FS Credit Real Estate Income Trust (FSREI) 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 10, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		907,332
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		1,228,317
Common Class S [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,271,517
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		561,126
Common Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,915,979
Common Class I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,067,150

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents		$ 57,840	$ 40,214
Restricted cash		2,316	37,941
Loans receivable		599,015	406,645
Mortgage-backed securities held-to-maturity		37,085
Mortgage-backed securities available-for-sale, at fair value		0	6,651
Reimbursement due from sponsor		397	500
Interest receivable		2,636	1,070
Deferred financing costs		133	500
Other assets		10,491	5,259
Total assets	[1]	709,913	498,780
Liabilities
Collateralized loan obligation (net of deferred financing costs of $4,759 and $5,483, respectively)		322,906	322,182
Repurchase agreements payable (net of deferred financing costs of $433 and $0, respectively)		104,740
Due to related party		12,904	6,290
Interest payable		348	773
Payable for shares repurchased		1,297	62
Other liabilities		5,378	3,686
Total liabilities	[1]	447,573	332,993
Commitments and contingencies (See Note 10)
Stockholders' equity
Additional paid-in capital		260,566	165,082
Accumulated other comprehensive income (loss)			17
Retained earnings		1,665	619
Total stockholders' equity		262,340	165,787
Total liabilities and stockholders' equity		709,913	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		45	14
Total stockholders' equity		45	14
Common Class D [Member]
Stockholders' equity
Common stock, value		6	3
Total stockholders' equity		6	3
Common Class M [Member]
Stockholders' equity
Common stock, value		18	14
Total stockholders' equity		18	14
Common Class I [Member]
Stockholders' equity
Common stock, value		18	12
Total stockholders' equity		$ 18	$ 12
[1]	The September 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 September 30, 2020 and December 31, 2019, assets of the VIE totaled $436,997 and $427,455, respectively, and liabilities of the VIE totaled $323,119 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		Sep. 30, 2020	Dec. 31, 2019
Deferred financing costs		$ 133	$ 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]	$ 709,913	$ 498,780
VIE Liabilities	[1]	447,573	332,993
Variable Interest Entity, Primary Beneficiary [Member]
VIE Assets		436,997	427,455
VIE Liabilities		323,119	322,946
Repurchase agreements payable [Member]
Deferred financing costs		433	0
Collateralized Loan Obligations [Member]
Deferred financing costs		$ 4,759	$ 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		904,787	1,475,155
Common stock, shares outstanding		904,787	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		1,213,620	981,836
Common stock, shares outstanding		1,213,620	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		4,456,107	1,351,587
Common stock, shares outstanding		4,456,107	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		560,435	322,602
Common stock, shares outstanding		560,435	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		1,804,937	1,357,818
Common stock, shares outstanding		1,804,937	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		1,849,375	1,230,360
Common stock, shares outstanding		1,849,375	1,230,360
[1]	The September 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 September 30, 2020 and December 31, 2019, assets of the VIE totaled $436,997 and $427,455, respectively, and liabilities of the VIE totaled $323,119 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net interest income
Interest income	$ 10,270	$ 6,175	$ 28,004	$ 15,716
Less: Interest expense	(2,733)	(2,898)	(8,940)	(7,412)
Net interest income	7,537	3,277	19,064	8,304
Other expenses
Management and performance fees	1,225	308	2,979	581
General and administrative expenses	1,456	952	3,353	2,716
Less: Expense limitation	(397)	(491)	(579)	(1,448)
Net other expenses	2,284	769	5,753	1,849
Other income (loss)
Net realized gain (loss) on mortgage-backed securities available-for-sale	(556)	0	(556)	0
Total other income (loss)	(556)	0	(556)	0
Net income	4,697	2,508	12,755	6,455
Preferred stock dividends	(3)		(10)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 4,694	$ 2,508	$ 12,745	$ 6,455
Per share information—basic and diluted
Net income per share of common stock (earnings per share)	$ 0.44	$ 0.47	$ 1.28	$ 1.41
Weighted average common stock outstanding	10,629,214	5,355,898	9,923,479	4,567,012

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income	$ 4,697	$ 2,508	$ 12,755	$ 6,455
Other comprehensive income
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale	1,064	(1)	(17)	13
Total other comprehensive income (loss)	1,064	(1)	(17)	13
Comprehensive income	$ 5,761	$ 2,507	$ 12,738	$ 6,468

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	53,786			6		1	6	9	53,764
Distributions declared	(5,822)										(5,822)
Proceeds from distribution reinvestment plan	2,556	1							2,555
Redemptions of common stock	(1,559)		(1)						(1,558)
Stockholder servicing fees	(1,778)								(1,778)
Net income	6,455										6,455
Other comprehensive income (loss)	13									13
Balance at end of period, amount at Sep. 30, 2019	137,087	26	1	7		2	10	10	136,538	3	490
Balance at beginning of period, amount at Jun. 30, 2019	118,378	25	2	5		1	8	7	118,016	4	310
Common stock issued	19,575			2		1	2	3	19,567
Distributions declared	(2,328)										(2,328)
Proceeds from distribution reinvestment plan	1,010	1							1,009
Redemptions of common stock	(1,434)		(1)
Stockholder servicing fees	(621)								(621)
Net income	2,508										2,508
Other comprehensive income (loss)	(1)									(1)
Balance at end of period, amount at Sep. 30, 2019	137,087	26	1	7		2	10	10	136,538	3	490
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	137,348			2	34	3	6	10	137,293
Distributions declared	(11,699)										(11,699)
Proceeds from distribution reinvestment plan	3,706								3,706
Redemptions of common stock	(38,184)	(6)			(3)		(2)	(4)	(38,169)
Stockholder servicing fees	(7,471)								(7,471)
Net income	12,755										12,755
Dividends on preferred stock	(10)										(10)
Other comprehensive income (loss)	(17)									(17)
Balance at end of period, amount at Sep. 30, 2020	262,340	9	1	12	45	6	18	18	260,566		1,665
Balance at beginning of period, amount at Jun. 30, 2020	240,411	9	1	12	41	5	17	15	240,127	(1,064)	1,248
Common stock issued	23,393				5	1	1	3	23,383
Distributions declared	(4,277)										(4,277)
Proceeds from distribution reinvestment plan	1,365								1,365
Redemptions of common stock	(3,338)				(1)				(3,337)
Stockholder servicing fees	(972)								(972)
Net income	4,697										4,697
Dividends on preferred stock	(3)										(3)
Other comprehensive income (loss)	1,064									$ 1,064
Balance at end of period, amount at Sep. 30, 2020	262,340	$ 9	$ 1	$ 12	$ 45	$ 6	$ 18	$ 18	260,566		$ 1,665
Preferred stock issued	$ 125								$ 125

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 12,755	$ 6,455
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization of deferred fees on loans and debt securities	(761)	(456)
Amortization of deferred financing costs	1,842	903
Net realized loss on sale of mortgage-backed securities available-for-sale	556	0
Changes in assets and liabilities
Reimbursement due from sponsor	103	217
Interest receivable	(1,566)	(472)
Other assets	5,149	(16)
Due to related party	6,614	1,672
Interest payable	(425)	117
Other liabilities	(5,274)	231
Net cash provided by (used in) operating activities	18,993	8,651
Cash flows used in investing activities
Origination and fundings of loans receivable	(214,855)	(142,184)
Principal collections from loans receivable	12,617	9,500
Exit and extension fees received on loans receivable	167	86
Purchases of mortgage-backed securities	(25,555)	(274)
Principal repayments of mortgage-backed securities	31,633	437
Purchases of mortgage-backed securities held-to-maturity	(37,004)	0
Net cash used in investing activities	(232,997)	(132,435)
Cash flows from financing activities
Issuance of common stock	137,348	53,786
Redemptions of common stock	(36,949)	(326)
Stockholder distributions paid	(7,651)	(3,052)
Stockholder servicing fees	(857)	(106)
Borrowings under repurchase agreements	126,590	118,962
Repayments under repurchase agreements	(21,417)	(44,288)
Borrowings under credit facility	6,000	750
Repayments under credit facility	(6,000)
Payment of deferred financing costs	(1,184)	(646)
Proceeds from issuance of preferred stock	125
Net cash provided by (used in) financing activities	196,005	125,080
Total increase (decrease) in cash, cash equivalents and restricted cash	(17,999)	1,296
Cash, cash equivalents and restricted cash at beginning of year	78,155	2,608
Cash, cash equivalents and restricted cash at end of year	60,156	3,904
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest	7,523	6,392
Accrued stockholder servicing fee	6,614	1,672
Distributions payable	1,011	471
Reinvestment of stockholder distributions	3,706	$ 2,556
Payable for shares repurchased	1,297
Loan principal payments held by servicer	$ 10,381

Principal Business and Organiza

Principal Business and Organization	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. 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: September 30, 2020 2019 Cash and cash equivalents $ 57,840 $ 1,695 Restricted cash 2,316 2,209 Total cash, cash equivalents and restricted cash $ 60,156 $ 3,904 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: held-to-maturity available-for-sale held-to-maturity Held-to-maturity available-for The Company regularly monitors its mortgage-backed securities to ensure investments that may be other-than-temporarily impaired are timely identified, properly valued and charged against earnings in the proper period. The determination that a security has incurred an other-than-temporary decline in value requires the judgment of management. Assessment factors include, but are not limited to, the length of time and the extent to which the market value has been less than amortized cost, the financial condition and rating of the issuer, and the intent to sell or whether it is more likely than not that the Company will be required to sell. 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 available-for-sale: • Mortgage-backed securities held-to-maturity: The fair values for these investments were estimated by FS Real Estate Advisor based on a discounted cash flow methodology pursuant to which a discount rate or market yield is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Significant increases or decreases in the discount rate or market yield would result in a decrease or increase in the fair value measurement. • 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: s ex-dividend Organization Costs: Offering Costs: paid-in up to 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	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Number of loans 31 24 Principal balance $ 597,877 $ 405,985 Net book value $ 599,015 $ 406,645 Unfunded loan commitments (1) $ 46,596 $ 44,226 Weighted-average cash coupon (2) L+4.21 % L+4.22 % Weighted-average all-in (2) L+4.32 % L+4.39 % Weighted-average maximum maturity (years) (3) 3.5 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 nine months ended September 30, 2020 and 2019, the activity in the Company’s loan portfolio was as follows: For the Nine Months 2020 2019 Balance at beginning of period $ 406,645 $ 239,207 Loan fundings 214,855 142,184 Loan repayments (22,998 ) (9,500 ) Amortization of deferred fees on loans 680 456 Exit and extension fees received on loans receivable (167 ) (86 ) Balance at end of period $ 599,015 $ 372,261 The following tables detail the property type and geographic location of the properties securing the loans in the Company’s portfolio as of September 30, 2020 and December 31, 2019: September 30, 2020 (Unaudited) December 31, 2019 Property Type Net Book Value Percentage Net Book Value Percentage Office $ 139,292 23 % $ 121,151 30 % Multifamily 115,723 19 % 81,111 20 % Industrial 118,937 20 % 30,019 7 % Mixed Use 91,478 15 % 76,833 19 % Hospitality 61,779 11 % 56,221 14 % Retail 52,107 9 % 41,310 10 % Self Storage 19,699 3 % — — Total $ 599,015 100 % $ 406,645 100 % September 30, 2020 (Unaudited) December 31, 2019 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 302,299 51 % $ 163,486 40 % Northeast 168,525 28 % 152,874 38 % West 108,492 18 % 80,319 20 % Various 19,699 3 % — — Midwest — — 9,966 2 % Total $ 599,015 100 % $ 406,645 100 % (1) As defined by the United States Department of Commerce, Bureau of the Census. Loan Risk Rating As further described in Note 2, 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 The following table allocates the net book value of the Company’s loans receivable portfolio based on the Company’s internal risk ratings: September 30, 2020 (Unaudited) December 31, 2019 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 30 587,976 98 % 24 406,645 100 % 4 1 11,039 2 % — — — 5 — — — — — — Total 31 $ 599,015 100 % 24 $ 406,645 100 % The Company did not have any impaired loans, non-accrual

Mortgage Backed Securities

Mortgage Backed Securities	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Mortgage-Backed Securities	Note 4. Mortgage Backed Securities Mortgage-backed securities, available-for-sale Commercial mortgage-backed securities, or CMBS, classified as available-for-sale are reported at fair value on the consolidated balance sheets with changes in fair value recorded in other comprehensive income. The table below summarizes various attributes of the Company’s investments in available-for-sale CMBS as of September 30, 2020 and December 31, 2019, respectively. Gross Unrealized Weighted Average Outstanding Amount Amortized Gains Losses Fair Value Coupon (1) Remaining (years) September 30, 2020 (Unaudited) CMBS, available-for-sale — — — — — — — December 31, 2019 CMBS, available-for-sale $ 6,634 $ 6,634 $ 17 $ — $ 6,651 3.20 % 1.7 (1) Calculated using the one-month During the three and nine months ended September 30, 2020, the Company sold all of its investments in available-for-sale , the Company Mortgage-backed securities, held-to-maturity The table below summarizes various attributes of the Company’s investments in held-to-maturity Net Carrying Gross Gross Fair Value September 30, 2020 (Unaudited) CMBS, held-to-maturity $ 37,085 — — $ 37,085 December 31, 2019 CMBS, held-to-maturity — — — — The table below summarizes the maturities of the Company’s investments in held-to-maturity Total Less than 1 year 1-3 years 3-5 More than 5 years CMBS, held-to-maturity $ 37,085 — — $ 37,085 —

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K As of September 30, 2020 (Unaudited) Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 Collateralized Loan Obligation L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 (4) Repurchase L+2.15% - 2.50% (5) 38,150 61,850 August 30, 2021 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 $ 432,838 $ 184,827 (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 $52,053 and $51,485, 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 $89,391 and $88,897, 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 Loan Obligation 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 September 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 September 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 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 On August 27, 2020, the Company, as guarantor, WF-1 and Wells Fargo, as buyer, entered into an amendment to the WF-1 Repurchase Agreement, which provides for, among other things, (i) reduction of the maximum facility amount to $100,000, with the option to increase the maximum facility amount up to $200,000 with the consent of Wells Fargo and (ii) extension of the funding period termination date and facility maturity date to August 30, 2021. The Company incurred $1,544 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 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 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 $256 of deferred financing costs related to the CNB Facility, which is being amortized to interest expense over the life of the facility. As of September 30, 2020, $133 had yet to be amortized to interest expense.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 $12,427 for the period from November 7, 2016 (Inception) to September 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. During the nine months ended September 30, 2020, the Company paid $46 to FS Real Estate Advisor for organization costs previously funded. As of September 30, 2020, $12,381 of organization and offering expenses previously funded remained subject to reimbursement to FS Real Estate Advisor and Rialto. The following table describes the fees and expenses accrued under the advisory agreement during the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended Related Party Source Agreement Description 2020 2019 2020 2019 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 760 $ 204 $ 2,076 $ 429 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 465 $ 104 $ 903 $ 152 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 810 $ 689 $ 1,698 $ 1,866 (1) During the nine months ended September 30, 2020 and 2019, $1,642 and $270, respectively, in base management fees were paid to FS Real Estate Advisor. As of September 30, 2020, $757 in base management fees were payable to FS Real Estate Advisor. (2) During the nine months ended September 30, 2020 and 2019, $438 and $72, respectively, in performance fees were paid to FS Real Estate Advisor. As of September 30, 2020, $465 in performance fees were payable to FS Real Estate Advisor. (3) During the nine months ended September 30, 2020 and 2019, $1,610 and $1,688, 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. These amounts are recorded as general and administrative expenses on the accompanying unaudited consolidated statements of operations. 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 September 30, 2020 and December 31, 2019, the Company accrued $12,904 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 September 30, 2020, the Company accrued $5,339 for reimbursement of expenses that FS Real Estate Advisor and Rialto have agreed to pay, including $579 in reimbursements for the nine months ended September 30, 2020. During the period from September 13, 2017 (Commencement of Operations) to September 30, 2020, the Company received $4,942 in cash reimbursements from FS Real Estate Advisor. As of September 30, 2020, the Company had $397 of reimbursements due from FS Real Estate Advisor and Rialto. The following table reflects the amounts paid or waived by FS Real Estate Advisor and Rialto under the expense limitation agreement and the expiration date for future possible reimbursements by the Company: For the Three Months Ended Amount of Expense Reimbursement Recoupable Amount Recoupment eligibility expiration September 30, 2020 $ 397 $ 397 September 30, 2023 June 30, 2020 182 182 June 30, 2023 March 31, 2020 — — N/A December 31, 2019 500 500 December 31, 2022 September 30, 2019 491 491 September 30, 2022 June 30, 2019 420 420 June 30, 2022 March 31, 2019 537 537 March 31, 2022 December 31, 2018 709 709 December 31, 2021 September 30, 2018 645 645 September 30, 2021 June 30, 2018 561 561 June 30, 2021 March 31, 2018 356 356 March 31, 2021 December 31, 2017 377 377 December 31, 2020 September 30, 2017 164 — Expired September 30, 2020 $ 5,339 $ 5,175 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, previously committed to purchase, or to cause its designees to purchase, the Company’s Class F shares and to maintain a minimum investment of in Class F shares until such date as the Company reaches in net assets (the “Minimum Investment Amount”). In addition, FS Investments and the Company’s board of directors had agreed that FS Investments would commit to purchase up to approximately in Class F shares if required to fund additional investments. This commitment expired on November 1, 2020. 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 November 10, 2020, FS Investments (including its affiliates and designees) owned approximately $21,500 in Class F shares.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 nine months ended September 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 — — 248,615 3,342,412 240,665 642,576 978,832 5,453,100 Reinvestment of distributions 21,354 — 25,610 46,607 7,472 24,494 22,264 147,801 Redemptions of common stock (591,722 ) — (42,441 ) (284,499 ) (10,304 ) (205,668 ) (396,702 ) (1,531,336 ) Transfers in or out — — — — — (14,283 ) 14,621 338 Balance as of September 30, 2020 904,787 141,116 1,213,620 4,456,107 560,435 1,804,937 1,849,375 10,930,377 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 — — 6,253 84,726 6,054 16,202 24,113 137,348 Reinvestment of distributions 532 — 643 1,178 188 617 548 3,706 Redemptions of common stock (14,766 ) — (1,067 ) (7,184 ) (259 ) (5,175 ) (9,733 ) (38,184 ) Transfers in or out — — — — — (361 ) 361 — Accrued stockholder servicing fees (1) — — (257 ) (6,351 ) (73 ) (790 ) — (7,471 ) Balance as of September 30, 2020 $ 22,185 $ 3,548 $ 29,188 $ 103,798 $ 13,925 $ 42,250 $ 45,656 $ 260,550 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 — — 607,328 — 126,177 596,904 822,036 2,152,445 Reinvestment of distributions 80,150 — 9,466 16 1,922 4,887 6,259 102,700 Redemptions of common stock (227 ) (51,897 ) (961 ) — — (8,497 ) (1,245 ) (62,827 ) Balance as of September 30, 2019 2,551,787 141,116 740,414 3,789 189,033 1,011,286 955,576 5,593,001 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 — — 15,264 — 3,176 15,055 20,291 53,786 Reinvestment of distributions 1,990 — 239 — 48 124 155 2,556 Redemptions of common stock (6 ) (1,284 ) (24 ) — — (214 ) (31 ) (1,559 ) Accrued stockholder servicing fees (1) — — (668 ) (1 ) (40 ) (1,069 ) — (1,778 ) Balance as of September 30, 2019 $ 63,253 $ 3,548 $ 17,798 $ 90 $ 4,691 $ 23,632 $ 23,582 $ 136,594 (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 nine months ended September 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 nine months ended September 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 July 30, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 August 28, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 September 29, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 Total $ 1.4690 $ 1.4690 $ 1.0757 $ 1.0757 $ 1.1792 $ 1.1792 $ 1.2350 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and nine months ended September 30, 2020, and 2019: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Distributions: Paid or payable in cash $ 2,912 1,318 $ 7,993 $ 3,266 Reinvested in shares 1,365 1,010 3,706 2,556 Total distributions $ 4,277 $ 2,328 $ 11,699 $ 5,822 Source of distributions: Cash flows from operating activities $ 4,277 2,328 $ 11,699 $ 5,822 Offering proceeds — — — — Total sources of distributions $ 4,277 $ 2,328 $ 11,699 $ 5,822 Net cash provided by operating activities (1) $ 4,904 3,059 $ 18,993 $ 8,651 (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 October 26, 2020, the Company’s board of directors authorized regular monthly cash distributions for October 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 $ 0.1710 $ 0.1710 $ 0.1273 $ 0.1273 $ 0.1388 $ 0.1388 $ 0.1450 The October 2020 distributions for each class of outstanding common stock were paid on October 30, 2020 to stockholders of record as of October 29, 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	9 Months Ended
	Sep. 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 on the consolidated balance sheets by its level in the fair value hierarchy: September 30, 2020 (Unaudited) December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities available-for-sale — — — — $ 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: September 30, 2020 (Unaudited) December 31, 2019 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 60,161 $ 60,161 $ 60,156 $ 78,155 $ 78,155 $ 78,155 Loans receivable (1) $ 599,015 $ 597,877 $ 595,540 $ 406,645 $ 405,985 $ 407,283 Mortgage-backed securities held-to-maturity $ 37,085 $ 50,300 $ 37,085 — — — Financial Liabilities Repurchase obligations (2) $ 104,740 $ 105,173 $ 105,173 — — — Collateralized loan obligation (2) $ 322,906 $ 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	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 9. Variable Interest Entities Consolidated 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Assets: Restricted cash $ 183 $ 35,706 Loans receivable 424,470 385,408 Interest receivable 1,912 1,100 Other assets 10,432 5,241 Total assets $ 436,997 $ 427,455 Liabilities Collateralized loan obligation (net of deferred financing costs of $4,759 and $5,483, respectively) $ 322,906 $ 322,182 Interest payable 213 764 Total liabilities $ 323,119 $ 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 Non-Consolidated In August 2020, the Company invested $37,005 in a subordinated position of a CMBS trust which is considered a VIE. The Company is not the primary beneficiary of the VIE because it does not have the power to direct the activities that most significantly affect the VIE’s economic performance, nor does it provide guarantees or recourse to the VIE other than standard representations and warranties and, therefore, does not consolidate the VIE on its balance sheet. The Company has classified its investment in the CMBS as a held-to-maturity The Company is not obligated to provide, nor has it provided financial support to these consolidated and non-consolidated

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 and for the reimbursement of amounts paid or waived by FS Real Estate Advisor and Rialto under the expense limitation agreement.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events The following is a discussion of material events that have occurred subsequent to September 30, 2020 through the issuance of the unaudited consolidated financial statements. Coronavirus Impact The Company continues to closely monitor the impact of the coronavirus pandemic on all aspects of its investments and operations, including how it is impacting its borrowers and business partners. While the Company did not incur significant disruptions during the nine months ended September 30, 2020 from the coronavirus pandemic, the Company has been proactively addressing potential impacts of the COVID-19 pandemic on its loans secured by properties experiencing cash flow pressure, most significantly hospitality and retail assets. Some of the Company’s borrowers have indicated that due to the impact of the COVID-19 pandemic, they have experienced negative business consequences and have requested temporary interest deferral or forbearance, or other modifications of their loans. Accordingly, the Company has had discussions with its borrowers to address potential near-term defensive loan modifications, which could include repurposing of reserves, temporary deferrals of interest, or performance test or covenant waivers on loans collateralized by assets directly impacted by the COVID-19 pandemic, and which would generally be coupled with an additional equity commitment and/or guaranty from sponsors. 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 previously-announced and potential future government stimulus programs, and the actions taken by government agencies to contain the coronavirus and eventually fully reopen the economy. Status of Offerings As of November 10, 2020, the Company has issued 14,836,660 shares of common stock (consisting of 2,582,752 shares of Class F common stock, 193,013 shares of Class Y common stock, 1,271,796 shares of Class T common stock, 5,556,416 shares of Class S common stock, 577,900 shares of Class D common stock, 2,162,776 shares of Class M common stock and 2,492,007 shares of Class I common stock), including shares issued pursuant to its distribution reinvestment plan, for gross proceeds of $372,216. Share Repurchases In connection with the Company’s October 2020 repurchase period, the Company repurchased an aggregate of 54,826 shares of common stock representing a total of $1,359.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis.
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: September 30, 2020 2019 Cash and cash equivalents $ 57,840 $ 1,695 Restricted cash 2,316 2,209 Total cash, cash equivalents and restricted cash $ 60,156 $ 3,904
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: held-to-maturity available-for-sale held-to-maturity Held-to-maturity available-for
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 available-for-sale: • Mortgage-backed securities held-to-maturity: The fair values for these investments were estimated by FS Real Estate Advisor based on a discounted cash flow methodology pursuant to which a discount rate or market yield is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Significant increases or decreases in the discount rate or market yield would result in a decrease or increase in the fair value measurement. • 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: s ex-dividend
Organization Costs	Organization Costs:
Offering Costs	Offering Costs: paid-in up to
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)	9 Months Ended
	Sep. 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: September 30, 2020 2019 Cash and cash equivalents $ 57,840 $ 1,695 Restricted cash 2,316 2,209 Total cash, cash equivalents and restricted cash $ 60,156 $ 3,904

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Number of loans 31 24 Principal balance $ 597,877 $ 405,985 Net book value $ 599,015 $ 406,645 Unfunded loan commitments (1) $ 46,596 $ 44,226 Weighted-average cash coupon (2) L+4.21 % L+4.22 % Weighted-average all-in (2) L+4.32 % L+4.39 % Weighted-average maximum maturity (years) (3) 3.5 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 nine months ended September 30, 2020 and 2019, the activity in the Company’s loan portfolio was as follows: For the Nine Months 2020 2019 Balance at beginning of period $ 406,645 $ 239,207 Loan fundings 214,855 142,184 Loan repayments (22,998 ) (9,500 ) Amortization of deferred fees on loans 680 456 Exit and extension fees received on loans receivable (167 ) (86 ) Balance at end of period $ 599,015 $ 372,261
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 September 30, 2020 and December 31, 2019: September 30, 2020 (Unaudited) December 31, 2019 Property Type Net Book Value Percentage Net Book Value Percentage Office $ 139,292 23 % $ 121,151 30 % Multifamily 115,723 19 % 81,111 20 % Industrial 118,937 20 % 30,019 7 % Mixed Use 91,478 15 % 76,833 19 % Hospitality 61,779 11 % 56,221 14 % Retail 52,107 9 % 41,310 10 % Self Storage 19,699 3 % — — Total $ 599,015 100 % $ 406,645 100 %
Schedule of Loan Receivables Acquired By Geographics	September 30, 2020 (Unaudited) December 31, 2019 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 302,299 51 % $ 163,486 40 % Northeast 168,525 28 % 152,874 38 % West 108,492 18 % 80,319 20 % Various 19,699 3 % — — Midwest — — 9,966 2 % Total $ 599,015 100 % $ 406,645 100 % (1) As defined by the United States Department of Commerce, Bureau of the Census.
Loans receivable based on internal risk ratings	The following table allocates the net book value of the Company’s loans receivable portfolio based on the Company’s internal risk ratings: September 30, 2020 (Unaudited) December 31, 2019 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 30 587,976 98 % 24 406,645 100 % 4 1 11,039 2 % — — — 5 — — — — — — Total 31 $ 599,015 100 % 24 $ 406,645 100 %

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	9 Months Ended
	Sep. 30, 2020
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 CMBS as of September 30, 2020 and December 31, 2019, respectively. Gross Unrealized Weighted Average Outstanding Amount Amortized Gains Losses Fair Value Coupon (1) Remaining (years) September 30, 2020 (Unaudited) CMBS, available-for-sale — — — — — — — December 31, 2019 CMBS, available-for-sale $ 6,634 $ 6,634 $ 17 $ — $ 6,651 3.20 % 1.7 (1) Calculated using the one-month
Summary of Investment Held-to-maturity CMBS	The table below summarizes various attributes of the Company’s investments in held-to-maturity Net Carrying Gross Gross Fair Value September 30, 2020 (Unaudited) CMBS, held-to-maturity $ 37,085 — — $ 37,085 December 31, 2019 CMBS, held-to-maturity — — — —
Summary of Maturities of Investment Held-to-maturity CMBS	The table below summarizes the maturities of the Company’s investments in held-to-maturity Total Less than 1 year 1-3 years 3-5 More than 5 years CMBS, held-to-maturity $ 37,085 — — $ 37,085 —

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K As of September 30, 2020 (Unaudited) Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 Collateralized Loan Obligation L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 (4) Repurchase L+2.15% - 2.50% (5) 38,150 61,850 August 30, 2021 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 $ 432,838 $ 184,827 (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 $52,053 and $51,485, 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 $89,391 and $88,897, 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 Loan Obligation 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended Related Party Source Agreement Description 2020 2019 2020 2019 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 760 $ 204 $ 2,076 $ 429 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 465 $ 104 $ 903 $ 152 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 810 $ 689 $ 1,698 $ 1,866 (1) During the nine months ended September 30, 2020 and 2019, $1,642 and $270, respectively, in base management fees were paid to FS Real Estate Advisor. As of September 30, 2020, $757 in base management fees were payable to FS Real Estate Advisor. (2) During the nine months ended September 30, 2020 and 2019, $438 and $72, respectively, in performance fees were paid to FS Real Estate Advisor. As of September 30, 2020, $465 in performance fees were payable to FS Real Estate Advisor. (3) During the nine months ended September 30, 2020 and 2019, $1,610 and $1,688, 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. These amounts are recorded as general and administrative expenses on the accompanying unaudited consolidated statements of operations.
Schedule Of Expense Reimbursed	The following table reflects the amounts paid or waived by FS Real Estate Advisor and Rialto under the expense limitation agreement and the expiration date for future possible reimbursements by the Company: For the Three Months Ended Amount of Expense Reimbursement Recoupable Amount Recoupment eligibility expiration September 30, 2020 $ 397 $ 397 September 30, 2023 June 30, 2020 182 182 June 30, 2023 March 31, 2020 — — N/A December 31, 2019 500 500 December 31, 2022 September 30, 2019 491 491 September 30, 2022 June 30, 2019 420 420 June 30, 2022 March 31, 2019 537 537 March 31, 2022 December 31, 2018 709 709 December 31, 2021 September 30, 2018 645 645 September 30, 2021 June 30, 2018 561 561 June 30, 2021 March 31, 2018 356 356 March 31, 2021 December 31, 2017 377 377 December 31, 2020 September 30, 2017 164 — Expired September 30, 2020 $ 5,339 $ 5,175

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 — — 248,615 3,342,412 240,665 642,576 978,832 5,453,100 Reinvestment of distributions 21,354 — 25,610 46,607 7,472 24,494 22,264 147,801 Redemptions of common stock (591,722 ) — (42,441 ) (284,499 ) (10,304 ) (205,668 ) (396,702 ) (1,531,336 ) Transfers in or out — — — — — (14,283 ) 14,621 338 Balance as of September 30, 2020 904,787 141,116 1,213,620 4,456,107 560,435 1,804,937 1,849,375 10,930,377 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 — — 6,253 84,726 6,054 16,202 24,113 137,348 Reinvestment of distributions 532 — 643 1,178 188 617 548 3,706 Redemptions of common stock (14,766 ) — (1,067 ) (7,184 ) (259 ) (5,175 ) (9,733 ) (38,184 ) Transfers in or out — — — — — (361 ) 361 — Accrued stockholder servicing fees (1) — — (257 ) (6,351 ) (73 ) (790 ) — (7,471 ) Balance as of September 30, 2020 $ 22,185 $ 3,548 $ 29,188 $ 103,798 $ 13,925 $ 42,250 $ 45,656 $ 260,550 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 — — 607,328 — 126,177 596,904 822,036 2,152,445 Reinvestment of distributions 80,150 — 9,466 16 1,922 4,887 6,259 102,700 Redemptions of common stock (227 ) (51,897 ) (961 ) — — (8,497 ) (1,245 ) (62,827 ) Balance as of September 30, 2019 2,551,787 141,116 740,414 3,789 189,033 1,011,286 955,576 5,593,001 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 — — 15,264 — 3,176 15,055 20,291 53,786 Reinvestment of distributions 1,990 — 239 — 48 124 155 2,556 Redemptions of common stock (6 ) (1,284 ) (24 ) — — (214 ) (31 ) (1,559 ) Accrued stockholder servicing fees (1) — — (668 ) (1 ) (40 ) (1,069 ) — (1,778 ) Balance as of September 30, 2019 $ 63,253 $ 3,548 $ 17,798 $ 90 $ 4,691 $ 23,632 $ 23,582 $ 136,594 (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 nine months ended September 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 July 30, 2020 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 August 28, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 September 29, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 Total $ 1.4690 $ 1.4690 $ 1.0757 $ 1.0757 $ 1.1792 $ 1.1792 $ 1.2350 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and nine months ended September 30, 2020, and 2019: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Distributions: Paid or payable in cash $ 2,912 1,318 $ 7,993 $ 3,266 Reinvested in shares 1,365 1,010 3,706 2,556 Total distributions $ 4,277 $ 2,328 $ 11,699 $ 5,822 Source of distributions: Cash flows from operating activities $ 4,277 2,328 $ 11,699 $ 5,822 Offering proceeds — — — — Total sources of distributions $ 4,277 $ 2,328 $ 11,699 $ 5,822 Net cash provided by operating activities (1) $ 4,904 3,059 $ 18,993 $ 8,651 (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 October 26, 2020, the Company’s board of directors authorized regular monthly cash distributions for October 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 $ 0.1710 $ 0.1710 $ 0.1273 $ 0.1273 $ 0.1388 $ 0.1388 $ 0.1450

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The following table presents the Company’s financial instruments carried at fair value on the consolidated balance sheets by its level in the fair value hierarchy: September 30, 2020 (Unaudited) December 31, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities available-for-sale — — — — $ 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: September 30, 2020 (Unaudited) December 31, 2019 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 60,161 $ 60,161 $ 60,156 $ 78,155 $ 78,155 $ 78,155 Loans receivable (1) $ 599,015 $ 597,877 $ 595,540 $ 406,645 $ 405,985 $ 407,283 Mortgage-backed securities held-to-maturity $ 37,085 $ 50,300 $ 37,085 — — — Financial Liabilities Repurchase obligations (2) $ 104,740 $ 105,173 $ 105,173 — — — Collateralized loan obligation (2) $ 322,906 $ 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)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Assets: Restricted cash $ 183 $ 35,706 Loans receivable 424,470 385,408 Interest receivable 1,912 1,100 Other assets 10,432 5,241 Total assets $ 436,997 $ 427,455 Liabilities Collateralized loan obligation (net of deferred financing costs of $4,759 and $5,483, respectively) $ 322,906 $ 322,182 Interest payable 213 764 Total liabilities $ 323,119 $ 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]	9 Months Ended
	Sep. 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	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 57,840	$ 40,214	$ 1,695
Restricted cash	2,316	37,941	2,209
Total cash, cash equivalents and restricted cash	$ 60,156	$ 78,155	$ 3,904	$ 2,608

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	10 Months Ended	47 Months Ended
	Sep. 30, 2020	Sep. 13, 2017	Sep. 30, 2020	Dec. 31, 2019
Cash investment in money market fund	$ 57,640		$ 57,640	$ 75,560
Organization costs incurred		$ 243
Offering costs incurred			12,184
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	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)Loans	Dec. 31, 2019USD ($)Loans	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Loans and Leases Receivable, Net Amount [Abstract]
Number of loans | Loans	31	24
Principal balance	$ 597,877	$ 405,985
Net book value	599,015	406,645	$ 372,261	$ 239,207
Unfunded loan commitments	$ 46,596	$ 44,226
Weighted-average cash coupon	4.21%	4.22%
Weighted-average all-in yield	4.32%	4.39%
Weighted-average maximum maturity (years)	3 years 6 months	3 years 7 months 6 days

Loans Receivable - Summary of A

Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Loans and Leases Receivable, Net Amount [Abstract]
Balance at beginning of period	$ 406,645	$ 239,207
Loan fundings	214,855	142,184
Loan repayments	(22,998)	(9,500)
Amortization of deferred fees on loans	680	456
Exit and extension fees received on loans receivable	(167)	(86)
Balance at end of period	$ 599,015	$ 372,261

Loans Receivable - Loan Receiva

Loans Receivable - Loan Receivables Acquired By Property (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Net book value	$ 599,015	$ 406,645	$ 372,261	$ 239,207
Percentage	100.00%	100.00%
Office [Member]
Net book value	$ 139,292	$ 121,151
Percentage	23.00%	30.00%
Multifamily [Member]
Net book value	$ 115,723	$ 81,111
Percentage	19.00%	20.00%
Industrial [Member]
Net book value	$ 118,937	$ 30,019
Percentage	20.00%	7.00%
Mixed-Use [Member]
Net book value	$ 91,478	$ 76,833
Percentage	15.00%	19.00%
Hospitality [Member]
Net book value	$ 61,779	$ 56,221
Percentage	11.00%	14.00%
Retail [Member]
Net book value	$ 52,107	$ 41,310
Percentage	9.00%	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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Net book value	$ 599,015	$ 406,645	$ 372,261	$ 239,207
Percentage	100.00%	100.00%
South [Member]
Net book value	$ 302,299	$ 163,486
Percentage	51.00%	40.00%
Northeast [Member]
Net book value	$ 168,525	$ 152,874
Percentage	28.00%	38.00%
West [Member]
Net book value	$ 108,492	$ 80,319
Percentage	18.00%	20.00%
Midwest [Member]
Net book value		$ 9,966
Percentage		2.00%
Various [Member]
Net book value	$ 19,699
Percentage	3.00%

Loans Receivable - Summary of l

Loans Receivable - Summary of loans receivable based on internal risk ratings: (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)Loans	Dec. 31, 2019USD ($)Loans	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Loans receivable based on internal risk ratings [Line Items]
Number of loans | Loans	31	24
Net book value | $	$ 599,015	$ 406,645	$ 372,261	$ 239,207
Percentage	100.00%	100.00%
Risk Level Very Low [Member]
Loans receivable based on internal risk ratings [Line Items]
Number of loans | Loans	0
Net book value | $	$ 0
Percentage	0.00%
Risk Level, Low [Member]
Loans receivable based on internal risk ratings [Line Items]
Number of loans | Loans	0
Net book value | $	$ 0
Percentage	0.00%
Risk Level, Medium [Member]
Loans receivable based on internal risk ratings [Line Items]
Number of loans | Loans	30	24
Net book value | $	$ 587,976	$ 406,645
Percentage	98.00%	100.00%
Risk Level, High [Member]
Loans receivable based on internal risk ratings [Line Items]
Number of loans | Loans	1
Net book value | $	$ 11,039
Percentage	2.00%
Risk Level Very High [Member]
Loans receivable based on internal risk ratings [Line Items]
Number of loans | Loans	0
Net book value | $	$ 0
Percentage	0.00%

Mortgage Backed Securities - Sc

Mortgage Backed Securities - Schedule of Available-for-sale Securities Reconciliation (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Outstanding Face Amount	$ 25,555	$ 274
Fair Value	$ 0		$ 6,651
Weighted Average Coupon	4.21%		4.22%
CMBS [Member]
Outstanding Face Amount			$ 6,634
Amortized Cost Basis			6,634
Gross Unrealize Gains			17
Fair Value			$ 6,651
Weighted Average Coupon			3.20%
Weighted Average Remaining Duration (years)			1 year 8 months 12 days

Mortgage Backed Securities - _2

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

Mortgage Backed Securities - Ad

Mortgage Backed Securities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	$ (556)	$ 0	$ (556)	$ 0
Commercial Mortgage Backed Securities
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale			16,082
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)			$ 556

Mortgage Backed Securities - Su

Mortgage Backed Securities - Summary of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Net Carrying Amount (Amortized Cost)	$ 37,085	$ 0
Gross Unrecognized Holding Gains	0
Gross Unrecognized Holding Losses	0
Fair Value	$ 37,085

Mortgage Backed Securities - _3

Mortgage Backed Securities - Summary of Maturities of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities $ in Thousands	Sep. 30, 2020USD ($)
Schedule of Held-to-maturity Securities [Line Items]
CMBS, held-to-maturity, Total	$ 37,085
CMBS, held-to-maturity, Less than 1 year	0
CMBS, held-to-maturity, 1-3 years	0
CMBS, held-to-maturity, 3-5 years	37,085
CMBS, held-to-maturity, More than 5 years	$ 0

Financing Arrangements - Summar

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 432,838	$ 327,665
Amount Available	184,827	$ 335,000
Description of variable rate		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	$ 38,150
Amount Available	$ 61,850	$ 150,000
Description of variable rate	L+2.15% - 2.50%	L+2.15% - 2.50%
Maturity Date	Aug. 30, 2021	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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate		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	$ 52,053
Fair value of asset transferred as collateral	$ 51,485
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	$ 89,391,000
Fair value of asset transferred as collateral	$ 88,897,000
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 (Details) - USD ($) $ in Thousands	Aug. 03, 2020	Jul. 27, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 27, 2020	Mar. 23, 2020	Dec. 05, 2019	Aug. 22, 2019
Loans and Leases Receivable Disclosure [Line Items]
Debt issuance cost incurred			$ 1,184	$ 646
Deferred financing costs			133		$ 500
Collateralized Loan Obligations [Member]
Loans and Leases Receivable Disclosure [Line Items]
Deferred financing costs			4,759		5,483
Collateralized Loan Obligations [Member] | Two Three commercial estate loans [Member]
Loans and Leases Receivable Disclosure [Line Items]
Securities collatered against loans			423,345
SubREIT [Member] | Collateralized Loan Obligations [Member]
Loans and Leases Receivable Disclosure [Line Items]
Total Debt financing cost								$ 327,665
WF-1 Facility [Member]
Loans and Leases Receivable Disclosure [Line Items]
Average borrowings			415,032		$ 206,149
Maximum amount of financing available			100,000
Increase in amount of financing available			200,000
Debt issuance cost incurred			1,544	$ 5,717
Deferred financing costs			$ 156
Covenant description	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 Guarantee Amendment, with Wells Fargo, as buyer, which amended the guarantee agreement, or the WF-1 Guarantee, pursuant to which the Company guarantees WF-1's obligations under the WF-1 Repurchase Agreement subject to the limitations specified therein. 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%
Percentage of current maximum facility	75.00%
Weighted Average Rate			2.25%		4.36%
Outstanding equity capital threshold, percentage	75.00%
Equity capital redemption threshold, percentage	75.00%
WF-1 Facility [Member] | Wells Fargo Repurchase Agreement [Member]
Loans and Leases Receivable Disclosure [Line Items]
Maximum amount of financing available						$ 100,000
Increase in amount of financing available						$ 200,000
Line of Credit Facility, Expiration Date		Aug. 30, 2021
GS-1 Facility [Member]
Loans and Leases Receivable Disclosure [Line Items]
Maximum amount of financing available			$ 175,000
Increase in amount of financing available			250,000
Debt issuance cost incurred			2,063
Deferred financing costs			277
Covenant description	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 Guarantee Amendment, with Goldman Sachs, as buyer, which amended the guarantee agreement, or the GS-1 Guarantee, pursuant to which the Company guarantees 50% of GS-1's obligations under the GS-1 Repurchase Agreement subject to the limitations specified therein. 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%
City National Bank Facility [Member]
Loans and Leases Receivable Disclosure [Line Items]
Maximum amount of financing available									$ 10,000
Increase in amount of financing available									$ 25,000
Debt issuance cost incurred			256
Deferred financing costs			$ 133
City National Bank Facility [Member] | Minimum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Maximum amount of financing available							$ 10,000
Minimum Net Asset Value							85,000
City National Bank Facility [Member] | Maximum [Member]
Loans and Leases Receivable Disclosure [Line Items]
Maximum amount of financing available							15,000
Minimum Net Asset Value							$ 100,000

Related Party Transactions - Su

Related Party Transactions - Summary of reimbursed by FS Real Estate (Detail) - USD ($)	3 Months Ended													9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Sep. 30, 2020
Schedule Of Expense Reimbursed [Line Items]
Expense Reimbursement	$ 397	$ 182	$ 0	$ 500	$ 491	$ 420	$ 537	$ 709	$ 645	$ 561	$ 356	$ 377	$ 164	$ 5,339
Recoupable Amount	$ 397	$ 182	$ 0	$ 500	$ 491	$ 420	$ 537	$ 709	$ 645	$ 561	$ 356	$ 377	$ 0	$ 5,175
Recoupmenteligibilityexpiration Period	September 30, 2023	June 30, 2023		December 31, 2022	September 30, 2022	June 30, 2022	March 31, 2022	December 31, 2021	September 30, 2021	June 30, 2021	March 31, 2021	December 31, 2020	September 30, 2020

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Feb. 14, 2020	Dec. 31, 2016	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Aug. 10, 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			$ 397,000	$ 500,000	$ 397,000
Common stock allocated to investors							$ 21,400,000
Investments to be maintained			10,000,000		10,000,000
Due to Related Parties			12,904,000	$ 6,290,000	12,904,000
Organization and offering costs					$ 12,427,000
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
Investments Owned						$ 21,500,000
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] | 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			$ 579,000
Amount received as reimbursement			4,942,000
Due to Related Parties			$ 12,381,000		$ 12,381,000
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] | Common Class S [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Additional Purchase Commitment Period			expired on November 1, 2020
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			$ 5,339,000
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 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 - _2

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Detail) - FS Real Estate Advisor [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Base Management Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 760	$ 204	$ 2,076	$ 429
Performance Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	465	104	903	152
Administrative Services Expenses [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 810	$ 689	$ 1,698	$ 1,866

Related Party Transactions - _3

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Base Management Fees [Member] | FS Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	$ 1,642	$ 270
Management Fee Payable	757
Performance Fees [Member] | FS Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	438	72
Performance Fee Payable	465
Administrative Services Expenses [Member] | Related Party For Services Rendered [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	$ 1,610	$ 1,688

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Balance at beginning of period, amount	$ 240,411	$ 118,378	$ 165,787	$ 83,436
Issuance of common stock, amount	23,393	19,575	137,348	53,786
Reinvestment of distributions, amount	1,365	1,010	3,706	2,556
Redemptions of common stock, amount	(3,338)	(1,434)	(38,184)	(1,559)
Balance at end of period, amount	262,340	137,087	262,340	137,087
Common Class F [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	9	25	15	25
Reinvestment of distributions, amount		1		1
Redemptions of common stock, amount			(6)
Balance at end of period, amount	9	26	9	26
Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	1	2	1	2
Redemptions of common stock, amount		(1)		(1)
Balance at end of period, amount	1	1	1	1
Common Class T [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	12	5	10	1
Issuance of common stock, amount		2	2	6
Balance at end of period, amount	12	7	12	7
Common Class S [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	41		14
Issuance of common stock, amount	5		34
Redemptions of common stock, amount	(1)		(3)
Balance at end of period, amount	45		45
Common Class D [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	5	1	3	1
Issuance of common stock, amount	1	1	3	1
Balance at end of period, amount	6	2	6	2
Common Class M [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	17	8	14	4
Issuance of common stock, amount	1	2	6	6
Redemptions of common stock, amount			(2)
Balance at end of period, amount	18	10	18	10
Common Class I [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	15	7	12	1
Issuance of common stock, amount	3	3	10	9
Redemptions of common stock, amount			(4)
Balance at end of period, amount	$ 18	$ 10	$ 18	$ 10
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			5,453,100	2,152,445
Reinvestment of distributions, shares			147,801	102,700
Redemptions of common stock, shares			(1,531,336)	(62,827)
Transfers in or out,shares			338
Balance at end of period, shares	10,930,377	5,593,001	10,930,377	5,593,001
Balance at beginning of period, amount			$ 165,151	$ 83,589
Issuance of common stock, amount			137,348	53,786
Reinvestment of distributions, amount			3,706	2,556
Redemptions of common stock, amount			(38,184)	(1,559)
Accrued stockholder servicing fees, amount			(7,471)	(1,778)
Balance at end of period, amount	$ 260,550	$ 136,594	$ 260,550	$ 136,594
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			21,354	80,150
Redemptions of common stock, shares			(591,722)	(227)
Balance at end of period, shares	904,787	2,551,787	904,787	2,551,787
Balance at beginning of period, amount			$ 36,419	$ 61,269
Reinvestment of distributions, amount			532	1,990
Redemptions of common stock, amount			(14,766)	(6)
Balance at end of period, amount	$ 22,185	$ 63,253	$ 22,185	$ 63,253
Common Stock [Member] | Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares			141,116	193,013
Redemptions of common stock, shares				(51,897)
Balance at end of period, shares	141,116	141,116	141,116	141,116
Balance at beginning of period, amount			$ 3,548	$ 4,832
Redemptions of common stock, amount				(1,284)
Balance at end of period, amount	$ 3,548	$ 3,548	$ 3,548	$ 3,548
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			248,615	607,328
Reinvestment of distributions, shares			25,610	9,466
Redemptions of common stock, shares			(42,441)	(961)
Balance at end of period, shares	1,213,620	740,414	1,213,620	740,414
Balance at beginning of period, amount			$ 23,616	$ 2,987
Issuance of common stock, amount			6,253	15,264
Reinvestment of distributions, amount			643	239
Redemptions of common stock, amount			(1,067)	(24)
Accrued stockholder servicing fees, amount			(257)	(668)
Balance at end of period, amount	$ 29,188	$ 17,798	$ 29,188	$ 17,798
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			3,342,412
Reinvestment of distributions, shares			46,607	16
Redemptions of common stock, shares			(284,499)
Balance at end of period, shares	4,456,107	3,789	4,456,107	3,789
Balance at beginning of period, amount			$ 31,429	$ 91
Issuance of common stock, amount			84,726
Reinvestment of distributions, amount			1,178
Redemptions of common stock, amount			(7,184)
Accrued stockholder servicing fees, amount			(6,351)	(1)
Balance at end of period, amount	$ 103,798	$ 90	$ 103,798	$ 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			240,665	126,177
Reinvestment of distributions, shares			7,472	1,922
Redemptions of common stock, shares			(10,304)
Balance at end of period, shares	560,435	189,033	560,435	189,033
Balance at beginning of period, amount			$ 8,015	$ 1,507
Issuance of common stock, amount			6,054	3,176
Reinvestment of distributions, amount			188	48
Redemptions of common stock, amount			(259)
Accrued stockholder servicing fees, amount			(73)	(40)
Balance at end of period, amount	$ 13,925	$ 4,691	$ 13,925	$ 4,691
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			642,576	596,904
Reinvestment of distributions, shares			24,494	4,887
Redemptions of common stock, shares			(205,668)	(8,497)
Transfers in or out,shares			(14,283)
Balance at end of period, shares	1,804,937	1,011,286	1,804,937	1,011,286
Balance at beginning of period, amount			$ 31,757	$ 9,736
Issuance of common stock, amount			16,202	15,055
Reinvestment of distributions, amount			617	124
Redemptions of common stock, amount			(5,175)	(214)
Transfers in or out, amount			(361)
Accrued stockholder servicing fees, amount			(790)	(1,069)
Balance at end of period, amount	$ 42,250	$ 23,632	$ 42,250	$ 23,632
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			978,832	822,036
Reinvestment of distributions, shares			22,264	6,259
Redemptions of common stock, shares			(396,702)	(1,245)
Transfers in or out,shares			14,621
Balance at end of period, shares	1,849,375	955,576	1,849,375	955,576
Balance at beginning of period, amount			$ 30,367	$ 3,167
Issuance of common stock, amount			24,113	20,291
Reinvestment of distributions, amount			548	155
Redemptions of common stock, amount			(9,733)	(31)
Transfers in or out, amount			361
Balance at end of period, amount	$ 45,656	$ 23,582	$ 45,656	$ 23,582

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 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	943,601	62,827
Shares repurchased under repurchase plan, value	$ 23,517,000	$ 1,559,000
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		9 Months Ended
	Sep. 29, 2020	Aug. 28, 2020	Jul. 30, 2020	Jun. 29, 2020	May 28, 2020	Apr. 29, 2020	Mar. 30, 2020	Feb. 27, 2020	Jan. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Distributions:
Paid or payable in cash										$ 2,912	$ 1,318	$ 7,993	$ 3,266
Reinvested in shares										1,365	1,010	3,706	2,556
Total distributions										4,277	2,328	11,699	5,822
Cash flows from operating activities										4,277	2,328	11,699	5,822
Offering proceeds										0		0
Total sources of distributions										4,277	2,328	11,699	5,822
Net cash provided by operating activities										$ 4,904	$ 3,059	$ 18,993	$ 8,651
Common Class F [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	$ 0.1710	$ 0.1710	$ 0.1610	$ 0.1610	$ 0.1610	$ 0.1610	$ 0.1610	$ 0.1610	$ 0.1610			$ 1.4690
Common Class Y [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1710	0.1710	0.1610	0.1610	0.1610	0.1610	0.1610	0.1610	0.1610			1.4690
Common Class T [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1273	0.1273	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173			1.0757
Common Class S [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1273	0.1273	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173			1.0757
Common Class D [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1388	0.1388	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288			1.1792
Common Class M [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1388	0.1388	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288			1.1792
Common Class I [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	$ 0.1450	$ 0.1450	$ 0.1350	$ 0.1350	$ 0.1350	$ 0.1350	$ 0.1350	$ 0.1350	$ 0.1350			$ 1.2350

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Cash Distribution On Class of Common Stock (Detail)	Oct. 26, 2020$ / shares
Common Class F [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1710
Common Class Y [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1710
Common Class T [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1273
Common Class S [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1273
Common Class D [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1388
Common Class M [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1388
Common Class I [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1450

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	Sep. 30, 2020	Dec. 31, 2019
Mortgage-backed securities available for sale	$ 0	$ 6,651
Fair Value, Inputs, Level 1 [Member]
Mortgage-backed securities available for sale	0	0
Fair Value, Inputs, Level 2 [Member]
Mortgage-backed securities available for sale	0	6,651
Fair Value, Inputs, Level 3 [Member]
Mortgage-backed securities available for sale	$ 0	$ 0

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	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities held-to-maturity	$ 37,085
Collateralized loan obligation	322,906	$ 322,182
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	60,161	78,155
Loans receivable	599,015	406,645
Mortgage-backed securities held-to-maturity	37,085
Repurchase obligations	104,740
Collateralized loan obligation	322,906	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	60,161	78,155
Loans receivable	597,877	405,985
Mortgage-backed securities held-to-maturity	50,300
Repurchase obligations	105,173
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	60,156	78,155
Loans receivable	595,540	407,283
Mortgage-backed securities held-to-maturity	37,085
Repurchase obligations	105,173
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		Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
VIE Assets	[1]	$ 709,913	$ 498,780
VIE Liabilities	[1]	447,573	332,993
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		436,997	427,455
VIE Liabilities		323,119	322,946
Restricted cash [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		183	35,706
Loans receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		424,470	385,408
Interest receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		1,912	1,100
Other assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		10,432	5,241
Collateralized loan obligation [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		322,906	322,182
Interest payable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		$ 213	$ 764
[1]	The September 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 September 30, 2020 and December 31, 2019, assets of the VIE totaled $436,997 and $427,455, respectively, and liabilities of the VIE totaled $323,119 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	Sep. 30, 2020	Dec. 31, 2019
Deferred financing cost [Member]
Variable Interest Entity [Line Items]
Deferred Offering Costs	$ 4,759	$ 5,483

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - Commercial Mortgage Backed Securities $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Variable Interest Entity [Line Items]
Payments to Acquire Equity Method Investments	$ 37,005
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 37,085

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Nov. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Common stock shares issued		$ 137,348,000	$ 53,786,000
Common Class F [Member]
Subsequent Event [Line Items]
Common stock, shares issued		904,787			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	1,271,796	1,213,620			981,836
Common Class S [Member]
Subsequent Event [Line Items]
Common stock, shares issued	5,556,416	4,456,107			1,351,587
Common Class D [Member]
Subsequent Event [Line Items]
Common stock, shares issued	577,900	560,435			322,602
Common Class M [Member]
Subsequent Event [Line Items]
Common stock, shares issued	2,162,776	1,804,937			1,357,818
Common Class I [Member]
Subsequent Event [Line Items]
Common stock, shares issued	2,492,007	1,849,375			1,230,360
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued	14,836,660
Common stock shares issued	$ 372,216,000
Subsequent Event [Member] | Common Class F [Member]
Subsequent Event [Line Items]
Common stock, shares issued	2,582,752
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Number of Common Stock Repurchased				54,826
Share Repurchased, Amount				$ 1,359
Subsequent Event [Member] | Common Class Y [Member]
Subsequent Event [Line Items]
Common stock, shares issued	193,013