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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from to\n\nCommission File Number 000-56685\n\nFortress Credit Realty Income Trust\n\n(Exact name of registrant as specified in its charter)\n\n \n\nMaryland\n\n \n\n99-3367363\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer\n\nIdentification Number)\n\n \n\n1345 Avenue of the Americas\n\nNew York, NY\n\n \n\n10105\n\n(Address of principal executive offices)\n\n \n\n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: (212) 798-6100\n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act: None\n\n \n\nTitle of each class:\n\n \n\nTrading Symbol(s):\n\n \n\nName of each exchange on which registered:\n\nN/A\n\n \n\nN/A\n\n \n\nN/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 ☒ 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 ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\n \n\n \n\nEmerging growth company\n\n☒\n\n \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 ☒\n\nAs of May 12, 2026, the issuer had the following shares outstanding: 26,346,389 Class B shares, 4,362,475 Class R shares, 16,253,877 Class J-1 shares, 3,453,018 Class J-2 shares, 6,734,378 Class J-4 shares, 1,677,039 Class S shares, 8,137,987 Class I shares, 1,290,421 Class E shares, 24,401 Class F-I shares and 72,178 Class F-S shares.\n\n \n\n \n\nTABLE OF CONTENTS\n\n \n\n[CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#cautionary_note_regarding_forward)\n\nii\n\n \n\n \n\n[PART I - FINANCIAL INFORMATION](#part_i_financial_information)\n\n1\n\n \n\n \n\n \n\n[ITEM 1. FINANCIAL STATEMENTS](#item_1_financial_statements)\n\n1\n\n \n\nCondensed Consolidated Financial Statements (Unaudited):\n\n \n\n \n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#condensed_consolidated_balance_sheets)\n\n1\n\n \n\n[Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#consolidated_statements_of_operation)\n\n2\n\n \n\n[Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and 2025](#statements_of_changes_in_equity)\n\n3\n\n \n\n[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#consolidated_statement_of_cash_flows)\n\n4\n\n \n\n[Notes to Condensed Consolidated Financial Statements (Unaudited)](#notes_to_condensed_consolidated)\n\n5\n\n \n\n[ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#item_7_mda)\n\n27\n\n \n\n[ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.](#item_7a_quantitative_and_qualitative)\n\n39\n\n \n\n[ITEM 4. CONTROLS AND PROCEDURES](#item_4_controls_and_procedures)\n\n42\n\n \n\n \n\n \n\n[PART II - OTHER INFORMATION](#part_ii_other_information)\n\n43\n\n \n\n \n\n \n\n[ITEM 1. LEGAL PROCEEDINGS](#item_1_legal_proceedings)\n\n43\n\n \n\n[ITEM 1A. RISK FACTORS](#item_1a_risk_factors)\n\n43\n\n \n\n[ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#item_2_unregistered_sales_of_equity)\n\n43\n\n \n\n[ITEM 3. DEFAULTS UPON SENIOR SECURITIES.](#item_3_defaults_upon_senior_securities)\n\n44\n\n \n\n[ITEM 4. MINE SAFETY DISCLOSURES](#item_4_mine_safety_disclosures)\n\n44\n\n \n\n[ITEM 5. OTHER INFORMATION](#item_5_other_information)\n\n44\n\n \n\n[ITEM 6. EXHIBITS](#item6_exhibits)\n\n45\n\n \n\n \n\n \n\n[SIGNATURES](#signatures)\n\n46\n\n \n\n \n\ni\n\n \n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis quarterly report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements, which relate to future events or the future performance or financial condition of Fortress Credit Realty Income Trust (the “Company,” “we,” “us,” or “our”). Forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology, although not all forward-looking statements include these words. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Some of the statements in this Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Form 10-Q may include statements as to:\n\n•\nour future operating results;\n\n•\nour business prospects and the prospects of the assets in which we may invest;\n\n•\nthe impact of the investments that we expect to make;\n\n•\nour ability to raise sufficient capital to execute our investment strategy;\n\n•\nour ability to source adequate investment opportunities to efficiently deploy capital;\n\n•\nour current and expected financing arrangements and investments;\n\n•\nthe effect of global and national economic and market conditions generally upon our operating results, including, but not limited to, changes with respect to inflation, interest rate changes and supply chain disruptions, and changes in government rules, regulations and fiscal policies;\n\n•\nthe adequacy of our cash resources, financing sources and working capital;\n\n•\nthe timing and amount of cash flows, distributions and dividends, if any, from our investments;\n\n•\nour contractual arrangements and relationships with third parties;\n\n•\nactual and potential conflicts of interest with FCR Advisors, LLC, a Delaware limited liability company (the “Adviser”), the Dealer Manager (as defined herein) or any of their respective affiliates;\n\n•\nthe dependence of our future success on the general economy and its effect on the assets in which we may invest;\n\n•\nour use of financial leverage;\n\n•\nthe ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;\n\n•\nthe ability of the Adviser or its affiliates to attract and retain highly talented professionals;\n\n•\nour ability to structure investments in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and\n\n•\nour tax status and the tax status and attributes of entities and assets in which we may invest.\n\n \n\nii\n\n \n\nThe forward-looking statements contained in this Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors,” “Item 2. Financial Information—Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2026. Other factors that could cause our actual results to differ materially include:\n\n•\nchanges in the economy, particularly those affecting the real estate industry;\n\n•\nrisks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy;\n\n•\nfluctuations in interest rates and credit spreads could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and may limit our ability to pay dividends to our shareholders;\n\n•\nadverse conditions in the areas where our investments or the properties underlying such investments are and may be located and local real estate conditions;\n\n•\nlimitations on our business and our ability to satisfy requirements to maintain our exclusion from registration under the Investment Company Act of 1940, as amended, or to maintain our qualification as a real estate investment trust (a “REIT”), for U.S. federal income tax purposes;\n\n•\ncertain economic events may cause our shareholders to request that we repurchase their shares, and if we decide to satisfy any or all of such requests, our cash flow and our results of operations and financial condition could be materially adversely affected. Further, our board of trustees may make exceptions to, modify or suspend our share repurchase plan (including to make exceptions to the repurchase limitations or purchase fewer shares than such repurchase limitations) if it deems such action to be in our best interest;\n\n•\ndistributions are not guaranteed and may be funded from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds (including from sales of our shares to all Fortress Investment Group LLC, a Delaware limited liability company (“Fortress”), affiliates, members, shareholders, officers, director and employees), proceeds from repayments of our real estate debt investments, sales of our liquid investments and, if necessary, sales of our investments and/or assets, and we have no limits on the amounts we may fund from such sources;\n\n•\nthe valuation of our investments may not be certain or transparent as a result of the highly volatile environments we operate in;\n\n•\nthe purchase and repurchase prices for our shares are generally based on our prior month’s net asset value (“NAV”) and are not based on any public trading market;\n\n•\nfuture changes in laws or regulations and conditions in our operating areas;\n\n•\nour ability to raise additional funds to enable us to make additional investments and diversify the risk profile of our portfolio;\n\n•\nour ability to capitalize on potential investment opportunities on attractive terms;\n\n•\nadverse changes in the real estate and real estate capital markets could negatively impact our performance by making it more difficult for borrowers of our mortgage loans to satisfy their debt payment obligations, which could result in losses on our loan investments and/or make it more difficult for us to generate consistent or attractive risk-adjusted returns;\n\n•\nour ability to accurately identify or adequately evaluate potential risks in volatile investing environments with limited market liquidity or price transparency;\n\n \n\niii\n\n \n\n•\nincreased competition from entities engaged in mortgage lending and/or investing in assets similar to ours may limit our ability to originate or acquire desirable loans and investments or dispose of investments, and could also affect the yields of these investments and have a material adverse effect on our business, financial condition and results of operations;\n\n•\nthe advent of any future epidemics, pandemics, or any other public health crises;\n\n•\nrisks associated with investing outside of the United States;\n\n•\nthe incurrence of contingent liabilities as a result of our investments, including our assumption of default risk or other third-party risks;\n\n•\nour use of financing arrangements, including certain repurchase facilities we become a party to from time to time, seller financing, secured and unsecured leveraged and other one-off financing solutions, could subject us to financial covenants and other covenants that could restrict our operations;\n\n•\nour ability to forecast correlations between the value of our portfolio and the direction of exchange rates, interest rates and the price of securities in order to effectively or appropriately mitigate risks associated with our investments;\n\n•\nrisks associated with our hedging program, including our use of options and forward trading;\n\n•\ndefaults by borrowers in paying debt service on outstanding indebtedness;\n\n•\ncertain risks associated with limitations on our remedies under bankruptcy laws;\n\n•\nsystem failures and cybersecurity breaches;\n\n•\nsubstantial compliance costs that may be required to meet the constantly evolving legal and regulatory landscape for data protection and privacy;\n\n•\npotential misconduct and unauthorized conduct from third-party providers;\n\n•\nour ability to maintain our qualification as a REIT requires us to annually distribute at least 90% of our taxable income, and therefore, we may not be able to fund future capital needs, including financing for acquisitions, from our operating cash flow, and may need to rely on third-party sources for capital;\n\n•\ncompliance with state and local laws, statutes, regulations and ordinances relating to pollution, the protection of the environment and human health and safety;\n\n•\nrisks associated with joint ventures;\n\n•\nrisks associated with our relationship with Fortress and the Adviser; and\n\n•\nchanges to United States federal income tax laws.\n\n \n\niv\n\n \n\nAlthough we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions could also be inaccurate. In light of these and other uncertainties, the inclusion of a forward-looking statement in this Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved.\n\nYou should read this Form 10-Q and the documents that we reference herein and have filed as exhibits hereto with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Form 10-Q, whether as a result of any new information, future events or otherwise.\n\nFor more information regarding these and other risks and uncertainties that we face, see the section entitled “Item 1A. Risk Factors” in our Annual Report and any such updated factors included in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document.\n\n \n\nv\n\n \n\nPART I - FINANCIAL INFORMATION"}