FS Credit Real Estate Income Trust Inc., a monthly NAV REIT sponsored by FS Investments, has declared a higher net asset value per share as of July 31, 2020.
The REIT noted that it had not recorded any impairments or non-accruals in its loan portfolio, which represented 100 percent of total investments, as of July 31, 2020.
Class S shares had an NAV per share of $25.34 as of July 31, 2020, compared to $25.26 per share last month (all values are rounded to the nearest cent).
Class T shares had an NAV per share of $25.13, compared to $25.05 per share last month.
Class D shares had an NAV per share of $25.16, compared to $25.08 per share last month.
Class M shares had an NAV per share of $25.22, compared to $25.14 per share last month.
Class I shares had an NAV per share of $24.63, compared to $24.56 per share last month.
Class F shares had an NAV per share of $25.01, compared to $24.94 per share last month.
Class Y shares had an NAV per share of $24.66, compared to $24.59 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.
The company indicated that the increase in NAV during July 2020 was driven primarily by the sale of its liquid CMBS portfolio at a premium to its holding value; its loan portfolio generating income in excess of the current distribution rate; and the sale of its liquid CMBS portfolio providing additional liquidity to fund new transactions.
In other company news, FS Credit REIT registered a $2.75 billion follow-on offering earlier this month, as reported by The DI Wire.
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 $614.2 million, as of March 31, 2020. The REIT, which is advised by FS Real Estate Advisor LLC and sub-advised by Rialto Capital Management LLC, raised $238 million in investor equity as of May 2020.