Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 22, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FS Credit Real Estate Income Trust, Inc. | ||
Entity Central Index Key | 0001690536 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Public Float | $ 0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Title of 12(g) Security | Common Stock, $0.01 par value per share | ||
Common Class F [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 911,289 | ||
Common Class Y [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 71,904 | ||
Common Class T [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,293,138 | ||
Common Class S [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,218,383 | ||
Common Class D [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 547,030 | ||
Common Class M [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,175,350 | ||
Common Class I [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,991,715 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | $ 15,707 | $ 40,214 | |
Restricted cash | 2,167 | 37,941 | |
Loans receivable | 700,149 | 406,645 | |
Mortgage-backed securities held-to-maturity | 37,314 | ||
Mortgage-backed securities available-for-sale, at fair value | 0 | 6,651 | |
Reimbursement due from sponsor | 444 | 500 | |
Interest receivable | 3,170 | 1,070 | |
Deferred financing costs | 152 | 500 | |
Other assets | 15,876 | 5,259 | |
Total assets | [1] | 774,979 | 498,780 |
Liabilities | |||
Collateralized loan obligation (net of deferred financing costs of $4,556 and $5,483, respectively) | 323,109 | 322,182 | |
Repurchase agreements payable (net of deferred financing costs of $194 and $0, respectively) | 125,266 | ||
Due to related party | 15,481 | 6,290 | |
Interest payable | 344 | 773 | |
Payable for shares repurchased | 1,530 | 62 | |
Other liabilities | 3,537 | 3,686 | |
Total liabilities | 469,267 | 332,993 | |
Commitments and contingencies (See Note 10) | |||
Stockholders' equity | |||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 125 and 0 issued and outstanding, respectively | |||
Additional paid-in capital | 303,783 | 165,082 | |
Accumulated other comprehensive income (loss) | 17 | ||
Retained earnings | 1,802 | 619 | |
Total stockholders' equity | 305,712 | 165,787 | |
Total liabilities and stockholders' equity | 774,979 | 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 | 58 | 14 | |
Total stockholders' equity | 58 | 14 | |
Common Class D [Member] | |||
Stockholders' equity | |||
Common stock, value | 5 | 3 | |
Total stockholders' equity | 5 | 3 | |
Common Class M [Member] | |||
Stockholders' equity | |||
Common stock, value | 20 | 14 | |
Total stockholders' equity | 20 | 14 | |
Common Class I [Member] | |||
Stockholders' equity | |||
Common stock, value | 22 | 12 | |
Total stockholders' equity | $ 22 | $ 12 | |
[1] | The December 31, 2020 and 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 FS Credit Real Estate Income Trust, Inc. As of December 31, 2020 and 2019, assets of the VIE totaled $429,771 and $427,455, respectively, and liabilities of the VIE totaled $323,336 and $322,946, respectively. See Note 9 to the consolidated financial statements for further details. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred financing costs | $ 152 | $ 500 | |
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |
Preferred stock, shares issued | 125 | 0 | |
Preferred stock, shares outstanding | 125 | 0 | |
VIE Assets | [1] | $ 774,979 | $ 498,780 |
VIE Liabilities | 469,267 | 332,993 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
VIE Assets | 429,771 | 427,455 | |
VIE Liabilities | 323,336 | 322,946 | |
Repurchase agreements payable [Member] | |||
Deferred financing costs | 194 | 0 | |
Collateralized Loan Obligations [Member] | |||
Deferred financing costs | $ 4,556 | $ 5,483 | |
Preferred stock, par value | $ 0.001 | ||
Preferred stock, shares issued | 45,288 | ||
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 | 912,469 | 1,475,155 | |
Common stock, shares outstanding | 912,469 | 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 | 137,116 | 141,116 | |
Common stock, shares outstanding | 137,116 | 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 | 1,245,658 | 981,836 | |
Common stock, shares outstanding | 1,245,658 | 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 | 5,778,640 | 1,351,587 | |
Common stock, shares outstanding | 5,778,640 | 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 | 546,298 | 322,602 | |
Common stock, shares outstanding | 546,298 | 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 | 1,971,039 | 1,357,818 | |
Common stock, shares outstanding | 1,971,039 | 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 | 2,171,528 | 1,230,360 | |
Common stock, shares outstanding | 2,171,528 | 1,230,360 | |
[1] | The December 31, 2020 and 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 FS Credit Real Estate Income Trust, Inc. As of December 31, 2020 and 2019, assets of the VIE totaled $429,771 and $427,455, respectively, and liabilities of the VIE totaled $323,336 and $322,946, respectively. See Note 9 to the consolidated financial statements for further details. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net interest income | |||
Interest income | $ 38,127 | $ 22,378 | $ 10,540 |
Less: Interest expense | (11,352) | (10,441) | (5,604) |
Net interest income | 26,775 | 11,937 | 4,936 |
Other expenses | |||
Management and performance fees | 4,168 | 904 | 114 |
General and administrative expenses | 5,216 | 3,867 | 3,102 |
Less: Expense limitation | (1,023) | (1,948) | (2,271) |
Net other expenses | 8,361 | 2,823 | 945 |
Other income (loss) | |||
Net realized gain (loss) on mortgage-backed securities available-for-sale | (556) | ||
Total other income (loss) | (556) | ||
Net income | 17,858 | 9,114 | 3,991 |
Preferred stock dividends | (14) | ||
Net income attributable to FS Credit Real Estate Income Trust, Inc. | $ 17,844 | $ 9,114 | $ 3,991 |
Per share information—basic and diluted | |||
Net income per share of common stock (earnings per share) | $ 1.70 | $ 1.83 | $ 1.84 |
Weighted average common stock outstanding | 10,473,787 | 4,970,324 | 2,165,753 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 17,858 | $ 9,114 | $ 3,991 |
Other comprehensive income | |||
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale | (17) | 27 | (10) |
Total other comprehensive income (loss) | (17) | 27 | (10) |
Comprehensive income | $ 17,841 | $ 9,141 | $ 3,981 |
Consolidated Statements of Chan
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, 2017 | $ 29,339 | $ 10 | $ 2 | $ 29,514 | $ (187) | ||||||
Common stock issued | 52,627 | 14 | $ 1 | $ 1 | $ 4 | $ 1 | 52,606 | ||||
Distributions declared | (3,947) | (3,947) | |||||||||
Proceeds from distribution reinvestment plan | 2,459 | 1 | 2,458 | ||||||||
Redemptions of common stock | (100) | (100) | |||||||||
Stockholder servicing fees | (923) | (923) | |||||||||
Net income | 3,991 | 3,991 | |||||||||
Other comprehensive income (loss) | (10) | $ (10) | |||||||||
Balance at end of period, amount at Dec. 31, 2018 | 83,436 | 25 | 2 | 1 | 1 | 4 | 1 | 83,555 | (10) | (143) | |
Common stock issued | 112,693 | 9 | $ 14 | 2 | 10 | 11 | 112,647 | ||||
Distributions declared | (8,352) | (8,352) | |||||||||
Proceeds from distribution reinvestment plan | 3,196 | 1 | 3,195 | ||||||||
Redemptions of common stock | (28,766) | (11) | (1) | (28,754) | |||||||
Stockholder servicing fees | (5,561) | (5,561) | |||||||||
Net income | 9,114 | 9,114 | |||||||||
Other comprehensive income (loss) | 27 | 27 | |||||||||
Balance at end of period, amount at Dec. 31, 2019 | 165,787 | 15 | 1 | 10 | 14 | 3 | 14 | 12 | 165,082 | 17 | 619 |
Common stock issued | 185,293 | 3 | 46 | 2 | 8 | 14 | 185,220 | ||||
Preferred stock issued | 125 | 125 | |||||||||
Distributions declared | (16,661) | (16,661) | |||||||||
Proceeds from distribution reinvestment plan | 5,431 | 1 | 1 | 5,429 | |||||||
Redemptions of common stock | (41,632) | (6) | (1) | (3) | (3) | (4) | (41,615) | ||||
Stockholder servicing fees | (10,416) | (10,416) | |||||||||
Offering costs | (42) | (42) | |||||||||
Net income | 17,858 | 17,858 | |||||||||
Dividends on preferred stock | (14) | (14) | |||||||||
Other comprehensive income (loss) | (17) | $ (17) | |||||||||
Balance at end of period, amount at Dec. 31, 2020 | $ 305,712 | $ 9 | $ 1 | $ 12 | $ 58 | $ 5 | $ 20 | $ 22 | $ 303,783 | $ 1,802 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income | $ 17,858 | $ 9,114 | $ 3,991 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||
Amortization of deferred fees on loans and debt securities | (1,091) | (689) | (296) |
Amortization of deferred financing costs | 2,438 | 1,319 | 888 |
Net realized loss on sale of mortgage-backed securities available-for-sale | 556 | ||
Changes in assets and liabilities | |||
Reimbursement due from sponsor | 56 | 208 | (167) |
Interest receivable | (2,100) | (366) | (563) |
Other assets | 5,105 | (26) | (18) |
Due to related party | 9,191 | 5,378 | 571 |
Interest payable | (429) | 469 | 265 |
Other liabilities | (9,807) | (4,336) | 527 |
Net cash provided by (used in) operating activities | 21,777 | 11,071 | 5,198 |
Cash flows used in investing activities | |||
Origination and fundings of loans receivable | (358,384) | (199,128) | (191,437) |
Principal collections from loans receivable | 49,567 | 27,037 | 2,455 |
Exit and extension fee received on loans receivable | 467 | 130 | |
Purchases of mortgage-backed securities available-for-sale | (25,555) | (5,274) | (2,000) |
Principal repayments of mortgage-backed securities available-for-sale | 31,633 | 637 | 3 |
Purchases of mortgage-backed securities held-to-maturity | (37,099) | ||
Net cash used in investing activities | (339,371) | (176,598) | (190,979) |
Cash flows from financing activities | |||
Issuance of common stock | 185,293 | 112,693 | 52,627 |
Redemptions of common stock | (40,164) | (28,804) | |
Stockholder distributions paid | (10,777) | (4,744) | (1,231) |
Stockholder servicing fees | (1,225) | (186) | (11) |
Offering costs paid | (42) | ||
Borrowings under repurchase agreements | 193,678 | 152,627 | 168,426 |
Repayments under repurchase agreements | (68,218) | (311,753) | (32,550) |
Borrowings under credit facility | 31,000 | 18,700 | |
Repayments under credit facility | (31,000) | (18,700) | |
Proceeds from issuance of collateralized loan obligation | 327,665 | ||
Payment of deferred financing costs | (1,357) | (6,424) | (1,314) |
Proceeds from issuance of preferred stock | 125 | ||
Net cash provided by (used in) financing activities | 257,313 | 241,074 | 185,947 |
Total increase (decrease) in cash, cash equivalents and restricted cash | (60,281) | 75,547 | 166 |
Cash, cash equivalents and restricted cash at beginning of year | 78,155 | 2,608 | 2,442 |
Cash, cash equivalents and restricted cash at end of year | 17,874 | 78,155 | 2,608 |
Supplemental disclosure of cash flow information and non-cash financial activities | |||
Payments of interest | 9,343 | 8,653 | 4,451 |
Accrued stockholder servicing fee | 9,191 | 5,375 | 912 |
Distributions payable | 1,122 | 669 | 257 |
Reinvestment of stockholder distributions | 5,431 | 3,196 | 2,459 |
Payable for shares repurchased | 1,530 | 62 | $ 100 |
Loan principal payments held by servicer | $ 15,722 | $ 5,212 |
Principal Business and Organiza
Principal Business and Organization | 12 Months Ended |
Dec. 31, 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 a 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 | 12 Months Ended |
Dec. 31, 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 consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 15,707 $ 40,214 Restricted cash 2,167 37,941 Total cash, cash equivalents and restricted cash $ 17,874 $ 78,155 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: • Collateralized loan obligation, repurchase obligations and credit facility: The fair values for these instruments were estimated based on the rate at which similar credit facilities would have currently been priced. Deferred Financing Costs: Revenue Recognition: ex-dividend Organization Costs: Offering Costs: paid-in Income Taxes: Uncertainty in Income Taxes Stockholder Servicing Fees: Liabilities paid-in Recent Accounting Pronouncements: 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) ASU 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 | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans Receivable | Note 3. Loans Receivable The following table details overall statistics for the Company’s loans receivable portfolio as of December 31, 2020 and 2019: December 31, 2020 2019 Number of loans 35 24 Principal balance $ 699,250 $ 405,985 Net book value $ 700,149 $ 406,645 Unfunded loan commitments (1) $ 100,389 $ 44,226 Weighted-average cash coupon (2) L+4.25 % L+4.22 % Weighted-average all-in (2) L+4.35 % L+4.39 % Weighted-average maximum maturity (years) (3) 3.7 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 years ended December 31, 2020 and 2019, the activity in the Company’s loan portfolio was as follows: For the Year Ended 2020 2019 Balance at beginning of period $ 406,645 $ 239,207 Loan fundings 358,384 199,128 Loan repayments (65,289 ) (32,249 ) Amortization of deferred fees on loans 876 689 Exit and extension fees received on loans receivable (467 ) (130 ) Balance at end of period $ 700,149 $ 406,645 The following tables detail the property type and geographic location of the properties securing the loans in the Company’s portfolio as of December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Property Type Net Book Percentage Net Book Percentage Office $ 174,483 25 % $ 121,151 30 % Industrial 168,876 24 % 30,019 7 % Multifamily 130,648 19 % 81,111 20 % Mixed Use 91,556 13 % 76,833 19 % Hospitality 62,759 9 % 56,221 14 % Retail 52,128 7 % 41,310 10 % Self Storage 19,699 3 % — — Total $ 700,149 100 % $ 406,645 100 % December 31, 2020 December 31, 2019 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 311,123 44 % $ 163,486 40 % West 201,318 29 % 80,319 20 % Northeast 168,009 24 % 152,874 38 % Various 19,699 3 % — — Midwest — — 9,966 2 % Total $ 700,149 100 % $ 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: December 31, 2020 December 31, 2019 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 34 689,104 98 % 24 406,645 100 % 4 1 11,045 2 % — — — 5 — — — — — — Total 35 $ 700,149 100 % 24 $ 406,645 100 % The Company did not have any impaired loans, non-accrual |
Mortgage-Backed Securities
Mortgage-Backed Securities | 12 Months Ended |
Dec. 31, 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 The table below summarizes various attributes of the Company’s investments in available-for-sale Gross Unrealized Weighted Average Outstanding Amortized Gains Losses Fair Coupon (1) Remaining December 31, 2020 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 year ended December 31, 2020, the Company sold all of its investments in available-for-sale 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 December 31, 2020 CMBS, held-to-maturity $ 37,314 — — $ 37,314 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 1-3 years 3-5 More than CMBS, held-to-maturity $ 37,314 — — $ 37,314 — |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: As of December 31, 2020 Arrangement (1) Type of Rate Amount Amount Maturity Date 2019-FL1 (2) Collateralized L+1.20% - 2.50% (3) $ 327,665 $ — December 18, 2036 (4) WF-1 (5) Repurchase L+2.15% - 2.50% (6) 29,889 70,111 August 30, 2021 GS-1 (7) Repurchase L+1.75% - 2.75% (8) 95,571 79,429 January 26, 2021 CNB Facility Revolving L+2.25% (2) — 25,000 August 23, 2022 Total $ 453,125 $ 174,540 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) The carrying amount and fair value of assets transferred as collateral underlying the 2019-FL1 (3) LIBOR is subject to a 0.00% floor. (4) The 2019-FL1 2019-FL1 (5) The carrying amount and fair value of assets transferred as collateral underlying the facility is $39,945 and $39,977, respectively. (6) LIBOR is subject to a 0.00% floor. FS CREIT Finance WF-1 WF-1, (7) The carrying amount and fair value of assets transferred as collateral underlying the facility is $127,512 and $126,995 respectively. (8) LIBOR is subject to a 0.50% floor. FS CREIT Finance GS-1 GS-1, As of December 31, 2019 Arrangement (1) Type of Rate Amount Amount Maturity Date 2019-FL1 Collateralized L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 Repurchase L+2.15% - 2.50% (4) — 150,000 August 30, 2020 GS-1 Repurchase L+1.75% - 2.75% (5) — 175,000 January 26, 2020 CNB Facility Revolving 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 December 31, 2020 and 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, The CLO Issuers issued five classes of notes, or the Offered Notes, (i) $224,837 Class A Senior Secured Floating Rate Notes Due 2036, which bear interest at LIBOR plus 1.20% per annum plus, on and after the October 2025 payment date, an additional 0.25% per annum, (ii) $47,418 Class A-S 2019-FL1 2019-FL1 2019-FL1 The CLO Issuers issued or co-issued the FS Rialto 2019-FL1 Sub-REIT, The Offered Notes are limited recourse obligations of the Issuer and non-recourse Co-Issuer Co-Issuer, As of December 31, 2020, the 2019-FL1 The Company incurred $5,813 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 WF-1 WF-1 WF-1 In connection with the WF-1 WF-1 WF-1’s WF-1 The WF-1 WF-1 WF-1 WF-1 On August 27, 2020, the Company, as guarantor, WF-1 WF-1 The Company incurred $1,558 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 GS-1 GS-1 GS-1 The initial availability period of the GS-1 GS-1 GS-1 GS-1 GS-1 one-year GS-1 GS-1 In connection with the GS-1 GS-1 GS-1’s GS-1 GS-1 GS-1. The GS-1 GS-1 GS-1 The Company incurred $2,068 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 $10,000. This amount, with the consent of CNB, may be increased to $25,000. 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. On March 23, 2020, the CNB Facility was amended to, among other things, (i) increase the maximum 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. On December 23, 2020, the CNB Facility was further amended to, among other things, (i) increase the maximum amount of financing available from $15,000 to $25,000 and (ii) increase the minimum net asset value the Company is required to maintain from $100,000 to $175,000. Borrowings under the CNB Facility accrue interest at a rate equal to LIBOR plus a spread of 2.25% per annum, and borrowed amounts must be repaid no later than 180 days after the funding date of such borrowing. In addition, the borrowers pay a non-utilization The Company incurred $314 of deferred financing costs related to the CNB Facility, which is being amortized to interest expense over the life of the facility. As of December 31, 2020, $152 had yet to be amortized to interest expense. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 $13,073 for the period from November 7, 2016 (Inception) to December 31, 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 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, determined that the Company had achieved economies of scale sufficient to ensure that it could bear a reasonable level of expenses in relation to its income. The Company began reimbursing FS Real Estate Advisor in September 2020 and, as such, 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 after such time. During the year ended December 31, 2020, the Company paid $285 to FS Real Estate Advisor for organization and offering costs previously funded. As of December 31, 2020, $12,788 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, Related Party Source Agreement Description 2020 2019 2018 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 2,949 $ 752 $ 70 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 1,219 $ 152 $ 44 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 2,426 $ 2,512 $ 1,885 (1) During the years ended December 31, 2020, 2019 and 2018, $2,403, $476 and $23, respectively, in base management fees were paid to FS Real Estate Advisor. As of December 31, 2020, $869 in base management fees were payable to FS Real Estate Advisor. (2) During the years ended December 31, 2020, 2019 and 2018, $903, $176 and $20, respectively, in performance fees were paid to FS Real Estate Advisor. As of December 31, 2020, $316 in performance fees were payable to FS Real Estate Advisor. (3) During the years ended December 31, 2020, 2019 and 2018, $2,248, $2,284 and $1,826, 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 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 December 31, 2020 and 2019, the Company accrued $15,481 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 December 31, 2020, the Company accrued $5,783 for reimbursement of expenses that FS Real Estate Advisor and Rialto paid or waived, including $1,023 in reimbursements for the year ended December 31, 2020. During the period from September 13, 2017 (Commencement of Operations) to December 31, 2020, the Company received $5,339 in cash reimbursements from FS Real Estate Advisor. As of December 31, 2020, the Company had $444 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 Recoupable Recoupment eligibility expiration December 31, 2020 $ 444 $ 444 December 31, 2023 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 — Expired December 31, 2020 September 30, 2017 164 — Expired September 30, 2020 $ 5,783 $ 5,242 Capital Contributions and Commitments In December 2016, pursuant to a private placement, Michael C. Forman and David J. Adelman, principals of FS Investments, contributed an aggregate of $200 to purchase 8,000 Class F shares at the price of $25.00 per share. These individuals will not tender these shares of common stock for repurchase as long as FS Real Estate Advisor remains the Company’s adviser. FS Investments is controlled by Mr. Forman, the Company’s president and chief executive officer, and Mr. Adelman. Each of FS Investments and Rannel Investments, LLC (f/k/a Rialto Investments, LLC) (“RI”), a former affiliate of Rialto, the Company’s sub-adviser, Following the sale of Rialto in November 2018, RI remained a wholly-owned subsidiary of Lennar Corporation and no longer has any affiliation with Rialto or the Company other than its ownership of the Company’s Class F shares. On October 25, 2019, the Company’s board of directors approved the termination of RI’s remaining commitment to purchase Class F shares and agreed that the Company may repurchase up to approximately $17,000 of RI’s Class F Shares, in its discretion and in one or more repurchases, outside the Company’s share repurchase plan at the most recently published NAV per Class F share at the time of any such repurchase. As of December 31, 2020, 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 March 22, 2021, FS Investments (including its affiliates and designees) owned approximately $21,800 in Class F shares. |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7. Stockholder’s Equity Below is a summary of transactions with respect to shares of the Company’s common stock during the years ended December 31, 2020, 2019 and 2018: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2017 988,801 191,114 — — — — — 1,179,915 Issuance of common stock 1,387,498 — 123,923 3,752 60,774 421,104 127,882 2,124,933 Reinvestment of distributions 95,565 1,899 658 21 160 867 644 99,814 Redemptions of common stock — — — — — (3,979 ) — (3,979 ) 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 — — 842,857 1,347,145 258,386 946,244 1,091,101 4,485,733 Reinvestment of distributions 86,990 — 15,436 1,069 3,282 9,624 11,978 128,379 Redemptions of common stock (1,083,699 ) (51,897 ) (1,038 ) (400 ) — (16,042 ) (1,245 ) (1,154,321 ) 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 — — 281,353 4,656,388 252,499 823,387 1,341,270 7,354,897 Reinvestment of distributions 29,036 — 35,289 74,149 10,674 34,439 32,774 216,361 Redemptions of common stock (591,722 ) (4,000 ) (48,685 ) (288,049 ) (19,762 ) (230,322 ) (487,739 ) (1,670,279 ) Transfers in or out — — (4,135 ) (15,435 ) (19,715 ) (14,283 ) 54,863 1,295 Balance as of December 31, 2020 912,469 137,116 1,245,658 5,778,640 546,298 1,971,039 2,171,528 12,762,748 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2017 $ 24,741 $ 4,785 $ — $ — $ — $ — $ — $ 29,526 Issuance of common stock 34,175 — 3,104 94 1,522 10,581 3,151 52,627 Reinvestment of distributions 2,353 47 16 1 4 22 16 2,459 Redemptions of common stock — — — — — (100 ) — (100 ) Accrued stockholder servicing fees (1) — — (133 ) (4 ) (19 ) (767 ) — (923 ) 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 — — 21,192 34,180 6,506 23,880 26,935 112,693 Reinvestment of distributions 2,160 — 389 27 83 241 296 3,196 Redemptions of common stock (27,010 ) (1,284 ) (26 ) (10 ) — (405 ) (31 ) (28,766 ) Accrued stockholder servicing fees (1) — — (926 ) (2,859 ) (81 ) (1,695 ) — (5,561 ) 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 — — 7,077 118,049 6,352 20,767 33,048 185,293 Reinvestment of distributions 725 — 886 1,877 268 868 807 5,431 Redemptions of common stock (14,766 ) (99 ) (1,224 ) (7,273 ) (496 ) (5,797 ) (11,977 ) (41,632 ) Transfers in or out — — (104 ) (391 ) (496 ) (361 ) 1,352 — Accrued stockholder servicing fees (1) — — (280 ) (8,986 ) (70 ) (1,080 ) — (10,416 ) Balance as of December 31, 2020 $ 22,378 $ 3,449 $ 29,971 $ 134,705 $ 13,573 $ 46,154 $ 53,597 $ 303,827 (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 year ended December 31, 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 year ended December 31, 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 October 31, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 November 30, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 December 31, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 Total $ 1.9820 $ 1.9820 $ 1.4576 $ 1.4576 $ 1.5956 $ 1.5956 $ 1.6700 The following table reflects the amount of cash distributions that the Company paid on its common stock during the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Distributions: Paid or payable in cash $ 11,230 $ 5,156 $ 1,488 Reinvested in shares 5,431 3,196 2,459 Total distributions $ 16,661 $ 8,352 $ 3,947 Source of distributions: Cash flows from operating activities $ 16,661 $ 8,352 $ 3,947 Offering proceeds — — — Total sources of distributions $ 16,661 $ 8,352 $ 3,947 Net cash provided by operating activities (1) $ 21,777 $ 11,071 $ 5,198 (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. The Company’s board of directors previously authorized regular monthly cash distributions for January 2021 through March 2021 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 distributions for each class of outstanding common stock have been or will be paid monthly to stockholders of record as of the monthly record dates previously determined by the Company’s board of directors. These distributions have been or will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan. For federal income tax purposes, distributions to stockholders are characterized as either ordinary income, capital gain or non-taxable The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 2019 2018 Ordinary income 100 % 100 % 100 % Non-taxable — — — Capital gain — — — Total 100 % 100 % 100 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 8. Fair Value of Financial Instruments The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: December 31, 2020 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: December 31, 2020 December 31, 2019 Book Face Fair Value Book Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 17,874 $ 17,874 $ 17,874 $ 78,155 $ 78,155 $ 78,155 Loans receivable (1) $ 700,149 $ 699,250 $ 697,533 $ 406,645 $ 405,985 $ 407,283 Mortgage-backed securities held-to-maturity $ 37,314 $ 50,300 $ 37,314 — — — Financial Liabilities Repurchase obligations (2) $ 125,266 $ 125,460 $ 125,460 — — — Collateralized loan obligation (2) $ 323,109 $ 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, mortgage-backed securities held-to-maturity, |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 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: December 31, 2020 December 31, 2019 Assets: Restricted cash $ 4 $ 35,706 Loans receivable 411,455 385,408 Interest receivable 2,470 1,100 Other assets 15,842 5,241 Total assets $ 429,771 $ 427,455 Liabilities Collateralized loan obligation (net of deferred financing costs of $4,556 and $5,483, respectively) $ 323,109 $ 322,182 Interest payable 227 764 Total liabilities $ 323,336 $ 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 Variable Interest Entities 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 | 12 Months Ended |
Dec. 31, 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 on 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. |
Summary of Quarterly Results
Summary of Quarterly Results | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results | Note 11. Summary of Quarterly Results The following are the quarterly results of operations for the years ended December 31, 2020 and 2019, respectively. The following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended December 31, September 30, June 30, 2020 March 31, Net interest income $ 7,711 $ 7,537 $ 6,606 $ 4,921 Net other expenses 2,608 2,284 2,156 1,313 Other income (loss) — (556 ) — — Net income $ 5,103 $ 4,697 $ 4,450 $ 3,608 Per share information-basic and diluted Net income per share of common stock $ 0.42 $ 0.44 $ 0.44 $ 0.40 Weighted average common stock outstanding 12,112,747 10,629,214 10,155,719 8,977,762 Quarter Ended December 31, September 30, June 30, March 31, Net interest income $ 3,633 $ 3,277 $ 2,617 $ 2,410 Net other expenses 974 769 593 487 Net income $ 2,659 $ 2,508 $ 2,024 $ 1,923 Per share information-basic and diluted Net income per share of common stock $ 0.43 $ 0.47 $ 0.45 $ 0.51 Weighted average common stock outstanding 6,166,972 5,355,898 4,538,627 3,789,218 The sum of quarterly per share amounts may not equal per share amounts reported for the years ended December 31, 2020 and 2019. This is due to changes in the number of weighted-average shares outstanding and the effects of rounding for each period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events The following is a discussion of material events that have occurred subsequent to December 31, 2020 through the issuance of the consolidated financial statements. COVID-19 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. As of February 28, 2021, the Company had not recorded any impairments or non-accruals COVID-19 Status of Offerings As of March 22, 2021, the Company has issued 18,135,681 shares of common stock (consisting of 2,593,101 shares of Class F common stock, 193,013 shares of Class Y common stock, 1,351,155 shares of Class T common stock, 7,528,511 shares of Class S common stock, 615,664 shares of Class D common stock, 2,459,772 shares of Class M common stock and 3,394,465 shares of Class I common stock), including shares issued pursuant to its distribution reinvestment plan, for gross proceeds of $455,129. Share Repurchases In connection with the Company’s January 2021 and February 2021 repurchase periods, the Company repurchased an aggregate of 100,356 shares of common stock representing a total of $2,491. Business Update During the period from January 1, 2021 through March 22, 2021, we closed on seven senior floating-rate mortgage loans of which $127,883 was funded at closing. BB-1 On February 22, 2021, the Company’s indirect wholly owned, special-purpose financing subsidiary, FS CREIT Finance BB-1 BB-1, BB-1 BB-1 BB-1 BB-1 BB-1 The initial availability period of the BB-1 BB-1 BB-1 one-year BB-1 one-year BB-1 BB-1 In connection with the BB-1 BB-1 BB-1’s BB-1 BB-1 BB-1. The BB-1 BB-1 WF-1 BB-1 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | FS Credit Real Estate Income Trust, Inc. Schedule IV - Mortgage Loans on Real Estate As of December 31, 2019 (in thousands) Loan Type Description Location Interest Maximum (1) Periodic (2) Prior Face Carrying Senior loan (3)(4) Multifamily New York, NY L+3.75 % 1/9/2026 I/O $ — $ 25,831 $ 25,802 Senior loan (3)(4) Industrial Various, SC L+3.15 % 3/9/2025 I/O — 55,370 55,384 Senior loan (3)(4) Industrial Hawthorne, CA L+4.15 % 1/9/2026 I/O — 42,240 42,221 Senior loan (3)(4) Mixed Use New York, NY L+3.75 % 4/9/2024 I/O — 38,000 37,995 Senior loan (3)(4) Office Memphis, TN L+4.25 % 9/9/2022 I/O — 33,663 33,749 Senior loan (3)(4) Multifamily San Antonio, TX L+4.00 % 3/9/2024 I/O — 31,000 31,036 Senior loan (3)(4) Office Jupiter, FL L+3.00 % 3/9/2025 I/O — 24,625 24,617 Senior loan (3)(4) Office New York, NY L+4.00 % 5/9/2021 I/O — 30,000 29,999 Senior loan (3)(4) Hospitality Davis, CA L+5.35 % 7/9/2024 I/O — 28,500 28,565 Senior loan (3)(4) Office Rockville, MD L+4.50 % 1/9/2026 I/O — 22,675 22,665 Senior loan (3)(4) Mixed Use Philadelphia, PA L+5.00 % 8/15/2024 I/O — 24,250 24,354 Senior loan (3)(4) Hospitality Gaithersburg, MD L+5.25 % 8/9/2023 I/O — 21,972 22,059 Senior loan (4) Office Los Angeles, CA L+5.25 % 1/9/2026 I/O — 11,900 11,880 Senior loan (4) Office Katy, TX L+4.00 % 12/9/2024 I/O — 18,200 18,249 Senior loan (4) Office Austin, TX L+4.00 % 4/9/2023 I/O — 18,962 19,067 Senior loan (4) Multifamily Jersey City, NJ L+3.00 % 12/19/2023 I/O — 20,500 20,489 Senior loan (4) Self Storage Various L+3.20 % 3/9/2025 I/O — 19,700 19,699 Senior loan (4) Office Landover, MD L+3.85 % 12/9/2022 I/O — 14,212 14,257 Mezzanine loan (4) Industrial Various, SC 10.00 % 3/1/2030 I/O — 18,102 18,102 Senior loan (4) Mixed Use Los Angeles, CA L+3.50 % 3/9/2025 I/O — 14,400 14,412 Senior loan (4) Multifamily Glendale, AZ L+4.00 % 1/9/2026 I/O — 15,352 15,328 Senior loan (4) Mixed Use Oakland, CA L+4.50 % 11/9/2024 I/O — 14,745 14,795 Senior loan (4) Industrial South El Monte, CA L+3.35 % 2/9/2025 I/O — 15,633 15,629 Senior loan (4) Multifamily Jacksonville, FL L+4.25 % 7/9/2023 I/O — 10,246 10,298 Mezzanine loan (4) Multifamily New York, NY L+7.50 % 12/5/2026 I/O — 15,000 15,000 Senior loan (4) Industrial Vista, CA L+4.00 % 12/9/2025 I/O — 13,140 13,130 Senior loan (4) Industrial Bordentown, NJ L+3.95 % 3/9/2024 I/O — 14,300 14,370 Senior loan (4) Multifamily Las Vegas, NV L+4.00 % 3/9/2023 I/O — 12,633 12,695 Senior loan (4) Retail Holly Springs, GA L+4.00 % 11/9/2024 I/O — 11,749 11,768 Senior loan (4) Hospitality Las Vegas, NV L+5.00 % 3/7/2022 I/O — 12,050 12,135 Senior loan (4) Retail Miami, FL L+4.00 % 6/9/2023 I/O — 12,000 12,049 Senior loan (4) Industrial San Diego, CA L+4.00 % 12/9/2025 I/O — 10,050 10,040 Senior loan (4) Retail Miami, FL L+4.50 % 6/9/2023 I/O — 11,000 11,045 Senior loan (4) Retail Los Angeles, CA L+3.50 % 3/9/2025 I/O — 10,500 10,488 Senior loan (4) Retail Miami, FL L+4.25 % 6/9/2023 I/O — 6,750 6,778 $ — $ 699,250 $ 700,149 (1) Maximum maturity assumes all extension options are exercised by the borrower. (2) I/O = interest only. (3) Loan is in excess of 3% of the carrying amount of total loans. (4) Loan is not delinquent with respect to principal or interest. The following table reconciles mortgage loans on real estate for the years ended December 31, 2020 and 2019: For the Year Ended 2020 2019 Balance at beginning of period $ 406,645 $ 239,207 Additions during period: Loan fundings 358,384 199,128 Amortization of deferred fees and expenses on loans 876 689 Deductions during period: Collections of principal (65,289 ) (32,249 ) Exit and extension fees received on loans receivable (467 ) (130 ) Balance at end of period $ 700,149 $ 406,645 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 15,707 $ 40,214 Restricted cash 2,167 37,941 Total cash, cash equivalents and restricted cash $ 17,874 $ 78,155 |
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 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 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: • Collateralized loan obligation, repurchase obligations and credit facility: The fair values for these instruments were estimated based on the rate at which similar credit facilities would have currently been priced. |
Deferred Financing Costs | Deferred Financing Costs: |
Revenue Recognition | Revenue Recognition: ex-dividend |
Organization Costs | Organization Costs: |
Offering Costs | Offering Costs: paid-in |
Income Taxes | Income Taxes: |
Uncertainty in Income Taxes | Uncertainty in Income Taxes |
Stockholder Servicing Fees | Stockholder Servicing Fees: Liabilities paid-in |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) ASU 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) | 12 Months Ended |
Dec. 31, 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 consolidated statements of cash flows: December 31, 2020 2019 Cash and cash equivalents $ 15,707 $ 40,214 Restricted cash 2,167 37,941 Total cash, cash equivalents and restricted cash $ 17,874 $ 78,155 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: December 31, 2020 2019 Number of loans 35 24 Principal balance $ 699,250 $ 405,985 Net book value $ 700,149 $ 406,645 Unfunded loan commitments (1) $ 100,389 $ 44,226 Weighted-average cash coupon (2) L+4.25 % L+4.22 % Weighted-average all-in (2) L+4.35 % L+4.39 % Weighted-average maximum maturity (years) (3) 3.7 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 years ended December 31, 2020 and 2019, the activity in the Company’s loan portfolio was as follows: For the Year Ended 2020 2019 Balance at beginning of period $ 406,645 $ 239,207 Loan fundings 358,384 199,128 Loan repayments (65,289 ) (32,249 ) Amortization of deferred fees on loans 876 689 Exit and extension fees received on loans receivable (467 ) (130 ) Balance at end of period $ 700,149 $ 406,645 |
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 December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Property Type Net Book Percentage Net Book Percentage Office $ 174,483 25 % $ 121,151 30 % Industrial 168,876 24 % 30,019 7 % Multifamily 130,648 19 % 81,111 20 % Mixed Use 91,556 13 % 76,833 19 % Hospitality 62,759 9 % 56,221 14 % Retail 52,128 7 % 41,310 10 % Self Storage 19,699 3 % — — Total $ 700,149 100 % $ 406,645 100 % |
Schedule of Loan Receivables Acquired By Geographics | December 31, 2020 December 31, 2019 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 311,123 44 % $ 163,486 40 % West 201,318 29 % 80,319 20 % Northeast 168,009 24 % 152,874 38 % Various 19,699 3 % — — Midwest — — 9,966 2 % Total $ 700,149 100 % $ 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: December 31, 2020 December 31, 2019 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 34 689,104 98 % 24 406,645 100 % 4 1 11,045 2 % — — — 5 — — — — — — Total 35 $ 700,149 100 % 24 $ 406,645 100 % |
Mortgage-Backed Securities (Tab
Mortgage-Backed Securities (Tables) | 12 Months Ended |
Dec. 31, 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 Gross Unrealized Weighted Average Outstanding Amortized Gains Losses Fair Coupon (1) Remaining December 31, 2020 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 December 31, 2020 CMBS, held-to-maturity $ 37,314 — — $ 37,314 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 1-3 years 3-5 More than CMBS, held-to-maturity $ 37,314 — — $ 37,314 — |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019: As of December 31, 2020 Arrangement (1) Type of Rate Amount Amount Maturity Date 2019-FL1 (2) Collateralized L+1.20% - 2.50% (3) $ 327,665 $ — December 18, 2036 (4) WF-1 (5) Repurchase L+2.15% - 2.50% (6) 29,889 70,111 August 30, 2021 GS-1 (7) Repurchase L+1.75% - 2.75% (8) 95,571 79,429 January 26, 2021 CNB Facility Revolving L+2.25% (2) — 25,000 August 23, 2022 Total $ 453,125 $ 174,540 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) The carrying amount and fair value of assets transferred as collateral underlying the 2019-FL1 (3) LIBOR is subject to a 0.00% floor. (4) The 2019-FL1 2019-FL1 (5) The carrying amount and fair value of assets transferred as collateral underlying the facility is $39,945 and $39,977, respectively. (6) LIBOR is subject to a 0.00% floor. FS CREIT Finance WF-1 WF-1, (7) The carrying amount and fair value of assets transferred as collateral underlying the facility is $127,512 and $126,995 respectively. (8) LIBOR is subject to a 0.50% floor. FS CREIT Finance GS-1 GS-1, As of December 31, 2019 Arrangement (1) Type of Rate Amount Amount Maturity Date 2019-FL1 Collateralized L+1.20% - 2.50% (2) $ 327,665 $ — December 18, 2036 (3) WF-1 Repurchase L+2.15% - 2.50% (4) — 150,000 August 30, 2020 GS-1 Repurchase L+1.75% - 2.75% (5) — 175,000 January 26, 2020 CNB Facility Revolving 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) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2020, 2019 and 2018: Year Ended December 31, Related Party Source Agreement Description 2020 2019 2018 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 2,949 $ 752 $ 70 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 1,219 $ 152 $ 44 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 2,426 $ 2,512 $ 1,885 (1) During the years ended December 31, 2020, 2019 and 2018, $2,403, $476 and $23, respectively, in base management fees were paid to FS Real Estate Advisor. As of December 31, 2020, $869 in base management fees were payable to FS Real Estate Advisor. (2) During the years ended December 31, 2020, 2019 and 2018, $903, $176 and $20, respectively, in performance fees were paid to FS Real Estate Advisor. As of December 31, 2020, $316 in performance fees were payable to FS Real Estate Advisor. (3) During the years ended December 31, 2020, 2019 and 2018, $2,248, $2,284 and $1,826, 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 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 Recoupable Recoupment eligibility expiration December 31, 2020 $ 444 $ 444 December 31, 2023 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 — Expired December 31, 2020 September 30, 2017 164 — Expired September 30, 2020 $ 5,783 $ 5,242 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2020, 2019 and 2018: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2017 988,801 191,114 — — — — — 1,179,915 Issuance of common stock 1,387,498 — 123,923 3,752 60,774 421,104 127,882 2,124,933 Reinvestment of distributions 95,565 1,899 658 21 160 867 644 99,814 Redemptions of common stock — — — — — (3,979 ) — (3,979 ) 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 — — 842,857 1,347,145 258,386 946,244 1,091,101 4,485,733 Reinvestment of distributions 86,990 — 15,436 1,069 3,282 9,624 11,978 128,379 Redemptions of common stock (1,083,699 ) (51,897 ) (1,038 ) (400 ) — (16,042 ) (1,245 ) (1,154,321 ) 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 — — 281,353 4,656,388 252,499 823,387 1,341,270 7,354,897 Reinvestment of distributions 29,036 — 35,289 74,149 10,674 34,439 32,774 216,361 Redemptions of common stock (591,722 ) (4,000 ) (48,685 ) (288,049 ) (19,762 ) (230,322 ) (487,739 ) (1,670,279 ) Transfers in or out — — (4,135 ) (15,435 ) (19,715 ) (14,283 ) 54,863 1,295 Balance as of December 31, 2020 912,469 137,116 1,245,658 5,778,640 546,298 1,971,039 2,171,528 12,762,748 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2017 $ 24,741 $ 4,785 $ — $ — $ — $ — $ — $ 29,526 Issuance of common stock 34,175 — 3,104 94 1,522 10,581 3,151 52,627 Reinvestment of distributions 2,353 47 16 1 4 22 16 2,459 Redemptions of common stock — — — — — (100 ) — (100 ) Accrued stockholder servicing fees (1) — — (133 ) (4 ) (19 ) (767 ) — (923 ) 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 — — 21,192 34,180 6,506 23,880 26,935 112,693 Reinvestment of distributions 2,160 — 389 27 83 241 296 3,196 Redemptions of common stock (27,010 ) (1,284 ) (26 ) (10 ) — (405 ) (31 ) (28,766 ) Accrued stockholder servicing fees (1) — — (926 ) (2,859 ) (81 ) (1,695 ) — (5,561 ) 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 — — 7,077 118,049 6,352 20,767 33,048 185,293 Reinvestment of distributions 725 — 886 1,877 268 868 807 5,431 Redemptions of common stock (14,766 ) (99 ) (1,224 ) (7,273 ) (496 ) (5,797 ) (11,977 ) (41,632 ) Transfers in or out — — (104 ) (391 ) (496 ) (361 ) 1,352 — Accrued stockholder servicing fees (1) — — (280 ) (8,986 ) (70 ) (1,080 ) — (10,416 ) Balance as of December 31, 2020 $ 22,378 $ 3,449 $ 29,971 $ 134,705 $ 13,573 $ 46,154 $ 53,597 $ 303,827 (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 year ended December 31, 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 October 31, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 November 30, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 December 31, 2020 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 Total $ 1.9820 $ 1.9820 $ 1.4576 $ 1.4576 $ 1.5956 $ 1.5956 $ 1.6700 The following table reflects the amount of cash distributions that the Company paid on its common stock during the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Distributions: Paid or payable in cash $ 11,230 $ 5,156 $ 1,488 Reinvested in shares 5,431 3,196 2,459 Total distributions $ 16,661 $ 8,352 $ 3,947 Source of distributions: Cash flows from operating activities $ 16,661 $ 8,352 $ 3,947 Offering proceeds — — — Total sources of distributions $ 16,661 $ 8,352 $ 3,947 Net cash provided by operating activities (1) $ 21,777 $ 11,071 $ 5,198 (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. The Company’s board of directors previously authorized regular monthly cash distributions for January 2021 through March 2021 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 |
Distribution of company dividends on percent basis | The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2020, 2019 and 2018: For the Year Ended December 31, 2020 2019 2018 Ordinary income 100 % 100 % 100 % Non-taxable — — — Capital gain — — — Total 100 % 100 % 100 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: December 31, 2020 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: December 31, 2020 December 31, 2019 Book Face Fair Value Book Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 17,874 $ 17,874 $ 17,874 $ 78,155 $ 78,155 $ 78,155 Loans receivable (1) $ 700,149 $ 699,250 $ 697,533 $ 406,645 $ 405,985 $ 407,283 Mortgage-backed securities held-to-maturity $ 37,314 $ 50,300 $ 37,314 — — — Financial Liabilities Repurchase obligations (2) $ 125,266 $ 125,460 $ 125,460 — — — Collateralized loan obligation (2) $ 323,109 $ 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) | 12 Months Ended |
Dec. 31, 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: December 31, 2020 December 31, 2019 Assets: Restricted cash $ 4 $ 35,706 Loans receivable 411,455 385,408 Interest receivable 2,470 1,100 Other assets 15,842 5,241 Total assets $ 429,771 $ 427,455 Liabilities Collateralized loan obligation (net of deferred financing costs of $4,556 and $5,483, respectively) $ 323,109 $ 322,182 Interest payable 227 764 Total liabilities $ 323,336 $ 322,946 |
Summary of Quarterly Results (T
Summary of Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results | The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended December 31, September 30, June 30, 2020 March 31, Net interest income $ 7,711 $ 7,537 $ 6,606 $ 4,921 Net other expenses 2,608 2,284 2,156 1,313 Other income (loss) — (556 ) — — Net income $ 5,103 $ 4,697 $ 4,450 $ 3,608 Per share information-basic and diluted Net income per share of common stock $ 0.42 $ 0.44 $ 0.44 $ 0.40 Weighted average common stock outstanding 12,112,747 10,629,214 10,155,719 8,977,762 Quarter Ended December 31, September 30, June 30, March 31, Net interest income $ 3,633 $ 3,277 $ 2,617 $ 2,410 Net other expenses 974 769 593 487 Net income $ 2,659 $ 2,508 $ 2,024 $ 1,923 Per share information-basic and diluted Net income per share of common stock $ 0.43 $ 0.47 $ 0.45 $ 0.51 Weighted average common stock outstanding 6,166,972 5,355,898 4,538,627 3,789,218 |
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] | 12 Months Ended |
Dec. 31, 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 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 15,707 | $ 40,214 | ||
Restricted cash | 2,167 | 37,941 | ||
Total cash, cash equivalents and restricted cash | $ 17,874 | $ 78,155 | $ 2,608 | $ 2,442 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | 38 Months Ended | ||
Sep. 13, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Cash investment in money market fund | $ 1,000 | $ 75,560 | $ 75,560 | ||
Organization costs incurred | $ 243 | ||||
Offering costs incurred | $ 12,830 | ||||
Percentage of distribution of annual REIT taxable income to stockholders to qualify as REIT | 90.00% | ||||
Unrecognized interest or penalties | $ 0 | $ 0 | $ 0 | ||
Minimum Gross Proceeds From Public Offering To Charge Offering Costs | $ 250,000 | ||||
Percentage of reimbursement revenue | 0.75% | ||||
Accrued Unrecognised Interest or Penalties | $ 0 |
Loans Receivable - Summary of D
Loans Receivable - Summary of Details Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2021Loans | Dec. 31, 2020USD ($)Loans | Dec. 31, 2019USD ($)Loans | Dec. 31, 2018USD ($) | |
Loans and Leases Receivable, Net Amount [Abstract] | ||||
Number of loans | Loans | 35 | 35 | 24 | |
Principal balance | $ 699,250 | $ 405,985 | ||
Net book value | 700,149 | 406,645 | $ 239,207 | |
Unfunded loan commitments | $ 100,389 | $ 44,226 | ||
Weighted-average cash coupon | 4.25% | 4.22% | ||
Weighted-average all-in yield | 4.35% | 4.39% | ||
Weighted-average maximum maturity (years) | 3 years 8 months 12 days | 3 years 7 months 6 days |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Net Amount [Abstract] | ||
Balance at beginning of period | $ 406,645 | $ 239,207 |
Loan fundings | 358,384 | 199,128 |
Loan repayments | (65,289) | (32,249) |
Amortization of deferred fees on loans | 876 | 689 |
Exit and extension fees received on loans receivable | (467) | (130) |
Balance at end of period | $ 700,149 | $ 406,645 |
Loans Receivable - Loan Receiva
Loans Receivable - Loan Receivables Acquired By Property (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net book value | $ 700,149 | $ 406,645 | $ 239,207 |
Percentage | 100.00% | 100.00% | |
Office [Member] | |||
Net book value | $ 174,483 | $ 121,151 | |
Percentage | 25.00% | 30.00% | |
Industrial [Member] | |||
Net book value | $ 168,876 | $ 30,019 | |
Percentage | 24.00% | 7.00% | |
Multifamily [Member] | |||
Net book value | $ 130,648 | $ 81,111 | |
Percentage | 19.00% | 20.00% | |
Mixed-Use [Member] | |||
Net book value | $ 91,556 | $ 76,833 | |
Percentage | 13.00% | 19.00% | |
Hospitality [Member] | |||
Net book value | $ 62,759 | $ 56,221 | |
Percentage | 9.00% | 14.00% | |
Retail [Member] | |||
Net book value | $ 52,128 | $ 41,310 | |
Percentage | 7.00% | 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net book value | $ 700,149 | $ 406,645 | $ 239,207 |
Percentage | 100.00% | 100.00% | |
South [Member] | |||
Net book value | $ 311,123 | $ 163,486 | |
Percentage | 44.00% | 40.00% | |
West [Member] | |||
Net book value | $ 201,318 | $ 80,319 | |
Percentage | 29.00% | 20.00% | |
Northeast [Member] | |||
Net book value | $ 168,009 | $ 152,874 | |
Percentage | 24.00% | 38.00% | |
Various [Member] | |||
Net book value | $ 19,699 | ||
Percentage | 3.00% | ||
Midwest [Member] | |||
Net book value | $ 9,966 | ||
Percentage | 2.00% |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |
Net realized gain (loss) on mortgage-backed securities available-for-sale | $ (556) |
Commercial Mortgage Backed Securities | |
Loans and Leases Receivable Disclosure [Line Items] | |
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale | 16,082 |
Net realized gain (loss) on mortgage-backed securities available-for-sale | $ 556 |
Loans Receivable - Summary of l
Loans Receivable - Summary of loans receivable based on internal risk ratings: (Detail) $ in Thousands | 12 Months Ended | |||
Jan. 30, 2021Loans | Dec. 31, 2020USD ($)Loans | Dec. 31, 2019USD ($)Loans | Dec. 31, 2018USD ($) | |
Loans Receivable Based On Internal Risk Ratings [Line Items] | ||||
Number of loans | Loans | 35 | 35 | 24 | |
Net book value | $ | $ 700,149 | $ 406,645 | $ 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 | 34 | 24 | ||
Net book value | $ | $ 689,104 | $ 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 | $ | $ 11,045 | |||
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding Face Amount | $ 25,555 | $ 5,274 | $ 2,000 |
Fair Value | $ 0 | $ 6,651 | |
Weighted Average Coupon | 4.25% | 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 - Su
Mortgage-Backed Securities - Summary of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Net Carrying Amount (Amortized Cost) | $ 37,314 | |
Gross Unrecognized Holding Gains | 0 | |
Gross Unrecognized Holding Losses | 0 | |
Fair Value | $ 37,314 |
Mortgage-Backed Securities - _3
Mortgage-Backed Securities - Summary of Maturities of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
CMBS, held-to-maturity, Total | $ 37,314 |
CMBS, held-to-maturity, Less than 1 year | 0 |
CMBS, held-to-maturity, 1-3 years | 0 |
CMBS, held-to-maturity, 3-5 years | 37,314 |
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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Amount Outstanding | $ 453,125 | $ 327,665 |
Amount Available | 174,540 | $ 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 | $ 29,889 | |
Amount Available | $ 70,111 | $ 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 | $ 95,571 | |
Amount Available | $ 79,429 | $ 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 | $ 25,000 | $ 10,000 |
Description of variable rate | L+2.25% | L+2.25% |
Basis for effective rate | 2.25 | 2.25 |
Maturity Date | Aug. 23, 2022 | Aug. 23, 2021 |
Financing Arrangements - Summ_2
Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 |
2019-FLI Notes [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Carrying amount of asset transferred as collateral | $ 411,455 | |
Fair value of asset transferred as collateral | $ 409,497 | |
LIBOR rate | L+1.20% - 2.50% | L+1.20% - 2.50% |
WF-1 Facility [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Carrying amount of asset transferred as collateral | $ 39,945 | |
Fair value of asset transferred as collateral | $ 39,977 | |
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 | $ 127,512 | |
Fair value of asset transferred as collateral | $ 126,995 | |
LIBOR rate | L+1.75% - 2.75% | L+1.75% - 2.75% |
GS-1 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
LIBOR rate | 0.50 | 0.50 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Detail) - USD ($) | Jul. 27, 2020 | Jan. 26, 2018 | Aug. 22, 2019 | Aug. 30, 2017 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 23, 2020 | Dec. 22, 2020 | Aug. 27, 2020 | Mar. 23, 2020 | Mar. 22, 2020 | Dec. 05, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt issuance cost incurred | $ 1,357,000 | $ 6,424,000 | $ 1,314,000 | |||||||||||
Deferred financing costs | $ 152,000 | $ 500,000 | ||||||||||||
Issuance of preferred shares | 125 | 0 | ||||||||||||
Preferred shares issued per share | $ 0.01 | $ 0.01 | ||||||||||||
Description of variable rate | 1.80 | |||||||||||||
Collateralized Loan Obligations [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Deferred financing costs | $ 4,556,000 | $ 5,483,000 | ||||||||||||
Issuance of preferred shares | 45,288 | |||||||||||||
Preferred shares issued per share | $ 0.001 | |||||||||||||
Aggregate liquidation of preferred shares | $ 1,000 | |||||||||||||
Debt issuance cost incurred | $ 5,813,000 | |||||||||||||
Amortization expense od debt issuance cost | 4,556,000 | |||||||||||||
Collateralized Loan Obligations [Member] | Class A Senior Secured Floating Rate Notes Due 2036 [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 224,837,000 | |||||||||||||
Description of variable rate | LIBOR plus 1.20 | |||||||||||||
Spread on LIBOR | 1.20% | |||||||||||||
Additional Interest Rate | 0.25% | |||||||||||||
Collateralized Loan Obligations [Member] | Class A-S Second Priority Secured Floating Rate Notes Due 2036 [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 47,418,000 | |||||||||||||
Description of variable rate | LIBOR plus 1.45 | |||||||||||||
Spread on LIBOR | 1.45% | |||||||||||||
Additional Interest Rate | 0.25% | |||||||||||||
Collateralized Loan Obligations [Member] | Class B Third Priority Secured Floating Rate Notes Due 2036 [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 27,173,000 | |||||||||||||
Description of variable rate | LIBOR plus 1.90 | |||||||||||||
Spread on LIBOR | 1.90% | |||||||||||||
Additional Interest Rate | 0.50% | |||||||||||||
Collateralized Loan Obligations [Member] | Class C Fourth Priority Secured Floating Rate Notes Due 2036 [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 28,237,000 | |||||||||||||
Description of variable rate | LIBOR plus 2.50 | |||||||||||||
Spread on LIBOR | 2.50% | |||||||||||||
Additional Interest Rate | 0.50% | |||||||||||||
Collateralized Loan Obligations [Member] | Class D Fifth Priority Secured Floating Rate Notes Due 2036 [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 32,501,000 | |||||||||||||
Description of variable rate | LIBOR plus 2.80 | |||||||||||||
Spread on LIBOR | 2.80% | |||||||||||||
Additional Interest Rate | 0.50% | |||||||||||||
Collateralized Loan Obligations [Member] | Class E Sixth Priority Floating Rate Notes Due 2036 [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 9,590,000 | |||||||||||||
Description of variable rate | LIBOR plus 4.50 | |||||||||||||
Spread on LIBOR | 4.50% | |||||||||||||
Additional Interest Rate | 0.50% | |||||||||||||
Collateralized Loan Obligations [Member] | Class F Seventh Priority Floating Rate Notes Due 2036 [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 11,188,000 | |||||||||||||
Description of variable rate | LIBOR plus 6.00 | |||||||||||||
Spread on LIBOR | 6.00% | |||||||||||||
Additional Interest Rate | 0.50% | |||||||||||||
Collateralized Loan Obligations [Member] | Two Three commercial estate loans [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Securities collatered against loans | $ 410,521,000 | |||||||||||||
SubREIT [Member] | Collateralized Loan Obligations [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Total Debt financing cost | $ 327,665,000 | |||||||||||||
Well Fargo Securities LLC [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Outstanding equity capital threshold, percentage | 75.00% | |||||||||||||
LIBOR [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Description of variable rate | 0.00 | 0.00 | ||||||||||||
WF-1 Facility [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Average borrowings | $ 413,236,000 | $ 206,149,000 | ||||||||||||
Maximum amount of financing available | 100,000,000 | |||||||||||||
Increase in amount of financing available | 200,000,000 | |||||||||||||
Debt issuance cost incurred | $ 1,558,000 | |||||||||||||
Deferred financing costs | $ 131,000 | |||||||||||||
Covenant description | The WF-1 Repurchase Agreement and WF-1 Guarantee, as amended, contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. In addition, WF-1 is required to maintain a certain minimum liquidity amount in a collateral account with Wells Fargo and the Company is required (i) to maintain its adjusted tangible net worth at an amount equal to or greater than the greater of (A) (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; (ii) to maintain an earnings before interest, taxes, depreciation and amortization, or EBITDA, to interest expense ratio not less than 1.50 to 1.00; (iii) to maintain a total indebtedness to tangible net worth ratio of less than 3.00 to 1.00; and (iv) to maintain liquidity of not less than 7.5% of the amount outstanding under the WF-1 Facility. | |||||||||||||
Equity capital threshold, percentage | 75.00% | |||||||||||||
Percentage of current maximum facility | 75.00% | |||||||||||||
EBITDA to interest expense ratio | 1.50% | |||||||||||||
Total indebtedness to tangible net worth ratio | 3.00% | |||||||||||||
Cash to be maintained in cash collateral accounts with respect to maximum borrowings | 7.50% | |||||||||||||
Weighted Average Rate | 2.12% | 4.36% | ||||||||||||
Description of variable rate | L+2.15% - 2.50% | L+2.15% - 2.50% | ||||||||||||
Equity capital redemption threshold, percentage | 75.00% | |||||||||||||
WF-1 Facility [Member] | Wells Fargo Repurchase Agreement [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Maximum amount of financing available | $ 100,000,000 | |||||||||||||
Increase in amount of financing available | $ 200,000,000 | |||||||||||||
Line of Credit Facility, Expiration Date | Aug. 30, 2021 | |||||||||||||
WF-1 Facility [Member] | LIBOR [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Description of variable rate | 0.00 | 0.00 | ||||||||||||
GS-1 Facility [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Maximum amount of financing available | $ 175,000,000 | |||||||||||||
Increase in amount of financing available | 250,000,000 | |||||||||||||
Debt issuance cost incurred | 2,068,000 | |||||||||||||
Deferred financing costs | $ 63,000 | |||||||||||||
Covenant description | The GS-1 Repurchase Agreement and GS-1 Guarantee, as amended, contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. In addition, the Company is required (i) to maintain its adjusted tangible net worth at an amount equal to or greater than (a) 75% of all equity capital raised by the Company from and after its date of formation plus (b) 75% of certain outstanding capital commitments minus (c) 75% of the amounts expended by the Company for equity redemptions or repurchases from and after its date of formation; (ii) to maintain an EBITDA to interest expense ratio not less than 1.50 to 1.00; (iii) to maintain a total indebtedness to tangible net worth ratio of less than 3.00 to 1.00; and (iv) to maintain liquidity at not less than 7.5% of the amount outstanding under the GS-1 Facility. | |||||||||||||
Equity capital threshold, percentage | 75.00% | |||||||||||||
EBITDA to interest expense ratio | 1.50% | |||||||||||||
Total indebtedness to tangible net worth ratio | 3.00% | |||||||||||||
Guarantee obligations percentage of repurchase agreement | 50.00% | |||||||||||||
Description of variable rate | L+1.75% - 2.75% | L+1.75% - 2.75% | ||||||||||||
Outstanding equity capital threshold, percentage | 75.00% | |||||||||||||
Equity capital redemption threshold, percentage | 75.00% | |||||||||||||
GS-1 Facility [Member] | LIBOR [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Description of variable rate | 0.50 | 0.50 | ||||||||||||
City National Bank Facility [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Maximum amount of financing available | $ 10,000,000 | $ 25,000,000 | $ 15,000,000 | $ 15,000,000 | $ 10,000,000 | |||||||||
Increase in amount of financing available | 25,000,000 | |||||||||||||
Debt issuance cost incurred | $ 314,000 | |||||||||||||
Deferred financing costs | $ 152,000 | |||||||||||||
Description of variable rate | L+2.25% | L+2.25% | ||||||||||||
Minimum Net Asset Value | $ 175,000,000 | $ 100,000,000 | $ 100,000,000 | $ 85,000,000 | ||||||||||
City National Bank Facility [Member] | LIBOR [Member] | ||||||||||||||
Assets Sold under Agreements to Repurchase [Line Items] | ||||||||||||||
Unused capacity commitment fee percentage | 0.375% | |||||||||||||
Description of variable rate | LIBOR plus a spread of 2.25% | |||||||||||||
Spread on LIBOR | 2.25% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Nov. 01, 2020 | Feb. 14, 2020 | Dec. 08, 2016 | Dec. 31, 2020 | Dec. 31, 2020 | Mar. 22, 2021 | Dec. 31, 2019 | 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 | $ 444,000 | $ 444,000 | $ 500,000 | |||||
Common stock allocated to investors | $ 21,400,000 | |||||||
Investments to be maintained | 10,000,000 | 10,000,000 | ||||||
Due to Related Parties | 15,481,000 | 15,481,000 | $ 6,290,000 | |||||
Organization and offering costs | $ 13,073,000 | |||||||
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 | |||||||
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering | 0.75% | 0.75% | ||||||
FS Real Estate Advisor [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 [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% | 10.00% | ||||||
FS Real Estate Advisor [Member] | Common Class F [Member] | Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investments Owned | $ 21,800 | |||||||
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 [Member] | Maximum [Member] | Expense Limitation [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Period for which reimbursement payable | 3 years | |||||||
FS Real Estate Advisor and Rialto [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursement expenses due from sponsor | $ 1,023,000 | |||||||
Amount received as reimbursement | 5,339,000 | |||||||
Due to Related Parties | 12,788,000 | $ 12,788,000 | ||||||
Rialto [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Purchase of floating-rate whole mortgage loan | $ 5,783,000 | |||||||
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 | |||||||
Common stock, price per share | $ 25 | $ 25 | ||||||
FS Investments 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 Investments and Rialto [Member] | Common Class F [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Repurchase of shares | $ 17,000,000 | |||||||
Share price per share | $ 24.95 | |||||||
FS Investments and Rialto [Member] | Common Class F [Member] | Private Placement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Net assets | $ 750,000 | $ 750,000 | ||||||
MCFDA SCV LLC [Member] | Common Class F [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Repurchase of shares | $ 14,700,000 | |||||||
Share price per share | $ 24.95 |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Detail) - Fs Real Estate Advisor [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Base Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
FS Real Estate Advisor | $ 2,949 | $ 752 | $ 70 |
Performance Fees [Member] | |||
Related Party Transaction [Line Items] | |||
FS Real Estate Advisor | 1,219 | 152 | 44 |
Administrative Services Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
FS Real Estate Advisor | $ 2,426 | $ 2,512 | $ 1,885 |
Related Party Transactions - _2
Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Base Management Fees [Member] | Fs Real Estate Advisor [Member] | |||
Related Party Transaction [Line Items] | |||
Fees and expenses accrued | $ 2,403 | $ 476 | $ 23 |
Management Fee Payable | 869 | ||
Performance Fees [Member] | Fs Real Estate Advisor [Member] | |||
Related Party Transaction [Line Items] | |||
Fees and expenses accrued | 903 | 176 | 20 |
Performance Fee Payable | 316 | ||
Administrative Services Expenses [Member] | Related Party For Services Rendered [Member] | |||
Related Party Transaction [Line Items] | |||
Fees and expenses accrued | $ 2,248 | $ 2,284 | $ 1,826 |
Related Party Transactions - _3
Related Party Transactions - Summary of reimbursed by FS Real Estate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | 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 | Dec. 31, 2020 | |
Schedule Of Expense Reimbursed [Line Items] | |||||||||||||||
Expense Reimbursement | $ 444 | $ 397 | $ 182 | $ 500 | $ 491 | $ 420 | $ 537 | $ 709 | $ 645 | $ 561 | $ 356 | $ 377 | $ 164 | $ 5,783 | |
Recoupable Amount | $ 444 | $ 397 | $ 182 | $ 500 | $ 491 | $ 420 | $ 537 | $ 709 | $ 645 | $ 561 | $ 356 | $ 5,242 | |||
Recoupment eligibility expiration | December 31, 2023 | 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 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | $ 165,787 | $ 83,436 | $ 29,339 |
Issuance of common stock, amount | 185,293 | 112,693 | 52,627 |
Reinvestment of distributions, amount | 5,431 | 3,196 | 2,459 |
Redemptions of common stock, amount | (41,632) | (28,766) | (100) |
Balance at end of period, amount | 305,712 | 165,787 | 83,436 |
Common Class F [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | 15 | 25 | 10 |
Issuance of common stock, amount | 14 | ||
Reinvestment of distributions, amount | 1 | 1 | |
Redemptions of common stock, amount | (6) | (11) | |
Balance at end of period, amount | 9 | 15 | 25 |
Common Class Y [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | 1 | 2 | 2 |
Redemptions of common stock, amount | (1) | ||
Balance at end of period, amount | 1 | 1 | 2 |
Common Class T [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | 10 | 1 | |
Issuance of common stock, amount | 3 | 9 | 1 |
Redemptions of common stock, amount | (1) | ||
Balance at end of period, amount | 12 | 10 | 1 |
Common Class S [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | 14 | ||
Issuance of common stock, amount | 46 | 14 | |
Reinvestment of distributions, amount | 1 | ||
Redemptions of common stock, amount | (3) | ||
Balance at end of period, amount | 58 | 14 | |
Common Class D [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | 3 | 1 | |
Issuance of common stock, amount | 2 | 2 | 1 |
Balance at end of period, amount | 5 | 3 | 1 |
Common Class M [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | 14 | 4 | |
Issuance of common stock, amount | 8 | 10 | 4 |
Reinvestment of distributions, amount | 1 | ||
Redemptions of common stock, amount | (3) | ||
Balance at end of period, amount | 20 | 14 | 4 |
Common Class I [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, amount | 12 | 1 | |
Issuance of common stock, amount | 14 | 11 | 1 |
Redemptions of common stock, amount | (4) | ||
Balance at end of period, amount | $ 22 | $ 12 | $ 1 |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, shares | 6,860,474 | 3,400,683 | 1,179,915 |
Issuance of common stock, shares | 7,354,897 | 4,485,733 | 2,124,933 |
Reinvestment of distributions, shares | 216,361 | 128,379 | 99,814 |
Redemptions of common stock, shares | (1,670,279) | (1,154,321) | (3,979) |
Transfers in or out, shares | 1,295 | ||
Balance at end of period, shares | 12,762,748 | 6,860,474 | 3,400,683 |
Balance at beginning of period, amount | $ 165,151 | $ 83,589 | $ 29,526 |
Issuance of common stock, amount | 185,293 | 112,693 | 52,627 |
Reinvestment of distributions, amount | 5,431 | 3,196 | 2,459 |
Redemptions of common stock, amount | (41,632) | (28,766) | (100) |
Accrued stockholder servicing fees, amount | (10,416) | (5,561) | (923) |
Balance at end of period, amount | $ 303,827 | $ 165,151 | $ 83,589 |
Common Stock [Member] | Common Class F [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, shares | 1,475,155 | 2,471,864 | 988,801 |
Issuance of common stock, shares | 1,387,498 | ||
Reinvestment of distributions, shares | 29,036 | 86,990 | 95,565 |
Redemptions of common stock, shares | (591,722) | (1,083,699) | |
Balance at end of period, shares | 912,469 | 1,475,155 | 2,471,864 |
Balance at beginning of period, amount | $ 36,419 | $ 61,269 | $ 24,741 |
Issuance of common stock, amount | 34,175 | ||
Reinvestment of distributions, amount | 725 | 2,160 | 2,353 |
Redemptions of common stock, amount | (14,766) | (27,010) | |
Balance at end of period, amount | $ 22,378 | $ 36,419 | $ 61,269 |
Common Stock [Member] | Common Class Y [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, shares | 141,116 | 193,013 | 191,114 |
Reinvestment of distributions, shares | 1,899 | ||
Redemptions of common stock, shares | (4,000) | (51,897) | |
Balance at end of period, shares | 137,116 | 141,116 | 193,013 |
Balance at beginning of period, amount | $ 3,548 | $ 4,832 | $ 4,785 |
Reinvestment of distributions, amount | 47 | ||
Redemptions of common stock, amount | (99) | (1,284) | |
Balance at end of period, amount | $ 3,449 | $ 3,548 | $ 4,832 |
Common Stock [Member] | Common Class T [Member] | |||
Class of Stock [Line Items] | |||
Balance at beginning of period, shares | 981,836 | 124,581 | |
Issuance of common stock, shares | 281,353 | 842,857 | 123,923 |
Reinvestment of distributions, shares | 35,289 | 15,436 | 658 |
Redemptions of common stock, shares | (48,685) | (1,038) | |
Transfers in or out, shares | (4,135) | ||
Balance at end of period, shares | 1,245,658 | 981,836 | 124,581 |
Balance at beginning of period, amount | $ 23,616 | $ 2,987 | |
Issuance of common stock, amount | 7,077 | 21,192 | $ 3,104 |
Reinvestment of distributions, amount | 886 | 389 | 16 |
Redemptions of common stock, amount | (1,224) | (26) | |
Accrued stockholder servicing fees, amount | (280) | (926) | (133) |
Transfers in or out, amount | (104) | ||
Balance at end of period, amount | $ 29,971 | $ 23,616 | $ 2,987 |
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 | 4,656,388 | 1,347,145 | 3,752 |
Reinvestment of distributions, shares | 74,149 | 1,069 | 21 |
Redemptions of common stock, shares | (288,049) | (400) | |
Transfers in or out, shares | (15,435) | ||
Balance at end of period, shares | 5,778,640 | 1,351,587 | 3,773 |
Balance at beginning of period, amount | $ 31,429 | $ 91 | |
Issuance of common stock, amount | 118,049 | 34,180 | $ 94 |
Reinvestment of distributions, amount | 1,877 | 27 | 1 |
Redemptions of common stock, amount | (7,273) | (10) | |
Accrued stockholder servicing fees, amount | (8,986) | (2,859) | (4) |
Transfers in or out, amount | (391) | ||
Balance at end of period, amount | $ 134,705 | $ 31,429 | $ 91 |
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 | 252,499 | 258,386 | 60,774 |
Reinvestment of distributions, shares | 10,674 | 3,282 | 160 |
Redemptions of common stock, shares | (19,762) | ||
Transfers in or out, shares | (19,715) | ||
Balance at end of period, shares | 546,298 | 322,602 | 60,934 |
Balance at beginning of period, amount | $ 8,015 | $ 1,507 | |
Issuance of common stock, amount | 6,352 | 6,506 | $ 1,522 |
Reinvestment of distributions, amount | 268 | 83 | 4 |
Redemptions of common stock, amount | (496) | ||
Accrued stockholder servicing fees, amount | (70) | (81) | (19) |
Transfers in or out, amount | (496) | ||
Balance at end of period, amount | $ 13,573 | $ 8,015 | $ 1,507 |
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 | 823,387 | 946,244 | 421,104 |
Reinvestment of distributions, shares | 34,439 | 9,624 | 867 |
Redemptions of common stock, shares | (230,322) | (16,042) | (3,979) |
Transfers in or out, shares | (14,283) | ||
Balance at end of period, shares | 1,971,039 | 1,357,818 | 417,992 |
Balance at beginning of period, amount | $ 31,757 | $ 9,736 | |
Issuance of common stock, amount | 20,767 | 23,880 | $ 10,581 |
Reinvestment of distributions, amount | 868 | 241 | 22 |
Redemptions of common stock, amount | (5,797) | (405) | (100) |
Accrued stockholder servicing fees, amount | (1,080) | (1,695) | (767) |
Transfers in or out, amount | (361) | ||
Balance at end of period, amount | $ 46,154 | $ 31,757 | $ 9,736 |
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 | 1,341,270 | 1,091,101 | 127,882 |
Reinvestment of distributions, shares | 32,774 | 11,978 | 644 |
Redemptions of common stock, shares | (487,739) | (1,245) | |
Transfers in or out, shares | 54,863 | ||
Balance at end of period, shares | 2,171,528 | 1,230,360 | 128,526 |
Balance at beginning of period, amount | $ 30,367 | $ 3,167 | |
Issuance of common stock, amount | 33,048 | 26,935 | $ 3,151 |
Reinvestment of distributions, amount | 807 | 296 | 16 |
Redemptions of common stock, amount | (11,977) | (31) | |
Transfers in or out, amount | 1,352 | ||
Balance at end of period, amount | $ 53,597 | $ 30,367 | $ 3,167 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Percentage limited to repurchase of shares to NAV of all classes of shares | 20.00% | ||
Shares repurchased under repurchase plan | 1,670,279 | 1,154,321 | 3,979 |
Shares repurchased under repurchase plan, value | $ 41,632,000 | $ 28,766,000 | $ 100,000 |
Percentage Deduction on gross Total income | 20.00% | ||
Unfulfilled repurchase requests | 179,318 | ||
Preferred stock, shares issued | 125 | 0 | |
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% |
Stockholder's Equity - Summar_2
Stockholder's Equity - Summary of Cash Distributions Per Share that Paid on its Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Nov. 30, 2020 | Oct. 31, 2020 | 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 | Jan. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Distributions: | ||||||||||||||||
Paid or payable in cash | $ 11,230 | $ 5,156 | $ 1,488 | |||||||||||||
Reinvested in shares | 5,431 | 3,196 | 2,459 | |||||||||||||
Total distributions | 16,661 | 8,352 | 3,947 | |||||||||||||
Cash flows from operating activities | 16,661 | 8,352 | 3,947 | |||||||||||||
Offering proceeds | $ 0 | |||||||||||||||
Total sources of distributions | 16,661 | 8,352 | 3,947 | |||||||||||||
Net cash provided by operating activities | $ 21,777 | $ 11,071 | $ 5,198 | |||||||||||||
Common Class F [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions paid per share of common stock | $ 0.1710 | $ 0.1710 | $ 0.1710 | $ 0.1710 | $ 0.1710 | $ 0.1610 | $ 0.1610 | $ 0.1610 | $ 0.1610 | $ 0.1610 | $ 0.1610 | $ 0.1610 | $ 1.9820 | |||
Common Class Y [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions paid per share of common stock | 0.1710 | 0.1710 | 0.1710 | 0.1710 | 0.1710 | 0.1610 | 0.1610 | 0.1610 | 0.1610 | 0.1610 | 0.1610 | 0.1610 | 1.9820 | |||
Common Class T [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions paid per share of common stock | 0.1273 | 0.1273 | 0.1273 | 0.1273 | 0.1273 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 1.4576 | |||
Common Class S [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions paid per share of common stock | 0.1273 | 0.1273 | 0.1273 | 0.1273 | 0.1273 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 0.1173 | 1.4576 | |||
Common Class D [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions paid per share of common stock | 0.1388 | 0.1388 | 0.1388 | 0.1388 | 0.1388 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 1.5956 | |||
Common Class M [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions paid per share of common stock | 0.1388 | 0.1388 | 0.1388 | 0.1388 | 0.1388 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 0.1288 | 1.5956 | |||
Common Class I [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distributions paid per share of common stock | $ 0.1450 | $ 0.1450 | $ 0.1450 | $ 0.1450 | $ 0.1450 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 0.1350 | $ 1.6700 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Cash Distribution On Class of Common Stock (Detail) - $ / shares | 1 Months Ended | ||
Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | |
Common Class F [Member] | |||
Class of Stock [Line Items] | |||
Distributions declared per share for each class of outstanding common stock | $ 0.1710 | $ 0.1710 | $ 0.1710 |
Common Class Y [Member] | |||
Class of Stock [Line Items] | |||
Distributions declared per share for each class of outstanding common stock | 0.1710 | 0.1710 | 0.1710 |
Common Class T [Member] | |||
Class of Stock [Line Items] | |||
Distributions declared per share for each class of outstanding common stock | 0.1273 | 0.1273 | 0.1273 |
Common Class S [Member] | |||
Class of Stock [Line Items] | |||
Distributions declared per share for each class of outstanding common stock | 0.1273 | 0.1273 | 0.1273 |
Common Class D [Member] | |||
Class of Stock [Line Items] | |||
Distributions declared per share for each class of outstanding common stock | 0.1388 | 0.1388 | 0.1388 |
Common Class M [Member] | |||
Class of Stock [Line Items] | |||
Distributions declared per share for each class of outstanding common stock | 0.1388 | 0.1388 | 0.1388 |
Common Class I [Member] | |||
Class of Stock [Line Items] | |||
Distributions declared per share for each class of outstanding common stock | $ 0.1450 | $ 0.1450 | $ 0.1450 |
Stockholder's Equity - Detailed
Stockholder's Equity - Detailed distribution of company dividends on percent basis (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Percentage basis on dividend Distribution [Abstract] | |||
Ordinary income | 100.00% | 100.00% | 100.00% |
Non-taxable return of capital | 0.00% | ||
Capital gain | 0.00% | ||
Total | 100.00% | 100.00% | 100.00% |
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 | Dec. 31, 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage-backed securities available for sale | $ 37,314 | |
Collateralized loan obligation | 323,109 | $ 322,182 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash | 17,874 | 78,155 |
Loans receivable | 700,149 | 406,645 |
Mortgage-backed securities available for sale | 37,314 | |
Repurchase obligations | 125,266 | |
Collateralized loan obligation | 323,109 | 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 | 17,874 | 78,155 |
Loans receivable | 699,250 | 405,985 |
Mortgage-backed securities available for sale | 50,300 | |
Repurchase obligations | 125,460 | |
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 | 17,874 | 78,155 |
Loans receivable | 697,533 | 407,283 |
Mortgage-backed securities available for sale | 37,314 | |
Repurchase obligations | 125,460 | |
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 | Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
VIE Assets | [1] | $ 774,979 | $ 498,780 |
VIE Liabilities | 469,267 | 332,993 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
VIE Assets | 429,771 | 427,455 | |
VIE Liabilities | 323,336 | 322,946 | |
Restricted cash [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
VIE Assets | 4 | 35,706 | |
Loans Receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
VIE Assets | 411,455 | 385,408 | |
Interest receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
VIE Assets | 2,470 | 1,100 | |
Other Assets [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
VIE Assets | 15,842 | 5,241 | |
Collateralized loan obligation [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
VIE Liabilities | 323,109 | 322,182 | |
Interest payable [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
VIE Liabilities | $ 227 | $ 764 | |
[1] | The December 31, 2020 and 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 FS Credit Real Estate Income Trust, Inc. As of December 31, 2020 and 2019, assets of the VIE totaled $429,771 and $427,455, respectively, and liabilities of the VIE totaled $323,336 and $322,946, respectively. See Note 9 to the consolidated financial statements for further details. |
Variable Interest Entities - _2
Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred financing cost [Member] | ||
Variable Interest Entity [Line Items] | ||
Deferred Offering Costs | $ 4,556 | $ 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 | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | |
Payments to Acquire Equity Method Investments | $ 37,005 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 37,314 |
Summary of Quarterly Results -
Summary of Quarterly Results - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net interest income | $ 7,711 | $ 7,537 | $ 6,606 | $ 4,921 | $ 3,633 | $ 3,277 | $ 2,617 | $ 2,410 | $ 38,127 | $ 22,378 | $ 10,540 |
Net other expenses | 2,608 | 2,284 | 2,156 | 1,313 | 974 | 769 | 593 | 487 | 8,361 | 2,823 | 945 |
Other income (loss) | (556) | (556) | |||||||||
Net income | $ 5,103 | $ 4,697 | $ 4,450 | $ 3,608 | $ 2,659 | $ 2,508 | $ 2,024 | $ 1,923 | $ 17,858 | $ 9,114 | $ 3,991 |
Per share information-basic and diluted | |||||||||||
Net income per share of common stock | $ 0.42 | $ 0.44 | $ 0.44 | $ 0.40 | $ 0.43 | $ 0.47 | $ 0.45 | $ 0.51 | $ 1.70 | $ 1.83 | $ 1.84 |
Weighted average common stock outstanding | 12,112,747 | 10,629,214 | 10,155,719 | 8,977,762 | 6,166,972 | 5,355,898 | 4,538,627 | 3,789,218 | 10,473,787 | 4,970,324 | 2,165,753 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 31, 2021USD ($) | Feb. 22, 2021USD ($)Extension | Mar. 22, 2021USD ($)Loansshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Feb. 28, 2021USD ($)shares | Jan. 31, 2021USD ($)shares |
Subsequent Event [Line Items] | ||||||||
Common stock shares issued | $ | $ 185,293,000 | $ 112,693,000 | $ 52,627,000 | |||||
BB-1 Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash to be maintained in cash collateral accounts with respect to maximum borrowings | 7.50% | |||||||
Funding period and term of facility | 3 years | |||||||
Extension period of funding | 1 year | |||||||
Number of extensions of funding period | Extension | 2 | |||||||
Common Class F [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 912,469 | 1,475,155 | ||||||
Common Class Y [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 137,116 | 141,116 | ||||||
Common Class T [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 1,245,658 | 981,836 | ||||||
Common Class S [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 5,778,640 | 1,351,587 | ||||||
Common Class D [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 546,298 | 322,602 | ||||||
Common Class M [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 1,971,039 | 1,357,818 | ||||||
Common Class I [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 2,171,528 | 1,230,360 | ||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 18,135,681 | |||||||
Common stock shares issued | $ | $ 455,129,000 | |||||||
Loan portfolio percentage current | 97.00% | |||||||
Senior floating rate mortagage loans funded | $ | $ 127,883,000 | |||||||
Number of senior mortagage loans closed | Loans | 7 | |||||||
Subsequent Event [Member] | BB-1 Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum amount of financing available | $ | $ 175,000 | |||||||
Increase in amount of financing available | $ | $ 250,000 | |||||||
Equity capital threshold, percentage | 75.00% | |||||||
Outstanding equity capital threshold, percentage | 75.00% | |||||||
Equity capital redemption threshold, percentage | 75.00% | |||||||
Percentage of current maximum facility | 75.00% | |||||||
Covenant description | addition, the Company is required (i) to maintain its adjusted tangible net worth at an amount not less than the greater of (x) 75% of the net cash proceeds of any equity issuance by the Company plus 75% of the net available capital commitments callable by the Company, minus 75% of the amounts expended for equity redemptions or repurchases by the Company and (y) 75% of the then-current maximum facility amount under the Master Repurchase and Securities Contract, dated August 30, 2017, as amended, between FS CREIT Finance WF-1 LLC, an indirect wholly owned special-purpose financing subsidiary of the Company, as seller, and Wells Fargo, National Association, as buyer; (ii) to maintain an EBITDA to interest expense ratio not less than 1.50 to 1.00; (iii) to maintain a total indebtedness to tangible net worth ratio of less than 3.00 to 1.00; and (iv) to maintain minimum liquidity plus net available capital commitments, if any, at not less than 7.5% of the amount outstanding under the BB-1 Facility. | |||||||
Subsequent Event [Member] | BB-1 Facility [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
EBITDA to interest expense ratio | 1.00% | |||||||
Total indebtedness to tangible net worth ratio | 1.00% | |||||||
Subsequent Event [Member] | BB-1 Facility [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
EBITDA to interest expense ratio | 1.50% | |||||||
Total indebtedness to tangible net worth ratio | 3.00% | |||||||
Subsequent Event [Member] | Common Class F [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 2,593,101 | |||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of Common Stock Repurchased | 100,356 | 100,356 | ||||||
Share Repurchased, Amount | $ | $ 2,491 | $ 2,491 | ||||||
Subsequent Event [Member] | Common Class Y [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 193,013 | |||||||
Subsequent Event [Member] | Common Class T [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 1,351,155 | |||||||
Subsequent Event [Member] | Common Class S [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 7,528,511 | |||||||
Subsequent Event [Member] | Common Class D [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 615,664 | |||||||
Subsequent Event [Member] | Common Class M [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 2,459,772 | |||||||
Subsequent Event [Member] | Common Class I [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 3,394,465 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | $ 0 | ||
Face Amount of Loans | 699,250 | ||
Carrying Amount of Loans | $ 406,645 | $ 700,149 | $ 239,207 |
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Multifamily | ||
Location | New York, NY | ||
Interest Payment Rates | 3.75% | ||
Maximum Maturity Date | Jan. 9, 2026 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 25,831 | ||
Carrying Amount of Loans | $ 25,802 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Industrial | ||
Location | Various, SC | ||
Interest Payment Rates | 3.15% | ||
Maximum Maturity Date | Mar. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 55,370 | ||
Carrying Amount of Loans | $ 55,384 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Industrial | ||
Location | Hawthorne, CA | ||
Interest Payment Rates | 4.15% | ||
Maximum Maturity Date | Jan. 9, 2026 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 42,240 | ||
Carrying Amount of Loans | $ 42,221 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Mixed Use | ||
Location | New York, NY | ||
Interest Payment Rates | 3.75% | ||
Maximum Maturity Date | Apr. 9, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 38,000 | ||
Carrying Amount of Loans | $ 37,995 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | Memphis, TN | ||
Interest Payment Rates | 4.25% | ||
Maximum Maturity Date | Sep. 9, 2022 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 33,663 | ||
Carrying Amount of Loans | $ 33,749 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Multifamily | ||
Location | San Antonio, TX | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Mar. 9, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 31,000 | ||
Carrying Amount of Loans | $ 31,036 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | Jupiter, FL | ||
Interest Payment Rates | 3.00% | ||
Maximum Maturity Date | Mar. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 24,625 | ||
Carrying Amount of Loans | $ 24,617 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | New York, NY | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | May 9, 2021 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 30,000 | ||
Carrying Amount of Loans | $ 29,999 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Hospitality | ||
Location | Davis, CA | ||
Interest Payment Rates | 5.35% | ||
Maximum Maturity Date | Jul. 9, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 28,500 | ||
Carrying Amount of Loans | $ 28,565 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | Rockville, MD | ||
Interest Payment Rates | 4.50% | ||
Maximum Maturity Date | Jan. 9, 2026 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 22,675 | ||
Carrying Amount of Loans | $ 22,665 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Mixed Use | ||
Location | Philadelphia, PA | ||
Interest Payment Rates | 5.00% | ||
Maximum Maturity Date | Aug. 15, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 24,250 | ||
Carrying Amount of Loans | $ 24,354 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Hospitality | ||
Location | Gaithersburg, MD | ||
Interest Payment Rates | 5.25% | ||
Maximum Maturity Date | Aug. 9, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 21,972 | ||
Carrying Amount of Loans | $ 22,059 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | Los Angeles, CA | ||
Interest Payment Rates | 5.25% | ||
Maximum Maturity Date | Jan. 9, 2026 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 11,900 | ||
Carrying Amount of Loans | $ 11,880 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | Katy, TX | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Dec. 9, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 18,200 | ||
Carrying Amount of Loans | $ 18,249 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | Austin, TX | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Apr. 9, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 18,962 | ||
Carrying Amount of Loans | $ 19,067 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Multifamily | ||
Location | Jersey City, NJ | ||
Interest Payment Rates | 3.00% | ||
Maximum Maturity Date | Dec. 19, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 20,500 | ||
Carrying Amount of Loans | $ 20,489 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Self Storage | ||
Location | Various | ||
Interest Payment Rates | 3.20% | ||
Maximum Maturity Date | Mar. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 19,700 | ||
Carrying Amount of Loans | $ 19,699 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Office | ||
Location | Landover, MD | ||
Interest Payment Rates | 3.85% | ||
Maximum Maturity Date | Dec. 9, 2022 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 14,212 | ||
Carrying Amount of Loans | $ 14,257 | ||
Mezzanine Loan | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Industrial | ||
Location | Various, SC | ||
Interest Payment Rates | 10.00% | ||
Maximum Maturity Date | Mar. 1, 2030 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 18,102 | ||
Carrying Amount of Loans | $ 18,102 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Mixed Use | ||
Location | Los Angeles, CA | ||
Interest Payment Rates | 3.50% | ||
Maximum Maturity Date | Mar. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 14,400 | ||
Carrying Amount of Loans | $ 14,412 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Multifamily | ||
Location | Glendale, AZ | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Jan. 9, 2026 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 15,352 | ||
Carrying Amount of Loans | $ 15,328 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Mixed Use | ||
Location | Oakland, CA | ||
Interest Payment Rates | 4.50% | ||
Maximum Maturity Date | Nov. 9, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 14,745 | ||
Carrying Amount of Loans | $ 14,795 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Industrial | ||
Location | South El Monte, CA | ||
Interest Payment Rates | 3.35% | ||
Maximum Maturity Date | Feb. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 15,633 | ||
Carrying Amount of Loans | $ 15,629 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Multifamily | ||
Location | Jacksonville, FL | ||
Interest Payment Rates | 4.25% | ||
Maximum Maturity Date | Jul. 9, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 10,246 | ||
Carrying Amount of Loans | $ 10,298 | ||
Mezzanine Loan | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Multifamily | ||
Location | New York, NY | ||
Interest Payment Rates | 7.50% | ||
Maximum Maturity Date | Dec. 5, 2026 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 15,000 | ||
Carrying Amount of Loans | $ 15,000 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Industrial | ||
Location | Vista, CA | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Dec. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 13,140 | ||
Carrying Amount of Loans | $ 13,130 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Industrial | ||
Location | Bordentown, NJ | ||
Interest Payment Rates | 3.95% | ||
Maximum Maturity Date | Mar. 9, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 14,300 | ||
Carrying Amount of Loans | $ 14,370 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Multifamily | ||
Location | Las Vegas, NV | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Mar. 9, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 12,633 | ||
Carrying Amount of Loans | $ 12,695 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Retail | ||
Location | Holly Springs, GA | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Nov. 9, 2024 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 11,749 | ||
Carrying Amount of Loans | $ 11,768 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Hospitality | ||
Location | Las Vegas, NV | ||
Interest Payment Rates | 5.00% | ||
Maximum Maturity Date | Mar. 7, 2022 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 12,050 | ||
Carrying Amount of Loans | $ 12,135 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Retail | ||
Location | Miami, FL | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Jun. 9, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 12,000 | ||
Carrying Amount of Loans | $ 12,049 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Industrial | ||
Location | San Diego, CA | ||
Interest Payment Rates | 4.00% | ||
Maximum Maturity Date | Dec. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 10,050 | ||
Carrying Amount of Loans | $ 10,040 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Retail | ||
Location | Miami, FL | ||
Interest Payment Rates | 4.50% | ||
Maximum Maturity Date | Jun. 9, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 11,000 | ||
Carrying Amount of Loans | $ 11,045 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Retail | ||
Location | Los Angeles, CA | ||
Interest Payment Rates | 3.50% | ||
Maximum Maturity Date | Mar. 9, 2025 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 10,500 | ||
Carrying Amount of Loans | $ 10,488 | ||
Senior Loan [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Description | Retail | ||
Location | Miami, FL | ||
Interest Payment Rates | 4.25% | ||
Maximum Maturity Date | Jun. 9, 2023 | ||
Periodic Payment Terms | I/O | ||
Prior Liens | $ 0 | ||
Face Amount of Loans | 6,750 | ||
Carrying Amount of Loans | $ 6,778 |
Schedule IV - Mortgage Loans _3
Schedule IV - Mortgage Loans on Real Estate - Reconciles Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of period | $ 406,645 | $ 239,207 |
Additions during period: | ||
Loan fundings | 358,384 | 199,128 |
Amortization of deferred fees and expenses on loans | 876 | 689 |
Deductions during period: | ||
Collections of principal | (65,289) | (32,249) |
Exit and extension fees received on loans receivable | (467) | (130) |
Balance at end of period | $ 700,149 | $ 406,645 |