FS Credit Real Estate Income Trust (FSREI) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	FS Credit Real Estate Income Trust, Inc.
Entity Central Index Key	0001690536
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, State or Province	PA
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-56163
Entity Tax Identification Number	81-4446064
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Common Class F [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		903,286
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		1,569,512
Common Class S [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,187,066
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		729,640
Common Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,027,392
Common Class I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,555,816

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents		$ 75,659	$ 46,798
Restricted cash		19,111	39,010
Loans receivable, held-for-investment		6,538,370	3,841,868
Mortgage-backed securities held-to-maturity		78,942	37,862
Mortgage-backed securities available-for-sale, at fair value		153,274	44,518
Investment in real estate, net		160,711
Receivable for investments sold and repaid		52,959	6,625
Interest receivable		14,904	6,861
Deferred financing costs		647	658
Other assets		40,835	194
Total assets	[1]	7,135,412	4,024,394
Liabilities
Collateralized loan obligations (net of deferred financing costs of $23,158 and $16,701, respectively)		3,193,515	1,886,382
Repurchase agreements payable (net of deferred financing costs of $2,116 and $1,958, respectively)		1,175,651	903,010
Credit facilities payable (net of deferred financing costs of $4,280 and $2,230, respectively)		692,472	196,960
Mortgage note payable (net of deferred financing costs of $2,132 and $0, respectively)		122,568
Due to related party		92,665	48,514
Interest payable		7,922	2,591
Payable for shares repurchased		19,250	4,227
Other liabilities		10,139	9,370
Total liabilities	[1]	5,314,182	3,051,054
Commitments and contingencies (See Note 10)
Stockholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 125 and 125 issued and outstanding, respectively
Additional paid-in capital		1,820,033	969,558
Accumulated other comprehensive income (loss)		(3,192)	86
Retained earnings		3,621	3,287
Total stockholders' equity		1,821,230	973,340
Total liabilities and stockholders' equity		7,135,412	4,024,394
Common Class F [Member]
Stockholders' equity
Common stock, value		9	9
Common Class Y [Member]
Stockholders' equity
Common stock, value		9	9
Common Class T [Member]
Stockholders' equity
Common stock, value		15	14
Common Class S [Member]
Stockholders' equity
Common stock, value		446	228
Common Class D [Member]
Stockholders' equity
Common stock, value		7	6
Common Class M [Member]
Stockholders' equity
Common stock, value		37	29
Common Class I [Member]
Stockholders' equity
Common stock, value		$ 245	$ 114
[1]The June 30, 2022 and December 31, 2021 consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of the VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse to the Company. As of June 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,033,871 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,197,715 and $1,887,944, respectively. See Note 10 for further details.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Deferred financing costs		$ 647	$ 658
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized		50,000,000	50,000,000
Preferred stock, shares issued		125	125
Preferred stock, shares outstanding		125	125
VIE Assets	[1]	$ 7,135,412	$ 4,024,394
VIE Liabilities	[1]	5,314,182	3,051,054
Variable Interest Entity, Primary Beneficiary [Member]
VIE Assets		4,033,871	2,347,510
VIE Liabilities		3,197,715	1,887,944
Repurchase agreements payable [Member]
Deferred financing costs		3,278	1,958
Collateralized Loan Obligations [Member]
Deferred financing costs		27,057	16,701
Credit facilities payable [Member]
Deferred financing costs		8,666	2,230
Mortgage note payable [Member]
Deferred financing costs		$ 2,132	$ 0
Common Class F [Member]
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares authorized		125,000,000	125,000,000
Common stock, shares issued		904,792	902,878
Common stock, shares outstanding		904,792	902,878
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		906,648	906,648
Common stock, shares outstanding		906,648	906,648
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		1,508,682	1,407,377
Common stock, shares outstanding		1,508,682	1,407,377
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		44,602,788	22,823,721
Common stock, shares outstanding		44,602,788	22,823,721
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		680,347	642,162
Common stock, shares outstanding		680,347	642,162
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		3,701,528	2,876,736
Common stock, shares outstanding		3,701,528	2,876,736
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		24,516,086	11,366,687
Common stock, shares outstanding		24,516,086	11,366,687
[1]The June 30, 2022 and December 31, 2021 consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of the VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse to the Company. As of June 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,033,871 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,197,715 and $1,887,944, respectively. See Note 10 for further details.

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net interest income
Interest income	$ 68,877	$ 16,039	$ 114,861	$ 27,755
Less: Interest expense	(29,184)	(4,981)	(45,399)	(7,810)
Net interest income	39,693	11,058	69,462	19,945
Other expenses
Management and performance fees	5,351	1,708	9,348	3,281
General and administrative expenses	5,783	1,394	9,326	2,799
Less: Expense limitation				(56)
Add: Expense recoupment to sponsor	1,460	390	2,770	390
Net other expenses	12,594	3,492	21,444	6,414
Other income (loss)
Net change in unrealized gain (loss) on interest rate cap	(1,449)		(1,449)
Total other income (loss)	(1,449)		(1,449)
Net income	25,650	7,566	46,569	13,531
Preferred stock dividends	(4)	(4)	(8)	(8)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 25,646	$ 7,562	$ 46,561	$ 13,523
Per share information—basic and diluted
Net income per share of common stock (earnings per share), Basic	$ 0.36	$ 0.41	$ 0.75	$ 0.82
Net income per share of common stock (earnings per share, Diluted	$ 0.36	$ 0.41	$ 0.75	$ 0.82
Weighted average common stock outstanding, Basic	71,346,254	18,511,402	61,767,077	16,566,229
Weighted average common stock outstanding, Diluted	71,346,254	18,511,402	61,767,077	16,566,229

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 25,650	$ 7,566	$ 46,569	$ 13,531
Other comprehensive income
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale	(2,867)	80	(3,278)	80
Total other comprehensive income (loss)	(2,867)	80	(3,278)	80
Comprehensive income	$ 22,783	$ 7,646	$ 43,291	$ 13,611

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Class Y [Member]	Common Class T [Member]	Common Class S [Member]	Common Class D [Member]	Common Class M [Member]	Common Class I [Member]	Common Stock [Member]	Common Stock [Member] Common Class F [Member]	Common Stock [Member] Common Class F [Member] Par Value [Member]	Common Stock [Member] Common Class Y [Member]	Common Stock [Member] Common Class Y [Member] Par Value [Member]	Common Stock [Member] Common Class T [Member]	Common Stock [Member] Common Class T [Member] Par Value [Member]	Common Stock [Member] Common Class S [Member]	Common Stock [Member] Common Class S [Member] Par Value [Member]	Common Stock [Member] Common Class D [Member]	Common Stock [Member] Common Class D [Member] Par Value [Member]	Common Stock [Member] Common Class M [Member]	Common Stock [Member] Common Class M [Member] Par Value [Member]	Common Stock [Member] Common Class I [Member]	Common Stock [Member] Common Class I [Member] Par Value [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	[1]	Retained Earnings (Accumulated Deficit) [Member]
Balance at beginning of period, amount at Dec. 31, 2020	$ 305,712							$ 303,827	$ 22,378	$ 9	$ 3,449	$ 1	$ 29,971	$ 12	$ 134,705	$ 58	$ 13,573	$ 5	$ 46,154	$ 20	$ 53,597	$ 22	$ 303,783			$ 1,802
Common stock issued	187,917	$ 9	$ 1	$ 42	$ 1	$ 5	$ 18	187,917	0		20,749		1,690		106,853		2,282		10,996		45,347		187,841
Distributions declared	(13,511)																									(13,511)
Proceeds from distribution reinvestment plan	5,154			1			1	5,154	392		0		505		2,705		157		590		805		5,152
Redemptions of common stock	(5,233)	(1)				(1)		(5,233)	(258)		(1,827)		(503)		(922)		0		(1,072)		(651)		(5,231)
Stockholder servicing fees	(9,476)																						(9,476)
Offering costs	(679)																						(679)
Net income	13,531																									13,531
Dividends on preferred stock	(8)																									(8)
Other comprehensive income (loss)	80																							$ 80
Balance at end of period, amount at Jun. 30, 2021	483,487							482,189	22,352	9	22,371	9	31,514	13	234,624	101	14,929	6	55,941	24	100,458	41	481,390	80		1,814
Balance at beginning of period, amount at Mar. 31, 2021	363,335									9		1		13		72		5		22		30	361,358			1,825
Common stock issued	125,472	9		28	1	3	10																125,421
Distributions declared	(7,573)																									(7,573)
Proceeds from distribution reinvestment plan	2,912			1			1																2,910
Redemptions of common stock	(1,792)	$ (1)				(1)																	(1,790)
Stockholder servicing fees	(6,146)																						(6,146)
Offering costs	(363)																						(363)
Net income	7,566																									7,566
Dividends on preferred stock	(4)																									(4)
Other comprehensive income (loss)	80																							80
Balance at end of period, amount at Jun. 30, 2021	483,487							482,189	22,352	9	22,371	9	31,514	13	234,624	101	14,929	6	55,941	24	100,458	41	481,390	80		1,814
Balance at beginning of period, amount at Dec. 31, 2021	973,340							971,310	22,138	9	22,371	9	33,862	14	531,150	228	15,945	6	66,836	29	279,008	114	969,558	86		3,287
Common stock issued	930,144		1	226	$ 1	9	136	930,144	0		0		2,846		567,895		1,501		26,392		331,510		929,771
Distributions declared	(46,227)																									(46,227)
Proceeds from distribution reinvestment plan	21,895			5			3	21,895	366		0		515		13,021		182		1,295		6,516		21,887
Redemptions of common stock	(56,771)			(13)		(1)	(8)	(56,771)	(318)		0		(787)		(31,901)		(462)		(3,307)		(19,996)		(56,749)
Stockholder servicing fees	(46,428)																						(46,428)
Offering costs	(6,999)																						(6,999)
Performance contingent rights issued	8,993																						8,993
Net income	46,569																									46,569
Dividends on preferred stock	(8)																									(8)
Other comprehensive income (loss)	(3,278)																							(3,278)
Balance at end of period, amount at Jun. 30, 2022	1,821,230							1,820,150	22,186	9	22,371	9	36,279	15	1,035,353	446	16,886	7	86,538	37	600,537	245	1,820,033	(3,192)		3,621
Balance at beginning of period, amount at Mar. 31, 2022	1,388,142									9		9		14		331		7		32		182	1,383,218	(325)		4,665
Common stock issued	480,121		$ 1	121		6	64																479,929
Distributions declared	(26,690)																									(26,690)
Proceeds from distribution reinvestment plan	12,521			3			2																12,516
Redemptions of common stock	(32,597)			$ (9)		$ (1)	$ (3)																(32,584)
Stockholder servicing fees	(24,799)																						(24,799)
Offering costs	(3,598)																						(3,598)
Performance contingent rights issued	5,351																						5,351
Net income	25,650																									25,650
Dividends on preferred stock	(4)																									(4)
Other comprehensive income (loss)	(2,867)																							(2,867)
Balance at end of period, amount at Jun. 30, 2022	$ 1,821,230							$ 1,820,150	$ 22,186	$ 9	$ 22,371	$ 9	$ 36,279	$ 15	$ 1,035,353	$ 446	$ 16,886	$ 7	$ 86,538	$ 37	$ 600,537	$ 245	$ 1,820,033	$ (3,192)		$ 3,621
[1]Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale.

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income		$ 46,569	$ 13,531
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Performance contingent rights issued		8,993
Amortization of deferred fees on loans and debt securities		(2,020)	(731)
Amortization of deferred financing costs and discount		4,268	1,503
Net change in unrealized loss on interest rate cap		1,449
Changes in assets and liabilities
Reimbursement due from sponsor			444
Interest receivable		(8,043)	(873)
Other assets		(8,999)	15,876
Due to related party		1,397	8,866
Interest payable		5,331	463
Other liabilities		(20)	(6,041)
Net cash provided by (used in) operating activities	[1]	48,925	33,038
Cash flows used in investing activities
Origination and fundings of loans receivable, held-for-investment		(3,084,586)	(1,018,208)
Principal collections from loans receivable, held-for-investment		342,702	96,067
Exit and extension fees received on loans receivable, held-for-investment		769	335
Purchases of mortgage-backed securities available-for-sale		(112,073)	(19,575)
Principal repayments of mortgage-backed securities available-for-sale		62
Purchases of mortgage-backed securities held-to-maturity		(40,804)
Acquisition of real estate		(193,802)
Net cash provided by (used in) investing activities		(3,087,732)	(941,381)
Cash flows from financing activities
Issuance of common stock		930,144	187,917
Redemptions of common stock		(41,748)	(6,210)
Stockholder distributions paid		(22,216)	(7,816)
Stockholder servicing fees		(3,674)	(994)
Offering costs paid		(8,334)	(679)
Borrowing under mortgage note payable		124,700
Borrowings under repurchase agreements		1,586,790	690,482
Repayments under repurchase agreements		(1,312,829)	(612,790)
Borrowings under credit facilities		879,823	156,000
Repayments under credit facilities		(377,875)	(121,000)
Proceeds from issuance of collateralized loan obligations		1,407,120	646,935
Repayment of collateralized loan obligations		(89,631)
Payment of deferred financing costs		(24,501)	(9,374)
Net cash provided by (used in) financing activities		3,047,769	922,471
Total increase (decrease) in cash, cash equivalents and restricted cash		8,962	14,128
Cash, cash equivalents and restricted cash at beginning of period		85,808	17,874
Cash, cash equivalents and restricted cash at end of period		94,770	32,002
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest		35,800	5,844
Accrued stockholder servicing fee		42,754	8,482
Distributions payable		5,059	1,663
Reinvestment of stockholder distributions		21,895	5,154
Payable for shares repurchased		19,250	553
Loan principal payments held by servicer		$ 52,959
Loan transferred from loans receivable, held-for-investment to loans receivable, held-for-sale			$ 24,397
[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 7 for additional information regarding the Company’s expense limitation agreement.

Principal Business and Organiza

Principal Business and Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Note 1. Principal Business and Organization FS Credit Real Estate Income Trust, Inc., or the Company, was incorporated under the general corporation laws of the State of Maryland on November 7, 2016 and formally commenced investment operations on September 13, 2017. The Company is currently conducting a public offering of up to $2,750,000 of its Class T, Class S, Class D, Class M and Class I shares of common stock pursuant to a registration statement on Form S-11 sub-adviser. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2017. The Company intends to be an investment vehicle of indefinite duration focused on real estate debt investments and other real estate-related assets. The shares of common stock are generally intended to be sold and repurchased by the Company on a continuous basis. The Company intends to conduct its operations so that it is not required to register under the Investment Company Act of 1940, as amended, or the 1940 Act. The Company’s primary investment objectives are to: provide current income in the form of regular, stable cash distributions to achieve an attractive dividend yield; preserve and protect invested capital; realize appreciation in net asset value, or NAV, from proactive investment management and asset management; and provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate debt with lower volatility than public real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation: Reclassifications: Use of Estimates: reported amounts of revenues and expenses during the reporting period. Actual results could differ from those 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. Refer to Note 10 for additional discussion of the Company’s VIEs. Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: June 30, 2022 2021 Cash and cash equivalents $ 75,659 $ 13,318 Restricted cash 19,111 18,684 Total cash, cash equivalents and restricted cash $ 94,770 $ 32,002 Loans Receivable and Provision for Loan Losses: through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by FS Real Estate Advisor and Rialto. Actual losses, if any, could ultimately differ from these estimates. Loans that the Company originates or purchases that the Company is unable to hold, or intends to sell or otherwise dispose of, in the foreseeable future are classified as held-for-sale FS Real Estate Advisor and Rialto perform a quarterly review of the Company’s portfolio of loans. 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. Real Estate: identifiable assets, the asset or set of assets is not a business. The one property acquisition to date has been accounted for as an asset acquisition. Upon the acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired in-place in-place Intangible assets and intangible liabilities are recorded as a component of other assets and other liabilities, respectively, on the Company’s consolidated balance sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated statements of operations. The amortization of in-place The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 to 42 years Building and land improvements 2 to 20 years Furniture, fixtures and equipment 1 to 10 years Tenant improvements Shorter of estimated useful life or lease term Lease intangibles Over lease term The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties are considered to be “long-lived assets to be held and used” on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. During the periods presented, no such impairment occurred. 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 other classes 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 held-for-investment, • Mortgage-backed securities available-for-sale: • Mortgage-backed securities held-to-maturity: • Collateralized loan obligations, repurchase agreements payable, credit facilities payable, and mortgage note payable: 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 security, any unamortized loan origination fees to which the Company is entitled are recorded as fee income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Loans are considered past due when payments are not made in accordance with the contractual terms. The Company does not accrue as receivable interest on loans if it is not probable that such income will be collected. Loans are placed on non-accrual non-accrual non-performing Rental revenue primarily consists of base rent arising from tenant leases at the Company’s properties. Base rent is recognized on a straight-line basis over the life of the lease, including any rent increases or rent abatement. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Other rental revenues include amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. In making this determination, the Company considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. Organization Costs: Offering Costs: paid-in Income Taxes: Company generally will not be subject to federal income tax on income that it distributes to stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions.​​​​​​​ Uncertainty in Income Taxes Stockholder Servicing Fees: Liabilities paid-in Derivative Instruments The valuation of the Company’s interest rate caps is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Recent Accounting Pronouncements: 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) 2016-13. 2016-13 2016-13 available-for-sale 2019-10, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instrument (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, 2016-13

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Loans Receivable	Note 3. Loans Receivable The following table details overall statistics for the Company’s loans receivable portfolio as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Number of loans 135 102 Principal balance $ 6,539,424 $ 3,843,110 Net book value $ 6,538,370 $ 3,841,868 Unfunded loan commitments (1) $ 610,703 $ 414,818 Weighted-average cash coupon (2) +3.82 % +3.68 % Weighted-average all-in (2) +3.87 % +3.73 % Weighted-average maximum maturity (years) (3) 4.4 4.5 (1) The Company may be required to provide funding when requested by the borrowers 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, and the Secured Overnight Financing Rate, or SOFR. In addition to cash coupon, all-in (3) Maximum maturity assumes all extension options are exercised by the borrowers; however, loans may be repaid prior to such date. For the six months ended June 30, 2022 and 2021, the activity in the Company’s loan portfolio, was as follows: For the Six Months Ended 2022 2021 Balance at beginning of period $ 3,841,868 $ 700,149 Loan fundings 3,084,586 1,018,208 Loan repayments (389,036 ) (96,067 ) Amortization of deferred fees on loans 1,721 460 Exit and extension fees received on loans (769 ) (335 ) Balance at end of period $ 6,538,370 $ 1,622,415 The following tables detail the property type and geographic location of the properties securing the loans in the Company’s loans receivable, held-for-investment June 30, 2022 (Unaudited) December 31, 2021 Property Type Net Book Percentage Net Book Percentage Multifamily $ 4,204,627 64 % $ 2,192,346 57 % Office 689,413 11 % 430,084 11 % Hospitality 534,181 8 % 223,847 6 % Retail 368,555 6 % 277,044 7 % Industrial 359,275 5 % 348,071 9 % Self Storage 214,890 3 % 236,921 6 % Various 99,295 2 % 65,910 2 % Mixed Use 68,134 1 % 67,645 2 % Total $ 6,538,370 100 % $ 3,841,868 100 % June 30, 2022 (Unaudited) December 31, 2021 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 3,137,981 48 % $ 2,270,087 59 % West 1,301,765 20 % 637,142 17 % Northeast 1,301,761 20 % 646,761 16 % Various 435,978 7 % 65,910 2 % Midwest 360,885 5 % 221,968 6 % Total $ 6,538,370 100 % $ 3,841,868 100 % (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 yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point The following table allocates the net book value of the Company’s loans receivable, held-for-investment June 30, 2022 (Unaudited) December 31, 2021 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 135 6,538,370 100 % 102 3,841,868 100 % 4 — — — — — — 5 — — — — — — Total 135 $ 6,538,370 100 % 102 $ 3,841,868 100 % The Company did not have any impaired loans, non-accrual held-for-investment

Mortgage-Backed Securities

Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2022
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 Value Coupon Remaining June 30, 2022 (Unaudited) CMBS, available-for-sale $ 159,543 $ 156,467 $ 185 $ (3,378 ) $ 153,274 6.69 % 13.4 December 31, 2021 CMBS, available-for-sale $ 44,580 $ 44,432 $ 99 $ (13 ) $ 44,518 6.58 % 15.1 The following table presents the gross unrealized losses and estimated fair value of any available-for-sale Estimated Fair Value Unrealized Losses Securities with a Securities with a 12 months Securities with a 12 months Securities with a June 30, 2022 (Unaudited) CMBS, available-for-sale $ 131,072 $ — $ (3,378 ) $ — December 31, 2021 CMBS, available-for-sale $ 905 $ — $ (13 ) $ — As of June 30, 2022 and December 31, 2021, there were twelve securities and one security, respectively, with unrealized losses reflected in the table above. After evaluating the securities and recording adjustments for credit losses, the Company concluded that the remaining unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. The Company considered a number of factors in reaching this conclusion, including that it did not intend to sell the securities, it was not considered more likely than not that the Company would be forced to sell the securities prior to recovering its amortized cost, and there were no material credit events that would have caused the Company to otherwise conclude that it would not recover the cost of the securities. 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 June 30, 2022 (Unaudited) CMBS, held-to-maturity $ 78,942 — — $ 78,942 December 31, 2021 CMBS, held-to-maturity $ 37,862 — — $ 37,862 The table below summarizes the maturities of the Company’s investments in held-to-maturity Total Less than 1-3 years 3-5 More than June 30, 2022 (Unaudited) CMBS, held-to-maturity $ 78,942 — — $ 38,145 $ 40,797 December 31, 2021 CMBS, held-to-maturity $ 37,862 — — $ 37,862 —

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Real Estate	Note 5. Real Estate Investment in real estate, net, consisted of the following as of June 30, 2022: June 30, 2022 Building and building improvements $ 120,461 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 Real estate, net $ 160,711 No real estate was owned as of December 31, 2021. Acquisition On June 23, 2022, the Company acquired 555 Aviation, a 260,000 square foot creative office building located in El Segundo, California. The property was built in 1966 and was renovated in 2017 to convert the property into a creative office building, including LEED Gold certification, a glass façade and an interior open-air atrium. The property sits on 13 acres and is located in a growing Los Angeles sub-market of El Segundo near Los Angeles International Airport. The property is currently Amount Building and building improvements $ 120,461 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place 33,091 Net purchase price $ 193,802 The weighted average amortization period for the acquired in-place

Financing Arrangements

Financing Arrangements	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Note 6. Financing Arrangements The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2022 and December 31, 2021. As of June 30, 2022 (Unaudited) Arrangement (1) Rate (2) Amount Amount Maturity Date Carrying Fair Value Collateralized Loan Obligations 2019-FL1 + 1.20 2.50 (3) $ 238,034 $ — December 18, 2036 $ 336,297 $ 335,994 2021-FL2 + 1.22 3.45 (3) 646,935 — May 5, 2038 782,721 782,945 2021-FL3 +1.25% - 2.85% (3) 928,483 — November 4, 2036 1,133,690 1,134,805 2022-FL4 +1.90% - 4.75% ( 6 842,662 — January 31, 2039 1,077,266 1,078,595 2022-FL5 +2.30% - 5.41% ( 6 570,112 — June 17, 2037 662,474 662,328 3,226,226 — 3,992,448 3,994,667 Repurchase Agreements WF-1 +2.15% - 2.50% ( 4 495,250 154,750 August 30, 2023 496,652 496,554 GS-1 +1.75% - 2.75% ( 5 221,273 128,727 January 26, 2023 225,183 224,481 BB-1 +1.55% - 1.95% ( 6 388,107 311,893 February 22, 2024 378,788 379,719 RBC Facility +1.35% 74,299 — N/A — — 1,178,929 595,370 1,100,623 1,100,754 Revolving Credit Facility CNB Facility +2.25% ( 7 50,000 50,000 June 7, 2023 — — MM-1 +2.03% ( 8 (9 ) 651,138 348,862 September 20, 2029 642,251 642,380 701,138 398,862 642,251 642,380 Mortgage Loan Natixis Loan +2.15% ( 8 124,700 2,000 July 9, 2025 160,711 160,711 Total $ 5,230,993 $ 996,232 $ 5,896,033 $ 5,898,512 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) The rates are expressed over the relevant floating benchmark rates, which include USD LIBOR, Term SOFR, and SOFR Average (compounded average of SOFR over a rolling 30-day (3) USD LIBOR is subject to a 0.00% floor. (4) Benchmark rate is subject to a 0.00% floor. LIBOR or SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction. (5) Term SOFR is subject to a 0.00% floor. GS-1 ( 6 USD LIBOR, Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day (7) Term SOFR is subject to a floor. The CNB Facility is subject to a credit spread adjustment of 0.10%, which was implemented as a result of the facility’s transition from USD LIBOR to Term SOFR. (8) Term SOFR is subject to a 0.00% floor. (9) The MM-1 Facility is subject to a credit spread adjustment of 0.11%, which was implemented as a result of the facility’s transition from USD LIBOR to Term SOFR. As of December 31, 2021 Arrangement (1) Rate (2) Amount Amount Maturity Date Carrying Fair Value Collateralized Loan Obligation 2019-FL1 +1.20% - 2.50% (3) $ 327,665 $ — December 18, 2036 $ 424,665 $ 424,877 2021-FL2 +1.22% - 3.45% (3) 646,935 — May 5, 2038 740,083 741,226 2021-FL3 +1.25% - 2.85% (3) 928,483 — November 4, 2036 1,133,620 1,135,775 1,903,083 — 2,298,368 2,301,878 Repurchase Agreements WF-1 +2.15% - 2.50% ( 4 218,912 131,088 August 30, 2022 225,276 225,181 GS-1 +1.75% - 2.75% ( 5 212,005 37,995 January 26, 2022 212,677 212,574 BB-1 +1.55% - 1.95% 442,535 7,465 February 22, 2024 444,261 444,375 RBC Facility +1.35% 31,516 — N/A — — 904,968 176,548 882,214 882,130 Revolving Credit Facility CNB Facility +2.25% ( 6 6,000 49,000 June 7, 2023 — — MM-1 +2.10% (3) 193,190 6,810 September 20, 2029 193,076 193,346 199,190 55,810 193,076 193,346 Total $ 3,007,241 $ 232,358 $ 3,373,658 $ 3,377,354 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) The rates are expressed over the relevant floating benchmark rates, which include USD LIBOR. (3) USD LIBOR is subject to a 0.00% floor. (4) USD LIBOR is subject to a 0.00% floor. As of December 31, 2021, six transactions under the WF-1 (5) USD LIBOR is subject to a 0.50% floor. GS-1 ( 6 USD LIBOR is subject to a 0.50% floor. The Company’s average borrowings and weighted average interest rate, including the effect of non-usage non-usage Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of June 30, 2022 and December 31, 2021. Maturities The Company generally requires the amount outstanding on debt obligations to be paid down before the financing arrangement’s respective maturity date. The following table sets forth the Company’s repayment schedule for secured financings based on the maturity date of each financing arrangement: Collateralized Loan Repurchase Revolving Credit Mortgage Loan Total 2022 $ — $ 495,250 $ — $ — $ 495,250 2023 — 221,273 50,000 — 271,273 2024 — 388,107 — — 388,107 2025 — — — 124,700 124,700 2026 — — — — — Thereafter 3,226,226 74,299 651,138 — 3,951,663 Total $ 3,226,226 $ 1,178,929 $ 701,138 $ 124,700 $ 5,230,993 Collateralized Loan Obligations The Company financed certain pools of loans through collateralized loan obligations, which include 2019-FL1, 2021-FL2, 2021-FL3, 2022-FL4, 2022-FL5, As of June 30, 2022 Collateralized Loan Obligation Total Loans Principal 2019-FL1 16 $ 336,601 2021-FL2 28 782,978 2021-FL3 26 1,134,028 2022-FL4 23 1,077,573 2022-FL5 23 662,599 Total 116 $ 3,993,779 The Company incurred issuance costs and discount related to the collateralization of the CLO Notes, which are amortized to interest expense over the remaining life of the loans. The following table outlines the issuance costs and discount to be amortized. As of June 30, 2022 Collateralized Loan Obligation Issuance Costs and 2019-FL1 $ 2,790 2021-FL2 5,438 2021-FL3 6,482 2022-FL4 7,066 2022-FL5 5,281 Total $ 27,057 2022-FL5 On June 16, 2022, the Company issued $570,112 of collateralized loan obligation notes, or the CLO5 Transaction, through the Sub-REIT Sub-REIT, 2022-FL5 Repurchase Agreements WF-1 On August 30, 2017, the Company’s indirect wholly owned, special-purpose financing subsidiary, FS CREIT Finance WF-1 WF-1, WF-1 WF-1 WF-1 WF-1 WF-1 WF-1 Repurchase Agreement was amended to extend the temporary increase of $ maximum amount of financing available until September 30, 2022 and to extend the maturity date and availability period, in each case, from August 30, 2022 to August 30, 2023. The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of June 30, 2022, $1,367 of deferred financing costs had yet to be amortized to interest expense. GS-1 On January 26, 2018, the Company’s indirect wholly-owned, special-purpose financing subsidiary, FS CREIT Finance GS-1 GS-1, GS-1 GS-1 GS-1 GS-1 On January 26, 2022, the GS-1 GS-1 one-year GS-1 GS-1 The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of June 30, 2022, $335 of deferred financing costs had yet to be amortized to interest expense. 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 The initial availability period of the BB-1 BB-1 one-year BB-1 one-year BB-1 BB-1 The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of June 30, 2022, $1,576 of deferred financing costs had yet to be amortized to interest expense. RBC Facility On March 2, 2020, the Company’s wholly-owned subsidiary, FS CREIT Investments LLC, or FS CREIT Investments, as seller, entered into a Master Repurchase Agreement, or the RBC Facility, with Royal Bank of Canada, or RBC, as buyer, to enable FS CREIT Investments to execute repurchase transactions of securities and financial instruments on an asset-by-asset Revolving Credit Facilities CNB Facility On August 22, 2019, the Company and FS CREIT Finance Holdings LLC, or Finance Holdings, 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 maximum committed facility amount under the CNB Facility as of June 30, 2022 was $100,000. Borrowings under the CNB Facility are subject to compliance with a borrowing base calculated based on the Company’s stockholder subscriptions and certain cash and assets held directly by the Company. Borrowed amounts under the CNB facility must be repaid no later than 180 days after the funding date of such borrowing. In addition, the borrowers pay a non-utilization 0.375% per annum on the daily unused portion of the maximum facility amount. The CNB Facility matures on June 7, 2023, with an option to extend for up to three additional terms not longer than 364 days each, subject to CNB’s consent. On May 5, 2022, the CNB Loan Agreement was amended to, among other things, (i) increase the maximum committed facility amount from $55,000 to $100,000, (ii) introduce a new borrowing condition requiring collateral coverage of 1.4 times for each dollar borrowed in excess of $50,000, and (iii) transition the benchmark rate from LIBOR to SOFR, resulting in an interest rate of SOFR plus a spread of 2.25% plus a credit spread adjustment of 0.10%. The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of June 30, 2022, $647 of deferred financing costs had yet to be amortized to interest expense. MM-1 On September 20, 2021, FS CREIT Finance MM-1 MM-1, MM-1 MM-1 MM-1, MM-1 Borrowings under the MM-1 MM-1’s MM-1 MM-1 MM-1 MM-1 MM-1 On April 27, 2022, the MM-1 The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of June 30, 2022, $8,666 of deferred financing costs had yet to be amortized to interest expense. Mortgage Loan Natixis Loan On June 23, 2022, FS CREIT 555 Aviation LLC, an indirect wholly-owned subsidiary of the Company, entered into a mortgage loan related to its purchase of 555 Aviation (see Note 5). The maximum amount of financing under the facility as of June 30, 2022 is $

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions Compensation of FS Real Estate Advisor and the Dealer Manager Pursuant to the third amended and restated advisory agreement dated as of December 15, 2021 or the advisory agreement, FS Real Estate Advisor FS 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 approved Pursuant to the advisory agreement, the base management fee and performance fee may be paid, at FS Real Estate Advisor’s election, in (i) cash, (ii) Class I shares, (iii) performance-contingent rights Class I share awards, or Class I PCRs, or (iv) any combination of cash, Class I shares or Class I PCRs. Under the form of Class I PCR agreement to be entered into between the Company, FS Real Estate Advisor and Rialto, or the Adviser Entities, the PCR Agreement, management and performance fees may be payable to the Adviser Entities in the form of Class I PCRs to the extent that distributions paid to stockholders in the applicable fiscal quarter exceed the Company’s Adjusted Core Earnings. “Adjusted Core Earnings” means: the net income (loss) attributable to stockholders, computed in accordance with GAAP, including (A) realized gains (losses) not otherwise included in GAAP net (i) non-cash non-cash (iv) one-time non-cash form of Class I shares upon the achievement of the following conditions in any fiscal quarter following the initial issuance of the Class I PCRs, together, the Performance Conditions: (a) Adjusted Core Earnings for the quarter exceed distributions paid to stockholders during such quarter (such difference, the “Excess Distributable Income”) and (b) the annualized distribution yield on the Class I Shares (measured over such quarter) is at least at the yield target determined by management given then-current market conditions, the Yield Target. The initial Yield Target will be a 6.0% annualized yield on the Class I shares. On the last day of any fiscal quarter in which the Company achieves the Performance Conditions (the “Performance Achievement Date”), the Company will issue to the Adviser Entities the number of Class I shares equal in value to the Excess Distributable Income for such quarter in respect of any outstanding Class I PCRs. The Adviser Entities, and their respective affiliates and employees, may not request repurchase by the Company of any Class I shares issued under the PCR Agreement for a period of six (6) months from the date of issuance. Thereafter, upon ten days’ written notice to the Company by the Adviser Entities, the Company must repurchase any Class I shares requested to be repurchased by the Adviser Entities at the most recently published transaction price per Class I share; provided that no repurchase shall be permitted that would jeopardize the Company’s qualification as a REIT or violate Maryland law. If, prior to the Performance Achievement Date, (i) the New Advisory Agreement is terminated in accordance with Section 12(b) of the New Advisory Agreement (other than Section 12(b)(iii) thereof) or (ii) the sub-advisory sub-adviser, FS Real Estate Advisor has engaged Rialto as sub-adviser to originate loans and other investments on behalf of the Company, and FS Real Estate Advisor oversees the sub-adviser’s origination activities. In connection with these activities, origination fees of up to 1.0% of the loan amount for first lien, subordinated or mezzanine debt or preferred equity financing may be retained by the sub-adviser or FS Real Estate Advisor. Such origination fees will be retained only to the extent they are paid by the borrower, either directly to Rialto or FS Real Estate Advisor or indirectly through the Company. During the six months ended June 30, 2022 and 2021, $24,328 and $9,682, respectively, in origination fees were paid directly by the borrowers to FS Real Estate Advisor or Rialto and not to the Company. 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 $18,737 for the period from November 7, 2016 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 The following table describes the fees and expenses accrued under the advisory agreement during the six months ended June 30, 2022 and 2021: Three Months June 30, Six Months June 30, Related Party Source Agreement Description 2022 2021 2022 2021 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 5,351 $ 1,285 $ 9,196 $ 2,321 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ — $ 423 $ 152 $ 960 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 3,565 $ 652 $ 5,224 $ 1,448 (1) During the six months ended June 30, 2022, FS Real Estate Advisor received $2,007 in cash and $8,993 of performance contingent rights were issued as payment for management fees. During the six months ended June 30, 2022 and 2021, $2,007 and $1,804, respectively, in base management fees were paid to FS Real Estate Advisor. As of June 30, 2022, there were no base management fees payable to FS Real Estate Advisor. (2) During the six months ended June 30, 2022 and 2021, $557 and $800, respectively, in performance fees were paid to FS Real Estate Advisor. As of June 30, 2022, there were no performance fees payable to FS Real Estate Advisor. (3) During the six months ended June 30, 2022 and 2021, $4,796 and $1,270, 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 % 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 to participating broker-dealers, unless a particular broker-dealer declines to accept some portion of the dealer manager fee they are otherwise eligible to receive. Pursuant to the dealer manager agreement, the Company also reimburses FS Investment Solutions or participating broker-dealers for bona fide due diligence expenses, provided that total organization and offering expenses shall not exceed % of the gross proceeds in the Company’s public offering. 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 stockholders’ 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 The Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. As of June 30, 2022 and December 31, 2021, the Company accrued $91,206 and $48,514, 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 a FS Real Estate Advisor and Rialto each agreed to waive the recoupment of any amounts that may be subject to conditional reimbursement during the quarterly period ended March 31, 2020. To the extent that the conditions to recoupment are satisfied in a future quarter (prior to the expiration of the three-year period for reimbursement set forth in the expense limitation agreement), such expenses may be subject to conditional recoupment in accordance with the terms of the expense limitation agreement. During the period from September 13, 2017 (Commencement of Operations) to June 30, 2022, the Company accrued $5,839 for reimbursement of expenses that FS Real Estate Advisor and Rialto paid or waived, including $0 in reimbursements for the six months ended June 30, 2022. During the During the six months ended June 30, 2022, $482 of expense recoupments were paid to FS Real Estate Advisor and Rialto. As of June 30, 2022 and December 31, 2021, $1,460 and $62, respectively, of expense recoupments were payable to FS Real Estate Advisor and Rialto and $257 of expense reimbursements received from FS Real Estate Advisor and Rialto were eligible for recoupment. 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 Recoupable Recoupment Expired Recoupment eligibility expiration June 30, 2022 $ — $ — $ — $ — N/A March 31, 2022 — — — — N/A December 31, 2021 — — — — N/A September 30, 2021 — — — — N/A June 30, 2021 — — — — N/A March 31, 2021 56 56 — — March 31, 2024 December 31, 2020 444 201 243 — 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 — Expired June 30, 2022 March 31, 2019 537 — 537 — Expired March 31, 2022 December 31, 2018 709 — 62 647 Expired December 31, 2021 September 30, 2018 645 — 8 637 Expired September 30, 2021 June 30, 2018 561 — 390 171 Expired June 30, 2021 March 31, 2018 356 — — 356 Expired March 31, 2021 December 31, 2017 377 — — 377 Expired December 31, 2020 September 30, 2017 164 — — 164 Expired September 30, 2020 $ 5,839 $ 257 $ 3,230 $ 2,352 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. As of June 30, 2022, the ownership in the Company’s Class F Shares by FS Real Estate Advisor and Rialto (and each of their respective affiliates and designees) was $22,221 and $388, respectively. RIAL 2022-FL8 In the second quarter of 2022, the Company purchased $36,000 of the Class E Notes mortgage-backed securities in a transaction in which an affiliate of Rialto is the issuer of the notes. These securities are accounted for as available-for-sale.

Stockholder's Equity

Stockholder's Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2022 and 2021: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2021 902,878 906,648 1,407,377 22,823,721 642,162 2,876,736 11,366,687 40,926,209 Issuance of common stock — — 113,913 22,528,563 59,993 1,052,345 13,557,720 37,312,534 Reinvestment of distributions 14,613 — 20,616 516,751 7,279 31,546 266,637 857,442 Redemptions of common stock (12,699 ) — (31,495 ) (1,266,247 ) (18,465 ) (131,950 ) (818,042 ) (2,278,898 ) Transfers in or out — — (1,729 ) — (10,622 ) (127,149 ) 143,084 3,584 Balance as of June 30, 2022 904,792 906,648 1,508,682 44,602,788 680,347 3,701,528 24,516,086 76,820,871 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2021 $ 22,138 $ 22,371 $ 33,862 $ 531,150 $ 15,945 $ 66,836 $ 279,008 $ 971,310 Issuance of common stock — — 2,846 567,895 1,501 26,392 331,510 930,144 Reinvestment of distributions 366 — 515 13,021 182 1,295 6,516 21,895 Redemptions of common stock (318 ) — (787 ) (31,901 ) (462 ) (3,307 ) (19,996 ) (56,771 ) Transfers in or out — — (44 ) — (265 ) (3,190 ) 3,499 — Accrued stockholder servicing fees (1) — — (113 ) (44,812 ) (15 ) (1,488 ) — (46,428 ) Balance as of June 30, 2022 $ 22,186 $ 22,371 $ 36,279 $ 1,035,353 $ 16,886 $ 86,538 $ 600,537 $ 1,820,150 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 — 843,659 67,299 4,222,421 90,823 436,462 1,844,519 7,505,183 Reinvestment of distributions 15,638 — 20,142 106,935 6,249 23,427 32,784 205,175 Redemptions of common stock (10,270 ) (74,127 ) (20,042 ) (36,438 ) — (42,670 ) (26,490 ) (210,037 ) Transfers in or out (6,392 ) — (3,664 ) (1,684 ) (42,355 ) — 55,285 1,190 Balance as of June 30, 2021 911,445 906,648 1,309,393 10,069,874 601,015 2,388,258 4,077,626 20,264,259 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 — 20,749 1,690 106,853 2,282 10,996 45,347 187,917 Reinvestment of distributions 392 — 505 2,705 157 590 805 5,154 Redemptions of common stock (258 ) (1,827 ) (503 ) (922 ) — (1,072 ) (651 ) (5,233 ) Transfers in or out (160 ) — (92 ) (43 ) (1,065 ) — 1,360 — Accrued stockholder servicing fees (1) — — (57 ) (8,674 ) (18 ) (727 ) — (9,476 ) Balance as of June 30, 2021 $ 22,352 $ 22,371 $ 31,514 $ 234,624 $ 14,929 $ 55,941 $ 100,458 $ 482,189 (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 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 six months ended June 30, 2022: Record Date Class F Class Y Class T Class S Class D Class M Class I January 28, 2022 $ 0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350 February 25, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 March 30, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 April 28, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 May 27, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 June 29, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 Total $ 0.9660 $ 0.9660 $ 0.7038 $ 0.7038 $ 0.7728 $ 0.7728 $ 0.8100 The following table reflects the amount of cash distributions that the Company paid on its common stock during the six months ended June 30, 2022, and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Distributions: Paid or payable in cash $ 14,169 $ 4,661 $ 24,332 $ 8,357 Reinvested in shares 12,521 2,912 21,895 5,154 Total distributions $ 26,690 $ 7,573 $ 46,227 $ 13,511 Source of distributions: Cash flows from operating activities $ 26,690 $ 7,573 $ 46,227 $ 13,511 Offering proceeds — — — — Total sources of distributions $ 26,690 $ 7,573 $ 46,227 $ 13,511 Net cash provided by (used in) operating activities (1) $ 27,196 $ 9,619 $ 48,925 $ 33,038 (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 7 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 July 2022 for each class of its outstanding common stock in the net distribution amounts per share set forth below: Class F Class Y Class T Class S Class D Class M Class I $0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350 The 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	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 9. Fair Value of Financial Instruments The following table presents the Company’s financial assets carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: June 30, 2022 (Unaudited) December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities available-for-sale $ 153,274 $ — $ 153,274 $ — $ 44,518 $ — $ 44,518 $ — Interest rate cap $ 2,518 $ — $ 2,518 $ — $ — $ — $ — $ — As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statement of financial position, for which it is practicable to estimate that value. The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: June 30, 2022 (Unaudited) December 31, 2021 Book Value Face Fair Value Book Value Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 94,770 $ 94,770 $ 94,770 $ 85,808 $ 85,808 $ 85,808 Loans receivable—held-for-investment (1) $ 6,538,370 $ 6,539,424 $ 6,541,502 $ 3,841,868 $ 3,843,110 $ 3,844,685 Mortgage-backed securities held-to-maturity $ 78,942 $ 159,543 $ 78,942 $ 37,862 $ 50,300 $ 37,862 Financial Liabilities Repurchase agreements (2) $ 1,175,651 $ 1,178,929 $ 1,178,929 $ 903,010 $ 904,968 $ 904,968 Credit facilities $ 692,472 $ 701,138 $ 701,138 $ 196,960 $ 199,190 $ 199,190 Collateralized loan obligations (2) $ 3,193,515 $ 3,220,572 $ 3,220,572 $ 1,886,382 $ 1,903,083 $ 1,903,083 Mortgage note payable (2) $ 122,568 $ 124,700 $ 124,700 $ — $ — $ — (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	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 10. Variable Interest Entities Consolidated Variable Interest Entities The Company has financed a portion of its loans through CLOs, which are considered VIEs. The Company has a controlling financial interest in the CLOs and, therefore, consolidates them on its balance sheets because the Company has both (i) the power to direct activities of the CLOs that most significantly affect the CLOs’ economic performance and (ii) the obligation to absorb losses and the right to receive benefits of the CLOs that could potentially be significant to the CLOs. The following table details the assets and liabilities of the Company’s consolidated CLOs as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Assets: Restricted cash $ 4,153 $ 37,364 Loans receivable, held-for-investment 3,992,448 2,298,367 Interest receivable 9,576 5,154 Other assets 27,694 6,625 Total assets $ 4,033,871 $ 2,347,510 Liabilities Collateralized loan obligations (net of deferred financing costs of $27,057 and $16,701, respectively) $ 3,193,515 $ 1,886,382 Interest payable 3,988 1,357 Other liabilities 212 205 Total liabilities $ 3,197,715 $ 1,887,944 Assets held by the CLOs are restricted and can be used only to settle obligations of the CLOs. The liabilities are non-recourse Non-Consolidated The Company invested $67,005 in subordinated positions of CMBS trusts which are considered VIEs. The Company is not the primary beneficiary of the VIEs because it does not have the power to direct the activities that most significantly affect the VIEs’ economic performance, nor does it provide guarantees or recourse to the VIEs other than standard representations and warranties and, therefore, does not consolidate the VIEs on its balance sheets. The Company has classified its investment in the CMBS as 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	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11. 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 7 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.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangibles	Note 12. Intangibles The gross carrying amount and accumulated amortization of the Company’s real estate related intangible assets consisted of the following as of June 30, 2022: June 30, 2022 Intangible assets (1) In-place $ 33,091 Total intangible assets $ 33,091 (1) Included in Other assets in the Company’s consolidated balance sheets. No intangible assets or liabilities related to the Company’s real estate investments existed as of December 31, 2021. The following table details the Company’s future amortization of intangible assets for each of the next five years and thereafter: Amortization 2022 (remaining) $ 1,907 2023 3,814 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,133 Total $ 33,091

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2022
Summary of Derivative Instruments [Abstract]
Derivative Instruments	Note 13. Derivative Instrument The Company has entered into an interest rate cap contract in order to limit its exposure against the variability of future interest rates on its variable interest rate borrowing. The Company has not designated this derivative as a hedge for accounting purposes. The Company has not entered into a master netting arrangement with its third-party counterparty and does not offset on its consolidated balance sheets the fair value amount recorded for its derivative instrument. The table below provides additional information regarding the Company’s derivative instrument as of June 30, 2022. The Company did not hold any interest rate caps as of December 31, 2021. Type of Derivative Notional Amount Strike Effective Date Maturity Date Fair Value (1) Interest Rate Cap $ 126,700 2.25 % June 21, 2022 July 09, 2024 $ 2,518 (1) Included in Other assets in the Company’s consolidated balance sheets. The following table details the fair value of the Company’s derivative financial instrument: Type of Derivative Realized/Unrealized Location of Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest Rate Cap Unrealized Loss (1 ) $ (1,449 ) $ — $ (1,449 ) $ — (1) Included in Other income (loss) in the Company’s consolidated statements of operations

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events The following is a discussion of material events that have occurred subsequent to June 30, 2022 through the issuance of the unaudited consolidated financial statements. Barclay Revolving Credit Facility On August 1, 2022, the Company, as borrower, entered into a senior secured revolving credit facility, or the Senior Secured Revolving Credit Facility with Barclays, as administrative agent, and the lenders party thereto. The Senior Secured Revolving Credit Facility provides for borrowings, subject to a borrowing base calculation, in an aggregate maximum committed amount of up to $310,000, with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $155,000 of additional commitments. The Senior Secured Revolving Credit Facility will mature on August 1, 2025, subject to options for the Company to request that lenders, at their election, provide up to two one-year maturity extensions. In connection with the closing of the Senior Secured Revolving Credit Facility, the Company repaid all outstanding borrowings and all other obligations under, and concurrently terminated, the CNB Facility. Borrowings under the Senior Secured Revolving Credit Facility bear interest, at the Company’s election, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of per annum and a credit spread adjustment of 0.10% per annum. In each case, the spread will increase by 0.25 The Company will pay a commitment fee of 0.25% per annum on undrawn availability for each day on which over 50% of the maximum committed amount is undrawn and 0.35% per annum on undrawn availability for each day on which 50% or less of the maximum committed amount is undrawn. In connection with the Senior Secured Revolving Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. In addition, the Company must comply with the following financial covenants, in each case, measured as of the last day of each fiscal quarter: (a) a minimum fixed charge coverage ratio for the prior four fiscal quarters of not less than 1.50 to 1.00, (b) minimum tangible net worth not less than the sum of (i) $1,367,009 plus (ii) 75% of net cash proceeds from any offering of the Company’s capital stock after the closing date of the Senior Secured Revolving Credit Facility minus (iii) 50% of any cash used by the Company to repurchase any of its capital stock after the closing date of the Senior Secured Revolving Credit Facility, (c) minimum liquidity not less than $10,000, (d) a maximum debt to equity ratio for the prior four fiscal quarters of not greater than 3.50 to 1.00, and (e) an interest coverage ratio (calculated using earnings of assets contributing to the borrowing base) for the prior four fiscal quarters of not less than 1.50 to 1.00. The Senior Secured Revolving Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, Barclays, at the instruction of the lenders, may terminate the commitments and declare outstanding borrowings and all other obligations under the Senior Secured Revolving Credit Facility immediately due and payable. The Company’s obligations under the Senior Secured Revolving Credit Facility are guaranteed by certain of the Company’s subsidiaries. The Company’s obligations under the Senior Secured Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and the subsidiary guarantors thereunder. Status of Offerings As of August 5 ,

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation:
Reclassifications	Reclassifications:
Use of Estimates	Use of Estimates: reported amounts of revenues and expenses during the reporting period. Actual results could differ from those 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. Refer to Note 10 for additional discussion of the Company’s VIEs.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: June 30, 2022 2021 Cash and cash equivalents $ 75,659 $ 13,318 Restricted cash 19,111 18,684 Total cash, cash equivalents and restricted cash $ 94,770 $ 32,002
Loans Receivable and Provision for Loan Losses	Loans Receivable and Provision for Loan Losses: through a charge to the provision for loan losses. Impairment of these loans, which are collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed necessary by FS Real Estate Advisor and Rialto. Actual losses, if any, could ultimately differ from these estimates. Loans that the Company originates or purchases that the Company is unable to hold, or intends to sell or otherwise dispose of, in the foreseeable future are classified as held-for-sale FS Real Estate Advisor and Rialto perform a quarterly review of the Company’s portfolio of loans. 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.
Real Estate	Real Estate: identifiable assets, the asset or set of assets is not a business. The one property acquisition to date has been accounted for as an asset acquisition. Upon the acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired in-place in-place Intangible assets and intangible liabilities are recorded as a component of other assets and other liabilities, respectively, on the Company’s consolidated balance sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to rental revenue on the Company’s Consolidated statements of operations. The amortization of in-place The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 to 42 years Building and land improvements 2 to 20 years Furniture, fixtures and equipment 1 to 10 years Tenant improvements Shorter of estimated useful life or lease term Lease intangibles Over lease term The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. Since cash flows on real estate properties are considered to be “long-lived assets to be held and used” on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. During the periods presented, no such impairment occurred.
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 other classes 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 held-for-investment, • Mortgage-backed securities available-for-sale: • Mortgage-backed securities held-to-maturity: • Collateralized loan obligations, repurchase agreements payable, credit facilities payable, and mortgage note payable: 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 security, any unamortized loan origination fees to which the Company is entitled are recorded as fee income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Loans are considered past due when payments are not made in accordance with the contractual terms. The Company does not accrue as receivable interest on loans if it is not probable that such income will be collected. Loans are placed on non-accrual non-accrual non-performing Rental revenue primarily consists of base rent arising from tenant leases at the Company’s properties. Base rent is recognized on a straight-line basis over the life of the lease, including any rent increases or rent abatement. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Other rental revenues include amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company evaluates the collectability of receivables related to rental revenue on an individual lease basis. In making this determination, the Company considers the length of time a receivable has been outstanding, tenant credit-worthiness, payment history, available information about the financial condition of the tenant, and current economic trends, among other factors. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue.
Organization Costs	Organization Costs:
Offering Costs	Offering Costs: paid-in
Income Taxes	Income Taxes: Company generally will not be subject to federal income tax on income that it distributes to stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions.​​​​​​​
Uncertainty in Income Taxes	Uncertainty in Income Taxes
Stockholder Servicing Fees	Stockholder Servicing Fees: Liabilities paid-in
Derivative Instruments	Derivative Instruments The valuation of the Company’s interest rate caps is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
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 model under existing guidance with an “expected loss” model for instruments measured at amortized cost and require entities to record allowances for available-for-sale 2019-10, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instrument (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, 2016-13

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s unaudited consolidated statements of cash flows: June 30, 2022 2021 Cash and cash equivalents $ 75,659 $ 13,318 Restricted cash 19,111 18,684 Total cash, cash equivalents and restricted cash $ 94,770 $ 32,002
Summary of Useful Lives of Investments in Real Estate	The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 to 42 years Building and land improvements 2 to 20 years Furniture, fixtures and equipment 1 to 10 years Tenant improvements Shorter of estimated useful life or lease term Lease intangibles Over lease term

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Summary of Details Overall Statistics for Loans Receivable Portfolio	The following table details overall statistics for the Company’s loans receivable portfolio as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Number of loans 135 102 Principal balance $ 6,539,424 $ 3,843,110 Net book value $ 6,538,370 $ 3,841,868 Unfunded loan commitments (1) $ 610,703 $ 414,818 Weighted-average cash coupon (2) +3.82 % +3.68 % Weighted-average all-in (2) +3.87 % +3.73 % Weighted-average maximum maturity (years) (3) 4.4 4.5 (1) The Company may be required to provide funding when requested by the borrowers 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, and the Secured Overnight Financing Rate, or SOFR. In addition to cash coupon, all-in (3) Maximum maturity assumes all extension options are exercised by the borrowers; however, loans may be repaid prior to such date.
Summary of Activity in Loan Portfolio	For the six months ended June 30, 2022 and 2021, the activity in the Company’s loan portfolio, was as follows: For the Six Months Ended 2022 2021 Balance at beginning of period $ 3,841,868 $ 700,149 Loan fundings 3,084,586 1,018,208 Loan repayments (389,036 ) (96,067 ) Amortization of deferred fees on loans 1,721 460 Exit and extension fees received on loans (769 ) (335 ) Balance at end of period $ 6,538,370 $ 1,622,415
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 loans receivable, held-for-investment June 30, 2022 (Unaudited) December 31, 2021 Property Type Net Book Percentage Net Book Percentage Multifamily $ 4,204,627 64 % $ 2,192,346 57 % Office 689,413 11 % 430,084 11 % Hospitality 534,181 8 % 223,847 6 % Retail 368,555 6 % 277,044 7 % Industrial 359,275 5 % 348,071 9 % Self Storage 214,890 3 % 236,921 6 % Various 99,295 2 % 65,910 2 % Mixed Use 68,134 1 % 67,645 2 % Total $ 6,538,370 100 % $ 3,841,868 100 %
Schedule of Loan Receivables Acquired By Geographics	June 30, 2022 (Unaudited) December 31, 2021 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 3,137,981 48 % $ 2,270,087 59 % West 1,301,765 20 % 637,142 17 % Northeast 1,301,761 20 % 646,761 16 % Various 435,978 7 % 65,910 2 % Midwest 360,885 5 % 221,968 6 % Total $ 6,538,370 100 % $ 3,841,868 100 % (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, held-for-investment June 30, 2022 (Unaudited) December 31, 2021 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 135 6,538,370 100 % 102 3,841,868 100 % 4 — — — — — — 5 — — — — — — Total 135 $ 6,538,370 100 % 102 $ 3,841,868 100 %

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2022
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 Value Coupon Remaining June 30, 2022 (Unaudited) CMBS, available-for-sale $ 159,543 $ 156,467 $ 185 $ (3,378 ) $ 153,274 6.69 % 13.4 December 31, 2021 CMBS, available-for-sale $ 44,580 $ 44,432 $ 99 $ (13 ) $ 44,518 6.58 % 15.1
Schedule of Available-for-sale an Unrealized Loss Position	The following table presents the gross unrealized losses and estimated fair value of any available-for-sale Estimated Fair Value Unrealized Losses Securities with a Securities with a 12 months Securities with a 12 months Securities with a June 30, 2022 (Unaudited) CMBS, available-for-sale $ 131,072 $ — $ (3,378 ) $ — December 31, 2021 CMBS, available-for-sale $ 905 $ — $ (13 ) $ —
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 June 30, 2022 (Unaudited) CMBS, held-to-maturity $ 78,942 — — $ 78,942 December 31, 2021 CMBS, held-to-maturity $ 37,862 — — $ 37,862
Summary of Maturities of Investment Held-to-maturity CMBS	The table below summarizes the maturities of the Company’s investments in held-to-maturity Total Less than 1-3 years 3-5 More than June 30, 2022 (Unaudited) CMBS, held-to-maturity $ 78,942 — — $ 38,145 $ 40,797 December 31, 2021 CMBS, held-to-maturity $ 37,862 — — $ 37,862 —

Real Estate (Table)

Real Estate (Table)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment in real estate, net, consisted of the following as of June 30, 2022: June 30, 2022 Building and building improvements $ 120,461 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 Real estate, net $ 160,711
Summary of Asset Acquisition	The following table details the purchase price allocation for the property acquired. As of June 30, 2022, this was the only property held by the Company. Amount Building and building improvements $ 120,461 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place 33,091 Net purchase price $ 193,802

Financing Arrangements (Tables)

Financing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of information of outstanding financing arrangement	The following tables present summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2022 and December 31, 2021. As of June 30, 2022 (Unaudited) Arrangement (1) Rate (2) Amount Amount Maturity Date Carrying Fair Value Collateralized Loan Obligations 2019-FL1 + 1.20 2.50 (3) $ 238,034 $ — December 18, 2036 $ 336,297 $ 335,994 2021-FL2 + 1.22 3.45 (3) 646,935 — May 5, 2038 782,721 782,945 2021-FL3 +1.25% - 2.85% (3) 928,483 — November 4, 2036 1,133,690 1,134,805 2022-FL4 +1.90% - 4.75% ( 6 842,662 — January 31, 2039 1,077,266 1,078,595 2022-FL5 +2.30% - 5.41% ( 6 570,112 — June 17, 2037 662,474 662,328 3,226,226 — 3,992,448 3,994,667 Repurchase Agreements WF-1 +2.15% - 2.50% ( 4 495,250 154,750 August 30, 2023 496,652 496,554 GS-1 +1.75% - 2.75% ( 5 221,273 128,727 January 26, 2023 225,183 224,481 BB-1 +1.55% - 1.95% ( 6 388,107 311,893 February 22, 2024 378,788 379,719 RBC Facility +1.35% 74,299 — N/A — — 1,178,929 595,370 1,100,623 1,100,754 Revolving Credit Facility CNB Facility +2.25% ( 7 50,000 50,000 June 7, 2023 — — MM-1 +2.03% ( 8 (9 ) 651,138 348,862 September 20, 2029 642,251 642,380 701,138 398,862 642,251 642,380 Mortgage Loan Natixis Loan +2.15% ( 8 124,700 2,000 July 9, 2025 160,711 160,711 Total $ 5,230,993 $ 996,232 $ 5,896,033 $ 5,898,512 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) The rates are expressed over the relevant floating benchmark rates, which include USD LIBOR, Term SOFR, and SOFR Average (compounded average of SOFR over a rolling 30-day (3) USD LIBOR is subject to a 0.00% floor. (4) Benchmark rate is subject to a 0.00% floor. LIBOR or SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction. (5) Term SOFR is subject to a 0.00% floor. GS-1 ( 6 USD LIBOR, Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day (7) Term SOFR is subject to a floor. The CNB Facility is subject to a credit spread adjustment of 0.10%, which was implemented as a result of the facility’s transition from USD LIBOR to Term SOFR. (8) Term SOFR is subject to a 0.00% floor. (9) The MM-1 Facility is subject to a credit spread adjustment of 0.11%, which was implemented as a result of the facility’s transition from USD LIBOR to Term SOFR. As of December 31, 2021 Arrangement (1) Rate (2) Amount Amount Maturity Date Carrying Fair Value Collateralized Loan Obligation 2019-FL1 +1.20% - 2.50% (3) $ 327,665 $ — December 18, 2036 $ 424,665 $ 424,877 2021-FL2 +1.22% - 3.45% (3) 646,935 — May 5, 2038 740,083 741,226 2021-FL3 +1.25% - 2.85% (3) 928,483 — November 4, 2036 1,133,620 1,135,775 1,903,083 — 2,298,368 2,301,878 Repurchase Agreements WF-1 +2.15% - 2.50% ( 4 218,912 131,088 August 30, 2022 225,276 225,181 GS-1 +1.75% - 2.75% ( 5 212,005 37,995 January 26, 2022 212,677 212,574 BB-1 +1.55% - 1.95% 442,535 7,465 February 22, 2024 444,261 444,375 RBC Facility +1.35% 31,516 — N/A — — 904,968 176,548 882,214 882,130 Revolving Credit Facility CNB Facility +2.25% ( 6 6,000 49,000 June 7, 2023 — — MM-1 +2.10% (3) 193,190 6,810 September 20, 2029 193,076 193,346 199,190 55,810 193,076 193,346 Total $ 3,007,241 $ 232,358 $ 3,373,658 $ 3,377,354 (1) The carrying amount outstanding under the facilities approximates their fair value. (2) The rates are expressed over the relevant floating benchmark rates, which include USD LIBOR. (3) USD LIBOR is subject to a 0.00% floor. (4) USD LIBOR is subject to a 0.00% floor. As of December 31, 2021, six transactions under the WF-1 (5) USD LIBOR is subject to a 0.50% floor. GS-1 ( 6 USD LIBOR is subject to a 0.50% floor.
Summary of based on the maturity date of each financing arrangement	The following table sets forth the Company’s repayment schedule for secured financings based on the maturity date of each financing arrangement: Collateralized Loan Repurchase Revolving Credit Mortgage Loan Total 2022 $ — $ 495,250 $ — $ — $ 495,250 2023 — 221,273 50,000 — 271,273 2024 — 388,107 — — 388,107 2025 — — — 124,700 124,700 2026 — — — — — Thereafter 3,226,226 74,299 651,138 — 3,951,663 Total $ 3,226,226 $ 1,178,929 $ 701,138 $ 124,700 $ 5,230,993
Summary of number of loans and the principal balance	The Company financed certain pools of loans through collateralized loan obligations, which include 2019-FL1, 2021-FL2, 2021-FL3, 2022-FL4, 2022-FL5, As of June 30, 2022 Collateralized Loan Obligation Total Loans Principal 2019-FL1 16 $ 336,601 2021-FL2 28 782,978 2021-FL3 26 1,134,028 2022-FL4 23 1,077,573 2022-FL5 23 662,599 Total 116 $ 3,993,779
Summary of the issuance costs and discount to be amortized	The following table outlines the issuance costs and discount to be amortized. As of June 30, 2022 Collateralized Loan Obligation Issuance Costs and 2019-FL1 $ 2,790 2021-FL2 5,438 2021-FL3 6,482 2022-FL4 7,066 2022-FL5 5,281 Total $ 27,057

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021: Three Months June 30, Six Months June 30, Related Party Source Agreement Description 2022 2021 2022 2021 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 5,351 $ 1,285 $ 9,196 $ 2,321 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ — $ 423 $ 152 $ 960 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 3,565 $ 652 $ 5,224 $ 1,448 (1) During the six months ended June 30, 2022, FS Real Estate Advisor received $2,007 in cash and $8,993 of performance contingent rights were issued as payment for management fees. During the six months ended June 30, 2022 and 2021, $2,007 and $1,804, respectively, in base management fees were paid to FS Real Estate Advisor. As of June 30, 2022, there were no base management fees payable to FS Real Estate Advisor. (2) During the six months ended June 30, 2022 and 2021, $557 and $800, respectively, in performance fees were paid to FS Real Estate Advisor. As of June 30, 2022, there were no performance fees payable to FS Real Estate Advisor. (3) During the six months ended June 30, 2022 and 2021, $4,796 and $1,270, 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 Recoupable Recoupment Expired Recoupment eligibility expiration June 30, 2022 $ — $ — $ — $ — N/A March 31, 2022 — — — — N/A December 31, 2021 — — — — N/A September 30, 2021 — — — — N/A June 30, 2021 — — — — N/A March 31, 2021 56 56 — — March 31, 2024 December 31, 2020 444 201 243 — 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 — Expired June 30, 2022 March 31, 2019 537 — 537 — Expired March 31, 2022 December 31, 2018 709 — 62 647 Expired December 31, 2021 September 30, 2018 645 — 8 637 Expired September 30, 2021 June 30, 2018 561 — 390 171 Expired June 30, 2021 March 31, 2018 356 — — 356 Expired March 31, 2021 December 31, 2017 377 — — 377 Expired December 31, 2020 September 30, 2017 164 — — 164 Expired September 30, 2020 $ 5,839 $ 257 $ 3,230 $ 2,352

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Summary of Common Stock Transactions	Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2022 and 2021: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2021 902,878 906,648 1,407,377 22,823,721 642,162 2,876,736 11,366,687 40,926,209 Issuance of common stock — — 113,913 22,528,563 59,993 1,052,345 13,557,720 37,312,534 Reinvestment of distributions 14,613 — 20,616 516,751 7,279 31,546 266,637 857,442 Redemptions of common stock (12,699 ) — (31,495 ) (1,266,247 ) (18,465 ) (131,950 ) (818,042 ) (2,278,898 ) Transfers in or out — — (1,729 ) — (10,622 ) (127,149 ) 143,084 3,584 Balance as of June 30, 2022 904,792 906,648 1,508,682 44,602,788 680,347 3,701,528 24,516,086 76,820,871 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2021 $ 22,138 $ 22,371 $ 33,862 $ 531,150 $ 15,945 $ 66,836 $ 279,008 $ 971,310 Issuance of common stock — — 2,846 567,895 1,501 26,392 331,510 930,144 Reinvestment of distributions 366 — 515 13,021 182 1,295 6,516 21,895 Redemptions of common stock (318 ) — (787 ) (31,901 ) (462 ) (3,307 ) (19,996 ) (56,771 ) Transfers in or out — — (44 ) — (265 ) (3,190 ) 3,499 — Accrued stockholder servicing fees (1) — — (113 ) (44,812 ) (15 ) (1,488 ) — (46,428 ) Balance as of June 30, 2022 $ 22,186 $ 22,371 $ 36,279 $ 1,035,353 $ 16,886 $ 86,538 $ 600,537 $ 1,820,150 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 — 843,659 67,299 4,222,421 90,823 436,462 1,844,519 7,505,183 Reinvestment of distributions 15,638 — 20,142 106,935 6,249 23,427 32,784 205,175 Redemptions of common stock (10,270 ) (74,127 ) (20,042 ) (36,438 ) — (42,670 ) (26,490 ) (210,037 ) Transfers in or out (6,392 ) — (3,664 ) (1,684 ) (42,355 ) — 55,285 1,190 Balance as of June 30, 2021 911,445 906,648 1,309,393 10,069,874 601,015 2,388,258 4,077,626 20,264,259 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 — 20,749 1,690 106,853 2,282 10,996 45,347 187,917 Reinvestment of distributions 392 — 505 2,705 157 590 805 5,154 Redemptions of common stock (258 ) (1,827 ) (503 ) (922 ) — (1,072 ) (651 ) (5,233 ) Transfers in or out (160 ) — (92 ) (43 ) (1,065 ) — 1,360 — Accrued stockholder servicing fees (1) — — (57 ) (8,674 ) (18 ) (727 ) — (9,476 ) Balance as of June 30, 2021 $ 22,352 $ 22,371 $ 31,514 $ 234,624 $ 14,929 $ 55,941 $ 100,458 $ 482,189 (1) Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, the Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class.
Summary of Cash Distributions Per Share that Paid on its Common Stock	The following table reflects the cash distributions per share that the Company paid on its common stock during the six months ended June 30, 2022: Record Date Class F Class Y Class T Class S Class D Class M Class I January 28, 2022 $ 0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350 February 25, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 March 30, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 April 28, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 May 27, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 June 29, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 Total $ 0.9660 $ 0.9660 $ 0.7038 $ 0.7038 $ 0.7728 $ 0.7728 $ 0.8100 The following table reflects the amount of cash distributions that the Company paid on its common stock during the six months ended June 30, 2022, and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 Distributions: Paid or payable in cash $ 14,169 $ 4,661 $ 24,332 $ 8,357 Reinvested in shares 12,521 2,912 21,895 5,154 Total distributions $ 26,690 $ 7,573 $ 46,227 $ 13,511 Source of distributions: Cash flows from operating activities $ 26,690 $ 7,573 $ 46,227 $ 13,511 Offering proceeds — — — — Total sources of distributions $ 26,690 $ 7,573 $ 46,227 $ 13,511 Net cash provided by (used in) operating activities (1) $ 27,196 $ 9,619 $ 48,925 $ 33,038 (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 7 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 July 2022 for each class of its outstanding common stock in the net distribution amounts per share set forth below: Class F Class Y Class T Class S Class D Class M Class I $0.1610 $ 0.1610 $ 0.1173 $ 0.1173 $ 0.1288 $ 0.1288 $ 0.1350

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The following table presents the Company’s financial assets carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: June 30, 2022 (Unaudited) December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Mortgage-backed securities available-for-sale $ 153,274 $ — $ 153,274 $ — $ 44,518 $ — $ 44,518 $ — Interest rate cap $ 2,518 $ — $ 2,518 $ — $ — $ — $ — $ —
Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments	The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: June 30, 2022 (Unaudited) December 31, 2021 Book Value Face Fair Value Book Value Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 94,770 $ 94,770 $ 94,770 $ 85,808 $ 85,808 $ 85,808 Loans receivable—held-for-investment (1) $ 6,538,370 $ 6,539,424 $ 6,541,502 $ 3,841,868 $ 3,843,110 $ 3,844,685 Mortgage-backed securities held-to-maturity $ 78,942 $ 159,543 $ 78,942 $ 37,862 $ 50,300 $ 37,862 Financial Liabilities Repurchase agreements (2) $ 1,175,651 $ 1,178,929 $ 1,178,929 $ 903,010 $ 904,968 $ 904,968 Credit facilities $ 692,472 $ 701,138 $ 701,138 $ 196,960 $ 199,190 $ 199,190 Collateralized loan obligations (2) $ 3,193,515 $ 3,220,572 $ 3,220,572 $ 1,886,382 $ 1,903,083 $ 1,903,083 Mortgage note payable (2) $ 122,568 $ 124,700 $ 124,700 $ — $ — $ — (1) Book value of loans receivable represents the face amount, net of unamortized loan fees and costs and accrual of exit fees, as applicable. (2) Book value represents the face amount, net of deferred financing costs.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2022
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 CLOs as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Assets: Restricted cash $ 4,153 $ 37,364 Loans receivable, held-for-investment 3,992,448 2,298,367 Interest receivable 9,576 5,154 Other assets 27,694 6,625 Total assets $ 4,033,871 $ 2,347,510 Liabilities Collateralized loan obligations (net of deferred financing costs of $27,057 and $16,701, respectively) $ 3,193,515 $ 1,886,382 Interest payable 3,988 1,357 Other liabilities 212 205 Total liabilities $ 3,197,715 $ 1,887,944

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization of the Company’s real estate related intangible assets consisted of the following as of June 30, 2022: June 30, 2022 Intangible assets (1) In-place $ 33,091 Total intangible assets $ 33,091 (1) Included in Other assets in the Company’s consolidated balance sheets.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table details the Company’s future amortization of intangible assets for each of the next five years and thereafter: Amortization 2022 (remaining) $ 1,907 2023 3,814 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,133 Total $ 33,091

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Derivative Instruments [Abstract]
Summary of Derivative Instruments	Company’s derivative instrument as of June 30, 2022. The Company did not hold any interest rate caps as of December 31, 2021. Type of Derivative Notional Amount Strike Effective Date Maturity Date Fair Value (1) Interest Rate Cap $ 126,700 2.25 % June 21, 2022 July 09, 2024 $ 2,518 (1) Included in Other assets in the Company’s consolidated balance sheets.
Summary of Fair Value of the Company Derivative Financial Instrument	The following table details the fair value of the Company’s derivative financial instrument: Type of Derivative Realized/Unrealized Location of Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest Rate Cap Unrealized Loss (1 ) $ (1,449 ) $ — $ (1,449 ) $ — (1) Included in Other income (loss) in the Company’s consolidated statements of operations

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail) - Class T, Class S, Class D, Class M and Class I shares [Member] - Maximum [Member]	6 Months Ended
	Jun. 30, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 2,750,000,000
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	2,500,000,000
Distribution Reinvestment Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 250,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 75,659	$ 46,798	$ 13,318
Restricted cash	19,111	39,010	18,684
Total cash, cash equivalents and restricted cash	$ 94,770	$ 85,808	$ 32,002	$ 17,874

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Offering costs incurred	$ 18,494
Percentage of distribution of annual REIT taxable income to stockholders to qualify as REIT	90%
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

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Useful Lives of Investments in Real Estate (Detail)	6 Months Ended
	Jun. 30, 2022
Tenant improvements [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	Shorter of estimated useful life or lease term
Lease intangibles [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	Over lease term
Minimum [Member] | Building [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	30 years
Minimum [Member] | Building and land improvements [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	2 years
Minimum [Member] | Furniture, fixtures and equipment [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	1 year
Maximum [Member] | Building [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	42 years
Maximum [Member] | Building and land improvements [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	20 years
Maximum [Member] | Furniture, fixtures and equipment [Member]
Disclosure In Tabular Form Of Useful Lives Of Investments In Real Estate [Line Items]
Depreciable life	10 years

Loans Receivable - Summary of D

Loans Receivable - Summary of Details Overall Statistics for Loans Receivable Portfolio (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Leases Receivable, Net Amount [Abstract]
Number of loans | Loans	135	102
Principal balance	$ 6,539,424	$ 3,843,110
Net book value	6,538,370	3,841,868	$ 1,622,415	$ 700,149
Unfunded loan commitments	$ 610,703	$ 414,818
Weighted-average cash coupon	3.82%	3.68%
Weighted-average all-in yield	3.87%	3.73%
Weighted-average maximum maturity (years)	4 years 4 months 24 days	4 years 6 months

Loans Receivable - Summary of A

Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Loans and Leases Receivable, Net Amount [Abstract]
Balance at beginning of period	$ 3,841,868	$ 700,149
Loan fundings	3,084,586	1,018,208
Loan repayments	(389,036)	(96,067)
Amortization of deferred fees on loans	1,721	460
Exit and extension fees received on loans receivable	(769)	(335)
Balance at end of period	$ 6,538,370	$ 1,622,415

Loans Receivable - Loan Receiva

Loans Receivable - Loan Receivables Acquired By Property (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Net book value	$ 6,538,370	$ 3,841,868	$ 1,622,415	$ 700,149
Percentage	100%	100%
Multifamily [Member]
Net book value	$ 4,204,627	$ 2,192,346
Percentage	64%	57%
Office [Member]
Net book value	$ 689,413	$ 430,084
Percentage	11%	11%
Hospitality [Member]
Net book value	$ 534,181	$ 223,847
Percentage	8%	6%
Retail [Member]
Net book value	$ 368,555	$ 277,044
Percentage	6%	7%
Industrial [Member]
Net book value	$ 359,275	$ 348,071
Percentage	5%	9%
Self Storage [Member]
Net book value	$ 214,890	$ 236,921
Percentage	3%	6%
Various [Member]
Net book value	$ 99,295	$ 65,910
Percentage	2%	2%
Mixed-Use [Member]
Net book value	$ 68,134	$ 67,645
Percentage	1%	2%

Loans Receivable - Loan Recei_2

Loans Receivable - Loan Receivables Acquired By Geographics (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Net book value	$ 6,538,370	$ 3,841,868	$ 1,622,415	$ 700,149
Percentage	100%	100%
South [Member]
Net book value	$ 3,137,981	$ 2,270,087
Percentage	48%	59%
West [Member]
Net book value	$ 1,301,765	$ 637,142
Percentage	20%	17%
Northeast [Member]
Net book value	$ 1,301,761	$ 646,761
Percentage	20%	16%
Various [Member]
Net book value	$ 435,978	$ 65,910
Percentage	7%	2%
Midwest [Member]
Net book value	$ 360,885	$ 221,968
Percentage	5%	6%

Loans Receivable - Summary of l

Loans Receivable - Summary of loans receivable based on internal risk ratings: (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	135	102
Net book value | $	$ 6,538,370	$ 3,841,868	$ 1,622,415	$ 700,149
Percentage	100%	100%
Risk Level, Medium [Member]
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	135	102
Net book value | $	$ 6,538,370	$ 3,841,868
Percentage	100%	100%

Mortgage-Backed Securities - Sc

Mortgage-Backed Securities - Schedule of Available-for-sale Securities Reconciliation (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Outstanding Face Amount	$ 112,073	$ 19,575
Fair Value	$ 153,274		$ 44,518
Weighted Average Coupon	3.82%		3.68%
CMBS [Member]
Outstanding Face Amount	$ 159,543		$ 44,580
Amortized Cost Basis	156,467		44,432
Gross Unrealize Gains	185		99
Gross Unrealized Losses	(3,378)		(13)
Fair Value	$ 153,274		$ 44,518
Weighted Average Coupon	6.69%		6.58%
Weighted Average Remaining Duration (years)	13 years 4 months 24 days		15 years 1 month 6 days

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Schedule of Available-for-sale an Unrealized Loss Position (Detail) - Commercial Mortgage Backed Securities [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Securities with a loss less than 12 months	$ 131,072	$ 905
Securities with a loss greater than 12 months	0	0
Securities with a loss less than 12 months	(3,378)	(13)
Securities with a loss greater than 12 months	$ 0	$ 0

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Schedule of Available-for-sale an Unrealized Loss Position (Parenthetical) (Detail) - securities	Jun. 30, 2022	Dec. 31, 2021
Commercial Mortgage Backed Securities [Member]
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Debt securities available for sale unrealized loss positions number of positions	12	1

Mortgage-Backed Securities - Su

Mortgage-Backed Securities - Summary of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Net Carrying Amount (Amortized Cost)	$ 78,942	$ 37,862
Gross Unrecognized Holding Gains	0	0
Gross Unrecognized Holding Losses	0	0
Fair Value	$ 78,942	$ 37,862

Mortgage-Backed Securities - _4

Mortgage-Backed Securities - Summary of Maturities of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
CMBS, held-to-maturity, Total	$ 78,942	$ 37,862
CMBS, held-to-maturity, Less than 1 year	0	0
CMBS, held-to-maturity, 1-3 years	0	0
CMBS, held-to-maturity, 3-5 years	38,145	37,862
CMBS, held-to-maturity, More than 5 years	$ 40,797	$ 0

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Properties (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Real Estate [Line Items]
Real estate, net	$ 160,711
Building and building improvements [Member]
Real Estate [Line Items]
Real estate, net	120,461
Land and land improvements [Member]
Real Estate [Line Items]
Real estate, net	39,186
Furniture, fixtures and equipment [Member]
Real Estate [Line Items]
Real estate, net	$ 1,064

Real Estate - Summary of Asset

Real Estate - Summary of Asset Acquisition (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Asset Acquisition [Line Items]
Net purchase price	$ 193,802
Building and building improvements [Member]
Asset Acquisition [Line Items]
Net purchase price	120,461
Land and land improvements [Member]
Asset Acquisition [Line Items]
Net purchase price	39,186
Furniture, fixtures and equipment [Member]
Asset Acquisition [Line Items]
Net purchase price	1,064
In-place lease intangibles [Member]
Asset Acquisition [Line Items]
Net purchase price	$ 33,091

Real Estate - Additional Inform

Real Estate - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2022	Jun. 23, 2022 ft² Tenants
In-place lease intangibles [Member]
Real Estate [Line Items]
Acquired finite lived intangible assets weighted average useful lives	9 years
Creative office building [Member]
Real Estate [Line Items]
Area of real estate property | ft²		260,000
Percentage of real estate property leased to lessee		100%
Number of tenants to whom the property has been leased | Tenants		3

Financing Arrangements - Summar

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 5,230,993	$ 3,007,241
Amount Available		$ 996,232	232,358
Description of variable rate		0.00
Carrying Amount of Collateral	[1]	$ 7,135,412	4,024,394
Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		5,896,033	3,373,658
Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		5,898,512	3,377,354
Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		3,226,226	1,903,083
Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		3,992,448	2,298,368
Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		3,994,667	2,301,878
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		1,178,929	904,968
Amount Available		595,370	176,548
Repurchase Agreements [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		1,100,623	882,214
Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		1,100,754	882,130
Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		701,138	199,190
Amount Available		398,862	55,810
Revolving Credit Facility [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		642,251	193,076
Revolving Credit Facility [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		642,380	193,346
Mortgage Loan [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		124,700
2019-FLI Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 238,034	$ 327,665
Description of variable rate		+1.20% - 2.50%	+1.20% - 2.50%
Maturity Date		Dec. 18, 2036	Dec. 18, 2036
2019-FLI Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 336,297	$ 424,665
2019-FLI Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 335,994	$ 424,877
2019-FLI Notes [Member] | Minimum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		1.20	1.20
2019-FLI Notes [Member] | Maximum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		2.50	2.50
2021-FL2 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 646,935	$ 646,935
Description of variable rate		+1.22% - 3.45%	+1.22% - 3.45%
Maturity Date		May 05, 2038	May 05, 2038
2021-FL2 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 782,721	$ 740,083
2021-FL2 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 782,945	$ 741,226
2021-FL2 Notes [Member] | Minimum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		1.22	1.22
2021-FL2 Notes [Member] | Maximum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		3.45	3.45
2021-FL3 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 928,483	$ 928,483
Description of variable rate		+1.25% - 2.85%	+1.25% - 2.85%
Maturity Date		Nov. 04, 2036	Nov. 04, 2036
2021-FL3 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 1,133,690	$ 1,133,620
2021-FL3 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 1,134,805	$ 1,135,775
2021-FL3 Notes [Member] | Minimum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		1.25	1.25
2021-FL3 Notes [Member] | Maximum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		2.85	2.85
2022-FL4 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 842,662
Description of variable rate		+1.90% - 4.75%
Maturity Date		Jan. 31, 2039
2022-FL4 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 1,077,266
2022-FL4 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 1,078,595
2022-FL4 Notes [Member] | Minimum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		1.90
2022-FL4 Notes [Member] | Maximum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		4.75
2022-FL5 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 570,112
Description of variable rate		+2.30% - 5.41%
Maturity Date		Jun. 17, 2037
2022-FL5 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 662,474
2022-FL5 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 662,328
2022-FL5 Notes [Member] | Minimum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		2.30
2022-FL5 Notes [Member] | Maximum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		5.41
WF-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 495,250	$ 218,912
Amount Available		$ 154,750	$ 131,088
Description of variable rate		+2.15% - 2.50%	+2.15% - 2.50%
Maturity Date		Aug. 30, 2023	Aug. 30, 2022
WF-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 496,652	$ 225,276
WF-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 496,554	$ 225,181
WF-1 Facility [Member] | Minimum [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		2.15	2.15
WF-1 Facility [Member] | Maximum [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		2.50	2.50
GS-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 221,273	$ 212,005
Amount Available		$ 128,727	$ 37,995
Description of variable rate		+1.75% - 2.75%	+1.75% - 2.75%
Maturity Date		Jan. 26, 2023	Jan. 26, 2022
GS-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 225,183	$ 212,677
GS-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 224,481	$ 212,574
GS-1 Facility [Member] | Minimum [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		1.75	1.75
GS-1 Facility [Member] | Maximum [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		2.75	2.75
BB-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 388,107	$ 442,535
Amount Available		$ 311,893	$ 7,465
Description of variable rate		+1.55% - 1.95%	+1.55% - 1.95%
Maturity Date		Feb. 22, 2024	Feb. 22, 2024
BB-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 378,788	$ 444,261
BB-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 379,719	$ 444,375
BB-1 Facility [Member] | Minimum [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		1.55	1.55
BB-1 Facility [Member] | Maximum [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		1.95	1.95
RBC Facility [Memebr] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 74,299	$ 31,516
Description of variable rate		+1.35%	+1.35%
Basis for effective rate		1.35	1.35
CNB Facility [Member] | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 50,000	$ 6,000
Amount Available		$ 50,000	$ 49,000
Description of variable rate		+2.25%	+2.25%
Basis for effective rate		2.25	2.25
Maturity Date		Jun. 07, 2023	Jun. 07, 2023
MM-1 Facility [Member] | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 651,138	$ 193,190
Amount Available		$ 348,862	$ 6,810
Description of variable rate		+2.03%	+2.10%
Basis for effective rate		2.03	2.10
Maturity Date		Sep. 20, 2029	Sep. 20, 2029
MM-1 Facility [Member] | Revolving Credit Facility [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 642,251	$ 193,076
MM-1 Facility [Member] | Revolving Credit Facility [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		642,380	$ 193,346
Natixis Loan [Member] | Mortgage Loan [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		124,700
Amount Available		$ 2,000
Description of variable rate		+2.15%
Basis for effective rate		2.15
Maturity Date		Jul. 09, 2025
Natixis Loan [Member] | Mortgage Loan [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 160,711
Natixis Loan [Member] | Mortgage Loan [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 160,711
[1]The June 30, 2022 and December 31, 2021 consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of the VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse to the Company. As of June 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,033,871 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,197,715 and $1,887,944, respectively. See Note 10 for further details.

Financing Arrangements - Summ_2

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.00
London Interbank Offered Rate (LIBOR) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.00	0.00
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.00	0.00
Benchmark Rate [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.00
WF-1 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate		0.00
WF-1 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate		0.00
GS-1 Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate		0.50
GS-1 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.00	0.50
BB-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] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.50	0.50
Debt instrument credit spread adjustment	0.10%
MM1 Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Assets Sold under Agreements to Repurchase [Line Items]
LIBOR rate	0.11

Financing Arrangements - Summ_3

Financing Arrangements - Summary of Based on the Maturity Date of each Financing Arrangement (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	$ 495,250
2023	271,273
2024	388,107
2025	124,700
2026	0
Thereafter	3,951,663
Total	5,230,993	$ 3,007,241
Collateralized Loan Obligations [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	3,226,226
Total	3,226,226	1,903,083
Repurchase Agreements [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	495,250
2023	221,273
2024	388,107
2025	0
2026	0
Thereafter	74,299
Total	1,178,929	904,968
Revolving Credit Facility [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	0
2023	50,000
2024	0
2025	0
2026	0
Thereafter	651,138
Total	701,138	$ 199,190
Mortgages [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	0
2023	0
2024	0
2025	124,700
2026	0
Thereafter	0
Total	$ 124,700

Financing Arrangements - Summ_4

Financing Arrangements - Summary of Number of Loans and the Principal Balance (Detail) $ in Thousands	Jun. 30, 2022 USD ($) Loans
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	116
Principal | $	$ 3,993,779
Collateralized Loan Obligations [Member] | 2019-FLI Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	16
Principal | $	$ 336,601
Collateralized Loan Obligations [Member] | 2021-FL2 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	28
Principal | $	$ 782,978
Collateralized Loan Obligations [Member] | 2021-FL3 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	26
Principal | $	$ 1,134,028
Collateralized Loan Obligations [Member] | 2022-FL4 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	23
Principal | $	$ 1,077,573
Collateralized Loan Obligations [Member] | 2022-FL5 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	23
Principal | $	$ 662,599

Financing Arrangements - Summ_5

Financing Arrangements - Summary of the Issuance Costs and Discount to be Amortized (Detail) - Collateralized Loan Obligations [Member] $ in Thousands	Jun. 30, 2022 USD ($)
Disclosure In Tabular Form Of Unamortized Debt Issuance And Discount For Collateralized Loan Obligation [Line Items]
Issuance Costs and Discount to be Amortized	$ 27,057
2019-FLI Notes [Member]
Disclosure In Tabular Form Of Unamortized Debt Issuance And Discount For Collateralized Loan Obligation [Line Items]
Issuance Costs and Discount to be Amortized	2,790
2021-FL2 Notes [Member]
Disclosure In Tabular Form Of Unamortized Debt Issuance And Discount For Collateralized Loan Obligation [Line Items]
Issuance Costs and Discount to be Amortized	5,438
2021-FL3 Notes [Member]
Disclosure In Tabular Form Of Unamortized Debt Issuance And Discount For Collateralized Loan Obligation [Line Items]
Issuance Costs and Discount to be Amortized	6,482
2022-FL4 Notes [Member]
Disclosure In Tabular Form Of Unamortized Debt Issuance And Discount For Collateralized Loan Obligation [Line Items]
Issuance Costs and Discount to be Amortized	7,066
2022-FL5 Notes [Member]
Disclosure In Tabular Form Of Unamortized Debt Issuance And Discount For Collateralized Loan Obligation [Line Items]
Issuance Costs and Discount to be Amortized	$ 5,281

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Detail) - USD ($) $ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2022

May 05, 2022

Apr. 27, 2022

Mar. 04, 2022

Jun. 30, 2022

Dec. 31, 2021

Jun. 16, 2022

May 12, 2022

Mar. 31, 2022

Feb. 23, 2022

Feb. 11, 2022

Feb. 01, 2022

Jan. 26, 2022

Jul. 07, 2021

Jul. 06, 2021

Assets Sold under Agreements to Repurchase [Line Items]

Deferred financing costs

$ 647

$ 647

$ 658

Long term debt gross

5,230,993

5,230,993

3,007,241

Mortgages [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Long term debt gross

124,700

124,700

Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Deferred financing costs

27,057

27,057

16,701

Well Fargo Securities LLC [Member] | Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Amortization expense od debt issuance cost

1,367

WF-1 Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Average borrowings

3,672,968

$ 1,346,445

Maximum amount of financing available

650,000

650,000

$ 650,000

$ 350,000

Increase in amount of financing available

650,000

$ 650,000

Weighted Average Rate

2.22%

1.69%

GS-1 Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Increase in amount of financing available

350,000

$ 350,000

$ 500,000

GS-1 Facility [Member] | Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Amortization expense od debt issuance cost

335

GS-1 Facility [Member] | Minimum [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Increase in amount of financing available

$ 250,000

GS-1 Facility [Member] | Maximum [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Increase in amount of financing available

$ 350,000

CNB Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Maximum amount of financing available

$ 100,000

$ 55,000

Increase in amount of financing available

100,000

$ 100,000

CNB Facility [Member] | Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Amortization expense od debt issuance cost

647

CNB Facility [Member] | LIBOR [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Unused capacity commitment fee percentage

0.375%

2022-FL5 Notes [Member] | Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Long term debt gross

$ 570,112

BB-1 Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Maximum amount of financing available

$ 700,000

Funding period and term of facility

3 years

BB-1 Facility [Member] | Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Amortization expense od debt issuance cost

1,576

BB-1 Facility [Member] | Maximum [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Increase in amount of financing available

$ 700,000

MM-1 Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Maximum amount of financing available

1,000,000

$ 500,000

$ 1,000,000

Increase in amount of financing available

$ 1,000,000

Unused capacity commitment fee percentage

85%

Line of Credit Facility, Description

change of interest rate from LIBOR plus a spread of 2.05% to Term SOFR plus a spread of 2.025% plus a credit spread adjustment of 0.11%.

MM-1 Facility [Member] | Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Deferred financing costs

8,666

$ 8,666

MM-1 Facility [Member] | Minimum [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Increase in amount of financing available

$ 250,000

200,000

Weighted Average Rate

2.10%

MM-1 Facility [Member] | Maximum [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Increase in amount of financing available

$ 500,000

$ 250,000

Weighted Average Rate

2.05%

Amended City National Bank Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Line of credit facility interest rate Description

collateral coverage of 1.4 times for each dollar borrowed in excess of $50,000,

Amended City National Bank Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Line of credit facility interest rate Description

2.25% plus a credit spread adjustment of 0.10%.

Natixis Loan [Member] | Mortgages [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Maximum amount of financing available

126,700

126,700

Long term debt gross

124,700

124,700

Unamortized debt discount and issuance costs

$ 2,132

$ 2,132

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended		68 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 08, 2016	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Related Party Transaction [Line Items]
Performance fee percentage					10%
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%
Due to Related Parties	$ 92,665	$ 48,514		$ 92,665	$ 92,665		$ 92,665
Organization and offering costs							18,737
Recoupment Payable	1,460	62
Recoupment Amount					257
Payments to Acquire Mortgage-Backed Securities (MBS), Available-for-Sale					112,073	$ 19,575
Affiliate of Rialto [Member] | Class E Notes mortgage-backed securities [Member]
Related Party Transaction [Line Items]
Payments to Acquire Mortgage-Backed Securities (MBS), Available-for-Sale				36,000
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]
Performance fee percentage					0%
Investments Owned	$ 388			$ 388	$ 388		$ 388
Maximum [Member]
Related Party Transaction [Line Items]
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering	15%			15%	15%		15%
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.
Minimum gross proceeds from public offering to reimburse expense					$ 250,000
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering	0.75%			0.75%	0.75%		0.75%
Due to Related Parties	$ 9,076			$ 9,076	$ 9,076		$ 9,076
Investments Owned	$ 22,221			$ 22,221	22,221		$ 22,221
Payments To Related Party For Offering Costs Previously Funded					$ 6,999
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%	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%
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%	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%	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%	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%			10%	10%		10%
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%			10%	10%		10%
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					$ 0
Amount received as reimbursement					5,839
Recoupment Payable					482
Rialto [Member]
Related Party Transaction [Line Items]
Purchase of floating-rate whole mortgage loan					$ 5,839
FS Investments and Rialto [Member] | Private Placement [Member]
Related Party Transaction [Line Items]
Aggregate proceeds from private placement			$ 200
Number of common shares issued			8,000
Common stock, price per share	$ 25			$ 25	$ 25		$ 25
FS Investment Solutions [Member]
Related Party Transaction [Line Items]
Due to Related Parties	$ 91,206	$ 48,514		$ 91,206	$ 91,206		$ 91,206

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Detail) - Fs Real Estate Advisor [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Base Management Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 5,351	$ 1,285	$ 9,196	$ 2,321
Performance Fees [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	0	423	152	960
Administrative Services Expenses [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 3,565	$ 652	$ 5,224	$ 1,448

Related Party Transactions - _2

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Parenthetical) (Detail) - Fs Real Estate Advisor [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Management Fee Payable	$ 0
Cash [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	2,007
Payment Management Fees [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	8,993
Base Management Fees [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	2,007	$ 1,804
Performance Fee Payable	0
Performance Fees [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	557	800
Administrative Services Expenses [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	$ 4,796	$ 1,270

Related Party Transactions - _3

Related Party Transactions - Summary of reimbursed by FS Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended															12 Months Ended
	Jun. 30, 2022	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2021
Schedule Of Expense Reimbursed [Line Items]
Expense Reimbursement	$ 0	$ 56	$ 444	$ 397	$ 182	$ 500	$ 491	$ 420	$ 537	$ 709	$ 645	$ 561	$ 356	$ 377	$ 164	$ 5,839
Recoupable Amount	0	$ 56	$ 201													257
Recoupment eligibility expiration		March 31, 2024	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
Recoupment Paid Or Payable	0		$ 243	$ 397	$ 182	$ 500	$ 491	$ 420	$ 537	$ 62	$ 8	$ 390				3,230
Recoupment Expired Amount	$ 0									$ 647	$ 637	$ 171	$ 356	$ 377	$ 164	$ 2,352

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Balance at beginning of period, amount		$ 1,388,142	$ 363,335	$ 973,340	$ 305,712
Issuance of common stock, amount		480,121	125,472	930,144	187,917
Reinvestment of distributions, amount		12,521	2,912	21,895	5,154
Redemptions of common stock, amount		(32,597)	(1,792)	(56,771)	(5,233)
Balance at end of period, amount		1,821,230	483,487	1,821,230	483,487
Common Class Y [Member]
Class of Stock [Line Items]
Issuance of common stock, amount			9		9
Redemptions of common stock, amount			(1)		(1)
Common Class T [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		1		1	1
Common Class S [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		121	28	226	42
Reinvestment of distributions, amount		3	1	5	1
Redemptions of common stock, amount		(9)		(13)
Common Class D [Member]
Class of Stock [Line Items]
Issuance of common stock, amount			1	1	1
Common Class M [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		6	3	9	5
Redemptions of common stock, amount		(1)	(1)	(1)	(1)
Common Class I [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		64	10	136	18
Reinvestment of distributions, amount		2	$ 1	3	$ 1
Redemptions of common stock, amount		$ (3)		$ (8)
Common Stock [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				40,926,209	12,762,748
Issuance of common stock, shares				37,312,534	7,505,183
Reinvestment of distributions, shares				857,442	205,175
Redemptions of common stock, shares				(2,278,898)	(210,037)
Transfers in or out, shares				3,584	1,190
Balance at end of period, shares		76,820,871	20,264,259	76,820,871	20,264,259
Balance at beginning of period, amount				$ 971,310	$ 303,827
Issuance of common stock, amount				930,144	187,917
Reinvestment of distributions, amount				21,895	5,154
Redemptions of common stock, amount				(56,771)	(5,233)
Accrued stockholder servicing fees, amount	[1]			(46,428)	(9,476)
Transfers in or out, amount				0	0
Balance at end of period, amount		$ 1,820,150	$ 482,189	$ 1,820,150	$ 482,189
Common Stock [Member] | Common Class F [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				902,878	912,469
Issuance of common stock, shares				0	0
Reinvestment of distributions, shares				14,613	15,638
Redemptions of common stock, shares				(12,699)	(10,270)
Transfers in or out, shares				0	(6,392)
Balance at end of period, shares		904,792	911,445	904,792	911,445
Balance at beginning of period, amount				$ 22,138	$ 22,378
Issuance of common stock, amount				0	0
Reinvestment of distributions, amount				366	392
Redemptions of common stock, amount				(318)	(258)
Accrued stockholder servicing fees, amount	[1]			0	0
Transfers in or out, amount				0	(160)
Balance at end of period, amount		$ 22,186	$ 22,352	$ 22,186	$ 22,352
Common Stock [Member] | Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				906,648	137,116
Issuance of common stock, shares				0	843,659
Reinvestment of distributions, shares				0	0
Redemptions of common stock, shares				0	(74,127)
Transfers in or out, shares				0	0
Balance at end of period, shares		906,648	906,648	906,648	906,648
Balance at beginning of period, amount				$ 22,371	$ 3,449
Issuance of common stock, amount				0	20,749
Reinvestment of distributions, amount				0	0
Redemptions of common stock, amount				0	(1,827)
Accrued stockholder servicing fees, amount	[1]			0	0
Transfers in or out, amount				0	0
Balance at end of period, amount		$ 22,371	$ 22,371	$ 22,371	$ 22,371
Common Stock [Member] | Common Class T [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				1,407,377	1,245,658
Issuance of common stock, shares				113,913	67,299
Reinvestment of distributions, shares				20,616	20,142
Redemptions of common stock, shares				(31,495)	(20,042)
Transfers in or out, shares				(1,729)	(3,664)
Balance at end of period, shares		1,508,682	1,309,393	1,508,682	1,309,393
Balance at beginning of period, amount				$ 33,862	$ 29,971
Issuance of common stock, amount				2,846	1,690
Reinvestment of distributions, amount				515	505
Redemptions of common stock, amount				(787)	(503)
Accrued stockholder servicing fees, amount	[1]			(113)	(57)
Transfers in or out, amount				(44)	(92)
Balance at end of period, amount		$ 36,279	$ 31,514	$ 36,279	$ 31,514
Common Stock [Member] | Common Class S [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				22,823,721	5,778,640
Issuance of common stock, shares				22,528,563	4,222,421
Reinvestment of distributions, shares				516,751	106,935
Redemptions of common stock, shares				(1,266,247)	(36,438)
Transfers in or out, shares				0	(1,684)
Balance at end of period, shares		44,602,788	10,069,874	44,602,788	10,069,874
Balance at beginning of period, amount				$ 531,150	$ 134,705
Issuance of common stock, amount				567,895	106,853
Reinvestment of distributions, amount				13,021	2,705
Redemptions of common stock, amount				(31,901)	(922)
Accrued stockholder servicing fees, amount	[1]			(44,812)	(8,674)
Transfers in or out, amount				0	(43)
Balance at end of period, amount		$ 1,035,353	$ 234,624	$ 1,035,353	$ 234,624
Common Stock [Member] | Common Class D [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				642,162	546,298
Issuance of common stock, shares				59,993	90,823
Reinvestment of distributions, shares				7,279	6,249
Redemptions of common stock, shares				(18,465)	0
Transfers in or out, shares				(10,622)	(42,355)
Balance at end of period, shares		680,347	601,015	680,347	601,015
Balance at beginning of period, amount				$ 15,945	$ 13,573
Issuance of common stock, amount				1,501	2,282
Reinvestment of distributions, amount				182	157
Redemptions of common stock, amount				(462)	0
Accrued stockholder servicing fees, amount	[1]			(15)	(18)
Transfers in or out, amount				(265)	(1,065)
Balance at end of period, amount		$ 16,886	$ 14,929	$ 16,886	$ 14,929
Common Stock [Member] | Common Class M [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				2,876,736	1,971,039
Issuance of common stock, shares				1,052,345	436,462
Reinvestment of distributions, shares				31,546	23,427
Redemptions of common stock, shares				(131,950)	(42,670)
Transfers in or out, shares				(127,149)	0
Balance at end of period, shares		3,701,528	2,388,258	3,701,528	2,388,258
Balance at beginning of period, amount				$ 66,836	$ 46,154
Issuance of common stock, amount				26,392	10,996
Reinvestment of distributions, amount				1,295	590
Redemptions of common stock, amount				(3,307)	(1,072)
Accrued stockholder servicing fees, amount	[1]			(1,488)	(727)
Transfers in or out, amount				(3,190)	0
Balance at end of period, amount		$ 86,538	$ 55,941	$ 86,538	$ 55,941
Common Stock [Member] | Common Class I [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares				11,366,687	2,171,528
Issuance of common stock, shares				13,557,720	1,844,519
Reinvestment of distributions, shares				266,637	32,784
Redemptions of common stock, shares				(818,042)	(26,490)
Transfers in or out, shares				143,084	55,285
Balance at end of period, shares		24,516,086	4,077,626	24,516,086	4,077,626
Balance at beginning of period, amount				$ 279,008	$ 53,597
Issuance of common stock, amount				331,510	45,347
Reinvestment of distributions, amount				6,516	805
Redemptions of common stock, amount				(19,996)	(651)
Accrued stockholder servicing fees, amount	[1]			0	0
Transfers in or out, amount				3,499	1,360
Balance at end of period, amount		$ 600,537	$ 100,458	$ 600,537	$ 100,458
[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.

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Percentage limited to repurchase of shares to NAV of all classes of shares			20%
Shares repurchased under repurchase plan	2,278,898	210,037
Shares repurchased under repurchase plan, value	$ 56,771	$ 5,233
Maximum [Member]
Repurchase of shares to NAV of all classes of shares, percentage			5%
Minimum [Member]
Repurchase of shares to NAV of all classes of shares, percentage	2%
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate	12%

Stockholder's Equity - Summar_2

Stockholder's Equity - Summary of Cash Distributions Per Share that Paid on its Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands								3 Months Ended		6 Months Ended
		Jun. 29, 2022	May 27, 2022	Apr. 28, 2022	Mar. 30, 2022	Feb. 25, 2022	Jan. 28, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Distributions:
Paid or payable in cash								$ 14,169	$ 4,661	$ 24,332	$ 8,357
Reinvested in shares								12,521	2,912	21,895	5,154
Total distributions								26,690	7,573	46,227	13,511
Cash flows from operating activities								26,690	7,573	46,227	13,511
Offering proceeds								0	0	0	0
Total sources of distributions								26,690	7,573	46,227	13,511
Net cash provided by (used in) operating activities	[1]							$ 27,196	$ 9,619	$ 48,925	$ 33,038
Common Class F [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161			$ 0.966
Common Class Y [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.161	0.161	0.161	0.161	0.161	0.161			0.966
Common Class T [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1173	0.1173	0.1173	0.1173	0.1173	0.1173			0.7038
Common Class S [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1173	0.1173	0.1173	0.1173	0.1173	0.1173			0.7038
Common Class D [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1288	0.1288	0.1288	0.1288	0.1288	0.1288			0.7728
Common Class M [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1288	0.1288	0.1288	0.1288	0.1288	0.1288			0.7728
Common Class I [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135			$ 0.81
[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 7 for additional information regarding the Company’s expense limitation agreement.

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Cash Distribution On Class of Common Stock (Detail)	1 Months Ended
	Jul. 31, 2022 $ / shares
Common Class F [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.161
Common Class Y [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.161
Common Class T [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1173
Common Class S [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1173
Common Class D [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1288
Common Class M [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1288
Common Class I [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.135

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary Of Company Financial Instruments Carried At Fair Value In The Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Mortgage-backed securities available-for-sale	$ 153,274	$ 44,518
Interest rate cap	2,518	0
Fair Value, Inputs, Level 1 [Member]
Mortgage-backed securities available-for-sale	0	0
Interest rate cap	0	0
Fair Value, Inputs, Level 2 [Member]
Mortgage-backed securities available-for-sale	153,274	44,518
Interest rate cap	2,518	0
Fair Value, Inputs, Level 3 [Member]
Mortgage-backed securities available-for-sale	0	0
Interest rate cap	$ 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		Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities held-to-maturity		$ 78,942	$ 37,862
Collateralized loan obligations		3,193,515	1,886,382
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash		94,770	85,808
Loans receivable—held-for-investment	[1]	6,538,370	3,841,868
Mortgage-backed securities held-to-maturity		78,942	37,862
Repurchase agreements	[2]	1,175,651	903,010
Credit facilities		692,472	196,960
Collateralized loan obligations	[2]	3,193,515	1,886,382
Mortgage note payable	[2]	122,568	0
Portion at Other than Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash		94,770	85,808
Loans receivable—held-for-investment	[1]	6,539,424	3,843,110
Mortgage-backed securities held-to-maturity		159,543	50,300
Repurchase agreements	[2]	1,178,929	904,968
Credit facilities		701,138	199,190
Collateralized loan obligations	[2]	3,220,572	1,903,083
Mortgage note payable	[2]	124,700	0
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash		94,770	85,808
Loans receivable—held-for-investment	[1]	6,541,502	3,844,685
Mortgage-backed securities held-to-maturity		78,942	37,862
Repurchase agreements	[2]	1,178,929	904,968
Credit facilities		701,138	199,190
Collateralized loan obligations	[2]	3,220,572	1,903,083
Mortgage note payable	[2]	$ 124,700	$ 0
[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 - Sc

Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
VIE Assets	[1]	$ 7,135,412	$ 4,024,394
VIE Liabilities	[1]	5,314,182	3,051,054
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		4,033,871	2,347,510
VIE Liabilities		3,197,715	1,887,944
Restricted cash [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		4,153	37,364
Loans receivable, held-for-investment [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		3,992,448	2,298,367
Interest receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		9,576	5,154
Other Assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		27,694	6,625
Collateralized loan obligation [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		3,193,515	1,886,382
Interest payable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		3,988	1,357
Other Liabilities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		$ 212	$ 205
[1]The June 30, 2022 and December 31, 2021 consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of the VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse to the Company. As of June 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,033,871 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,197,715 and $1,887,944, respectively. See Note 10 for further details.

Variable Interest Entities - _2

Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred financing cost [Member]
Variable Interest Entity [Line Items]
Deferred Offering Costs	$ 27,057	$ 16,701

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - Commercial Mortgage Backed Securities $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Variable Interest Entity [Line Items]
Payments to Acquire Equity Method Investments	$ 67,005
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 78,942

Intangibles - Schedule of Finit

Intangibles - Schedule of Finite Lived Intangible Assets (Detail) - Other Noncurrent Assets [Member] $ in Thousands	Jun. 30, 2022 USD ($)	[1]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 33,091
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 33,091
[1]Included in Other assets in the Company’s consolidated balance sheets.

Intangibles - Schedule of Fin_2

Intangibles - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2022 (remaining)	$ 1,907
2023	3,814
2024	3,814
2025	3,814
2026	3,806
2027	3,803
Thereafter	12,133
Total	$ 33,091

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Detail) - Interest Rate Cap [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Derivative [Line Items]
Notional Amount	$ 126,700
Strike	2.25%
Effective Date	Jun. 21, 2022
Maturity Date	Jul. 09, 2024
Fair Value	$ 2,518	[1]
[1]Included in Other assets in the Company’s consolidated balance sheets.

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Fair Value of the Company Derivative Financial Instrument (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives		$ (1,449)		$ (1,449)
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	[1]	$ (1,449)	$ 0	$ (1,449)	$ 0
[1]Included in Other income (loss) in the Company’s consolidated statements of operations

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands			6 Months Ended
	Aug. 05, 2022 USD ($) shares	Aug. 01, 2022 USD ($) Ratio	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares
Subsequent Event [Line Items]
Common stock shares issued | $			$ 930,144	$ 187,917
Line of credit facility, remaining borrowing capacity | $			$ 996,232		$ 232,358
Common Class F [Member]
Subsequent Event [Line Items]
Common stock, shares issued			904,792		902,878
Common Class Y [Member]
Subsequent Event [Line Items]
Common stock, shares issued			906,648		906,648
Common Class T [Member]
Subsequent Event [Line Items]
Common stock, shares issued			1,508,682		1,407,377
Common Class S [Member]
Subsequent Event [Line Items]
Common stock, shares issued			44,602,788		22,823,721
Common Class D [Member]
Subsequent Event [Line Items]
Common stock, shares issued			680,347		642,162
Common Class M [Member]
Subsequent Event [Line Items]
Common stock, shares issued			3,701,528		2,876,736
Common Class I [Member]
Subsequent Event [Line Items]
Common stock, shares issued			24,516,086		11,366,687
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock shares issued | $	$ 2,306,777
Subsequent Event [Member] | Barclay Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity | $		$ 310,000
Line of credit facility, remaining borrowing capacity | $		$ 155,000
Debt instrument, term		1 year
Line of credit facility, expiration date		Aug. 01, 2025
Percentage of increase decrease in basis spread rate during period		0.25%
Minimum tangible net | $		$ 1,367,009
Percentage of net cash proceeds from any offering of the company's capital stock		75%
Percentage of cash used by the company to repurchase any of its capital stock after the closing date		50%
Subsequent Event [Member] | Barclay Revolving Credit Facility [Member] | Minimum [Member]
Subsequent Event [Line Items]
Line of credit facility, interest rate during period		1.25%
Line of credit facility, unused capacity, commitment fee percentage		0.25%
Percentage of the maximum committed amount is undrawn		50%
Minimum fixed charge coverage ratio | Ratio		1
Maximum debt to equity ratio | Ratio		1
Interest coverage ratio | Ratio		1
Subsequent Event [Member] | Barclay Revolving Credit Facility [Member] | Maximum [Member]
Subsequent Event [Line Items]
Line of credit facility, interest rate during period		2.25%
Line of credit facility, unused capacity, commitment fee percentage		0.35%
Percentage of the maximum committed amount is undrawn		50%
Minimum fixed charge coverage ratio | Ratio		1.5
Minimum liquidity amount | $		$ 10,000
Maximum debt to equity ratio | Ratio		3.5
Interest coverage ratio | Ratio		1.5
Subsequent Event [Member] | Common Class F [Member]
Subsequent Event [Line Items]
Common stock, shares issued	2,629,044
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Common stock, shares issued	92,410,687
Subsequent Event [Member] | Common Class Y [Member]
Subsequent Event [Line Items]
Common stock, shares issued	1,036,671
Subsequent Event [Member] | Common Class T [Member]
Subsequent Event [Line Items]
Common stock, shares issued	1,685,871
Subsequent Event [Member] | Common Class S [Member]
Subsequent Event [Line Items]
Common stock, shares issued	51,221,317
Subsequent Event [Member] | Common Class D [Member]
Subsequent Event [Line Items]
Common stock, shares issued	783,331
Subsequent Event [Member] | Common Class M [Member]
Subsequent Event [Line Items]
Common stock, shares issued	4,502,874
Subsequent Event [Member] | Common Class I [Member]
Subsequent Event [Line Items]
Common stock, shares issued	30,551,579