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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________

FORM 10-Q

_______________________________________________

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

¨ 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)

(215) 495-1150

(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 T 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 T 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	T	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 T

Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.

As of November 7, 2025, there were 582,974 outstanding shares of Class F common stock, 843,658 outstanding shares of Class Y common stock, 712,832 outstanding shares of Class T common stock, 67,876,316 outstanding shares of Class S common stock, 373,742 outstanding shares of Class D common stock, 3,958,133 outstanding shares of Class M common stock and 50,101,699 outstanding shares of Class I common stock.

TABLE OF CONTENTS


		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Consolidated Balance Sheets as of Sep tember 30, 2025 (Unaudited) and December 31, 2024	1
	Unaudited Consolidated Statements of Operations for the three and ni ne months ended Se ptember 30, 2025 and 2024	2
	Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	3
	Unaudited Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and 2024	4
	Unaudited Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2025 and 2024	6
	Notes to Unaudited Consolidated Financial Statements	8
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	43
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	55
ITEM 4.	CONTROLS AND PROCEDURES	57

PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	57
ITEM 1A.	RISK FACTORS	57
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	57
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	58
ITEM 4.	MINE SAFETY DISCLOSURES	58
ITEM 5.	OTHER INFORMATION	58
ITEM 6.	EXHIBITS	59
	SIGNATURES	60

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

FS Credit Real Estate Income Trust, Inc.

Consolidated Balance Sheets

(in thousands, except share amounts)


	September 30, 2025 (Unaudited)		December 31, 2024
Assets
Cash and cash equivalents	$	342,641	$	61,486
Restricted cash	58,187		29,054
Loans receivable, held-for-investment, net of credit loss allowances of $80,800 and $93,664	7,032,969		7,402,810
Mortgage-backed securities held-to-maturity, net of credit loss allowances of $70 and $137	30,042		78,131
Mortgage-backed securities, at fair value, credit loss allowances of $23,982 and $19,918	221,770		335,720
Reimbursement due from sponsor	—		139
Investments in real estate, held-for-investment	374,554		383,669
Investments in real estate, held-for-sale	161,791		58,278
Receivable for investments sold and repaid	91,855		146,459
Interest receivable	68,603		58,110
Other assets	15,025		15,002
Mortgage loans held in securitization trusts, at fair value	2,652,390		1,633,589
Total assets(1)	$	11,049,827	$	10,202,447
Liabilities
Collateralized loan obligations, net	$	3,089,733	$	3,696,034
Repurchase agreements payable, net	1,611,146		1,079,758
Credit facilities payable, net	840,898		837,894
Mortgage note payable, net	124,700		124,368
Due to related party	94,433		100,772
Interest payable	25,167		15,799
Payable for shares repurchased	23,701		42,504
Other liabilities	35,719		53,649
Mortgage obligations issued by securitization trusts, at fair value	2,406,155		1,484,019
Total liabilities(1)	8,251,652		7,434,797
Commitments and contingencies (See Note 11)
Stockholders' equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 125 and 125 issued and outstanding, respectively	—		—
Class F common stock, $0.01 par value, 125,000,000 shares authorized, 592,984 and 729,680 issued and outstanding, respectively	6		7
Class Y common stock, $0.01 par value, 125,000,000 shares authorized, 843,658 and 843,658 issued and outstanding, respectively	8		8
Class T common stock, $0.01 par value, 125,000,000 shares authorized, 755,691 and 825,192 issued and outstanding, respectively	8		8
Class S common stock, $0.01 par value, 125,000,000 shares authorized, 66,394,254 and 64,784,166 issued and outstanding, respectively	664		648
Class D common stock, $0.01 par value, 125,000,000 shares authorized, 376,653 and 442,779 issued and outstanding, respectively	4		4
Class M common stock, $0.01 par value, 125,000,000 shares authorized, 3,960,396 and 4,638,955 issued and outstanding, respectively	40		46
Class I common stock, $0.01 par value, 300,000,000 shares authorized, 49,421,973 and 48,222,436 issued and outstanding, respectively	494		482
Additional paid-in capital	2,945,610		2,883,909
Accumulated other comprehensive income (loss)	(2,613)		(3,164)
Retained earnings (accumulated deficit)	(146,046)		(114,298)
Total stockholders' equity	2,798,175		2,767,650
Total liabilities and stockholders' equity	$	11,049,827	$	10,202,447

_______________________________

(1) The September 30, 2025 and December 31, 2024 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 FS Credit Real Estate Income Trust, Inc. As of September 30, 2025 and December 31, 2024, assets of the VIEs totaled $6,591,992 and $6,512,889, respectively, and liabilities of the VIEs totaled $5,502,856 and $5,191,205, respectively. See Note 10 to our consolidated financial statements included herein for further details.

See notes to unaudited consolidated financial statements.

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net interest income
Interest income	$	156,327	$	192,570	$	481,280	$	575,949
Less: Interest expense	(94,829)		(118,066)		(297,282)		(340,422)
Interest income on mortgage loans held in securitization trusts	41,261		17,871		105,334		44,519
Less: Interest expense on mortgage obligations issued by securitization trusts	(36,431)		(15,835)		(92,934)		(39,328)
Net interest income	66,328		76,540		196,398		240,718
Other expenses
Management fee	9,377		9,614		27,815		28,526
Performance fee	—		4,190		—		16,141
General and administrative expenses	11,313		11,738		35,496		34,439
Real estate operating expenses	8,276		2,800		24,249		5,635
Depreciation and amortization	3,981		4,251		14,823		7,921
Interest expense on real estate	2,055		2,367		6,112		7,079
Less: Expense limitation	—		—		(1,589)		—
Add: Expense recoupment to sponsor	77		—		77		—
Net other expenses	35,079		34,960		106,983		99,741
Other income (loss)
Credit loss expense, net	15,794		5,190		9,642		(54,507)
Real estate operating income	12,416		6,722		34,844		16,799
Net change in unrealized gain (loss) on interest rate cap	(868)		(1,761)		(2,081)		(3,509)
Net realized gain (loss) on mortgage-backed securities, fair value option	—		22		—		355
Net realized gain (loss) on extinguishment of debt	—		99		—		273
Net realized gain (loss) on real estate, net	—		357		—		357
Net change in unrealized gain (loss) on mortgage-backed securities, fair value option	400		(86)		(396)		355
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net	1,011		458		1,381		1,536
Unrealized gain (loss) on real estate, held-for-sale	(100)		—		(2,442)		—
Total other income (loss)	28,653		11,001		40,948		(38,341)
Net income before income taxes	59,902		52,581		130,363		102,636
Income tax expense	(60)		(478)		(801)		(1,748)
Net income	59,842		52,103		129,562		100,888
Preferred stock dividends	(3)		(3)		(11)		(11)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$	59,839	$	52,100	$	129,551	$	100,877
Per share information—basic and diluted
Net income per share of common stock - basic	$	0.49	$	0.42	$	1.07	$	0.81
Net income per share of common stock - diluted	$	0.48	$	0.41	$	1.05	$	0.80

Weighted average common stock outstanding - basic	121,573,865		124,460,864		121,352,402		123,893,732
Weighted average common stock outstanding - diluted	124,812,697		126,137,752		123,937,711		125,347,598

See notes to unaudited consolidated financial statements.

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FS Credit Real Estate Income Trust, Inc.

Unaudited Consolidated Statements of Comprehensive Income

(in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	59,842	$	52,103	$	129,562	$	100,888
Other comprehensive income
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale	(1,017)		805		551		2,391
Total other comprehensive income	(1,017)		805		551		2,391
Comprehensive income	$	58,825	$	52,908	$	130,113	$	103,279

See notes to unaudited consolidated financial statements.

Table of Contents

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 September 30, 2025
Balance as of June 30, 2025	$	6	$	8	$	8	$	647	$	4	$	39	$	481	$	2,865,287	$	(1,596)	$	(151,971)	$	2,712,913
Common stock issued	—		—		—		24		—		—		24		117,615		—		—		117,663
Distributions declared	—		—		—		—		—		—		—		—		—		(53,914)		(53,914)
Proceeds from distribution reinvestment plan	—		—		—		6		—		1		4		26,724		—		—		26,735
Repurchases of common stock	—		—		—		(13)		—		—		(15)		(70,813)		—		—		(70,841)
Stockholder servicing fees	—		—		—		—		—		—		—		(3,829)		—		—		(3,829)
Offering costs	—		—		—		—		—		—		—		(882)		—		—		(882)
Performance contingent rights issued	—		—		—		—		—		—		—		3,961		—		—		3,961
Restricted stock units issued	—		—		—		—		—		—		—		7,547		—		—		7,547
Net income	—		—		—		—		—		—		—		—		—		59,842		59,842
Dividends on preferred stock	—		—		—		—		—		—		—		—		—		(3)		(3)
Other comprehensive income	—		—		—		—		—		—		—		—		(1,017)		—		(1,017)
Balance as of September 30, 2025	$	6	$	8	$	8	$	664	$	4	$	40	$	494	$	2,945,610	$	(2,613)	$	(146,046)	$	2,798,175

Three Months Ended September 30, 2024
Balance as of June 30, 2024	$	7	$	9	$	10	$	648	$	4	$	52	$	506	$	2,952,916	$	(5,400)	$	(131,889)	$	2,816,863
Common stock issued	1		—		—		15		—		(5)		29		87,850		—		—		87,890
Distributions declared	—		—		—		—		—		—		—		—		—		(54,813)		(54,813)
Proceeds from distribution reinvestment plan	—		—		—		5		—		1		5		26,777		—		—		26,788
Repurchases of common stock	—		—		(1)		(22)		—		(1)		(51)		(178,980)		—		—		(179,055)
Stockholder servicing fees	—		—		—		—		—		—		—		1,108		—		—		1,108
Offering costs	—		—		—		—		—		—		—		(661)		—		—		(661)
Restricted stock units issued	—		—		—		—		—		—		—		7,694		—		—		7,694
Net income	—		—		—		—		—		—		—		—		—		52,103		52,103
Dividends on preferred stock	—		—		—		—		—		—		—		—		—		(3)		(3)
Other comprehensive loss	—		—		—		—		—		—		—		—		805		—		805
Balance as of September 30, 2024	$	8	$	9	$	9	$	646	$	4	$	47	$	489	$	2,896,704	$	(4,595)	$	(134,602)	$	2,758,719

__________________________

(1) Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale

See notes to unaudited consolidated financial statements.

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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
Nine Months Ended September 30, 2025
Balance as of December 31, 2024	$	7	$	8	$	8	$	648	$	4	$	46	$	482	$	2,883,909	$	(3,164)	$	(114,298)	$	2,767,650
Common stock issued	—		—		—		68		—		—		73		338,600		—		—		338,741
Distributions declared	—		—		—		—		—		—		—		—		—		(161,299)		(161,299)
Proceeds from distribution reinvestment plan	—		—		—		17		—		1		15		79,984		—		—		80,017
Repurchases of common stock	(1)		—		—		(69)		—		(7)		(76)		(376,271)		—		—		(376,424)
Stockholder servicing fees	—		—		—		—		—		—		—		(4,343)		—		—		(4,343)
Offering costs	—		—		—		—		—		—		—		(2,541)		—		—		(2,541)
Performance contingent rights issued	—		—		—		—		—		—		—		3,961		—		—		3,961
Restricted stock units issued	—		—		—		—		—		—		—		22,311		—		—		22,311
Net income	—		—		—		—		—		—		—		—		—		129,562		129,562
Dividends on preferred stock	—		—		—		—		—		—		—		—		—		(11)		(11)
Other comprehensive income	—		—		—		—		—		—		—		—		551		—		551
Balance as of September 30, 2025	$	6	$	8	$	8	$	664	$	4	$	40	$	494	$	2,945,610	$	(2,613)	$	(146,046)	$	2,798,175

Nine Months Ended September 30, 2024
Balance as of December 31, 2023	$	7	$	9	$	13	$	646	$	6	$	49	$	475	$	2,869,801	$	(6,986)	$	(72,058)	$	2,791,962
Common stock issued	1		—		—		60		—		—		87		338,664		—		—		338,812
Distributions declared	—		—		—		—		—		—		—		—		—		(163,421)		(163,421)
Proceeds from distribution reinvestment plan	—		—		—		16		—		2		16		80,639		—		—		80,673
Repurchases of common stock	—		—		(4)		(76)		(2)		(4)		(89)		(412,525)		—		—		(412,700)
Stockholder servicing fees	—		—		—		—		—		—		—		(250)		—		—		(250)
Offering costs	—		—		—		—		—		—		—		(2,554)		—		—		(2,554)
Restricted stock units issued	—		—		—		—		—		—		—		22,929		—		—		22,929
Net income	—		—		—		—		—		—		—		—		—		100,888		100,888
Dividends on preferred stock	—		—		—		—		—		—		—		—		—		(11)		(11)
Other comprehensive loss	—		—		—		—		—		—		—		—		2,391		—		2,391
Balance as of September 30, 2024	$	8	$	9	$	9	$	646	$	4	$	47	$	489	$	2,896,704	$	(4,595)	$	(134,602)	$	2,758,719

__________________________

(1) Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale

See notes to unaudited consolidated financial statements.

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities
Net income	$	129,562	$	100,888
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Performance contingent rights issued	3,961		—
Restricted stock units	22,311		22,929
Amortization of deferred fees on loans and debt securities	(21,262)		(10,921)
Amortization of deferred financing costs and discount	21,959		16,774
Credit loss expense, net	(9,642)		54,507
Net unrealized (gain) loss on valuation of interest rate cap	2,081		3,509
Net realized (gain) loss on sale of mortgage-backed securities, fair value option	—		(355)
Real estate depreciation and amortization	14,823		7,921
Net unrealized (gain) loss on mortgage-backed securities, fair value option	396		(355)
Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts	(1,381)		(1,536)
Net unrealized (gain) loss on real estate, held-for-sale	2,442		—
Changes in assets and liabilities
Reimbursement due from (due to) sponsor	139		—
Interest receivable	(10,493)		(11,504)
Other assets	(2,104)		(6,122)
Due to related party	77		(1)
Interest payable	9,368		1,186
Other liabilities	(17,182)		5,462
Net cash provided by (used in) operating activities	145,055		182,382
Cash flows from investing activities
Origination and fundings of loans receivable	(848,156)		(752,822)
Principal collections from loans receivable, held-for-investment	1,190,146		745,399

Exit and extension fees received on loans receivable, held-for-investment	7,746		4,384
Purchases of mortgage-backed securities, at fair value	(67,125)		(114,910)
Principal repayments of mortgage-backed securities, at fair value	176,674		17,980
Principal repayments of mortgage-backed securities, held-to-maturity	50,300		—
Purchases of mortgage loans held in securitization trusts, at fair value	(101,064)		(148,064)
Principal repayments of mortgage loans held in securitization trusts at fair value	8,180		72,822

Capital improvements to real estate	(6,879)		(705)
Net cash provided by (used in) investing activities	409,822		(175,916)
Cash flows from financing activities
Issuance of common stock	338,741		338,812
Repurchases of common stock	(395,227)		(368,069)
Stockholder distributions paid	(81,266)		(82,907)
Stockholder servicing fees paid	(10,761)		(10,857)
Offering costs paid	(2,541)		(2,554)

Borrowings under repurchase agreements	1,311,500		718,695
Repayments under repurchase agreements	(778,824)		(126,690)
Borrowings under credit facilities	367,303		328,850
Repayments under credit facilities	(367,266)		(325,500)
Proceeds from issuance of collateralized loan obligations	888,011		—
Repayment of collateralized loan obligations	(1,503,762)		(502,961)
Payment of deferred financing costs	(10,497)		(9,392)

Net cash provided by (used in) financing activities	(244,589)		(42,573)
Total increase (decrease) in cash, cash equivalents and restricted cash	310,288		(36,107)
Cash, cash equivalents and restricted cash at beginning of period	90,540		256,001
Cash, cash equivalents and restricted cash at end of period	$	400,828	$	219,894

See notes to unaudited consolidated financial statements.

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Nine Months Ended September 30,
	2025		2024
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest	$	272,067	$	322,462
Accrued stockholder servicing fee	$	(6,418)	$	(10,607)
Distributions payable	$	8,685	$	8,609
Reinvestment of stockholder distributions	$	80,017	$	80,673
Payable for shares repurchased	$	23,701	$	72,028
Loan principal payments held by servicer	$	91,855	$	114,560


Consolidation of securitization trusts	$	893,316	$	1,056,508
Deconsolidation of securitization trusts	$	—	$	(396,637)
Transfer of loans receivable held for investments to investments in real estate, held-for-investment	$	—	$	(215,528)
Modifications accounted for as repayments and new loans	$	—	$	66,869
Transfer of loans receivable held for investments to investments in real estate, held-for-sale	$	(105,000)	$	—

See notes to unaudited consolidated financial statements.

Table of Contents

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., (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 managed by FS Real Estate Advisor, LLC, ("FS Real Estate Advisor" or the "adviser"), a subsidiary of the Company’s sponsor, Franklin Square Holdings, L.P., which does business as Future Standard ("Future Standard"), a national sponsor of alternative investment funds designed for the individual investor. FS Real Estate Advisor has engaged Rialto Capital Management, LLC, ("Rialto" or the "sub-adviser") to act as its sub-adviser. 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 (the"SEC"), consisting of up to $2,400,000 in shares in its primary offering and up to $350,000 in shares pursuant to its distribution reinvestment plan. The Company is also conducting a private offering of its Class I common stock to certain accredited investors.

The Company has elected to be taxed as a real estate investment trust ("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 (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 ("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 ("GAAP"). The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly owned subsidiaries and variable interest entities ("VIEs"), of which the Company is the primary beneficiary, as of September 30, 2025. 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.

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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of Consolidation: Financial Accounting Standards Board ("FASB"), Accounting Standards Codification ("ASC") 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. For the Company's consolidated securitization VIEs, the third party ownership interests are reflected as liabilities in the Company's consolidated balance sheets because the beneficial

Table of Contents

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)

interests payable to these third parties are legally issued in the form of debt. The Company's presentation of net income attributes earnings to controlling and non-controlling interests. Refer to Note 10 for additional discussion of the Company's VIEs.

Cash, Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company's uninvested cash is maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. The Company's cash is held with major financial institutions and generally exceed federally insured limits. Restricted cash primarily represents cash held in accounts to fund additional collateral interests within the Company's collateralized loan obligations as well as cash held at the property level of the Company's investments in real estate.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s unaudited consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows:


	September 30,
	2025		2024
Cash and cash equivalents	$	342,641	$	139,399
Restricted cash	58,187		80,495
Total cash, cash equivalents and restricted cash	$	400,828	$	219,894

Loans Receivable: Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Loans originated by the Company are carried at amortized cost, net of credit loss allowances as discussed below. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred.

Loans that the Company originates or purchases that the Company is unable to hold, or intends to sell or otherwise dispose of, in the foreseeable future are classified as held-for-sale and are carried at the lower of amortized cost or fair value.

Mortgage-Backed Securities: Mortgage-backed securities are classified as held-to-maturity or available-for-sale or accounted for under the fair value option. The Company determines the appropriate classification of its securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet's date. Mortgage-backed securities are classified as held-to-maturity when the Company intends to, and has the ability to hold until maturity. Held-to-maturity securities are stated at amortized cost on the consolidated balance sheets. The Company’s remaining mortgage-backed securities are classified as either available-for-sale or accounted for under the fair value option and are reported at fair value on the consolidated balance sheets as components of Mortgage-backed securities, at fair value. The Company elected the fair value option for all mortgage-backed securities acquired during the three and nine months ended September 30, 2025. Changes in fair value for mortgage-backed securities accounted for under the fair value option are recorded in the consolidated statements of operations as a component of Net change in unrealized gain (loss) on mortgage-backed securities, fair value option. The Company chose to elect the fair value option in order to simplify the accounting treatment for its investment securities. The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. Prior to the quarter ended June 30, 2023, all mortgage-backed securities acquired that were not classified as held-to-maturity were classified as available-for-sale, stated at fair value and the changes in fair value are recorded in other comprehensive income. The Company’s held-to-maturity and available-for-sale securities were subject to CECL (defined below), as discussed below.

Current Expected Credit Loss ("CECL") Reserve: The CECL model applies to the Company's loans receivable, held-for-investment and its mortgage-backed securities held-to-maturity which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. The Company has elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on its consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible.

CECL requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. Considering the lack of historical company data related to any realized loan losses since its inception, the Company elected to estimate its general CECL reserve by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The credit loss model utilizes historical loss rates derived

Table of Contents

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)

from a third party commercial real estate loan database with historical loan loss data beginning in 1998. The Company provides specific loan-level inputs which include loan-to-value ("LTV"), principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and property net operating income. The Company also considers qualitative and environmental factors, including, but not limited to, reasonable and supportable macroeconomic forecasts, business conditions and trends, concentration of credit and changes in the level of such concentrations. The reasonable and supportable forecast period is followed by an immediate reversion period back to historical loss rates.

The Company's loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of Other liabilities on the consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for outstanding loan balances, and changes in this component of the CECL reserve will similarly impact the Company's consolidated net income.

For both the funded and unfunded portions of its loans, the Company considers its internal risk rating of each loan as the primary credit quality indicator underlying the assessment. FS Real Estate Advisor and Rialto perform a quarterly review of the Company's portfolio of loans. In connection with this review, FS Real Estate Advisor and Rialto assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, LTV ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan and project sponsorship. Based on a 5-point scale, the Company's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows:


Loan Risk Rating						Summary Description
1						Very Low Risk
2						Low Risk
3						Medium Risk
4						High Risk/Potential for Loss
5						Impaired/Loss Likely and/or Foreclosure is Probable

Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due to it pursuant to the contractual terms of the loan. If a loan is determined to be impaired, the Company assigns the loan a risk rating of 5 and records the impairment as a specific CECL reserve. For determining a specific CECL reserve, financial instruments are assessed outside of the CECL model on an individual basis. For collateral dependent loans that the Company determines foreclosure of the collateral is probable, the Company assigns the loan a risk rating of 5 and measures the expected losses based on the differences between the fair value of the collateral (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan as of the measurement date. For these loans, the allowance for expected credit losses may be zero if the fair value of the collateral on the measurement date exceeds the amortized cost basis of the loan. For collateral dependent loans where the Company determines foreclosure is not probable, a practical expedient to estimate expected losses may be applied using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by FS Real Estate Advisor and Rialto. Actual losses, if any, could ultimately differ from these estimates.

Separate provisions of the CECL model apply to the Mortgage-backed securities available-for-sale, which are carried at fair value with unrealized gains and losses reported as a component of Accumulated other comprehensive income (loss). The Company is required to establish an initial credit loss allowance for those available-for-sale securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis.

The Company uses a discounted cash flow method to estimate and recognize a credit loss allowance on its available-for-sale securities. The credit loss allowance represents the difference between the security's amortized cost basis and the present value of expected cash flows. The credit loss allowance is limited to the difference between the security's fair value and its amortized cost. Changes in the credit loss allowance are recognized immediately in earnings as a component of Credit loss expense, net.

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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)

Real Estate, Held-for-Investment: The Company receives foreclosed properties in settlement of loans held for investment by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is less than the carrying value of the loan, the difference is recognized within Credit loss expense, net on the Company's consolidated statements of operations and the cumulative reserve on the loan is charged off. A gain may be recognized if the fair value of the property exceeds the carrying value of the loan.

Upon the acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on several factors including the historical operating results, known and anticipated trends and market and economic conditions. The Company capitalizes acquisition-related costs associated with asset acquisitions.

The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired in-place lease values based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The Company will record acquired above-market and below-market leases at their fair values which represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material.

Intangible assets and intangible liabilities are recorded as a component of investment in real estate, held-for-investment on the Company’s consolidated balance sheets. The amortization of acquired above-market, below-market, and in-place leases is recorded as a component of depreciation and amortization, on the Company’s unaudited consolidated statements of operations.

The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. Real estate, held-for-investment properties are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows:


Description						Depreciable Life
Building and improvements						2 to 42 years
Furniture, fixtures and equipment						1 to 10 years
Tenant improvements						Shorter of estimated useful life or lease term
Lease intangibles						Over lease term

The Company’s management reviews its real estate, held-for-investment properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. Since the impairment model considers real estate properties to be “long-lived assets to be held and used,” cash flows to determine whether an asset has been impaired are undiscounted. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. During the periods presented, no such impairment occurred.

Real Estate, Held-for-Sale: The Company evaluates its real estate assets, to determine whether such assets should be classified as held-for-sale. Real estate assets are classified as held for sale when they meet the criteria under ASC Topic 360, which includes, among other things, that the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year. Once a real estate asset is classified as held for sale, depreciation and amortization are suspended and the asset is carried at the lower of the asset’s carrying amount or its fair value less costs to sell.

Fair Value of Financial Instruments: ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.

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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)

ASC Topic 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows:

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.

The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee comprised of members of senior management of FS Real Estate Advisor.

Certain of the Company's assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, or (ii) on a nonrecurring basis, as a result of impairment or other events. The Company generally values its assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, the Company measures impairment by comparing FS Real Estate Advisor's estimation of fair value of the underlying collateral (less costs to sell the asset if repayment is expected through the sale of the collateral) to the book value of the respective loan. These valuations may require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by FS Real Estate Advisor and Rialto.

The Company is also required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in the Company's consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.

The following methods and assumptions are used to estimate the fair value of financial instruments, for which it is practicable to estimate that value:

•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, net: The fair values for these loans were estimated by FS Real Estate Advisor based on a discounted cash flow methodology taking into consideration factors, including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants.

•Mortgage-backed securities, at fair value: The fair values for these investments were based upon prices obtained from third-party pricing providers. The third-party pricing providers develop their pricing based on transaction prices of recent trades for similar financial instruments.

•Mortgage-backed securities held-to-maturity: The fair values for these investments were estimated by FS Real Estate Advisor based on a discounted cash flow methodology pursuant to which a discount rate or market yield is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Significant increases or decreases in the discount rate or market yield would result in a decrease or increase in the fair value measurement.

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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)

•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.

Assets of the Consolidated Mortgage Loans and Liabilities of the Consolidated Mortgage Obligations: The Company separately presents the assets and liabilities of its consolidated securitization loans as individual line items on its consolidated balance sheets. The liabilities of its consolidated securitization loans consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “Mortgage obligations issued by securitization trusts.” The assets of its consolidated securitization loans consist principally of loans. These assets in the aggregate are likewise presented as a single line item entitled “Mortgage loans held in securitization trusts.” The residual difference shown on its unaudited consolidated statements of operations in the line item “Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts” represents the Company's beneficial interest in the mortgage loans. The Company elected the fair value option for initial and subsequent recognition of the assets and liabilities of its consolidated securitization mortgage loans held in securitization trusts and the related commercial mortgage-backed securities ("CMBS") investments. Interest income and interest expense associated with these loans are presented separately on the Company's consolidated statements of operations.

The securitization mortgage loan assets as a whole can only be used to settle the obligations of the consolidated mortgage loans. The assets of the Company's securitization mortgage loans are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective.The securitization mortgage loans in which the Company invests are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization mortgage loans, the Company maximizes the use of observable inputs over unobservable inputs.

The Company's consolidated mortgage obligations generally represent bonds that are not owned by the Company directly. The majority of these are either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered to be Level 2, where the valuation is based upon quoted prices for similar instruments traded in active markets. The Company generally utilizes third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by third parties, the Company conducts an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual valuations themselves. In evaluating third party pricing for reasonableness, the Company considers a variety of factors, including market transaction information for the particular bond, market transaction information for bonds within the same trust, market transaction information for similar bonds, the bond’s ratings and the bond’s subordination levels.

For the minority portion of the Company's consolidated mortgage obligations which consist of unrated or non-investment grade bonds that are not owned by the Company directly, pricing may be either Level 2 or Level 3. If independent third party pricing similar to that noted above is available, the Company considers the valuation to be Level 2. If such third party pricing is not available, the valuation is generated from model-based techniques that use significant unobservable assumptions, and the Company considers the valuation to be Level 3. For mortgage obligations classified as Level 3, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and yields based on market transaction information, ratings, subordination levels, vintage and current market spread. Mortgage obligations may shift between Level 2 and Level 3 of the fair value hierarchy if the significant fair value inputs used to price the mortgage obligations become or cease to be observable.

The individual assets of a mortgage loan are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because the Company's methodology for valuing these assets does not value the individual assets of a mortgage loan, but rather uses the value of the mortgage obligations as an indicator of the fair value of mortgage loan assets as a whole, the Company has determined that its valuations of mortgage loan assets in their entirety should be classified in Level 3 of the fair value hierarchy.

Deferred Financing Costs: Deferred financing costs include issuance and other costs related to the Company’s debt obligations. The deferred financing costs related to the Company’s collateralized loan obligations, repurchase agreements, and mortgage note payable are recorded as a reduction in the net book value of the related liability on the Company's consolidated balance sheets. Deferred financing costs related to the Company’s revolving credit facilities and facilities that are undrawn as of the reporting date are recorded as an asset on the Company’s consolidated balance sheets. These costs are amortized as interest expense using the straight-line method over the term of the related obligation, which approximates the effective interest method.

Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income from its loans receivable portfolio on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not

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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)

accrue as a receivable interest or dividends on loans and securities if there is reason to doubt the collectability of such income. Discounts or premiums associated with the investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company records dividend income on the ex-dividend date. Any loan origination fees to which the Company is entitled, loan exit fees, original issue discount and market discount are capitalized and such amounts are amortized as interest income over the respective term of the investment. Upon the prepayment of a loan or security, any unamortized loan origination fees to which the Company is entitled are recorded as fee income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

Loans are considered past due when payments are not made in accordance with the contractual terms. The Company does not accrue as receivable interest on loans if it is not probable that such income will be collected. Unless the loan is both well secured and in the process of collection, loans are placed on non-accrual status when principal or interest is 120 days or more past due or when repayment of interest and principal is, in our judgement, in doubt. Interest payments received on non-accrual loans are generally recognized as interest income on a cash basis. If a full recovery of principal is doubtful, the cost recovery method is applied whereby any cash received is applied to the outstanding principal balance of the loan. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms. Refer to Note 3 and Note 4 of this document for our disclosure of any investments placed on non-accrual.

Offering Costs: Offering costs primarily include, among other things, marketing expenses and printing, legal and due diligence fees and other costs pertaining to the Company’s continuous public offering of shares of its common stock, including the preparation of the registration statement and salaries and direct expenses of FS Real Estate Advisor’s personnel, employees of its respective affiliates and others while engaged in such activities. The Company may reimburse FS Real Estate Advisor and Rialto for any offering expenses that they incurred on the Company's behalf, up to a cap of 0.75% of gross proceeds raised after such time. During the period from November 7, 2016 (Inception) to September 30, 2025, the Company incurred offering costs of $29,475, which were paid on its behalf by Future Standard (see Note 7).

Income Taxes: The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code, commencing with its taxable year ended December 31, 2017. In order to maintain its status as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal income tax on income that it distributes to stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions.

Uncertainty in Income Taxes: The Company evaluates each of its tax positions to determine if they meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax benefits or liabilities in the unaudited consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in the unaudited consolidated statements of operations. During the nine months ended September 30, 2025 and 2024, the Company did not incur any interest or penalties and none were accrued at September 30, 2025.

Stockholder Servicing Fees: The Company follows the guidance in ASC Topic 405, Liabilities, when accounting for stockholder servicing fees. The Company will pay stockholder servicing fees over time on its shares of Class T, Class S, Class D and Class M common stock as described in Note 7. The Company records stockholder servicing fees as a reduction to additional paid-in capital and records the related liability in an amount equal to its best estimate of the fees payable in relation to the shares of Class T, Class S, Class D and Class M common stock on the date such shares are issued. The liability will be reduced over time, as the fees are paid to the dealer manager, or adjusted if the fees are no longer payable.

Earnings Per Share: The restricted stock units grant Class I shares issued to FS Real Estate Advisor and Rialto for payment of the administrative services fee are considered to be participating securities. The impact of these restricted stock units on basic and diluted earnings per common share ("EPS") has been calculated using the two-class method whereby earnings are allocated to the restricted stock units based on dividends declared and the restricted stock units' participation rights in undistributed earnings.

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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)

Derivative Instruments: The Company uses interest rate caps to manage risks from fluctuations in interest rates. The Company has not designated any of these contracts as fair value or cash flow hedges for accounting purposes. The Company records its derivatives on its consolidated balance sheets at fair value and such amounts are included in Other assets. Any changes in the fair value of these derivatives are recorded in earnings.

The valuation of the Company's interest rate caps are determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of September 30, 2025, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Recent Accounting Pronouncements: In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, or ASU 2024-03, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Loans Receivable, net

The following table details overall statistics for the Company's loans receivable portfolio as of September 30, 2025 and December 31, 2024:


	September 30, 2025 (Unaudited)		December 31, 2024


Number of loans	136		145
Principal balance	$	7,118,020	$	7,507,083
Net book value	$	7,032,969	$	7,402,810
Unfunded loan commitments(1)	$	232,468	$	254,768
Weighted-average cash coupon(2)(3)	+3.43%		+3.50%
Weighted-average all-in yield(2)(3)	+3.54%		+3.68%
Weighted-average maximum maturity (years)(4)	2.1		2.4

_________________________

(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 expressed as a spread over the relevant benchmark rates, which include 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) As of September 30, 2025 and December 31, 2024, the one-month SOFR rate was 4.26% and 4.50%, respectively.

(4) Maximum maturity assumes all extension options are exercised by the borrowers; however, loans may be repaid prior to such date.

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Loans Receivable, net (continued)

For the nine months ended September 30, 2025 and 2024, the activity in the Company's loan portfolio, was as follows:


	For the Nine Months Ended September 30,
	2025		2024
Loans receivable at beginning of period	$	7,496,474	$	7,782,219
Loan fundings	848,156		819,691
Loan repayments	(1,135,542)		(918,648)
Amortization of deferred fees on loans	17,427		7,596
Exit and extension fees received on loans receivable	(7,746)		(4,384)
Transfer to investments in real estate, net(1)	(105,000)		(215,528)
Total loans receivable	7,113,769		7,470,946
CECL reserve	(80,800)		(132,265)
Loans receivable, net	$	7,032,969	$	7,338,681

__________________________

(1) Refer to Note 5 "Real Estate" for further discussion.

The following tables detail the property type and geographic location of the properties securing the loans in the Company's loans receivable, held-for-investment portfolio as of September 30, 2025 and December 31, 2024:


	September 30, 2025 (Unaudited)				December 31, 2024
Property Type	Net Book Value		Percentage		Net Book Value		Percentage
Multifamily	$	4,082,303	57	%	$	4,158,483	55	%
Hospitality	1,113,829		16	%	1,052,578		14	%
Industrial	739,398		10	%	878,656		12	%
Office	529,625		8	%	522,686		7	%
Retail	388,671		5	%	574,321		8	%
Mixed Use	153,801		2	%	190,180		3	%
Various	89,997		1	%	103,391		1	%
Self Storage	16,145		1	%	16,179		0	%
Total loans receivable	7,113,769		100	%	7,496,474		100	%
CECL reserve	(80,800)				(93,664)
Loans receivable, net	$	7,032,969			$	7,402,810


	September 30, 2025 (Unaudited)				December 31, 2024
Geographic Location(1)	Net Book Value		Percentage		Net Book Value		Percentage
South	$	3,249,117	46	%	$	3,399,087	45	%
Northeast	1,394,791		20	%	1,576,005		21	%
West	1,380,872		19	%	1,509,283		20	%
Various	614,473		9	%	675,558		9	%
Midwest	474,516		6	%	336,541		5	%
Total loans receivable	7,113,769		100	%	7,496,474		100	%
CECL reserve	(80,800)				(93,664)
Loans receivable, net	$	7,032,969			$	7,402,810

__________________________

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Loans Receivable, net (continued)

(1) As defined by the United States Department of Commerce, Bureau of the Census.

Loan Risk Rating

As further described in Note 2, FS Real Estate Advisor and Rialto assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, LTV ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan and project sponsorship. Based on a 5-point scale, the Company's loans are rated "1" through "5", from less risk to greater risk, which ratings are defined in Note 2.

The following table allocates the net book value of the Company's loans receivable, held-for-investment portfolio based on the Company's internal risk ratings:


	September 30, 2025 (Unaudited)					December 31, 2024
Risk Rating	Number of Loans	Net Book Value		Percentage		Number of Loans	Net Book Value		Percentage
1	—	$	—	—		—	$	—	—
2	—	—		—		—	—		—
3	120	6,395,300		90	%	132	6,831,933		92	%
4	12	571,759		8	%	12	559,541		7	%
5	4	146,710		2	%	1	105,000		1	%
Total loans receivable	136	7,113,769		100	%	145	7,496,474		100	%
CECL reserve		(80,800)					(93,664)
Loans receivable, net, at end of period		$	7,032,969				$	7,402,810

The Company's primary credit quality indicator is its risk ratings, which are further discussed in Note 2. The following tables present the net book value of its loans receivable, held-for-investment portfolio as of September 30, 2025 and December 31, 2024, respectively, by year of origination and risk rating:


	Net Book Value of Loans Receivable by Year of Origination September 30, 2025 (Unaudited)

Risk Rating	2025		2024		2023		2022		2021		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	815,249		861,981		486,246		2,588,449		1,547,087		96,288		6,395,300
4	—		—		—		436,721		135,038		—		571,759
5	—		—		—		47,624		76,523		22,563		146,710
Total loans receivable	$	815,249	$	861,981	$	486,246	$	3,072,794	$	1,758,648	$	118,851	7,113,769
CECL reserve													(80,800)
Loans receivable, net													$	7,032,969

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Loans Receivable, net (continued)


	Net Book Value of Loans Receivable by Year of Origination December 31, 2024

Risk Rating	2024		2023		2022		2021		2020		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	1,152,443		619,077		3,082,618		1,859,065		57,383		61,347		6,831,933
4	—		—		321,160		200,877		14,942		22,562		559,541
5	—		—		105,000		—		—		—		105,000
Total loans receivable	$	1,152,443	$	619,077	$	3,508,778	$	2,059,942	$	72,325	$	83,909	7,496,474
CECL reserve													(93,664)
Loans receivable, net													$	7,402,810

Current Expected Credit Loss Reserve

The CECL reserve required under GAAP reflects the Company's current estimate of potential credit losses related to the loans included in its consolidated balance sheets. The general CECL reserve is measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. The Company has identified senior loans and mezzanine loans as pools within its loans receivable portfolio. Refer to Note 2 for further discussion of the Company's CECL reserve.

The following table provides details on the changes in CECL reserve for funded loans by investment pool for the three and nine months ended September 30, 2025 and 2024, recorded in loans receivable, held-for-investment on the consolidated balance sheets:


	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2024	$	83,398	$	10,266	$	93,664
Increase (decrease) in general CECL reserve	(11,583)		724		(10,859)

CECL reserve as of March 31, 2025	71,815		10,990		82,805
Increase (decrease) in general CECL reserve	16,439		572		17,011

CECL reserve as of June 30, 2025	88,254		11,562		99,816
Increase (decrease) in general CECL reserve	(15,989)		(3,027)		(19,016)


CECL reserve as of September 30, 2025	$	72,265	$	8,535	$	80,800

	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2023	$	74,074	$	5,777	$	79,851
Increase (decrease) in general CECL reserve	37,985		1,964		39,949

CECL reserve as of March 31, 2024	112,059		7,741		119,800
Increase (decrease) in general CECL reserve	18,646		(650)		17,996
Increase (decrease) in specific CECL reserve	1,606		—		1,606
CECL reserve as of June 30, 2024	132,311		7,091		139,402
Increase (Decrease) in general CECL reserve	(5,037)		1,616		(3,421)
Increase (Decrease) in specific CECL reserve	(2,391)		—		(2,391)
Charge-offs in specific CECL reserve(1)	(1,325)		—		(1,325)
CECL reserve as of September 30, 2024	$	123,558	$	8,707	$	132,265

As of September 30, 2025 and 2024, the Company's specific CECL reserve balance was $0 and $858, respectively, recorded in loans receivable, held-for-investment on the consolidated balance sheets.

The following table summarizes our risk rated 5 loans as of September 30, 2025, which were analyzed for specific CECL reserves:

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Loans Receivable, net (continued)

Loan Type

Origination Date

Location

Property Type

Amortized Cost

Specific CECL Reserve

Non-accrual Status

Senior Loan

3/12/2021

San Francisco, CA

Office

34,275

—

Cash basis - September 2024

Senior Loan

7/18/2018

Washington, DC

Hospitality

22,500

—

Cash basis - January 2025

Senior Loan

4/26/2022

Decatur, GA

Multifamily

47,136

—

Cash basis - July 2025

Senior Loan

11/1/2021

Doraville, GA

Multifamily

42,142

—

N/A

The risk rated 5 loans were determined to be collateral dependent as of September 30, 2025. Loans are assigned a risk rating of 5 when an impairment or a loss is likely and/or foreclosure is probable. The allowance for expected credit losses for loans when foreclosure is probable may be zero if the fair value of the collateral on the measurement date exceeds the amortized cost basis of the loan. The Company estimated expected losses based on the fair value of the collateral of the loan, which was determined by applying a capitalization rate between 6.00% and 9.25%, and a discount rate between 7.50% and 10.50%.

The following table presents an aging analysis for the Company's portfolio of loans held for investment on amortized cost basis:


	Current or Less Than 30 Days Past Due		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Loans
September 30, 2025(1)	$	6,566,053	$	77,863	$	—	$	463,626	$	7,107,542
December 31, 2024(2)	$	7,050,039	$	46,828	$	—	$	393,669	$	7,490,536

______________________

(1) As of September 30, 2025, the Company had ten loans with interest income payments 90 days or more past due. Of these loans, five were placed on non-accrual status with a total amortized cost of $175,117. The remaining loans that were not placed on non-accrual status had a total amortized cost of $288,509.

(2) As of December 31, 2024, the Company had eight loans with interest income payments 90 days or more past due. Of these loans, five were placed on non-accrual status with a total amortized cost of $317,988, the remaining were not placed on non-accrual status with a total amortized cost of $75,681.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

As of September 30, 2025, the Company had unfunded commitments of $232,468. The expected credit losses over the contractual period of its loans are subject to the obligation to extend credit through its unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to the Company's unfunded loan commitments.

The following table provides details on the changes in CECL reserve for unfunded loan commitments by investment pool for the three and nine months ended September 30, 2025 and 2024, recorded in other liabilities on the Company's consolidated balance sheets:

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Loans Receivable, net (continued)


	Unfunded Commitments CECL Reserve
	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2024	$	1,439	$	88	$	1,527
Increase (Decrease) in CECL reserve	(531)		(66)		(597)
CECL reserve as of March 31, 2025	908		22		930
Increase (Decrease) in general CECL reserve	219		(22)		197
CECL reserve as of June 30, 2025	1,127		—		1,127
Increase (Decrease) in general CECL reserve	(395)		20		(375)
CECL reserve as of September 30, 2025	$	732	$	20	$	752

	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2023	$	1,540	$	28	$	1,568
Increase (Decrease) in CECL reserve	811		10		821
CECL reserve as of March 31, 2024	2,351		38		2,389
Increase (Decrease) in general CECL reserve	402		1		403
CECL reserve as of June 30, 2024	2,753		39		2,792
Increase (Decrease) in general CECL reserve	(240)		(2)		(242)
CECL reserve as of September 30, 2024	$	2,513	$	37	$	2,550

Note 4. Mortgage Backed Securities

Mortgage-Backed Securities, at Fair Value

Commercial mortgage-backed securities, or CMBS, classified as available-for-sale are reported at fair value on the consolidated balance sheets with changes in fair value recorded in other comprehensive income. CMBS accounted for under the fair value option are reported at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations as a component of Net change in unrealized gain (loss) on mortgage-backed securities, fair value option.

The table below summarizes various attributes of the Company's investments in CMBS reported at fair value as of September 30, 2025 and December 31, 2024, respectively.


							Gross Unrealized						Weighted Average
	Outstanding Face Amount		Amortized Cost Basis		Allowance for Credit Losses		Gains		Losses		Fair Value		Coupon	Maturity (years)
September 30, 2025 (Unaudited)
CMBS, available-for-sale	$	64,102	$	59,892	$	(23,982)	$	102	$	(2,714)	$	33,298	9.71%(1)	12.7
CMBS, fair value option	$	191,170	$	187,743	$	—	$	1,024	$	(295)	$	188,472	6.55%(1)	5.6
December 31, 2024
CMBS, available-for-sale	$	156,755	$	152,450	$	(19,918)	$	769	$	(3,932)	$	129,369	9.39%(2)	13.3
CMBS, fair value option	$	207,653	$	205,154	$	—	$	1,433	$	(238)	$	206,350	6.85%(2)	3.8

__________________________

(1) Calculated using the one-month SOFR rate of 4.26% as of September 30, 2025.

(2) Calculated using the one-month SOFR rate of 4.50% as of December 31, 2024.

As of September 30, 2025, there were two CMBS, classified as available-for-sale on non-accrual status with a total amortized cost of $25,040. All future interest collections will be accounted for under the cost recovery method.

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 4. Mortgage Backed Securities (continued)

The Company uses a discounted cash flow method to estimate and recognize an allowance for its available-for sale securities. The following table provides details on the changes in allowance for credit losses for available-for sale securities for the nine months ended September 30, 2025:


	Nine Months Ended September 30, 2025
Allowance for credit losses as of December 31, 2024	$	(19,918)
Additions on securities for which credit losses were not previously recorded	—
(Increase) decrease on securities with previously recorded credit losses	(784)
Allowance for credit losses as of March 31, 2025	(20,702)
Additions on securities for which credit losses were not previously recorded	—
(Increase) decrease on securities with previously recorded credit losses	337
Allowance for credit losses as of June 30, 2025	(20,365)
Additions on securities for which credit losses were not previously recorded	—
(Increase) decrease on securities with previously recorded credit losses	(3,617)
Allowance for credit losses as of September 30, 2025	$	(23,982)

The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities for which an allowance for credit losses has not been recorded that were in an unrealized loss position as of September 30, 2025 and December 31, 2024, respectively.


	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
September 30, 2025 (Unaudited)
CMBS, available-for-sale	$	—	$	16,474	$	—	$	(2,714)
December 31, 2024
CMBS, available-for-sale	$	—	$	61,467	$	—	$	(3,932)

As of September 30, 2025 and December 31, 2024, there were two and seven securities, respectively, with unrealized losses reflected in the table above. After evaluating the securities and recording adjustments for credit losses, the Company concluded that the remaining unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. The Company considered a number of factors in reaching this conclusion, including that it did not intend to sell the securities, it was not considered more likely than not that the Company would be forced to sell the securities prior to recovering its amortized cost, and there were no material credit events that would have caused the Company to otherwise conclude that it would not recover the cost of the securities.

Mortgage-Backed Securities, Held-to-Maturity

The table below summarizes various attributes of the Company's investments in held-to-maturity CMBS as of September 30, 2025 and December 31, 2024, respectively.


	Amortized Cost Basis		Credit Loss Allowance		Net Carrying Amount		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Fair Value
September 30, 2025 (Unaudited)
CMBS, held-to-maturity	$	30,112	$	(70)	$	30,042	$	—	$	(187)	$	29,855
December 31, 2024
CMBS, held-to-maturity	$	78,268	$	(137)	$	78,131	$	—	$	(1,024)	$	77,107

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 4. Mortgage Backed Securities (continued)

The following table provides details on the changes in CECL reserve for held-to-maturity CMBS for the three and nine months ended September 30, 2025 and 2024:


CECL Reserve as of December 31, 2024	$	137
Increase (decrease) in CECL reserve	(29)
CECL reserve as of March 31, 2025	108
Increase (Decrease) in CECL reserve	(19)
CECL reserve as of June 30, 2025	89
Increase (Decrease) in CECL reserve	(19)
CECL reserve as of September 30, 2025	$	70

CECL Reserve as of December 31, 2023	$	71
Increase (decrease) in CECL reserve	84
CECL reserve as of March 31, 2024	155
Increase (Decrease) in CECL reserve	19
CECL reserve as of June 30, 2024	174
Increase (Decrease) in CECL reserve	(1)
CECL reserve as of September 30, 2024	$	173

The table below summarizes the maturities of the Company's investments in held-to-maturity CMBS as of September 30, 2025 and December 31, 2024, respectively:


	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
September 30, 2025 (Unaudited)
CMBS, held-to-maturity	$	30,112	$	—	$	30,112	$	—	$	—
December 31, 2024
CMBS, held-to-maturity	$	78,268	$	—	$	48,152	$	30,116	$	—

Note 5. Real Estate

Investments in real estate, held-for-investment, consisted of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025 (Unaudited)		December 31, 2024
Building and building improvements	$	282,597	$	278,269
Land and land improvements	81,268		80,911
Furniture, fixtures and equipment	5,703		4,736
In-place lease intangibles	46,160		46,104
Total	415,728		410,020
Accumulated depreciation and amortization	(41,174)		(26,351)
Investments in real estate, held-for-investment	$	374,554	$	383,669

The following table details the Company's future amortization of intangible assets for each of the next five years and thereafter:

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 5. Real Estate (continued)


	Amortization

2025 (remaining)	$	949
2026	5,193
2027	5,098
2028	3,879
2029	3,803
Thereafter	4,529
Total	$	23,451

The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses:


	Contractual Lease Payments
2025 (remaining)	$	8,429
2026	24,558
2027	16,628
2028	16,983
2029	16,507
Thereafter	20,164
Total	$	103,269

During the nine months ended September 30, 2025, the Company received the following foreclosed property in settlement of a loan held-for-investment:

Acquisition Date

Property Type

Location

Purchase Price/Fair Value on the Date of Foreclosure

January 2025(1)

Multifamily

New Rochelle, NY

105,955

__________________________

(1) In January 2025, the Company acquired a multifamily property located in New Rochelle, NY via a deed in lieu of foreclosure. The property previously collateralized a senior loan receivable held-for-investment. The asset was recorded on our consolidated balance sheets at the disclosed value above as the fair value of the real estate asset less costs to sell. Upon acquisition, the Company classified the real estate as held for sale and will not depreciate or amortize the carrying value of the property.

Investments in Real Estate, Held-for-Sale

Investments in real estate, held-for-sale as of September 30, 2025, included two multifamily properties located in Antioch, TN and New Rochelle, NY with an aggregate carrying value of $161,791. Depreciation and amortization are suspended for these properties and the assets are carried at the lower of the asset’s carrying amount or fair value less costs to sell.

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financing Arrangements

The following tables present summary information with respect to the Company's outstanding financing arrangements as of September 30, 2025 and December 31, 2024.


	As of September 30, 2025 (Unaudited)
Arrangement	Weighted Average Spread(1)	Amount Outstanding(2)		Amount Available		Maturity Date	Carrying Amount of Collateral		Fair Value of Collateral
Collateralized Loan Obligations
2021-FL2 Notes	+1.80%(3)	$	428,244	$	—	May 5, 2038	$	566,294	$	568,032
2021-FL3 Notes	+1.75%(3)	595,343		—		November 4, 2036	803,324		797,907
2022-FL4 Notes	+2.49%(3)	447,474		—		January 31, 2039	691,470		687,993
2024-FL9 Notes	+1.96%(3)	746,894		—		October 21, 2039	832,546		832,388
2025-FL10 Notes	+1.59%(3)	890,237		—		August 19, 2042	1,021,456		1,021,150
		3,108,192		—			3,915,090		3,907,470
Repurchase Agreements
WF-1 Facility	+1.66%(4)	160,089		339,911		November 26, 2026	200,883		200,208
GS-1 Facility	+1.99%(5)	279,361		170,639		April 25, 2028	355,533		360,696
BB-1 Facility	+1.78%(3)	40,490		659,510		February 21, 2028	52,447		52,203
MS-1 Facility	(6)	—		150,000		October, 13 2025(9)	—		—
RBC Facility	+0.87%(7)	97,616		—		N/A	136,531		136,953
NTX-1 Facility	(4)	—		250,000		November 10, 2025	—		—
BMO-1 Facility	+1.50%(4)	18,492		6,508		April 16, 2027	23,106		23,115
Lucid Facility	+0.86%	93,013		—		N/A	121,887		123,317
WF-2 Facility	+2.50%(4)	194,227		242,891		October 21, 2026	284,663		283,596
Finance Blue Facility	+1.60%(4)	47,131		8,200		February 17, 2028	58,995		59,462
CB-1 Facility	+1.93%(4)	684,928		73,453		September 9, 2028	924,220		916,464
		1,615,347		1,901,112			2,158,265		2,156,014
Revolving Credit Facility
MM-1 Facility	+2.30%(6)	850,037		149,963		September 20, 2031	936,194		928,433
Barclays Facility	(8)	—		425,000		April 24, 2027	—		—
		850,037		574,963			936,194		928,433

Mortgage Loan	+2.15%(6)	124,700		2,000		July 9, 2026	149,966		185,000
Total		$	5,698,276	$	2,478,075		$	7,159,515	$	7,176,917

________________

(1) The rates are expressed over the relevant floating benchmark rates, which include Term SOFR and SOFR Average (compounded average of SOFR over a rolling 30-day period).

(2) The amount outstanding under the facilities approximates their fair value.

(3) Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor.

(4) Benchmark rate is subject to a 0.00% floor. SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction.

(5) Term SOFR is subject to a 0.00% floor. GS-1 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis.

(6) Term SOFR is subject to a 0.00% floor.

(7) Borrowings under the RBC Facility consists of one or more floating and fixed rate transactions. Fixed rate transactions are reflected as a spread over the relevant floating benchmark rate.

(8) Borrowings under the Barclays Facility bear interest, at the Company's election, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of 2.25% per annum and a credit spread adjustment of 0.10% per annum.

(9) In October 2025, the Company extended the MS-1 Facility to November 12, 2025.

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financing Arrangements (continued)


	As of December 31, 2024
Arrangement	Weighted Average Interest Rate(1)	Amount Outstanding(2)		Amount Available		Maturity Date	Carrying Amount of Collateral		Fair Value of Collateral
Collateralized Loan Obligations
2019-FL1 Notes	+2.12%(5)	$	75,257	$	—	December 18, 2036	$	170,635	$	167,117
2021-FL2 Notes	+1.71%(5)	530,971		—		May 5, 2038	615,579		613,601
2021-FL3 Notes	+1.70%(5)	692,948		—		November 4, 2036	897,852		886,073
2022-FL4 Notes	+2.33%(5)	611,666		—		January 31, 2039	823,286		813,333
2022-FL5 Notes	+2.83%(5)	490,597		—		June 17, 2037	620,552		611,895
2022-FL7 Notes	+3.21%(5)	573,385		—		October 17, 2039	757,095		750,863
2024-FL9 Notes	+2.03%(5)	746,894		—		October 21, 2039	821,587		819,772
		3,721,718		—			4,706,586		4,662,654
Repurchase Agreements
WF-1 Facility	(3)	—		500,000		September 26, 2026	—		—
GS-1 Facility	+2.08%(4)	295,512		154,488		January 26, 2025	372,211		382,072
BB-1 Facility	+1.94%(5)	88,875		611,125		February 21, 2025	117,372		117,476
MS-1 Facility	+2.65%(6)	32,889		117,111		October 13, 2025	45,998		45,828
RBC Facility	+1.03%(7)	117,038		—		N/A	149,102		150,107
NTX-1 Facility	+1.56%(3)	143,260		106,740		November 10, 2025	178,900		178,942
BMO-1 Facility	+2.00%(3)	53,200		112,000		February 28, 2025	66,493		66,485
Lucid Facility	+0.89%	63,457		—		N/A	85,027		85,408
WF-2 Facility	+2.50%(3)	233,107		204,011		October 21, 2026	303,884		302,197
Finance Blue Facility	+1.60%(3)	55,331		—		February 17, 2028	69,119		69,107
		1,082,669		1,805,475			1,388,106		1,397,622
Revolving Credit Facilities
MM-1 Facility	+2.30%(6)(7)	850,000		150,000		September 20, 2031	1,106,058		1,097,415
Barclays Facility	(8)	—		425,000		April 24, 2027	—		—
		850,000		575,000			1,106,058		1,097,415

Mortgage Loan	+2.15%(6)	124,700		2,000		July 9, 2025	152,036		186,630
Total		$	5,779,087	$	2,382,475		$	7,352,786	$	7,344,321

_______________________

(1) The rates are expressed over the relevant floating benchmark rates, which include Term SOFR and SOFR Average (compounded average of SOFR over a rolling 30-day period).

(2) The amount outstanding under the facilities approximates their fair value.

(3) Benchmark rate is subject to a 0.00% floor. SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction.

(4) Term SOFR is subject to a 0.00% floor. GS-1 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis.

(5) Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor.

(6) Term SOFR is subject to a 0.00% floor.

(7) Borrowings under the RBC Facility consists of one or more floating and fixed rate transactions. Fixed rate transactions are reflected as a spread over the relevant floating benchmark rate.

The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2025 were $5,867,926 and 6.32%, respectively. The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the year ended December 31, 2024 were $5,726,761 and 7.44%, respectively.

Table of Contents

FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financing Arrangements (continued)

Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of September 30, 2025 and December 31, 2024.

Maturities

The Company generally requires the amount outstanding on debt obligations to be paid down before the financing arrangement's respective maturity date. The following table sets forth the Company's repayment schedule for secured financings outstanding as of September 30, 2025 based on the maturity date of each financing arrangement:


	Collateralized Loan Obligations(1)		Repurchase Agreements		Revolving Credit Facilities		Mortgage Loan		Total

2025	$	24,136	$	—	$	—	$	—	$	24,136
2026	777,894		354,316		—		124,700		1,256,910
2027	1,079,765		18,492		—		—		1,098,257
2028	359,113		1,051,910		—		—		1,411,023
2029	337,140		—		—		—		337,140
Thereafter	530,144		190,629		850,037		—		1,570,810
Total	$	3,108,192	$	1,615,347	$	850,037	$	124,700	$	5,698,276

_______________________

(1) The allocation of repayments under the Company's collateralized loan obligations is based on the maturity date of each agreement, or the maximum maturity date assuming all extension options are exercised by the borrower if the reinvestment period has expired.

Collateralized Loan Obligations

The Company financed certain pools of loans through collateralized loan obligations, which include 2021-FL2, 2021-FL3, 2022-FL4, 2024-FL9 and 2025-FL10, or collectively, the CLOs. The following table outlines the number of loans, including partial loans, and the principal balance of the collateralized pool of interests for each CLO.


	As of September 30, 2025 (Unaudited)
Collateral Assets	Total Count	Principal Balance
2021-FL2	19	$	529,890
2021-FL3	20	803,388
2022-FL4	20	691,517
2024-FL9	19	832,660
2025-FL10	24	1,021,794
Total	102	$	3,879,249

Deferred financing costs and discounts related to the collateralization of the CLO notes are amortized to interest expense over the remaining life of the loans. The following table outlines the net book value of the CLOs on the Company's consolidated balance sheets.


	September 30,
	2025		2024
Face value	$	3,108,192	$	3,833,295
Unamortized deferred financing costs	(15,097)		(18,046)
Unamortized discount	(3,362)		(6,634)
Net book value	$	3,089,733	$	3,808,615

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financing Arrangements (continued)

Repurchase Agreements

The Company has entered into and maintains in effect eleven repurchase facilities. The Company, through direct or indirect wholly owned subsidiaries, entered into repurchase agreements with Wells Fargo (the “WF-1 Facility and WF-2 Facility”), Goldman Sachs (the “GS-1 Facility”), Royal Bank of Canada (the “RBC Facility”), Barclays Bank PLC (the “BB-1 Facility" and "Finance Blue Facility”), Citibank N.A. (the "CB-1 Facility"), Morgan Stanley Bank, N.A. (the “MS-1 Facility”), Natixis, New York Branch (the “NTX-1 Facility”), Bank of Montreal (the "BMO-1 Facility"), and Lucid Prime Fund ( the "Lucid Facility"). The Company uses repurchase facilities for multiple purposes, including, but not limited to, (i) financing the acquisition and origination of (a) real estate loans or senior controlling participation interests in such loans, (b) pari passu participation interests in mortgage loans and (c) mezzanine loans, and (ii) repurchase transactions of securities and financial instruments. Each repurchase facility is subject to certain representations, warranties, covenants, events of default and indemnities unique to each facility but customary for agreements of this type. Further, the Company has entered into guarantees with respect to each of the repurchase facilities in which the Company guarantees obligations of the facility. Each transaction under each repurchase facility has its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate.

The Company incurred deferred financing costs in connection with each repurchase facility, which costs are being amortized to interest expense over the life of that repurchase facility. The following table outlines the net book value of the Company's repurchase facilities on its consolidated balance sheets.


	September 30,
	2025		2024
Face value	$	1,615,347	$	851,225
Unamortized deferred financing costs	(4,201)		(1,934)
Net book value	$	1,611,146	$	849,291

Revolving Credit Facilities

The Company has entered into, and maintains in effect, two revolving credit facilities, the Barclays Facility and the MM-1 Facility. The Barclays Facility is utilized for purposes of financing the operating expenses and general corporate purposes of the Company and its subsidiaries. The MM-1 Facility is utilized for the purposes of financing the acquisition and origination of commercial mortgage loan assets meeting specified eligibility criteria and concentration limits, paying transaction costs and funding distributions to FS CREIT Finance Holdings, LLC (and ultimately to the Company).

The Company incurred deferred financing costs in connection with each revolving credit facility, which costs are being amortized to interest expense over the life of that facility. The following table details the net book value of the Company's revolving credit facilities on its consolidated balance sheets.


	September 30,
	2025		2024
Face value	$	850,037	$	923,350
Unamortized deferred financing costs	(9,139)		(13,116)
Net book value	$	840,898	$	910,234

Mortgage Loan

On June 23, 2022, FS CREIT 555 Aviation LLC, an indirect wholly-owned subsidiary of the Company, entered into a mortgage loan related to its purchase of a commercial real estate asset. The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. The following table details the net book value of the Company's mortgage loan on its consolidated balance sheets.

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financing Arrangements (continued)


	September 30,
	2025		2024
Face value	$	124,700	$	124,700
Unamortized deferred financing costs	—		(510)
Net book value	$	124,700	$	124,190

Note 7. Related Party Transactions

Compensation of FS Real Estate Advisor, Rialto and the Dealer Manager

Base Management Fee

Pursuant to the fifth amended and restated advisory agreement dated as of November 13, 2025 (the "Advisory Agreement"), FS Real Estate Advisor is entitled to a base management fee equal to 1.25% of the NAV for the Company's Class T, Class S, Class D, Class M and Class I shares, payable quarterly in arrears. The payment of all or any portion of the base management fee accrued with respect to any quarter may be deferred by FS Real Estate Advisor, without interest, and may be taken in any such other quarter as FS Real Estate Advisor may determine. In calculating the Company's base management fee, the Company will use its NAV before giving effect to accruals for such fee, the performance fee, the administrative services fee, stockholder servicing fees or distributions payable on its shares. The base management fee is a class-specific expense. No base management fee is paid on the Company's Class F or Class Y shares.

Performance Fee

FS Real Estate Advisor is also entitled to the performance fee calculated and payable quarterly in arrears in an amount equal to 10.0% of the Company's Core Earnings (as defined below) for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on average adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS Real Estate Advisor does not earn a performance fee for any quarter until the Company's Core Earnings for such quarter exceed the hurdle rate of 1.625%. For purposes of the performance fee, “adjusted capital” means cumulative net proceeds generated from sales of the Company's common stock other than Class F common stock (including proceeds from the Company's distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Company's investments paid to stockholders and amounts paid for share repurchases pursuant to the Company's share repurchase plan. Once the Company's Core Earnings in any quarter exceed the hurdle rate, FS Real Estate Advisor will be entitled to a “catch-up” fee equal to the amount of Core Earnings in excess of the hurdle rate, until the Company's Core Earnings for such quarter equal 1.806%, or 7.222% annually, of adjusted capital. Thereafter, FS Real Estate Advisor is entitled to receive 10.0% of the Company's Core Earnings.

For purposes of calculating the performance fee, “Core Earnings” means: the net income (loss) attributable to stockholders of Class Y, Class T, Class S, Class D, Class M and Class I shares, computed in accordance with GAAP (provided that net income (loss) attributable to Class Y stockholders shall be reduced by an amount equal to the base management fee that would have been paid if Class Y shares were subject to such fee), including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) non-cash equity compensation expense, (ii) the performance fee, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions between FS Real Estate Advisor and the Company's independent directors and approved by a majority of the Company's independent directors. The performance fee is a class-specific expense. No performance fee is paid on the Company's Class F shares.

Method of Payment

Pursuant to the Advisory Agreement, the base management fee and performance fee may be paid, at FS Real Estate Advisor’s election, in (i) cash, (ii) Class I shares, (iii) performance-contingent rights Class I share awards, or Class I PCRs, or (iv) any combination of cash, Class I shares or Class I PCRs.

Under the Class I PCR agreement entered into between the Company, FS Real Estate Advisor and Rialto, or the Adviser Entities, the PCR Agreement, management and performance fees may be payable to the Adviser Entities in the form of Class I PCRs to the extent that distributions paid to stockholders in the applicable fiscal quarter exceed the Company’s Adjusted Core Earnings. “Adjusted Core Earnings” means: the net income (loss) attributable to stockholders, computed in accordance with GAAP, including (i) realized

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Related Party Transactions (continued)

gains (losses) not otherwise included in GAAP net income (loss), (ii) stockholder servicing fees, and (iii) reimbursements for organization and offering expenses, and excluding (A) non-cash equity compensation expense, (B) non-cash equity based administration fees, (C) depreciation and amortization, (D) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (E) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items. Thereafter, Class I PCRs may become issuable in the form of Class I shares upon the achievement of the following conditions in any fiscal quarter following the initial issuance of the Class I PCRs, together, the Performance Conditions: (a) Adjusted Core Earnings for the quarter exceed distributions paid to stockholders during such quarter (such difference, the “Excess Distributable Income”) and (b) the annualized distribution yield on the Class I Shares (measured over such quarter) is at least at the yield target determined by management given then-current market conditions, the Yield Target. The initial Yield Target will be a 6.0% annualized yield on the Class I shares.

On the last day of any fiscal quarter in which the Company achieves the Performance Conditions (the “Performance Achievement Date”), the Company will issue to the Adviser Entities the number of Class I shares equal in value to the Excess Distributable Income for such quarter in respect of any outstanding Class I PCRs. The Adviser Entities, and their respective affiliates and employees, may not request repurchase by the Company of any Class I shares issued under the PCR Agreement for a period of six (6) months from the date of issuance. Thereafter, upon ten days’ written notice to the Company by the Adviser Entities, the Company must repurchase any Class I shares requested to be repurchased by the Adviser Entities at the then current transaction price per Class I share; provided that no repurchase shall be permitted that would jeopardize the Company’s qualification as a REIT or violate Maryland law. If, prior to the Performance Achievement Date, (i) the Advisory Agreement is terminated in accordance with Section 12(b) of the Advisory Agreement (other than Section 12(b)(iii) thereof) or (ii) the sub-advisory agreement is terminated in accordance with Section 9(b) thereof (other than Section 9(b)(v) thereof), any rights related to the Class I PCRs evidenced thereby by the terminated party as of the date of such termination shall immediately vest and the Company shall issue the number of Class I shares issuable upon such vesting. If, prior to the Performance Achievement Date, either of the Adviser Entities resigns as the adviser or sub-adviser, respectively, of the Company, then any rights related to the Class I PCRs evidenced thereby as of the date of such resignation shall remain outstanding and Class I shares issuable in respect thereof shall be issued upon achievement of the Performance Conditions.

Administrative Services Fee

Pursuant to the Advisory Agreement, FS Real Estate Advisor is entitled to an administrative services fee equal to 1.0% of the Company’s net asset value 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 administrative services fee is payable quarterly and in arrears in the cash equivalent number of restricted stock units (“Class I RSUs”) representing the right to receive Class I shares of the Company’s common stock (“Class I shares”) based on the then-current Class I transaction price as of the last day of such quarter. Class I RSUs in payment of the administrative services fee will provide the adviser the right to receive a number of Class I shares equivalent to the number of Class I RSUs, subject to the terms and conditions set forth in the Class I RSU Agreement (as defined below).

FS Real Estate Advisor may elect, at a later date, to have the Company repurchase some or all of the Class I shares issued to the adviser in accordance with the Advisory Agreement, including Class I shares issued pursuant to any Class I RSUs, at a per share price equal to the then-current Class I share transaction price. Such Class I shares will not be subject to the repurchase limits of the Company’s share repurchase plan or any reduction or penalty for an early repurchase, provided that the approval of the Company’s independent directors is required for any repurchase request of FS Real Estate Advisor or Rialto, for Class I shares received as payment for advisory fees that, when combined with any stockholder repurchase requests submitted through the Company’s share purchase plan, would cause the Company to exceed the monthly and quarterly repurchase limitations of its share repurchase plan. The FS Real Estate Advisor will have no registration rights with respect to such Class I shares. Any such Class I shares and Class I RSUs issued to Rialto will have the same rights and conditions as those issued to FS Real Estate Advisor.

At least annually, the Company’s board of directors reviews the amount of the administrative services fees and expenses reimbursable to FS Real Estate Advisor, Rialto and unaffiliated third-parties to determine whether such amounts are reasonable in relation to the services provided. The Company will not reimburse FS Real Estate Advisor or Rialto for any services for which it receives a separate fee or for any administrative expenses allocated to employees to the extent they serve as executive officers of the Company.

Class I Restricted Stock Unit Agreement

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Related Party Transactions (continued)

On December 1, 2022, the Company, FS Real Estate Advisor and Rialto entered into the Class I Restricted Stock Unit Agreement (the “Class I RSU Agreement”). Pursuant to the Class I RSU Agreement, and in accordance with the Advisory Agreement, the administrative services fee will be payable quarterly in arrears on the last day of each quarter in the cash equivalent number of Class I RSUs based on the then-current Class I share transaction price as of the last day of such quarter. On the last day of each quarter, the Company will issue to FS Real Estate Advisor and Rialto the cash equivalent number of Class I RSUs to which each is entitled. Class I RSUs will vest ratably on the first calendar day of the month following the one, two and three-year anniversary of the applicable grant date, provided that (i) 100% of FS Real Estate Advisor’s Class I RSUs will immediately vest upon the nonrenewal or termination of the Advisory Agreement pursuant to Section 12(b)(ii), Section 12(b)(iii) or Section 12(b)(iv) thereof; (ii) 100% of the Sub-Adviser’s Class I RSUs will immediately vest upon the nonrenewal or termination of the sub-advisory agreement between FS Real Estate Advisor and Rialto (the “Sub-Advisory Agreement”) pursuant to Section 9(b)(i), Section 9(b)(iii), Section 9(b)(iv), Section 9(b)(v) or Section 9(b)(vi) thereof; (iii) 100% of FS Real Estate Advisor’s unvested Class I RSUs will be automatically forfeited upon termination of the Advisory Agreement pursuant to Section 12(b)(i) thereof; and (iv) 100% of the Sub-Adviser’s unvested Class I RSUs will be automatically forfeited upon termination of the Sub-Advisory Agreement pursuant to Section 9(b)(ii) thereof. If FS Real Estate Advisor and Rialto resigns as the Company’s adviser or sub-adviser, respectively, then any rights related to the Class I RSUs evidenced thereby as of the date of such resignation will remain outstanding and Class I shares issuable in respect thereof will be issued upon the applicable vesting date. If the Company declares a cash distribution on the Class I shares underlying unvested Class I RSUs, then the Company will credit the account of FS Real Estate Advisor and Rialto with the applicable distribution equivalents, which will be subject to the same vesting and forfeiture restrictions as the Class I RSUs. FS Real Estate Advisor and Rialto, and their respective affiliates and employees, may not request repurchase by the Company of any Class I shares issued under the Class I RSU Agreement for a period of six months from the date of issuance. Thereafter, upon ten days’ written notice to the Company the Company must repurchase any Class I shares requested to be repurchased by FS Real Estate Advisor and Rialto at the most recently published transaction price per Class I share; provided that no repurchase will be permitted that would jeopardize the Company’s qualification as a REIT or violate Maryland law.

On March 11, 2025, the Class I RSU Agreement was amended. As amended, the Class I RSU Agreement provides that (i) RSUs granted after March 31, 2025 will vest ratably over four years starting after the second anniversary of the grant date and (ii) previously issued and outstanding RSUs are eligible to vest proportionally on the first calendar day of the month following the anniversary of the applicable grant date in each of 2026, 2027, 2028 and 2029.

Origination and Other Fees

FS Real Estate Advisor has engaged Rialto as sub-adviser to originate or arrange loans and other investments on behalf of the Company, and FS Real Estate Advisor oversees the sub-adviser’s origination activities. In connection with these activities, origination or other fees of up to 1.0% of the loan amount for first lien, subordinated or mezzanine debt, preferred equity financing or other investments may be retained by Rialto or FS Real Estate Advisor. Such origination and other fees will be retained only to the extent they are paid by a borrower or seller, either directly to Rialto or FS Real Estate Advisor or indirectly through the Company. During the nine months ended September 30, 2025 and 2024, $7,270 and $6,901, respectively, in origination and other fees were paid directly by a borrower or seller to FS Real Estate Advisor or Rialto and not to the Company. During the nine months ended September 30, 2025 and 2024, $0 and $3,000, respectively, in capital markets fees, were paid to FS Real Estate Advisor and its affiliates. Subsequent to September 30, 2025, there were $8,750 in capital markets fees paid to FS Real Estate Advisor and its affiliates.

Offering Costs

Future Standard funded the Company’s offering costs in the amount of $29,475 for the period from November 7, 2016 (Inception) to September 30, 2025. These expenses include legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company’s transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals, but excluding selling commissions, dealer manager fees and stockholder servicing fees.

FS Real Estate Advisor may be reimbursed for any organization and offering expenses that it or Rialto has incurred on the Company's behalf, up to a cap of 0.75% of gross proceeds raised. During the nine months ended September 30, 2025, the Company paid $2,541 to FS Real Estate Advisor for offering costs previously funded. As of September 30, 2025, $3,331 of offering expenses previously funded remained subject to reimbursement to FS Real Estate Advisor and Rialto.

Valuation Services Fee

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FS Credit Real Estate Income Trust, Inc.

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Related Party Transactions (continued)

Pursuant to a sub-advisory agreement between FS Real Estate Advisor and Rialto, FS Real Estate Advisor has engaged Rialto to provide periodic valuations of certain investments held by the Company and is entitled to a fee of $1 for each valuation of an individual investment. Rialto shall not be entitled to a fee when an individual investment is valued by an independent valuation firm. Any fees paid to our adviser, the sub-adviser, or their affiliates for any such services does not reduce the advisory fees or the administrative services fees. Any such arrangements are at market terms and rates.

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


			Three Months Ended September 30,				Nine Months Ended September 30,
Related Party	Source Agreement	Description	2025		2024		2025		2024
FS Real Estate Advisor	Advisory Agreement	Base Management Fee(1)	$	9,377	$	9,614	$	27,815	$	28,526
FS Real Estate Advisor	Advisory Agreement	Performance Fee(2)	—		4,190		—		16,141
FS Real Estate Advisor	Advisory Agreement	Administrative Services Fee(3)	7,547		7,694		22,311		22,929
FS Real Estate Advisor	Advisory Agreement	Capital Markets Fees	—		—		—

FS Credit Real Estate Income Trust, Inc. 10-Q