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 June 30, 2020.
The REIT noted that it had not recorded any impairments or non-accruals in its loan portfolio, which represented approximately 97.5 percent of total investments, as of June 30, 2020. The company added that while it did not make any new loans lain June, it has started “quoting new transactions.”
Class S shares had an NAV per share of $25.26 as of June 30, 2020, compared to $25.24 per share last month (all values are rounded to the nearest cent).
Class T shares had an NAV per share of $25.05, compared to $25.03 per share last month.
Class D shares had an NAV per share of $25.08, compared to $25.06 per share last month.
Class M shares had an NAV per share of $25.14, compared to $25.12 per share last month.
Class I shares had an NAV per share of $24.56, compared to $24.54 per share last month.
Class F shares had an NAV per share of $24.94, compared to $24.89 per share last month.
Class Y shares had an NAV per share of $24.59, compared to $24.58 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.
Approximately 70 percent of the senior secured loan portfolio had reserves equal to 3 months or more of debt service. The company indicated that the change in its NAV per share during June 2020 was driven primarily by unrealized appreciation in its commercial mortgage-backed securities, which it said are investment grade and held on an unlevered basis, representing approximately 2.5 percent of its total investments as of June 30, 2020.
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.