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FS Credit REIT Reports Slight Increase in Monthly NAV; Raises Distribution Rate

FS Credit Real Estate Income Trust Inc., a monthly net asset value REIT sponsored by FS Investments, has declared a monthly estimated net asset value per share as of Feb. 28, 2023.

FS Credit REIT noted that it continued to see strong portfolio performance and the “positive impact of rising interest rates on its loan portfolio,” which led its board of directors to approve an increase to its distribution rate of 25 basis points across all share classes effective with the payment of the March 2023 distribution.

As a result, the annualized distribution rate will be approximately 7.35% for Class I shares, 6.88% for Class D shares, 6.86% for Class M shares, 6.27% for Class S shares and 6.33% for Class T shares based on the anticipated March 2023 distribution and the April 1, 2023 transaction price, which is equal to the per share NAV as of Feb. 28, 2023.

The company noted that it met 100% of repurchase requests tendered in February.

Class S shares had an NAV per share of $25.10 as of Feb. 28, 2023, compared to $25.09 per share the previous month.

Class T shares had an NAV per share of $24.87, compared to $24.85 per share the previous month.

Class D shares had an NAV per share of $24.90, compared to $24.89 per share the previous month.

Class M shares had an NAV per share of $24.97, compared to $24.96 per share the previous month.

Class I shares had an NAV per share of $24.31, compared to $24.30 per share the previous month.

Class F shares had an NAV per share of $25.04, compared to $25.01 per share the previous month.

Class Y shares had an NAV per share that remained $24.25.

[Editor’s note: Dollar amounts have been rounded to the nearest cent.]

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 number of shares outstanding totaled 104.3 million as of Feb. 28, 2023, compared to 101.6 million the previous month. The company’s total net asset value equaled approximately $2.6 billion at month’s end.

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 and has received gross offering proceeds of approximately $281.1 million as of Jan. 31, 2022.

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