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FS Credit REIT Reports 50th Consecutive Month of Positive Returns Across Share Classes

FS Credit Real Estate Income Trust Inc., a monthly net asset value real estate investment trust sponsored by FS Investments, reported that it generated positive total returns across all share classes in May. According to the REIT, this marks the 50th consecutive month of positive total returns driven by the strong performance of the portfolio and consistency in the distribution.

Its declared monthly NAV per share as of May 31, 2024, was as follows (calculations based on full figures in filing, percentages rounded to the nearest hundredth):

Class S shares had a NAV per share of $25.0849, compared to $25.0681 per share the previous month, a 0.07% increase.

Class T shares had a NAV per share of $24.8467, compared to $24.8300 per share the previous month, a 0.07% increase.

Class D shares had a NAV per share of $24.8989, compared to $24.8801 per share the previous month, a 0.08% increase.

Class M shares had a NAV per share of $24.9476, compared to $24.9312 per share the previous month, a 0.07% increase.

Class I shares had a NAV per share of $24.1893, compared to $24.1772 per share the previous month, a 0.05% increase.

Class F shares had a NAV per share of $25.3147, compared to $25.2783 per share the previous month, a 0.14% increase.

Class Y shares had an NAV per share of $24.1526, compared to $24.1415 per share the previous month, a 0.05% increase.

The current annualized distribution rate is 7.63% for Class I shares, 7.12% for Class D shares, 7.10% for Class M shares, 6.52% for Class S shares, and 6.58% for Class T shares.

The REIT experienced a total NAV of approximately $3.047 billion at the end of May. This was a 0.16% decrease compared to April’s total NAV of approximately $3.051 billion.

The REIT also noted that it met 100% of repurchase requests tendered in May.

As of May 31, 2024, the portfolio was weighted to multifamily (56%), followed by hospitality (13%) and industrial (11%). The portfolio’s allocation reflects its view that these sectors are well-positioned to benefit from long-term structural trends such as the record-high cost of homeownership, return of business and leisure travel, and continued demand for technologically advanced warehouse space.

The number of shares outstanding totaled approximately 123.3 million at the end of May compared to nearly 123.6 million the previous month.

FS Credit REIT invests primarily in floating rate senior loans secured by commercial real estate properties. The REIT is currently offering up to $2.75 billion in shares of common stock on a continuous basis, consisting of up to $2.5 billion in shares in its primary offering and up to $250 million in shares pursuant to its distribution reinvestment plan. As of June 13, it had issued and sold in the offering approximately 45.6 million shares of its common stock in the primary offering for total proceeds of $1.129 billion and approximately 6.1 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of just over $151 million.

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