4,024,394  
    
 
 
   
 
 
 
 
(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 $4,033,871 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,197,715 and $1,887,944, respectively. See Note 10 for further details.
See notes to unaudited consolidated financial statements.
 
1

FS Credit Real Estate Income Trust, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share amounts)
 
    
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  
    
 
 
   
 
 
   
 
 
   
 
 
 
Per share information—basic and diluted
                                
Net income per share of common stock (earnings per share)
   $ 0.36     $ 0.41     $ 0.75     $ 0.82  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common stock outstanding
     71,346,254       18,511,402       61,767,077       16,566,229  
    
 
 
   
 
 
   
 
 
   
 
 
 
 
 
See notes to unaudited consolidated financial statements.
 
2

FS Credit Real Estate Income Trust, Inc.
Unaudited Consolidated Statements of Comprehensive Income
(in thousands)
 
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
 
    
2022
   
2021
    
2022
   
2021
 
Net income
   $ 25,650     $ 7,566      $ 46,569     $ 13,531  
Other comprehensive income
                                 
Net change in unrealized gain (loss) on mortgage-backed securities
available-for-sale
     (2,867     80        (3,278     80  
    
 
 
   
 
 
    
 
 
   
 
 
 
Total other comprehensive income (loss)
     (2,867     80        (3,278     80  
    
 
 
   
 
 
    
 
 
   
 
 
 
Comprehensive income
   $ 22,783     $ 7,646      $ 43,291     $ 13,611  
    
 
 
   
 
 
    
 
 
   
 
 
 
 
 
 
See notes to unaudited consolidated financial statements.
 
3

FS Credit Real Estate Income Trust, Inc.
Unaudited Consolidated Statements of Changes in Equity
(in thousands)
 
   
Par Value
                         
   
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
 
Three Months Ended June 30, 2022
                                                                                       
Balance as of March 31, 2022
  $ 9     $ 9     $ 14     $ 331     $ 7     $ 32     $ 182     $ 1,383,218     $ (325   $ 4,665     $ 1,388,142  
Common stock issued
    —         —         1       121       —         6       64       479,929       —         —         480,121  
Distributions declared
    —         —         —         —         —         —         —         —         —         (26,690     (26,690
Proceeds from distribution reinvestment plan
    —         —         —         3       —         —         2       12,516       —         —         12,521  
Redemptions of common stock
    —         —         —         (9     —         (1     (3     (32,584     —         —         (32,597
Stockholder servicing fees
    —         —         —         —         —         —         —         (24,799     —         —         (24,799
Offering costs
    —         —         —         —         —         —         —         (3,598     —         —         (3,598
Performance contingent rights issued
    —         —         —         —         —         —         —         5,351       —         —         5,351  
Net income
    —         —         —         —         —         —         —         —         —         25,650       25,650  
Dividends on preferred stock
    —         —         —         —         —         —         —         —         —         (4     (4
Other comprehensive loss
    —         —         —         —         —         —         —         —         (2,867     —         (2,867
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance as of June 30, 2022
  $ 9     $ 9     $ 15     $ 446     $ 7     $ 37     $ 245     $ 1,820,033     $ (3,192   $ 3,621     $ 1,821,230  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Three Months Ended June 30, 2021
                                                                                       
Balance as of March 31, 2021
  $ 9     $ 1     $ 13     $ 72     $ 5     $ 22     $ 30     $ 361,358     $ —       $ 1,825     $ 363,335  
Common stock issued
    —         9       —         28       1       3       10       125,421       —         —         125,472  
Distributions declared
    —         —         —         —         —         —         —         —         —         (7,573     (7,573
Proceeds from distribution reinvestment plan
    —         —         —         1       —         —         1       2,910       —         —         2,912  
Redemptions of common stock
    —         (1     —         —         —         (1     —         (1,790     —         —         (1,792
Stockholder servicing fees
    —         —         —         —         —         —         —         (6,146     —         —         (6,146
Offering costs
    —         —         —         —         —         —         —         (363     —         —         (363
Net income
    —         —         —         —         —         —         —         —         —         7,566       7,566  
Dividends on preferred stock
    —         —         —         —         —         —         —         —         —         (4     (4
Other comprehensive income
    —         —         —         —         —         —         —         —         80       —         80  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance as of June 30, 2021
  $ 9     $ 9     $ 13     $ 101     $ 6     $ 24     $ 41     $ 481,390     $ 80     $ 1,814     $ 483,487  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale.
See notes to unaudited consolidated financial statements.
 
4

   
Par Value
                         
   
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
 
Six Months Ended June 30, 2022
                                                                                       
Balance as of December 31, 2021
  $ 9     $ 9     $ 14     $ 228     $ 6     $ 29     $ 114     $ 969,558     $ 86     $ 3,287     $ 973,340  
Common stock issued
    —         —         1       226       1       9       136       929,771       —         —         930,144  
Distributions declared
    —         —         —         —         —         —         —         —         —         (46,227     (46,227
Proceeds from distribution reinvestment plan
    —         —         —         5       —         —         3       21,887       —         —         21,895  
Redemptions of common stock
    —         —         —         (13     —         (1     (8     (56,749     —         —         (56,771
Stockholder servicing fees
    —         —         —         —         —         —         —         (46,428     —         —         (46,428
Offering costs
    —         —         —         —         —         —         —         (6,999     —         —         (6,999
Performance contingent rights issued
    —         —         —         —         —         —         —         8,993       —         —         8,993  
Net income
    —         —         —         —         —         —         —         —         —         46,569       46,569  
Dividends on preferred stock
    —         —         —         —         —         —         —         —         —         (8     (8
Other comprehensive loss
    —         —         —         —         —         —         —         —         (3,278     —         (3,278
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance as of June 30, 2022
  $ 9     $ 9     $ 15     $ 446     $ 7     $ 37     $ 245     $ 1,820,033     $ (3,192   $ 3,621     $ 1,821,230  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Six Months Ended June 30, 2021
                                                                                       
Balance as of December 31, 2020
  $ 9     $ 1     $ 12     $ 58     $ 5     $ 20     $ 22     $ 303,783     $ —       $ 1,802     $ 305,712  
Common stock issued
    —         9       1       42       1       5       18       187,841       —         —         187,917  
Distributions declared
    —         —         —         —         —         —         —         —         —         (13,511     (13,511
Proceeds from distribution reinvestment plan
    —         —         —         1       —         —         1       5,152       —         —         5,154  
Redemptions of common stock
    —         (1     —         —         —         (1     —         (5,231     —         —         (5,233
Stockholder servicing fees
    —         —         —         —         —         —         —         (9,476     —         —         (9,476
Offering costs
    —         —         —         —         —         —         —         (679     —         —         (679
Net income
    —         —         —         —         —         —         —         —         —         13,531       13,531  
Dividends on preferred stock
    —         —         —         —         —         —         —         —         —         (8     (8
Other comprehensive income
    —         —         —         —         —         —         —         —         80       —         80  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance as of June 30, 2021
  $ 9     $ 9     $ 13     $ 101     $ 6     $ 24     $ 41     $ 481,390     $ 80     $ 1,814     $ 483,487  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(1)
Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale.
See notes to unaudited consolidated financial statements.
 
5

FS Credit Real Estate Income Trust, Inc.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
 
    
Six Months Ended
June 30,
 
    
2022
   
2021
 
Cash flows from operating activities
                
Net income
   $ 46,569     $ 13,531  
Adjustments to reconcile net income to net cash provided by (used in) operating activities
                
Performance contingent rights issued
     8,993       —    
Amortization of deferred fees on loans and debt securities
     (2,020     (731
Amortization of deferred financing costs and discount
     4,268       1,503  
Net change in unrealized loss on interest rate cap
     1,449       —    
Changes in assets and liabilities
                
Reimbursement due from sponsor
     —         444  
Interest receivable
     (8,043     (873
Other assets
     (8,999     15,876  
Due to related party
     1,397       8,866  
Interest payable
     5,331       463  
Other liabilities
     (20     (6,041
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     48,925       33,038  
    
 
 
   
 
 
 
Cash flows used in investing activities
                
Origination and fundings of loans receivable,
held-for-investment
     (3,084,586     (1,018,208
Principal collections from loans receivable,
held-for-investment
     342,702       96,067  
Exit and extension fees received on loans receivable,
held-for-investment
     769       335  
Purchases of mortgage-backed securities
available-for-sale
     (112,073     (19,575
Principal repayments of mortgage-backed securities
available-for-sale
     62       —    
Purchases of mortgage-backed securities
held-to-maturity
     (40,804     —    
Acquisition of real estate
     (193,802     —    
    
 
 
   
 
 
 
Net cash provided by (used in) investing activities
     (3,087,732     (941,381
    
 
 
   
 
 
 
Cash flows from financing activities
                
Issuance of common stock
     930,144       187,917  
Redemptions of common stock
     (41,748     (6,210
Stockholder distributions paid
     (22,216     (7,816
Stockholder servicing fees
     (3,674     (994
Offering costs paid
     (8,334     (679
Borrowing under mortgage note payable
     124,700       —    
Borrowings under repurchase agreements
     1,586,790       690,482  
Repayments under repurchase agreements
     (1,312,829     (612,790
Borrowings under credit facilities
     879,823       156,000  
Repayments under credit facilities
     (377,875     (121,000
Proceeds from issuance of collateralized loan obligations
     1,407,120       646,935  
Repayment of collateralized loan obligations
     (89,631     —    
Payment of deferred financing costs
     (24,501     (9,374
    
 
 
   
 
 
 
Net cash provided by (used in) financing activities
     3,047,769       922,471  
    
 
 
   
 
 
 
Total increase (decrease) in cash, cash equivalents and restricted cash
     8,962       14,128  
Cash, cash equivalents and restricted cash at beginning of period
     85,808       17,874  
    
 
 
   
 
 
 
Cash, cash equivalents and restricted cash at end of period
   $ 94,770     $ 32,002  
    
 
 
   
 
 
 
Supplemental disclosure of cash flow information and
non-cash
financial activities
                
Payments of interest
   $ 35,800     $ 5,844  
    
 
 
   
 
 
 
Accrued stockholder servicing fee
   $ 42,754     $ 8,482  
    
 
 
   
 
 
 
Distributions payable
   $ 5,059     $ 1,663  
    
 
 
   
 
 
 
Reinvestment of stockholder distributions
   $ 21,895     $ 5,154  
    
 
 
   
 
 
 
Payable for shares repurchased
   $ 19,250     $ 553  
    
 
 
   
 
 
 
Loan principal payments held by servicer
   $ 52,959     $ —    
    
 
 
   
 
 
 
Loan transferred from loans receivable,
held-for-investment
to loans receivable,
held-for-sale
   $ —       $ 24,397  
    
 
 
   
 
 
 
See notes to unaudited consolidated financial statements.
 
6

FS Credit Real Estate Income Trust, Inc.
Notes to Unaudited Consolidated Financial Statements
(in thousands, except share and per share amounts)
Note 1. Principal Business and Organization
FS Credit Real Estate Income Trust, Inc., or the Company, was incorporated under the general corporation laws of the State of Maryland on November 7, 2016 and formally commenced investment operations on September 13, 2017. The Company is currently conducting a public offering of up to $2,750,000 of its Class T, Class S, Class D, Class M and Class I shares of common stock pursuant to a registration statement on Form
S-11
filed with the Securities and Exchange Commission, or SEC, consisting of up to $2,500,000 in shares in its primary offering and up to $250,000 in shares pursuant to its distribution reinvestment plan. The Company also previously conducted private offerings of its Class F common stock and Class Y common stock. The Company is managed by FS Real Estate Advisor, LLC, or FS Real Estate Advisor, a subsidiary of the Company’s sponsor, Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, a national sponsor of alternative investment funds designed for the individual investor. FS Real Estate Advisor has engaged Rialto Capital Management, LLC, or Rialto, to act as its
sub-adviser.
The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2017. The Company intends to be an investment vehicle of indefinite duration focused on real estate debt investments and other real estate-related assets. The shares of common stock are generally intended to be sold and repurchased by the Company on a continuous basis. The Company intends to conduct its operations so that it is not required to register under the Investment Company Act of 1940, as amended, or the 1940 Act.
The Company’s primary investment objectives are to: provide current income in the form of regular, stable cash distributions to achieve an attractive dividend yield; preserve and protect invested capital; realize appreciation in net asset value, or NAV, from proactive investment management and asset management; and provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate debt with lower volatility than public real estate companies.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation:
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly owned subsidiaries and variable interest entities, or VIEs, of which the Company is the primary beneficiary, as of June 30, 2022. All significant intercompany transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued.
Reclassifications:
Certain amounts in the unaudited consolidated financial statements as of and for the three and six months ended June 30, 2021 and the audited consolidated financial statements as of and for the year ended December 31, 2021 have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three and six months ended June 30, 2022. The reclassifications did not affect the Company’s financial position, results of operations, or cash flows.
Use of Estimates:
The preparation of the unaudited consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements and the
 
7

FS Credit Real Estate Income Trust, Inc.
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 2. Summary of Significant Accounting Policies (continued)
 
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation:
Financial Accounting Standards Board, or FASB, Accounting Standards Codification Topic 810—Consolidation, or ASC Topic 810, provides guidance on the identification of a VIE (an entity for which control is achieved through means other than voting rights) and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest.
The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. Refer to Note 10 for additional discussion of the Company’s VIEs.
Cash, Cash Equivalents and Restricted Cash: