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 May 31, 2020.
The REIT noted that it had not recorded any impairments or non-accruals in its loan portfolio, which represented approximately 97 percent of total investments, as of May 31, 2020. The company added that while it did not make any new loans last month, it has started “quoting new transactions.”
Class S shares had an NAV per share of $25.24 as of May 31, 2020, compared to $25.20 per share last month (all values are rounded to the nearest cent).
Class T shares had an NAV per share of $25.03, compared to $25.00 per share last month.
Class D shares had an NAV per share of $25.06, compared to $25.03 per share last month.
Class M shares had an NAV per share of $25.12, compared to $25.09 per share last month.
Class I shares had an NAV per share of $24.54, compared to $24.51 per share last month.
Class F shares had an NAV per share of $24.89, compared to $24.84 per share last month.
Class Y shares had an NAV per share of $24.58, compared to $24.54 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 change in our NAV per share during May 2020 was driven primarily by unrealized appreciation in our commercial mortgage-backed securities,” stated FS Credit Real Estate Income Trust in a filing with the Securities and Exchange Commission. “Our CMBS, all of which are investment grade and held on an unlevered basis, represented approximately 2.5 percent of our total investments as of May 31, 2020.”
Yesterday, The DI Wire reported that the REIT postponed its 2020 annual meeting of stockholders from June 11, 2020 to July 14, 2020 at 1:00 p.m. EST.
FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties and had an investment portfolio of 24 loans with a net book value of $406.6 million, as of December 31, 2019. The REIT, which is advised by FS Real Estate Advisor LLC and sub-advised by Rialto Capital Management LLC, raised $200.3 million in investor equity as of the fourth quarter of 2019.