FS Credit Real Estate Income Trust, Inc, a monthly NAV REIT sponsored by FS Investments that invests primarily in floating rate senior loans secured by commercial real estate properties, announced its operating results for the third quarter 2019, which ended September 30th.
Since commencing operations, FS Credit REIT has focused on generating an attractive dividend yield comprised of stable cash distributions and protecting capital.
FS Credit REIT earned a net income of approximately $2.5 million and exceeded distributions of more than $2.3 million in the third quarter. Its year-to-date net income was $6.5 million with more than $5.8 million in distributions.
Its quarterly NAV and monthly distribution rate increased consistently across all share class. The year-to-date returns were 5.1 percent for Class I shares, 5.07 percent for Class D share, 4.88 percent for Class M shares, 4.7 percent for Class S shares, and 4.55 percent for Class T, Consequently, the annualized distribution yield on the Class I share increased from 6.32 per cent to 6.56 per cent as of September 30, 2019. The latest NAV reflects an increase of $0.06 per share.
During the third quarter, the company originated four senior, floating rate loans for two office, one multifamily and one mixed-use loan. As a result, FS Credit REIT’s assets under management grew by nearly 20 percent to $380 million, up from $319 million as of June 30, 2019.
FS Credit REIT is advised by FS Real Estate Advisor, LLC and sub-advised by Rialto Capital Management, LLC.