FS Credit Real Estate Income Trust (FSREI) 10-K 29 Mar 21 2020 FY Annual report Financial data

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