FS Credit Real Estate Income Trust Inc., a monthly NAV REIT sponsored by FS Investments, has declared a monthly net asset value per share as of May 31, 2021.
Class S shares had an NAV per share of $25.27, compared to $25.28 per share the previous month.
Class T shares had an NAV per share of $25.05, compared to $25.07 per share the previous month.
Class D shares had an NAV per share of $25.09, compared to $25.10 per share the previous month.
Class M shares had an NAV per share of $25.15, compared to $25.16 per share the previous month.
Class I shares had an NAV per share of $24.53, compared to $24.54 per share the previous month.
Class F shares had an NAV per share of $25.09, compared to $25.08 per share the previous month.
Class Y shares had an NAV per share of $24.49, compared to $24.50 per share the previous month.
*Dollar amounts have been rounded to the nearest cent.
Class S shares are available through brokerage and transactional-based accounts, while Class D, Class M and Class I shares are generally available through fee-based programs. Class I shares are available for purchase by endowments, foundations, pension funds and other institutional investors. Class F and Class Y shares were offered via private offerings and are only available in the public offering through the distribution reinvestment plan.
“Investment activity in May was strong as we closed on $227 million in loan originations,” the company said in a filing with the Securities and Exchange Commission. “It was the second consecutive month in which originations totaled more than $200 million.”
Multifamily and industrial represented more than half of the portfolio (51.2 percent) as of May 31, 2021 while hospitality and retail comprised 10.0 percent. The company said that there were no impairments or non-accruals as of May 31, 2021. In addition, 98 percent of the loan portfolio was current.
“The pipeline for new deal activity remains strong, with more than $350 million of identified transactions backed by a diverse mix of properties,” the company said. “Additionally, the short-term nature of our typical loan allows us to regularly adjust the portfolio to current market conditions.”
As of May 31, 2021, approximately 64 percent of the REIT’s portfolio consisted of investments sourced after July 2020.
FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties and had an investment portfolio of 45 loans with a net book value of $901 million, as of March 31, 2020. The REIT is advised by FS Real Estate Advisor LLC and sub-advised by Rialto Capital Management LLC.