FS Credit Real Estate Income Trust (FSREI) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 10, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	FS Credit Real Estate Income Trust, Inc.
Entity Central Index Key	0001690536
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, State or Province	PA
Entity Interactive Data Current	Yes
Common Class F [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		899,737
Common Class Y [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		141,116
Common Class T [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,243,831
Common Class S [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,232,340
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		558,670
Common Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,769,243
Common Class I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,785,060

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents		$ 61,309	$ 40,214
Restricted cash		3,935	37,941
Loans receivable		616,705	406,645
Mortgage-backed securities, at fair value		15,570	6,651
Reimbursement due from sponsor		182	500
Interest receivable		1,869	1,070
Deferred financing costs		170	500
Other assets		83	5,259
Total assets	[1]	699,823	498,780
Liabilities
Collateralized loan obligation (net of deferred financing costs of $5,054 and $5,483, respectively)		322,611	322,182
Repurchase agreements payable (net of deferred financing costs of $606 and $0, respectively)		114,367
Due to related party		12,264	6,290
Interest payable		482	773
Payable for shares repurchased		4,932	62
Other liabilities		4,756	3,686
Total liabilities	[1]	459,412	332,993
Commitments and contingencies (See Note 10)
Stockholders' equity
Additional paid-in capital		240,127	165,082
Accumulated other comprehensive income (loss)		(1,064)	17
Retained earnings		1,248	619
Total stockholders' equity		240,411	165,787
Total liabilities and stockholders' equity		699,823	498,780
Common Class F [Member]
Stockholders' equity
Common stock, value		9	15
Total stockholders' equity		9	15
Common Class Y [Member]
Stockholders' equity
Common stock, value		1	1
Total stockholders' equity		1	1
Common Class T [Member]
Stockholders' equity
Common stock, value		12	10
Total stockholders' equity		12	10
Common Class S [Member]
Stockholders' equity
Common stock, value		41	14
Total stockholders' equity		41	14
Common Class D [Member]
Stockholders' equity
Common stock, value		5	3
Total stockholders' equity		5	3
Common Class M [Member]
Stockholders' equity
Common stock, value		17	14
Total stockholders' equity		17	14
Common Class I [Member]
Stockholders' equity
Common stock, value		15	12
Total stockholders' equity		$ 15	$ 12
[1]	The June 30, 2020 and December 31, 2019 consolidated balance sheets include assets of a consolidated variable interest entity, or VIE, that can only be used to settle obligations of the VIE, and liabilities of the consolidated VIE for which creditors do not have recourse to the Company. As of June 30, 2020 and December 31, 2019, assets of the VIE totaled $431,094 and $427,455, respectively, and liabilities of the VIE totaled $322,830 and $322,946, respectively. See Note 9 to the unaudited consolidated financial statements for further details.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Deferred financing costs		$ 170	$ 500
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized		50,000,000	50,000,000
Preferred stock, shares issued		125	125
Preferred stock, shares outstanding		0	0
VIE Assets	[1]	$ 699,823	$ 498,780
VIE Liabilities	[1]	459,412	332,993
Variable Interest Entity, Primary Beneficiary [Member]
VIE Assets		431,094	427,455
VIE Liabilities		322,830	322,946
Repurchase agreements payable [Member]
Deferred financing costs		606	0
Collateralized Loan Obligations [Member]
Deferred financing costs		$ 5,054	$ 5,483
Common Class F [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		125,000,000	125,000,000
Common stock, shares issued		897,579	1,475,155
Common stock, shares outstanding		897,579	1,475,155
Common Class Y [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		125,000,000	125,000,000
Common stock, shares issued		141,116	141,116
Common stock, shares outstanding		141,116	141,116
Common Class T [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		125,000,000	125,000,000
Common stock, shares issued		1,227,672	981,836
Common stock, shares outstanding		1,227,672	981,836
Common Class S [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		125,000,000	125,000,000
Common stock, shares issued		4,056,257	1,351,587
Common stock, shares outstanding		4,056,257	1,351,587
Common Class D [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		125,000,000	125,000,000
Common stock, shares issued		527,336	322,602
Common stock, shares outstanding		527,336	322,602
Common Class M [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		125,000,000	125,000,000
Common stock, shares issued		1,711,536	1,357,818
Common stock, shares outstanding		1,711,536	1,357,818
Common Class I [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		300,000,000	300,000,000
Common stock, shares issued		1,511,524	1,230,360
Common stock, shares outstanding		1,511,524	1,230,360
[1]	The June 30, 2020 and December 31, 2019 consolidated balance sheets include assets of a consolidated variable interest entity, or VIE, that can only be used to settle obligations of the VIE, and liabilities of the consolidated VIE for which creditors do not have recourse to the Company. As of June 30, 2020 and December 31, 2019, assets of the VIE totaled $431,094 and $427,455, respectively, and liabilities of the VIE totaled $322,830 and $322,946, respectively. See Note 9 to the unaudited consolidated financial statements for further details.

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net interest income
Interest income	$ 9,606	$ 4,983	$ 17,734	$ 9,541
Less: Interest expense	(3,000)	(2,366)	(6,207)	(4,514)
Net interest income	6,606	2,617	11,527	5,027
Other expenses
Management and performance fees	1,159	141	1,754	273
General and administrative expenses	1,179	872	1,897	1,764
Less: Expense limitation	(182)	(420)	(182)	(957)
Net other expenses	2,156	593	3,469	1,080
Net income	4,450	2,024	8,058	3,947
Preferred stock dividends	(4)		(7)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 4,446	$ 2,024	$ 8,051	$ 3,947
Per share information—basic and diluted
Net income per share of common stock (earnings per share)	$ 0.44	$ 0.45	$ 0.84	$ 0.95
Weighted average common stock outstanding	10,155,719	4,538,627	9,566,733	4,165,993

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 4,450	$ 2,024	$ 8,058	$ 3,947
Other comprehensive income
Net change in unrealized gain (loss) on mortgage-backed securities	791	3	(1,081)	14
Total other comprehensive income (loss)	791	3	(1,081)	14
Comprehensive income	$ 5,241	$ 2,027	$ 6,977	$ 3,961

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Class F [Member]	Common Class Y [Member]	Common Class T [Member]	Common Class S [Member]	Common Class D [Member]	Common Class M [Member]	Common Class I [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance at beginning of period, amount at Dec. 31, 2018	$ 83,436	$ 25	$ 2	$ 1		$ 1	$ 4	$ 1	$ 83,555	$ (10)	$ (143)
Common stock issued	34,211			4			4	6	34,197
Distributions declared	(3,494)										(3,494)
Proceeds from distribution reinvestment plan	1,546								1,546
Redemptions of common stock	(125)								(125)
Stockholder servicing fees	(1,157)								(1,157)
Net income	3,947										3,947
Other comprehensive income (loss)	14									14
Balance at end of period, amount at Jun. 30, 2019	118,378	25	2	5		1	8	7	118,016	4	310
Balance at beginning of period, amount at Mar. 31, 2019	98,257	25	2	3		1	6	3	98,037	1	179
Common stock issued	19,730			2			2	4	19,722
Distributions declared	(1,893)										(1,893)
Proceeds from distribution reinvestment plan	806								806
Redemptions of common stock
Stockholder servicing fees	(549)								(549)
Net income	2,024										2,024
Other comprehensive income (loss)	3									3
Balance at end of period, amount at Jun. 30, 2019	118,378	25	2	5		1	8	7	118,016	4	310
Balance at beginning of period, amount at Dec. 31, 2019	165,787	15	1	10	$ 14	3	14	12	165,082	17	619
Common stock issued	113,955			2	29	2	5	7	113,910
Distributions declared	(7,422)										(7,422)
Proceeds from distribution reinvestment plan	2,341								2,341
Redemptions of common stock	(34,846)	(6)			(2)		(2)	(4)	(34,832)
Stockholder servicing fees	(6,499)								(6,499)
Net income	8,058										8,058
Dividends on preferred stock	(7)										(7)
Other comprehensive income (loss)	(1,081)									(1,081)
Balance at end of period, amount at Jun. 30, 2020	240,411	9	1	12	41	5	17	15	240,127	(1,064)	1,248
Balance at beginning of period, amount at Mar. 31, 2020	234,305	9	1	12	38	5	16	17	235,319	(1,855)	743
Common stock issued	19,220				4		2	2	19,212
Distributions declared	(3,941)										(3,941)
Proceeds from distribution reinvestment plan	1,236								1,236
Redemptions of common stock	(14,960)				(1)		(1)	(4)	(14,954)
Stockholder servicing fees	(686)								(686)
Net income	4,450										4,450
Dividends on preferred stock	(4)										(4)
Other comprehensive income (loss)	791									791
Balance at end of period, amount at Jun. 30, 2020	240,411	$ 9	$ 1	$ 12	$ 41	$ 5	$ 17	$ 15	240,127	$ (1,064)	$ 1,248
Preferred stock issued	$ 125								$ 125

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income	$ 8,058	$ 3,947
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization of deferred fees on loans	(410)	(267)
Amortization of deferred financing costs	1,202	534
Changes in assets and liabilities
Reimbursement due from sponsor	318	288
Interest receivable	(799)	(143)
Other assets	5,176	(32)
Due to related party	5,974	1,102
Interest payable	(291)	12
Other liabilities	(5,139)	151
Net cash provided by (used in) operating activities	14,089	5,592
Cash flows used in investing activities
Origination and fundings of loans receivable	(209,971)	(82,672)
Principal collections from loans receivable	216	9,500
Exit and extension fees received on loans receivable	105
Purchases of mortgage-backed securities	(25,555)	(274)
Principal repayments of mortgage-backed securities	15,555	375
Net cash used in investing activities	(219,650)	(73,071)
Cash flows from financing activities
Issuance of common stock	113,955	34,211
Redemptions of common stock	(29,976)	(225)
Stockholder distributions paid	(4,853)	(1,806)
Stockholder servicing fees	(525)	(55)
Borrowings under repurchase agreements	126,590	66,904
Repayments under repurchase agreements	(11,617)	(30,775)
Borrowings under credit facility	6,000
Repayments under credit facility	(6,000)
Payment of deferred financing costs	(1,049)	(183)
Proceeds from issuance of preferred stock	125
Net cash provided by (used in) financing activities	192,650	68,071
Total increase (decrease) in cash, cash equivalents and restricted cash	(12,911)	592
Cash, cash equivalents and restricted cash at beginning of year	78,155	2,608
Cash, cash equivalents and restricted cash at end of year	65,244	3,200
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest	5,296	3,968
Accrued stockholder servicing fee	5,974	1,102
Distributions payable	897	399
Reinvestment of stockholder distributions	2,341	$ 1,546
Payable for shares repurchased	$ 4,932

Principal Business and Organiza

Principal Business and Organization	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Note 1. Principal Business and Organization FS Credit Real Estate Income Trust, Inc., or the Company, was incorporated under the general corporation laws of the State of Maryland on November 7, 2016 and formally commenced investment operations on September 13, 2017. The Company is currently conducting an initial public offering of up to $2,750,000 of its Class T, Class S, Class D, Class M and Class I shares of common stock pursuant to a registration statement on Form S-11 sub-adviser. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2017. The Company intends to be an investment vehicle of indefinite duration focused on real estate debt investments and other real estate-related assets. The shares of common stock are generally intended to be sold and repurchased by the Company on a continuous basis. The Company intends to conduct its operations so that it is not required to register under the Investment Company Act of 1940, as amended, or the 1940 Act. The Company’s primary investment objectives are to: provide current income in the form of regular, stable cash distributions to achieve an attractive dividend yield; preserve and protect invested capital; realize appreciation in net asset value, or NAV, from proactive investment management and asset management; and provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate debt with lower volatility than public real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation: Use of Estimates: Principles of Consolidation: The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: June 30, 2020 2019 Cash and cash equivalents $ 61,309 $ 885 Restricted cash 3,935 2,315 Total cash, cash equivalents and restricted cash $ 65,244 $ 3,200 Loans Receivable and Provision for Loan Losses: In connection with this review, FS Real Estate Advisor and Rialto assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, loan-to-value 5-point Loan Risk Rating Summary Description 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss 5 Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss Mortgage-backed Securities: Fair Value of Financial Instruments: Fair Value Measurements and Disclosures ASC Topic 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of FS Real Estate Advisor. Certain of the Company’s other assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, The Company is also required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in the Company’s consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash on deposit and in money market funds approximates fair value. • Restricted cash: The carrying amount of restricted cash approximates fair value. • Loans receivable, net: The fair values for these loans were estimated by FS Real Estate Advisor based on discounted cash flow methodology taking into consideration factors, including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants. • Mortgage-backed securities: The fair values for these investments were based on indicative deal quotes. • Collateralized loan obligation, repurchase obligations and credit facility: The fair values for these instruments were estimated based on the rate at which similar credit facilities would have currently been priced. Deferred Financing Costs: Revenue Recognition: ex-dividend Organization Costs: Offering Costs: paid-in Income Taxes: Uncertainty in Income Taxes Stockholder Servicing Fees: Liabilities paid-in Recent Accounting Pronouncements: 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) 2016-13. 2016-13 2016-13 available-for-sale 2019-10, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instrument (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, 2016-13

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Loans Receivable	Note 3. Loans Receivable The following table details overall statistics for the Company’s loans receivable portfolio as of June 30, 2020 and December 31, 2019: June 30, December 31, Number of loans 33 24 Principal balance $ 615,755 $ 405,985 Net book value $ 616,705 $ 406,645 Unfunded loan commitments (1) $ 53,468 $ 44,226 Weighted-average cash coupon (2) L+4.20 % L+4.22 % Weighted-average all-in (2) L+4.31 % L+4.39 % Weighted-average maximum maturity (years) (3) 3.8 3.6 (1) The Company may be required to provide funding when requested by the borrower in accordance with the terms of the underlying agreements. (2) The Company’s floating rate loans are indexed to the London Interbank Offered Rate, or LIBOR. In addition to cash coupon, all-in (3) Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date. For the six months ended June 30, 2020 and 2019, the activity in the Company’s loan portfolio was as follows: For the Six Months 2020 2019 Balance at beginning of period $ 406,645 $ 239,207 Loan fundings 209,971 82,672 Loan repayments (216 ) (9,500 ) Amortization of deferred fees on loans 410 267 Exit and extension fees received on loans receivable (105 ) — Balance at end of period $ 616,705 $ 312,646 The following tables detail the property type and geographic location of the properties securing the loans in the Company’s portfolio as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Property Type Net Book Percentage Net Book Percentage Office $ 147,094 24 % $ 121,151 30 % Multifamily 127,857 21 % 81,111 20 % Industrial 118,921 19 % 30,019 7 % Mixed Use 91,447 15 % 76,833 19 % Hospitality 59,602 10 % 56,221 14 % Retail 52,085 8 % 41,310 10 % Self Storage 19,699 3 % — — Total $ 616,705 100 % $ 406,645 100 % June 30, 2020 December 31, 2019 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 297,431 48 % $ 163,486 40 % Northeast 168,331 27 % 152,874 38 % West 120,905 20 % 80,319 20 % Midwest 10,339 2 % 9,966 2 % Various 19,699 3 % — — Total $ 616,705 100 % $ 406,645 100 % (1) As defined by the United States Department of Commerce, Bureau of the Census. As of June 30, 2020 and 2019, all of the Company’s loans had a risk rating of 3. The Company did not have any impaired loans, non-accrual

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Mortgage-Backed Securities	Note 4. Mortgage-Backed Securities The Company classified its commercial mortgage-backed securities, or CMBS, as available-for-sale The table below summarizes various attributes of the Company’s investments in available-for-sale Gross Unrealized Weighted Average Outstanding Amortized Gains Losses Fair Coupon (1) Remaining June 30, 2020 (Unaudited) CMBS $ 16,634 $ 16,634 $ — $ (1,064 ) $ 15,570 2.10 % 1.4 December 31, 2019 CMBS $ 6,634 $ 6,634 $ 17 $ — $ 6,651 3.20 % 1.7 (1) Calculated using the one-month

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Financing Arrangements	Note 5. Financing Arrangements The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2020 and December 10-K As of June 30, 2020 (Unaudited) Arrangement (1) Type of Rate Amount Amount Maturity Date 2019-FL1 Collateralized Loan L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 (4) Repurchase L+2.15% - 2.50% (5) 47,950 102,050 August 30, 2020 GS-1 (6) Repurchase L+1.75% - 2.75% (7) 67,023 107,977 January 26, 2021 CNB Facility Revolving Credit Facility L+2.25% (2) — 15,000 August 23, 2021 Total $ 442,638 $ 225,027 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) LIBOR is subject to a 0.00% floor. (3) The 2019-FL1 2019-FL1 (4) The carrying amount and fair value of assets transferred as collateral underlying the facility is $66,026 and $64,362, respectively. (5) LIBOR is subject to a 0.00% floor. FS CREIT Finance WF-1 WF-1, (6) The carrying amount and fair value of assets transferred as collateral underlying the facility is $89,393 and $87,982, respectively. (7) LIBOR is subject to a 0.50% floor. FS CREIT Finance GS-1 GS-1, As of December 31, 2019 Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 Collateralized L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 Repurchase L+2.15% - 2.50% (4) — 150,000 August 30, 2020 GS-1 Repurchase L+1.75% - 2.75% (5) — 175,000 January 26, 2020 CNB Facility Revolving Credit Facility L+2.25% (2) — 10,000 August 23, 2021 Total $ 327,665 $ 335,000 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) LIBOR is subject to a 0.00% floor. (3) The 2019-FL1 2019-FL1 (4) LIBOR is subject to a 0.00% floor. WF-1 (5) LIBOR is subject to a 0.50% floor. GS-1 The Company’s average borrowings and weighted average interest rate, including the effect of non-usage non-usage Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2020 and December 31, 2019. 2019-FL1 On December 5, 2019, the Company issued $327,665 of collateralized loan obligation notes, or the CLO Transaction, through FS Rialto Sub-REIT Sub-REIT, Sub-REIT, 2019-FL1 2019-FL1 Co-Issuer, as co-issuer, Co-Issuer and, As of June 30, 2020, the 2019-FL1 The Company incurred $5,717 of issuance costs which are amortized over the remaining life of the loans that collateralized the 2019-FL1 WF-1 On August 30, 2017, the Company’s indirect wholly owned, special-purpose financing subsidiary, WF-1, WF-1 WF-1 WF-1 WF-1 The Company incurred $1,410 of deferred financing costs related to the WF-1 GS-1 On January 26, 2018, the Company’s indirect wholly-owned, special-purpose financing subsidiary, GS-1, GS-1 GS-1 GS-1 GS-1 The initial availability period of the GS-1 GS-1 GS-1 GS-1 one-year GS-1 one-year GS-1 GS-1 The Company incurred $2,063 of deferred financing costs related to the GS-1 CNB Facility On August 22, 2019, the Company and FS CREIT Finance Holdings LLC, a direct wholly owned subsidiary of the Company, each as a borrower, entered into a Loan and Security Agreement, or the CNB Loan Agreement, and together with the related transaction documents, the CNB Facility, with City National Bank, or CNB, as administrative agent and lender. The initial maximum committed facility amount under the CNB Facility was $10,000, subject to increase, with the consent of CNB to $25,000. On March 23, 2020, the CNB Facility was amended to, among other things, (i) increase the maximum committed amount of financing available from $10,000 to $15,000, and (ii) increase the minimum net asset value the Company is required to maintain from $85,000 to $100,000. Borrowings under the CNB Facility are subject to compliance with a borrowing base calculated based on the Company’s stockholder subscriptions and certain cash and assets held directly by the Company. The Company incurred $255 of deferred financing costs related to the CNB Facility, which is being amortized to interest expense over the life of the facility. As of June 30, 2020, $170 had yet to be amortized to interest expense.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 6. Related Party Transactions Compensation of FS Real Estate Advisor and the Dealer Manager Pursuant to the second amended and restated advisory agreement dated as of August 17, 2018, or the advisory agreement, FS Real Estate Advisor is entitled to a base management fee equal to 1.25% of the NAV for the Company’s Class T, Class S, Class D, Class M and Class I shares, payable quarterly in arrears. The payment of all or any portion of the base management fee accrued with respect to any quarter may be deferred by FS Real Estate Advisor, without interest, and may be taken in any such other quarter as FS Real Estate Advisor may determine. In calculating the Company’s base management fee, the Company will use its NAV before giving effect to accruals for such fee, stockholder servicing fees or distributions payable on its shares. The base management fee is a class-specific expense. No base management fee is paid on the Company’s Class F or Class Y shares. FS Real Estate Advisor is also entitled to the performance fee calculated and payable quarterly in arrears in an amount equal to 10.0% of the Company’s Core Earnings (as defined below) for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on average adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS Real Estate Advisor does not earn a performance fee for any quarter until the Company’s Core Earnings for such quarter exceed the hurdle rate of 1.625%. For purposes of the performance fee, “adjusted capital” means cumulative net proceeds generated from sales of the Company’s common stock other than Class F common stock (including proceeds from the Company’s distribution reinvestment plan) reduced for distributions from non-liquidating “catch-up” For purposes of calculating the performance fee, “Core Earnings” means: the net income (loss) attributable to stockholders of Class Y, Class T, Class S, Class D, Class M and Class I shares, computed in accordance with GAAP (provided that net income (loss) attributable to Class Y stockholders shall be reduced by an amount equal to the base management fee that would have been paid if Class Y shares were subject to such fee), including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) non-cash non-cash (v) one-time non-cash Pursuant to the amended and restated sub-advisory sub-advisory The Company reimburses FS Real Estate Advisor and Rialto for their actual costs incurred in providing administrative services to the Company. FS Real Estate Advisor and Rialto are required to allocate the cost of such services to the Company based on objective factors such as total assets, revenues and/or time allocations. At least annually, the Company’s board of directors reviews the amount of the administrative services expenses reimbursable to FS Real Estate Advisor and Rialto to determine whether such amounts are reasonable in relation to the services provided. The Company will not reimburse FS Real Estate Advisor or Rialto for any services for which it receives a separate fee or for any administrative expenses allocated to employees to the extent they serve as executive officers of the Company. FS Investments funded the Company’s organization and offering costs in the amount of $11,377 for the period from November 7, 2016 (Inception) to June 30, 2020. These expenses include legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company’s transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals, but excluding selling commissions, dealer manager fees and stockholder servicing fees. Under the advisory agreement, FS Real Estate Advisor has agreed to advance all of the Company’s organization and offering expenses on the Company’s behalf until it has raised $250,000 of gross proceeds from its public offering. Although such amounts may be subject to reimbursement thereafter, FS Real Estate Advisor and Rialto have each agreed to defer the recoupment of any organization and offering expenses that may be reimbursable by the Company under the advisory agreement with respect to gross proceeds raised in the offering in excess of $250,000 until FS Real Estate Advisor, in its sole discretion, determines that the Company has achieved economies of scale sufficient to ensure that it can bear a reasonable level of expenses in relation to its income. After such time, FS Real Estate Advisor may be reimbursed for any organization and offering expenses that it or Rialto has incurred on the Company’s behalf, up to a cap of 0.75% of gross proceeds raised thereafter. As of June 30, 2020, the Company has not reimbursed FS Real Estate Advisor for any organization and offering expenses. The following table describes the fees and expenses accrued under the advisory agreement during the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended Related Party Source Agreement Description 2020 2019 2020 2019 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 721 $ 141 $ 1,316 $ 225 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 438 — $ 438 $ 48 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 660 $ 583 $ 888 $ 1,177 (1) During the six months ended June 30, 2020 and 2019, $921 and $132, respectively, in base management fees were paid to FS Real Estate Advisor. As of June 30, 2020, $718 in base management fees were payable to FS Real Estate Advisor. (2) During the six months ended June 30, 2020 and 2019, $0 and $72, respectively, in performance fees were paid to FS Real Estate Advisor. As of June 30, 2020, $438 in performance fees were payable to FS Real Estate Advisor. (3) During the six months ended June 30, 2020 and 2019, $834 and $1,023, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS Real Estate Advisor and Rialto and the remainder related to other reimbursable expenses. The dealer manager for the Company’s continuous public offering is FS Investment Solutions, LLC, or FS Investment Solutions, which is an affiliate of FS Real Estate Advisor. Under the amended and restated dealer manager agreement dated as of August 17, 2018, or the dealer manager agreement, FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5% of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price (subject to reductions for certain categories of purchasers). FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.5% of the transaction price per Class S share sold in the primary offering (subject to reductions for certain categories of purchasers). The dealer manager anticipates that all of the selling commissions and dealer manager fees will be re-allowed No selling commissions or dealer manager fees are payable on the sale of Class D, Class M, Class I, Class F or Class Y shares or on shares of any class sold pursuant to the Company’s distribution reinvestment plan. Subject to the limitations described below, the Company pays FS Investment Solutions stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or by broker-dealers servicing investors’ accounts, referred to as servicing broker-dealers: • with respect to the Company’s outstanding Class T shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class T shares, consisting of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum; however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares; • with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class S shares; • with respect to the Company’s outstanding Class D shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class D shares; and • with respect to the Company’s outstanding Class M shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class M shares. The Company does not pay a stockholder servicing fee with respect to its Class I, Class F or Class Y shares. The dealer manager reallows some or all of the stockholder servicing fees to participating broker-dealers, servicing broker-dealers and financial institutions (including bank trust departments) for ongoing stockholder services performed by such broker-dealers, and waives (pays back to the Company) stockholder servicing fees to the extent a broker-dealer or financial institution is not eligible or otherwise declines to receive all or a portion of such fees. The Company will cease paying stockholder servicing fees with respect to any Class D, Class M, Class S and Class T shares held in a stockholder’s account at the end of the month in which the total underwriting compensation from the upfront selling commissions, dealer manager fees and stockholder servicing fees, as applicable, paid with respect to such account would exceed 1.25%, 7.25%, 8.75% and 8.75%, respectively (or a lower limit for shares sold by certain participating broker-dealers or financial institutions) of the gross proceeds from the sale of shares in such account. These amounts are referred to as the sales charge cap. At the end of such month that the sales charge cap is reached, each Class D, Class M, Class S or Class T share in such account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. In addition, the Company will cease paying stockholder servicing fees on each Class D share, Class M share, Class S share and Class T share held in a stockholder’s account and each such share will convert to Class I shares on the earlier to occur of the following: (i) a listing of Class I shares on a national securities exchange; (ii) the sale or other disposition of all or substantially all of the Company’s assets or the Company’s merger or consolidation with or into another entity in a transaction in which holders of Class D, Class M, Class S or Class T shares receive cash and/or shares of stock that are listed on a national securities exchange; or (iii) the date following the completion of the Company’s public offering on which, in the aggregate, underwriting compensation from all sources in connection with the Company’s public offering, including selling commissions, dealer manager fees, stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from its primary offering. The Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. As of June 30, 2020 and December 31, 2019, the Company accrued $12,264 and $6,290, respectively, of stockholder servicing fees payable to FS Investment Solutions. FS Investment Solutions has entered into agreements with selected dealers distributing the Company’s shares in the public offering, which provide, among other things, for the re-allowance FS Investment Solutions also serves or served as the placement agent for the Company’s private offerings of Class F and Class Y shares pursuant to placement agreements. FS Investment Solutions does not receive any compensation pursuant to these agreements. Expense Limitation The Company has entered into an amended and restated expense limitation agreement with FS Real Estate Advisor and Rialto, or the expense limitation agreement, pursuant to which FS Real Estate Advisor and Rialto have agreed to waive reimbursement of or pay, on a quarterly basis, the Company’s annualized ordinary operating expenses for such quarter to the extent such expenses exceed 1.5% per annum of its average net assets attributable to each of its classes of common stock. The Company will repay FS Real Estate Advisor or Rialto on a quarterly basis any ordinary operating expenses previously waived or paid, but only if the reimbursement would not cause the then-current expense limitation, if any, to be exceeded. In addition, the reimbursement of expenses will be made only if payable not more than three years from the end of the fiscal quarter in which the expenses were paid or waived. FS Real Estate Advisor and Rialto each agreed to waive the recoupment of any amounts that may be subject to conditional reimbursement during the quarterly period ended March 31, 2020. To the extent that the conditions to recoupment are satisfied in a future quarter (prior to the expiration of the three-year period for reimbursement set forth in the expense limitation agreement), such expenses may be subject to conditional recoupment in accordance with the terms of the expense limitation agreement. During the period from September 13, 2017 (Commencement of Operations) to June 30, 2020, the Company accrued $4,942 for reimbursement of expenses that FS Real Estate Advisor and Rialto have agreed to pay, including $182 in reimbursements for the six months ended June 30, 2020. During the period from September 13, 2017 (Commencement of Operations) to June 30, 2020, the Company received $4,760 in cash reimbursements from FS Real Estate Advisor. As of June 30, 2020, the Company had $182 of reimbursements due from FS Real Estate Advisor and Rialto. Capital Contributions and Commitments In December 2016, pursuant to a private placement, Michael C. Forman and David J. Adelman, principals of FS Investments, contributed an aggregate of $200 to purchase 8,000 Class F shares at the price of $25.00 per share. These individuals will not tender these shares of common stock for repurchase as long as FS Real Estate Advisor remains the Company’s adviser. FS Investments is controlled by Mr. Forman, the Company’s president and chief executive officer, and Mr. Adelman. Each of FS Investments and Rannel Investments, LLC (f/k/a Rialto Investments, LLC) (“RI”), a former affiliate of Rialto, the Company’s sub-adviser, Following the sale of Rialto in November 2018, RI remained a wholly-owned subsidiary of Lennar Corporation and no longer has any affiliation with Rialto or the Company other than its ownership of the Company’s Class F shares. On October 25, 2019, the Company’s board of directors approved the termination of RI’s remaining commitment to purchase Class F shares and agreed that the Company may repurchase up to approximately $17,000 of RI’s Class F shares, in its discretion and in one or more repurchases, outside the Company’s share repurchase plan at the most recently published NAV per Class F share at the time of any such repurchase. As of December 31, 2019, all of these shares were repurchased by the Company outside of the share repurchase plan at an average price of $24.95 per Class F share. On February 14, 2020, the Company repurchased, outside of the share repurchase plan, approximately $14,700 of its Class F shares from MCFDA SCV LLC, a special purpose vehicle jointly owned by Michael C. Forman and David J. Adelman, the principals of FS Investments, at the then-current transaction price of $24.95 per share. As of August 10, 2020, FS Investments (including its affiliates and designees) owned approximately $21,500 in Class F shares.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	Note 7. Stockholders’ Equity Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2020 and 2019: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 1,475,155 141,116 981,836 1,351,587 322,602 1,357,818 1,230,360 6,860,474 Issuance of common stock — — 235,067 2,925,194 209,311 516,831 630,862 4,517,265 Reinvestment of distributions 13,941 — 16,390 27,610 4,311 15,701 15,581 93,534 Redemptions of common stock (591,517 ) — (5,621 ) (248,134 ) (8,888 ) (164,531 ) (379,900 ) (1,398,591 ) Transfers in or out — — — — — (14,283 ) 14,621 338 Balance as of June 30, 2020 897,579 141,116 1,227,672 4,056,257 527,336 1,711,536 1,511,524 10,073,020 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 $ 36,419 $ 3,548 $ 23,616 $ 31,429 $ 8,015 $ 31,757 $ 30,367 $ 165,151 Issuance of common stock — — 5,914 74,172 5,268 13,036 15,565 113,955 Reinvestment of distributions 347 — 411 697 108 395 383 2,341 Redemptions of common stock (14,761 ) — (141 ) (6,263 ) (223 ) (4,139 ) (9,319 ) (34,846 ) Transfers in or out — — — — — (361 ) 361 — Accrued stockholder servicing fees (1) — — (267 ) (5,539 ) (64 ) (629 ) — (6,499 ) Balance as of June 30, 2020 $ 22,005 $ 3,548 $ 29,533 $ 94,496 $ 13,104 $ 40,059 $ 37,357 $ 240,102 Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2018 2,471,864 193,013 124,581 3,773 60,934 417,992 128,526 3,400,683 Issuance of common stock — — 368,378 — 45,203 407,899 548,806 1,370,286 Reinvestment of distributions 52,105 — 4,910 10 957 2,594 1,670 62,246 Redemptions of common stock — — — — — (4,968 ) — (4,968 ) Balance as of June 30, 2019 2,523,969 193,013 497,869 3,783 107,094 823,517 679,002 4,828,247 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2018 $ 61,269 $ 4,832 $ 2,987 $ 91 $ 1,507 $ 9,736 $ 3,167 $ 83,589 Issuance of common stock — — 9,250 — 1,136 10,282 13,543 34,211 Reinvestment of distributions 1,293 — 123 — 24 65 41 1,546 Redemptions of common stock — — — — — (125 ) — (125 ) Accrued stockholder servicing fees (1) — — (413 ) (1 ) (14 ) (729 ) — (1,157 ) Balance as of June 30, 2019 $ 62,562 $ 4,832 $ 11,947 $ 90 $ 2,653 $ 19,229 $ 16,751 $ 118,064 (1) Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, the Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class. Share Repurchase Plan The Company has adopted an amended and restated share repurchase plan, or share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. Prior to September 2019, Class F shares and Class Y shares were not eligible to participate in the Company’s share repurchase plan. The repurchase of shares is limited to no more than 2% of the Company’s aggregate NAV per month of all classes of shares then participating in the share repurchase plan and no more than 5% of the Company’s aggregate NAV per calendar quarter of all classes of shares then participating in the share repurchase plan, which means that in any 12-month COVID-19 Distribution Reinvestment Plan Pursuant to the Company’s distribution reinvestment plan, holders of shares of any class of the Company’s common stock may elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The purchase price for shares pursuant to the distribution reinvestment plan will be equal to the transaction price for such shares at the time the distribution is payable. Preferred Stock During the six months ended June 30, 2020, a subsidiary of the Company issued 125 shares of Series A preferred stock for proceeds of $125. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Dividends are paid first to the holders of the Company’s Series A preferred stock at the rate of 12.0% per annum plus all accumulated and unpaid dividends thereon, and then to the holders of the Company’s common stock. All distributions will be made at the discretion of the Company’s board of directors and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors that the Company’s board of directors deems relevant. The following table reflects the cash distributions per share that the Company paid on its common stock during the six months ended June 30, 2020: Record Date Class F Class Y Class T Class S Class D Class M Class I January 30, 2020 $ 0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350 February 27, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 March 30, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 April 29, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 May 28, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 June 29, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 Total $ 0.9660 $ 0.9660 $ 0.7038 $ 0.7038 $ 0.7728 $ 0.7728 $ 0.8100 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and six months ended June 30, 2020, and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 Distributions: Paid or payable in cash $ 2,705 $ 1,087 $ 5,081 $ 1,948 Reinvested in shares 1,236 806 2,341 1,546 Total distributions $ 3,941 $ 1,893 $ 7,422 $ 3,494 Source of distributions: Cash flows from operating activities $ 3,941 $ 1,893 $ 7,422 $ 3,494 Offering proceeds — — — — Total sources of distributions $ 3,941 $ 1,893 $ 7,422 $ 3,494 Net cash provided by operating activities (1) $ 5,212 $ 3,094 $ 14,089 $ 5,592 (1) Cash flows from operating activities are supported by expense support payments from FS Real Estate Advisor and Rialto pursuant to the Company’s expense limitation agreement. See Note 6 for additional information regarding the Company’s expense limitation agreement. The Company currently declares and pays regular cash distributions on a monthly basis. On July 28, 2020, the Company’s board of directors authorized regular monthly cash distributions for July 2020 for each class of its outstanding common stock in the net distribution amounts per share set forth below: Class F Class Y Class T Class S Class D Class M Class I $ 0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350 The July 2020 distributions for each class of outstanding common stock were paid on July 31, 2020 to stockholders of record as of July 30, 2020. These distributions were paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 8. Fair Value of Financial Instruments The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: June 30, 2020 (Unaudited) December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities $ 15,570 — $ 15,570 — $ 6,651 — $ 6,651 — As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statement of financial position, for which it is practicable to estimate that value. The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: June 30, 2020 (Unaudited) December 31, 2019 Book Face Fair Value Book Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 65,244 $ 65,244 $ 65,244 $ 78,155 $ 78,155 $ 78,155 Loans receivable (1) $ 616,705 $ 615,755 $ 610,729 $ 406,645 $ 405,985 $ 407,283 Financial Liabilities Repurchase obligations (2) $ 114,367 $ 114,973 $ 114,973 — — — Collateralized loan obligation (2) $ 322,611 $ 327,665 $ 327,665 $ 322,182 $ 327,665 $ 327,665 (1) Book value of loans receivable represents the face amount, net of unamortized loan fees and costs and accrual of exit fees, as applicable. (2) Book value represents the face amount, net of deferred financing costs. Estimates of fair value for cash, cash equivalents and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. Estimates of fair value for loans receivable, repurchase obligations, credit facility obligations and the collateralized loan obligation are measured using unobservable inputs, or Level 3 inputs.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 9. Variable Interest Entities The Company has financed a portion of its loans through the CLO, which is considered a VIE. The Company has a controlling financial interest in the CLO and, therefore, consolidates it on its balance sheet because the Company has both (i) the power to direct activities of the CLO that most significantly affect the CLO’s economic performance and (ii) the obligation to absorb losses and the right to receive benefits of the CLO that could potentially be significant to the CLO. The following table details the assets and liabilities of the Company’s consolidated CLO as of June 30, 2020 and December 31, 2019: June 30, December 31, Assets: Restricted cash $ 1,783 $ 35,706 Loans receivable 428,184 385,408 Interest receivable 1,127 1,100 Other assets — 5,241 Total assets $ 431,094 $ 427,455 Liabilities Collateralized loan obligation (net of deferred financing costs of $5,054 and $5,483, respectively) $ 322,611 $ 322,182 Interest payable 219 764 Total liabilities $ 322,830 $ 322,946 Assets held by the VIE are restricted and can be used only to settle obligations of the VIE. The liabilities are non-recourse

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10. Commitments and Contingencies The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. Management of FS Real Estate Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be party to certain legal proceedings in the ordinary course of business. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations. See Note 6 for a discussion of the Company’s commitments to FS Real Estate Advisor and its affiliates (including FS Investments) for the reimbursement of organization and offering costs funded by FS Investments.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events The following is a discussion of material events that have occurred subsequent to June 30, 2020 through the issuance of the unaudited consolidated financial statements. Coronavirus Impact The Company is closely monitoring the impact of the coronavirus pandemic on all aspects of its investments and operations, including how it will impact its borrowers and business partners. While the Company did not incur significant disruptions during the six months ended June 30, 2020 from the coronavirus pandemic, the extent to which the coronavirus impacts the Company’s investments and operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, the severity of the coronavirus on the population, the impact of government stimulus programs, and the actions taken by government agencies to contain the coronavirus and eventually reopen the economy. Status of Offerings As of August 10, 2020, the Company has issued 13,218,497 shares of common stock (consisting of 2,575,157 shares of Class F common stock, 193,013 shares of Class Y common stock, 1,250,791 shares of Class T common stock, 4,496,709 shares of Class S common stock, 567,558 shares of Class D common stock, 1,983,684 shares of Class M common stock and 2,151,585 shares of Class I common stock), including shares issued pursuant to its distribution reinvestment plan, for gross proceeds of $331,460. Share Repurchases In connection with the Company’s July 2020 repurchase period, the Company repurchased an aggregate of 31,946 shares of common stock representing a total of $805. Business Update During the third quarter of 2020, the Company sold five of its CMBS positions with a cost of $16,634 for proceeds of $16,082 and purchased another CMBS investment for $37,005. WF-1 On August 3, 2020, and effective March 31, 2020, the Company, as guarantor, entered into an Amendment No. 3 to Guarantee Agreement, or the WF-1 WF-1 WF-1’s WF-1 WF-1 GS-1 On August 3, 2020, and effective March 31, 2020, the Company, as guarantor, entered into a Second Amendment to Guarantee Agreement, or the GS-1 GS-1 GS-1’s GS-1 GS-1

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation:
Use of Estimates	Use of Estimates:
Principles of Consolidation	Principles of Consolidation: The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: June 30, 2020 2019 Cash and cash equivalents $ 61,309 $ 885 Restricted cash 3,935 2,315 Total cash, cash equivalents and restricted cash $ 65,244 $ 3,200
Loans Receivable and Provision for Loan Losses	Loans Receivable and Provision for Loan Losses: In connection with this review, FS Real Estate Advisor and Rialto assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, loan-to-value 5-point Loan Risk Rating Summary Description 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for Loss: A loan that has a risk of realizing a principal loss 5 Impaired/Loss Likely: A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss
Mortgage backed securities	Mortgage-backed Securities:
Fair Value of Financial Instruments	Fair Value of Financial Instruments: Fair Value Measurements and Disclosures ASC Topic 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee composed of members of senior management of FS Real Estate Advisor. Certain of the Company’s other assets are reported at fair value either (i) on a recurring basis, as of each quarter-end, The Company is also required by GAAP to disclose fair value information about financial instruments that are not otherwise reported at fair value in the Company’s consolidated balance sheets, to the extent it is practicable to estimate a fair value for those instruments. These disclosure requirements exclude certain financial instruments and all non-financial The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which it is practicable to estimate that value: • Cash and cash equivalents: The carrying amount of cash on deposit and in money market funds approximates fair value. • Restricted cash: The carrying amount of restricted cash approximates fair value. • Loans receivable, net: The fair values for these loans were estimated by FS Real Estate Advisor based on discounted cash flow methodology taking into consideration factors, including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants. • Mortgage-backed securities: The fair values for these investments were based on indicative deal quotes. • Collateralized loan obligation, repurchase obligations and credit facility: The fair values for these instruments were estimated based on the rate at which similar credit facilities would have currently been priced.
Deferred Financing Costs	Deferred Financing Costs:
Revenue Recognition	Revenue Recognition: ex-dividend
Organization Costs	Organization Costs:
Offering Costs	Offering Costs: paid-in
Income Taxes	Income Taxes:
Uncertainty in Income Taxes	Uncertainty in Income Taxes
Stockholder Servicing Fees	Stockholder Servicing Fees: Liabilities paid-in
Recent Accounting Pronouncements	Recent Accounting Pronouncements: 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) 2016-13. 2016-13 2016-13 available-for-sale 2019-10, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instrument (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, 2016-13

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: June 30, 2020 2019 Cash and cash equivalents $ 61,309 $ 885 Restricted cash 3,935 2,315 Total cash, cash equivalents and restricted cash $ 65,244 $ 3,200

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Summary of Details Overall Statistics for Loans Receivable Portfolio	The following table details overall statistics for the Company’s loans receivable portfolio as of June 30, 2020 and December 31, 2019: June 30, December 31, Number of loans 33 24 Principal balance $ 615,755 $ 405,985 Net book value $ 616,705 $ 406,645 Unfunded loan commitments (1) $ 53,468 $ 44,226 Weighted-average cash coupon (2) L+4.20 % L+4.22 % Weighted-average all-in (2) L+4.31 % L+4.39 % Weighted-average maximum maturity (years) (3) 3.8 3.6 (1) The Company may be required to provide funding when requested by the borrower in accordance with the terms of the underlying agreements. (2) The Company’s floating rate loans are indexed to the London Interbank Offered Rate, or LIBOR. In addition to cash coupon, all-in (3) Maximum maturity assumes all extension options are exercised by the borrower, however loans may be repaid prior to such date.
Summary of Activity in Loan Portfolio	For the six months ended June 30, 2020 and 2019, the activity in the Company’s loan portfolio was as follows: For the Six Months 2020 2019 Balance at beginning of period $ 406,645 $ 239,207 Loan fundings 209,971 82,672 Loan repayments (216 ) (9,500 ) Amortization of deferred fees on loans 410 267 Exit and extension fees received on loans receivable (105 ) — Balance at end of period $ 616,705 $ 312,646
Schedule of Loan Receivables Acquired By Property	The following tables detail the property type and geographic location of the properties securing the loans in the Company’s portfolio as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Property Type Net Book Percentage Net Book Percentage Office $ 147,094 24 % $ 121,151 30 % Multifamily 127,857 21 % 81,111 20 % Industrial 118,921 19 % 30,019 7 % Mixed Use 91,447 15 % 76,833 19 % Hospitality 59,602 10 % 56,221 14 % Retail 52,085 8 % 41,310 10 % Self Storage 19,699 3 % — — Total $ 616,705 100 % $ 406,645 100 %
Schedule of Loan Receivables Acquired By Geographics	June 30, 2020 December 31, 2019 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 297,431 48 % $ 163,486 40 % Northeast 168,331 27 % 152,874 38 % West 120,905 20 % 80,319 20 % Midwest 10,339 2 % 9,966 2 % Various 19,699 3 % — — Total $ 616,705 100 % $ 406,645 100 % (1) As defined by the United States Department of Commerce, Bureau of the Census.

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The table below summarizes various attributes of the Company’s investments in available-for-sale Gross Unrealized Weighted Average Outstanding Amortized Gains Losses Fair Coupon (1) Remaining June 30, 2020 (Unaudited) CMBS $ 16,634 $ 16,634 $ — $ (1,064 ) $ 15,570 2.10 % 1.4 December 31, 2019 CMBS $ 6,634 $ 6,634 $ 17 $ — $ 6,651 3.20 % 1.7 (1) Calculated using the one-month

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Summary of Information of Outstanding Financing Arrangement	The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2020 and December 10-K As of June 30, 2020 (Unaudited) Arrangement (1) Type of Rate Amount Amount Maturity Date 2019-FL1 Collateralized Loan L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 (4) Repurchase L+2.15% - 2.50% (5) 47,950 102,050 August 30, 2020 GS-1 (6) Repurchase L+1.75% - 2.75% (7) 67,023 107,977 January 26, 2021 CNB Facility Revolving Credit Facility L+2.25% (2) — 15,000 August 23, 2021 Total $ 442,638 $ 225,027 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) LIBOR is subject to a 0.00% floor. (3) The 2019-FL1 2019-FL1 (4) The carrying amount and fair value of assets transferred as collateral underlying the facility is $66,026 and $64,362, respectively. (5) LIBOR is subject to a 0.00% floor. FS CREIT Finance WF-1 WF-1, (6) The carrying amount and fair value of assets transferred as collateral underlying the facility is $89,393 and $87,982, respectively. (7) LIBOR is subject to a 0.50% floor. FS CREIT Finance GS-1 GS-1, As of December 31, 2019 Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 Collateralized L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 Repurchase L+2.15% - 2.50% (4) — 150,000 August 30, 2020 GS-1 Repurchase L+1.75% - 2.75% (5) — 175,000 January 26, 2020 CNB Facility Revolving Credit Facility L+2.25% (2) — 10,000 August 23, 2021 Total $ 327,665 $ 335,000 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) LIBOR is subject to a 0.00% floor. (3) The 2019-FL1 2019-FL1 (4) LIBOR is subject to a 0.00% floor. WF-1 (5) LIBOR is subject to a 0.50% floor. GS-1

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	The following table describes the fees and expenses accrued under the advisory agreement during the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended Related Party Source Agreement Description 2020 2019 2020 2019 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 721 $ 141 $ 1,316 $ 225 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 438 — $ 438 $ 48 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 660 $ 583 $ 888 $ 1,177 (1) During the six months ended June 30, 2020 and 2019, $921 and $132, respectively, in base management fees were paid to FS Real Estate Advisor. As of June 30, 2020, $718 in base management fees were payable to FS Real Estate Advisor. (2) During the six months ended June 30, 2020 and 2019, $0 and $72, respectively, in performance fees were paid to FS Real Estate Advisor. As of June 30, 2020, $438 in performance fees were payable to FS Real Estate Advisor. (3) During the six months ended June 30, 2020 and 2019, $834 and $1,023, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS Real Estate Advisor and Rialto and the remainder related to other reimbursable expenses.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Summary of Common Stock Transactions	Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2020 and 2019: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 1,475,155 141,116 981,836 1,351,587 322,602 1,357,818 1,230,360 6,860,474 Issuance of common stock — — 235,067 2,925,194 209,311 516,831 630,862 4,517,265 Reinvestment of distributions 13,941 — 16,390 27,610 4,311 15,701 15,581 93,534 Redemptions of common stock (591,517 ) — (5,621 ) (248,134 ) (8,888 ) (164,531 ) (379,900 ) (1,398,591 ) Transfers in or out — — — — — (14,283 ) 14,621 338 Balance as of June 30, 2020 897,579 141,116 1,227,672 4,056,257 527,336 1,711,536 1,511,524 10,073,020 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 $ 36,419 $ 3,548 $ 23,616 $ 31,429 $ 8,015 $ 31,757 $ 30,367 $ 165,151 Issuance of common stock — — 5,914 74,172 5,268 13,036 15,565 113,955 Reinvestment of distributions 347 — 411 697 108 395 383 2,341 Redemptions of common stock (14,761 ) — (141 ) (6,263 ) (223 ) (4,139 ) (9,319 ) (34,846 ) Transfers in or out — — — — — (361 ) 361 — Accrued stockholder servicing fees (1) — — (267 ) (5,539 ) (64 ) (629 ) — (6,499 ) Balance as of June 30, 2020 $ 22,005 $ 3,548 $ 29,533 $ 94,496 $ 13,104 $ 40,059 $ 37,357 $ 240,102 Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2018 2,471,864 193,013 124,581 3,773 60,934 417,992 128,526 3,400,683 Issuance of common stock — — 368,378 — 45,203 407,899 548,806 1,370,286 Reinvestment of distributions 52,105 — 4,910 10 957 2,594 1,670 62,246 Redemptions of common stock — — — — — (4,968 ) — (4,968 ) Balance as of June 30, 2019 2,523,969 193,013 497,869 3,783 107,094 823,517 679,002 4,828,247 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2018 $ 61,269 $ 4,832 $ 2,987 $ 91 $ 1,507 $ 9,736 $ 3,167 $ 83,589 Issuance of common stock — — 9,250 — 1,136 10,282 13,543 34,211 Reinvestment of distributions 1,293 — 123 — 24 65 41 1,546 Redemptions of common stock — — — — — (125 ) — (125 ) Accrued stockholder servicing fees (1) — — (413 ) (1 ) (14 ) (729 ) — (1,157 ) Balance as of June 30, 2019 $ 62,562 $ 4,832 $ 11,947 $ 90 $ 2,653 $ 19,229 $ 16,751 $ 118,064 (1) Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, the Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class.
Summary of Cash Distributions Per Share that Paid on its Common Stock	The following table reflects the cash distributions per share that the Company paid on its common stock during the six months ended June 30, 2020: Record Date Class F Class Y Class T Class S Class D Class M Class I January 30, 2020 $ 0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350 February 27, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 March 30, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 April 29, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 May 28, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 June 29, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 Total $ 0.9660 $ 0.9660 $ 0.7038 $ 0.7038 $ 0.7728 $ 0.7728 $ 0.8100 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and six months ended June 30, 2020, and 2019: Three Months Ended Six Months Ended 2020 2019 2020 2019 Distributions: Paid or payable in cash $ 2,705 $ 1,087 $ 5,081 $ 1,948 Reinvested in shares 1,236 806 2,341 1,546 Total distributions $ 3,941 $ 1,893 $ 7,422 $ 3,494 Source of distributions: Cash flows from operating activities $ 3,941 $ 1,893 $ 7,422 $ 3,494 Offering proceeds — — — — Total sources of distributions $ 3,941 $ 1,893 $ 7,422 $ 3,494 Net cash provided by operating activities (1) $ 5,212 $ 3,094 $ 14,089 $ 5,592 (1) Cash flows from operating activities are supported by expense support payments from FS Real Estate Advisor and Rialto pursuant to the Company’s expense limitation agreement. See Note 6 for additional information regarding the Company’s expense limitation agreement.
Schedule of Cash Distribution on Class of Common Stock	The Company currently declares and pays regular cash distributions on a monthly basis. On July 28, 2020, the Company’s board of directors authorized regular monthly cash distributions for July 2020 for each class of its outstanding common stock in the net distribution amounts per share set forth below: Class F Class Y Class T Class S Class D Class M Class I $ 0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: June 30, 2020 (Unaudited) December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities $ 15,570 — $ 15,570 — $ 6,651 — $ 6,651 —
Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments	The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: June 30, 2020 (Unaudited) December 31, 2019 Book Face Fair Value Book Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 65,244 $ 65,244 $ 65,244 $ 78,155 $ 78,155 $ 78,155 Loans receivable (1) $ 616,705 $ 615,755 $ 610,729 $ 406,645 $ 405,985 $ 407,283 Financial Liabilities Repurchase obligations (2) $ 114,367 $ 114,973 $ 114,973 — — — Collateralized loan obligation (2) $ 322,611 $ 327,665 $ 327,665 $ 322,182 $ 327,665 $ 327,665 (1) Book value of loans receivable represents the face amount, net of unamortized loan fees and costs and accrual of exit fees, as applicable. (2) Book value represents the face amount, net of deferred financing costs.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of detailed information about the assets and liabilities	The following table details the assets and liabilities of the Company’s consolidated CLO as of June 30, 2020 and December 31, 2019: June 30, December 31, Assets: Restricted cash $ 1,783 $ 35,706 Loans receivable 428,184 385,408 Interest receivable 1,127 1,100 Other assets — 5,241 Total assets $ 431,094 $ 427,455 Liabilities Collateralized loan obligation (net of deferred financing costs of $5,054 and $5,483, respectively) $ 322,611 $ 322,182 Interest payable 219 764 Total liabilities $ 322,830 $ 322,946

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail) - Class T, Class S, Class D, Class M and Class I shares [Member] - Maximum [Member]	6 Months Ended
	Jun. 30, 2020USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 2,750,000,000
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	2,500,000,000
Distribution Reinvestment Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 250,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 61,309	$ 40,214	$ 885
Restricted cash	3,935	37,941	2,315
Total cash, cash equivalents and restricted cash	$ 65,244	$ 78,155	$ 3,200	$ 2,608

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	10 Months Ended	44 Months Ended
	Jun. 30, 2020	Sep. 13, 2017	Jun. 30, 2020	Dec. 31, 2019
Cash investment in money market fund	$ 62,867		$ 62,867	$ 75,560
Organization costs incurred		$ 243
Offering costs incurred			11,134
Percentage of distribution of annual REIT taxable income to stockholders to qualify as REIT	90.00%
Unrecognized interest or penalties			$ 0
Minimum Gross Proceeds From Public Offering To Charge Offering Costs	$ 250,000
Percentage of reimbursement revenue	0.75%

Loans Receivable - Summary of D

Loans Receivable - Summary of Details Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Loans	Dec. 31, 2019USD ($)Loans	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Loans and Leases Receivable, Net Amount [Abstract]
Number of loans | Loans	33	24
Principal balance	$ 615,755	$ 405,985
Net book value	616,705	406,645	$ 312,646	$ 239,207
Unfunded loan commitments	$ 53,468	$ 44,226
Weighted-average cash coupon	4.20%	4.22%
Weighted-average all-in yield	4.31%	4.39%
Weighted-average maximum maturity (years)	3 years 9 months 18 days	3 years 7 months 6 days

Loans Receivable - Summary of A

Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Loans and Leases Receivable, Net Amount [Abstract]
Balance at beginning of period	$ 406,645	$ 239,207
Loan fundings	209,971	82,672
Loan repayments	(216)	(9,500)
Amortization of deferred fees on loans	410	267
Exit and extension fees received on loans receivable	(105)
Balance at end of period	$ 616,705	$ 312,646

Loans Receivable - Loan Receiva

Loans Receivable - Loan Receivables Acquired By Property (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Net book value	$ 616,705	$ 406,645	$ 312,646	$ 239,207
Percentage	100.00%	100.00%
Office [Member]
Net book value	$ 147,094	$ 121,151
Percentage	24.00%	30.00%
Multifamily [Member]
Net book value	$ 127,857	$ 81,111
Percentage	21.00%	20.00%
Industrial [Member]
Net book value	$ 118,921	$ 30,019
Percentage	19.00%	7.00%
Mixed-Use [Member]
Net book value	$ 91,447	$ 76,833
Percentage	15.00%	19.00%
Hospitality [Member]
Net book value	$ 59,602	$ 56,221
Percentage	10.00%	14.00%
Retail [Member]
Net book value	$ 52,085	$ 41,310
Percentage	8.00%	10.00%
Self Storage [Member]
Net book value	$ 19,699
Percentage	3.00%

Loans Receivable - Loan Recei_2

Loans Receivable - Loan Receivables Acquired By Geographics (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Net book value	$ 616,705	$ 406,645	$ 312,646	$ 239,207
Percentage	100.00%	100.00%
South [Member]
Net book value	$ 297,431	$ 163,486
Percentage	48.00%	40.00%
Northeast [Member]
Net book value	$ 168,331	$ 152,874
Percentage	27.00%	38.00%
West [Member]
Net book value	$ 120,905	$ 80,319
Percentage	20.00%	20.00%
Midwest [Member]
Net book value	$ 10,339	$ 9,966
Percentage	2.00%	2.00%
Various [Member]
Net book value	$ 19,699
Percentage	3.00%

Mortgage-Backed Securities - Sc

Mortgage-Backed Securities - Schedule of Available-for-sale Securities Reconciliation (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Outstanding Face Amount	$ 25,555	$ 274
Fair Value	$ 15,570		$ 6,651
Weighted Average Coupon	4.20%		4.22%
CMBS [Member]
Outstanding Face Amount	$ 16,634		$ 6,634
Amortized Cost Basis	16,634		6,634
Gross Unrealize Gains			17
Gross Unrealized Losses	(1,064)
Fair Value	$ 15,570		$ 6,651
Weighted Average Coupon	2.10%		3.20%
Weighted Average Remaining Duration (years)	1 year 4 months 24 days		1 year 8 months 12 days

Mortgage-Backed Securities- Sch

Mortgage-Backed Securities- Schedule of Available-for-sale Securities Reconciliation (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
LIBOR rate	0.16	1.80

Financing Arrangements - Summar

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 442,638	$ 327,665
Amount Available	$ 225,027	$ 335,000
Description of variable rate	0.16	1.80
2019-FLI Notes [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 327,665	$ 327,665
Description of variable rate	L+1.20% - 2.50%	L+1.20% - 2.50%
Maturity Date	Dec. 18, 2036	Dec. 18, 2036
2019-FLI Notes [Member] | Maximum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	2.50	2.50
2019-FLI Notes [Member] | Minimum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	1.20	1.20
WF-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 47,950
Amount Available	$ 102,050	$ 150,000
Description of variable rate	L+2.15% - 2.50%	L+2.15% - 2.50%
Maturity Date	Aug. 30, 2020	Aug. 30, 2020
WF-1 Facility [Member] | Maximum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	2.50	2.50
WF-1 Facility [Member] | Minimum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	2.15	2.15
GS-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 67,023
Amount Available	$ 107,977	$ 175,000
Description of variable rate	L+1.75% - 2.75%	L+1.75% - 2.75%
Maturity Date	Jan. 26, 2021	Jan. 26, 2020
GS-1 Facility [Member] | Maximum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	2.75	2.75
GS-1 Facility [Member] | Minimum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	1.75	1.75
City National Bank Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Available	$ 15,000	$ 10,000
Description of variable rate	L+2.25%	L+2.25%
Basis for effective rate	2.25	2.25
Maturity Date	Aug. 23, 2021	Aug. 23, 2021

Financing Arrangements - Summ_2

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.16	1.80
London Interbank Offered Rate (LIBOR) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.00	0.00
WF-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying amount of asset transferred as collateral	$ 66,026
Fair value of asset transferred as collateral	$ 64,362
LIBOR rate	L+2.15% - 2.50%	L+2.15% - 2.50%
WF-1 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.00	0.00
GS-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying amount of asset transferred as collateral	$ 89,393
Fair value of asset transferred as collateral	$ 87,982
LIBOR rate	L+1.75% - 2.75%	L+1.75% - 2.75%
GS-1 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.50	0.50

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Detail)	Jan. 26, 2018USD ($)Extension	Aug. 29, 2019Extension	Aug. 22, 2019USD ($)	Aug. 30, 2017USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Mar. 23, 2020USD ($)	Mar. 22, 2020USD ($)	Dec. 05, 2019USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Number of extensions of funding period | Extension	2	3
Debt issuance cost incurred					$ 1,049,000	$ 183,000
Deferred financing costs					$ 170,000		$ 500,000
Description of variable rate					0.16		1.80
Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Deferred financing costs					$ 5,054,000		$ 5,483,000
Debt issuance cost incurred					5,717,000
Amortization expense od debt issuance cost					5,054,000
Collateralized Loan Obligations [Member] | Two Three commercial estate loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities collatered against loans					$ 427,223,000
SubREIT [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Total Debt financing cost										$ 327,665,000
LIBOR [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Description of variable rate					0.00		0.00
WF-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Average borrowings					$ 402,693,000		$ 206,149,000
Maximum amount of financing available					150,000,000
Increase in amount of financing available					200,000,000
Debt issuance cost incurred				$ 1,410,000
Deferred financing costs					$ 114,000
Covenant description					The WF-1 Repurchase Agreement and WF-1 Guarantee, as amended, contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. In addition, WF-1 is required to maintain a certain minimum liquidity amount in a collateral account with Wells Fargo and the Company is required (i) to maintain its adjusted tangible net worth at an amount equal to or greater than the greater of (A) the sum of $37,500 plus 75% of all equity capital raised by it from and after the closing date and (B) 75% of the then-current maximum facility size; (ii) to maintain, commencing on September 30, 2018, an earnings before interest, taxes, depreciation and amortization, or EBITDA, to interest expense ratio not less than 1.50 to 1.00; (iii) to maintain a total indebtedness to tangible net worth ratio of less than 3.00 to 1.00; and (iv) to maintain liquidity of not less than 7.5% of the amount outstanding under the WF-1 Facility
Weighted Average Rate					2.46%		4.36%
Description of variable rate					L+2.15% - 2.50%		L+2.15% - 2.50%
WF-1 Facility [Member] | LIBOR [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Description of variable rate					0.00		0.00
GS-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maximum amount of financing available	$ 175,000,000
Increase in amount of financing available	$ 250,000,000
Funding period and term of facility	2 years
Extension period of funding	1 year
Debt issuance cost incurred					$ 2,063,000
Deferred financing costs					$ 492,000
Covenant description					The GS-1 Repurchase Agreement and GS-1 Guarantee contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. In addition, the Company is required (i) to maintain its adjusted tangible net worth at an amount equal to or greater than $37,500 plus 75% of all equity capital raised by the Company from and after the closing date; (ii) to maintain an EBITDA to interest expense ratio not less than 1.50 to 1.00; (iii) to maintain a total indebtedness to tangible net worth ratio of less than 3.00 to 1.00; and (iv) to maintain liquidity at not less than 7.5% of the amount outstanding under the GS-1 Facility
Description of variable rate					L+1.75% - 2.75%		L+1.75% - 2.75%
GS-1 Facility [Member] | LIBOR [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Description of variable rate					0.50		0.50
City National Bank Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maximum amount of financing available			$ 10,000,000					$ 15,000,000	$ 10,000,000
Increase in amount of financing available			25,000,000
Debt issuance cost incurred			$ 255,000
Deferred financing costs					$ 170,000
Description of variable rate					L+2.25%		L+2.25%
Minimum Net Asset Value								$ 100,000,000	$ 85,000,000
City National Bank Facility [Member] | LIBOR [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Description of variable rate			LIBOR plus a spread of 2.25%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Feb. 14, 2020	Dec. 31, 2016	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Aug. 10, 2020	Mar. 31, 2020	Oct. 25, 2019
Related Party Transaction [Line Items]
Performance fee percentage			10.00%
Hurdle rate on average adjusted capital			1.625%
Annualized hurdle rate			6.50%
Quarterly core earnings rate			1.806%
Annualized core earnings rate			7.222%
Reimbursement due from sponsor			$ 182,000	$ 500,000	$ 182,000
Common stock allocated to investors								$ 21,400,000
Investments to be maintained			10,000,000		10,000,000
Due to Related Parties			12,264,000	$ 6,290,000	12,264,000		$ 12,264,000
Organization and offering costs					$ 11,377,000
Common Class Y [Member]
Related Party Transaction [Line Items]
Base management fee			0
Class D, Class M, Class I, Class F Or Class Y Shares [Member]
Related Party Transaction [Line Items]
Selling commissions or dealer manager fees payable			0
Common Class F [Member]
Related Party Transaction [Line Items]
Base management fee			$ 0
Performance fee percentage			0.00%
Maximum [Member]
Related Party Transaction [Line Items]
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering			15.00%		15.00%
FS Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Base management fee percentage			1.25%
Base management fee description			equal to 1.25% of the NAV for the Company’s Class T, Class S, Class D, Class M and Class I shares, payable quarterly in arrears
Percentage of base management fees and performance fees payable to advisor			50.00%
Minimum gross proceeds from public offering to reimburse expense			$ 250,000,000
Maximum Reimbursement Percentage			0.75%
FS Real Estate Advisor [Member] | Common Class S [Member]
Related Party Transaction [Line Items]
Dealer manager upfront selling commissions fees percentage			3.50%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.85%
Stockholder servicing fees percentage			8.75%		8.75%
FS Real Estate Advisor [Member] | Common Class T [Member]
Related Party Transaction [Line Items]
Dealer manager upfront selling commissions fees percentage			3.00%
Upfront dealer manager fees percentage			0.50%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.85%
Advisor stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.65%
Dealer stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.20%
Stockholder servicing fees percentage			8.75%		8.75%
Selling commission and fee maximum percent			3.50%
FS Real Estate Advisor [Member] | Common Class D [Member]
Related Party Transaction [Line Items]
Stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.30%
Stockholder servicing fees percentage			1.25%		1.25%
FS Real Estate Advisor [Member] | Common Class M [Member]
Related Party Transaction [Line Items]
Stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.30%
Stockholder servicing fees percentage			7.25%		7.25%
FS Real Estate Advisor [Member] | Class T, Class T-C and Class M Shares [Member]
Related Party Transaction [Line Items]
Stockholder servicing fees percentage				10.00%
FS Real Estate Advisor [Member] | Common Class F [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Investments Owned						$ 21,500,000
FS Real Estate Advisor [Member] | Class T, Class S, Class D and Class M Share [Member]
Related Party Transaction [Line Items]
Stockholder servicing fees percentage			10.00%		10.00%
FS Real Estate Advisor and Rialto [Member]
Related Party Transaction [Line Items]
Reimbursement expenses due from sponsor			$ 182,000
Amount received as reimbursement			$ 4,760,000
FS Real Estate Advisor and Rialto [Member] | Expense Limitation [Member]
Related Party Transaction [Line Items]
Percentage of minimum operating expenses to be waived or paid			1.50%
FS Real Estate Advisor and Rialto [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Common stock, price per share			$ 25		$ 25
FS Real Estate Advisor and Rialto [Member] | Maximum [Member] | Expense Limitation [Member]
Related Party Transaction [Line Items]
Period for which reimbursement payable			3 years
Rialto [Member]
Related Party Transaction [Line Items]
Purchase of floating-rate whole mortgage loan			$ 4,942,000
FS Investments and Rialto [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Aggregate proceeds from private placement		$ 200,000
Number of common shares issued		8,000
FS Investments and Rialto [Member] | Common Class S [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Additional Purchase Commitment Period			expire in October 2019
FS Investments and Rialto [Member] | Common Class F [Member]
Related Party Transaction [Line Items]
Repurchase of shares								$ 17,000,000
Share price per share				$ 24.95
FS Investments and Rialto [Member] | Common Class F [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Net assets			$ 750,000		$ 750,000
MCFDA SCV LLC [Member] | Common Class F [Member]
Related Party Transaction [Line Items]
Repurchase of shares	$ 14,700,000
Share price per share	$ 24.95

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Detail) - FS Real Estate Advisor [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Base Management Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 721	$ 141	$ 1,316	$ 225
Performance Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	438		438	48
Administrative Services Expenses [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 660	$ 583	$ 888	$ 1,177

Related Party Transactions - _2

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Base Management Fees [Member] | FS Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	$ 921	$ 132
Management Fee Payable	718
Performance Fees [Member] | FS Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	0	72
Performance Fee Payable	438
Administrative Services Expenses [Member] | Related Party For Services Rendered [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	$ 834	$ 1,023

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Balance at beginning of period, amount	$ 234,305	$ 98,257	$ 165,787	$ 83,436
Issuance of common stock, amount	19,220	19,730	113,955	34,211
Reinvestment of distributions, amount	1,236	806	2,341	1,546
Redemptions of common stock, amount	(14,960)		(34,846)	(125)
Balance at end of period, amount	240,411	118,378	240,411	118,378
Common Class F [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	9	25	15	25
Redemptions of common stock, amount			(6)
Balance at end of period, amount	9	25	9	25
Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	1	2	1	2
Balance at end of period, amount	1	2	1	2
Common Class T [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	12	3	10	1
Issuance of common stock, amount		2	2	4
Balance at end of period, amount	12	5	12	5
Common Class S [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	38		14
Issuance of common stock, amount	4		29
Redemptions of common stock, amount	(1)		(2)
Balance at end of period, amount	41		41
Common Class D [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	5	1	3	1
Issuance of common stock, amount			2
Balance at end of period, amount	5	1	5	1
Common Class M [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	16	6	14	4
Issuance of common stock, amount	2	2	5	4
Redemptions of common stock, amount	(1)		(2)
Balance at end of period, amount	17	8	17	8
Common Class I [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	17	3	12	1
Issuance of common stock, amount	2	4	7	6
Redemptions of common stock, amount	(4)		(4)
Balance at end of period, amount	$ 15	$ 7	$ 15	$ 7
Common Stock [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			6,860,474	3,400,683
Issuance of common stock, shares			4,517,265	1,370,286
Reinvestment of distributions, shares			93,534	62,246
Redemptions of common stock, shares			(1,398,591)	(4,968)
Transfers in or out,shares			338
Balance at end of period, shares	10,073,020	4,828,247	10,073,020	4,828,247
Balance at beginning of period, amount			$ 165,151	$ 83,589
Issuance of common stock, amount			113,955	34,211
Reinvestment of distributions, amount			2,341	1,546
Redemptions of common stock, amount			(34,846)	(125)
Accrued stockholder servicing fees, amount			(6,499)	(1,157)
Balance at end of period, amount	$ 240,102	$ 118,064	$ 240,102	$ 118,064
Common Stock [Member] | Common Class F [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			1,475,155	2,471,864
Reinvestment of distributions, shares			13,941	52,105
Redemptions of common stock, shares			(591,517)
Balance at end of period, shares	897,579	2,523,969	897,579	2,523,969
Balance at beginning of period, amount			$ 36,419	$ 61,269
Reinvestment of distributions, amount			347	1,293
Redemptions of common stock, amount			(14,761)
Balance at end of period, amount	$ 22,005	$ 62,562	$ 22,005	$ 62,562
Common Stock [Member] | Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			141,116	193,013
Balance at end of period, shares	141,116	193,013	141,116	193,013
Balance at beginning of period, amount			$ 3,548	$ 4,832
Balance at end of period, amount	$ 3,548	$ 4,832	$ 3,548	$ 4,832
Common Stock [Member] | Common Class T [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			981,836	124,581
Issuance of common stock, shares			235,067	368,378
Reinvestment of distributions, shares			16,390	4,910
Redemptions of common stock, shares			(5,621)
Balance at end of period, shares	1,227,672	497,869	1,227,672	497,869
Balance at beginning of period, amount			$ 23,616	$ 2,987
Issuance of common stock, amount			5,914	9,250
Reinvestment of distributions, amount			411	123
Redemptions of common stock, amount			(141)
Accrued stockholder servicing fees, amount			(267)	(413)
Balance at end of period, amount	$ 29,533	$ 11,947	$ 29,533	$ 11,947
Common Stock [Member] | Common Class S [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			1,351,587	3,773
Issuance of common stock, shares			2,925,194
Reinvestment of distributions, shares			27,610	10
Redemptions of common stock, shares			(248,134)
Balance at end of period, shares	4,056,257	3,783	4,056,257	3,783
Balance at beginning of period, amount			$ 31,429	$ 91
Issuance of common stock, amount			74,172
Reinvestment of distributions, amount			697
Redemptions of common stock, amount			(6,263)
Accrued stockholder servicing fees, amount			(5,539)	(1)
Balance at end of period, amount	$ 94,496	$ 90	$ 94,496	$ 90
Common Stock [Member] | Common Class D [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			322,602	60,934
Issuance of common stock, shares			209,311	45,203
Reinvestment of distributions, shares			4,311	957
Redemptions of common stock, shares			(8,888)
Balance at end of period, shares	527,336	107,094	527,336	107,094
Balance at beginning of period, amount			$ 8,015	$ 1,507
Issuance of common stock, amount			5,268	1,136
Reinvestment of distributions, amount			108	24
Redemptions of common stock, amount			(223)
Accrued stockholder servicing fees, amount			(64)	(14)
Balance at end of period, amount	$ 13,104	$ 2,653	$ 13,104	$ 2,653
Common Stock [Member] | Common Class M [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			1,357,818	417,992
Issuance of common stock, shares			516,831	407,899
Reinvestment of distributions, shares			15,701	2,594
Redemptions of common stock, shares			(164,531)	(4,968)
Transfers in or out,shares			(14,283)
Balance at end of period, shares	1,711,536	823,517	1,711,536	823,517
Balance at beginning of period, amount			$ 31,757	$ 9,736
Issuance of common stock, amount			13,036	10,282
Reinvestment of distributions, amount			395	65
Redemptions of common stock, amount			(4,139)	(125)
Transfers in or out, amount			(361)
Accrued stockholder servicing fees, amount			(629)	(729)
Balance at end of period, amount	$ 40,059	$ 19,229	$ 40,059	$ 19,229
Common Stock [Member] | Common Class I [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			1,230,360	128,526
Issuance of common stock, shares			630,862	548,806
Reinvestment of distributions, shares			15,581	1,670
Redemptions of common stock, shares			(379,900)
Transfers in or out,shares			14,621
Balance at end of period, shares	1,511,524	679,002	1,511,524	679,002
Balance at beginning of period, amount			$ 30,367	$ 3,167
Issuance of common stock, amount			15,565	13,543
Reinvestment of distributions, amount			383	41
Redemptions of common stock, amount			(9,319)
Transfers in or out, amount			361
Balance at end of period, amount	$ 37,357	$ 16,751	$ 37,357	$ 16,751

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Percentage limited to repurchase of shares to NAV of all classes of shares	20.00%
Shares repurchased under repurchase plan	810,856	4,968
Shares repurchased under repurchase plan, value	$ 20,179,000	$ 125,000
Unfulfilled repurchase requests	179,318
Preferred stock, shares issued	125		125
Proceeds from Issuance of Preferred Stock	$ 125,000
Maximum [Member]
Repurchase of shares to NAV of all classes of shares, percentage	5.00%
Series A Preferred Stock [Member]
Preferred stock, shares issued	125
Proceeds from Issuance of Preferred Stock	$ 125
Preferred Stock, Dividend Rate | %	12.00%

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Cash Distributions Per Share that Paid on its Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						3 Months Ended		6 Months Ended
	Jun. 29, 2020	May 28, 2020	Apr. 29, 2020	Mar. 30, 2020	Feb. 27, 2020	Jan. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Distributions:
Paid or payable in cash							$ 2,705	$ 1,087	$ 5,081	$ 1,948
Reinvested in shares							1,236	806	2,341	1,546
Total distributions							3,941	1,893	7,422	3,494
Cash flows from operating activities							3,941	1,893	7,422	3,494
Offering proceeds							0		0
Total sources of distributions							3,941	1,893	7,422	3,494
Net cash provided by operating activities							$ 5,212	$ 3,094	$ 14,089	$ 5,592
Common Class F [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	$ 0.1610	$ 0.1610	$ 0.1610	$ 0.1610	$ 0.1610	$ 0.1610			$ 0.9660
Common Class Y [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1610	0.1610	0.1610	0.1610	0.1610	0.1610			0.9660
Common Class T [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173			0.7038
Common Class S [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173			0.7038
Common Class D [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288			0.7728
Common Class M [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288			0.7728
Common Class I [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	$ 0.1350	$ 0.1350	$ 0.1350	$ 0.1350	$ 0.1350	$ 0.1350			$ 0.8100

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Cash Distribution On Class of Common Stock (Detail)	Jul. 28, 2020$ / shares
Common Class F [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1610
Common Class Y [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1610
Common Class T [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1173
Common Class S [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1173
Common Class D [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1288
Common Class M [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1288
Common Class I [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1350

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary Of Company Financial Instruments Carried At Fair Value In The Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	$ 15,570	$ 6,651
Fair Value, Inputs, Level 2 [Member]
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	$ 15,570	$ 6,651

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligation	$ 322,611	$ 322,182
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	65,244	78,155
Loans receivable	616,705	406,645
Repurchase obligations	114,367
Collateralized loan obligation	322,611	322,182
Portion at Other than Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	65,244	78,155
Loans receivable	615,755	405,985
Repurchase obligations	114,973
Collateralized loan obligation	327,665	327,665
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	65,244	78,155
Loans receivable	610,729	407,283
Repurchase obligations	114,973
Collateralized loan obligation	$ 327,665	$ 327,665

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
VIE Assets	[1]	$ 699,823	$ 498,780
VIE Liabilities	[1]	459,412	332,993
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		431,094	427,455
VIE Liabilities		322,830	322,946
Restricted cash [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		1,783	35,706
Loans receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		428,184	385,408
Interest receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		1,127	1,100
Other assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets			5,241
Collateralized loan obligation [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		322,611	322,182
Interest payable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		$ 219	$ 764
[1]	The June 30, 2020 and December 31, 2019 consolidated balance sheets include assets of a consolidated variable interest entity, or VIE, that can only be used to settle obligations of the VIE, and liabilities of the consolidated VIE for which creditors do not have recourse to the Company. As of June 30, 2020 and December 31, 2019, assets of the VIE totaled $431,094 and $427,455, respectively, and liabilities of the VIE totaled $322,830 and $322,946, respectively. See Note 9 to the unaudited consolidated financial statements for further details.

Variable Interest Entities - _2

Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred financing cost [Member]
Variable Interest Entity [Line Items]
Deferred Offering Costs	$ 5,054	$ 5,483

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Aug. 10, 2020	Aug. 03, 2020	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jul. 31, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Common stock shares issued				$ 113,955,000	$ 34,211,000
Outstanding face amount				25,555,000	$ 274,000
Goldman Sachs Guarantee 1 Agreement [Member]
Subsequent Event [Line Items]
Percentage Of Obligations Guaranteed Data								50.00%
Commercial Mortgage Backed Securities [Member]
Subsequent Event [Line Items]
Amortized cost basis				16,634,000		$ 6,634,000
Outstanding face amount				$ 16,634,000		$ 6,634,000
Common Class F [Member]
Subsequent Event [Line Items]
Common stock shares issued				897,579		1,475,155
Common Class Y [Member]
Subsequent Event [Line Items]
Common stock shares issued				141,116		141,116
Common Class T [Member]
Subsequent Event [Line Items]
Common stock shares issued	1,250,791			1,227,672		981,836
Common Class S [Member]
Subsequent Event [Line Items]
Common stock shares issued	4,496,709			4,056,257		1,351,587
Common Class D [Member]
Subsequent Event [Line Items]
Common stock shares issued	567,558			527,336		322,602
Common Class M [Member]
Subsequent Event [Line Items]
Common stock shares issued	1,983,684			1,711,536		1,357,818
Common Class I [Member]
Subsequent Event [Line Items]
Common stock shares issued	2,151,585			1,511,524		1,230,360
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock shares issued	13,218,497
Common stock shares issued	$ 331,460,000
Subsequent Event [Member] | WF-1 Facility [Member]
Subsequent Event [Line Items]
Covenant description		The WF-1 Guarantee Amendment, among other things, set the minimum adjusted tangible net worth the Company is required to maintain at the greater of (A) (i) 75% of all equity capital raised by the Company from and after its date of formation plus (ii) 75% of certain outstanding capital commitments minus (iii) 75% of the amounts expended by the company for equity redemptions or repurchases from and after its date of formation and (B) 75% of the then-current maximum facility size.
Equity capital threshold, percentage		75.00%
Outstanding equity capital threshold, percentage		75.00%
Equity capital redemption threshold, percentage		75.00%
Percentage of current maximum facility		75.00%
Subsequent Event [Member] | Goldman Sachs Guarantee 1 Agreement [Member]
Subsequent Event [Line Items]
Covenant description		The GS-1 Guarantee Amendment, among other things, set the minimum adjusted tangible net worth the Company is required to maintain at (i) 75% of all equity capital raised by the Company from and after its date of formation plus (ii) 75% of certain outstanding capital commitments minus (iii) 75% of the amounts expended by the company for equity redemptions or repurchases from and after its date of formation.
Equity capital threshold, percentage		75.00%
Outstanding equity capital threshold, percentage		75.00%
Equity capital redemption threshold, percentage		75.00%
Subsequent Event [Member] | Commercial Mortgage Backed Securities [Member]
Subsequent Event [Line Items]
Sale of CMBS, units			5
Amortized cost basis			$ 16,634,000
Sale of CMBS, value			16,082
Outstanding face amount			$ 37,005
Subsequent Event [Member] | Common Class F [Member]
Subsequent Event [Line Items]
Common stock shares issued	2,575,157
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Number of Common Stock Repurchased							31,946
Share Repurchased, Amount							$ 805
Subsequent Event [Member] | Common Class Y [Member]
Subsequent Event [Line Items]
Common stock shares issued	193,013