FS Credit Real Estate Income Trust Inc., a monthly NAV REIT sponsored by FS Investments, has declared a monthly net asset value per share as of April 30, 2022.
Class S shares had an NAV per share of $25.18, compared to $25.21 per share the previous month.
Class T shares had an NAV per share of $24.95, compared to $24.98 per share the previous month.
Class D shares had an NAV per share of $24.98, compared to $25.02 per share the previous month.
Class M shares had an NAV per share of $25.05, compared to $25.09 per share the previous month.
Class I shares had an NAV per share of $24.42, compared to $24.45 per share the previous month.
Class F shares had an NAV per share of $24.98, compared to $25.02 per share the previous month.
Class Y shares had an NAV per share of $24.37, compared to $24.41 per share the previous 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 April 30, 2022, floating rate loans comprised 96.4 percent of the portfolio, which the company believes “will continue to help preserve capital as interest rates rise.” The REIT closed on $625.5 million in new fundings in April.
“As fixed income markets quickly priced in multiple Fed rate hikes this year, the yield on the Bloomberg Aggregate Bond Index increased by more than 170 bps year-to-date and prices declined by approximately 10 percent,” the company said in a filing with the Securities and Exchange Commission. “Even with the rise in rates, the annualized distribution rate for our Class I shares was 315 bps above the Agg’s current yield as of April 30, 2022.”
Loans receivable increased from $4.7 billion in March to $5.3 billion in April. Mortgage-backed securities held-to-maturity remained flat at $68 million, while mortgage-backed securities available-for-sale increased from $81 million in March to $96.8 million in April.
Cash and cash equivalents decreased from $154.4 million in March to $30.3 million in April, while restricted cash decreased from $19.9 million to $3.2 million. Other assets increased from $19.2 million in March to $63.3 million in April.
Collateralized loan obligations decreased slightly from ($2.68 billion) in March to ($2.66 billion) in April. Repurchase agreements payable increased from ($831.1 million) to ($1.1 billion), month-over-month. Other liabilities increased from ($31.4 million) to ($103.6 million).
The number of shares outstanding totaled 65.9 million as of April 30, 2022, compared to 58.4 million the previous month.
The REIT registered its second follow-on offering earlier this month, comprised of $2.5 billion in shares of common stock and $250 million in distribution reinvestment plan shares.
FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties. The REIT launched in September 2017 and has raised $1.7 billion in its public offering as of March 2022.