FS Credit Real Estate Income Trust (FS CREIT) is a non-traded REIT that originates senior floating-rate mortgage loans secured by U.S. commercial real estate. The company focuses on transitional properties — assets undergoing renovation or repositioning that need bridge financing before qualifying for permanent debt. These loans typically carry short terms of three years or less, bear interest at a spread over SOFR, and yield more than standard commercial real estate loans given the execution risk involved. As of year-end 2025, the portfolio consisted of 140 loans with a principal balance of ~$7.8B, with multifamily (~54% of net book value) as the dominant property type, followed by hospitality, office, and industrial. FS CREIT earns income on its loan portfolio funded by a combination of investor equity and borrowed capital, including CLOs, repurchase agreements, and revolving credit facilities — total borrowings were ~$6.4B at year-end 2025. The net interest margin is driven by the spread between loan yields (SOFR + 3.41% on a weighted-average basis) and the cost of borrowings (generally SOFR + 1.3% to 2.5%). As a REIT, FS CREIT distributes at least 90% of net taxable income to shareholders. FS CREIT raises capital through continuous public offerings across multiple share classes targeting both retail and accredited investors. The company is externally managed, with Rialto Capital Management handling origination, underwriting, and portfolio management across ~11 offices and ~309 professionals.