{"url_path":"/sec/cik-0001690536/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1690536/0001628280-26-034549-index.html","accession_number":"0001628280-26-034549","cik":"0001690536","ticker":null,"issuer_name":"FS Credit Real Estate Income Trust, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1690536/0001628280-26-034549-index.html","primary_entity_key":"0001690536","primary_entity_name":"FS Credit Real Estate Income Trust, Inc."},"word_count":475,"has_tables":true,"body_markdown":"fscreit-20260331\n0001690536false2026Q112/31onexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purefscreit:loanfscreit:securityfscreit:propertyfscreit:facilityfscreit:segment00016905362026-01-012026-03-310001690536fscreit:CommonClassFMember2026-05-080001690536fscreit:CommonClassYMember2026-05-080001690536fscreit:CommonClassTMember2026-05-080001690536fscreit:CommonClassSMember2026-05-080001690536fscreit:CommonClassDMember2026-05-080001690536fscreit:CommonClassMMember2026-05-080001690536fscreit:CommonClassIMember2026-05-0800016905362026-03-3100016905362025-12-310001690536us-gaap:MortgageBackedSecuritiesMember2026-03-310001690536us-gaap:MortgageBackedSecuritiesMember2025-12-310001690536fscreit:CommonClassFMember2026-03-310001690536fscreit:CommonClassFMember2025-12-310001690536fscreit:CommonClassYMember2025-12-310001690536fscreit:CommonClassYMember2026-03-310001690536fscreit:CommonClassTMember2026-03-310001690536fscreit:CommonClassTMember2025-12-310001690536fscreit:CommonClassSMember2025-12-310001690536fscreit:CommonClassSMember2026-03-310001690536fscreit:CommonClassDMember2025-12-310001690536fscreit:CommonClassDMember2026-03-310001690536fscreit:CommonClassMMember2026-03-310001690536fscreit:CommonClassMMember2025-12-310001690536fscreit:CommonClassIMember2026-03-310001690536fscreit:CommonClassIMember2025-12-310001690536us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001690536us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-3100016905362025-01-012025-03-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockMember2025-12-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockMember2025-12-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockMember2025-12-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockMember2025-12-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockMember2025-12-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockMember2025-12-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockMember2025-12-310001690536us-gaap:AdditionalPaidInCapitalMember2025-12-310001690536us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001690536us-gaap:RetainedEarningsMember2025-12-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockMember2026-01-012026-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockMember2026-01-012026-03-310001690536us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001690536us-gaap:RetainedEarningsMember2026-01-012026-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockMember2026-01-012026-03-310001690536us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockMember2026-03-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockMember2026-03-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockMember2026-03-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockMember2026-03-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockMember2026-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockMember2026-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockMember2026-03-310001690536us-gaap:AdditionalPaidInCapitalMember2026-03-310001690536us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001690536us-gaap:RetainedEarningsMember2026-03-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockMember2024-12-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockMember2024-12-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockMember2024-12-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockMember2024-12-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockMember2024-12-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockMember2024-12-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockMember2024-12-310001690536us-gaap:AdditionalPaidInCapitalMember2024-12-310001690536us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001690536us-gaap:RetainedEarningsMember2024-12-3100016905362024-12-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockMember2025-01-012025-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockMember2025-01-012025-03-310001690536us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001690536us-gaap:RetainedEarningsMember2025-01-012025-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockMember2025-01-012025-03-310001690536us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockMember2025-03-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockMember2025-03-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockMember2025-03-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockMember2025-03-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockMember2025-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockMember2025-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockMember2025-03-310001690536us-gaap:AdditionalPaidInCapitalMember2025-03-310001690536us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001690536us-gaap:RetainedEarningsMember2025-03-3100016905362025-03-310001690536srt:MaximumMemberfscreit:ClassTClassSClassDClassMAndClassISharesMember2026-01-012026-03-310001690536fscreit:ClassTClassSClassDClassMAndClassISharesMembersrt:MaximumMemberfscreit:PrimaryOfferingMember2026-01-012026-03-310001690536fscreit:ClassTClassSClassDClassMAndClassISharesMembersrt:MaximumMemberfscreit:DistributionReinvestmentPlanMember2026-01-012026-03-310001690536srt:MinimumMemberus-gaap:BuildingImprovementsMember2026-03-310001690536srt:MaximumMemberus-gaap:BuildingImprovementsMember2026-03-310001690536srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2026-03-310001690536srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2026-03-3100016905362016-11-072026-03-3100016905362025-01-012025-12-310001690536srt:MultifamilyMember2026-03-310001690536srt:MultifamilyMember2026-01-012026-03-310001690536srt:MultifamilyMember2025-12-310001690536srt:MultifamilyMember2025-01-012025-12-310001690536fscreit:HospitalityMember2026-03-310001690536fscreit:HospitalityMember2026-01-012026-03-310001690536fscreit:HospitalityMember2025-12-310001690536fscreit:HospitalityMember2025-01-012025-12-310001690536srt:OfficeBuildingMember2026-03-310001690536srt:OfficeBuildingMember2026-01-012026-03-310001690536srt:OfficeBuildingMember2025-12-310001690536srt:OfficeBuildingMember2025-01-012025-12-310001690536srt:IndustrialPropertyMember2026-03-310001690536srt:IndustrialPropertyMember2026-01-012026-03-310001690536srt:IndustrialPropertyMember2025-12-310001690536srt:IndustrialPropertyMember2025-01-012025-12-310001690536fscreit:MixedUseMember2026-03-310001690536fscreit:MixedUseMember2026-01-012026-03-310001690536fscreit:MixedUseMember2025-12-310001690536fscreit:MixedUseMember2025-01-012025-12-310001690536srt:RetailSiteMember2026-03-310001690536srt:RetailSiteMember2026-01-012026-03-310001690536srt:RetailSiteMember2025-12-310001690536srt:RetailSiteMember2025-01-012025-12-310001690536fscreit:VariousMember2026-03-310001690536fscreit:VariousMember2026-01-012026-03-310001690536fscreit:VariousMember2025-12-310001690536fscreit:VariousMember2025-01-012025-12-310001690536fscreit:SelfStorageMember2026-03-310001690536fscreit:SelfStorageMember2026-01-012026-03-310001690536fscreit:SelfStorageMember2025-12-310001690536fscreit:SelfStorageMember2025-01-012025-12-310001690536fscreit:SouthMember2026-03-310001690536fscreit:SouthMember2026-01-012026-03-310001690536fscreit:SouthMember2025-12-310001690536fscreit:SouthMember2025-01-012025-12-310001690536fscreit:NortheastMember2026-03-310001690536fscreit:NortheastMember2026-01-012026-03-310001690536fscreit:NortheastMember2025-12-310001690536fscreit:NortheastMember2025-01-012025-12-310001690536fscreit:WestMember2026-03-310001690536fscreit:WestMember2026-01-012026-03-310001690536fscreit:WestMember2025-12-310001690536fscreit:WestMember2025-01-012025-12-310001690536fscreit:VariousMember2026-03-310001690536fscreit:VariousMember2026-01-012026-03-310001690536fscreit:VariousMember2025-12-310001690536fscreit:VariousMember2025-01-012025-12-310001690536fscreit:MidwestMember2026-03-310001690536fscreit:MidwestMember2026-01-012026-03-310001690536fscreit:MidwestMember2025-12-310001690536fscreit:MidwestMember2025-01-012025-12-310001690536fscreit:RiskLevelVeryLowRiskMember2026-01-012026-03-310001690536fscreit:RiskLevelVeryLowRiskMember2026-03-310001690536fscreit:RiskLevelVeryLowRiskMember2025-01-012025-12-310001690536fscreit:RiskLevelVeryLowRiskMember2025-12-310001690536us-gaap:RiskLevelLowMember2026-01-012026-03-310001690536us-gaap:RiskLevelLowMember2026-03-310001690536us-gaap:RiskLevelLowMember2025-01-012025-12-310001690536us-gaap:RiskLevelLowMember2025-12-310001690536us-gaap:RiskLevelMediumMember2026-01-012026-03-310001690536us-gaap:RiskLevelMediumMember2026-03-310001690536us-gaap:RiskLevelMediumMember2025-01-012025-12-310001690536us-gaap:RiskLevelMediumMember2025-12-310001690536us-gaap:RiskLevelHighMember2026-01-012026-03-310001690536us-gaap:RiskLevelHighMember2026-03-310001690536us-gaap:RiskLevelHighMember2025-01-012025-12-310001690536us-gaap:RiskLevelHighMember2025-12-310001690536fscreit:RiskLevelVeryHighMember2026-01-012026-03-310001690536fscreit:RiskLevelVeryHighMember2026-03-310001690536fscreit:RiskLevelVeryHighMember2025-01-012025-12-310001690536fscreit:RiskLevelVeryHighMember2025-12-310001690536us-gaap:SeniorLoansMember2025-12-310001690536fscreit:MezzanineLoansMember2025-12-310001690536fscreit:GeneralCreditLossReserveMemberus-gaap:SeniorLoansMember2026-01-012026-03-310001690536fscreit:GeneralCreditLossReserveMemberfscreit:MezzanineLoansMember2026-01-012026-03-310001690536fscreit:GeneralCreditLossReserveMember2026-01-012026-03-310001690536us-gaap:SeniorLoansMember2026-03-310001690536fscreit:MezzanineLoansMember2026-03-310001690536us-gaap:SeniorLoansMember2024-12-310001690536fscreit:MezzanineLoansMember2024-12-310001690536fscreit:GeneralCreditLossReserveMemberus-gaap:SeniorLoansMember2025-01-012025-03-310001690536fscreit:GeneralCreditLossReserveMemberfscreit:MezzanineLoansMember2025-01-012025-03-310001690536fscreit:GeneralCreditLossReserveMember2025-01-012025-03-310001690536us-gaap:SeniorLoansMember2025-03-310001690536fscreit:MezzanineLoansMember2025-03-310001690536fscreit:SpecificCreditLossReserveMember2026-03-310001690536fscreit:SpecificCreditLossReserveMember2025-03-310001690536fscreit:SanFranciscoCAMemberus-gaap:FirstMortgageMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536fscreit:SanFranciscoCAMemberus-gaap:FirstMortgageMemberfscreit:RiskLevelVeryHighMember2026-01-012026-03-310001690536stpr:DCus-gaap:FirstMortgageMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536stpr:DCus-gaap:FirstMortgageMemberfscreit:RiskLevelVeryHighMember2026-01-012026-03-310001690536fscreit:AuroraCOMemberus-gaap:FirstMortgageMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536fscreit:AuroraCOMemberus-gaap:FirstMortgageMemberfscreit:RiskLevelVeryHighMember2026-01-012026-03-310001690536fscreit:AuroraCOMemberus-gaap:SecondMortgageMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536fscreit:AuroraCOMemberus-gaap:SecondMortgageMemberfscreit:RiskLevelVeryHighMember2026-01-012026-03-310001690536srt:MinimumMemberus-gaap:MeasurementInputCapRateMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536srt:MaximumMemberus-gaap:MeasurementInputCapRateMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536srt:MaximumMemberus-gaap:MeasurementInputDiscountRateMemberfscreit:RiskLevelVeryHighMember2026-03-310001690536fscreit:FinancialAssetNotPastDueAnd1To29DaysPastDueMember2026-03-310001690536us-gaap:FinancingReceivables30To59DaysPastDueMember2026-03-310001690536us-gaap:FinancingReceivables60To89DaysPastDueMember2026-03-310001690536us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001690536fscreit:FinancialAssetNotPastDueAnd1To29DaysPastDueMember2025-12-310001690536us-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310001690536us-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310001690536us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001690536us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfscreit:NotPlacedOnNonAccrualStatusMember2026-03-310001690536us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberfscreit:NotPlacedOnNonAccrualStatusMember2025-12-310001690536us-gaap:SeniorLoansMember2026-01-012026-03-310001690536fscreit:MezzanineLoansMember2026-01-012026-03-310001690536us-gaap:SeniorLoansMember2025-01-012025-03-310001690536fscreit:MezzanineLoansMember2025-01-012025-03-310001690536us-gaap:CommercialMortgageBackedSecuritiesMember2026-03-310001690536us-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310001690536us-gaap:BuildingAndBuildingImprovementsMember2026-03-310001690536us-gaap:BuildingAndBuildingImprovementsMember2025-12-310001690536us-gaap:LandAndLandImprovementsMember2026-03-310001690536us-gaap:LandAndLandImprovementsMember2025-12-310001690536us-gaap:FurnitureAndFixturesMember2026-03-310001690536us-gaap:FurnitureAndFixturesMember2025-12-310001690536us-gaap:LeasesAcquiredInPlaceMember2026-03-310001690536us-gaap:LeasesAcquiredInPlaceMember2025-12-310001690536srt:MultifamilyMember2026-03-310001690536fscreit:InvestmentInRealEstateHeldForSaleTransferredToHeldForInvestmentMember2026-03-310001690536fscreit:InvestmentInRealEstateHeldForSaleTransferredToHeldForInvestmentMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoOneFL2NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoOneFL2NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoOneFL2NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoOneFL2NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoOneFL3NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoOneFL3NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoOneFL3NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoOneFL3NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoFourFL9NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoFourFL9NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoFourFL9NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoFourFL9NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoFiveFL10NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoFiveFL10NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoFiveFL10NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoFiveFL10NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoSixFL11NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoSixFL11NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoSixFL11NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoSixFL11NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:CollateralizedLoanObligationsMember2026-03-310001690536us-gaap:CollateralizedLoanObligationsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMember2026-03-310001690536us-gaap:CollateralizedLoanObligationsMemberus-gaap:AssetPledgedAsCollateralMember2026-03-310001690536fscreit:WellsFargoFacility1Membersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:WellsFargoFacility1Memberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:WellsFargoFacility1Memberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:WellsFargoFacility1Memberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:GoldmanSachsFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:GoldmanSachsFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:GoldmanSachsFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:GoldmanSachsFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberexch:BPLCsrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberexch:BPLCus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberexch:BPLCus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberexch:BPLCus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:MsFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:MsFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:MsFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:MsFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:RBCFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:RBCFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:RBCFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:RBCFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:NtxFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:NtxFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:NtxFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:NtxFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:Bmo1facilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:Bmo1facilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:Bmo1facilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:Bmo1facilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:LucidFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:LucidFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:LucidFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:LucidFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:WellsFargoFacility2Membersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:WellsFargoFacility2Memberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:WellsFargoFacility2Memberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:WellsFargoFacility2Memberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:FinanceBlueFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:FinanceBlueFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:FinanceBlueFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:FinanceBlueFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CB1FacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CB1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:CB1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:CB1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:JP1FacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:JP1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:JP1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:JP1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CO1FacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CO1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:CO1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:CO1FacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CitiFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CitiFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:CitiFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:CitiFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberus-gaap:LineOfCreditMember2026-03-310001690536fscreit:MassachusettsMutualLicMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RevolvingCreditFacilityMemberfscreit:MassachusettsMutualLicMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:MassachusettsMutualLicMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:MassachusettsMutualLicMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberus-gaap:LineOfCreditMember2026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralMemberus-gaap:LineOfCreditMember2026-03-310001690536srt:WeightedAverageMemberus-gaap:MortgagesMember2026-01-012026-03-310001690536us-gaap:MortgagesMember2026-03-310001690536us-gaap:MortgagesMemberus-gaap:AssetPledgedAsCollateralWithoutRightMember2026-03-310001690536us-gaap:MortgagesMemberus-gaap:AssetPledgedAsCollateralMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMember2026-03-310001690536us-gaap:AssetPledgedAsCollateralMember2026-03-310001690536fscreit:TwoZeroTwoFourFL9NotesMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoOneFL3NotesMembersrt:MinimumMember2026-01-012026-03-310001690536exch:BPLCsrt:MinimumMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoOneFL2NotesMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoFiveFL10NotesMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:WellsFargoFacility1Membersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:NtxFacilityMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:Bmo1facilityMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:WellsFargoFacility2Membersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:FinanceBlueFacilityMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:CB1FacilityMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:JP1FacilityMembersrt:MinimumMember2026-01-012026-03-310001690536fscreit:BenchmarkRateMemberfscreit:CO1FacilityMembersrt:MinimumMember2026-01-012026-03-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:GoldmanSachsFacilityMembersrt:MinimumMember2026-01-012026-03-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberus-gaap:MortgagesMembersrt:MinimumMember2026-01-012026-03-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:MassachusettsMutualLicMembersrt:MinimumMember2026-01-012026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberfscreit:BarclaysRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:BarclaysRevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001690536fscreit:TwoZeroTwoOneFL2NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoOneFL2NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoOneFL2NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoOneFL2NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536fscreit:TwoZeroTwoOneFL3NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoOneFL3NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoOneFL3NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoOneFL3NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536fscreit:TwoZeroTwoFourFL9NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoFourFL9NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoFourFL9NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoFourFL9NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536fscreit:TwoZeroTwoFiveFL10NotesMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoFiveFL10NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:TwoZeroTwoFiveFL10NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralMemberfscreit:TwoZeroTwoFiveFL10NotesMemberus-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:CollateralizedLoanObligationsMember2025-12-310001690536us-gaap:CollateralizedLoanObligationsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMember2025-12-310001690536us-gaap:CollateralizedLoanObligationsMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:WellsFargoFacility1Membersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:WellsFargoFacility1Memberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:WellsFargoFacility1Memberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:WellsFargoFacility1Memberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:GoldmanSachsFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:GoldmanSachsFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:GoldmanSachsFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:GoldmanSachsFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberexch:BPLCsrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberexch:BPLCus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberexch:BPLCus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberexch:BPLCus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:MsFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:MsFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:MsFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:MsFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:RBCFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:RBCFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:RBCFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:RBCFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:NtxFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:NtxFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:NtxFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:NtxFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:Bmo1facilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:Bmo1facilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:Bmo1facilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:Bmo1facilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:LucidFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:LucidFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:LucidFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:LucidFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:WellsFargoFacility2Membersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:WellsFargoFacility2Memberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:WellsFargoFacility2Memberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:WellsFargoFacility2Memberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:FinanceBlueFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:FinanceBlueFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:FinanceBlueFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:FinanceBlueFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CB1FacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CB1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:CB1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:CB1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:JP1FacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:JP1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:JP1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:JP1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CO1FacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CO1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:CO1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:CO1FacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberfscreit:CitiFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:CitiFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:CitiFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:AssetPledgedAsCollateralMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberfscreit:MassachusettsMutualLicMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RevolvingCreditFacilityMemberfscreit:MassachusettsMutualLicMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:MassachusettsMutualLicMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:MassachusettsMutualLicMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberfscreit:BarclaysRevolvingCreditFacilityMembersrt:WeightedAverageMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RevolvingCreditFacilityMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralWithoutRightMemberus-gaap:LineOfCreditMember2025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:AssetPledgedAsCollateralMemberus-gaap:LineOfCreditMember2025-12-310001690536srt:WeightedAverageMemberus-gaap:MortgagesMember2025-01-012025-12-310001690536us-gaap:MortgagesMember2025-12-310001690536us-gaap:MortgagesMemberus-gaap:AssetPledgedAsCollateralWithoutRightMember2025-12-310001690536us-gaap:MortgagesMemberus-gaap:AssetPledgedAsCollateralMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralWithoutRightMember2025-12-310001690536us-gaap:AssetPledgedAsCollateralMember2025-12-310001690536fscreit:Bmo1facilityMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoFiveFL10NotesMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoOneFL2NotesMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoOneFL3NotesMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoFourFL9NotesMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:WellsFargoFacility1Membersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberexch:BPLCsrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:MsFacilityMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:NtxFacilityMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:WellsFargoFacility2Membersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:FinanceBlueFacilityMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:CB1FacilityMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:JP1FacilityMembersrt:MinimumMember2025-01-012025-12-310001690536fscreit:BenchmarkRateMemberfscreit:CO1FacilityMembersrt:MinimumMember2025-01-012025-12-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:GoldmanSachsFacilityMembersrt:MinimumMember2025-01-012025-12-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:MassachusettsMutualLicMembersrt:MinimumMember2025-01-012025-12-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberus-gaap:MortgagesMembersrt:MinimumMember2025-01-012025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberfscreit:BarclaysRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:BarclaysRevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536us-gaap:SecuredOvernightFinancingRateSofrMemberfscreit:BarclaysRevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001690536fscreit:TwoZeroTwoOneFL2NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoOneFL3NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoFourFL9NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoFiveFL10NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoSixFL11NotesMemberus-gaap:CollateralizedLoanObligationsMember2026-03-310001690536fscreit:TwoZeroTwoOneFL2NotesMemberfscreit:CollateralizedLoanObligationsRealEstateMember2026-03-310001690536us-gaap:CollateralizedLoanObligationsMember2025-03-310001690536us-gaap:RepurchaseAgreementsMemberus-gaap:LineOfCreditMember2025-03-310001690536us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001690536fscreit:MortgageLoanRelatedToCommercialRealEstateAssetMemberus-gaap:MortgagesMember2026-03-310001690536fscreit:MortgageLoanRelatedToCommercialRealEstateAssetMemberus-gaap:MortgagesMember2025-03-310001690536fscreit:FsRealEstateAdvisorMemberus-gaap:RelatedPartyMember2025-11-132025-11-130001690536fscreit:FsRealEstateAdvisorMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001690536fscreit:FsRealEstateAdvisorMemberus-gaap:RelatedPartyMember2026-03-310001690536fscreit:ClassISharePerformanceContingentRightsAgreementMemberfscreit:PerformanceContingentRightsPCRsMemberus-gaap:RelatedPartyMemberfscreit:FSRealEstateAdvisorAndRialtoMember2026-01-012026-03-310001690536fscreit:ClassIRestrictedStockUnitsSubAdvisoryAgreementMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:RelatedPartyMemberfscreit:FSRealEstateAdvisorAndRialtoMember2022-12-012022-12-010001690536fscreit:ClassIRestrictedStockUnitsSubAdvisoryAgreementMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:RelatedPartyMemberfscreit:FSRealEstateAdvisorAndRialtoMember2025-03-112025-03-110001690536us-gaap:RelatedPartyMember2026-01-012026-03-310001690536fscreit:FSRealEstateAdvisorAndRialtoMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001690536fscreit:FSRealEstateAdvisorAndRialtoMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001690536fscreit:RialtoCapitalManagementMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001690536fscreit:FsRealEstateAdvisorMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001690536fscreit:RialtoCapitalManagementMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001690536fscreit:FsRealEstateAdvisorMemberus-gaap:RelatedPartyMember2022-12-012022-12-010001690536fscreit:CommonClassTMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-01-012026-03-310001690536fscreit:CommonClassSMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-01-012026-03-310001690536srt:MaximumMemberus-gaap:RelatedPartyMember2026-03-310001690536fscreit:CommonClassDMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-01-012026-03-310001690536fscreit:CommonClassMMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-01-012026-03-310001690536fscreit:CommonClassDMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-03-310001690536fscreit:CommonClassMMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-03-310001690536fscreit:CommonClassSMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-03-310001690536fscreit:CommonClassTMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-03-310001690536fscreit:FsInvestmentSolutionsMemberus-gaap:RelatedPartyMember2026-03-310001690536fscreit:FsInvestmentSolutionsMemberus-gaap:RelatedPartyMember2025-12-310001690536fscreit:ExpenseLimitationAgreementMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMember2026-01-012026-03-310001690536fscreit:ExpenseLimitationAgreementMemberus-gaap:RelatedPartyMemberfscreit:FsRealEstateAdvisorMembersrt:MaximumMember2026-01-012026-03-310001690536us-gaap:RelatedPartyMember2025-10-012025-12-310001690536us-gaap:RelatedPartyMember2025-07-012025-09-300001690536us-gaap:RelatedPartyMember2025-04-012025-06-300001690536us-gaap:RelatedPartyMember2025-01-012025-03-310001690536us-gaap:RelatedPartyMember2024-10-012024-12-310001690536us-gaap:RelatedPartyMember2024-10-012026-03-310001690536us-gaap:RelatedPartyMemberfscreit:PrincipalsOfFSInvestmentsMemberus-gaap:PrivatePlacementMember2016-12-012016-12-310001690536us-gaap:RelatedPartyMemberfscreit:PrincipalsOfFSInvestmentsMemberus-gaap:PrivatePlacementMember2016-12-310001690536fscreit:RialtoCapitalManagementMemberus-gaap:RelatedPartyMember2026-03-310001690536fscreit:ClassENotesMortgageBackedSecuritiesMemberus-gaap:RelatedPartyMemberfscreit:AffiliateOfRialtoMember2023-04-012023-06-300001690536fscreit:ClassENotesMortgageBackedSecuritiesMemberus-gaap:RelatedPartyMemberfscreit:AffiliateOfRialtoMember2022-04-012022-06-300001690536fscreit:CommonClassFMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-03-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-03-310001690536fscreit:CommonClassFMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536fscreit:CommonClassYMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536fscreit:CommonClassTMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536fscreit:CommonClassSMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536fscreit:CommonClassDMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536fscreit:CommonClassMMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536fscreit:CommonClassIMemberus-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-310001690536srt:MinimumMember2026-01-012026-03-310001690536srt:MaximumMember2026-01-012026-03-3100016905362026-03-012026-03-310001690536us-gaap:SeriesAPreferredStockMember2026-01-012026-03-310001690536fscreit:CommonClassFMember2026-01-012026-01-310001690536fscreit:CommonClassYMember2026-01-012026-01-310001690536fscreit:CommonClassTMember2026-01-012026-01-310001690536fscreit:CommonClassSMember2026-01-012026-01-310001690536fscreit:CommonClassDMember2026-01-012026-01-310001690536fscreit:CommonClassMMember2026-01-012026-01-310001690536fscreit:CommonClassIMember2026-01-012026-01-310001690536fscreit:CommonClassFMember2026-02-012026-02-280001690536fscreit:CommonClassYMember2026-02-012026-02-280001690536fscreit:CommonClassTMember2026-02-012026-02-280001690536fscreit:CommonClassSMember2026-02-012026-02-280001690536fscreit:CommonClassDMember2026-02-012026-02-280001690536fscreit:CommonClassMMember2026-02-012026-02-280001690536fscreit:CommonClassIMember2026-02-012026-02-280001690536fscreit:CommonClassFMember2026-03-012026-03-310001690536fscreit:CommonClassYMember2026-03-012026-03-310001690536fscreit:CommonClassTMember2026-03-012026-03-310001690536fscreit:CommonClassSMember2026-03-012026-03-310001690536fscreit:CommonClassDMember2026-03-012026-03-310001690536fscreit:CommonClassMMember2026-03-012026-03-310001690536fscreit:CommonClassIMember2026-03-012026-03-310001690536fscreit:CommonClassFMember2026-01-012026-03-310001690536fscreit:CommonClassYMember2026-01-012026-03-310001690536fscreit:CommonClassTMember2026-01-012026-03-310001690536fscreit:CommonClassSMember2026-01-012026-03-310001690536fscreit:CommonClassDMember2026-01-012026-03-310001690536fscreit:CommonClassMMember2026-01-012026-03-310001690536fscreit:CommonClassIMember2026-01-012026-03-310001690536fscreit:CommonClassFMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001690536fscreit:CommonClassYMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001690536fscreit:CommonClassTMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001690536fscreit:CommonClassSMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001690536fscreit:CommonClassDMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001690536fscreit:CommonClassMMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001690536fscreit:CommonClassIMemberus-gaap:SubsequentEventMember2026-04-012026-04-300001690536us-gaap:RestrictedStockUnitsRSUMember2026-03-310001690536us-gaap:RestrictedStockUnitsRSUMember2025-03-310001690536us-gaap:FairValueInputsLevel1Member2026-03-310001690536us-gaap:FairValueInputsLevel2Member2026-03-310001690536us-gaap:FairValueInputsLevel3Member2026-03-310001690536us-gaap:FairValueInputsLevel1Member2025-12-310001690536us-gaap:FairValueInputsLevel2Member2025-12-310001690536us-gaap:FairValueInputsLevel3Member2025-12-310001690536fscreit:MortgageLoansHeldInSecuritizationTrustsMember2025-12-310001690536fscreit:MortgageLoansHeldInSecuritizationTrustsMember2024-12-310001690536fscreit:MortgageLoansHeldInSecuritizationTrustsMember2026-01-012026-03-310001690536fscreit:MortgageLoansHeldInSecuritizationTrustsMember2025-01-012025-03-310001690536fscreit:MortgageLoansHeldInSecuritizationTrustsMember2026-03-310001690536fscreit:MortgageLoansHeldInSecuritizationTrustsMember2025-03-310001690536us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2026-03-310001690536us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2026-03-310001690536us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputExpectedTermMember2026-03-310001690536us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMember2026-01-012026-03-310001690536us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2026-01-012026-03-310001690536us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputExpectedTermMember2026-01-012026-03-310001690536us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001690536us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2026-03-310001690536us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001690536us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001690536us-gaap:PortionAtOtherThanFairValueFairValueDisclosureMember2025-12-310001690536us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001690536us-gaap:CommercialMortgageBackedSecuritiesMemberfscreit:MortgageLoansHeldInSecuritizationTrustsAtFairValueMember2026-03-310001690536us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-03-310001690536us-gaap:InterestRateCapMember2026-03-31\n\n    \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n_______________________________________________\n\nFORM 10-Q\n\n_______________________________________________\n\nx    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026\n\nOR\n\n¨    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE TRANSITION PERIOD FROM______TO______\n\nCOMMISSION FILE NUMBER: 000-56163\n\n_______________________________________________\n\nFS Credit Real Estate Income Trust, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n________________________________________________\n\nMaryland81-4446064\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n3025 JFK Boulevard, OFC 500\n\nPhiladelphia, Pennsylvania\n19104\n\n(Address of principal executive offices)(Zip Code)\n\n(215) 495-1150\n\n(Registrant's telephone number, including area code)\n\n_____________________________________________________\n\nSecurities registered pursuant to Section 12(b) of the Exchange Act: None.\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nN/AN/AN/A\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  T    No  ¨\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  T    No  ¨\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer¨Accelerated filer¨\n\nNon-accelerated filerTSmaller reporting company¨\n\nEmerging growth company¨\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨    No  T\n\nIndicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.\n\nAs of May 8, 2026, there were 580,119 outstanding shares of Class F common stock, 843,658 outstanding shares of Class Y common stock, 679,368 outstanding shares of Class T common stock, 67,069,077 outstanding shares of Class S common stock, 359,804 outstanding shares of Class D common stock, 3,485,859 outstanding shares of Class M common stock and 49,507,258 outstanding shares of Class I common stock.\n\nTABLE OF CONTENTS\n\nPage\n\nPART I—FINANCIAL INFORMATION"}