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, has declared a slightly lower net asset value per share for March 2020.
The REIT noted that it had not recorded any impairments in its loan portfolio, which represented approximately 97 percent of its gross assets, as of March 31, 2020.
“The change in NAV per share during March 2020 was driven primarily by unrealized depreciation in the company’s commercial mortgage-backed securities, resulting from the impact of COVID-19 on the financial markets,” FS Credit Real Estate Income Trust said in a filing with the Securities and Exchange Commission. “The company’s CMBS, all of which are investment grade and held on an unlevered basis, represented approximately 3 percent of the company’s gross assets as of March 31, 2020.”
Class S shares had an NAV per share of $25.15 as of March 31, 2020, compared to $25.35 per share last month (all values are rounded to the nearest hundredth).
Class T shares had an NAV per share of $24.96, compared to $25.16 per share last month.
Class D shares had an NAV per share of $24.98, compared to $25.18 per share last month.
Class M shares had an NAV per share of $25.04, compared to $25.25 per share last month.
Class I shares had an NAV per share of $24.47, compared to $24.67 per share last month.
Class F shares had an NAV per share of $24.81, compared to $25.01 per share last month.
Class Y shares had an NAV per share of $24.51, compared to $24.71 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.
As of December 31, 2019, FS Credit REIT had a portfolio of 24 loans with a net book value of $406.6 million. 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.