FS Credit Real Estate Income Trust (FSREI) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 10, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	FS Credit Real Estate Income Trust, Inc.
Entity Central Index Key	0001690536
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, State or Province	PA
Entity Interactive Data Current	Yes
Common Class F [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		906,230
Common Class Y [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		906,648
Common Class T [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,311,270
Common Class S [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,591,106
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		600,497
Common Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,291,536
Common Class I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,571,089

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 17,662	$ 15,707
Restricted cash		10,898	2,167
Loans receivable		900,978	700,149
Mortgage-backed securities held-to-maturity		37,448	37,314
Mortgage-backed securities available-for-sale, at fair value		13,325	0
Reimbursement due from sponsor		56	444
Interest receivable		4,047	3,170
Deferred financing costs		203	152
Other assets		4	15,876
Total assets	[1]	984,621	774,979
Liabilities
Collateralized loan obligation (net of deferred financing costs of $4,294 and $4,556, respectively)		323,371	323,109
Repurchase agreements payable (net of deferred financing costs of $879 and $194, respectively)		247,746	125,266
Credit facility payable		25,000
Due to related party		18,363	15,481
Interest payable		460	344
Payable for shares repurchased		950	1,530
Other liabilities		5,396	3,537
Total liabilities	[1]	621,286	469,267
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		361,358	303,783
Accumulated other comprehensive income (loss)
Retained earnings		1,825	1,802
Total stockholders' equity		363,335	305,712
Total liabilities and stockholders' equity		984,621	774,979
Common Class F [Member]
Stockholders' equity
Common stock, value		9	9
Total stockholders' equity		9	9
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		13	12
Total stockholders' equity		13	12
Common Class S [Member]
Stockholders' equity
Common stock, value		72	58
Total stockholders' equity		72	58
Common Class D [Member]
Stockholders' equity
Common stock, value		5	5
Total stockholders' equity		5	5
Common Class M [Member]
Stockholders' equity
Common stock, value		22	20
Total stockholders' equity		22	20
Common Class I [Member]
Stockholders' equity
Common stock, value		30	22
Total stockholders' equity		$ 30	$ 22
[1]	The March 31, 2021 and December 31, 2020 consolidated balance sheets include assets of a consolidated variable interest entity, or VIE, that can only be used to settle obligations of the VIE, and liabilities of the consolidated VIE for which creditors do not have recourse to the Company. As of March 31, 2021 and December 31, 2020, assets of the VIE totaled $430,078 and $429,771, respectively, and liabilities of the VIE totaled $323,591 and $323,336, respectively. See Note 9 to the unaudited consolidated financial statements for further details.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Deferred financing costs		$ 203	$ 152
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]	$ 984,621	$ 774,979
VIE Liabilities	[1]	621,286	469,267
Variable Interest Entity, Primary Beneficiary [Member]
VIE Assets	[1]	430,078	429,771
VIE Liabilities	[1]	323,591	323,336
Repurchase agreements payable [Member]
Deferred financing costs		879	194
Collateralized Loan Obligations [Member]
Deferred financing costs		$ 4,294	$ 4,556
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		913,919	912,469
Common stock, shares outstanding		913,919	912,469
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		71,904	137,116
Common stock, shares outstanding		71,904	137,116
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		1,296,603	1,245,658
Common stock, shares outstanding		1,296,603	1,245,658
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		7,219,425	5,778,640
Common stock, shares outstanding		7,219,425	5,778,640
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		548,007	546,298
Common stock, shares outstanding		548,007	546,298
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		2,163,864	1,971,039
Common stock, shares outstanding		2,163,864	1,971,039
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		2,988,540	2,171,528
Common stock, shares outstanding		2,988,540	2,171,528
[1]	The March 31, 2021 and December 31, 2020 consolidated balance sheets include assets of a consolidated variable interest entity, or VIE, that can only be used to settle obligations of the VIE, and liabilities of the consolidated VIE for which creditors do not have recourse to the Company. As of March 31, 2021 and December 31, 2020, assets of the VIE totaled $430,078 and $429,771, respectively, and liabilities of the VIE totaled $323,591 and $323,336, respectively. See Note 9 to the unaudited consolidated financial statements for further details.

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net interest income
Interest income	$ 11,716	$ 8,128
Less: Interest expense	(2,829)	(3,207)
Net interest income	8,887	4,921
Other expenses
Management and performance fees	1,573	595
General and administrative expenses	1,405	718
Less: Expense limitation	(56)
Net other expenses	2,922	1,313
Net income	5,965	3,608
Preferred stock dividends	(4)	(3)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 5,961	$ 3,605
Per share information—basic and diluted
Net income per share of common stock (earnings per share)	$ 0.41	$ 0.40
Weighted average common stock outstanding	14,599,443	8,977,762

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 5,965	$ 3,608
Other comprehensive income
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale		(1,872)
Total other comprehensive income (loss)		(1,872)
Comprehensive income	$ 5,965	$ 1,736

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Class F [Member]	Common Class Y [Member]	Common Class T [Member]	Common Class S [Member]	Common Class D [Member]	Common Class M [Member]	Common Class I [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance at beginning of period, amount at Dec. 31, 2019	$ 165,787	$ 15	$ 1	$ 10	$ 14	$ 3	$ 14	$ 12	$ 165,082	$ 17	$ 619
Common stock issued	94,735			2	25	2	3	5	94,698
Preferred stock issued	125								125
Distributions declared	(3,481)										(3,481)
Proceeds from distribution reinvestment plan	1,105								1,105
Redemptions of common stock	(19,886)	(6)			(1)		(1)		(19,878)
Stockholder servicing fees	(5,813)								(5,813)
Net income	3,608										3,608
Dividends on preferred stock	(3)										(3)
Other comprehensive income	(1,872)									(1,872)
Balance at end of period, amount at Mar. 31, 2020	234,305	9	1	12	38	5	16	17	235,319	$ (1,855)	743
Balance at beginning of period, amount at Dec. 31, 2020	305,712	9	1	12	58	5	20	22	303,783		1,802
Common stock issued	62,445			1	14		2	8	62,420
Distributions declared	(5,938)										(5,938)
Proceeds from distribution reinvestment plan	2,242								2,242
Redemptions of common stock	(3,441)								(3,441)
Stockholder servicing fees	(3,330)								(3,330)
Offering costs	(316)								(316)
Net income	5,965										5,965
Dividends on preferred stock	(4)										(4)
Balance at end of period, amount at Mar. 31, 2021	$ 363,335	$ 9	$ 1	$ 13	$ 72	$ 5	$ 22	$ 30	$ 361,358		$ 1,825

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 5,965	$ 3,608
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Amortization of deferred fees on loans and debt securities	(343)	(199)
Amortization of deferred financing costs	597	550
Changes in assets and liabilities
Reimbursement due from sponsor	388	500
Interest receivable	(877)	(984)
Other assets	15,872	5,254
Due to related party	2,882	5,601
Interest payable	116	(311)
Other liabilities	(1,181)	(5,142)
Net cash provided by (used in) operating activities	23,419	8,877
Cash flows used in investing activities
Origination and fundings of loans receivable	(224,530)	(207,466)
Principal collections from loans receivable	23,885	87
Exit and extension fees received on loans receivable	25
Purchases of mortgage-backed securities	(13,325)	(25,555)
Principal repayments of mortgage-backed securities		15,554
Net cash used in investing activities	(213,945)	(217,380)
Cash flows from financing activities
Issuance of common stock	62,445	94,735
Redemptions of common stock	(4,021)	(15,416)
Stockholder distributions paid	(3,542)	(2,181)
Stockholder servicing fees	(448)	(212)
Offering costs paid	(316)
Borrowings under repurchase agreements	143,091	104,890
Repayments under repurchase agreements	(19,926)
Borrowings under credit facility	56,000	6,000
Repayments under credit facility	(31,000)
Payment of deferred financing costs	(1,071)	(937)
Proceeds from issuance of preferred stock		125
Net cash provided by (used in) financing activities	201,212	187,004
Total increase (decrease) in cash, cash equivalents and restricted cash	10,686	(21,499)
Cash, cash equivalents and restricted cash at beginning of period	17,874	78,155
Cash, cash equivalents and restricted cash at end of period	28,560	56,656
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest	2,116	2,968
Accrued stockholder servicing fee	2,882	5,601
Distributions payable	1,276	864
Reinvestment of stockholder distributions	2,242	1,105
Payable for shares repurchased	$ 950	$ 4,532

Principal Business and Organiza

Principal Business and Organization	3 Months Ended
	Mar. 31, 2021
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 $ 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 filed with the Securities and Exchange Commission, or SEC, consisting of up to $ in shares in its primary offering and up to $ in shares pursuant to its distribution reinvestment plan. The Company is also conducting a private offering of shares of its Class Y common stock and previously conducted a private offering of its Class F common stock. The Company is managed by FS Real Estate Advisor, LLC, or FS Real Estate Advisor, a subsidiary of the Company’s sponsor, Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, a national sponsor of alternative investment funds designed for the individual investor. FS Real Estate Advisor has engaged Rialto Capital Management, LLC, or Rialto, to act as its 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	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation: Use of Estimates: Principles of Consolidation: The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis. Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: March 31, 2021 2020 Cash and cash equivalents $ 17,662 $ 35,106 Restricted cash 10,898 21,550 Total cash, cash equivalents and restricted cash $ 28,560 $ 56,656 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 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) 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	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans Receivable	Note 3. Loans Receivable The following table details overall statistics for the Company’s loans receivable portfolio as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Number of loans 45 35 Principal balance $ 900,056 $ 699,250 Net book value $ 900,978 $ 700,149 Unfunded loan commitments (1) $ 106,676 $ 100,389 Weighted-average cash coupon (2) L+4.22 % L+4.25 % Weighted-average all-in (2) L+4.31 % L+4.35 % Weighted-average maximum maturity (years) (3) 3.8 3.7 (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 three months ended March 31, 2021 and 2020, the activity in the Company’s loan portfolio was as follows: For the Three Months 2021 2020 Balance at beginning of period $ 700,149 $ 406,645 Loan fundings 224,530 207,466 Loan repayments (23,885 ) (87 ) Amortization of deferred fees on loans 209 199 Exit and extension fees received on loans receivable (25 ) — Balance at end of period $ 900,978 $ 614,223 The following tables detail the property type and geographic location of the properties securing the loans in the Company’s portfolio as of March 31, 2021 and December 31, 2020: March 31, 2021 (Unaudited) December 31, 2020 Property Type Net Book Value Percentage Net Book Value Percentage Office $ 221,142 24 % $ 174,483 25 % Industrial 143,725 16 % 168,876 24 % Multifamily 225,608 25 % 130,648 19 % Mixed Use 133,827 15 % 91,556 13 % Hospitality 63,465 7 % 62,759 9 % Retail 78,286 9 % 52,128 7 % Self Storage 34,925 4 % 19,699 3 % Total $ 900,978 100 % $ 700,149 100 % March 31, 2021 (Unaudited) December 31, 2020 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 381,387 42 % $ 311,123 44 % West 273,912 31 % 201,318 29 % Northeast 225,980 25 % 168,009 24 % Various 19,699 2 % 19,699 3 % Total $ 900,978 100 % $ 700,149 100 % (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: March 31, 2021 (Unaudited) December 31, 2020 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 44 876,603 97 % 34 689,104 98 % 4 1 24,375 3 % 1 11,045 2 % 5 — — — — — — Total 45 $ 900,978 100 % 35 $ 700,149 100 % The Company did not have any impaired loans, non-accrual

Mortgage Backed Securities

Mortgage Backed Securities	3 Months Ended
	Mar. 31, 2021
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 Remaining March 31, 2021 (Unaudited) CMBS, available-for-sale $ 13,325 $ 13,325 $ — $ — $ 13,325 6.25 % 13.0 December 31, 2020 CMBS, 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 Value March 31, 2021 (Unaudited) CMBS, held-to-maturity $ 37,448 — — $ 37,448 December 31, 2020 CMBS, held-to-maturity $ 37,314 — — $ 37,314 The table below summarizes the maturities of the Company’s investments in held-to-maturity Total Less than 1 year 1-3 years 3-5 More than 5 years CMBS, held-to-maturity $ 37,448 — — $ 37,448 —

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K As of March 31, 2021 (Unaudited) Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 (2) Collateralized Loan Obligation L+1.20% - 2.50% (3) $ 327,665 $ — December 18, 2036 (4) WF-1 (5) Repurchase L+2.15% - 2.50% (6) 51,463 48,537 August 30, 2021 GS-1 (7) Repurchase L+1.75% - 2.75% (8) 141,186 33,814 January 26, 2022 BB-1 (9) Repurchase L+1.55% - 1.95% 55,976 119,024 February 22, 2024 CNB Facility Revolving Credit Facility L+2.25% (2) 25,000 — August 23, 2021 Total $ 601,290 $ 201,375 (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 $108,337 and $108,362, 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 $186,215 and $186,150, respectively. (8) LIBOR is subject to a 0.50% floor. FS CREIT Finance GS-1 GS-1, (9) The carrying amount and fair value of assets transferred as collateral underlying the facility is $73,519 and $73,573, respectively. As of December 31, 2020 Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 (2) Collateralized Loan Obligation 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 Credit Facility 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. 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. 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 March 31, 2021 and December 31, 2020. 2019-FL1 On December 5, 2019, the Company issued $327,665 of collateralized loan obligation notes, or the CLO1 Transaction, through FS Rialto Sub-REIT Sub-REIT, Sub-REIT, 2019-FL1 2019-FL1 Co-Issuer, as co-issuer, Co-Issuer and, As of March 31, 2021, the 2019-FL1 The Company incurred $5,847 of issuance costs which are amortized over the remaining life of the loans that collateralized the 2019-FL1 WF-1 On August 30, 2017, the Company’s indirect wholly owned, special-purpose financing subsidiary, WF-1, WF-1 WF-1 WF-1 WF-1 The Company incurred $1,647 of deferred financing costs related to the WF-1 GS-1 On January 26, 2018, the Company’s indirect wholly-owned, special-purpose financing subsidiary, GS-1, GS-1 GS-1 GS-1 GS-1 The initial availability period of the GS-1 GS-1 GS-1 GS-1 GS-1 one-year GS-1 GS-1 The Company incurred $2,527 of deferred financing costs related to the GS-1 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 The Company incurred $335 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 $468 of deferred financing costs related to the CNB Facility, which is being amortized to interest expense over the life of the facility. As of March 31, 2021, $203 had yet to be amortized to interest expense.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
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 $13,867 for the period from November 7, 2016 (Inception) to March 31, 2021. 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 agreed to advance all of the Company’s organization and offering expenses on the Company’s behalf until it raised $250,000 of gross proceeds from its public offering. 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 three months ended March 31, 2021, the Company paid $316 to FS Real Estate Advisor for offering costs previously funded. As of March 31, 2021, $13,266 of offering expenses previously funded remained subject to reimbursement to FS Real Estate Advisor and Rialto. The following table describes the fees and expenses accrued under the advisory agreement during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, Related Party Source Agreement Description 2021 2020 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 1,036 $ 595 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 537 — FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 796 $ 228 (1) During the three months ended March 31, 2021 and 2020, $871 and $326, respectively, in base management fees were paid to FS Real Estate Advisor. As of March 31, 2021, $1,034 in base management fees were payable to FS Real Estate Advisor. (2) During the three months ended March 31, 2021 and 2020, $316 and $0, respectively, in performance fees were paid to FS Real Estate Advisor. As of March 31, 2021, $537 in performance fees were payable to FS Real Estate Advisor. (3) During the three months ended March 31, 2021 and 2020, $757 and $200, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS Real Estate Advisor and Rialto and the remainder related to other reimbursable expenses. These amounts are recorded as general and administrative expenses on the accompanying unaudited consolidated statements of operations. The dealer manager for the Company’s continuous public offering is FS Investment Solutions, LLC, or FS Investment Solutions, which is an affiliate of FS Real Estate Advisor. Under the amended and restated dealer manager agreement dated as of August 17, 2018, or the dealer manager agreement, FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5% of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price (subject to reductions for certain categories of purchasers). FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.5% of the transaction price per Class S share sold in the primary offering (subject to reductions for certain categories of purchasers). The dealer manager anticipates that all of the selling commissions and dealer manager fees will be re-allowed No selling commissions or dealer manager fees are payable on the sale of Class D, Class M, Class I, Class F or Class Y shares or on shares of any class sold pursuant to the Company’s distribution reinvestment plan. Subject to the limitations described below, the Company pays FS Investment Solutions stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or by broker-dealers servicing investors’ accounts, referred to as servicing broker-dealers: • with respect to the Company’s outstanding Class T shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class T shares, consisting of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum; however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares; • with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class S shares; • with respect to the Company’s outstanding Class D shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class D shares; and • with respect to the Company’s outstanding Class M shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class M shares. The Company does not pay a stockholder servicing fee with respect to its Class I, Class F or Class Y shares. The dealer manager reallows some or all of the stockholder servicing fees to participating broker-dealers, servicing broker-dealers and financial institutions (including bank trust departments) for ongoing stockholder services performed by such broker-dealers, and waives (pays back to the Company) stockholder servicing fees to the extent a broker-dealer or financial institution is not eligible or otherwise declines to receive all or a portion of such fees. The Company will cease paying stockholder servicing fees with respect to any Class D, Class M, Class S and Class T shares held in a stockholder’s account at the end of the month in which the total underwriting compensation from the upfront selling commissions, dealer manager fees and stockholder servicing fees, as applicable, paid with respect to such account would exceed 1.25%, 7.25%, 8.75% and 8.75%, respectively (or a lower limit for shares sold by certain participating broker-dealers or financial institutions) of the gross proceeds from the sale of shares in such account. These amounts are referred to as the sales charge cap. At the end of such month that the sales charge cap is reached, each Class D, Class M, Class S or Class T share in such account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. In addition, the Company will cease paying stockholder servicing fees on each Class D share, Class M share, Class S share and Class T share held in a stockholder’s account and each such share will convert to Class I shares on the earlier to occur of the following: (i) a listing of Class I shares on a national securities exchange; (ii) the sale or other disposition of all or substantially all of the Company’s assets or the Company’s merger or consolidation with or into another entity in a transaction in which holders of Class D, Class M, Class S or Class T shares receive cash and/or shares of stock that are listed on a national securities exchange; or (iii) the date following the completion of the Company’s public offering on which, in the aggregate, underwriting compensation from all sources in connection with the Company’s public offering, including selling commissions, dealer manager fees, stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from its primary offering. The Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. As of March 31, 2021 and December 31, 2020, the Company accrued $18,363 and $15,481, 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 March 31, 2021, the Company accrued $5,839 for reimbursement of expenses that FS Real Estate Advisor and Rialto paid or waived, including $56 in reimbursements for the three months ended March 31, 2021. During the period from September 13, 2017 (Commencement of Operations) to March 31, 2021, the Company received $5,783 in cash reimbursements from FS Real Estate Advisor. As of March 31, 2021, the Company had $56 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 March 31, 2021 $ 56 $ 56 March 31, 2023 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 — Expired March 31, 2021 December 31, 2017 377 — Expired December 31, 2020 September 30, 2017 164 — Expired September 30, 2020 $ 5,839 $ 4,942 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 May 10, 2021, FS Investments (including its affiliates and designees) owned approximately $21,700 in Class F shares.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Note 7. Stockholders’ Equity Below is a summary of transactions with respect to shares of the Company’s common stock during the three months ended March 31, 2021 and 2020: Shares Class F Class Y Class T Class S Class D Class M Class I Total 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 Issuance of common stock — — 45,087 1,418,117 27,976 216,910 779,768 2,487,858 Reinvestment of distributions 7,842 — 9,927 43,320 2,891 11,128 14,064 89,172 Redemptions of common stock — (65,212 ) (4,069 ) (20,652 ) — (35,213 ) (13,134 ) (138,280 ) Transfers in or out (6,392 ) — — — (29,158 ) — 36,314 764 Balance as of March 31, 2021 913,919 71,904 1,296,603 7,219,425 548,007 2,163,864 2,988,540 15,202,262 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2020 $ 22,378 $ 3,449 $ 29,971 $ 134,705 $ 13,573 $ 46,154 $ 53,597 $ 303,827 Issuance of common stock — — 1,133 35,938 704 5,470 19,200 62,445 Reinvestment of distributions 197 — 249 1,097 73 280 346 2,242 Redemptions of common stock — (1,608 ) (102 ) (523 ) — (885 ) (323 ) (3,441 ) Transfers in or out (160 ) — — — (734 ) — 894 — Accrued stockholder servicing fees (1) — — (46 ) (2,920 ) (1 ) (363 ) — (3,330 ) Balance as of March 31, 2021 $ 22,415 $ 1,841 $ 31,205 $ 168,297 $ 13,615 $ 50,656 $ 73,714 $ 361,743 Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 1,475,155 141,116 981,836 1,351,587 322,602 1,357,818 1,230,360 6,860,474 Issuance of common stock — — 203,559 2,511,530 158,954 359,586 519,650 3,753,279 Reinvestment of distributions 6,919 — 7,773 11,072 1,858 7,711 8,433 43,766 Redemptions of common stock (591,043 ) — (4,826 ) (80,152 ) (1,331 ) (72,544 ) (45,354 ) (795,250 ) Transfers in or out — — — — — (14,283 ) 14,621 338 Balance as of March 31, 2020 891,031 141,116 1,188,342 3,794,037 482,083 1,638,288 1,727,710 9,862,607 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 $ 36,419 $ 3,548 $ 23,616 $ 31,429 $ 8,015 $ 31,757 $ 30,367 $ 165,151 Issuance of common stock — — 5,122 63,703 4,004 9,081 12,825 94,735 Reinvestment of distributions 173 — 197 282 48 196 209 1,105 Redemptions of common stock (14,748 ) — (121 ) (2,032 ) (34 ) (1,832 ) (1,119 ) (19,886 ) Transfers in or out — — — — — (361 ) 361 — Accrued stockholder servicing (1) — — (231 ) (5,029 ) (50 ) (503 ) — (5,813 ) Balance as of March 31, 2020 $ 21,844 $ 3,548 $ 28,583 $ 88,353 $ 11,983 $ 38,338 $ 42,643 $ 235,292 (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. 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 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. 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 three months ended March 31, 2021: Record Date Class F Class Y Class T Class S Class D Class M Class I January 31, 2021 $ 0.1710 $ 0.1710 $ 0.1273 $ 0.1273 $ 0.1388 $ 0.1388 $ 0.1450 February 26, 2021 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 March 31, 2021 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 Total $ 0.5130 $ 0.5130 $ 0.3819 $ 0.3819 $ 0.4164 $ 0.4164 $ 0.4350 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and three months ended March 31, 2021, and 2020: Three Months Ended March 31, 2021 2020 Distributions: Paid or payable in cash $ 3,696 $ 2,376 Reinvested in shares 2,242 1,105 Total distributions $ 5,938 $ 3,481 Source of distributions: Cash flows from operating activities $ 5,938 $ 3,481 Offering proceeds — — Total sources of distributions $ 5,938 $ 3,481 Net cash provided by operating activities (1) $ 23,419 $ 8,877 (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 April 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 (Unaudited) December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities available-for-sale $ 13,325 — $ 13,325 — — — — — 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: March 31, 2021 (Unaudited) December 31, 2020 Book Face Fair Value Book Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 28,560 $ 28,560 $ 28,560 $ 17,874 $ 17,874 $ 17,874 Loans receivable (1) $ 900,978 $ 900,056 $ 899,471 $ 700,149 $ 699,250 $ 697,533 Mortgage-backed securities held-to-maturity $ 37,448 $ 50,300 $ 37,448 $ 37,314 $ 50,300 $ 37,314 Financial Liabilities Repurchase obligations (2) $ 247,746 $ 248,625 $ 248,625 $ 125,266 $ 125,460 $ 125,460 Credit facility $ 25,000 $ 25,000 $ 25,000 — — — Collateralized loan obligation (2) $ 323,371 $ 327,665 $ 327,665 $ 323,109 $ 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	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 9. Variable Interest Entities Consolidated Variable Interest Entities The Company has financed a portion of its loans through the CLO, which is considered a VIE. The Company has a controlling financial interest in the CLO and, therefore, consolidates it on its balance sheet because the Company has both (i) the power to direct activities of the CLO that most significantly affect the CLO’s economic performance and (ii) the obligation to absorb losses and the right to receive benefits of the CLO that could potentially be significant to the CLO. The following table details the assets and liabilities of the Company’s consolidated CLO as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, Assets: Restricted cash $ 7,600 $ 4 Loans receivable 419,659 411,455 Interest receivable 2,819 2,470 Other assets — 15,842 Total assets $ 430,078 $ 429,771 Liabilities Collateralized loan obligation (net of deferred financing costs of $4,294 and $4,556, respectively) $ 323,371 $ 323,109 Interest payable 220 227 Total liabilities $ 323,591 $ 323,336 Assets held by the VIE are restricted and can be used only to settle obligations of the VIE. The liabilities are non-recourse Non-Consolidated In August 2020, the Company invested $37,005 in a subordinated position of a CMBS trust which is considered a VIE. The Company is not the primary beneficiary of the VIE because it does not have the power to direct the activities that most significantly affect the VIE’s economic performance, nor does it provide guarantees or recourse to the VIE other than standard representations and warranties and, therefore, does not consolidate the VIE on its balance sheet. The Company has classified its investment in the CMBS as a held-to-maturity The Company is not obligated to provide, nor has it provided financial support to these consolidated and non-consolidated

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events The following is a discussion of material events that have occurred subsequent to March 31, 2021 through the issuance of the unaudited consolidated financial statements. Status of Offerings As of May 10, 2021, the Company has issued 21,172,044 shares of common stock (consisting of 2,598,312 shares of Class F common stock, 1,036,671 shares of Class Y common stock, 1,374,373 shares of Class T common stock, 8,916,626 shares of Class S common stock, 669,132 shares of Class D common stock, 2,592,812 shares of Class M common stock and 3,984,118 shares of Class I common stock), including shares issued pursuant to its distribution reinvestment plan, for gross proceeds of $530,883. Share Repurchases In connection with the Company’s April 2021 repurchase period, the Company repurchased an aggregate of 28,930 shares of common stock representing a total of $720. Business Update During the period from April 1, 2021 through May 10, 2021, we closed on 10 senior floating-rate mortgage loans of which $384,683 was funded at closing. 2021-FL2 On May 5, 2021, the Company issued $646,935 of collateralized loan obligation notes, or the CLO2 Transaction, through the Sub-REIT Sub-REIT, 2021-FL2 2021-FL2 Co-Issuer, co-issuer, Co-Issuer The CLO2 Issuers issued six classes of notes, or the CLO2 Offered Notes, (i) $414,978 Class A Senior Secured Floating Rate Notes Due 2038, which bear interest at LIBOR plus 1.22% per annum plus, on and after the June 2026 payment date, an additional 0.25% per annum, (ii) $79,277 Class A-S 2021-FL2 2021-FL2 2021-FL2 The CLO2 Issuers issued or co-issued 2021-FL2 FS Rialto 2021-FL2 Sub-REIT, The CLO2 Offered Notes are limited recourse obligations of the CLO2 Issuer and non-recourse Co-Issuer Co-Issuer,

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation:
Use of Estimates	Use of Estimates:
Principles of Consolidation	Principles of Consolidation: The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. The Company determines whether it is the primary beneficiary of an entity subject to consolidation based on a qualitative assessment of the VIE’s capital structure, contractual terms, nature of the VIE’s operations and purpose and the Company’s relative exposure to the related risks of the VIE on the date it becomes initially involved in the VIE. The Company reassesses its VIE determination with respect to an entity on an ongoing basis.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: March 31, 2021 2020 Cash and cash equivalents $ 17,662 $ 35,106 Restricted cash 10,898 21,550 Total cash, cash equivalents and restricted cash $ 28,560 $ 56,656
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 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) 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)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: March 31, 2021 2020 Cash and cash equivalents $ 17,662 $ 35,106 Restricted cash 10,898 21,550 Total cash, cash equivalents and restricted cash $ 28,560 $ 56,656

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Number of loans 45 35 Principal balance $ 900,056 $ 699,250 Net book value $ 900,978 $ 700,149 Unfunded loan commitments (1) $ 106,676 $ 100,389 Weighted-average cash coupon (2) L+4.22 % L+4.25 % Weighted-average all-in (2) L+4.31 % L+4.35 % Weighted-average maximum maturity (years) (3) 3.8 3.7 (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 three months ended March 31, 2021 and 2020, the activity in the Company’s loan portfolio was as follows: For the Three Months 2021 2020 Balance at beginning of period $ 700,149 $ 406,645 Loan fundings 224,530 207,466 Loan repayments (23,885 ) (87 ) Amortization of deferred fees on loans 209 199 Exit and extension fees received on loans receivable (25 ) — Balance at end of period $ 900,978 $ 614,223
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 March 31, 2021 and December 31, 2020: March 31, 2021 (Unaudited) December 31, 2020 Property Type Net Book Value Percentage Net Book Value Percentage Office $ 221,142 24 % $ 174,483 25 % Industrial 143,725 16 % 168,876 24 % Multifamily 225,608 25 % 130,648 19 % Mixed Use 133,827 15 % 91,556 13 % Hospitality 63,465 7 % 62,759 9 % Retail 78,286 9 % 52,128 7 % Self Storage 34,925 4 % 19,699 3 % Total $ 900,978 100 % $ 700,149 100 %
Schedule of Loan Receivables Acquired By Geographics	March 31, 2021 (Unaudited) December 31, 2020 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 381,387 42 % $ 311,123 44 % West 273,912 31 % 201,318 29 % Northeast 225,980 25 % 168,009 24 % Various 19,699 2 % 19,699 3 % Total $ 900,978 100 % $ 700,149 100 % (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: March 31, 2021 (Unaudited) December 31, 2020 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 44 876,603 97 % 34 689,104 98 % 4 1 24,375 3 % 1 11,045 2 % 5 — — — — — — Total 45 $ 900,978 100 % 35 $ 700,149 100 %

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	3 Months Ended
	Mar. 31, 2021
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 Remaining March 31, 2021 (Unaudited) CMBS, available-for-sale $ 13,325 $ 13,325 $ — $ — $ 13,325 6.25 % 13.0 December 31, 2020 CMBS, available-for-sale $ — $ — $ — $ — $ — — % —
Summary of Investment Held-to-maturity CMBS	The table below summarizes various attributes of the Company’s investments in held-to-maturity Net Carrying Gross Gross Fair Value March 31, 2021 (Unaudited) CMBS, held-to-maturity $ 37,448 — — $ 37,448 December 31, 2020 CMBS, held-to-maturity $ 37,314 — — $ 37,314
Summary of Maturities of Investment Held-to-maturity CMBS	The table below summarizes the maturities of the Company’s investments in held-to-maturity Total Less than 1 year 1-3 years 3-5 More than 5 years CMBS, held-to-maturity $ 37,448 — — $ 37,448 —

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K As of March 31, 2021 (Unaudited) Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 (2) Collateralized Loan Obligation L+1.20% - 2.50% (3) $ 327,665 $ — December 18, 2036 (4) WF-1 (5) Repurchase L+2.15% - 2.50% (6) 51,463 48,537 August 30, 2021 GS-1 (7) Repurchase L+1.75% - 2.75% (8) 141,186 33,814 January 26, 2022 BB-1 (9) Repurchase L+1.55% - 1.95% 55,976 119,024 February 22, 2024 CNB Facility Revolving Credit Facility L+2.25% (2) 25,000 — August 23, 2021 Total $ 601,290 $ 201,375 (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 $108,337 and $108,362, 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 $186,215 and $186,150, respectively. (8) LIBOR is subject to a 0.50% floor. FS CREIT Finance GS-1 GS-1, (9) The carrying amount and fair value of assets transferred as collateral underlying the facility is $73,519 and $73,573, respectively. As of December 31, 2020 Arrangement (1) Type of Arrangement Rate Amount Amount Maturity Date 2019-FL1 (2) Collateralized Loan Obligation 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 Credit Facility 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. 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. GS-1

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	The following table describes the fees and expenses accrued under the advisory agreement during the three months ended March 31, 2021 and 2020: Three Months Ended March 31, Related Party Source Agreement Description 2021 2020 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 1,036 $ 595 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 537 — FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 796 $ 228 (1) During the three months ended March 31, 2021 and 2020, $871 and $326, respectively, in base management fees were paid to FS Real Estate Advisor. As of March 31, 2021, $1,034 in base management fees were payable to FS Real Estate Advisor. (2) During the three months ended March 31, 2021 and 2020, $316 and $0, respectively, in performance fees were paid to FS Real Estate Advisor. As of March 31, 2021, $537 in performance fees were payable to FS Real Estate Advisor. (3) During the three months ended March 31, 2021 and 2020, $757 and $200, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS Real Estate Advisor and Rialto and the remainder related to other reimbursable expenses. These amounts are recorded as general and administrative expenses on the accompanying unaudited consolidated statements of operations.
Schedule Of Expense Reimbursed	The following table reflects the amounts paid or waived by FS Real Estate Advisor and Rialto under the expense limitation agreement and the expiration date for future possible reimbursements by the Company: For the Three Months Ended Amount of Expense Recoupable Recoupment eligibility expiration March 31, 2021 $ 56 $ 56 March 31, 2023 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 — Expired March 31, 2021 December 31, 2017 377 — Expired December 31, 2020 September 30, 2017 164 — Expired September 30, 2020 $ 5,839 $ 4,942

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020: Shares Class F Class Y Class T Class S Class D Class M Class I Total 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 Issuance of common stock — — 45,087 1,418,117 27,976 216,910 779,768 2,487,858 Reinvestment of distributions 7,842 — 9,927 43,320 2,891 11,128 14,064 89,172 Redemptions of common stock — (65,212 ) (4,069 ) (20,652 ) — (35,213 ) (13,134 ) (138,280 ) Transfers in or out (6,392 ) — — — (29,158 ) — 36,314 764 Balance as of March 31, 2021 913,919 71,904 1,296,603 7,219,425 548,007 2,163,864 2,988,540 15,202,262 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2020 $ 22,378 $ 3,449 $ 29,971 $ 134,705 $ 13,573 $ 46,154 $ 53,597 $ 303,827 Issuance of common stock — — 1,133 35,938 704 5,470 19,200 62,445 Reinvestment of distributions 197 — 249 1,097 73 280 346 2,242 Redemptions of common stock — (1,608 ) (102 ) (523 ) — (885 ) (323 ) (3,441 ) Transfers in or out (160 ) — — — (734 ) — 894 — Accrued stockholder servicing fees (1) — — (46 ) (2,920 ) (1 ) (363 ) — (3,330 ) Balance as of March 31, 2021 $ 22,415 $ 1,841 $ 31,205 $ 168,297 $ 13,615 $ 50,656 $ 73,714 $ 361,743 Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 1,475,155 141,116 981,836 1,351,587 322,602 1,357,818 1,230,360 6,860,474 Issuance of common stock — — 203,559 2,511,530 158,954 359,586 519,650 3,753,279 Reinvestment of distributions 6,919 — 7,773 11,072 1,858 7,711 8,433 43,766 Redemptions of common stock (591,043 ) — (4,826 ) (80,152 ) (1,331 ) (72,544 ) (45,354 ) (795,250 ) Transfers in or out — — — — — (14,283 ) 14,621 338 Balance as of March 31, 2020 891,031 141,116 1,188,342 3,794,037 482,083 1,638,288 1,727,710 9,862,607 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 $ 36,419 $ 3,548 $ 23,616 $ 31,429 $ 8,015 $ 31,757 $ 30,367 $ 165,151 Issuance of common stock — — 5,122 63,703 4,004 9,081 12,825 94,735 Reinvestment of distributions 173 — 197 282 48 196 209 1,105 Redemptions of common stock (14,748 ) — (121 ) (2,032 ) (34 ) (1,832 ) (1,119 ) (19,886 ) Transfers in or out — — — — — (361 ) 361 — Accrued stockholder servicing (1) — — (231 ) (5,029 ) (50 ) (503 ) — (5,813 ) Balance as of March 31, 2020 $ 21,844 $ 3,548 $ 28,583 $ 88,353 $ 11,983 $ 38,338 $ 42,643 $ 235,292 (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 three months ended March 31, 2021: Record Date Class F Class Y Class T Class S Class D Class M Class I January 31, 2021 $ 0.1710 $ 0.1710 $ 0.1273 $ 0.1273 $ 0.1388 $ 0.1388 $ 0.1450 February 26, 2021 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 March 31, 2021 0.1710 0.1710 0.1273 0.1273 0.1388 0.1388 0.1450 Total $ 0.5130 $ 0.5130 $ 0.3819 $ 0.3819 $ 0.4164 $ 0.4164 $ 0.4350 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and three months ended March 31, 2021, and 2020: Three Months Ended March 31, 2021 2020 Distributions: Paid or payable in cash $ 3,696 $ 2,376 Reinvested in shares 2,242 1,105 Total distributions $ 5,938 $ 3,481 Source of distributions: Cash flows from operating activities $ 5,938 $ 3,481 Offering proceeds — — Total sources of distributions $ 5,938 $ 3,481 Net cash provided by operating activities (1) $ 23,419 $ 8,877 (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 April 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

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 (Unaudited) December 31, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities available-for-sale $ 13,325 — $ 13,325 — — — — —
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: March 31, 2021 (Unaudited) December 31, 2020 Book Face Fair Value Book Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 28,560 $ 28,560 $ 28,560 $ 17,874 $ 17,874 $ 17,874 Loans receivable (1) $ 900,978 $ 900,056 $ 899,471 $ 700,149 $ 699,250 $ 697,533 Mortgage-backed securities held-to-maturity $ 37,448 $ 50,300 $ 37,448 $ 37,314 $ 50,300 $ 37,314 Financial Liabilities Repurchase obligations (2) $ 247,746 $ 248,625 $ 248,625 $ 125,266 $ 125,460 $ 125,460 Credit facility $ 25,000 $ 25,000 $ 25,000 — — — Collateralized loan obligation (2) $ 323,371 $ 327,665 $ 327,665 $ 323,109 $ 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)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of detailed information about the assets and liabilities	The following table details the assets and liabilities of the Company’s consolidated CLO as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, Assets: Restricted cash $ 7,600 $ 4 Loans receivable 419,659 411,455 Interest receivable 2,819 2,470 Other assets — 15,842 Total assets $ 430,078 $ 429,771 Liabilities Collateralized loan obligation (net of deferred financing costs of $4,294 and $4,556, respectively) $ 323,371 $ 323,109 Interest payable 220 227 Total liabilities $ 323,591 $ 323,336

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]	3 Months Ended
	Mar. 31, 2021USD ($)
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	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 17,662	$ 15,707	$ 35,106
Restricted cash	10,898	2,167	21,550
Total cash, cash equivalents and restricted cash	$ 28,560	$ 17,874	$ 56,656	$ 78,155

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		10 Months Ended	53 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 13, 2017	Mar. 31, 2021	Dec. 31, 2020
Cash investment in money market fund	$ 17,434			$ 17,434	$ 1,000
Organization costs incurred			$ 243
Offering costs incurred				13,624
Percentage of distribution of annual REIT taxable income to stockholders to qualify as REIT	90.00%
Unrecognized interest or penalties	$ 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			$ 0

Loans Receivable - Summary of D

Loans Receivable - Summary of Details Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)Loans	Dec. 31, 2020USD ($)Loans	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loans and Leases Receivable, Net Amount [Abstract]
Number of loans | Loans	45	35
Principal balance	$ 900,056	$ 699,250
Net book value	900,978	700,149	$ 614,223	$ 406,645
Unfunded loan commitments	$ 106,676	$ 100,389
Weighted-average cash coupon	4.22%	4.25%
Weighted-average all-in yield	4.31%	4.35%
Weighted-average maximum maturity (years)	3 years 9 months 18 days	3 years 8 months 12 days

Loans Receivable - Summary of A

Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loans and Leases Receivable, Net Amount [Abstract]
Balance at beginning of period	$ 700,149	$ 406,645
Loan fundings	224,530	207,466
Loan repayments	(23,885)	(87)
Amortization of deferred fees on loans	209	199
Exit and extension fees received on loans receivable	(25)
Balance at end of period	$ 900,978	$ 614,223

Loans Receivable - Loan Receiva

Loans Receivable - Loan Receivables Acquired By Property (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Net book value	$ 900,978	$ 700,149	$ 614,223	$ 406,645
Percentage	100.00%	100.00%
Office [Member]
Net book value	$ 221,142	$ 174,483
Percentage	24.00%	25.00%
Industrial [Member]
Net book value	$ 143,725	$ 168,876
Percentage	16.00%	24.00%
Multifamily [Member]
Net book value	$ 225,608	$ 130,648
Percentage	25.00%	19.00%
Mixed-Use [Member]
Net book value	$ 133,827	$ 91,556
Percentage	15.00%	13.00%
Hospitality [Member]
Net book value	$ 63,465	$ 62,759
Percentage	7.00%	9.00%
Retail [Member]
Net book value	$ 78,286	$ 52,128
Percentage	9.00%	7.00%
Self Storage [Member]
Net book value	$ 34,925	$ 19,699
Percentage	4.00%	3.00%

Loans Receivable - Loan Recei_2

Loans Receivable - Loan Receivables Acquired By Geographics (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Net book value	$ 900,978	$ 700,149	$ 614,223	$ 406,645
Percentage	100.00%	100.00%
South [Member]
Net book value	$ 381,387	$ 311,123
Percentage	42.00%	44.00%
West [Member]
Net book value	$ 273,912	$ 201,318
Percentage	31.00%	29.00%
Northeast [Member]
Net book value	$ 225,980	$ 168,009
Percentage	25.00%	24.00%
Various [Member]
Net book value	$ 19,699	$ 19,699
Percentage	2.00%	3.00%

Loans Receivable - Summary of l

Loans Receivable - Summary of loans receivable based on internal risk ratings: (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)Loans	Dec. 31, 2020USD ($)Loans	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	45	35
Net book value | $	$ 900,978	$ 700,149	$ 614,223	$ 406,645
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	44	34
Net book value | $	$ 876,603	$ 689,104
Percentage	97.00%	98.00%
Risk Level, High [Member]
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	1	1
Net book value | $	$ 24,375	$ 11,045
Percentage	3.00%	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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Outstanding Face Amount	$ 13,325	$ 25,555
Fair Value	$ 13,325		$ 0
Weighted Average Coupon	4.22%		4.25%
CMBS [Member]
Outstanding Face Amount	$ 13,325
Amortized Cost Basis	13,325
Gross Unrealize Gains
Gross Unrealized Losses
Fair Value	$ 13,325
Weighted Average Coupon	6.25%
Weighted Average Remaining Duration (years)	13 years

Mortgage Backed Securities - Su

Mortgage Backed Securities - Summary of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Net Carrying Amount (Amortized Cost)	$ 37,448	$ 37,314
Gross Unrecognized Holding Gains	0
Gross Unrecognized Holding Losses	0
Fair Value	$ 37,448	$ 37,314

Mortgage Backed Securities - _2

Mortgage Backed Securities - Summary of Maturities of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities $ in Thousands	Mar. 31, 2021USD ($)
Schedule of Held-to-maturity Securities [Line Items]
CMBS, held-to-maturity, Total	$ 37,448
CMBS, held-to-maturity, Less than 1 year	0
CMBS, held-to-maturity, 1-3 years	0
CMBS, held-to-maturity, 3-5 years	37,448
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	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 601,290	$ 453,125
Amount Available	201,375	174,540
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	$ 51,463	$ 29,889
Amount Available	$ 48,537	$ 70,111
Description of variable rate	L+2.15% - 2.50%	L+2.15% - 2.50%
Maturity Date	Aug. 30, 2021	Aug. 30, 2021
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	$ 141,186	$ 95,571
Amount Available	$ 33,814	$ 79,429
Description of variable rate	L+1.75% - 2.75%	L+1.75% - 2.75%
Maturity Date	Jan. 26, 2022	Jan. 26, 2021
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
BB-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 55,976
Amount Available	$ 119,024
Description of variable rate	L+1.55% - 1.95%
Maturity Date	Feb. 22, 2024
BB-1 Facility [Member] | Maximum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	1.95
BB-1 Facility [Member] | Minimum [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate	1.55
City National Bank Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding	$ 25,000
Amount Available		$ 25,000
Description of variable rate	L+2.25%	L+2.25%
Basis for effective rate	2.25	2.25
Maturity Date	Aug. 23, 2021	Aug. 23, 2022

Financing Arrangements - Summ_2

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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	$ 419,659	$ 411,455
Fair value of asset transferred as collateral	$ 418,125	$ 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	$ 108,337	$ 39,945
Fair value of asset transferred as collateral	$ 108,362	$ 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	$ 186,215	$ 127,512
Fair value of asset transferred as collateral	$ 186,150	$ 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
BB-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying amount of asset transferred as collateral	$ 73,519
Fair value of asset transferred as collateral	$ 73,573
LIBOR rate	L+1.55% - 1.95%

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Detail)	Feb. 22, 2021USD ($)Extension	Aug. 22, 2019USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 23, 2020USD ($)	Dec. 22, 2020USD ($)	Mar. 23, 2020USD ($)	Mar. 22, 2020USD ($)	Dec. 05, 2019USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Debt issuance cost incurred			$ 1,071,000	$ 937,000
Deferred financing costs			203,000		$ 152,000
Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Deferred financing costs			4,294,000		$ 4,556,000
Debt issuance cost incurred			5,847,000
Amortization expense od debt issuance cost			4,294,000
Collateralized Loan Obligations [Member] | Two Three commercial estate loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Securities collatered against loans			$ 418,586,000
SubREIT [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Total Debt financing cost										$ 327,665,000
LIBOR [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Description of variable rate			0.00		0.00
WF-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Average borrowings			$ 475,923,000		$ 413,236,000
Maximum amount of financing available			100,000,000
Increase in amount of financing available			200,000,000
Debt issuance cost incurred			1,647,000
Deferred financing costs			$ 169,000
Weighted Average Rate			1.88%		2.12%
Description of variable rate			L+2.15% - 2.50%		L+2.15% - 2.50%
WF-1 Facility [Member] | LIBOR [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Description of variable rate			0.00		0.00
GS-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maximum amount of financing available			$ 175,000,000
Increase in amount of financing available			250,000,000
Debt issuance cost incurred			2,527,000
Deferred financing costs			$ 380,000
Description of variable rate			L+1.75% - 2.75%		L+1.75% - 2.75%
GS-1 Facility [Member] | LIBOR [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Description of variable rate			0.50		0.50
BB-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maximum amount of financing available	$ 175,000,000
Increase in amount of financing available	$ 250,000,000
Funding period and term of facility	3 years
Number of extensions of funding period | Extension	2
Extension period of funding	1 year
Debt issuance cost incurred			$ 335,000
Deferred financing costs			$ 330,000
Description of variable rate			L+1.55% - 1.95%
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		$ 468,000
Deferred financing costs			$ 203,000
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	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	May 10, 2021	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				$ 56,000	$ 444,000	$ 56,000
Common stock allocated to investors								$ 21,400,000
Investments to be maintained				10,000,000		10,000,000
Due to Related Parties				18,363,000	$ 15,481,000	18,363,000
Organization and offering costs						$ 13,867,000
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							$ 21,700,000
FS Real Estate Advisor [Member] | Class T, Class S, Class D and Class M Share [Member]
Related Party Transaction [Line Items]
Stockholder servicing fees percentage				10.00%		10.00%
FS Real Estate Advisor [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				$ 56,000
Amount received as reimbursement				5,783,000
Due to Related Parties				13,266,000		$ 13,266,000
Rialto [Member]
Related Party Transaction [Line Items]
Purchase of floating-rate whole mortgage loan				$ 5,839,000
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Base Management Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 1,036	$ 595
Performance Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	537
Administrative Services Expenses [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 796	$ 228

Related Party Transactions - _2

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Base Management Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	$ 871	$ 326
Management Fee Payable	1,034
Performance Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	316	0
Performance Fee Payable	537
Administrative Services Expenses [Member] | Related Party For Services Rendered [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	$ 757	$ 200

Related Party Transactions - _3

Related Party Transactions - Summary of reimbursed by FS Real Estate (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	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
Schedule Of Expense Reimbursed [Line Items]
Expense Reimbursement	$ 56	$ 5,839	$ 444	$ 397	$ 182		$ 500	$ 491	$ 420	$ 537	$ 709	$ 645	$ 561	$ 356	$ 377	$ 164
Recoupable Amount	$ 56	$ 4,942	$ 444	$ 397	$ 182		$ 500	$ 491	$ 420	$ 537	$ 709	$ 645	$ 561
Recoupment eligibility expiration	March 31, 2023		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

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Balance at beginning of period, amount	$ 305,712	$ 165,787
Issuance of common stock, amount	62,445	94,735
Reinvestment of distributions, amount	2,242	1,105
Redemptions of common stock, amount	(3,441)	(19,886)
Balance at end of period, amount	363,335	234,305
Common Class F [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	9	15
Redemptions of common stock, amount		(6)
Balance at end of period, amount	9	9
Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	1	1
Balance at end of period, amount	1	1
Common Class T [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	12	10
Issuance of common stock, amount	1	2
Balance at end of period, amount	13	12
Common Class S [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	58	14
Issuance of common stock, amount	14	25
Redemptions of common stock, amount		(1)
Balance at end of period, amount	72	38
Common Class D [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	5	3
Issuance of common stock, amount		2
Balance at end of period, amount	5	5
Common Class M [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	20	14
Issuance of common stock, amount	2	3
Redemptions of common stock, amount		(1)
Balance at end of period, amount	22	16
Common Class I [Member]
Class of Stock [Line Items]
Balance at beginning of period, amount	22	12
Issuance of common stock, amount	8	5
Balance at end of period, amount	$ 30	$ 17
Common Stock [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	12,762,748	6,860,474
Issuance of common stock, shares	2,487,858	3,753,279
Reinvestment of distributions, shares	89,172	43,766
Redemptions of common stock, shares	(138,280)	(795,250)
Transfers in or out, shares	764	338
Balance at end of period, shares	15,202,262	9,862,607
Balance at beginning of period, amount	$ 303,827	$ 165,151
Issuance of common stock, amount	62,445	94,735
Reinvestment of distributions, amount	2,242	1,105
Redemptions of common stock, amount	(3,441)	(19,886)
Accrued stockholder servicing fees, amount	(3,330)	(5,813)
Balance at end of period, amount	$ 361,743	$ 235,292
Common Stock [Member] | Common Class F [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	912,469	1,475,155
Reinvestment of distributions, shares	7,842	6,919
Redemptions of common stock, shares		(591,043)
Transfers in or out, shares	(6,392)
Balance at end of period, shares	913,919	891,031
Balance at beginning of period, amount	$ 22,378	$ 36,419
Reinvestment of distributions, amount	197	173
Redemptions of common stock, amount		(14,748)
Transfers in or out, amount	(160)
Balance at end of period, amount	$ 22,415	$ 21,844
Common Stock [Member] | Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	137,116	141,116
Redemptions of common stock, shares	(65,212)
Balance at end of period, shares	71,904	141,116
Balance at beginning of period, amount	$ 3,449	$ 3,548
Redemptions of common stock, amount	(1,608)
Balance at end of period, amount	$ 1,841	$ 3,548
Common Stock [Member] | Common Class T [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	1,245,658	981,836
Issuance of common stock, shares	45,087	203,559
Reinvestment of distributions, shares	9,927	7,773
Redemptions of common stock, shares	(4,069)	(4,826)
Balance at end of period, shares	1,296,603	1,188,342
Balance at beginning of period, amount	$ 29,971	$ 23,616
Issuance of common stock, amount	1,133	5,122
Reinvestment of distributions, amount	249	197
Redemptions of common stock, amount	(102)	(121)
Accrued stockholder servicing fees, amount	(46)	(231)
Balance at end of period, amount	$ 31,205	$ 28,583
Common Stock [Member] | Common Class S [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	5,778,640	1,351,587
Issuance of common stock, shares	1,418,117	2,511,530
Reinvestment of distributions, shares	43,320	11,072
Redemptions of common stock, shares	(20,652)	(80,152)
Balance at end of period, shares	7,219,425	3,794,037
Balance at beginning of period, amount	$ 134,705	$ 31,429
Issuance of common stock, amount	35,938	63,703
Reinvestment of distributions, amount	1,097	282
Redemptions of common stock, amount	(523)	(2,032)
Accrued stockholder servicing fees, amount	(2,920)	(5,029)
Balance at end of period, amount	$ 168,297	$ 88,353
Common Stock [Member] | Common Class D [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	546,298	322,602
Issuance of common stock, shares	27,976	158,954
Reinvestment of distributions, shares	2,891	1,858
Redemptions of common stock, shares		(1,331)
Transfers in or out, shares	(29,158)
Balance at end of period, shares	548,007	482,083
Balance at beginning of period, amount	$ 13,573	$ 8,015
Issuance of common stock, amount	704	4,004
Reinvestment of distributions, amount	73	48
Redemptions of common stock, amount		(34)
Accrued stockholder servicing fees, amount	(1)	(50)
Transfers in or out, amount	(734)
Balance at end of period, amount	$ 13,615	$ 11,983
Common Stock [Member] | Common Class M [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	1,971,039	1,357,818
Issuance of common stock, shares	216,910	359,586
Reinvestment of distributions, shares	11,128	7,711
Redemptions of common stock, shares	(35,213)	(72,544)
Transfers in or out, shares		(14,283)
Balance at end of period, shares	2,163,864	1,638,288
Balance at beginning of period, amount	$ 46,154	$ 31,757
Issuance of common stock, amount	5,470	9,081
Reinvestment of distributions, amount	280	196
Redemptions of common stock, amount	(885)	(1,832)
Accrued stockholder servicing fees, amount	(363)	(503)
Transfers in or out, amount		(361)
Balance at end of period, amount	$ 50,656	$ 38,338
Common Stock [Member] | Common Class I [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares	2,171,528	1,230,360
Issuance of common stock, shares	779,768	519,650
Reinvestment of distributions, shares	14,064	8,433
Redemptions of common stock, shares	(13,134)	(45,354)
Transfers in or out, shares	36,314	14,621
Balance at end of period, shares	2,988,540	1,727,710
Balance at beginning of period, amount	$ 53,597	$ 30,367
Issuance of common stock, amount	19,200	12,825
Reinvestment of distributions, amount	346	209
Redemptions of common stock, amount	(323)	(1,119)
Transfers in or out, amount	894	361
Balance at end of period, amount	$ 73,714	$ 42,643

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Percentage limited to repurchase of shares to NAV of all classes of shares	20.00%
Shares repurchased under repurchase plan	138,280	207,515
Shares repurchased under repurchase plan, value	$ 3,441	$ 5,219
Unfulfilled repurchase requests	0	94,167
Maximum [Member]
Repurchase of shares to NAV of all classes of shares, percentage	5.00%
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate	12.00%

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Cash Distributions Per Share that Paid on its Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2021	Feb. 26, 2021	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Distributions:
Paid or payable in cash				$ 3,696	$ 2,376
Reinvested in shares				2,242	1,105
Total distributions				5,938	3,481
Cash flows from operating activities				5,938	3,481
Offering proceeds
Total sources of distributions				5,938	3,481
Net cash provided by operating activities				$ 23,419	$ 8,877
Common Class F [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	$ 0.1710	$ 0.1710	$ 0.1710	$ 0.5130
Common Class Y [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1710	0.1710	0.1710	0.5130
Common Class T [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1273	0.1273	0.1273	0.3819
Common Class S [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1273	0.1273	0.1273	0.3819
Common Class D [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1388	0.1388	0.1388	0.4164
Common Class M [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	0.1388	0.1388	0.1388	0.4164
Common Class I [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock	$ 0.1450	$ 0.1450	$ 0.1450	$ 0.4350

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Cash Distribution On Class of Common Stock (Detail)	1 Months Ended
	Apr. 30, 2021$ / shares
Common Class F [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1710
Common Class Y [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1710
Common Class T [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1273
Common Class S [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1273
Common Class D [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1388
Common Class M [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1388
Common Class I [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1450

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary Of Company Financial Instruments Carried At Fair Value In The Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Mortgage-backed securities available for sale	$ 13,325	$ 0
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	13,325	0
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	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities available for sale	$ 37,448	$ 37,314
Collateralized loan obligation	323,371	323,109
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	28,560	17,874
Loans receivable	900,978	700,149
Mortgage-backed securities available for sale	37,448	37,314
Repurchase obligations	247,746	125,266
Credit facility	25,000
Collateralized loan obligation	323,371	323,109
Portion at Other than Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	28,560	17,874
Loans receivable	900,056	699,250
Mortgage-backed securities available for sale	50,300	50,300
Repurchase obligations	248,625	125,460
Credit facility	25,000
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	28,560	17,874
Loans receivable	899,471	697,533
Mortgage-backed securities available for sale	37,448	37,314
Repurchase obligations	248,625	125,460
Credit facility	25,000
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		Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
VIE Assets	[1]	$ 984,621	$ 774,979
VIE Liabilities	[1]	621,286	469,267
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets	[1]	430,078	429,771
VIE Liabilities	[1]	323,591	323,336
Restricted cash [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		7,600	4
Loans Receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		419,659	411,455
Interest receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		2,819	2,470
Other Assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets			15,842
Collateralized loan obligation [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		323,371	323,109
Interest payable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		$ 220	$ 227
[1]	The March 31, 2021 and December 31, 2020 consolidated balance sheets include assets of a consolidated variable interest entity, or VIE, that can only be used to settle obligations of the VIE, and liabilities of the consolidated VIE for which creditors do not have recourse to the Company. As of March 31, 2021 and December 31, 2020, assets of the VIE totaled $430,078 and $429,771, respectively, and liabilities of the VIE totaled $323,591 and $323,336, respectively. See Note 9 to the unaudited consolidated financial statements for further details.

Variable Interest Entities - _2

Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred financing cost [Member]
Variable Interest Entity [Line Items]
Deferred Offering Costs	$ 4,294	$ 4,556

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - Commercial Mortgage Backed Securities $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Variable Interest Entity [Line Items]
Payments to Acquire Equity Method Investments	$ 37,005
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 37,448

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	May 10, 2021USD ($)shares	May 10, 2021USD ($)Loansshares	Mar. 31, 2021USD ($)shares	Mar. 31, 2020USD ($)	Apr. 30, 2021USD ($)shares	Dec. 31, 2020shares
Subsequent Event [Line Items]
Common stock shares issued | $			$ 62,445	$ 94,735
Common Class F [Member]
Subsequent Event [Line Items]
Common stock, shares issued			913,919			912,469
Common Class Y [Member]
Subsequent Event [Line Items]
Common stock, shares issued			71,904			137,116
Common Class T [Member]
Subsequent Event [Line Items]
Common stock, shares issued			1,296,603			1,245,658
Common Class S [Member]
Subsequent Event [Line Items]
Common stock, shares issued			7,219,425			5,778,640
Common Class D [Member]
Subsequent Event [Line Items]
Common stock, shares issued			548,007			546,298
Common Class M [Member]
Subsequent Event [Line Items]
Common stock, shares issued			2,163,864			1,971,039
Common Class I [Member]
Subsequent Event [Line Items]
Common stock, shares issued			2,988,540			2,171,528
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued	21,172,044	21,172,044
Common stock shares issued | $	$ 530,883
Senior floating rate mortagage loans funded | $	$ 0	$ 0
Number of senior mortagage loans closed | Loans		0
Subsequent Event [Member] | Common Class F [Member]
Subsequent Event [Line Items]
Common stock, shares issued	2,598,312	2,598,312
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Number of Common Stock Repurchased					28,930
Share Repurchased, Amount | $					$ 720
Subsequent Event [Member] | Common Class Y [Member]
Subsequent Event [Line Items]
Common stock, shares issued	1,036,671	1,036,671
Subsequent Event [Member] | Common Class T [Member]
Subsequent Event [Line Items]
Common stock, shares issued	1,374,373	1,374,373
Subsequent Event [Member] | Common Class S [Member]
Subsequent Event [Line Items]
Common stock, shares issued	8,916,626	8,916,626
Subsequent Event [Member] | Common Class D [Member]
Subsequent Event [Line Items]
Common stock, shares issued	669,132	669,132
Subsequent Event [Member] | Common Class M [Member]
Subsequent Event [Line Items]
Common stock, shares issued	2,592,812	2,592,812
Subsequent Event [Member] | Common Class I [Member]
Subsequent Event [Line Items]
Common stock, shares issued	3,984,118	3,984,118