0001628280-26-057041 | 10-Q | XBRL Viewer | FS Credit Real Estate Income Trust INC

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Fair Value of Financial Instruments - Schedule of Changes in Fair Value of Financial Assets Which are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized loss, related to mortgage loan held in securitization trusts	$ 22,548	$ 17,304
Mortgage loans held in securitization trusts, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	2,654,570	1,633,589
Accretion of discount (amortization of premium)	0	0
Net realized gain (loss)	0	0
Unrealized gain (loss) in earnings	(23,058)	18,282
Purchases	0	62,357
Sales and repayments	(102,942)	0
Issuances	0	0
Transfer into Level 3	0	0
Transfers out of Level 3	0	0
Consolidation of securitization trusts	0	532,214
Deconsolidation of securitization trusts	(773,905)	0
Fair value at end of period	1,754,665	2,246,442
Included in earnings	(23,058)	18,282
Included in other comprehensive income	$ 0	$ 0

Loans Receivable, net - Schedule of Nonaccrual Loan Receivable Past Due (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Financing Receivable, Past Due [Line Items]
Total Loans	$ 8,485,341	$ 7,836,214
Amortized Cost	8,490,979	7,841,607	$ 7,460,601	$ 7,496,474
Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	7,470,467	7,344,683
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	358,841	0
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	144,159	54,440
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Total Loans	511,874	437,091
90 Days or More Past Due \| Not Placed On Non Accrual Status
Financing Receivable, Past Due [Line Items]
Amortized Cost	$ 189,223	$ 308,392

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

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 June 30, 2026. 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

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:


	June 30,
	2026		2025
Cash and cash equivalents	$	174,100	$	108,897
Restricted cash	39,273		31,857
Total cash, cash equivalents and restricted cash	$	213,373	$	140,754

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 less estimated costs to sell.

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 six months ended June 30, 2026. 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 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 estimated 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 estimated 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.

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 48 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 estimated 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.

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 estimated 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.

•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 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 interest on loans if it is not probable that payments of such interest 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 judgment, in doubt. Interest receivable deemed uncollectible will be immediately written off by reversing the related interest income. 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. As of June 30, 2026 and December 31, 2025, the amortized cost of loans on non-accrual status was $322,652 and $219,481, respectively.

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 June 30, 2026, the Company incurred offering costs of $30,879, 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 six months ended June 30, 2026 and 2025, the Company did not incur any interest or penalties and none were accrued at June 30, 2026.

Stockholder Servicing Fees: The Company follows the guidance in ASC 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.

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 June 30, 2026, 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 ASU 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.

Principal Business and Organization	6 Months Ended
Principal Business and Organization	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	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 $2,500,000 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 $2,250,000 in shares in its primary offering and up to $250,000 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 distribution 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.

Financing Arrangements - Schedule of Net Book Value of Debt Instrument (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
Face value	$ 6,849,428	$ 6,384,970
Collateralized Loan Obligations
Debt Instrument [Line Items]
Face value	3,335,244	2,524,778	$ 3,156,452
Unamortized deferred financing costs	(14,721)		(16,936)
Unamortized discount	(2,644)		(3,606)
Net book value	3,317,879		3,135,910
Line of Credit \| Repurchase Agreements
Debt Instrument [Line Items]
Face value	2,248,570	2,671,716	1,792,193
Unamortized deferred financing costs	(9,790)		(4,669)
Net book value	2,238,780		1,787,524
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Face value	1,140,914	1,063,776	850,037
Unamortized deferred financing costs	(19,462)		(9,890)
Net book value	1,121,452		840,147
Mortgage Loan
Debt Instrument [Line Items]
Face value	124,700	$ 124,700
Mortgage Loan \| Mortgage Loan
Debt Instrument [Line Items]
Face value	124,700		124,700
Unamortized deferred financing costs	0		0
Net book value	$ 124,700		$ 124,700

Stockholders' Equity - Schedule of Cash Distribution on Class of Common Stock (Details) - Subsequent Event	1 Months Ended
	Jul. 31, 2026 $ / shares
Class F
Class of Stock [Line Items]
Distributions declared (in dollars per share)	$ 0.1736
Class Y
Class of Stock [Line Items]
Distributions declared (in dollars per share)	0.1739
Class T
Class of Stock [Line Items]
Distributions declared (in dollars per share)	0.1300
Class S
Class of Stock [Line Items]
Distributions declared (in dollars per share)	0.1300
Class D
Class of Stock [Line Items]
Distributions declared (in dollars per share)	0.1415
Class M
Class of Stock [Line Items]
Distributions declared (in dollars per share)	0.1415
Class I
Class of Stock [Line Items]
Distributions declared (in dollars per share)	$ 0.1479

Variable Interest Entities - Schedule of Detailed Information About the Assets and Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Jun. 30, 2025

Assets:

Restricted cash

$ 39,273

$ 87,224

$ 31,857

Loans receivable, held-for-investment

8,421,115

7,764,337

$ 7,360,785

Interest receivable

100,331

72,964

Other assets

16,287

16,656

Mortgage loans held in securitization trusts, at fair value

1,754,665

2,654,570

Total assets

^[1]

11,375,746

11,759,144

Liabilities

Collateralized loan obligations, net

3,317,879

2,510,160

Interest payable

15,034

25,185

Other liabilities

57,475

35,377

Mortgage obligations issued by securitization trusts, at fair value

1,614,280

2,408,636

Total liabilities

^[1]

8,606,297

8,942,438

Variable Interest Entity, Primary Beneficiary

Assets:

Restricted cash

70,400

110,054

Loans receivable, held-for-investment

3,881,049

2,888,971

Interest receivable

43,067

35,832

Other assets

14,794

19,588

Mortgage loans held in securitization trusts, at fair value

1,754,665

2,654,570

Total assets

5,763,975

5,709,015

Liabilities

Collateralized loan obligations, net

3,317,879

2,510,160

Interest payable

6,383

5,446

Other liabilities

233

201

Mortgage obligations issued by securitization trusts, at fair value

1,614,280

2,408,636

Total liabilities

$ 4,938,775

$ 4,924,443

[1]

The June 30, 2026 and December 31, 2025 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 June 30, 2026 and December 31, 2025, assets of the VIEs totaled $5,763,975 and $5,709,015, respectively, and liabilities of the VIEs totaled $4,938,775 and $4,924,443, respectively. See Note 10 to our consolidated financial statements included herein for further details.

Loans Receivable, net - Schedule of Credit Loss Reserve on Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning Balance	$ 604	$ 865	$ 930	$ 1,527
Increase (Decrease) in CECL reserve	127	(261)	197	(597)
Ending Balance	731	604	1,127	930
Senior Loans
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning Balance	592	863	908	1,439
Increase (Decrease) in CECL reserve	129	(271)	219	(531)
Ending Balance	721	592	1,127	908
Mezzanine Loans
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning Balance	12	2	22	88
Increase (Decrease) in CECL reserve	(2)	10	(22)	(66)
Ending Balance	$ 10	$ 12	$ 0	$ 22

Related Party Transactions

6 Months Ended

Jun. 30, 2026

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 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 NAV per annum attributable to all shares of common stock, before giving effect to any accruals for the base management fee, the performance fee, the administrative services fee, the stockholder servicing fee or any distributions. The 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

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 six months ended June 30, 2026 and 2025, $15,052 and $6,820, 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.

Offering Costs

Future Standard funded the Company’s offering costs in the amount of $30,879 for the period from November 7, 2016 (Inception) to June 30, 2026. 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 six months ended June 30, 2026, the Company paid

$1,238 to FS Real Estate Advisor for offering costs previously funded. As of June 30, 2026, $2,693 of offering expenses previously funded remained subject to reimbursement to FS Real Estate Advisor and Rialto.

Valuation Services Fee

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 six months ended June 30, 2026 and 2025:


			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2026		2025		2026		2025
FS Real Estate Advisor	Advisory Agreement	Base Management Fee(1)	$	9,260	$	9,174	$	18,616	$	18,438
FS Real Estate Advisor	Advisory Agreement	Performance Fee(2)	—		—		—		—
FS Real Estate Advisor	Advisory Agreement	Administrative Services Fee(3)	7,459		7,352		14,919		14,764

Rialto	Sub-Advisory Agreement	Valuation Services Fees(4)	—		—		—		104
FS Real Estate Advisor or Rialto	Advisory Agreement	Origination and Other Fees	10,562		3,147		15,052		6,820
Total			$	27,281	$	19,673	$	48,587	$	40,126

_______________________

(1) During the six months ended June 30, 2026, FS Real Estate Advisor received $3,964 in cash and $17,200 of performance contingent rights were issued as payment for management fees. During the six months ended June 30, 2025, FS Real Estate Advisor received $18,657 in cash as payment for base management fees. As of June 30, 2026, there were $1,416 base management fees payable to FS Real Estate Advisor.

(2) During the six months ended June 30, 2026 and 2025, no performance fees were paid to FS Real Estate Advisor. As of June 30, 2026, there were no performance fees payable to FS Real Estate Advisor.

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

(4) During the six months ended June 30, 2026 and 2025, $0 and $219, respectively, in valuation fees were paid by the Company to Rialto.

Dealer Manager

The dealer manager for the Company’s continuous public offering is FS Investment Solutions, LLC, "FS Investment Solutions", which is an affiliate of FS Real Estate Advisor. Under the amended and restated dealer manager agreement dated as of August 17, 2018, (the "Dealer Management Agreement"), FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5% of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price (subject to reductions for certain categories of purchasers). FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.5% of the transaction price per Class S share sold in the primary offering (subject to reductions for certain categories of purchasers). FS Investment Solutions anticipates that all of the selling commissions and dealer manager fees will be re-allowed to participating broker-dealers, unless a particular broker-dealer declines to accept some portion of the dealer manager fee they are otherwise eligible to receive. Pursuant to the Dealer Manager Agreement, the Company also reimburses FS Investment Solutions or participating broker-dealers for bona fide due diligence expenses, provided that total organization and offering expenses shall not exceed 15% of the gross proceeds in the Company's public offering.

No selling commissions or dealer manager fees are payable on the sale of Class D, Class M, Class I, Class F or Class Y shares or on shares of any class sold pursuant to the Company's distribution reinvestment plan.

Subject to the limitations described below, the Company pays FS Investment Solutions stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or by broker-dealers servicing stockholders’ accounts, referred to as servicing broker-dealers:

•with respect to the Company's outstanding Class T shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class T shares, consisting of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum; however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares;

•with respect to the Company's outstanding Class S shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class S shares;

•with respect to the Company's outstanding Class D shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class D shares; and

•with respect to the Company's outstanding Class M shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class M shares.

The Company does not pay a stockholder servicing fee with respect to its Class I, Class F or Class Y shares. FS Investment Solutions reallows some or all of the stockholder servicing fees to participating broker-dealers, servicing broker-dealers and financial institutions (including bank trust departments) for ongoing stockholder services performed by such broker-dealers, and waives (pays back to the Company) stockholder servicing fees to the extent a broker-dealer or financial institution is not eligible or otherwise declines to receive all or a portion of such fees.

The Company will cease paying stockholder servicing fees with respect to any Class D, Class M, Class S and Class T shares held in a stockholder’s account at the end of the month in which the total underwriting compensation from the upfront selling commissions, dealer manager fees and stockholder servicing fees, as applicable, paid with respect to such account would exceed 1.25%, 7.25%, 8.75% and 8.75%, respectively (or a lower limit for shares sold by certain participating broker-dealers or financial institutions) of the gross proceeds from the sale of shares in such account. These amounts are referred to as the sales charge cap. At the end of such month that the sales charge cap is reached, each Class D, Class M, Class S or Class T share in such account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share.

In addition, the Company will cease paying stockholder servicing fees on each Class D share, Class M share, Class S share and Class T share held in a stockholder’s account and each such share will convert to Class I shares on the earlier to occur of the following: (i) a listing of Class I shares on a national securities exchange; (ii) the sale or other disposition of all or substantially all of the Company’s assets or the Company’s merger or consolidation with or into another entity in a transaction in which holders of Class D, Class M, Class S or Class T shares receive cash and/or shares of stock that are listed on a national securities exchange; or (iii) the date following the completion of the Company’s public offering on which, in the aggregate, underwriting compensation from all sources in connection with the Company’s public offering, including selling commissions, dealer manager fees, stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from its primary offering.

The Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. As of June 30, 2026 and December 31, 2025, the Company accrued $86,529 and $92,921, respectively, of stockholder servicing fees payable to FS Investment Solutions. FS Investment Solutions has entered into agreements with selected dealers distributing the Company's shares in the public offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by FS Investment Solutions to such selected dealers.

FS Investment Solutions also serves or served as the placement agent for the Company’s private offerings of Class I, Class F and Class Y shares pursuant to placement agreements. FS Investment Solutions does not receive any compensation pursuant to these agreements.

Expense Limitation

The Company has entered into an amended and restated expense limitation agreement with FS Real Estate Advisor and Rialto, (the "Expense Limitation Agreement"), pursuant to which FS Real Estate Advisor and Rialto have agreed to waive reimbursement of or pay, on a quarterly basis, the Company’s annualized ordinary operating expenses for such quarter to the extent such expenses exceed 1.5% per annum of its average net assets attributable to each of its classes of common stock. The Company will repay FS Real Estate Advisor or Rialto on a quarterly basis any ordinary operating expenses previously waived or paid, but only if the reimbursement would not cause the then-current expense limitation, if any, to be exceeded. In addition, the reimbursement of expenses will be made only if payable not more than three years from the end of the fiscal quarter in which the expenses were paid or waived.

To the extent that the conditions to recoupment are satisfied in a future quarter (prior to the expiration of the three-year period for reimbursement set forth in the expense limitation agreement), such expenses may be subject to conditional recoupment in accordance with the terms of the expense limitation agreement.

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


For the Three Months Ended	Amount of Expense Reimbursement		Recoupable Amount		Recoupment paid or payable to sponsor		Expired Amount		Recoupment eligibility expiration
June 30, 2026	$	—	$	—	$	—	$	—	June 30, 2029
March 31, 2026	—		—		—		—		March 31, 2029
December 31, 2025	—		—		—		—		December 31, 2028
September 30, 2025	—		—		—		—		September 30, 2028
June 30, 2025	1,247		847		400		—		June 30, 2028
March 31, 2025	342		—		342		—		March 31, 2028
December 31, 2024	139		—		139		—		N/A
	$	1,728	$	847	$	881	$	—

Capital Contributions and Commitments

In December 2016, pursuant to a private placement, Michael C. Forman and David J. Adelman, principals of Future Standard, contributed an aggregate of $200 to purchase 8,000 Class F shares at the price of $25.00 per share. These individuals will not tender these shares of common stock for repurchase as long as FS Real Estate Advisor remains the Company's adviser. Future Standard is controlled by Mr. Forman, the Company's president and chief executive officer, and Mr. Adelman.

As of June 30, 2026, the ownership in the Company's Class F Shares by FS Real Estate Advisor and Rialto (and each of their respective affiliates and designees) was $14,529 and $125, respectively.

RIAL 2022-FL8 Transaction

In the second quarter of 2023 and 2022, the Company purchased $15,000 and $36,000, respectively, of mortgage-backed securities in a transaction in which an affiliate of Rialto is the issuer of the notes. These securities were accounted for as available-for-sale. As of December 31, 2025 all positions previously held by the Company had fully paid down.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Loans Receivable, net (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of Details Overall Statistics for Loans Receivable Portfolio

The following table details overall statistics for the Company's loans receivable portfolio as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)		December 31, 2025


Number of loans	139		140
Principal balance	$	8,491,260	$	7,845,350
Net book value	$	8,421,115	$	7,764,337
Unfunded loan commitments(1)	$	379,938	$	332,562
Weighted-average cash coupon(2)(3)	+3.09%		+3.31%
Weighted-average all-in yield(2)(3)	+3.16%		+3.41%
Weighted-average maximum maturity (years)(4)	2.7		2.5

_________________________

(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. For loans placed on non-accrual, the interest rate used in calculating weighted-average cash coupon and weighted-average all-in yield is 0%.

(3) As of June 30, 2026 and December 31, 2025, the one-month SOFR rate was 3.65% and 3.69%, respectively.

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

Schedule of Activity in Loan Portfolio

For the six months ended June 30, 2026 and 2025, the activity in the Company's loan portfolio was as follows:


	For the Six Months Ended June 30,
	2026		2025
Loans receivable at beginning of period	$	7,841,607	$	7,496,474
Loan fundings(1)	1,898,612		793,415
Loan repayments(1)	(1,252,866)		(730,375)
Amortization of deferred fees on loans	9,329		11,336
Exit and extension fees received on loans receivable	(5,703)		(5,249)
Transfer to investments in real estate, net	—		(105,000)
Total loans receivable	8,490,979		7,460,601
CECL reserve	(69,864)		(99,816)
Loans receivable, net	$	8,421,115	$	7,360,785

__________________________

(1) Inclusive of $40,676 of amortized cost for a loan modification accounted for as a new loan for GAAP purposes. Effective on March 27, 2026, a new collateral secured loan with a new borrower with a risk rating of 3 was entered into from a previously owned risk rated 3 senior loan with a principal balance of $40,680. As a part of the new agreement, the new borrower agreed to pay the Company an amount equal to $180.

Schedule of Loan Receivables Acquired by Property

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 June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)				December 31, 2025
Property Type	Net Book Value		Percentage		Net Book Value		Percentage
Multifamily	$	4,233,156	50	%	$	4,250,284	54	%
Office	1,300,287		15	%	801,387		10	%
Industrial	1,248,403		15	%	780,707		10	%
Hospitality	703,193		8	%	1,039,723		13	%
Mixed Use	644,011		8	%	527,356		7	%
Retail	270,929		3	%	334,980		4	%
Various	91,000		1	%	91,000		1	%
Self Storage	—		0	%	16,170		1	%
Total loans receivable	8,490,979		100	%	7,841,607		100	%
CECL reserve	(69,864)				(77,270)
Loans receivable, net	$	8,421,115			$	7,764,337

Schedule of Loan Receivables Acquired by Geographic Locations


	June 30, 2026 (Unaudited)				December 31, 2025
Geographic Location(1)	Net Book Value		Percentage		Net Book Value		Percentage
South	$	3,348,502	40	%	$	3,576,258	46	%
Northeast	2,334,701		27	%	1,797,634		23	%
West	1,387,114		16	%	1,443,603		18	%
Various	988,018		12	%	589,909		8	%
Midwest	432,644		5	%	434,203		5	%
Total loans receivable	8,490,979		100	%	7,841,607		100	%
CECL reserve	(69,864)				(77,270)
Loans receivable, net	$	8,421,115			$	7,764,337

__________________________

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

Schedule of Loans Receivable Based on Internal Risk Ratings

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:


	June 30, 2026 (Unaudited)					December 31, 2025
Risk Rating	Number of Loans	Net Book Value		Percentage		Number of Loans	Net Book Value		Percentage
1	—	$	—	—		—	$	—	—
2	—	—		—		—	—		—
3	121	7,338,492		86	%	127	7,229,226		92	%
4	10	853,404		10	%	9	491,893		6	%
5	8	299,083		4	%	4	120,488		2	%
Total loans receivable	139	8,490,979		100	%	140	7,841,607		100	%
CECL reserve		(69,864)					(77,270)
Loans receivable, net, at end of period		$	8,421,115				$	7,764,337

The following table summarizes our risk rated 5 loans as of June 30, 2026, which were analyzed for specific CECL reserves:

Loan Type

Origination Date

Location

Property Type

Amortized Cost

Specific CECL Reserve

Non-accrual Status

Senior Loan

3/12/2021

San Francisco, CA

Office

34,994

—

Cash basis - September 2024

Senior Loan

7/18/2018

Gaithersburg, MD

Hospitality

22,500

—

Cash basis - January 2025

Senior Loan

5/12/2022

Aurora, CO

Multifamily

57,145

—

Cash basis - January 2026

Mezz Loan

5/12/2022

Aurora, CO

Multifamily

5,785

—

Cash basis - May 2025

Senior Loan

7/28/2021

Sandy Springs, GA

Multifamily

42,800

—

N/A

Senior Loan

12/15/2021

Arlington, TX

Multifamily

27,590

—

N/A

Senior Loan

6/23/2021

Roswell, GA

Multifamily

48,944

—

N/A

Senior Loan

8/2/2021

Austin, TX

Multifamily

58,945

—

Cash basis - June 2026

Schedule of Financing Receivable Credit Quality Indicators

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

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 June 30, 2026 and December 31, 2025, respectively, by year of origination and risk rating:


	Net Book Value of Loans Receivable by Year of Origination June 30, 2026 (Unaudited)

Risk Rating	2026		2025		2024		2023		2022		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	1,776,943		2,232,897		551,964		304,306		1,329,443		1,142,939		7,338,492
4	—		—		—		—		734,829		118,575		853,404
5	—		—		—		—		62,930		236,153		299,083
Total loans receivable	$	1,776,943	$	2,232,897	$	551,964	$	304,306	$	2,127,202	$	1,497,667	8,490,979
CECL reserve													(69,864)
Loans receivable, net													$	8,421,115


	Net Book Value of Loans Receivable by Year of Origination December 31, 2025

Risk Rating	2025		2024		2023		2022		2021		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	2,361,114		687,623		401,167		2,322,908		1,359,935		96,479		7,229,226
4	—		—		—		374,409		117,484		—		491,893
5	—		—		—		62,931		34,994		22,563		120,488
Total loans receivable	$	2,361,114	$	687,623	$	401,167	$	2,760,248	$	1,512,413	$	119,042	7,841,607
CECL reserve													(77,270)
Loans receivable, net													$	7,764,337

Schedule of Financing Receivable, Allowance for Credit Loss

The following table provides details on the changes in CECL reserve for funded loans by investment pool for the three and six months ended June 30, 2026 and 2025, recorded in loans receivable, held-for-investment on the consolidated balance sheets:


	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2025	$	71,028	$	6,242	$	77,270
Increase (decrease) in general CECL reserve	(19,892)		248		(19,644)

CECL reserve as of March 31, 2026	51,136		6,490		57,626
Increase (decrease) in general CECL reserve	12,761		(523)		12,238

CECL reserve as of June 30, 2026	$	63,897	$	5,967	$	69,864





	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

The following table provides details on the changes in CECL reserve for unfunded loan commitments by investment pool for the three and six months ended June 30, 2026 and 2025, recorded in other liabilities on the Company's consolidated balance sheets:


	Unfunded Commitments CECL Reserve
	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2025	$	863	$	2	$	865
Increase (Decrease) in CECL reserve	(271)		10		(261)
CECL reserve as of March 31, 2026	592		12		604
Increase (Decrease) in general CECL reserve	129		(2)		127
CECL reserve as of June 30, 2026	$	721	$	10	$	731



	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

Schedule of Nonaccrual Loan Receivable Past Due

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
June 30, 2026(1)	$	7,470,467	$	358,841	$	144,159	$	511,874	$	8,485,341
December 31, 2025(2)	$	7,344,683	$	—	$	54,440	$	437,091	$	7,836,214

_________________________________

(1) As of June 30, 2026, the total amortized cost basis for loans with interest income payments of 90 days or more past due that were not placed on non-accrual status was $189,223.

(2) As of December 31, 2025, the total amortized cost basis for loans with interest income payments of 90 days or more past due that were not placed on non-accrual status was $308,392.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Common Stock Transactions

Below is a summary of transactions with respect to shares of the Company's common stock during the six months ended June 30, 2026 and 2025:


	Shares
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2025	583,372		843,658		695,928		67,157,395		372,610		3,864,662		49,713,386		123,231,011
Issuance of common stock	—		—		44,424		3,991,881		19,662		54,063		2,744,240		6,854,270
Reinvestment of distributions	7,706		—		10,317		1,122,622		4,679		37,516		946,017		2,128,857
Repurchases of common stock	(8,442)		—		(16,135)		(5,405,896)		(16,046)		(405,239)		(4,620,944)		(10,472,702)
Transfers in or out	—		—		(70,365)		(284,702)		(26,884)		(129,340)		529,474		18,183
Balance as of June 30, 2026	582,636		843,658		664,169		66,581,300		354,021		3,421,662		49,312,173		121,759,619

	Amount
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2025	$	14,099	$	20,849	$	17,623	$	1,553,005	$	9,402	$	90,585	$	1,187,570	$	2,893,133
Issuance of common stock	—		—		995		99,423		484		1,563		62,565		165,030
Reinvestment of distributions	194		—		251		27,804		115		427		22,611		51,402
Repurchases of common stock	(212)		—		(106)		(134,850)		(27)		(9,998)		(110,455)		(255,648)
Transfers in or out	—		—		(1,921)		(6,811)		(1,030)		(3,192)		15,054		2,100
Accrued stockholder servicing fees(1)	—		—		(53)		(1,360)		(6)		596		—		(823)
Balance as of June 30, 2026	$	14,081	$	20,849	$	16,789	$	1,537,211	$	8,938	$	79,981	$	1,177,345	$	2,855,194


	Shares
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2024	729,680		843,658		825,192		64,784,166		442,779		4,638,955		48,222,436		120,486,866
Issuance of common stock	—		—		25,176		4,682,603		62,530		141,507		4,191,049		9,102,865
Reinvestment of distributions	11,312		—		10,346		1,121,461		5,633		48,069		958,353		2,155,174
Repurchases of common stock	(151,961)		—		(8,448)		(5,679,558)		(22,208)		(455,842)		(6,101,295)		(12,419,312)
Transfers in or out	—		—		(66,239)		(207,213)		(86,215)		(470,302)		855,388		25,419
Balance as of June 30, 2025	589,031		843,658		786,027		64,701,459		402,519		3,902,387		48,125,931		119,351,012

	Amount
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2024	$	17,798	$	20,849	$	20,848	$	1,501,235	$	11,165	$	108,466	$	1,155,063	$	2,835,424
Issuance of common stock	—		—		624		117,208		1,554		3,798		97,894		221,078
Reinvestment of distributions	287		—		256		28,298		140		1,196		23,105		53,282
Repurchases of common stock	(3,843)		—		(401)		(142,004)		(921)		(11,350)		(147,064)		(305,583)
Transfers in or out	—		—		(1,447)		(5,432)		(1,774)		(11,720)		20,373		—
Accrued stockholder servicing fees(1)	—		—		(25)		(1,520)		(17)		1,048		—		(514)
Balance as of June 30, 2025	$	14,242	$	20,849	$	19,855	$	1,497,785	$	10,147	$	91,438	$	1,149,371	$	2,803,687

_______________________

(1) Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, the Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class.

Schedule of Cash Distributions Per Share that Paid on its Common Stock

The following table reflects the cash distributions per share that the Company paid on its common stock during the six months ended June 30, 2026:


Record Date	Class F		Class Y		Class T		Class S		Class D		Class M		Class I
January 29, 2026	$	0.1799	$	0.1799	$	0.1362	$	0.1362	$	0.1477	$	0.1477	$	0.1539
February 26, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
March 30, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
April 29, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
May 28, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
June 29, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479



Total	$	1.0479	$	1.0494	$	0.7862	$	0.7862	$	0.8552	$	0.8552	$	0.8934

The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and six months ended June 30, 2026, and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Distributions:
Paid or payable in cash	$	27,132	$	26,949	$	54,939	$	54,103
Reinvested in shares	25,335		26,248		51,402		53,282
Total distributions	$	52,467	$	53,197	$	106,341	$	107,385
Source of distributions:
Cash flows from operating activities(1)	$	52,467	$	53,197	$	106,341	107,385

Offering proceeds	—		—		—		—
Total sources of distributions	$	52,467	$	53,197	$	106,341	$	107,385
Net cash provided by (used in) operating activities	$	58,763	$	48,336	$	96,457	$	87,430

_______________________

(1) As of June 30, 2026, the Company's inception to date cash flows from operating activities have funded 100% of its distributions.

Schedule of Cash Distribution on Class of Common Stock

The Company’s board of directors previously authorized regular monthly cash distributions for July 2026 for each class of its outstanding common stock in the net distribution amounts per share set forth below:



Class F		Class Y		Class T		Class S		Class D		Class M		Class I
$	0.1736	$	0.1739	$	0.1300	$	0.1300	$	0.1415	$	0.1415	$	0.1479

Schedule of Earnings Per Share, Basic and Diluted

The Company's net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2026 and 2025 consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$	20,415	$	27,076	$	68,548	$	69,712

Denominator:
Weighted average common stock outstanding - basic	122,701,902		119,976,846		123,502,653		121,239,780
Weighted average common stock outstanding - diluted(1)	126,325,835		122,396,378		127,039,129		123,492,967

Net income per share of common stock - basic	$	0.17	$	0.23	$	0.56	$	0.57
Net income per share of common stock - diluted	$	0.16	$	0.22	$	0.54	$	0.56

______________________

(1) The outstanding shares used to calculate the weighted average basic shares outstanding exclude 3,801,347 and 2,679,068 of restricted stock units awarded as of June 30, 2026 and 2025, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic net income per share of common stock.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

Loans Receivable, net - Schedule of Net Book Value of Loans Receivable by Year of Origination (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Net book value of loans receivable by year of origination, current fiscal year	$ 1,776,943		$ 2,361,114
Net book value of loans receivable by year of origination, fiscal year before current fiscal year	2,232,897		687,623
Net book value of loans receivable by year of origination, two year before current fiscal year	551,964		401,167
Net book value of loans receivable by year of origination, three year before current fiscal year	304,306		2,760,248
Net book value of loans receivable by year of origination, four year before current fiscal year	2,127,202		1,512,413
Prior	1,497,667		119,042
Total	8,490,979		7,841,607	$ 7,460,601		$ 7,496,474
CECL reserve	(69,864)	$ (57,626)	(77,270)	(99,816)	$ (82,805)	$ (93,664)
Loans receivable, net	8,421,115		7,764,337	$ 7,360,785
1
Financing Receivable, Credit Quality Indicator [Line Items]
Net book value of loans receivable by year of origination, current fiscal year	0		0
Net book value of loans receivable by year of origination, fiscal year before current fiscal year	0		0
Net book value of loans receivable by year of origination, two year before current fiscal year	0		0
Net book value of loans receivable by year of origination, three year before current fiscal year	0		0
Net book value of loans receivable by year of origination, four year before current fiscal year	0		0
Prior	0		0
Total	0		0
2
Financing Receivable, Credit Quality Indicator [Line Items]
Net book value of loans receivable by year of origination, current fiscal year	0		0
Net book value of loans receivable by year of origination, fiscal year before current fiscal year	0		0
Net book value of loans receivable by year of origination, two year before current fiscal year	0		0
Net book value of loans receivable by year of origination, three year before current fiscal year	0		0
Net book value of loans receivable by year of origination, four year before current fiscal year	0		0
Prior	0		0
Total	0		0
3
Financing Receivable, Credit Quality Indicator [Line Items]
Net book value of loans receivable by year of origination, current fiscal year	1,776,943		2,361,114
Net book value of loans receivable by year of origination, fiscal year before current fiscal year	2,232,897		687,623
Net book value of loans receivable by year of origination, two year before current fiscal year	551,964		401,167
Net book value of loans receivable by year of origination, three year before current fiscal year	304,306		2,322,908
Net book value of loans receivable by year of origination, four year before current fiscal year	1,329,443		1,359,935
Prior	1,142,939		96,479
Total	7,338,492		7,229,226
4
Financing Receivable, Credit Quality Indicator [Line Items]
Net book value of loans receivable by year of origination, current fiscal year	0		0
Net book value of loans receivable by year of origination, fiscal year before current fiscal year	0		0
Net book value of loans receivable by year of origination, two year before current fiscal year	0		0
Net book value of loans receivable by year of origination, three year before current fiscal year	0		374,409
Net book value of loans receivable by year of origination, four year before current fiscal year	734,829		117,484
Prior	118,575		0
Total	853,404		491,893
5
Financing Receivable, Credit Quality Indicator [Line Items]
Net book value of loans receivable by year of origination, current fiscal year	0		0
Net book value of loans receivable by year of origination, fiscal year before current fiscal year	0		0
Net book value of loans receivable by year of origination, two year before current fiscal year	0		0
Net book value of loans receivable by year of origination, three year before current fiscal year	0		62,931
Net book value of loans receivable by year of origination, four year before current fiscal year	62,930		34,994
Prior	236,153		22,563
Total	$ 299,083		$ 120,488

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 174,100	$ 265,361	$ 108,897
Restricted cash	39,273	87,224	31,857
Total cash, cash equivalents and restricted cash	$ 213,373	$ 352,585	$ 140,754	$ 90,540

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Loans Receivable, net - Schedule of Loan Receivables Acquired By Property (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 8,490,979	$ 7,841,607		$ 7,460,601		$ 7,496,474
CECL reserve	(69,864)	(77,270)	$ (57,626)	(99,816)	$ (82,805)	$ (93,664)
Loans receivable, net	$ 8,421,115	$ 7,764,337		$ 7,360,785
Percentage	100.00%	100.00%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 4,233,156	$ 4,250,284
Percentage	50.00%	54.00%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 1,300,287	$ 801,387
Percentage	15.00%	10.00%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 1,248,403	$ 780,707
Percentage	15.00%	10.00%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 703,193	$ 1,039,723
Percentage	8.00%	13.00%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 644,011	$ 527,356
Percentage	8.00%	7.00%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 270,929	$ 334,980
Percentage	3.00%	4.00%
Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 91,000	$ 91,000
Percentage	1.00%	1.00%
Self Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 0	$ 16,170
Percentage	0.00%	1.00%

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended		116 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Amortized cost of loans, non-accrual status	$ 322,652,000		$ 322,652,000	$ 219,481,000
Percentage of reimbursement revenue	0.75%
Offering costs incurred			30,879,000
Unrecognized interest or penalties	$ 0	$ 0
Accrued unrecognized interest or penalties	$ 0		$ 0

Summary of Significant Accounting Policies - Schedule of Useful Lives of Investments in Real Estate (Details)	Jun. 30, 2026
Minimum \| Building and improvements
Property, Plant, and Equipment [Line Items]
Depreciable Life	2 years
Minimum \| Furniture, fixtures and equipment
Property, Plant, and Equipment [Line Items]
Depreciable Life	1 year
Maximum \| Building and improvements
Property, Plant, and Equipment [Line Items]
Depreciable Life	48 years
Maximum \| Furniture, fixtures and equipment
Property, Plant, and Equipment [Line Items]
Depreciable Life	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
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-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Derivative Instrument - Schedule of Derivative Instruments (Details) - Interest Rate Cap $ in Thousands	Jun. 30, 2026 USD ($)
Derivative [Line Items]
Notional Amount	$ 124,700
Strike	2.25%
Fair Value	$ 143

Loans Receivable, net

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Loans Receivable, net

The following table details overall statistics for the Company's loans receivable portfolio as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)		December 31, 2025


Number of loans	139		140
Principal balance	$	8,491,260	$	7,845,350
Net book value	$	8,421,115	$	7,764,337
Unfunded loan commitments(1)	$	379,938	$	332,562
Weighted-average cash coupon(2)(3)	+3.09%		+3.31%
Weighted-average all-in yield(2)(3)	+3.16%		+3.41%
Weighted-average maximum maturity (years)(4)	2.7		2.5

_________________________

(1) The Company may be required to provide funding when requested by the borrowers in accordance with the terms of the underlying agreements.

(3) As of June 30, 2026 and December 31, 2025, the one-month SOFR rate was 3.65% and 3.69%, respectively.

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

For the six months ended June 30, 2026 and 2025, the activity in the Company's loan portfolio was as follows:


	For the Six Months Ended June 30,
	2026		2025
Loans receivable at beginning of period	$	7,841,607	$	7,496,474
Loan fundings(1)	1,898,612		793,415
Loan repayments(1)	(1,252,866)		(730,375)
Amortization of deferred fees on loans	9,329		11,336
Exit and extension fees received on loans receivable	(5,703)		(5,249)
Transfer to investments in real estate, net	—		(105,000)
Total loans receivable	8,490,979		7,460,601
CECL reserve	(69,864)		(99,816)
Loans receivable, net	$	8,421,115	$	7,360,785

__________________________


	June 30, 2026 (Unaudited)				December 31, 2025
Property Type	Net Book Value		Percentage		Net Book Value		Percentage
Multifamily	$	4,233,156	50	%	$	4,250,284	54	%
Office	1,300,287		15	%	801,387		10	%
Industrial	1,248,403		15	%	780,707		10	%
Hospitality	703,193		8	%	1,039,723		13	%
Mixed Use	644,011		8	%	527,356		7	%
Retail	270,929		3	%	334,980		4	%
Various	91,000		1	%	91,000		1	%
Self Storage	—		0	%	16,170		1	%
Total loans receivable	8,490,979		100	%	7,841,607		100	%
CECL reserve	(69,864)				(77,270)
Loans receivable, net	$	8,421,115			$	7,764,337


	June 30, 2026 (Unaudited)				December 31, 2025
Geographic Location(1)	Net Book Value		Percentage		Net Book Value		Percentage
South	$	3,348,502	40	%	$	3,576,258	46	%
Northeast	2,334,701		27	%	1,797,634		23	%
West	1,387,114		16	%	1,443,603		18	%
Various	988,018		12	%	589,909		8	%
Midwest	432,644		5	%	434,203		5	%
Total loans receivable	8,490,979		100	%	7,841,607		100	%
CECL reserve	(69,864)				(77,270)
Loans receivable, net	$	8,421,115			$	7,764,337

__________________________

(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:


	June 30, 2026 (Unaudited)					December 31, 2025
Risk Rating	Number of Loans	Net Book Value		Percentage		Number of Loans	Net Book Value		Percentage
1	—	$	—	—		—	$	—	—
2	—	—		—		—	—		—
3	121	7,338,492		86	%	127	7,229,226		92	%
4	10	853,404		10	%	9	491,893		6	%
5	8	299,083		4	%	4	120,488		2	%
Total loans receivable	139	8,490,979		100	%	140	7,841,607		100	%
CECL reserve		(69,864)					(77,270)
Loans receivable, net, at end of period		$	8,421,115				$	7,764,337


	Net Book Value of Loans Receivable by Year of Origination June 30, 2026 (Unaudited)

Risk Rating	2026		2025		2024		2023		2022		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	1,776,943		2,232,897		551,964		304,306		1,329,443		1,142,939		7,338,492
4	—		—		—		—		734,829		118,575		853,404
5	—		—		—		—		62,930		236,153		299,083
Total loans receivable	$	1,776,943	$	2,232,897	$	551,964	$	304,306	$	2,127,202	$	1,497,667	8,490,979
CECL reserve													(69,864)
Loans receivable, net													$	8,421,115


	Net Book Value of Loans Receivable by Year of Origination December 31, 2025

Risk Rating	2025		2024		2023		2022		2021		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	2,361,114		687,623		401,167		2,322,908		1,359,935		96,479		7,229,226
4	—		—		—		374,409		117,484		—		491,893
5	—		—		—		62,931		34,994		22,563		120,488
Total loans receivable	$	2,361,114	$	687,623	$	401,167	$	2,760,248	$	1,512,413	$	119,042	7,841,607
CECL reserve													(77,270)
Loans receivable, net													$	7,764,337

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.


	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2025	$	71,028	$	6,242	$	77,270
Increase (decrease) in general CECL reserve	(19,892)		248		(19,644)

CECL reserve as of March 31, 2026	51,136		6,490		57,626
Increase (decrease) in general CECL reserve	12,761		(523)		12,238

CECL reserve as of June 30, 2026	$	63,897	$	5,967	$	69,864





	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

As of June 30, 2026 and 2025, the Company's specific CECL reserve balance was $0 and $0, respectively.

The following table summarizes our risk rated 5 loans as of June 30, 2026, which were analyzed for specific CECL reserves:

Loan Type

Origination Date

Location

Property Type

Amortized Cost

Specific CECL Reserve

Non-accrual Status

Senior Loan

3/12/2021

San Francisco, CA

Office

34,994

—

Cash basis - September 2024

Senior Loan

7/18/2018

Gaithersburg, MD

Hospitality

22,500

—

Cash basis - January 2025

Senior Loan

5/12/2022

Aurora, CO

Multifamily

57,145

—

Cash basis - January 2026

Mezz Loan

5/12/2022

Aurora, CO

Multifamily

5,785

—

Cash basis - May 2025

Senior Loan

7/28/2021

Sandy Springs, GA

Multifamily

42,800

—

N/A

Senior Loan

12/15/2021

Arlington, TX

Multifamily

27,590

—

N/A

Senior Loan

6/23/2021

Roswell, GA

Multifamily

48,944

—

N/A

Senior Loan

8/2/2021

Austin, TX

Multifamily

58,945

—

Cash basis - June 2026

The risk rated 5 loans were determined to be collateral dependent as of June 30, 2026. 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 5.50% 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
June 30, 2026(1)	$	7,470,467	$	358,841	$	144,159	$	511,874	$	8,485,341
December 31, 2025(2)	$	7,344,683	$	—	$	54,440	$	437,091	$	7,836,214

_________________________________

(1) As of June 30, 2026, the total amortized cost basis for loans with interest income payments of 90 days or more past due that were not placed on non-accrual status was $189,223.

(2) As of December 31, 2025, the total amortized cost basis for loans with interest income payments of 90 days or more past due that were not placed on non-accrual status was $308,392.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

As of June 30, 2026, the Company had unfunded commitments of $379,938. 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.


	Unfunded Commitments CECL Reserve
	Senior Loans		Mezzanine Loans		Total
CECL Reserve as of December 31, 2025	$	863	$	2	$	865
Increase (Decrease) in CECL reserve	(271)		10		(261)
CECL reserve as of March 31, 2026	592		12		604
Increase (Decrease) in general CECL reserve	129		(2)		127
CECL reserve as of June 30, 2026	$	721	$	10	$	731



	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

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Detailed Information About the Assets and Liabilities

The following table details the assets and liabilities of the Company's consolidated variable interest entities as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)		December 31, 2025
Assets:
Restricted cash	$	70,400	$	110,054
Loans receivable, held-for-investment	3,881,049		2,888,971
Interest receivable	43,067		35,832
Other assets(1)	14,794		19,588
Mortgage loans held in securitization trusts, at fair value	1,754,665		2,654,570
Total assets	$	5,763,975	$	5,709,015

Liabilities
Collateralized loan obligations, net	$	3,317,879	$	2,510,160
Interest payable	6,383		5,446
Other liabilities	233		201
Mortgage obligations issued by securitization trusts, at fair value	1,614,280		2,408,636
Total liabilities	$	4,938,775	$	4,924,443

__________________

(1) Inclusive of multiple line items broken out on the consolidated balance sheets, such as receivable for investments sold and repaid and investment in real estate, held-for-investment.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Loans Receivable, net - Schedule of Loan Receivables Acquired By Geographic Area (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 8,490,979	$ 7,841,607		$ 7,460,601		$ 7,496,474
CECL reserve	(69,864)	(77,270)	$ (57,626)	(99,816)	$ (82,805)	$ (93,664)
Loans receivable, net	$ 8,421,115	$ 7,764,337		$ 7,360,785
Percentage	100.00%	100.00%
South
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 3,348,502	$ 3,576,258
Percentage	40.00%	46.00%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 2,334,701	$ 1,797,634
Percentage	27.00%	23.00%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 1,387,114	$ 1,443,603
Percentage	16.00%	18.00%
Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 988,018	$ 589,909
Percentage	12.00%	8.00%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans receivable	$ 432,644	$ 434,203
Percentage	5.00%	5.00%

Loans Receivable, net - Schedule of Loans Receivable with High Risk (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	$ 8,490,979	$ 7,841,607	$ 7,460,601	$ 7,496,474
Risk Rating, 5
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	299,083	$ 120,488
San Francisco, CA \| Risk Rating, 5 \| Senior Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	34,994
Specific CECL Reserve	0
Gaithersburg, MD \| Risk Rating, 5 \| Senior Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	22,500
Specific CECL Reserve	0
Aurora, CO \| Risk Rating, 5 \| Senior Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	57,145
Specific CECL Reserve	0
Aurora, CO \| Risk Rating, 5 \| Mezz Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	5,785
Specific CECL Reserve	0
Sandy Springs, GA \| Risk Rating, 5 \| Senior Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	42,800
Specific CECL Reserve	0
Arlington, TX \| Risk Rating, 5 \| Senior Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	27,590
Specific CECL Reserve	0
Roswell, GA \| Risk Rating, 5 \| Senior Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	48,944
Specific CECL Reserve	0
Austin, TX \| Risk Rating, 5 \| Senior Loan
Loans Receivable Based on Internal Risk Ratings [Line Items]
Amortized Cost	58,945
Specific CECL Reserve	$ 0

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fees and Expenses Accrued Under Advisory Agreement

The following table describes the fees and expenses accrued under the advisory agreement and sub-advisory agreement during the three and six months ended June 30, 2026 and 2025:


			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2026		2025		2026		2025
FS Real Estate Advisor	Advisory Agreement	Base Management Fee(1)	$	9,260	$	9,174	$	18,616	$	18,438
FS Real Estate Advisor	Advisory Agreement	Performance Fee(2)	—		—		—		—
FS Real Estate Advisor	Advisory Agreement	Administrative Services Fee(3)	7,459		7,352		14,919		14,764

Rialto	Sub-Advisory Agreement	Valuation Services Fees(4)	—		—		—		104
FS Real Estate Advisor or Rialto	Advisory Agreement	Origination and Other Fees	10,562		3,147		15,052		6,820
Total			$	27,281	$	19,673	$	48,587	$	40,126

_______________________

(2) During the six months ended June 30, 2026 and 2025, no performance fees were paid to FS Real Estate Advisor. As of June 30, 2026, there were no performance fees payable to FS Real Estate Advisor.

(4) During the six months ended June 30, 2026 and 2025, $0 and $219, respectively, in valuation fees were paid by the Company to Rialto.


For the Three Months Ended	Amount of Expense Reimbursement		Recoupable Amount		Recoupment paid or payable to sponsor		Expired Amount		Recoupment eligibility expiration
June 30, 2026	$	—	$	—	$	—	$	—	June 30, 2029
March 31, 2026	—		—		—		—		March 31, 2029
December 31, 2025	—		—		—		—		December 31, 2028
September 30, 2025	—		—		—		—		September 30, 2028
June 30, 2025	1,247		847		400		—		June 30, 2028
March 31, 2025	342		—		342		—		March 31, 2028
December 31, 2024	139		—		139		—		N/A
	$	1,728	$	847	$	881	$	—

Financing Arrangements - Schedule of Number of Loans and the Principal Balance (Details) $ in Thousands	Jun. 30, 2026 USD ($) loan
Collateralized Loan Obligations
Disclosure in Tabular Form of Number of Collateral Loans and Principal Amount of Obligation [Line Items]
Total Count \| loan	98
Principal Balance \| $	$ 3,881,693
Collateralized Loan Obligations \| 2021-FL2
Disclosure in Tabular Form of Number of Collateral Loans and Principal Amount of Obligation [Line Items]
Total Count \| loan	13
Principal Balance \| $	$ 338,999
Collateralized Loan Obligations \| 2021-FL3
Disclosure in Tabular Form of Number of Collateral Loans and Principal Amount of Obligation [Line Items]
Total Count \| loan	18
Principal Balance \| $	$ 712,448
Collateralized Loan Obligations \| 2024-FL9
Disclosure in Tabular Form of Number of Collateral Loans and Principal Amount of Obligation [Line Items]
Total Count \| loan	21
Principal Balance \| $	$ 858,499
Collateralized Loan Obligations \| 2025-FL10
Disclosure in Tabular Form of Number of Collateral Loans and Principal Amount of Obligation [Line Items]
Total Count \| loan	23
Principal Balance \| $	$ 937,094
Collateralized Loan Obligations \| 2026-FL11
Disclosure in Tabular Form of Number of Collateral Loans and Principal Amount of Obligation [Line Items]
Total Count \| loan	23
Principal Balance \| $	$ 1,034,653
Collateralized Loan Obligations, Real Estate \| 2021-FL2
Disclosure in Tabular Form of Number of Collateral Loans and Principal Amount of Obligation [Line Items]
Total Count \| loan	3
Principal Balance \| $	$ 95,317

Related Party Transactions -Schedule of Reimbursed by FS Real Estate (Details) - Related Party - USD ($) $ in Thousands	3 Months Ended							21 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2026
Related Party Transaction [Line Items]
Amount of Expense Reimbursement	$ 0	$ 0	$ 0	$ 0	$ 1,247	$ 342	$ 139	$ 1,728
Recoupable Amount	0	0	0	0	847	0	0	847
Recoupment paid or payable to sponsor	0	0	0	0	400	342	139	881
Expired Amount	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	June 30,
	2026		2025
Cash and cash equivalents	$	174,100	$	108,897
Restricted cash	39,273		31,857
Total cash, cash equivalents and restricted cash	$	213,373	$	140,754

Schedule of Restricted Cash


	June 30,
	2026		2025
Cash and cash equivalents	$	174,100	$	108,897
Restricted cash	39,273		31,857
Total cash, cash equivalents and restricted cash	$	213,373	$	140,754

Schedule of Internal Risk Ratings

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


	Net Book Value of Loans Receivable by Year of Origination June 30, 2026 (Unaudited)

Risk Rating	2026		2025		2024		2023		2022		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	1,776,943		2,232,897		551,964		304,306		1,329,443		1,142,939		7,338,492
4	—		—		—		—		734,829		118,575		853,404
5	—		—		—		—		62,930		236,153		299,083
Total loans receivable	$	1,776,943	$	2,232,897	$	551,964	$	304,306	$	2,127,202	$	1,497,667	8,490,979
CECL reserve													(69,864)
Loans receivable, net													$	8,421,115


	Net Book Value of Loans Receivable by Year of Origination December 31, 2025

Risk Rating	2025		2024		2023		2022		2021		Prior		Total
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		—		—		—		—		—		—
3	2,361,114		687,623		401,167		2,322,908		1,359,935		96,479		7,229,226
4	—		—		—		374,409		117,484		—		491,893
5	—		—		—		62,931		34,994		22,563		120,488
Total loans receivable	$	2,361,114	$	687,623	$	401,167	$	2,760,248	$	1,512,413	$	119,042	7,841,607
CECL reserve													(77,270)
Loans receivable, net													$	7,764,337

Schedule of Useful Lives of Investments in Real Estate

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 48 years
Furniture, fixtures and equipment						1 to 10 years
Tenant improvements						Shorter of estimated useful life or lease term
Lease intangibles						Over lease term

Loans Receivable, net - Schedule of Activity in Loan Portfolio (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Losses [Roll Forward]
Loans receivable at beginning of period	$ 7,841,607	$ 7,496,474
Loan fundings	1,898,612	793,415
Loan repayments	(1,252,866)	(730,375)
Amortization of deferred fees on loans	9,329	11,336
Exit and extension fees received on loans receivable	(5,703)	(5,249)
Transfer to investments in real estate, net	0	(105,000)
Total loans receivable	8,490,979	7,460,601
CECL reserve	(69,864)	(99,816)	$ (57,626)	$ (77,270)	$ (82,805)	$ (93,664)
Loans receivable, net	8,421,115	7,360,785		$ 7,764,337
Modifications accounted for as repayments and new loans	40,676	$ 0
Financing receivable, modified amount	40,680
Proceeds from modification of financing receivable, agreed amount	$ 180

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended				6 Months Ended		116 Months Ended
	Nov. 13, 2025	Mar. 11, 2025	Dec. 01, 2022	Dec. 31, 2016	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Offering costs incurred											$ 30,879
Due to related party					$ 86,901				$ 86,901		$ 86,901	$ 92,921
Outstanding face value									$ 65,628	$ 64,043
Related Party
Related Party Transaction [Line Items]
Percentage of origination fees of loan amount									1.00%
Related Party \| Maximum
Related Party Transaction [Line Items]
Public offering					15.00%				15.00%		15.00%
FS Real Estate Advisor \| Related Party
Related Party Transaction [Line Items]
Base management fee percentage	1.25%
Performance fee percentage									10.00%
Hurdle rate on average adjusted capital									1.625%
Annualized hurdle rate									6.50%
Quarterly core earnings rate									1.806%
Annualized core earnings rate									7.222%
Performance fee percentage					10.00%				10.00%		10.00%
Administrative service fee percentage			1.00%						1.00%
Public offering					0.75%				0.75%		0.75%
Offering costs previously funded									$ 1,238
Due to related party					$ 2,693				$ 2,693		$ 2,693
Stockholder servicing fees percentage					10.00%				10.00%		10.00%
Investments owned					$ 14,529				$ 14,529		$ 14,529
FS Real Estate Advisor \| Related Party \| Expense Limitation
Related Party Transaction [Line Items]
Percentage of minimum operating expenses to be waived or paid									1.50%
FS Real Estate Advisor \| Related Party \| Maximum \| Expense Limitation
Related Party Transaction [Line Items]
Period for which reimbursement payable									3 years
FS Real Estate Advisor \| Related Party \| Common Stock Class T
Related Party Transaction [Line Items]
Dealer manager upfront selling commissions fees percentage									3.00%
Upfront dealer manager fees percentage									0.50%
Selling commission and fee maximum percent									3.50%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares									0.85%
Advisor stockholders servicing fee percentage on aggregate NAV of outstanding shares									0.65%
Dealer stockholders servicing fee percentage on aggregate NAV of outstanding shares									0.20%
Stockholder servicing fees percentage					8.75%				8.75%		8.75%
FS Real Estate Advisor \| Related Party \| Common Stock Class S
Related Party Transaction [Line Items]
Dealer manager upfront selling commissions fees percentage									3.50%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares									0.85%
Stockholder servicing fees percentage					8.75%				8.75%		8.75%
FS Real Estate Advisor \| Related Party \| Common Stock Class D
Related Party Transaction [Line Items]
Stockholders servicing fee percentage on aggregate NAV of outstanding shares									0.30%
Stockholder servicing fees percentage					1.25%				1.25%		1.25%
FS Real Estate Advisor \| Related Party \| Common Stock Class M
Related Party Transaction [Line Items]
Stockholders servicing fee percentage on aggregate NAV of outstanding shares									0.30%
Stockholder servicing fees percentage					7.25%				7.25%		7.25%
FS Real Estate Advisor or Rialto \| Related Party
Related Party Transaction [Line Items]
Origination and Other Fees					$ 10,562	$ 3,147			$ 15,052	$ 6,820
FS Real Estate Advisor or Rialto \| Related Party \| Class I Share Performance-contingent Rights Agreement \| Performance-Contingent Rights (PCRs)
Related Party Transaction [Line Items]
Annualized distribution yield									6.00%
Agreement period									6 months
Period of written notice to the company by the adviser entities									10 days
FS Real Estate Advisor or Rialto \| Related Party \| Class I Restricted Stock Units Sub Advisory Agreement \| Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Agreement period			6 months
Period of written notice to the company by the adviser entities			10 days
Award vesting rights, percentage			100.00%
Award non vesting rights, percentage			100.00%
Award vesting period		4 years
Rialto \| Related Party
Related Party Transaction [Line Items]
Valuation fee, per valuation									$ 1
Investments owned					125				125		$ 125
FS Investment Solutions \| Related Party
Related Party Transaction [Line Items]
Due to related party					$ 86,529				$ 86,529		$ 86,529	$ 92,921
Principals of FS Investments \| Related Party \| Private Placement
Related Party Transaction [Line Items]
Aggregate proceeds from private placement				$ 200
Stock Issued During Period, Shares, New Issues				8,000
Common stock, price per share (in dollars per share)				$ 25.00
Affiliate Of Rialto \| Related Party \| Class E Notes Mortgage Backed Securities
Related Party Transaction [Line Items]
Outstanding face value							$ 15	$ 36

Mortgage Backed Securities - Additional Information (Details) $ in Thousands	Jun. 30, 2026 USD ($) security	Dec. 31, 2025 USD ($) security
Investments, Debt and Equity Securities [Abstract]
Debt securities, available-for-sale, nonaccrual, number of commercial mortgage-backed securities	2	2
Debt securities, available-for-sale, nonaccrual \| $	$ 24,763	$ 24,953
Debt securities available for sale unrealized loss positions number of positions	2	3

Variable Interest Entities

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Consolidated Variable Interest Entities

The following table details the assets and liabilities of the Company's consolidated variable interest entities as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)		December 31, 2025
Assets:
Restricted cash	$	70,400	$	110,054
Loans receivable, held-for-investment	3,881,049		2,888,971
Interest receivable	43,067		35,832
Other assets(1)	14,794		19,588
Mortgage loans held in securitization trusts, at fair value	1,754,665		2,654,570
Total assets	$	5,763,975	$	5,709,015

Liabilities
Collateralized loan obligations, net	$	3,317,879	$	2,510,160
Interest payable	6,383		5,446
Other liabilities	233		201
Mortgage obligations issued by securitization trusts, at fair value	1,614,280		2,408,636
Total liabilities	$	4,938,775	$	4,924,443

__________________

(1) Inclusive of multiple line items broken out on the consolidated balance sheets, such as receivable for investments sold and repaid and investment in real estate, held-for-investment.

The Company has financed a portion of its loans through CLOs, which are considered VIEs. The Company has a controlling financial interest in the CLOs and, therefore, consolidates them on its balance sheets because the Company has both (i) the power to direct activities of the CLOs that most significantly affect the CLOs' economic performance and (ii) the obligation to absorb losses and the right to receive benefits of the CLOs that could potentially be significant to the CLOs.

Assets held by the CLOs are restricted and can be used only to settle obligations of the CLOs. The liabilities are non-recourse to the Company and can only be satisfied from the assets of the CLOs.

Investment Securities

Mortgage loans and obligations held in securitization trusts consolidated in accordance with ASC 810 are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The assets and other instruments held by these securitization entities are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the securitization entities do not have any recourse to the general credit of any other consolidated entities, nor to the Company as the primary beneficiary. The mortgage obligations initially represent investment securities on the balance sheets (pre-consolidation). Upon consolidation of the mortgage loans and obligations, the associated investment securities are eliminated, as is the interest income related to those securities.

The inclusion of the assets and liabilities of the mortgage loans and obligations in which the Company is deemed the primary beneficiary has no economic effect on the Company. Its exposure to the obligations of mortgage loans and obligations held in securitization is generally limited to its investment in these entities. The Company is not obligated to provide, nor has provided, any financial support for any of these consolidated structures.

Non-Consolidated Variable Interest Entities

The Company invested in subordinated positions of CMBS trusts which are considered mortgage loans and obligations held in securitization trusts. The Company is not the primary beneficiary of the mortgage loans and obligations because it does not have the power to direct the activities that most significantly affect the mortgage loans and obligations' economic performance, nor does it provide guarantees or recourse to the mortgage loans and obligations other than standard representations and warranties and, therefore,

does not consolidate the mortgage loans and obligations on its balance sheets. The Company has classified its investment in the CMBS as either held-to-maturity or available-for-sale debt securities that are included on the Company's consolidated balance sheets and are part of the Company's ongoing impairment review. The Company's maximum exposure to loss of the securities is limited to its book value of $219,212 as of June 30, 2026.

The Company is not obligated to provide, nor has it provided financial support to these consolidated and non-consolidated mortgage loans and obligations.

Loans Receivable, net - Schedule of Allowance for Credit Loss on Financing Receivable (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 57,626	$ 77,270	$ 82,805	$ 93,664	$ 77,270
Ending Balance	69,864	57,626	99,816	82,805	69,864
General CECL Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in general CECL reserve	12,238	(19,644)	17,011	(10,859)
Senior Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	51,136	71,028	71,815	83,398	71,028
Ending Balance	63,897	51,136	88,254	71,815	63,897
Senior Loans \| General CECL Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in general CECL reserve	12,761	(19,892)	16,439	(11,583)
Mezzanine Loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning Balance	6,490	6,242	10,990	10,266	6,242
Ending Balance	5,967	6,490	11,562	10,990	$ 5,967
Mezzanine Loans \| General CECL Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in general CECL reserve	$ (523)	$ 248	$ 572	$ 724

Financing Arrangements - Schedule of Information of Outstanding Financing Arrangement (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2026	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
Amount Outstanding		$ 6,849,428	$ 6,384,970
Amount Available		3,436,525	2,737,956
Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		8,453,879	7,855,722
Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 8,478,717	$ 7,878,645
2021-FL2 Notes \| Minimum
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
2021-FL3 Notes \| Minimum
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
2024-FL9 Notes \| Minimum
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
2025-FL10 Notes \| Minimum
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
WF-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
GS-1 Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
BB-1 Facility \| Minimum
Debt Instrument [Line Items]
Weighted Average Spread		0.00%
BB-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread			0.00%
MS-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread			0.00%
NTX-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
BMO-1 Facility \| Minimum
Debt Instrument [Line Items]
Weighted Average Spread			0.00%
BMO-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%
WF-2 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
Finance Blue Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
CB-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
JP-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
CO-1 Facility \| Minimum \| Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
MM-1 Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
Mortgage Loan \| Minimum \| SOFR
Debt Instrument [Line Items]
Weighted Average Spread		0.00%	0.00%
Collateralized Loan Obligations
Debt Instrument [Line Items]
Amount Outstanding		$ 3,335,244	$ 2,524,778	$ 3,156,452
Amount Available		0	0
Carrying Amount of Collateral		3,881,693
Collateralized Loan Obligations \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		3,976,366	2,985,985
Collateralized Loan Obligations \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		3,963,970	2,983,282
Collateralized Loan Obligations \| 2021-FL2 Notes
Debt Instrument [Line Items]
Amount Outstanding		296,149	363,244
Amount Available		$ 0	$ 0
Collateralized Loan Obligations \| 2021-FL2 Notes \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.00%	1.88%
Collateralized Loan Obligations \| 2021-FL2 Notes \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 434,296	$ 483,729
Collateralized Loan Obligations \| 2021-FL2 Notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		435,710	486,756
Collateralized Loan Obligations \| 2021-FL3 Notes
Debt Instrument [Line Items]
Amount Outstanding		504,403	524,403
Amount Available		$ 0	$ 0
Collateralized Loan Obligations \| 2021-FL3 Notes \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.82%	1.81%
Collateralized Loan Obligations \| 2021-FL3 Notes \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 712,407	$ 732,398
Collateralized Loan Obligations \| 2021-FL3 Notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		699,727	727,133
Collateralized Loan Obligations \| 2024-FL9 Notes
Debt Instrument [Line Items]
Amount Outstanding		746,894	746,894
Amount Available		$ 0	$ 0
Collateralized Loan Obligations \| 2024-FL9 Notes \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.96%	1.96%
Collateralized Loan Obligations \| 2024-FL9 Notes \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 858,389	$ 804,383
Collateralized Loan Obligations \| 2024-FL9 Notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		857,492	804,328
Collateralized Loan Obligations \| 2025-FL10 Notes
Debt Instrument [Line Items]
Amount Outstanding		890,237	890,237
Amount Available		$ 0	$ 0
Collateralized Loan Obligations \| 2025-FL10 Notes \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.59%	1.59%
Collateralized Loan Obligations \| 2025-FL10 Notes \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 936,890	$ 965,475
Collateralized Loan Obligations \| 2025-FL10 Notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		936,407	965,065
Collateralized Loan Obligations \| 2026-FL11 Notes
Debt Instrument [Line Items]
Amount Outstanding		897,561
Amount Available		$ 0
Collateralized Loan Obligations \| 2026-FL11 Notes \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.61%
Collateralized Loan Obligations \| 2026-FL11 Notes \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 1,034,384
Collateralized Loan Obligations \| 2026-FL11 Notes \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		1,034,634
Line of Credit \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		2,248,570	2,671,716	1,792,193
Amount Available		2,675,439	1,899,732
Line of Credit \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		2,985,748	3,465,815
Line of Credit \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		2,977,399	3,458,323
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		1,140,914	1,063,776	$ 850,037
Amount Available		759,086	836,224
Line of Credit \| Revolving Credit Facility \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		1,344,430	1,254,839
Line of Credit \| Revolving Credit Facility \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 1,352,348	1,252,040
Line of Credit \| WF-1 Facility \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.60%
Line of Credit \| WF-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 33,597	122,554
Amount Available		466,403	$ 377,446
Line of Credit \| WF-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread			1.63%
Line of Credit \| WF-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		44,035	$ 153,974
Line of Credit \| WF-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		43,350	153,290
Line of Credit \| GS-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		347,096	344,597
Amount Available		$ 252,904	$ 255,403
Line of Credit \| GS-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.77%	1.90%
Line of Credit \| GS-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 442,395	$ 436,343
Line of Credit \| GS-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		445,401	440,812
Line of Credit \| BB-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		43,918	52,475
Amount Available		$ 656,082	$ 647,525
Line of Credit \| BB-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.50%	1.62%
Line of Credit \| BB-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 54,898	$ 67,260
Line of Credit \| BB-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		54,898	66,930
Line of Credit \| MS-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		189,600	282,306
Amount Available		$ 160,400	$ 67,694
Line of Credit \| MS-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.47%	1.55%
Line of Credit \| MS-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 236,973	$ 352,787
Line of Credit \| MS-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		237,000	352,882
Line of Credit \| RBC Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		25,288	83,123
Amount Available		$ 0	$ 0
Line of Credit \| RBC Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		0.87%	0.91%
Line of Credit \| RBC Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 25,516	$ 120,404
Line of Credit \| RBC Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		25,438	120,463
Line of Credit \| NTX-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		41,600	46,480
Amount Available		$ 158,400	$ 153,520
Line of Credit \| NTX-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.28%	1.30%
Line of Credit \| NTX-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 51,982	$ 58,075
Line of Credit \| NTX-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		52,000	58,100
Line of Credit \| BMO-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		37,120	55,612
Amount Available		$ 0	$ 0
Line of Credit \| BMO-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.60%	1.57%
Line of Credit \| BMO-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 46,384	$ 69,488
Line of Credit \| BMO-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		46,400	69,515
Line of Credit \| Lucid Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		28,161	93,261
Amount Available		$ 0	$ 0
Line of Credit \| Lucid Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		0.82%	0.83%
Line of Credit \| Lucid Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 44,082	$ 121,898
Line of Credit \| Lucid Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		43,901	123,145
Line of Credit \| WF-2 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		89,391	106,603
Amount Available		$ 124,037	$ 106,825
Line of Credit \| WF-2 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.00%	2.50%
Line of Credit \| WF-2 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 127,335	$ 149,481
Line of Credit \| WF-2 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		125,798	148,570
Line of Credit \| Finance Blue Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		32,413	32,413
Amount Available		$ 22,918	$ 22,918
Line of Credit \| Finance Blue Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.60%	1.60%
Line of Credit \| Finance Blue Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 42,936	$ 42,516
Line of Credit \| Finance Blue Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		42,735	42,932
Line of Credit \| CB-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		422,361	661,355
Amount Available		$ 336,020	$ 97,026
Line of Credit \| CB-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.91%	1.93%
Line of Credit \| CB-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 659,558	$ 900,789
Line of Credit \| CB-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		653,508	891,874
Line of Credit \| JP-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		487,006	572,217
Amount Available		$ 125,306	$ 40,095
Line of Credit \| JP-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.95%	1.95%
Line of Credit \| JP-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 620,457	$ 719,474
Line of Credit \| JP-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		617,017	716,410
Line of Credit \| CO-1 Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		377,031	218,720
Amount Available		$ 372,969	$ 131,280
Line of Credit \| CO-1 Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.35%	1.34%
Line of Credit \| CO-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 471,214	$ 273,326
Line of Credit \| CO-1 Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		471,289	273,400
Line of Credit \| Citi Facility \| Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		93,988	0
Amount Available		$ 0	0
Line of Credit \| Citi Facility \| Repurchase Agreements \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		0.63%
Line of Credit \| Citi Facility \| Repurchase Agreements \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 117,983	0
Line of Credit \| Citi Facility \| Repurchase Agreements \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 118,664	0
Line of Credit \| MM-1 Facility \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.05%
Line of Credit \| MM-1 Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 965,914	968,776
Amount Available		534,086	$ 531,224
Line of Credit \| MM-1 Facility \| Revolving Credit Facility \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread			2.05%
Line of Credit \| MM-1 Facility \| Revolving Credit Facility \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		1,344,430	$ 1,254,839
Line of Credit \| MM-1 Facility \| Revolving Credit Facility \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 1,352,348	$ 1,252,040
Line of Credit \| Barclays Facility \| SOFR
Debt Instrument [Line Items]
Debt instrument credit spread adjustment		0.10%	0.10%
Line of Credit \| Barclays Facility \| SOFR \| Subsequent Event
Debt Instrument [Line Items]
Term of extension period (in years)	1 year
Line of Credit \| Barclays Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding		$ 175,000	$ 95,000
Amount Available		$ 225,000	$ 305,000
Line of Credit \| Barclays Facility \| Revolving Credit Facility \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread			2.35%
Line of Credit \| Barclays Facility \| Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Weighted Average Spread		1.25%	1.25%
Line of Credit \| Barclays Facility \| Revolving Credit Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Weighted Average Spread		2.25%	2.25%
Line of Credit \| Barclays Facility \| Revolving Credit Facility \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 0	$ 0
Line of Credit \| Barclays Facility \| Revolving Credit Facility \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		0	0
Mortgage Loan
Debt Instrument [Line Items]
Amount Outstanding		124,700	124,700
Amount Available		$ 2,000	$ 2,000
Mortgage Loan \| Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.15%	2.15%
Mortgage Loan \| Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		$ 147,335	$ 149,083
Mortgage Loan \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 185,000	$ 185,000

Mortgage Backed Securities - Schedule of Debt Securities, Held-to-Maturity, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as Beginning balance	$ 0	$ 59	$ 108	$ 137
Increase (decrease) in CECL reserve	0	(59)	(19)	(29)
CECL reserve as of Ending balance	$ 0	$ 0	$ 89	$ 108

Real Estate - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Real Estate [Abstract]
2026 (remaining)	$ 22,261
2027	24,637
2028	16,925
2029	16,397
2030	16,709
Thereafter	6,930
Total	$ 103,859

Mortgage Backed Securities - Schedule of Available-for-Sale an Unrealized Loss Position (Details) - Commercial Mortgage Backed Securities - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Estimated Fair Value
Securities with a loss less than 12 months	$ 0	$ 0
Securities with a loss greater than 12 months	17,517	19,348
Unrealized Losses
Securities with a loss less than 12 months	0	0
Securities with a loss greater than 12 months	$ (1,705)	$ (1,496)

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following table presents the Company's financial assets and liabilities carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy:


	June 30, 2026 (Unaudited)								December 31, 2025
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial Assets
Mortgage-backed securities, at fair value	$	193,906	$	—	$	193,906	$	—	$	201,618	$	—	$	201,618	$	—
Mortgage loans held in securitization trusts, at fair value	1,754,665		—		—		1,754,665		2,654,570		—		—		2,654,570
Interest rate cap	143		—		143		—		950		—		950		—
Total	$	1,948,714	$	—	$	194,049	$	1,754,665	$	2,857,138	$	—	$	202,568	$	2,654,570

Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	$	1,614,280	$	—	$	1,614,280	$	—	$	2,408,636	$	—	$	2,408,636	$	—

The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the six months ended June 30, 2026 and 2025:


	Mortgage loans held in securitization trusts, at fair value
	Six Months Ended June 30,
	2026		2025
Fair value at beginning of period	$	2,654,570	$	1,633,589
Accretion of discount (amortization of premium)	—		—
Net realized gain (loss)	—		—
Unrealized gain (loss) in earnings(1)	(23,058)		18,282
Purchases	—		62,357
Sales and repayments	(102,942)		—
Issuances	—		—
Transfer into Level 3	—		—
Transfers out of Level 3	—		—
Consolidation of securitization trusts	—		532,214
Deconsolidation of securitization trusts	(773,905)		—
Fair value at end of period	$	1,754,665	$	2,246,442
Amount of unrealized gains (losses) attributable to assets still held at the reporting date
Included in earnings	$	(23,058)	$	18,282
Included in other comprehensive income	—		—

______________________

(1) For the six months ended June 30, 2026 and 2025, unrealized loss of $23,058 and a gain of $18,282, respectively, related to mortgage loans held in securitization trusts, at fair value was offset by unrealized loss of $22,548 and $17,304 related to mortgage obligations issued by securitization trusts, at fair value.

As of June 30, 2026, the Company utilized a discounted cash flow model, comparable precedent transactions and other market information to quantify Level 3 fair value measurements on a recurring basis. As of June 30, 2026, the key unobservable inputs used in the valuation of mortgage obligations issued by securitization trusts included a blended yield ranging from 8.86% to 12.89% (weighted average blended yield of 10.69%) and a life of 0.75 to 4.1 years (weighted average life of 2.92 years). Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs.

As discussed in Note 2 herein, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2:


	June 30, 2026 (Unaudited)						December 31, 2025
	Book Value		Face Amount		Fair Value		Book Value		Face Amount		Fair Value
Financial Assets
Cash, cash equivalents and restricted cash	$	213,373	$	213,373	$	213,373	$	352,585	$	352,585	$	352,585
Loans receivable - held-for-investment(1)	$	8,421,115	$	8,491,260	$	8,435,097	$	7,764,337	$	7,845,350	$	7,805,554
Mortgage-backed securities held-to-maturity	$	—	$	—	$	—	$	30,051	$	30,000	$	29,904
Financial Liabilities
Repurchase agreements(2)	$	2,238,780	$	2,248,570	$	2,248,570	$	2,663,928	$	2,671,717	$	2,671,717
Credit facilities(2)	$	1,121,452	$	1,140,914	$	1,140,914	$	1,042,958	$	1,063,776	$	1,063,776
Collateralized loan obligations(2)(3)	$	3,317,879	$	3,332,600	$	3,332,600	$	2,510,160	$	2,521,659	$	2,521,659
Mortgage note payable(2)	$	124,700	$	124,700	$	124,700	$	124,700	$	124,700	$	124,700

__________________

(1) Book value of loans receivable represents the face amount, net of CECL reserve, unamortized loan fees and costs and accrual of exit fees, as applicable.

(2) Book value represents the face amount, net of deferred financing costs and discount.

(3) Face value represents the face amount, net of discount.

Estimates of fair value for cash, cash equivalents and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for loans receivable, mortgage-backed securities held-to-maturity, repurchase obligations, credit facility obligations and the collateralized loan and mortgage obligations are measured using unobservable inputs, or Level 3 inputs.

CMBS, Fair Value Option

As discussed in Note 2, the Company elected the fair value option for certain CMBS mortgage loans in an effort to eliminate an accounting mismatch resulting from consolidation of the related mortgage loans held in securitization trusts. As of June 30, 2026, the fair value and unpaid principal balance of these CMBS mortgage loans, excluding the notional value of interest-only securities and before consolidation of the securitization mortgage loans, were $140,893 and $143,200, respectively. As a result of the consolidation of the mortgage loans, the total fair value balance of $1,754,665 represents the Company's economic interest in the asset. The vast majority of this fair value (all except $140,893 at June 30, 2026) is eliminated in consolidation of the related mortgage obligations before arriving at the GAAP balance for the fair value option investment securities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 07, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	000-56163
Entity Registrant Name	FS Credit Real Estate Income Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4446064
Entity Address, Address Line One	3025 JFK Boulevard, OFC 500
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19104
City Area Code	215
Local Phone Number	495-1150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001690536
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Stock Class F
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		583,911
Common Stock Class Y
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		843,658
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		640,824
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		68,239,080
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		351,208
Common Stock Class M
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,414,659
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,868,616

Mortgage Backed Securities - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Allowance for Credit Losses	$ (23,813)	$ (23,895)
Debt and Equity Securities, FV-NI [Line Items]
Variable rate	3.65%	3.69%
Commercial Mortgage Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Outstanding Face Amount	$ 48,325	$ 63,957
Amortized Cost Basis	43,985	59,677
Allowance for Credit Losses	(23,813)	(23,895)
Gross Unrealized Gains	0	96
Gross Unrealized Losses	(1,705)	(1,496)
Fair Value	$ 18,466	$ 34,382
Weighted Average - Coupon	9.35%	9.26%
Weighted Average - Maturity (years)	11 years 10 months 24 days	12 years 6 months
Debt and Equity Securities, FV-NI [Line Items]
Outstanding Face Amount	$ 181,251	$ 170,298
Amortized Cost Basis	175,227	167,197
Allowance for Credit Losses	0	0
Gross unrealized gains	925	707
Gross unrealized losses	(711)	(668)
Fair Value	$ 175,440	$ 167,236
Weighted Average - Coupon	5.63%	6.10%
Weighted Average - Maturity (years)	6 years	5 years 8 months 12 days

Derivative Instrument

6 Months Ended

Jun. 30, 2026

Summary of Derivative Instruments [Abstract]

Derivative Instrument

The Company has entered into an interest rate cap contract in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowing. The Company has not designated this derivative as a hedge for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instrument. The table below provides additional information regarding the Company's derivative instrument as of June 30, 2026.


Type of Derivative	Notional Amount		Strike		Effective Date	Maturity Date(2)	Fair Value(1)
Interest Rate Cap	$	124,700	2.25	%	July 9, 2025	July 9, 2026	$	143

__________________

(1) Included in Other assets in the Company's consolidated balance sheets.

(2) In July 2026, the Company purchased a new interest rate cap which will mature on July 9, 2027.

The following table details the change in fair value of the Company's derivative financial instrument:


Type of Derivative	Realized/Unrealized Gain (Loss)	Location of Gain (Loss) Recognized in Net Income	Three Months Ended June 30,				Six Months Ended June 30,
			2026		2025		2026		2025
Interest Rate Cap	Unrealized Loss	Other income (loss)	$	(453)	$	(631)	$	(807)	$	(1,213)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events (Details)	1 Months Ended
Subsequent Events (Details)	Aug. 14, 2026 property
Subsequent Event \| Multifamily
Subsequent Event [Line Items]
Number of properties purchased	5

Mortgage Backed Securities - Schedule of Recognize an Allowance for Available-for-Sale Securities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period	$ (23,895)
Additions on securities for which credit losses were not previously recorded	0
(Increase) decrease on securities with previously recorded credit losses	82
Allowance for credit losses at ending of period	$ (23,813)

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Principles of Consolidation

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.

Cash, Cash Equivalents and Restricted Cash

Loans Receivable

Mortgage-backed Securities

Current Expected Credit Loss ("CECL") Reserve


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

Real Estate, Held-for-Investment


Description						Depreciable Life
Building and improvements						2 to 48 years
Furniture, fixtures and equipment						1 to 10 years
Tenant improvements						Shorter of estimated useful life or lease term
Lease intangibles						Over lease term

Fair Value of Financial Instruments

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.

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.

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.

Deferred Financing Costs

Revenue Recognition

Offering Costs

Income Taxes

Uncertainty in Income Taxes

Stockholder Servicing Fees

Earnings Per Share

Derivative Instruments

Recent Accounting Pronouncements

Loans Receivable, net -Schedule of Loans Receivable Based on Internal Risk Ratings (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) loan	Dec. 31, 2025 USD ($) loan	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Loans Receivable Based on Internal Risk Ratings [Line Items]
Number of Loans \| loan	139	140
Net Book Value	$ 8,490,979	$ 7,841,607		$ 7,460,601		$ 7,496,474
Percentage	100.00%	100.00%
CECL reserve	$ (69,864)	$ (77,270)	$ (57,626)	(99,816)	$ (82,805)	$ (93,664)
Loans receivable, net	$ 8,421,115	$ 7,764,337		$ 7,360,785
1
Loans Receivable Based on Internal Risk Ratings [Line Items]
Number of Loans \| loan	0	0
Net Book Value	$ 0	$ 0
Percentage	0.00%	0.00%
2
Loans Receivable Based on Internal Risk Ratings [Line Items]
Number of Loans \| loan	0	0
Net Book Value	$ 0	$ 0
Percentage	0.00%	0.00%
3
Loans Receivable Based on Internal Risk Ratings [Line Items]
Number of Loans \| loan	121	127
Net Book Value	$ 7,338,492	$ 7,229,226
Percentage	86.00%	92.00%
4
Loans Receivable Based on Internal Risk Ratings [Line Items]
Number of Loans \| loan	10	9
Net Book Value	$ 853,404	$ 491,893
Percentage	10.00%	6.00%
5
Loans Receivable Based on Internal Risk Ratings [Line Items]
Number of Loans \| loan	8	4
Net Book Value	$ 299,083	$ 120,488
Percentage	4.00%	2.00%

Loans Receivable, net - Additional Information (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total CECL reserve	$ 731	$ 604	$ 865	$ 1,127	$ 930	$ 1,527
Unfunded loan commitments	$ 379,938		$ 332,562
Minimum \| Risk Rating, 5 \| Capitalization Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0550
Minimum \| Risk Rating, 5 \| Discount Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0750
Maximum \| Risk Rating, 5 \| Capitalization Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0925
Maximum \| Risk Rating, 5 \| Discount Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.1050
Specific CECL Reserve
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total CECL reserve	$ 0			$ 0

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2026
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company generally derives its revenues from its investment portfolio of commercial real estate debt investments. Additionally, the Company may foreclose on certain of the loans it originates and operate the property as real estate owned, the performance of which is evaluated with that of its commercial real estate debt investments. The Company’s investment portfolio is managed as a whole and resources are allocated and financial performance is assessed based on consolidated net income reported on the consolidated statement of operations by the Company’s Chief Executive Officer and the Global Head of Real Estate of the adviser, who are collectively the Company’s chief operating decision maker (“CODM”). Accordingly, the Company consists of a single operating and reportable segment. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations. The accounting policies of the Company's single reportable segment are consistent with those described in Note 2 included in these unaudited consolidated financial statements.

- Definition

The entire disclosure for segment reporting.

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Carried at Fair Value

The following table presents the Company's financial assets and liabilities carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy:


	June 30, 2026 (Unaudited)								December 31, 2025
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Financial Assets
Mortgage-backed securities, at fair value	$	193,906	$	—	$	193,906	$	—	$	201,618	$	—	$	201,618	$	—
Mortgage loans held in securitization trusts, at fair value	1,754,665		—		—		1,754,665		2,654,570		—		—		2,654,570
Interest rate cap	143		—		143		—		950		—		950		—
Total	$	1,948,714	$	—	$	194,049	$	1,754,665	$	2,857,138	$	—	$	202,568	$	2,654,570

Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	$	1,614,280	$	—	$	1,614,280	$	—	$	2,408,636	$	—	$	2,408,636	$	—

Schedule of Changes in Fair Value of Financial Assets Which are Measured at Fair Value on a Recurring Basis


	Mortgage loans held in securitization trusts, at fair value
	Six Months Ended June 30,
	2026		2025
Fair value at beginning of period	$	2,654,570	$	1,633,589
Accretion of discount (amortization of premium)	—		—
Net realized gain (loss)	—		—
Unrealized gain (loss) in earnings(1)	(23,058)		18,282
Purchases	—		62,357
Sales and repayments	(102,942)		—
Issuances	—		—
Transfer into Level 3	—		—
Transfers out of Level 3	—		—
Consolidation of securitization trusts	—		532,214
Deconsolidation of securitization trusts	(773,905)		—
Fair value at end of period	$	1,754,665	$	2,246,442
Amount of unrealized gains (losses) attributable to assets still held at the reporting date
Included in earnings	$	(23,058)	$	18,282
Included in other comprehensive income	—		—

______________________

Schedule of Carrying Amount, Face Amount, and Fair Value of Financial Instruments

The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2:


	June 30, 2026 (Unaudited)						December 31, 2025
	Book Value		Face Amount		Fair Value		Book Value		Face Amount		Fair Value
Financial Assets
Cash, cash equivalents and restricted cash	$	213,373	$	213,373	$	213,373	$	352,585	$	352,585	$	352,585
Loans receivable - held-for-investment(1)	$	8,421,115	$	8,491,260	$	8,435,097	$	7,764,337	$	7,845,350	$	7,805,554
Mortgage-backed securities held-to-maturity	$	—	$	—	$	—	$	30,051	$	30,000	$	29,904
Financial Liabilities
Repurchase agreements(2)	$	2,238,780	$	2,248,570	$	2,248,570	$	2,663,928	$	2,671,717	$	2,671,717
Credit facilities(2)	$	1,121,452	$	1,140,914	$	1,140,914	$	1,042,958	$	1,063,776	$	1,063,776
Collateralized loan obligations(2)(3)	$	3,317,879	$	3,332,600	$	3,332,600	$	2,510,160	$	2,521,659	$	2,521,659
Mortgage note payable(2)	$	124,700	$	124,700	$	124,700	$	124,700	$	124,700	$	124,700

__________________

(1) Book value of loans receivable represents the face amount, net of CECL reserve, unamortized loan fees and costs and accrual of exit fees, as applicable.

(2) Book value represents the face amount, net of deferred financing costs and discount.

(3) Face value represents the face amount, net of discount.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Real Estate

6 Months Ended

Jun. 30, 2026

Real Estate [Abstract]

Real Estate

Investments in real estate, held-for-investment, consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)		December 31, 2025
Building and building improvements	$	402,161	$	323,519
Land and land improvements	114,824		91,318
Furniture, fixtures and equipment	8,576		7,312
In-place lease intangibles	52,188		47,952
Total	577,749		470,101
Accumulated depreciation and amortization	(63,325)		(46,738)
Investments in real estate, held-for-investment	$	514,424	$	423,363

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


	Amortization
2026 (remaining)	$	2,031
2027	5,098
2028	3,879
2029	3,803
2030	3,010
Thereafter	1,519
Total	$	19,340

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
2026 (remaining)	$	22,261
2027	24,637
2028	16,925
2029	16,397
2030	16,709
Thereafter	6,930
Total	$	103,859

Investments in Real Estate, Held-for-Sale

Investments in real estate, held-for-sale as of June 30, 2026, included three multifamily properties located in Antioch, TN, Doraville, GA, and Philadelphia, PA with an aggregate carrying value of $116,851. 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 estimated costs to sell.

During the six months ended June 30, 2026, the Company determined that an investment in real estate previously classified as held-for-sale no longer met the criteria for held‑for‑sale accounting due to the Company’s revised disposition strategy. Accordingly, the property was reclassified to held-for-investment and measured at the lower of its carrying amount prior to held‑for‑sale classification, adjusted for depreciation that would have been recognized, or its fair value at the reclassification date. The resulting carrying amount did not give rise to an impairment loss during the period. Depreciation and amortization expense related to the property resumed prospectively upon reclassification. The value of the asset immediately following reclassification to held-for-investment was $99,634. The remeasurement upon reclassification included a reduction of $6,320 related to depreciation and amortization that would have been recognized had the property been classified as held-for-investment since acquisition. This adjustment was recorded within depreciation and amortization expense within the Consolidated Income Statement.

Related Party Transactions - Schedule of Fees and Expenses Accrued under Advisory Agreement (Details) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 01, 2022	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Base Management Fee		$ 9,260,000	$ 9,174,000	$ 18,616,000	$ 18,438,000
Total		27,281,000	19,673,000	48,587,000	40,126,000
Performance contingent rights issued				17,200,000	0
Related Party \| FS Real Estate Advisor
Related Party Transaction [Line Items]
Base Management Fee		9,260,000	9,174,000	18,616,000	18,438,000
Performance Fee		0	0	0	0
Administrative Services Fee		7,459,000	7,352,000	14,919,000	14,764,000
Payment for management fees				3,964,000	18,657,000
Performance contingent rights issued				17,200,000
Management fees payable		1,416,000		1,416,000
Performance fees payable		0		$ 0
Administrative service fee percentage	1.00%			1.00%
Related Party \| Rialto
Related Party Transaction [Line Items]
Valuation Services Fees		0	0	$ 0	104,000
Payment of valuation service fees				0	219,000
Related Party \| FS Real Estate Advisor or Rialto
Related Party Transaction [Line Items]
Origination and Other Fees		$ 10,562,000	$ 3,147,000	$ 15,052,000	$ 6,820,000

Mortgage Backed Securities - Schedule of Investment Held-to-Maturity CMBS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Schedule of Held-to-Maturity Securities [Line Items]
Credit Loss Allowance	$ 0	$ 0	$ (59)	$ (89)	$ (108)	$ (137)
Net Carrying Amount	$ 0		30,051
Commercial Mortgage Backed Securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost Basis			30,110
Credit Loss Allowance			(59)
Net Carrying Amount			30,051
Gross Unrecognized Holding Gains			0
Gross Unrecognized Holding Losses			(147)
Fair Value			$ 29,904

- Definition

Amount excluding accrued interest, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity).

+ References + Details

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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+ Details

Stockholder's Equity - Schedule of Common Stock Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,797,445	$ 2,728,424	$ 2,816,706	$ 2,767,650
Issuance of common stock	73,661	97,345	165,030	221,078
Reinvestment of distributions	25,335	26,248	$ 51,402	$ 53,282
Repurchases of common stock (in shares)			(10,472,702)	(12,419,312)
Repurchases of common stock	(108,482)	(119,125)	$ (255,648)	$ (305,583)
Ending balance	$ 2,769,449	$ 2,712,913	$ 2,769,449	$ 2,712,913
Common Stock Class F
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			583,372
Balance at end of period (in shares)	582,636		582,636
Common Stock Class Y
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			843,658
Balance at end of period (in shares)	843,658		843,658
Common Stock Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			695,928
Balance at end of period (in shares)	664,169		664,169
Common Stock Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			67,157,395
Balance at end of period (in shares)	66,581,300		66,581,300
Common Stock Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			372,610
Balance at end of period (in shares)	354,021		354,021
Common Stock Class M
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			3,864,662
Balance at end of period (in shares)	3,421,662		3,421,662
Common Stock Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			49,713,386
Balance at end of period (in shares)	49,312,173		49,312,173
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			123,231,011	120,486,866
Beginning balance			$ 2,893,133	$ 2,835,424
Issuance of common stock (in shares)			6,854,270	9,102,865
Issuance of common stock			$ 165,030	$ 221,078
Reinvestment of distributions (in shares)			2,128,857	2,155,174
Reinvestment of distributions			$ 51,402	$ 53,282
Repurchases of common stock (in shares)			(10,472,702)	(12,419,312)
Repurchases of common stock			$ (255,648)	$ (305,583)
Transfers in or out (in shares)			18,183	25,419
Transfers in or out			$ 2,100	$ 0
Accrued stockholder servicing fees			$ (823)	$ (514)
Balance at end of period (in shares)	121,759,619	119,351,012	121,759,619	119,351,012
Ending balance	$ 2,855,194	$ 2,803,687	$ 2,855,194	$ 2,803,687
Common Stock \| Common Stock Class F
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			583,372	729,680
Beginning balance			$ 14,099	$ 17,798
Issuance of common stock (in shares)			0	0
Issuance of common stock			$ 0	$ 0
Reinvestment of distributions (in shares)			7,706	11,312
Reinvestment of distributions			$ 194	$ 287
Repurchases of common stock (in shares)			(8,442)	(151,961)
Repurchases of common stock			$ (212)	$ (3,843)
Transfers in or out (in shares)			0	0
Transfers in or out			$ 0	$ 0
Accrued stockholder servicing fees			$ 0	$ 0
Balance at end of period (in shares)	582,636	589,031	582,636	589,031
Ending balance	$ 14,081	$ 14,242	$ 14,081	$ 14,242
Common Stock \| Common Stock Class Y
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			843,658	843,658
Beginning balance			$ 20,849	$ 20,849
Issuance of common stock (in shares)			0	0
Issuance of common stock			$ 0	$ 0
Reinvestment of distributions (in shares)			0	0
Reinvestment of distributions			$ 0	$ 0
Repurchases of common stock (in shares)			0	0
Repurchases of common stock			$ 0	$ 0
Transfers in or out (in shares)			0	0
Transfers in or out			$ 0	$ 0
Accrued stockholder servicing fees			$ 0	$ 0
Balance at end of period (in shares)	843,658	843,658	843,658	843,658
Ending balance	$ 20,849	$ 20,849	$ 20,849	$ 20,849
Common Stock \| Common Stock Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			695,928	825,192
Beginning balance			$ 17,623	$ 20,848
Issuance of common stock (in shares)			44,424	25,176
Issuance of common stock			$ 995	$ 624
Reinvestment of distributions (in shares)			10,317	10,346
Reinvestment of distributions			$ 251	$ 256
Repurchases of common stock (in shares)			(16,135)	(8,448)
Repurchases of common stock			$ (106)	$ (401)
Transfers in or out (in shares)			(70,365)	(66,239)
Transfers in or out			$ (1,921)	$ (1,447)
Accrued stockholder servicing fees			$ (53)	$ (25)
Balance at end of period (in shares)	664,169	786,027	664,169	786,027
Ending balance	$ 16,789	$ 19,855	$ 16,789	$ 19,855
Common Stock \| Common Stock Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			67,157,395	64,784,166
Beginning balance			$ 1,553,005	$ 1,501,235
Issuance of common stock (in shares)			3,991,881	4,682,603
Issuance of common stock			$ 99,423	$ 117,208
Reinvestment of distributions (in shares)			1,122,622	1,121,461
Reinvestment of distributions			$ 27,804	$ 28,298
Repurchases of common stock (in shares)			(5,405,896)	(5,679,558)
Repurchases of common stock			$ (134,850)	$ (142,004)
Transfers in or out (in shares)			(284,702)	(207,213)
Transfers in or out			$ (6,811)	$ (5,432)
Accrued stockholder servicing fees			$ (1,360)	$ (1,520)
Balance at end of period (in shares)	66,581,300	64,701,459	66,581,300	64,701,459
Ending balance	$ 1,537,211	$ 1,497,785	$ 1,537,211	$ 1,497,785
Common Stock \| Common Stock Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			372,610	442,779
Beginning balance			$ 9,402	$ 11,165
Issuance of common stock (in shares)			19,662	62,530
Issuance of common stock			$ 484	$ 1,554
Reinvestment of distributions (in shares)			4,679	5,633
Reinvestment of distributions			$ 115	$ 140
Repurchases of common stock (in shares)			(16,046)	(22,208)
Repurchases of common stock			$ (27)	$ (921)
Transfers in or out (in shares)			(26,884)	(86,215)
Transfers in or out			$ (1,030)	$ (1,774)
Accrued stockholder servicing fees			$ (6)	$ (17)
Balance at end of period (in shares)	354,021	402,519	354,021	402,519
Ending balance	$ 8,938	$ 10,147	$ 8,938	$ 10,147
Common Stock \| Common Stock Class M
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			3,864,662	4,638,955
Beginning balance			$ 90,585	$ 108,466
Issuance of common stock (in shares)			54,063	141,507
Issuance of common stock			$ 1,563	$ 3,798
Reinvestment of distributions (in shares)			37,516	48,069
Reinvestment of distributions			$ 427	$ 1,196
Repurchases of common stock (in shares)			(405,239)	(455,842)
Repurchases of common stock			$ (9,998)	$ (11,350)
Transfers in or out (in shares)			(129,340)	(470,302)
Transfers in or out			$ (3,192)	$ (11,720)
Accrued stockholder servicing fees			$ 596	$ 1,048
Balance at end of period (in shares)	3,421,662	3,902,387	3,421,662	3,902,387
Ending balance	$ 79,981	$ 91,438	$ 79,981	$ 91,438
Common Stock \| Common Stock Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			49,713,386	48,222,436
Beginning balance			$ 1,187,570	$ 1,155,063
Issuance of common stock (in shares)			2,744,240	4,191,049
Issuance of common stock			$ 62,565	$ 97,894
Reinvestment of distributions (in shares)			946,017	958,353
Reinvestment of distributions			$ 22,611	$ 23,105
Repurchases of common stock (in shares)			(4,620,944)	(6,101,295)
Repurchases of common stock			$ (110,455)	$ (147,064)
Transfers in or out (in shares)			529,474	855,388
Transfers in or out			$ 15,054	$ 20,373
Accrued stockholder servicing fees			$ 0	$ 0
Balance at end of period (in shares)	49,312,173	48,125,931	49,312,173	48,125,931
Ending balance	$ 1,177,345	$ 1,149,371	$ 1,177,345	$ 1,149,371

Mortgage Backed Securities - Schedule of Maturities of Investment Held-to-Maturity CMBS (Details) - Commercial Mortgage Backed Securities $ in Thousands	Dec. 31, 2025 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Total	$ 30,110
Less than 1 year	0
1-3 years	30,110
3-5 years	0
More than 5 years	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Real Estate - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real Estate [Line Items]
Total	$ 577,749	$ 470,101
Accumulated depreciation and amortization	(63,325)	(46,738)
Investments in real estate, held-for-investment	514,424	423,363
In-place lease intangibles
Real Estate [Line Items]
Total	52,188	47,952
Building and building improvements
Real Estate [Line Items]
Total	402,161	323,519
Land and land improvements
Real Estate [Line Items]
Total	114,824	91,318
Furniture, fixtures and equipment
Real Estate [Line Items]
Total	$ 8,576	$ 7,312

Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 174,100

$ 265,361

Restricted cash

39,273

87,224

Loans receivable, held-for-investment, net of credit loss allowances of $69,864 and $77,270

8,421,115

7,764,337

Mortgage-backed securities held-to-maturity, net of credit loss allowances of $0 and $59

30,051

Mortgage-backed securities, at fair value, credit loss allowances of $23,813 and $23,895

193,906

201,618

Investments in real estate, held-for-investment

514,424

423,363

Investments in real estate, held-for-sale

116,851

223,167

Receivable for investments sold and repaid

44,794

19,833

Interest receivable

100,331

72,964

Other assets

16,287

16,656

Mortgage loans held in securitization trusts, at fair value

1,754,665

2,654,570

Total assets

^[1]

11,375,746

11,759,144

Liabilities

Collateralized loan obligations, net

3,317,879

2,510,160

Repurchase agreements payable, net

2,238,780

2,663,928

Credit facilities payable, net

1,121,452

1,042,958

Mortgage note payable, net

124,700

Due to related party

86,901

92,921

Interest payable

15,034

25,185

Payable for shares repurchased

29,796

38,573

Other liabilities

57,475

35,377

Mortgage obligations issued by securitization trusts, at fair value

1,614,280

2,408,636

Total liabilities

^[1]

8,606,297

8,942,438

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

Additional paid-in capital

2,968,627

2,977,770

Accumulated other comprehensive income (loss)

(1,707)

(1,401)

Retained earnings (accumulated deficit)

(198,689)

(160,896)

Total stockholders' equity

2,769,449

2,816,706

Total liabilities and stockholders' equity

11,375,746

11,759,144

Common Stock Class F

Stockholders' equity

Common stock

Common Stock Class Y

Stockholders' equity

Common stock

Common Stock Class T

Stockholders' equity

Common stock

Common Stock Class S

Stockholders' equity

Common stock

666

672

Common Stock Class D

Stockholders' equity

Common stock

Common Stock Class M

Stockholders' equity

Common stock

Common Stock Class I

Stockholders' equity

Common stock

$ 493

$ 497

[1]

Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) property	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) property	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Real Estate [Line Items]
Investments in real estate, carrying amount	$ 116,851		$ 116,851		$ 223,167
Investments in real estate, held-for-investment	514,424		514,424		$ 423,363
Real estate depreciation and amortization	4,942	$ 4,364	16,587	$ 10,842
Investment In Real Estate, Held-for-Sale, Transferred To Held-for-Investment
Real Estate [Line Items]
Investments in real estate, held-for-investment	$ 99,634		99,634
Real estate depreciation and amortization			$ 6,320
Multifamily
Real Estate [Line Items]
Number of properties \| property	3		3
Investments in real estate, carrying amount	$ 116,851		$ 116,851

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-SubTopic 40
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Stockholders' Equity - Schedule of Cash Distributions Per Share that Paid on its Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						3 Months Ended		6 Months Ended
	Mar. 31, 2026	Feb. 28, 2026	Jan. 31, 2026	Jun. 30, 2025	May 31, 2025	Apr. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Distributions:
Paid or payable in cash							$ 27,132	$ 26,949	$ 54,939	$ 54,103
Reinvested in shares							25,335	26,248	51,402	53,282
Total distributions							52,467	53,197	106,341	107,385
Cash flows from operating activities							52,467	53,197	106,341	107,385
Offering proceeds							0	0	0	0
Total sources of distributions							52,467	53,197	106,341	107,385
Net cash provided by (used in) operating activities							$ 58,763	$ 48,336	$ 96,457	$ 87,430
Distribution, percent funded by cash flows from operating activities							100.00%		100.00%
Class F
Dividends Payable [Line Items]
Distributions paid per share of common stock (in dollars per share)	$ 0.1736	$ 0.1736	$ 0.1799	$ 0.1736	$ 0.1736	$ 0.1736			$ 1.0479
Class Y
Dividends Payable [Line Items]
Distributions paid per share of common stock (in dollars per share)	0.1739	0.1739	0.1799	0.1739	0.1739	0.1739			1.0494
Class T
Dividends Payable [Line Items]
Distributions paid per share of common stock (in dollars per share)	0.1300	0.1300	0.1362	0.1300	0.1300	0.1300			0.7862
Class S
Dividends Payable [Line Items]
Distributions paid per share of common stock (in dollars per share)	0.1300	0.1300	0.1362	0.1300	0.1300	0.1300			0.7862
Class D
Dividends Payable [Line Items]
Distributions paid per share of common stock (in dollars per share)	0.1415	0.1415	0.1477	0.1415	0.1415	0.1415			0.8552
Class M
Dividends Payable [Line Items]
Distributions paid per share of common stock (in dollars per share)	0.1415	0.1415	0.1477	0.1415	0.1415	0.1415			0.8552
Class I
Dividends Payable [Line Items]
Distributions paid per share of common stock (in dollars per share)	$ 0.1479	$ 0.1479	$ 0.1539	$ 0.1479	$ 0.1479	$ 0.1479			$ 0.8934

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net interest income
Interest income	$ 147,220	$ 162,427	$ 296,514	$ 324,953
Less: Interest expense	(93,318)	(97,639)	(184,902)	(202,453)
Interest income on mortgage loans held in securitization trusts	35,028	34,954	71,363	64,073
Less: Interest expense on mortgage obligations issued by securitization trusts	(30,492)	(30,684)	(62,118)	(56,503)
Net interest income	58,438	69,058	120,857	130,070
Other expenses
Management fee	9,260	9,174	18,616	18,438
General and administrative expenses	10,774	12,393	22,056	24,183
Real estate operating expenses	10,994	8,336	22,594	15,973
Depreciation and amortization	4,942	4,364	16,587	10,842
Interest expense on real estate	1,871	2,040	3,642	4,057
Less: Expense limitation	0	(1,247)	0	(1,589)
Add: Expense recoupment to sponsor	467	0	543	0
Net other expenses	38,308	35,060	84,038	71,904
Other income (loss)
Credit loss expense, net	(12,339)	(16,853)	7,680	(6,152)
Real estate operating income	14,796	12,900	28,648	22,428
Net change in unrealized gain (loss) on interest rate cap	(453)	(631)	(807)	(1,213)
Net change in unrealized gain (loss) on mortgage-backed securities, fair value option	(128)	(954)	174	(796)
Net unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net	(467)	1,223	(3,037)	370
Net unrealized gain (loss) on real estate, held-for-sale	(850)	(2,342)	(362)	(2,342)
Total other income (loss)	559	(6,657)	32,296	12,295
Net income before income taxes	20,689	27,341	69,115	70,461
Income tax expense	(270)	(261)	(559)	(741)
Net income	20,419	27,080	68,556	69,720
Preferred stock dividends	(4)	(4)	(8)	(8)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 20,415	$ 27,076	$ 68,548	$ 69,712
Per share information—basic and diluted
Net income per share of common stock - basic (in dollars per share)	$ 0.17	$ 0.23	$ 0.56	$ 0.57
Net income per share of common stock - diluted (in dollars per share)	$ 0.16	$ 0.22	$ 0.54	$ 0.56
Weighted average common stock outstanding - basic (in shares)	122,701,902	119,976,846	123,502,653	121,239,780
Weighted average common stock outstanding - diluted (in shares)	126,325,835	122,396,378	127,039,129	123,492,967

Stockholder's Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

Below is a summary of transactions with respect to shares of the Company's common stock during the six months ended June 30, 2026 and 2025:


	Shares
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2025	583,372		843,658		695,928		67,157,395		372,610		3,864,662		49,713,386		123,231,011
Issuance of common stock	—		—		44,424		3,991,881		19,662		54,063		2,744,240		6,854,270
Reinvestment of distributions	7,706		—		10,317		1,122,622		4,679		37,516		946,017		2,128,857
Repurchases of common stock	(8,442)		—		(16,135)		(5,405,896)		(16,046)		(405,239)		(4,620,944)		(10,472,702)
Transfers in or out	—		—		(70,365)		(284,702)		(26,884)		(129,340)		529,474		18,183
Balance as of June 30, 2026	582,636		843,658		664,169		66,581,300		354,021		3,421,662		49,312,173		121,759,619

	Amount
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2025	$	14,099	$	20,849	$	17,623	$	1,553,005	$	9,402	$	90,585	$	1,187,570	$	2,893,133
Issuance of common stock	—		—		995		99,423		484		1,563		62,565		165,030
Reinvestment of distributions	194		—		251		27,804		115		427		22,611		51,402
Repurchases of common stock	(212)		—		(106)		(134,850)		(27)		(9,998)		(110,455)		(255,648)
Transfers in or out	—		—		(1,921)		(6,811)		(1,030)		(3,192)		15,054		2,100
Accrued stockholder servicing fees(1)	—		—		(53)		(1,360)		(6)		596		—		(823)
Balance as of June 30, 2026	$	14,081	$	20,849	$	16,789	$	1,537,211	$	8,938	$	79,981	$	1,177,345	$	2,855,194


	Shares
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2024	729,680		843,658		825,192		64,784,166		442,779		4,638,955		48,222,436		120,486,866
Issuance of common stock	—		—		25,176		4,682,603		62,530		141,507		4,191,049		9,102,865
Reinvestment of distributions	11,312		—		10,346		1,121,461		5,633		48,069		958,353		2,155,174
Repurchases of common stock	(151,961)		—		(8,448)		(5,679,558)		(22,208)		(455,842)		(6,101,295)		(12,419,312)
Transfers in or out	—		—		(66,239)		(207,213)		(86,215)		(470,302)		855,388		25,419
Balance as of June 30, 2025	589,031		843,658		786,027		64,701,459		402,519		3,902,387		48,125,931		119,351,012

	Amount
	Class F		Class Y		Class T		Class S		Class D		Class M		Class I		Total
Balance as of December 31, 2024	$	17,798	$	20,849	$	20,848	$	1,501,235	$	11,165	$	108,466	$	1,155,063	$	2,835,424
Issuance of common stock	—		—		624		117,208		1,554		3,798		97,894		221,078
Reinvestment of distributions	287		—		256		28,298		140		1,196		23,105		53,282
Repurchases of common stock	(3,843)		—		(401)		(142,004)		(921)		(11,350)		(147,064)		(305,583)
Transfers in or out	—		—		(1,447)		(5,432)		(1,774)		(11,720)		20,373		—
Accrued stockholder servicing fees(1)	—		—		(25)		(1,520)		(17)		1,048		—		(514)
Balance as of June 30, 2025	$	14,242	$	20,849	$	19,855	$	1,497,785	$	10,147	$	91,438	$	1,149,371	$	2,803,687

_______________________

Share Repurchase Plan

The Company has adopted an amended and restated share repurchase plan, (the "Share Repurchase Plan"), whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The repurchase of shares is limited to no more than 2% of the Company's aggregate NAV per month of all classes of shares then participating in the Share Repurchase Plan and no more than 5% of the Company's aggregate NAV per calendar quarter of all classes of shares then participating in the Share Repurchase Plan, which means that in any 12-month period, the Company limits repurchases to approximately 20% of the

total NAV of all classes of shares then participating in the Share Repurchase Plan. The Company's board of directors may modify, suspend or terminate the Share Repurchase Plan if it deems such action to be in the Company's best interest and the best interest of its stockholders. During the six months ended June 30, 2026 and 2025, the Company repurchased 10,472,702 and 12,419,312, respectively, shares of common stock under its Share Repurchase Plan representing a total of $255,648 and $305,583, respectively. In March 2026, the Company received repurchase requests equal to 2.10%, of its aggregate NAV of all classes of shares then participating in its Share Repurchase Plan as of the last calendar day of the previous calendar month. Further, the cumulative repurchase requests for the first quarter of 2026 did not exceed 5% of the Company's aggregate NAV of all classes of shares then participating in its Share Repurchase Plan as of the last calendar day of the previous calendar quarter. The Company's board of directors, including all of its independent directors, unanimously authorized repurchases in excess of its 2% monthly repurchase limitation for March 2026 such that 100% of share repurchase requests timely received in March 2026 and the first quarter of 2026 were satisfied. The Company had no unfulfilled repurchase requests during the six months ended June 30, 2026 or 2025, respectively.

Distribution Reinvestment Plan

Pursuant to the Company's distribution reinvestment plan, holders of shares of any class of the Company's common stock may elect to have their cash distributions reinvested in additional shares of the Company's common stock. The purchase price for shares pursuant to the distribution reinvestment plan will be equal to the transaction price for such shares at the time the distribution is payable.

Distributions

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Dividends are paid first to the holders of the Company's Series A preferred stock at the rate of 12.0% per annum plus all accumulated and unpaid dividends thereon, and then to the holders of the Company's common stock. All distributions will be made at the discretion of the Company's board of directors and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors that the Company's board of directors deems relevant.

The following table reflects the cash distributions per share that the Company paid on its common stock during the six months ended June 30, 2026:


Record Date	Class F		Class Y		Class T		Class S		Class D		Class M		Class I
January 29, 2026	$	0.1799	$	0.1799	$	0.1362	$	0.1362	$	0.1477	$	0.1477	$	0.1539
February 26, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
March 30, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
April 29, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
May 28, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479
June 29, 2026	0.1736		0.1739		0.1300		0.1300		0.1415		0.1415		0.1479



Total	$	1.0479	$	1.0494	$	0.7862	$	0.7862	$	0.8552	$	0.8552	$	0.8934

The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and six months ended June 30, 2026, and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Distributions:
Paid or payable in cash	$	27,132	$	26,949	$	54,939	$	54,103
Reinvested in shares	25,335		26,248		51,402		53,282
Total distributions	$	52,467	$	53,197	$	106,341	$	107,385
Source of distributions:
Cash flows from operating activities(1)	$	52,467	$	53,197	$	106,341	107,385

Offering proceeds	—		—		—		—
Total sources of distributions	$	52,467	$	53,197	$	106,341	$	107,385
Net cash provided by (used in) operating activities	$	58,763	$	48,336	$	96,457	$	87,430

_______________________

(1) As of June 30, 2026, the Company's inception to date cash flows from operating activities have funded 100% of its distributions.

The Company currently declares and pays regular cash distributions on a monthly basis. The Company’s board of directors previously authorized regular monthly cash distributions for July 2026 for each class of its outstanding common stock in the net distribution amounts per share set forth below:



Class F		Class Y		Class T		Class S		Class D		Class M		Class I
$	0.1736	$	0.1739	$	0.1300	$	0.1300	$	0.1415	$	0.1415	$	0.1479

The distributions for each class of outstanding common stock have been or will be paid monthly to stockholders of record as of the monthly record dates previously determined by the Company's board of directors. These distributions have been or will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan.

Earnings per Share

The Company's net income (loss) and weighted average shares outstanding for the three and six months ended June 30, 2026 and 2025 consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$	20,415	$	27,076	$	68,548	$	69,712

Denominator:
Weighted average common stock outstanding - basic	122,701,902		119,976,846		123,502,653		121,239,780
Weighted average common stock outstanding - diluted(1)	126,325,835		122,396,378		127,039,129		123,492,967

Net income per share of common stock - basic	$	0.17	$	0.23	$	0.56	$	0.57
Net income per share of common stock - diluted	$	0.16	$	0.22	$	0.54	$	0.56

______________________

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage-backed securities, at fair value	$ 193,906	$ 201,618
Mortgage loans held in securitization trusts, at fair value	1,754,665	2,654,570
Mortgage loans held in securitization trusts, at fair value \| Commercial Mortgage Backed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage-backed securities, at fair value	140,893
Debt instrument, face amount	143,200
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held in securitization trusts, at fair value	$ 1,754,665	$ 2,654,570
Measurement Input, Expected Term \| Level 3 \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0886
Derivative liability weighted average blended yield term	9 months
Measurement Input, Expected Term \| Level 3 \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.1289
Derivative liability weighted average blended yield term	4 years 1 month 6 days
Measurement Input, Expected Term \| Level 3 \| Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.1069
Derivative liability weighted average blended yield term	2 years 11 months 1 day

Derivative Instrument - Schedule of Fair Value of the Company Derivative Financial Instrument (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Summary of Derivative Instruments [Abstract]
Unrealized Loss	$ (453)	$ (631)	$ (807)	$ (1,213)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Financing Arrangements

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Financing Arrangements

The following tables present summary information with respect to the Company's outstanding financing arrangements as of June 30, 2026 and December 31, 2025.


	As of June 30, 2026 (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	+2.00%(3)	$	296,149	$	—	May 5, 2038	$	434,296	$	435,710
2021-FL3 Notes	+1.82%(3)	504,403		—		November 4, 2036	712,407		699,727
2024-FL9 Notes	+1.96%(3)	746,894		—		October 21, 2039	858,389		857,492
2025-FL10 Notes	+1.59%(3)	890,237		—		August 19, 2042	936,890		936,407
2026-FL11 Notes	+1.61%(3)	897,561		—		January 20, 2044	1,034,384		1,034,634
		3,335,244		—			3,976,366		3,963,970
Repurchase Agreements
WF-1 Facility	+1.60%(4)	33,597		466,403		November 26, 2026	44,035		43,350
GS-1 Facility	+1.77%(5)	347,096		252,904		April 25, 2028	442,395		445,401
BB-1 Facility	+1.50%(3)	43,918		656,082		February 21, 2029	54,898		54,898
MS-1 Facility	+1.47%(4)	189,600		160,400		December 9, 2030	236,973		237,000
RBC Facility	+0.87%(6)	25,288		—		N/A	25,516		25,438
NTX-1 Facility	+1.28%(4)	41,600		158,400		December 29, 2029	51,982		52,000
BMO-1 Facility	+1.60%(4)	37,120		—		April 17, 2028	46,384		46,400
Lucid Facility	+0.82%	28,161		—		N/A	44,082		43,901
WF-2 Facility	+2.00%(4)	89,391		124,037		October 18, 2026	127,335		125,798
Finance Blue Facility	+1.60%(4)	32,413		22,918		February 17, 2028	42,936		42,735
CB-1 Facility	+1.91%(4)	422,361		336,020		September 9, 2028	659,558		653,508
JP-1 Facility	+1.95%(4)	487,006		125,306		October 15, 2030	620,457		617,017
CO-1 Facility	+1.35%(4)	377,031		372,969		November 19, 2027	471,214		471,289
Citi Facility	+0.63%	93,988		—		N/A	117,983		118,664
		2,248,570		2,675,439			2,985,748		2,977,399
Revolving Credit Facility
MM-1 Facility	+2.05%(7)	965,914		534,086		September 17, 2034	1,344,430		1,352,348
Barclays Facility	(8)	175,000		225,000		April 24, 2027	—		—
		1,140,914		759,086			1,344,430		1,352,348

Mortgage Loan	++2.15%(7)	124,700		2,000		July 9, 2026(9)	147,335		185,000
Total		$	6,849,428	$	3,436,525		$	8,453,879	$	8,478,717

________________

(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) 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.

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

(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 July 2026, the Company extended the mortgage loan one year to July 9, 2027.


	As of December 31, 2025
Arrangement	Weighted Average Interest Rate(1)	Amount Outstanding(2)		Amount Available		Maturity Date	Carrying Amount of Collateral		Fair Value of Collateral
Collateralized Loan Obligations
2021-FL2 Notes	+1.88%(3)	$	363,244	$	—	May 5, 2038	$	483,729	$	486,756
2021-FL3 Notes	+1.81%(3)	524,403		—		November 4, 2036	732,398		727,133
2024-FL9 Notes	+1.96%(3)	746,894		—		October 21, 2039	804,383		804,328
2025-FL10 Notes	+1.59%(3)	890,237		—		August 19, 2042	965,475		965,065
		2,524,778		—			2,985,985		2,983,282
Repurchase Agreements
WF-1 Facility	+1.63%(4)	122,554		377,446		November 26, 2026	153,974		153,290
GS-1 Facility	+1.90%(5)	344,597		255,403		April 25, 2028	436,343		440,812
BB-1 Facility	+1.62%(4)	52,475		647,525		February 21, 2028	67,260		66,930
MS-1 Facility	+1.55%(4)	282,306		67,694		December 9, 2030	352,787		352,882
RBC Facility	+0.91%(6)	83,123		—		N/A	120,404		120,463
NTX-1 Facility	+1.30%(4)	46,480		153,520		December 29, 2029	58,075		58,100
BMO-1 Facility	+1.57%(3)	55,612		—		April 16, 2027	69,488		69,515
Lucid Facility	+0.83%	93,261		—		N/A	121,898		123,145
WF-2 Facility	+2.50%(4)	106,603		106,825		October 21, 2026	149,481		148,570
Finance Blue Facility	+1.60%(4)	32,413		22,918		February 17, 2028	42,516		42,932
CB-1 Facility	+1.93%(4)	661,355		97,026		September 9, 2028	900,789		891,874
JP-1 Facility	+1.95%(4)	572,217		40,095		October 15, 2030	719,474		716,410
CO-1 Facility	+1.34%(4)	218,720		131,280		November 19, 2026	273,326		273,400
Citi Facility		—		—		N/A	—		—
		2,671,716		1,899,732			3,465,815		3,458,323
Revolving Credit Facilities
MM-1 Facility	+2.05%(7)	968,776		531,224		September 17, 2034	1,254,839		1,252,040
Barclays Facility	+2.35%(8)	95,000		305,000		April 24, 2027	—		—
		1,063,776		836,224			1,254,839		1,252,040

Mortgage Loan	+2.15%(7)	124,700		2,000		July 9, 2026	149,083		185,000
Total		$	6,384,970	$	2,737,956		$	7,855,722	$	7,878,645

_______________________

(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) 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.

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

The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2026 were $6,514,371 and 5.52%, respectively. The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the year ended December 31, 2025 were $5,827,732 and 6.24%, respectively.

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 June 30, 2026 and December 31, 2025.

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 June 30, 2026 based on the maturity date of each financing arrangement:


	Collateralized Loan Obligations(1)		Repurchase Agreements		Revolving Credit Facilities		Mortgage Loan		Total
2026	$	260,655	$	270,425	$	—	$	124,700	$	655,780
2027	573,925		377,031		175,000		—		1,125,956
2028	299,809		838,990		—		—		1,138,799
2029	273,702		85,518		—		—		359,220
2030	1,282,078		676,606		—		—		1,958,684
Thereafter	645,075		—		965,914		—		1,610,989
Total	$	3,335,244	$	2,248,570	$	1,140,914	$	124,700	$	6,849,428

_______________________

(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, 2024-FL9, 2025-FL10 and 2026-FL11, 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 June 30, 2026 (Unaudited)
Collateral Assets	Total Count	Principal Balance
2021-FL2(1)	13	$	338,999
2021-FL3	18	712,448
2024-FL9	21	858,499
2025-FL10	23	937,094
2026-FL11	23	1,034,653
Total	98	$	3,881,693

_______________________

(1) As of June 30, 2026 2021-FL2 held full ownership of three investments in real estate for a total carrying value of $95,317.

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:


	June 30,
	2026		2025
Face value	$	3,335,244	$	3,156,452
Unamortized deferred financing costs	(14,721)		(16,936)
Unamortized discount	(2,644)		(3,606)
Net book value	$	3,317,879	$	3,135,910

Repurchase Agreements

The Company has entered into and maintains in effect fourteen 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"), Lucid Prime Fund ( the "Lucid Facility"), JP Morgan Chase Bank, N.A. (the JP-1 Facility”), Capital One, N.A. (the “CO-1 Facility”), and CitiGroup Global Markets (the "Citi 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.


	June 30,
	2026		2025
Face value	$	2,248,570	$	1,792,193
Unamortized deferred financing costs	(9,790)		(4,669)
Net book value	$	2,238,780	$	1,787,524

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.


	June 30,
	2026		2025
Face value	$	1,140,914	$	850,037
Unamortized deferred financing costs	(19,462)		(9,890)
Net book value	$	1,121,452	$	840,147

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.


	June 30,
	2026		2025
Face value	$	124,700	$	124,700
Unamortized deferred financing costs	—		—
Net book value	$	124,700	$	124,700

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financing Arrangements - Schedule of Repayment for Secured Financings Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Debt Instrument [Line Items]
2026	$ 655,780
2027	1,125,956
2028	1,138,799
2029	359,220
2030	1,958,684
Thereafter	1,610,989
Total	6,849,428	$ 6,384,970
Collateralized Loan Obligations
Debt Instrument [Line Items]
2026	260,655
2027	573,925
2028	299,809
2029	273,702
2030	1,282,078
Thereafter	645,075
Total	3,335,244	2,524,778	$ 3,156,452
Line of Credit \| Repurchase Agreements
Debt Instrument [Line Items]
2026	270,425
2027	377,031
2028	838,990
2029	85,518
2030	676,606
Thereafter	0
Total	2,248,570	2,671,716	1,792,193
Line of Credit \| Revolving Credit Facilities
Debt Instrument [Line Items]
2026	0
2027	175,000
2028	0
2029	0
2030	0
Thereafter	965,914
Total	1,140,914	1,063,776	$ 850,037
Mortgage Loan
Debt Instrument [Line Items]
2026	124,700
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total	$ 124,700	$ 124,700

Loans Receivable, net - Schedule of Details Overall Statistics for Loans Receivable Portfolio (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) loan	Dec. 31, 2025 USD ($) loan	Jun. 30, 2025 USD ($)
Receivables [Abstract]
Number of loans \| loan	139	140
Principal balance	$ 8,491,260	$ 7,845,350
Net book value	8,421,115	7,764,337	$ 7,360,785
Unfunded loan commitments	$ 379,938	$ 332,562
Weighted-average cash coupon	3.09%	3.31%
Weighted-average all-in yield	3.16%	3.41%
Weighted-average maximum maturity (years)	2 years 8 months 12 days	2 years 6 months
Non-accrual loans, interest rate used to calculate weighted average cash coupon rate	0.00%
Non-accrual loans, interest rate used to calculate weighted average all-in yield rate	0.00%
Variable rate	3.65%	3.69%

Principal Business and Organization (Details) - Maximum - Class T, Class S, Class D, Class M and Class I shares	6 Months Ended
	Jun. 30, 2026 USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 2,500,000
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	2,250,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 250,000

Fair Value of Financial Instruments - Schedule of Carrying Amount, Face Amount, and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Financial Liabilities
Collateralized loan obligations	$ 3,317,879	$ 2,510,160
Book Value
Financial Assets
Cash, cash equivalents and restricted cash	213,373	352,585
Loans receivable, held-for-investment	8,421,115	7,764,337
Mortgage-backed securities held-to-maturity	0	30,051
Financial Liabilities
Repurchase agreements	2,238,780	2,663,928
Credit facilities	1,121,452	1,042,958
Collateralized loan obligations	3,317,879	2,510,160
Mortgage note payable	124,700	124,700
Face Amount
Financial Assets
Cash, cash equivalents and restricted cash	213,373	352,585
Loans receivable, held-for-investment	8,491,260	7,845,350
Mortgage-backed securities held-to-maturity	0	30,000
Financial Liabilities
Repurchase agreements	2,248,570	2,671,717
Credit facilities	1,140,914	1,063,776
Collateralized loan obligations	3,332,600	2,521,659
Mortgage note payable	124,700	124,700
Fair Value
Financial Assets
Cash, cash equivalents and restricted cash	213,373	352,585
Loans receivable, held-for-investment	8,435,097	7,805,554
Mortgage-backed securities held-to-maturity	0	29,904
Financial Liabilities
Repurchase agreements	2,248,570	2,671,717
Credit facilities	1,140,914	1,063,776
Collateralized loan obligations	3,332,600	2,521,659
Mortgage note payable	$ 124,700	$ 124,700

Financing Arrangements - Additional Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) facility	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Average borrowings \| $	$ 6,514,371	$ 5,827,732
Weighted average interest rate	5.52%	6.24%
Number of repurchase facilities	14
Number of revolving credit facilities	2

Segment Reporting (Details)	6 Months Ended
Segment Reporting (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Mortgage Backed Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

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 June 30, 2026 and December 31, 2025, respectively:


							Gross Unrealized						Weighted Average
	Outstanding Face Amount		Amortized Cost Basis		Allowance for Credit Losses		Gains		Losses		Fair Value		Coupon	Maturity (years)
June 30, 2026 (Unaudited)
CMBS, available-for-sale	$	48,325	$	43,985	$	(23,813)	$	—	$	(1,705)	$	18,466	9.35%(1)	11.9
CMBS, fair value option	$	181,251	$	175,227	$	—	$	925	$	(711)	$	175,440	5.63%(1)	6.0
December 31, 2025
CMBS, available-for-sale	$	63,957	$	59,677	$	(23,895)	$	96	$	(1,496)	$	34,382	9.26%(2)	12.5
CMBS, fair value option	$	170,298	$	167,197	$	—	$	707	$	(668)	$	167,236	6.10%(2)	5.7

__________________________

(1) Calculated using the one-month SOFR rate of 3.65% as of June 30, 2026.

(2) Calculated using the one-month SOFR rate of 3.69% as of December 31, 2025.

As of June 30, 2026 and December 31, 2025, there were two CMBS, classified as available-for-sale on non-accrual status with a total amortized cost of $24,763 and $24,953, respectively. All future interest collections will be accounted for under the cost recovery method.

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 six months ended June 30, 2026:


	Six Months Ended June 30, 2026
Allowance for credit losses as of December 31, 2025	$	(23,895)
Additions on securities for which credit losses were not previously recorded	—
(Increase) decrease on securities with previously recorded credit losses	82
Allowance for credit losses as of June 30, 2026	$	(23,813)

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 June 30, 2026 and December 31, 2025, 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
June 30, 2026 (Unaudited)
CMBS, available-for-sale	$	—	$	17,517	$	—	$	(1,705)
December 31, 2025
CMBS, available-for-sale	$	—	$	19,348	$	—	$	(1,496)

As of June 30, 2026 and December 31, 2025, there were two and three 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 non-credit 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

As of June 30, 2026, the Company had no investments in held-to-maturity CMBS, the table below summarizes various attributes of the Company's investments in held-to-maturity CMBS as of December 31, 2025:


	Amortized Cost Basis		Credit Loss Allowance		Net Carrying Amount		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Fair Value


December 31, 2025
CMBS, held-to-maturity	$	30,110	$	(59)	$	30,051	$	—	$	(147)	$	29,904

The following table provides details on the changes in CECL reserve for held-to-maturity CMBS for the three and six months ended June 30, 2026 and 2025:


CECL Reserve as of December 31, 2025	$	59
Increase (decrease) in CECL reserve	(59)
CECL reserve as of March 31, 2026	—
Increase (Decrease) in CECL reserve	—
CECL reserve as of June 30, 2026	$	—



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

As of June 30, 2026, the Company had no investments in held-to-maturity CMBS, the table below summarizes the maturities of the Company's investments in held-to-maturity CMBS as of December 31, 2025:


	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years


December 31, 2025
CMBS, held-to-maturity	$	30,110	$	—	$	30,110	$	—	$	—

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 68,556	$ 69,720
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Performance contingent rights issued	17,200	0
Restricted stock units	14,919	14,764
Amortization of deferred fees on loans and debt securities	(10,149)	(14,431)
Amortization of deferred financing costs and discount	7,813	18,466
Credit loss expense, net	(7,680)	6,152
Net unrealized (gain) loss on valuation of interest rate cap	807	1,213
Real estate depreciation and amortization	16,587	10,842
Net unrealized (gain) loss on mortgage-backed securities, fair value option	(174)	796
Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts	3,037	(370)
Net unrealized (gain) loss on real estate, held-for-sale	362	2,342
Changes in assets and liabilities
Reimbursement due from (due to) sponsor	0	(1,108)
Interest receivable	(27,367)	(4,100)
Other assets	(438)	(903)
Due to related party	397	0
Interest payable	(10,151)	2,603
Other liabilities	22,738	(18,556)
Net cash provided by (used in) operating activities	96,457	87,430
Cash flows from investing activities
Origination and fundings of loans receivable	(1,857,936)	(793,415)
Principal collections from loans receivable, held-for-investment	1,187,229	810,484
Exit and extension fees received on loans receivable, held-for-investment	5,703	5,249
Purchases of mortgage-backed securities, at fair value	(65,628)	(64,043)
Principal repayments of mortgage-backed securities, at fair value	73,953	42,373
Principal repayments of mortgage-backed securities, held-to-maturity	30,000	50,300
Purchases of mortgage loans held in securitization trusts, at fair value	0	(62,314)
Principal repayments of mortgage loans held in securitization trusts at fair value	102,757	2,145
Capital improvements to real estate	(1,585)	(4,765)
Net cash provided by (used in) investing activities	(525,507)	(13,986)
Cash flows from financing activities
Issuance of common stock	165,030	221,078
Repurchases of common stock	(264,425)	(313,081)
Stockholder distributions paid	(55,453)	(54,165)
Stockholder servicing fees paid	(7,327)	(7,164)
Offering costs paid	(1,238)	(1,659)
Borrowings under repurchase agreements	1,013,771	1,281,347
Repayments under repurchase agreements	(1,436,920)	(571,824)
Borrowings under credit facilities	1,019,018	367,303
Repayments under credit facilities	(941,880)	(367,266)
Proceeds from issuance of collateralized loan obligations	897,561	888,011
Repayment of collateralized loan obligations	(87,096)	(1,455,502)
Payment of deferred financing costs	(11,203)	(10,308)
Net cash provided by (used in) financing activities	289,838	(23,230)
Total increase (decrease) in cash, cash equivalents and restricted cash	(139,212)	50,214
Cash, cash equivalents and restricted cash at beginning of period	352,585	90,540
Cash, cash equivalents and restricted cash at end of period	213,373	140,754
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest	190,882	185,441
Accrued stockholder servicing fee	(6,504)	(6,650)
Distributions payable	8,350	8,607
Reinvestment of stockholder distributions	51,402	53,282
Payable for shares repurchased	29,796	35,006
Loan principal payments held by servicer	44,794	66,350
Payable for investments purchased	0	3,082
Consolidation of securitization trusts	0	532,214
Deconsolidation of securitization trusts	(773,905)	0
Modifications accounted for as repayments and new loans	40,676	0
Transfer of loans receivable held-for-investments to investments in real estate, held-for-sale	0	(105,000)
Transfer of investments in real estate, held-for-sale to investments in real estate, held-for-investment	$ 106,063	$ 0

Unaudited Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Total

Common Stock

Common Stock Class F

Common Stock

Common Stock Class Y

Common Stock

Common Stock Class T

Common Stock

Common Stock Class S

Common Stock

Common Stock Class D

Common Stock

Common Stock Class M

Common Stock

Common Stock Class I

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings (Accumulated Deficit)

Beginning balance at Dec. 31, 2024

$ 2,767,650

$ 7

$ 8

$ 648

$ 4

$ 46

$ 482

$ 2,883,909

$ (3,164)

^[1]

$ (114,298)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issued

221,078

220,985

Distributions declared

(107,385)

Proceeds from distribution reinvestment plan

53,282

53,260

Repurchases of common stock

(305,583)

(1)

(56)

(7)

(61)

(305,458)

Stockholder servicing fees

(514)

Offering costs

(1,659)

Restricted stock units issued

14,764

Net income

69,720

Dividends on preferred stock

(8)

Other comprehensive income (loss)

1,568

^[1]

Ending balance at Jun. 30, 2025

2,712,913

647

481

2,865,287

(1,596)

^[2]

(151,971)

Beginning balance at Mar. 31, 2025

2,728,424

644

478

2,855,273

(2,189)

^[2]

(125,850)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issued

97,345

97,305

Distributions declared

(53,197)

Proceeds from distribution reinvestment plan

26,248

26,237

Repurchases of common stock

(119,125)

(1)

(21)

(2)

(24)

(119,077)

Stockholder servicing fees

(1,072)

Offering costs

(731)

Restricted stock units issued

7,352

Net income

27,080

Dividends on preferred stock

(4)

Other comprehensive income (loss)

593

^[2]

Ending balance at Jun. 30, 2025

2,712,913

647

481

2,865,287

(1,596)

^[2]

(151,971)

Beginning balance at Dec. 31, 2025

2,816,706

672

497

2,977,770

(1,401)

^[1]

(160,896)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issued

165,030

164,960

Distributions declared

(106,341)

Proceeds from distribution reinvestment plan

51,402

51,381

Repurchases of common stock

(255,648)

(55)

(5)

(46)

(255,542)

Stockholder servicing fees

(823)

Offering costs

(1,238)

Performance contingent rights issued

17,200

Restricted stock units issued

14,919

Net income

68,556

Dividends on preferred stock

(8)

^[1]

Other comprehensive income (loss)

(306)

^[1]

Ending balance at Jun. 30, 2026

2,769,449

666

493

2,968,627

(1,707)

^[2]

(198,689)

Beginning balance at Mar. 31, 2026

2,797,445

665

493

2,964,800

(1,938)

^[2]

(166,637)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock issued

73,661

73,628

Distributions declared

(52,467)

Proceeds from distribution reinvestment plan

25,335

25,325

Repurchases of common stock

(108,482)

(21)

(3)

(21)

(108,437)

Stockholder servicing fees

(1,256)

Offering costs

(736)

Performance contingent rights issued

7,844

Restricted stock units issued

7,459

Net income

20,419

Dividends on preferred stock

(4)

Other comprehensive income (loss)

231

^[2]

Ending balance at Jun. 30, 2026

$ 2,769,449

$ 6

$ 8

$ 7

$ 666

$ 4

$ 34

$ 493

$ 2,968,627

$ (1,707)

^[2]

$ (198,689)

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

Fair Value of Financial Instruments - Schedule of Company Financial Instruments Carried at Fair Value in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Financial Assets
Mortgage-backed securities, at fair value	$ 193,906	$ 201,618
Mortgage loans held in securitization trusts, at fair value	1,754,665	2,654,570
Interest rate cap	143	950
Total	1,948,714	2,857,138
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	1,614,280	2,408,636
Level 1
Financial Assets
Mortgage-backed securities, at fair value	0	0
Mortgage loans held in securitization trusts, at fair value	0	0
Interest rate cap	0	0
Total	0	0
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	0	0
Level 2
Financial Assets
Mortgage-backed securities, at fair value	193,906	201,618
Mortgage loans held in securitization trusts, at fair value	0	0
Interest rate cap	143	950
Total	194,049	202,568
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	1,614,280	2,408,636
Level 3
Financial Assets
Mortgage-backed securities, at fair value	0	0
Mortgage loans held in securitization trusts, at fair value	1,754,665	2,654,570
Interest rate cap	0	0
Total	1,754,665	2,654,570
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Loans receivable, held-for-sale-investment, credit loss allowances

$ 69,864

$ 77,270

Mortgage-backed securities held-to-maturity, credit loss allowances

Mortgage-backed securities, at fair value, credit loss allowances

$ 23,813

$ 23,895

Stockholders' equity

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

100,000,000

Preferred stock, shares issued (in shares)

125

Preferred stock, shares outstanding (in shares)

125

Total assets

^[1]

$ 11,375,746

$ 11,759,144

Total liabilities

^[1]

8,606,297

8,942,438

Variable Interest Entity, Primary Beneficiary

Stockholders' equity

Total assets

5,763,975

5,709,015

Total liabilities

$ 4,938,775

$ 4,924,443

Common Stock Class F

Stockholders' equity

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

125,000,000

Common stock, shares issued (in shares)

582,636

583,372

Common stock, shares outstanding (in shares)

582,636

583,372

Common Stock Class Y

Stockholders' equity

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

125,000,000

Common stock, shares issued (in shares)

843,658

Common stock, shares outstanding (in shares)

843,658

Common Stock Class T

Stockholders' equity

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

125,000,000

Common stock, shares issued (in shares)

664,169

695,928

Common stock, shares outstanding (in shares)

664,169

695,928

Common Stock Class S

Stockholders' equity

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

125,000,000

Common stock, shares issued (in shares)

66,581,300

67,157,395

Common stock, shares outstanding (in shares)

66,581,300

67,157,395

Common Stock Class D

Stockholders' equity

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

125,000,000

Common stock, shares issued (in shares)

354,021

372,610

Common stock, shares outstanding (in shares)

354,021

372,610

Common Stock Class M

Stockholders' equity

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

125,000,000

Common stock, shares issued (in shares)

3,421,662

3,864,662

Common stock, shares outstanding (in shares)

3,421,662

3,864,662

Common Stock Class I

Stockholders' equity

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

300,000,000

Common stock, shares issued (in shares)

49,312,173

49,713,386

Common stock, shares outstanding (in shares)

49,312,173

49,713,386

Mortgage-Backed Securities

Assets

Mortgage-backed securities held-to-maturity, credit loss allowances

$ 0

$ 59

Mortgage-backed securities, at fair value, credit loss allowances

$ 23,813

$ 23,895

[1]

Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Information of Outstanding Financing Arrangement

The following tables present summary information with respect to the Company's outstanding financing arrangements as of June 30, 2026 and December 31, 2025.


	As of June 30, 2026 (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	+2.00%(3)	$	296,149	$	—	May 5, 2038	$	434,296	$	435,710
2021-FL3 Notes	+1.82%(3)	504,403		—		November 4, 2036	712,407		699,727
2024-FL9 Notes	+1.96%(3)	746,894		—		October 21, 2039	858,389		857,492
2025-FL10 Notes	+1.59%(3)	890,237		—		August 19, 2042	936,890		936,407
2026-FL11 Notes	+1.61%(3)	897,561		—		January 20, 2044	1,034,384		1,034,634
		3,335,244		—			3,976,366		3,963,970
Repurchase Agreements
WF-1 Facility	+1.60%(4)	33,597		466,403		November 26, 2026	44,035		43,350
GS-1 Facility	+1.77%(5)	347,096		252,904		April 25, 2028	442,395		445,401
BB-1 Facility	+1.50%(3)	43,918		656,082		February 21, 2029	54,898		54,898
MS-1 Facility	+1.47%(4)	189,600		160,400		December 9, 2030	236,973		237,000
RBC Facility	+0.87%(6)	25,288		—		N/A	25,516		25,438
NTX-1 Facility	+1.28%(4)	41,600		158,400		December 29, 2029	51,982		52,000
BMO-1 Facility	+1.60%(4)	37,120		—		April 17, 2028	46,384		46,400
Lucid Facility	+0.82%	28,161		—		N/A	44,082		43,901
WF-2 Facility	+2.00%(4)	89,391		124,037		October 18, 2026	127,335		125,798
Finance Blue Facility	+1.60%(4)	32,413		22,918		February 17, 2028	42,936		42,735
CB-1 Facility	+1.91%(4)	422,361		336,020		September 9, 2028	659,558		653,508
JP-1 Facility	+1.95%(4)	487,006		125,306		October 15, 2030	620,457		617,017
CO-1 Facility	+1.35%(4)	377,031		372,969		November 19, 2027	471,214		471,289
Citi Facility	+0.63%	93,988		—		N/A	117,983		118,664
		2,248,570		2,675,439			2,985,748		2,977,399
Revolving Credit Facility
MM-1 Facility	+2.05%(7)	965,914		534,086		September 17, 2034	1,344,430		1,352,348
Barclays Facility	(8)	175,000		225,000		April 24, 2027	—		—
		1,140,914		759,086			1,344,430		1,352,348

Mortgage Loan	++2.15%(7)	124,700		2,000		July 9, 2026(9)	147,335		185,000
Total		$	6,849,428	$	3,436,525		$	8,453,879	$	8,478,717

________________

(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) 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.

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

(9) In July 2026, the Company extended the mortgage loan one year to July 9, 2027.


	As of December 31, 2025
Arrangement	Weighted Average Interest Rate(1)	Amount Outstanding(2)		Amount Available		Maturity Date	Carrying Amount of Collateral		Fair Value of Collateral
Collateralized Loan Obligations
2021-FL2 Notes	+1.88%(3)	$	363,244	$	—	May 5, 2038	$	483,729	$	486,756
2021-FL3 Notes	+1.81%(3)	524,403		—		November 4, 2036	732,398		727,133
2024-FL9 Notes	+1.96%(3)	746,894		—		October 21, 2039	804,383		804,328
2025-FL10 Notes	+1.59%(3)	890,237		—		August 19, 2042	965,475		965,065
		2,524,778		—			2,985,985		2,983,282
Repurchase Agreements
WF-1 Facility	+1.63%(4)	122,554		377,446		November 26, 2026	153,974		153,290
GS-1 Facility	+1.90%(5)	344,597		255,403		April 25, 2028	436,343		440,812
BB-1 Facility	+1.62%(4)	52,475		647,525		February 21, 2028	67,260		66,930
MS-1 Facility	+1.55%(4)	282,306		67,694		December 9, 2030	352,787		352,882
RBC Facility	+0.91%(6)	83,123		—		N/A	120,404		120,463
NTX-1 Facility	+1.30%(4)	46,480		153,520		December 29, 2029	58,075		58,100
BMO-1 Facility	+1.57%(3)	55,612		—		April 16, 2027	69,488		69,515
Lucid Facility	+0.83%	93,261		—		N/A	121,898		123,145
WF-2 Facility	+2.50%(4)	106,603		106,825		October 21, 2026	149,481		148,570
Finance Blue Facility	+1.60%(4)	32,413		22,918		February 17, 2028	42,516		42,932
CB-1 Facility	+1.93%(4)	661,355		97,026		September 9, 2028	900,789		891,874
JP-1 Facility	+1.95%(4)	572,217		40,095		October 15, 2030	719,474		716,410
CO-1 Facility	+1.34%(4)	218,720		131,280		November 19, 2026	273,326		273,400
Citi Facility		—		—		N/A	—		—
		2,671,716		1,899,732			3,465,815		3,458,323
Revolving Credit Facilities
MM-1 Facility	+2.05%(7)	968,776		531,224		September 17, 2034	1,254,839		1,252,040
Barclays Facility	+2.35%(8)	95,000		305,000		April 24, 2027	—		—
		1,063,776		836,224			1,254,839		1,252,040

Mortgage Loan	+2.15%(7)	124,700		2,000		July 9, 2026	149,083		185,000
Total		$	6,384,970	$	2,737,956		$	7,855,722	$	7,878,645

_______________________

(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) 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.

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

Schedule of Repayment for Secured Financings Outstanding

The following table sets forth the Company's repayment schedule for secured financings outstanding as of June 30, 2026 based on the maturity date of each financing arrangement:


	Collateralized Loan Obligations(1)		Repurchase Agreements		Revolving Credit Facilities		Mortgage Loan		Total
2026	$	260,655	$	270,425	$	—	$	124,700	$	655,780
2027	573,925		377,031		175,000		—		1,125,956
2028	299,809		838,990		—		—		1,138,799
2029	273,702		85,518		—		—		359,220
2030	1,282,078		676,606		—		—		1,958,684
Thereafter	645,075		—		965,914		—		1,610,989
Total	$	3,335,244	$	2,248,570	$	1,140,914	$	124,700	$	6,849,428

_______________________

Schedule of Number of Loans and the Principal Balance

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 June 30, 2026 (Unaudited)
Collateral Assets	Total Count	Principal Balance
2021-FL2(1)	13	$	338,999
2021-FL3	18	712,448
2024-FL9	21	858,499
2025-FL10	23	937,094
2026-FL11	23	1,034,653
Total	98	$	3,881,693

_______________________

(1) As of June 30, 2026 2021-FL2 held full ownership of three investments in real estate for a total carrying value of $95,317.

Schedule of Net Book Value of Debt Instrument

The following table outlines the net book value of the CLOs on the Company's consolidated balance sheets:


	June 30,
	2026		2025
Face value	$	3,335,244	$	3,156,452
Unamortized deferred financing costs	(14,721)		(16,936)
Unamortized discount	(2,644)		(3,606)
Net book value	$	3,317,879	$	3,135,910

The following table outlines the net book value of the Company's repurchase facilities on its consolidated balance sheets.


	June 30,
	2026		2025
Face value	$	2,248,570	$	1,792,193
Unamortized deferred financing costs	(9,790)		(4,669)
Net book value	$	2,238,780	$	1,787,524

The following table details the net book value of the Company's revolving credit facilities on its consolidated balance sheets.


	June 30,
	2026		2025
Face value	$	1,140,914	$	850,037
Unamortized deferred financing costs	(19,462)		(9,890)
Net book value	$	1,121,452	$	840,147

The following table details the net book value of the Company's mortgage loan on its consolidated balance sheets.


	June 30,
	2026		2025
Face value	$	124,700	$	124,700
Unamortized deferred financing costs	—		—
Net book value	$	124,700	$	124,700

Mortgage Backed Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities Reconciliation

The table below summarizes various attributes of the Company's investments in CMBS reported at fair value as of June 30, 2026 and December 31, 2025, respectively:


							Gross Unrealized						Weighted Average
	Outstanding Face Amount		Amortized Cost Basis		Allowance for Credit Losses		Gains		Losses		Fair Value		Coupon	Maturity (years)
June 30, 2026 (Unaudited)
CMBS, available-for-sale	$	48,325	$	43,985	$	(23,813)	$	—	$	(1,705)	$	18,466	9.35%(1)	11.9
CMBS, fair value option	$	181,251	$	175,227	$	—	$	925	$	(711)	$	175,440	5.63%(1)	6.0
December 31, 2025
CMBS, available-for-sale	$	63,957	$	59,677	$	(23,895)	$	96	$	(1,496)	$	34,382	9.26%(2)	12.5
CMBS, fair value option	$	170,298	$	167,197	$	—	$	707	$	(668)	$	167,236	6.10%(2)	5.7

__________________________

(1) Calculated using the one-month SOFR rate of 3.65% as of June 30, 2026.

(2) Calculated using the one-month SOFR rate of 3.69% as of December 31, 2025.

Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss


	Six Months Ended June 30, 2026
Allowance for credit losses as of December 31, 2025	$	(23,895)
Additions on securities for which credit losses were not previously recorded	—
(Increase) decrease on securities with previously recorded credit losses	82
Allowance for credit losses as of June 30, 2026	$	(23,813)

Schedule of Available-for-Sale an Unrealized Loss Position


	Estimated Fair Value				Unrealized Losses
	Securities with a loss less than 12 months		Securities with a loss greater than 12 months		Securities with a loss less than 12 months		Securities with a loss greater than 12 months
June 30, 2026 (Unaudited)
CMBS, available-for-sale	$	—	$	17,517	$	—	$	(1,705)
December 31, 2025
CMBS, available-for-sale	$	—	$	19,348	$	—	$	(1,496)

Schedule of Investment Held-to-Maturity CMBS


	Amortized Cost Basis		Credit Loss Allowance		Net Carrying Amount		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Fair Value


December 31, 2025
CMBS, held-to-maturity	$	30,110	$	(59)	$	30,051	$	—	$	(147)	$	29,904

Schedule of Debt Securities, Held-to-Maturity, Allowance for Credit Loss

The following table provides details on the changes in CECL reserve for held-to-maturity CMBS for the three and six months ended June 30, 2026 and 2025:


CECL Reserve as of December 31, 2025	$	59
Increase (decrease) in CECL reserve	(59)
CECL reserve as of March 31, 2026	—
Increase (Decrease) in CECL reserve	—
CECL reserve as of June 30, 2026	$	—



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

Schedule of Maturities of Investment Held-to-Maturity CMBS

As of June 30, 2026, the Company had no investments in held-to-maturity CMBS, the table below summarizes the maturities of the Company's investments in held-to-maturity CMBS as of December 31, 2025:


	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years


December 31, 2025
CMBS, held-to-maturity	$	30,110	$	—	$	30,110	$	—	$	—

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. Management of FS Real Estate Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be party to certain legal proceedings in the ordinary course of business. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect on its financial condition or results of operations. See Note 7 for a discussion of the Company’s commitments to FS Real Estate Advisor and its affiliates (including Future Standard) for the reimbursement of organization and offering costs funded by Future Standard and for the reimbursement of amounts paid or waived by FS Real Estate Advisor and Rialto under the Expense Limitation Agreement.

Real Estate (Tables)

6 Months Ended

Jun. 30, 2026

Real Estate [Abstract]

Schedule of Real Estate Properties

Investments in real estate, held-for-investment, consisted of the following as of June 30, 2026 and December 31, 2025:


	June 30, 2026 (Unaudited)		December 31, 2025
Building and building improvements	$	402,161	$	323,519
Land and land improvements	114,824		91,318
Furniture, fixtures and equipment	8,576		7,312
In-place lease intangibles	52,188		47,952
Total	577,749		470,101
Accumulated depreciation and amortization	(63,325)		(46,738)
Investments in real estate, held-for-investment	$	514,424	$	423,363

Intangible Asset, Finite-Lived, and Capitalized Cost, Software to be Sold, Leased, or Marketed, Estimated Amortization Expense

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


	Amortization
2026 (remaining)	$	2,031
2027	5,098
2028	3,879
2029	3,803
2030	3,010
Thereafter	1,519
Total	$	19,340

Schedule of Future Minimum Lease Payments

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
2026 (remaining)	$	22,261
2027	24,637
2028	16,925
2029	16,397
2030	16,709
Thereafter	6,930
Total	$	103,859

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 20,419	$ 27,080	$ 68,556	$ 69,720
Other comprehensive income
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale	231	593	(306)	1,568
Total other comprehensive income (loss)	231	593	(306)	1,568
Comprehensive income	$ 20,650	$ 27,673	$ 68,250	$ 71,288

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Variable Interest Entities - Additional Information (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 219,212

Derivative Instrument (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Derivative Instruments [Abstract]

Schedule of Derivative Instruments

The table below provides additional information regarding the Company's derivative instrument as of June 30, 2026.


Type of Derivative	Notional Amount		Strike		Effective Date	Maturity Date(2)	Fair Value(1)
Interest Rate Cap	$	124,700	2.25	%	July 9, 2025	July 9, 2026	$	143

__________________

(1) Included in Other assets in the Company's consolidated balance sheets.

(2) In July 2026, the Company purchased a new interest rate cap which will mature on July 9, 2027.

Schedule of Fair Value of the Company Derivative Financial Instrument

The following table details the change in fair value of the Company's derivative financial instrument:


Type of Derivative	Realized/Unrealized Gain (Loss)	Location of Gain (Loss) Recognized in Net Income	Three Months Ended June 30,				Six Months Ended June 30,
			2026		2025		2026		2025
Interest Rate Cap	Unrealized Loss	Other income (loss)	$	(453)	$	(631)	$	(807)	$	(1,213)

Stockholders' Equity - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 20,415	$ 27,076	$ 68,548	$ 69,712
Denominator:
Weighted average common stock outstanding - basic (in shares)	122,701,902	119,976,846	123,502,653	121,239,780
Weighted average common stock outstanding - diluted (in shares)	126,325,835	122,396,378	127,039,129	123,492,967
Net income per share of common stock - basic (in dollars per share)	$ 0.17	$ 0.23	$ 0.56	$ 0.57
Net income per share of common stock - diluted (in dollars per share)	$ 0.16	$ 0.22	$ 0.54	$ 0.56
Restricted Stock Units (RSUs)
Denominator:
Weighted average basic shares outstanding exclude restricted stock units (in shares)	3,801,347	2,679,068	3,801,347	2,679,068

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Real Estate - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Real Estate [Abstract]
2026 (remaining)	$ 2,031
2027	5,098
2028	3,879
2029	3,803
2030	3,010
Thereafter	1,519
Total	$ 19,340

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Class of Stock [Line Items]
Repurchase of shares to combined net asset value of classes of shares limit percentage					20.00%
Repurchases of common stock (in shares)					10,472,702	12,419,312
Shares repurchased under repurchase plan, value		$ 108,482		$ 119,125	$ 255,648	$ 305,583
Percentage of share repurchases of aggregate net asset value	2.10%		5.00%
Percentage of share repurchases authorized	2.00%
Percentage of share repurchase received	100.00%		100.00%
Series A Preferred Stock
Class of Stock [Line Items]
Dividend rate					12.00%
Minimum
Class of Stock [Line Items]
Repurchase of shares to NAV of all classes of shares, percentage					2.00%
Maximum
Class of Stock [Line Items]
Repurchase of shares to NAV of all classes of shares, percentage					5.00%

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following is a discussion of material events that have occurred subsequent to June 30, 2026 through the issuance of the consolidated financial statements. Foreclosures Subsequent to quarter end, the Company acquired five multifamily properties located in Aurora, Colorado, Arlington, Texas, Austin, Texas, Roswell, Georgia, and Sandy Springs, Georgia, respectively, via foreclosure. Prior to acquisition, the loans were risk rated "5" as of June 30, 2026.