FS Credit Real Estate Income Trust Inc., a monthly NAV REIT sponsored by FS Investments, has increased its net asset value per share and its distribution rate.
The REIT noted that the increase in NAV during August 2020 was driven primarily by its loan portfolio generating income in excess of the current distribution rate.
“As a result of our consistent excess income generation over the past few months, the board of directors approved an increase of the distribution by $0.01/share starting in the month of August,” the company said in a filing with the Securities and Exchange Commission.
Class S shares had an NAV per share of $25.36 as of August 31, 2020, compared to $25.34 per share last month (all values are rounded to the nearest cent).
Class T shares had an NAV per share of $25.15, compared to $25.13 per share last month.
Class D shares had an NAV per share of $25.18, compared to $25.16 per share last month.
Class M shares had an NAV per share of $25.24, compared to $25.22 per share last month.
Class I shares had an NAV per share of $24.65, compared to $24.63 per share last month.
Class F shares had an NAV per share of $25.04, compared to $25.01 per share last month.
Class Y shares had an NAV per share of $24.68, compared to $24.66 per share last month.
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.
FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties and had an investment portfolio of 33 loans with a net book value of $616.7 million, as of June 30, 2020. The REIT, which is advised by FS Real Estate Advisor LLC and sub-advised by Rialto Capital Management LLC, raised $240 million in investor equity as of June 30, 2020. FS Credit REIT registered a $2.75 billion follow-on offering in August.