FS Credit Real Estate Income Trust (FSREI) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	FS Credit Real Estate Income Trust, Inc.
Entity Central Index Key	0001690536
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, State or Province	PA
Entity Interactive Data Current	Yes
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		852,673
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		1,612,762
Common Class S [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,262,083
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		768,314
Common Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,513,419
Common Class I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,930,070

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents		$ 147,321	$ 46,798
Restricted cash		26,121	39,010
Loans receivable, held-for-investment		7,091,841	3,841,868
Mortgage-backed securities held-to-maturity		86,850	37,862
Mortgage-backed securities available-for-sale, at fair value		182,478	44,518
Investment in real estate, net		192,029
Receivable for investments sold and repaid		611	6,625
Interest receivable		22,441	6,861
Unamortized debt issuance costs		3,269	658
Other assets		9,921	194
Total assets	[1]	7,762,882	4,024,394
Liabilities
Collateralized loan obligations (net of deferred financing costs of $30,649 and $16,701, respectively)		3,733,940	1,886,382
Repurchase agreements payable (net of deferred financing costs of $2,976 and $1,958, respectively)		880,604	903,010
Credit facilities payable (net of deferred financing costs of $8,383 and $2,230, respectively)		695,722	196,960
Mortgage note payable (net of deferred financing costs of $2,132 and $0, respectively)		122,568
Due to related party		103,881	48,514
Interest payable		13,827	2,591
Payable for shares repurchased		28,125	4,227
Other liabilities		20,446	9,370
Total liabilities	[1]	5,599,113	3,051,054
Commitments and contingencies (See Note 11)
Stockholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 125 and 125 issued and outstanding, respectively
Additional paid-in capital		2,158,894	969,558
Accumulated other comprehensive income (loss)		(3,574)	86
Retained earnings		7,538	3,287
Total stockholders' equity		2,163,769	973,340
Total liabilities and stockholders' equity		7,762,882	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		16	14
Common Class S [Member]
Stockholders' equity
Common stock, value		516	228
Common Class D [Member]
Stockholders' equity
Common stock, value		7	6
Common Class M [Member]
Stockholders' equity
Common stock, value		42	29
Common Class I [Member]
Stockholders' equity
Common stock, value		$ 312	$ 114
[1]The September 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 September 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,768,481 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,741,171 and $1,887,944, respectively. See Note 10 for further details.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Unamortized debt issuance costs		$ 3,269	$ 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]	$ 7,762,882	$ 4,024,394
VIE Liabilities	[1]	5,599,113	3,051,054
Variable Interest Entity, Primary Beneficiary [Member]
VIE Assets		4,768,481	2,347,510
VIE Liabilities		3,741,171	1,887,944
Repurchase agreements payable [Member]
Unamortized debt issuance costs		2,976	1,958
Collateralized Loan Obligations [Member]
Unamortized debt issuance costs		30,649	16,701
Credit facilities payable [Member]
Unamortized debt issuance costs		8,383	2,230
Mortgage note payable [Member]
Unamortized debt issuance 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		850,244	902,878
Common stock, shares outstanding		850,244	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		1,592,037	1,407,377
Common stock, shares outstanding		1,592,037	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		51,622,706	22,823,721
Common stock, shares outstanding		51,622,706	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		726,163	642,162
Common stock, shares outstanding		726,163	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		4,238,466	2,876,736
Common stock, shares outstanding		4,238,466	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		31,177,412	11,366,687
Common stock, shares outstanding		31,177,412	11,366,687
[1]The September 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 September 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,768,481 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,741,171 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net interest income
Interest income	$ 111,575	$ 23,676	$ 226,436	$ 51,431
Less: Interest expense	(59,107)	(7,929)	(104,506)	(15,739)
Net interest income	52,468	15,747	121,930	35,692
Other expenses
Management and performance fees	10,533	1,956	19,881	5,237
General and administrative expenses	6,033	2,713	15,359	5,512
Less: Expense limitation				(56)
Add: Expense recoupment to sponsor	256	8	3,026	398
Net other expenses	16,822	4,677	38,266	11,091
Other income (loss)
Income (loss) from rental operations, net	(1,068)	0	(1,068)	0
Net change in unrealized gain on interest rate cap	1,758		309
Total other income (loss)	690		(759)
Net income	36,336	11,070	82,905	24,601
Preferred stock dividends	(3)	(3)	(11)	(11)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 36,333	$ 11,067	$ 82,894	$ 24,590
Per share information—basic and diluted
Net income per share of common stock (earnings per share), Basic	$ 0.42	$ 0.41	$ 1.18	$ 1.23
Net income per share of common stock (earnings per share, Diluted	$ 0.42	$ 0.41	$ 1.18	$ 1.23
Weighted average common stock outstanding, Basic	86,518,645	26,824,393	70,104,149	20,023,193
Weighted average common stock outstanding, Diluted	86,518,645	26,824,393	70,104,149	20,023,193

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 36,336	$ 11,070	$ 82,905	$ 24,601
Other comprehensive income
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale	(382)	24	(3,660)	104
Total other comprehensive income (loss)	(382)	24	(3,660)	104
Comprehensive income	$ 35,954	$ 11,094	$ 79,245	$ 24,705

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	460,045		$ 9	$ 1	$ 103	$ 1	$ 9	$ 61	460,045	0		20,749		2,419		260,437		3,242		23,996		149,202		459,861
Distributions declared	(24,464)																										(24,464)
Proceeds from distribution reinvestment plan	9,603				2			2	9,603	585		0		750		5,429		247		929		1,663		9,599
Redemptions of common stock	(9,354)		$ (1)		(1)		(1)	(1)	(9,354)	(843)		(1,827)		(692)		(2,177)		(365)		(1,804)		(1,646)		(9,350)
Stockholder servicing fees	(22,399)																							(22,399)
Offering costs	(1,041)																							(1,041)
Net income	24,601																										24,601
Dividends on preferred stock	(11)																										(11)
Other comprehensive income (loss)	104																								$ 104
Balance at end of period, amount at Sep. 30, 2021	742,796								741,722	21,960	9	22,371	9	32,269	13	377,534	162	15,396	6	65,662	28	206,530	84	740,453	104		1,928
Balance at beginning of period, amount at Jun. 30, 2021	483,487										9		9		13		101		6		24		41	481,390	80		1,814
Common stock issued	272,129				61		4	44																272,020
Distributions declared	(10,953)	[2]																									(10,953)
Proceeds from distribution reinvestment plan	4,448				1																			4,447
Redemptions of common stock	(4,121)				(1)			(1)																(4,119)
Stockholder servicing fees	(12,923)																							(12,923)
Offering costs	(362)																							(362)
Net income	11,070																										11,070
Dividends on preferred stock	(3)																										(3)
Other comprehensive income (loss)	24																								24
Balance at end of period, amount at Sep. 30, 2021	742,796								741,722	21,960	9	22,371	9	32,269	13	377,534	162	15,396	6	65,662	28	206,530	84	740,453	104		1,928
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	1,311,962			2	302	$ 1	14	208	1,311,962	0		0		4,699		760,752		2,840		40,238		503,433		1,311,435
Distributions declared	(78,643)																										(78,643)
Proceeds from distribution reinvestment plan	37,838				9		1	5	37,838	554		0		793		22,106		277		1,820		12,288		37,823
Redemptions of common stock	(99,944)				(23)		(2)	(15)	(99,944)	(1,870)		0		(835)		(57,119)		(549)		(3,840)		(35,731)		(99,904)
Stockholder servicing fees	(61,558)																							(61,558)
Offering costs	(9,869)																							(9,869)
Performance contingent rights issued	11,409																							11,409
Net income	82,905																										82,905
Dividends on preferred stock	(11)																										(11)
Other comprehensive income (loss)	(3,660)																								(3,660)
Balance at end of period, amount at Sep. 30, 2022	2,163,769								2,159,608	20,822	9	22,371	9	38,284	16	1,197,986	516	18,013	7	99,043	42	763,089	312	2,158,894	(3,574)		7,538
Balance at beginning of period, amount at Jun. 30, 2022	1,821,230										9		9		15		446		7		37		245	1,820,033	(3,192)		3,621
Common stock issued	381,818			$ 1	76		5	72																381,664
Distributions declared	(32,416)																										(32,416)
Proceeds from distribution reinvestment plan	15,943				4		1	2																15,936
Redemptions of common stock	(43,173)				$ (10)		$ (1)	$ (7)																(43,155)
Stockholder servicing fees	(15,130)																							(15,130)
Offering costs	(2,870)																							(2,870)
Performance contingent rights issued	2,416																							2,416
Net income	36,336																										36,336
Dividends on preferred stock	(3)																										(3)
Other comprehensive income (loss)	(382)																								(382)
Balance at end of period, amount at Sep. 30, 2022	$ 2,163,769								$ 2,159,608	$ 20,822	$ 9	$ 22,371	$ 9	$ 38,284	$ 16	$ 1,197,986	$ 516	$ 18,013	$ 7	$ 99,043	$ 42	$ 763,089	$ 312	$ 2,158,894	$ (3,574)		$ 7,538
[1]Comprised solely of unrealized gain (loss) on mortgage-backed securities, available for sale.[2]The distributions for the three months ended September 30, 2021, were fully covered by cash flows from operating activities, including cash flows from prior periods of $678.

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income		$ 82,905	$ 24,601
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Performance contingent rights issued		11,409
Amortization of deferred fees on loans and debt securities		(3,616)	(1,111)
Amortization of deferred financing costs and discount		7,884	2,684
Net change in unrealized gain on interest rate cap		(309)
Depreciation and amortization		1,839	0
Changes in assets and liabilities
Reimbursement due from sponsor			444
Interest receivable		(15,580)	(2,529)
Other assets		(9,418)	89
Due to related party		194	9
Interest payable		11,236	963
Other liabilities		9,554	2,441
Net cash provided by (used in) operating activities	[1]	96,098	27,591
Cash flows used in investing activities
Origination and fundings of loans receivable, held-for-investment		(3,731,304)	(1,990,205)
Principal collections from loans receivable, held-for-investment		489,846	169,753
Proceeds from sale of loans receivable, held-for-sale			24,397
Exit and extension fees received on loans receivable, held-for-investment		472	727
Purchases of mortgage-backed securities available-for-sale		(150,598)	(36,576)
Principal repayments of mortgage-backed securities available-for-sale		9,169
Purchases of mortgage-backed securities held-to-maturity		(48,536)
Acquisition of real estate		(193,868)
Net cash provided by (used in) investing activities		(3,624,819)	(1,831,904)
Cash flows from financing activities
Issuance of common stock		1,311,962	460,045
Redemptions of common stock		(76,046)	(8,816)
Stockholder distributions paid		(37,959)	(13,453)
Stockholder servicing fees		(6,385)	(1,758)
Offering costs paid		(11,204)	(1,041)
Borrowing under mortgage note payable		124,700
Borrowings under repurchase agreements		1,667,021	1,433,000
Repayments under repurchase agreements		(1,688,409)	(650,377)
Borrowings under credit facilities		1,276,366	256,000
Repayments under credit facilities		(771,451)	(216,000)
Proceeds from issuance of collateralized loan obligations		1,971,137	646,935
Repayment of collateralized loan obligations		(109,631)
Payment of deferred financing costs		(33,746)	(12,782)
Net cash provided by (used in) financing activities		3,616,355	1,891,753
Total increase (decrease) in cash, cash equivalents and restricted cash		87,634	87,440
Cash, cash equivalents and restricted cash at beginning of period		85,808	17,874
Cash, cash equivalents and restricted cash at end of period		173,442	105,314
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest		85,386	12,092
Accrued stockholder servicing fee		55,173	20,641
Distributions payable		5,789	2,530
Reinvestment of stockholder distributions		37,838	9,603
Payable for shares repurchased		28,125	2,068
Loan principal payments held by servicer		$ 611
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	9 Months Ended
	Sep. 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 in shares pursuant to its distribution reinvestment plan. The Company is also conducting a private offering of its Class I common stock and previously conducted private offerings of its Class F common stock and Class Y common stock. The Company is managed by FS Real Estate Advisor, LLC, or FS Real Estate Advisor, a subsidiary of the Company’s sponsor, Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, a national sponsor of alternative investment funds designed for the individual investor. FS Real Estate Advisor has engaged Rialto Capital Management, LLC, or Rialto, to act as its sub-adviser. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2017. The Company intends to be an investment vehicle of indefinite duration focused on real estate debt investments and other real estate-related assets. The shares of common stock are generally intended to be sold and repurchased by the Company on a continuous basis. The Company intends to conduct its operations so that it is not required to register under the Investment Company Act of 1940, as amended, or the 1940 Act. The Company’s primary investment objectives are to: provide current income in the form of regular, stable cash distributions to achieve an attractive dividend yield; preserve and protect invested capital; realize appreciation in net asset value, or NAV, from proactive investment management and asset management; and provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate debt with lower volatility than public real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation: bse Reclassifications: flows. Use of Estimates: d liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Act 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: September 30, 2022 2021 Cash and cash equivalents $ 147,321 $ 99,839 Restricted cash 26,121 5,475 Total cash, cash equivalents and restricted cash $ 173,442 $ 105,314 Loans Receivable and Provision for Loan Losses: to the contractual terms of the loan. If a loan is determined to be impaired, the Company writes down the loan 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: transaction as an asset acquisition. The guidance for business combinations states that when substantially all the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar 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 operations, net, 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 the impairment model considers real estate properties to be “long-lived assets to be held and used,” cash flows to determine whether an asset has been impaired are undiscounted. Accordingly, 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 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 comprised 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, 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. 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: obliga Revenue Recognition: the if there is reason to doubt the collectability of such income. Discounts or premiums associated with the investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company records dividend income on the ex-dividend 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 terms. Offering Costs: costs primarily include, among other things, marketing expenses and printing, legal and due diligence fees and other costs pertaining to the Company’s continuous public offering of shares of its common stock, including the preparation of the registration statement and salaries and direct expenses of FS Real Estate Advisor’s personnel, employees of its respective affiliates and others while engaged in such activities. The Company may reimburse FS Real Estate Advisor and Rialto for any offering expenses that they r 30, 2022, t Income Taxes: The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code, commencing with its taxable year ended December 31, 2017. In order to maintain its status as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the 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 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 id t incur any interest or penalties and are accrued at Septem ber 30, 2022. 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 September 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	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Number of loans 140 102 Principal balance $ 7,093,134 $ 3,843,110 Net book value $ 7,091,841 $ 3,841,868 Unfunded loan commitments (1) $ 581,328 $ 414,818 Weighted-average cash coupon (2) +3.82 % +3.68 % Weighted-average all-in (2) +3.89 % +3.73 % Weighted-average maximum maturity (years) (3) 4.1 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 expressed as a spread over the relevant benchmark rates, which include 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 nine months ended September 30, 2022 and 2021, the activity in the Company’s loan portfolio, was as follows: For the Nine Months Ended 2022 2021 Balance at beginning of period $ 3,841,868 $ 700,149 Loan fundings 3,731,304 1,990,205 Loan repayments (483,832 ) (178,428 ) Amortization of deferred fees on loans 2,973 702 Exit and extension fees received on loans (472 ) (727 ) Balance at end of period $ 7,091,841 $ 2,511,901 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 September 30, 2022 (Unaudited) December 31, 2021 Property Type Net Book Value Percentage Net Book Value Percentage Multifamily $ 4,361,146 61 % $ 2,192,346 57 % Office 692,006 10 % 430,084 11 % Hospitality 640,850 9 % 223,847 6 % Industrial 501,530 7 % 348,071 9 % Retail 423,929 6 % 277,044 7 % Self Storage 214,900 3 % 236,921 6 % Various 189,315 3 % 65,910 2 % Mixed Use 68,165 1 % 67,645 2 % Total $ 7,091,841 100 % $ 3,841,868 100 % September 30, 2022 (Unaudited) December 31, 2021 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 3,437,316 48 % $ 2,270,087 59 % West 1,450,935 20 % 637,142 17 % Northeast 1,303,488 18 % 646,761 16 % Various 538,562 8 % 65,910 2 % Midwest 361,540 6 % 221,968 6 % Total $ 7,091,841 100 % $ 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 5-point The following table allocates the net book value of the Company’s loans receivable, held-for-investment September 30, 2022 (Unaudited) December 31, 2021 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 140 7,091,841 100 % 102 3,841,868 100 % 4 — — — — — — 5 — — — — — — Total 140 $ 7,091,841 100 % 102 $ 3,841,868 100 % The Company did not have any impaired loans, non-accrual held-for-investment

Mortgage Backed Securities

Mortgage Backed Securities	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Mortgage Backed Securities	Note 4 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 September 30, 2022 (Unaudited) CMBS, available-for-sale $ 187,947 $ 186,053 $ 347 $ (3,922 ) $ 182,478 8.00 % 12.4 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 Securities with a Securities with a September 30, 2022 (Unaudited) CMBS, available-for-sale $ 130,529 $ — $ (3,922 ) $ — December 31, 2021 CMBS, available-for-sale $ 905 $ — $ (13 ) $ — As of September 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 Amount Gross Unrecognized Gross Unrecognized Fair Value September 30, 2022 (Unaudited) CMBS, held-to-maturity $ 86,850 — $ (876 ) $ 85,974 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 year 1-3 years 3-5 years More than 5 years September 30, 2022 (Unaudited) CMBS, held-to-maturity $ 86,850 — $ 38,289 $ 7,731 $ 40,830 December 31, 2021 CMBS, held-to-maturity $ 37,862 — — $ 37,862 —

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2022
Real Estate [Line Items]
Real Estate	Note 5. Real Estate Investment in real estate, net, consisted of the following as of September 30, 2022: September 30, 2022 Building and building improvements $ 120,527 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place lease intangibles 33,091 Total 193,868 Accumulated depreciation and amortization (1,839 ) Real estate, net $ 192,029 No tangible or The following table details the Company’s future amortization of intangible assets for each of the next five years and thereafter: Amortization 2022 (remaining) $ 1,013 2023 3,814 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,133 Total $ 32,197 The components of rental operations, net on the Company’s consolidated statements of operations consisted of the following as of September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Rental income $ 3,569 $ — $ 3,569 $ — Less: depreciation and amortization (1,839 ) — (1,839 ) — Less: cost of rental operations (1) (2,798 ) — (2,798 ) — Rental operations, net $ (1,068 ) $ — $ (1,068 ) $ — (1) Cost of rental operations includes $1,503 of interest expense related to the mortgage note payable. 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 sub-market Amount Building and building improvements $ 120,527 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place lease intangibles 33,091 Net purchase price $ 193,868 The weighted average amortization period for the acquired in-place nine

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021. As of September 30, 2022 (Unaudited) Arrangement (1) Rate (2) Amount Amount Maturity Date Carrying Fair Collateralized Loan Obligations 2019-FL1 +1.20%—2.50% (3) $ 218,034 $ — December 18, 2036 $ 316,319 $ 316,865 2021-FL2 +1.22%—3.45% (3) 646,935 — May 5, 2038 782,749 783,796 2021-FL3 +1.25%—2.85% (3) 928,483 — November 4, 2036 1,133,737 1,134,237 2022-FL4 +1.90%—4.75% (6) 842,662 — January 31, 2039 1,075,885 1,076,484 2022-FL5 +2.30%—5.41% (6) 570,112 — June 17, 2037 689,875 690,536 2022-FL6 +2.58%—4.23% (6) 566,250 — August 19, 2037 749,826 750,336 3,772,476 — 4,748,391 4,752,254 Repurchase Agreements WF-1 +2.15%—2.50% (4) 447,654 152,346 August 30, 2023 578,832 579,007 GS-1 +1.75%—2.75% (5) 156,804 193,196 January 26, 2023 205,063 204,357 BB-1 +1.55%—1.95% (6) 220,368 479,632 February 22, 2024 280,244 280,742 RBC Facility +1.20% 58,754 — N/A 99,048 96,672 883,580 825,174 1,163,187 1,160,778 Revolving Credit Facility MM-1 +2.03% (7)(8) 639,105 360,895 September 20, 2029 872,224 872,396 Barclays Facility +2.25% (7) 65,000 245,000 August 1, 2025 227,000 228,052 704,105 605,895 1,099,224 1,100,448 Mortgage Loan Natixis Loan +2.15% ( 7) 124,700 2,000 July 9, 2025 159,832 194,488 Total $ 5,484,861 $ 1,433,069 $ 7,170,634 $ 7,207,968 (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 0.00% floor. (8) The MM-1 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 September 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 outstanding as of September 30, 2022 based on the maturity date of each financing arrangement: Collateralized Loan (1) Repurchase Revolving Credit Mortgage Total 2022 $ — $ — $ — $ — $ — 2023 23,898 604,458 — — 628,356 2024 61,743 220,368 — — 282,111 2025 — — 65,000 124,700 189,700 2026 131,393 — — — 131,393 Thereafter 3,555,442 58,754 639,105 — 4,253,301 Total $ 3,772,476 $ 883,580 $ 704,105 $ 124,700 $ 5,484,861 (1) The allocation of repayments under the Company’s collateralized loan obligation is based on the the maturity date of each agreement, or the maximum maturity date assuming all extension options are exercised by the borrower if the reinvestment period has expired. 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 2022-FL6 As of September 30, 2022 Collateralized Loan Obligation Total Loans Principal Balance 2019-FL1 15 $ 316,601 2021-FL2 28 782,978 2021-FL3 29 1,134,028 2022-FL4 23 1,076,167 2022-FL5 23 690,000 2022-FL6 24 750,000 Total 142 $ 4,749,774 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 September 30, 2022 Collateralized Loan Obligation Issuance Costs and 2019-FL1 $ 2,488 2021-FL2 5,085 2021-FL3 6,120 2022-FL4 6,683 2022-FL5 5,088 2022-FL6 5,185 Total $ 30,649 2022 Issued Notes On August 25, 2022, the Company issued $627,188 of collateralized loan obligation notes, or the CLO6 Transaction, through FS Rialto Sub-REIT, LLC or the Sub-REIT Sub-REIT, 2022-FL6 On June 16, 2022, the Company issued $570,112 of collateralized loan obligation notes, or the CLO5 Transaction, through the Sub-REIT and a wholly-owned financing subsidiary of the Sub-REIT, FS Rialto 2022-FL5 On March 31, 2022, the Company issued $842,662 of collateralized loan obligation notes, or the CLO4 Transaction, through the Sub-REIT and a wholly-owned financing subsidiary of Sub-REIT, FS Rialto 2022-FL4 Issuer, LLC, a Delaware limited liability company, as issuer. 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 WF-1 The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of September 30, 2022, $1,384 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 September 30, 2022, $188 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 BB-1 The initial availability period of the BB-1 BB-1 one-year BB-1 one-year conditions are met. During the amortization period, certain of the terms of the BB-1 BB-1 Th e Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of September 30, 2022, $1,404 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. On July 28, 2022, the CNB Facility was paid down and terminated. As of September 30, 2022, all deferred financing costs had been 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 unused comm MM-1 , MM-1 the On MM-1 The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of September 30, 2022, $8,383 of deferred financing costs had yet to be amortized to interest expense. Barclays Facility On August 1, 2022, the Company, as borrower, entered into a senior secured revolving credit facility, or the Barclays Facility with Barclays, as administrative agent, and the lenders party thereto. The Barclays Facility provides for borrowings The Barclays Facility will mature one-year Borrowings under the Barclays Facility bear interest, at the Company’s election, at either a base rate plus a spread one-, six-month 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. As of September 30, 2022, $3,269 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 September 30, 2022 is $126,700. The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. As of September 30, 2022, $2,132 of deferred financing costs had yet to be amortized to interest expense.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 7 Compensation of FS Real Estate Advisor, Rialto and the Dealer Manager Purs uant to the third amended and restated advisory agreement dated as of December 15, 2021 or the New Advisory Agreement F non-liquidating “catch-up” For purposes of calculating the performance fee, “Core Earnings” means: the net income (loss) attributable to stockholders of Class Y, Class T, Class S, Class D, Class M and Class I shares, computed in accordance with GAAP (provided that net income (loss) attributable to Class Y stockholders shall be reduced by an amount equal to the base management fee that would have been paid if Class Y shares were subject to such fee), including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) non-cash non-cash (v) one-time non-cash Pursuant to the 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 Class I PCR agreement 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 income (loss), (B) stockholder servicing fees, and (C) reimbursements for organization and offering expenses, and excluding (i) non-cash non-cash (iv) one-time non-cash 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 sub-adviser’s sub-adviser FS Investments 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 $19,645 for the period from November 7, 2016 (Inception) to September 30, 2022. These expenses include legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company’s transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals, but excluding selling commissions, dealer manager fees and stockholder servicing fees. FS Real Estate Advisor may be reimbursed for any organization and offering expenses that it or Rialto has incurred on the Company’s behalf, up to a cap of 0.75% of gross proceeds raised. During the nine months ended September 30, 2022, the Company paid The following table describes the fees and expenses accrued under the advisory agreement and sub-advisory agreement during the nine months ended September 3 0, 2022 and 2021: Three Months Ended Nine Months Ended Related Party Source Agreement Description 2022 2021 2022 2021 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 6,629 $ 1,944 $ 15,825 $ 4,269 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 3,904 $ 8 $ 4,056 $ 968 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 3,434 $ 1,260 $ 8,658 $ 2,708 FS Real Estate Advisor Advisory Agreement Capital Markets Fees $ — $ — $ 2,000 $ — Rialto Capital Management Sub-Advisory Agreement Valuation Services Fees (4) $ 106 $ 51 $ 299 $ 139 (1) During the nine months ended September 30, 2022, FS Real Estate Advisor received $2,007 in cash and $11,409 of performance contingent rights were issued as payment for management fees. During the nine months ended September 30, 2021, $1,944, in base management fees were paid to FS Real Estate Advisor. As of September 30, 2022, there were no base management fees payable to FS Real Estate Advisor. (2) During the nine months ended September 30, 2022 and 2021, $557 and $1,276, respectively, in performance fees were paid to FS Real Estate Advisor. As of September 30, 2022, there were no performance fees payable to FS Real Estate Advisor. (3) During the nine months ended September 30, 2022 and 2021, $7,978 and $2,448, 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. (4) During the nine months ended September 30, 2022, $193 in valuation fees were paid by the Company to Rialto. 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 %, 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 % 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 % 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 consolidation with or into another entity in a transaction in which holders of Class D, Class M, Class S or Class T shares receive cash and/or shares of stock that are listed on a national securities exchange; or (iii) the date following the completion of the Company’s public offering on which, in the aggregate, underwriting compensation from all sources in connection with the Company’s public offering, including selling commissions, dealer manager fees, stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from its primary offering. The Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. As of September 30, 2022 and December 31, 2021, the Company accrued $103,625 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 I, Class F and Class Y shares pursuant to placement agreements. FS Investment Solutions does not receive any compensation pursuant to these agreements. Expense Limitation The Company has entered into an amended and restated expense limitation agreement with FS Real Estate Advisor and Rialto, or the expense limitation agreement, pursuant to which FS Real Estate Advisor and Rialto have agreed to waive reimbursement of or pay, on a quarterly basis, the Company’s annualized ordinary operating expenses for such quarter to the extent such expenses exceed 1.5% per annum of its average net assets attributable to each of its classes of common stock. The Company will repay FS Real Estate Advisor or Rialto on a quarterly basis any ordinary operating expenses previously waived or paid, but only if the reimbursement would not cause the then-current expense limitation, if any, to be exceeded. In addition, the reimbursement of expenses will be made only if payable not more than three years from the end of the fiscal quarter in which the expenses were paid or waived. FS Real Estate Advisor and Rialto each agreed to waive the recoupment of any amounts that may be subject to conditional reimbursement during the quarterly period ended March 31, 2020. To the extent that the conditions to recoupment are satisfied in a future quarter (prior to the expiration of the three-year period for reimbursement set forth in the expense limitation agreement), such expenses may be subject to conditional recoupment in accordance with the terms of the expense limitation agreement. During the period from September 13, 2017 (Commencement of Operations) to September 30, 2022, the Company received $5,839 for reimbursement of expenses that FS Real Estate Advisor and Rialto paid or waived, including $0 in reimbursements for the nine months ended September 30, 2022. As of September 30, 2022, $3,486 of expense recoupment were paid or payable to FS Real Estate Advisor and Rialto and $2,353 of expense reimbursements were no longer eligible for recoupment. During the nine months ended September 30, 2022, $2,832 of expense recoupments were paid to FS Real Estate Advisor and Rialto. As of September 30, 2022, $256 of expense recoupments were payable to FS Real Estate Advisor and Rialto. 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 September 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 $20,873 and $390, respectively. RIAL 2022-FL8 In the second quarter of 2022, the Company purchased $36,000 of 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	9 Months Ended
	Sep. 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 nine months ended September 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 — — 188,212 30,189,475 113,587 1,605,166 20,603,163 52,699,603 Reinvestment of distributions 22,136 — 31,615 877,669 11,074 52,503 503,185 1,498,182 Redemptions of common stock (74,770 ) — (33,438 ) (2,268,159 ) (21,931 ) (153,213 ) (1,462,991 ) (4,014,502 ) Transfers in or out — — (1,729 ) — (18,729 ) (142,726 ) 167,368 4,184 Balance as of September 30, 2022 850,244 906,648 1,592,037 51,622,706 726,163 4,238,466 31,177,412 91,113,676 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 — — 4,699 760,752 2,840 40,238 503,433 1,311,962 Reinvestment of distributions 554 — 793 22,106 277 1,820 12,288 37,838 Redemptions of common stock (1,870 ) — (835 ) (57,119 ) (549 ) (3,840 ) (35,731 ) (99,944 ) Transfers in or out — — (43 ) — (468 ) (3,580 ) 4,091 — Accrued stockholder servicing fees (1) — — (192 ) (58,903 ) (32 ) (2,431 ) — (61,558 ) Balance as of September 30, 2022 $ 20,822 $ 22,371 $ 38,284 $ 1,197,986 $ 18,013 $ 99,043 $ 763,089 $ 2,159,608 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 96,414 10,303,946 129,097 953,885 6,081,562 18,408,563 Reinvestment of distributions 23,310 — 29,916 214,826 9,827 36,910 67,801 382,590 Redemptions of common stock (33,638 ) (74,127 ) (27,614 ) (86,170 ) (14,551 ) (71,799 ) (67,142 ) (375,041 ) Transfers in or out (6,392 ) — (3,664 ) (1,684 ) (50,714 ) (85,401 ) 151,380 3,525 Balance as of September 30, 2021 895,749 906,648 1,340,710 16,209,558 619,957 2,804,634 8,405,129 31,182,385 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 2,419 260,437 3,242 23,996 149,202 460,045 Reinvestment of distributions 585 — 750 5,429 247 929 1,663 9,603 Redemptions of common stock (843 ) (1,827 ) (692 ) (2,177 ) (365 ) (1,804 ) (1,646 ) (9,354 ) Transfers in or out (160 ) — (92 ) (43 ) (1,274 ) (2,145 ) 3,714 — Accrued stockholder servicing fees (1) — — (87 ) (20,817 ) (27 ) (1,468 ) — (22,399 ) Balance as of September 30, 2021 $ 21,960 $ 22,371 $ 32,269 $ 377,534 $ 15,396 $ 65,662 $ 206,530 $ 741,722 (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 Share Repurchase Plan The Company has adopted an amended and restated share repurchase plan, or share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The repurchase of shares is limited to no more than 2% of the Company’s aggregate NAV per month of all classes of shares then participating in the share repurchase plan and no more than 5% of the Company’s aggregate NAV per calendar quarter of all classes of shares then participating in the share repurchase plan, which means that in any 12-month Distribution Reinvestment Plan Pursuant to the Company’s distribution reinvestment plan, holders of shares of any class of the Company’s common stock may elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The purchase price for shares pursuant to the distribution reinvestment plan will be equal to the transaction price for such shares at the time the distribution is payable. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Dividends are paid first to the holders of the preferred stock at the rate of 12.0% per annum plus all accumulated and unpaid dividends thereon, and then to the holders of the Company’s common stock. All distributions will be made at the discretion of the Company’s board of directors and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors that the Company’s board of directors deems relevant. The following table reflects the cash distributions per share that the Company paid on its common stock during the nine months ended September 30, 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 July 28, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 August 30, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 September 29, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 Total $ 1.4490 $ 1.4490 $ 1.0557 $ 1.0557 $ 1.1592 $ 1.1592 $ 1.2150 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and nine months ended September 30, 2022, and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Distributions: Paid or payable in cash $ 16,473 $ 6,505 $ 40,805 $ 14,861 Reinvested in shares 15,943 4,448 37,838 9,603 Total distributions $ 32,416 $ 10,953 $ 78,643 $ 24,464 Source of distributions: Cash flows from operating activities $ 32,416 $ 10,953 (1) $ 78,643 $ 24,464 Offering proceeds — — — — Total sources of distributions $ 32,416 $ 10,953 $ 78,643 $ 24,464 Net cash provided by (used in) operating activities (2) $ 47,173 $ 10,275 $ 96,098 $ 27,591 (1) The distributions for the three months ended September 30, 2021, were fully covered by cash flows from operating activities, including cash flows from prior periods of $678. (2) 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 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 October 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	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 9 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: September 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 $ 182,478 $ — $ 182,478 $ — $ 44,518 $ — $ 44,518 $ — Interest rate cap $ 4,275 $ — $ 4,275 $ — $ — $ — $ — $ — As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statement of financial position, for which it is practicable to estimate that value. The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: September 30, 2022 (Unaudited) December 31, 2021 Book Value Face Fair Value Book Value Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 173,442 $ 173,442 $ 173,442 $ 85,808 $ 85,808 $ 85,808 Loans receivable—held-for-investment (1) $ 7,091,841 $ 7,093,134 $ 7,096,521 $ 3,841,868 $ 3,843,110 $ 3,844,685 Mortgage-backed securities held-to-maturity $ 86,850 $ 102,050 $ 85,974 $ 37,862 $ 50,300 $ 37,862 Financial Liabilities Repurchase agreements (2) $ 880,604 $ 883,580 $ 883,580 $ 903,010 $ 904,968 $ 904,968 Credit facilities $ 695,722 $ 704,105 $ 704,105 $ 196,960 $ 199,190 $ 199,190 Collateralized loan obligations (2) $ 3,733,940 $ 3,764,589 $ 3,764,589 $ 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	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 10 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 September 30, 2022 and December 31, 2021: September 30, December 31, Assets: Restricted cash $ 5,183 $ 37,364 Loans receivable, held-for-investment 4,748,391 2,298,367 Interest receivable 14,342 5,154 Other assets 565 6,625 Total assets $ 4,768,481 $ 2,347,510 Liabilities Collateralized loan obligations (net of deferred financing costs of $30,649 and $16,701, respectively) $ 3,733,940 $ 1,886,382 Interest payable 7,019 1,357 Other liabilities 212 205 Total liabilities $ 3,741,171 $ 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 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 either held-to-maturity other-than- as of September 30, 2022. The Company is not obligated to provide, nor has it provided financial support to these consolidated and non-consolidated

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2022
Summary of Derivative Instruments [Abstract]
Derivative Instruments	Note 12. 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 September 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 9, 2024 $ 4,275 (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/ Location of Gain (Loss) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Interest Rate Cap Unrealized Loss (1 ) $ 1,758 $ — $ 309 $ — (1) Included in Other income (loss) in the Company’s consolidated statements of .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 13. Subsequent Events The following is a discussion of material events that have occurred subsequent to September 30, 2022 through the issuance of the unaudited consolidated financial statements. Morgan Stanley Master Repurchase and Securities Contract On October 13, 2022, FS CREIT Finance MS-1 LLC, or MS-1, an indirect wholly owned special-purpose financing subsidiary of the Company, entered into a Master Repurchase and Securities Contract Agreement, or the MS Repurchase Agreement, and together with the related transaction documents, the MS-1 Facility, as seller, with Morgan Stanley Mortgage Capital Holdings LLC, or the Agent, as administrative agent for the buyers, and Morgan Stanley Bank, N.A., as a buyer, together with such other financial institutions from time to time party thereto as buyers, or the Buyers, to finance the acquisition and origination of (i) whole, performing commercial mortgage loans and senior mortgage notes secured by a first lien on office, retail, industrial, hospitality, multifamily, self-storage or mixed-use property, such property known as Eligible Property, (ii) pari passu participation interests in such performing mortgage loans, and (iii) performing mezzanine loans secured by pledges o f 100 % of the capital stock of the mortgagor under a related mortgage loan secured by a first lien on Eligible Property, collectively, Eligible Assets. The MS-1 Facility is uncommitted, so the Buyers have no obligation to enter into any transaction under the MS-1 Facility to finance Eligible Assets. The initial maximum amount of financing available under the MS-1 Facility is $150,000 . MS-1 may elect to increase the maximum amount of financing available to $250,000 so long as, subject to other customary conditions, no default or event of default has occurred or is continuing under the MS-1 The initial availability period of the MS-1 Facility (during which financing under the MS-1 Facility may be used for acquisition and origination of new assets) is three years. MS-1 may extend the availability period for a one-year term extension, so long as certain conditions are met. In connection with the MS Repurchase Agreement, the Company entered into a guaranty, or the MS Guaranty, pursuant to which the Company guarantee s 25 % of MS-1’s obligations under the MS Repurchase Agreement, subject to limitations specified therein. The MS Guarantee may become full recourse to the Company upon the occurrence of certain events, including willful bad acts by the Company or MS-1. The MS Repurchase Agreement and MS Guaranty contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. In addition, the Company is required (i) to maintain its adjusted tangible net worth at an amount not less tha n 75 % of the net cash proceeds of any equity issuance by the Company minu s 75 % of the amounts expended for equity redemptions or repurchases by the Company; (ii) to maintain an EBITDA to interest expense ratio not less tha n 1.50 to 1.00 ; (iii) to maintain a total indebtedness to tangible net worth ratio of less tha n 3.00 to 1.00 ; and (iv) to maintain minimum liquidity not less than the greater of (x) $15,000 and (y) 5 % of the amount outstanding under the MS-1 Facility. Each transaction under the MS-1 Facility to finance Eligible Assets will have its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. In addition, any term of the MS-1 Facility or the MS Guaranty may be amended in connection with any transaction. Amended and Restated Performance-Contingent Right Agreement On November 10, 2022, the Company’s board of directors approved an amended and restated PCR Agreement to, among other things, amend the calculation of Adjusted Core Earnings and amend the timing in which Class I PCRs convert into Class I shares. A copy of the amended and restated PCR Agreement is attached hereto as Exhibit 10.7. Unregistered Sale of Securities On October 1, 2022, t he Company received $ 4,050 relating to the sale and issuance of approximately Class I shares to accredited investors at the per share purchase price of $ pursuant to a private placement exempt from registration under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder (the “Class I Private Placement”).

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: bse
Reclassifications	Reclassifications: flows.
Use of Estimates	Use of Estimates: d liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Act
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: September 30, 2022 2021 Cash and cash equivalents $ 147,321 $ 99,839 Restricted cash 26,121 5,475 Total cash, cash equivalents and restricted cash $ 173,442 $ 105,314
Loans Receivable and Provision for Loan Losses	Loans Receivable and Provision for Loan Losses: to the contractual terms of the loan. If a loan is determined to be impaired, the Company writes down the loan 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: transaction as an asset acquisition. The guidance for business combinations states that when substantially all the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar 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 operations, net, 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 the impairment model considers real estate properties to be “long-lived assets to be held and used,” cash flows to determine whether an asset has been impaired are undiscounted. Accordingly, 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
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 comprised 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, 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. 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: obliga
Revenue Recognition	Revenue Recognition: the if there is reason to doubt the collectability of such income. Discounts or premiums associated with the investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company records dividend income on the ex-dividend 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 terms.
Offering Costs	Offering Costs: costs primarily include, among other things, marketing expenses and printing, legal and due diligence fees and other costs pertaining to the Company’s continuous public offering of shares of its common stock, including the preparation of the registration statement and salaries and direct expenses of FS Real Estate Advisor’s personnel, employees of its respective affiliates and others while engaged in such activities. The Company may reimburse FS Real Estate Advisor and Rialto for any offering expenses that they r 30, 2022, t
Income Taxes	Income Taxes: The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code, commencing with its taxable year ended December 31, 2017. In order to maintain its status as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the 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 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 id t incur any interest or penalties and are accrued at Septem ber 30, 2022.
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 September 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 available-for-sale 2019-10, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instrument (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates, 2016-13

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2022 2021 Cash and cash equivalents $ 147,321 $ 99,839 Restricted cash 26,121 5,475 Total cash, cash equivalents and restricted cash $ 173,442 $ 105,314
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)	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Number of loans 140 102 Principal balance $ 7,093,134 $ 3,843,110 Net book value $ 7,091,841 $ 3,841,868 Unfunded loan commitments (1) $ 581,328 $ 414,818 Weighted-average cash coupon (2) +3.82 % +3.68 % Weighted-average all-in (2) +3.89 % +3.73 % Weighted-average maximum maturity (years) (3) 4.1 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 expressed as a spread over the relevant benchmark rates, which include 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 nine months ended September 30, 2022 and 2021, the activity in the Company’s loan portfolio, was as follows: For the Nine Months Ended 2022 2021 Balance at beginning of period $ 3,841,868 $ 700,149 Loan fundings 3,731,304 1,990,205 Loan repayments (483,832 ) (178,428 ) Amortization of deferred fees on loans 2,973 702 Exit and extension fees received on loans (472 ) (727 ) Balance at end of period $ 7,091,841 $ 2,511,901
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 September 30, 2022 (Unaudited) December 31, 2021 Property Type Net Book Value Percentage Net Book Value Percentage Multifamily $ 4,361,146 61 % $ 2,192,346 57 % Office 692,006 10 % 430,084 11 % Hospitality 640,850 9 % 223,847 6 % Industrial 501,530 7 % 348,071 9 % Retail 423,929 6 % 277,044 7 % Self Storage 214,900 3 % 236,921 6 % Various 189,315 3 % 65,910 2 % Mixed Use 68,165 1 % 67,645 2 % Total $ 7,091,841 100 % $ 3,841,868 100 %
Schedule of Loan Receivables Acquired By Geographics	September 30, 2022 (Unaudited) December 31, 2021 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 3,437,316 48 % $ 2,270,087 59 % West 1,450,935 20 % 637,142 17 % Northeast 1,303,488 18 % 646,761 16 % Various 538,562 8 % 65,910 2 % Midwest 361,540 6 % 221,968 6 % Total $ 7,091,841 100 % $ 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 September 30, 2022 (Unaudited) December 31, 2021 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 140 7,091,841 100 % 102 3,841,868 100 % 4 — — — — — — 5 — — — — — — Total 140 $ 7,091,841 100 % 102 $ 3,841,868 100 %

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	9 Months Ended
	Sep. 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 September 30, 2022 (Unaudited) CMBS, available-for-sale $ 187,947 $ 186,053 $ 347 $ (3,922 ) $ 182,478 8.00 % 12.4 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 Securities with a Securities with a September 30, 2022 (Unaudited) CMBS, available-for-sale $ 130,529 $ — $ (3,922 ) $ — December 31, 2021 CMBS, available-for-sale $ 905 $ — $ (13 ) $ —
Summary of Investment Held-to-maturity CMBS	Mortgage-backed securities, held-to-maturity The table below summarizes various attributes of the Company’s investments in held-to-maturity Net Carrying Amount Gross Unrecognized Gross Unrecognized Fair Value September 30, 2022 (Unaudited) CMBS, held-to-maturity $ 86,850 — $ (876 ) $ 85,974 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 year 1-3 years 3-5 years More than 5 years September 30, 2022 (Unaudited) CMBS, held-to-maturity $ 86,850 — $ 38,289 $ 7,731 $ 40,830 December 31, 2021 CMBS, held-to-maturity $ 37,862 — — $ 37,862 —

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment in real estate, net, consisted of the following as of September 30, 2022: September 30, 2022 Building and building improvements $ 120,527 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place lease intangibles 33,091 Total 193,868 Accumulated depreciation and amortization (1,839 ) Real estate, net $ 192,029
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) $ 1,013 2023 3,814 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,133 Total $ 32,197
Schedule of Rental Operations	The components of rental operations, net on the Company’s consolidated statements of operations consisted of the following as of September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Rental income $ 3,569 $ — $ 3,569 $ — Less: depreciation and amortization (1,839 ) — (1,839 ) — Less: cost of rental operations (1) (2,798 ) — (2,798 ) — Rental operations, net $ (1,068 ) $ — $ (1,068 ) $ — (1) Cost of rental operations includes $1,503 of interest expense related to the mortgage note payable.
Summary of Asset Acquisition	The following table details the purchase price allocation for the property acquired. As of September 30, 2022, this was the only property held by the Company. Amount Building and building improvements $ 120,527 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place lease intangibles 33,091 Net purchase price $ 193,868

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021. As of September 30, 2022 (Unaudited) Arrangement (1) Rate (2) Amount Amount Maturity Date Carrying Fair Collateralized Loan Obligations 2019-FL1 +1.20%—2.50% (3) $ 218,034 $ — December 18, 2036 $ 316,319 $ 316,865 2021-FL2 +1.22%—3.45% (3) 646,935 — May 5, 2038 782,749 783,796 2021-FL3 +1.25%—2.85% (3) 928,483 — November 4, 2036 1,133,737 1,134,237 2022-FL4 +1.90%—4.75% (6) 842,662 — January 31, 2039 1,075,885 1,076,484 2022-FL5 +2.30%—5.41% (6) 570,112 — June 17, 2037 689,875 690,536 2022-FL6 +2.58%—4.23% (6) 566,250 — August 19, 2037 749,826 750,336 3,772,476 — 4,748,391 4,752,254 Repurchase Agreements WF-1 +2.15%—2.50% (4) 447,654 152,346 August 30, 2023 578,832 579,007 GS-1 +1.75%—2.75% (5) 156,804 193,196 January 26, 2023 205,063 204,357 BB-1 +1.55%—1.95% (6) 220,368 479,632 February 22, 2024 280,244 280,742 RBC Facility +1.20% 58,754 — N/A 99,048 96,672 883,580 825,174 1,163,187 1,160,778 Revolving Credit Facility MM-1 +2.03% (7)(8) 639,105 360,895 September 20, 2029 872,224 872,396 Barclays Facility +2.25% (7) 65,000 245,000 August 1, 2025 227,000 228,052 704,105 605,895 1,099,224 1,100,448 Mortgage Loan Natixis Loan +2.15% ( 7) 124,700 2,000 July 9, 2025 159,832 194,488 Total $ 5,484,861 $ 1,433,069 $ 7,170,634 $ 7,207,968 (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 0.00% floor. (8) The MM-1 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	schedule for secured financings outstanding as of September 30, 2022 based on the maturity date of each financing arrangement: Collateralized Loan (1) Repurchase Revolving Credit Mortgage Total 2022 $ — $ — $ — $ — $ — 2023 23,898 604,458 — — 628,356 2024 61,743 220,368 — — 282,111 2025 — — 65,000 124,700 189,700 2026 131,393 — — — 131,393 Thereafter 3,555,442 58,754 639,105 — 4,253,301 Total $ 3,772,476 $ 883,580 $ 704,105 $ 124,700 $ 5,484,861 (1) The allocation of repayments under the Company’s collateralized loan obligation is based on the the maturity date of each agreement, or the maximum maturity date assuming all extension options are exercised by the borrower if the reinvestment period has expired.
Summary of number of loans and the principal balance	The following table outlines the number of loans and the principal balance of the collateralized pool of interests for each CLO. As of September 30, 2022 Collateralized Loan Obligation Total Loans Principal Balance 2019-FL1 15 $ 316,601 2021-FL2 28 782,978 2021-FL3 29 1,134,028 2022-FL4 23 1,076,167 2022-FL5 23 690,000 2022-FL6 24 750,000 Total 142 $ 4,749,774
Summary of the issuance costs and discount to be amortized	The following table outlines the issuance costs and discount to be amortized. As of September 30, 2022 Collateralized Loan Obligation Issuance Costs and 2019-FL1 $ 2,488 2021-FL2 5,085 2021-FL3 6,120 2022-FL4 6,683 2022-FL5 5,088 2022-FL6 5,185 Total $ 30,649

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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 and sub-advisory agreement during the nine months ended September 3 0, 2022 and 2021: Three Months Ended Nine Months Ended Related Party Source Agreement Description 2022 2021 2022 2021 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 6,629 $ 1,944 $ 15,825 $ 4,269 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 3,904 $ 8 $ 4,056 $ 968 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ 3,434 $ 1,260 $ 8,658 $ 2,708 FS Real Estate Advisor Advisory Agreement Capital Markets Fees $ — $ — $ 2,000 $ — Rialto Capital Management Sub-Advisory Agreement Valuation Services Fees (4) $ 106 $ 51 $ 299 $ 139 (1) During the nine months ended September 30, 2022, FS Real Estate Advisor received $2,007 in cash and $11,409 of performance contingent rights were issued as payment for management fees. During the nine months ended September 30, 2021, $1,944, in base management fees were paid to FS Real Estate Advisor. As of September 30, 2022, there were no base management fees payable to FS Real Estate Advisor. (2) During the nine months ended September 30, 2022 and 2021, $557 and $1,276, respectively, in performance fees were paid to FS Real Estate Advisor. As of September 30, 2022, there were no performance fees payable to FS Real Estate Advisor.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 — — 188,212 30,189,475 113,587 1,605,166 20,603,163 52,699,603 Reinvestment of distributions 22,136 — 31,615 877,669 11,074 52,503 503,185 1,498,182 Redemptions of common stock (74,770 ) — (33,438 ) (2,268,159 ) (21,931 ) (153,213 ) (1,462,991 ) (4,014,502 ) Transfers in or out — — (1,729 ) — (18,729 ) (142,726 ) 167,368 4,184 Balance as of September 30, 2022 850,244 906,648 1,592,037 51,622,706 726,163 4,238,466 31,177,412 91,113,676 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 — — 4,699 760,752 2,840 40,238 503,433 1,311,962 Reinvestment of distributions 554 — 793 22,106 277 1,820 12,288 37,838 Redemptions of common stock (1,870 ) — (835 ) (57,119 ) (549 ) (3,840 ) (35,731 ) (99,944 ) Transfers in or out — — (43 ) — (468 ) (3,580 ) 4,091 — Accrued stockholder servicing fees (1) — — (192 ) (58,903 ) (32 ) (2,431 ) — (61,558 ) Balance as of September 30, 2022 $ 20,822 $ 22,371 $ 38,284 $ 1,197,986 $ 18,013 $ 99,043 $ 763,089 $ 2,159,608 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 96,414 10,303,946 129,097 953,885 6,081,562 18,408,563 Reinvestment of distributions 23,310 — 29,916 214,826 9,827 36,910 67,801 382,590 Redemptions of common stock (33,638 ) (74,127 ) (27,614 ) (86,170 ) (14,551 ) (71,799 ) (67,142 ) (375,041 ) Transfers in or out (6,392 ) — (3,664 ) (1,684 ) (50,714 ) (85,401 ) 151,380 3,525 Balance as of September 30, 2021 895,749 906,648 1,340,710 16,209,558 619,957 2,804,634 8,405,129 31,182,385 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 2,419 260,437 3,242 23,996 149,202 460,045 Reinvestment of distributions 585 — 750 5,429 247 929 1,663 9,603 Redemptions of common stock (843 ) (1,827 ) (692 ) (2,177 ) (365 ) (1,804 ) (1,646 ) (9,354 ) Transfers in or out (160 ) — (92 ) (43 ) (1,274 ) (2,145 ) 3,714 — Accrued stockholder servicing fees (1) — — (87 ) (20,817 ) (27 ) (1,468 ) — (22,399 ) Balance as of September 30, 2021 $ 21,960 $ 22,371 $ 32,269 $ 377,534 $ 15,396 $ 65,662 $ 206,530 $ 741,722 (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
Summary of Cash Distributions Per Share that Paid on its Common Stock	The following table reflects the cash distributions per share that the Company paid on its common stock during the nine months ended September 30, 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 July 28, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 August 30, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 September 29, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 Total $ 1.4490 $ 1.4490 $ 1.0557 $ 1.0557 $ 1.1592 $ 1.1592 $ 1.2150 The following table reflects the amount of cash distributions that the Company paid on its common stock during the three and nine months ended September 30, 2022, and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Distributions: Paid or payable in cash $ 16,473 $ 6,505 $ 40,805 $ 14,861 Reinvested in shares 15,943 4,448 37,838 9,603 Total distributions $ 32,416 $ 10,953 $ 78,643 $ 24,464 Source of distributions: Cash flows from operating activities $ 32,416 $ 10,953 (1) $ 78,643 $ 24,464 Offering proceeds — — — — Total sources of distributions $ 32,416 $ 10,953 $ 78,643 $ 24,464 Net cash provided by (used in) operating activities (2) $ 47,173 $ 10,275 $ 96,098 $ 27,591 (1) The distributions for the three months ended September 30, 2021, were fully covered by cash flows from operating activities, including cash flows from prior periods of $678. (2) 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
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 October 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)	9 Months Ended
	Sep. 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: September 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 $ 182,478 $ — $ 182,478 $ — $ 44,518 $ — $ 44,518 $ — Interest rate cap $ 4,275 $ — $ 4,275 $ — $ — $ — $ — $ —
Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments	The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: September 30, 2022 (Unaudited) December 31, 2021 Book Value Face Fair Value Book Value Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 173,442 $ 173,442 $ 173,442 $ 85,808 $ 85,808 $ 85,808 Loans receivable—held-for-investment (1) $ 7,091,841 $ 7,093,134 $ 7,096,521 $ 3,841,868 $ 3,843,110 $ 3,844,685 Mortgage-backed securities held-to-maturity $ 86,850 $ 102,050 $ 85,974 $ 37,862 $ 50,300 $ 37,862 Financial Liabilities Repurchase agreements (2) $ 880,604 $ 883,580 $ 883,580 $ 903,010 $ 904,968 $ 904,968 Credit facilities $ 695,722 $ 704,105 $ 704,105 $ 196,960 $ 199,190 $ 199,190 Collateralized loan obligations (2) $ 3,733,940 $ 3,764,589 $ 3,764,589 $ 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)	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021: September 30, December 31, Assets: Restricted cash $ 5,183 $ 37,364 Loans receivable, held-for-investment 4,748,391 2,298,367 Interest receivable 14,342 5,154 Other assets 565 6,625 Total assets $ 4,768,481 $ 2,347,510 Liabilities Collateralized loan obligations (net of deferred financing costs of $30,649 and $16,701, respectively) $ 3,733,940 $ 1,886,382 Interest payable 7,019 1,357 Other liabilities 212 205 Total liabilities $ 3,741,171 $ 1,887,944

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Summary of Derivative Instruments [Abstract]
Summary of Derivative Instruments	The table below provides additional information regarding the Company’s derivative instrument as of September 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 9, 2024 $ 4,275 (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/ Location of Gain (Loss) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Interest Rate Cap Unrealized Loss (1 ) $ 1,758 $ — $ 309 $ — (1) Included in Other income (loss) in the Company’s consolidated statements of .

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail) - Class T, Class S, Class D, Class M and Class I shares [Member] - Maximum [Member]	9 Months Ended
	Sep. 30, 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 - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Offering costs incurred	$ 19,402
Percentage of distribution of annual REIT taxable income to stockholders to qualify as REIT	90%
Unrecognized interest or penalties	$ 0	$ 0
Percentage of reimbursement revenue	0.75%
Accrued Unrecognised Interest or Penalties	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 147,321	$ 46,798	$ 99,839
Restricted cash	26,121	39,010	5,475
Total cash, cash equivalents and restricted cash	$ 173,442	$ 85,808	$ 105,314	$ 17,874

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Useful Lives of Investments in Real Estate (Detail)	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Leases Receivable, Net Amount [Abstract]
Number of loans | Loans	140	102
Principal balance	$ 7,093,134	$ 3,843,110
Net book value	7,091,841	3,841,868	$ 2,511,901	$ 700,149
Unfunded loan commitments	$ 581,328	$ 414,818
Weighted-average cash coupon	3.82%	3.68%
Weighted-average all-in yield	3.89%	3.73%
Weighted-average maximum maturity (years)	4 years 1 month 6 days	4 years 6 months

Loans Receivable - Summary of A

Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Loans and Leases Receivable, Net Amount [Abstract]
Balance at beginning of period	$ 3,841,868	$ 700,149
Loan fundings	3,731,304	1,990,205
Loan repayments	(483,832)	(178,428)
Amortization of deferred fees on loans	2,973	702
Exit and extension fees received on loans	(472)	(727)
Balance at end of period	$ 7,091,841	$ 2,511,901

Loans Receivable - Loan Receiva

Loans Receivable - Loan Receivables Acquired By Property (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Net book value	$ 7,091,841	$ 3,841,868	$ 2,511,901	$ 700,149
Percentage	100%	100%
Multifamily [Member]
Net book value	$ 4,361,146	$ 2,192,346
Percentage	61%	57%
Office [Member]
Net book value	$ 692,006	$ 430,084
Percentage	10%	11%
Hospitality [Member]
Net book value	$ 640,850	$ 223,847
Percentage	9%	6%
Industrial [Member]
Net book value	$ 501,530	$ 348,071
Percentage	7%	9%
Retail [Member]
Net book value	$ 423,929	$ 277,044
Percentage	6%	7%
Self Storage [Member]
Net book value	$ 214,900	$ 236,921
Percentage	3%	6%
Various [Member]
Net book value	$ 189,315	$ 65,910
Percentage	3%	2%
Mixed-Use [Member]
Net book value	$ 68,165	$ 67,645
Percentage	1%	2%

Loans Receivable - Loan Recei_2

Loans Receivable - Loan Receivables Acquired By Geographics (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Net book value	$ 7,091,841	$ 3,841,868	$ 2,511,901	$ 700,149
Percentage	100%	100%
South [Member]
Net book value	$ 3,437,316	$ 2,270,087
Percentage	48%	59%
West [Member]
Net book value	$ 1,450,935	$ 637,142
Percentage	20%	17%
Northeast [Member]
Net book value	$ 1,303,488	$ 646,761
Percentage	18%	16%
Various [Member]
Net book value	$ 538,562	$ 65,910
Percentage	8%	2%
Midwest [Member]
Net book value	$ 361,540	$ 221,968
Percentage	6%	6%

Loans Receivable - Summary of l

Loans Receivable - Summary of loans receivable based on internal risk ratings (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	140	102
Net book value | $	$ 7,091,841	$ 3,841,868	$ 2,511,901	$ 700,149
Percentage	100%	100%
Risk Level, Medium [Member]
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	140	102
Net book value | $	$ 7,091,841	$ 3,841,868
Percentage	100%	100%

Mortgage-Backed Securities - Sc

Mortgage-Backed Securities - Schedule of Available-for-sale Securities Reconciliation (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Outstanding Face Amount	$ 150,598	$ 36,576
Fair Value	$ 182,478		$ 44,518
Weighted Average Coupon	3.82%		3.68%
CMBS [Member]
Outstanding Face Amount	$ 187,947		$ 44,580
Amortized Cost Basis	186,053		44,432
Gross Unrealize Gains	347		99
Gross Unrealized Losses	(3,922)		(13)
Fair Value	$ 182,478		$ 44,518
Weighted Average Coupon	8%		6.58%
Weighted Average Remaining Duration (years)	12 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	Sep. 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	$ 130,529	$ 905
Securities with a loss greater than 12 months	0	0
Securities with a loss less than 12 months	(3,922)	(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	Sep. 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	Sep. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Net Carrying Amount (Amortized Cost)	$ 86,850	$ 37,862
Gross Unrecognized Holding Gains	0	0
Gross Unrecognized Holding Losses	(876)	0
Fair Value	$ 85,974	$ 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	Sep. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
CMBS, held-to-maturity, Total	$ 86,850	$ 37,862
CMBS, held-to-maturity, Less than 1 year	0	0
CMBS, held-to-maturity, 1-3 years	38,289	0
CMBS, held-to-maturity, 3-5 years	7,731	37,862
CMBS, held-to-maturity, More than 5 years	$ 40,830	$ 0

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Properties (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Real Estate [Line Items]
Real estate, net	$ 193,868
Accumulated depreciation and amortization	(1,839)
Real estate, net	192,029
Building and building improvements [Member]
Real Estate [Line Items]
Real estate, net	120,527
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
In-place lease intangibles [Member]
Real Estate [Line Items]
Real estate, net	$ 33,091

Real Estate - Schedule of Finit

Real Estate - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2022 (remaining)	$ 1,013
2023	3,814
2024	3,814
2025	3,814
2026	3,806
2027	3,803
Thereafter	12,133
Total	$ 32,197

Real Estate - Schedule of Renta

Real Estate - Schedule of Rental Operations (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Rental Operations [Line Items]
Rental income		$ 3,569	$ 0	$ 3,569	$ 0
Less: depreciation and amortization		(1,839)	0	(1,839)	0
Less: cost of rental operations	[1]	(2,798)		(2,798)
Rental operations, net		$ (1,068)	$ 0	$ (1,068)	$ 0
[1]Cost of rental operations includes $1,503 of interest expense related to the mortgage note payable.

Real Estate - Schedule of Ren_2

Real Estate - Schedule of Rental Operations (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Rental Operations [Line Items]
Cost of rental operations	$ 1,503	$ 1,503	$ 1,503	$ 1,503

Real Estate - Summary of Asset

Real Estate - Summary of Asset Acquisition (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Asset Acquisition [Line Items]
Net purchase price	$ 193,868
In-place lease intangibles [Member]
Asset Acquisition [Line Items]
Net purchase price	33,091
Building and building improvements [Member]
Asset Acquisition [Line Items]
Net purchase price	120,527
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

Real Estate - Additional Infor

Real Estate - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022	Jun. 23, 2022 ft² Tenants
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
In-place lease intangibles [Member]
Real Estate [Line Items]
Acquired finite lived intangible assets weighted average useful lives	9 years

Financing Arrangements - Summar

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2022	Dec. 31, 2021	Aug. 01, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 5,484,861	$ 3,007,241
Amount Available		$ 1,433,069	232,358
Description of variable rate		0.00
Carrying Amount of Collateral	[1]	$ 7,762,882	4,024,394
Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		7,170,634	3,373,658
Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		7,207,968	3,377,354
Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		3,772,476	1,903,083
Amount Available			0
Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		4,748,391	2,298,368
Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		4,752,254	2,301,878
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		883,580	904,968
Amount Available		825,174	176,548
Repurchase Agreements [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		1,163,187	882,214
Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		1,160,778	882,130
Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		704,105	199,190
Amount Available		605,895	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		1,099,224	193,076
Revolving Credit Facility [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		1,100,448	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		$ 218,034	327,665
Amount Available			$ 0
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		$ 316,319	$ 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		$ 316,865	$ 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
Amount Available			$ 0
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		$ 782,749	$ 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		$ 783,796	$ 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
Amount Available			$ 0
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		$ 1,133,737	$ 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		$ 1,134,237	$ 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		$ 1,075,885
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		$ 1,076,484
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		$ 689,875
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		$ 690,536
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		$ 447,654	$ 218,912
Amount Available		$ 152,346	$ 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		$ 578,832	$ 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		$ 579,007	$ 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		$ 156,804	$ 212,005
Amount Available		$ 193,196	$ 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		$ 205,063	$ 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		$ 204,357	$ 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		$ 220,368	$ 442,535
Amount Available		$ 479,632	$ 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		$ 280,244	$ 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		$ 280,742	$ 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		$ 58,754	$ 31,516
Amount Available			$ 0
Description of variable rate		+1.20	+1.35%
Basis for effective rate		1.20	1.35
RBC Facility [Memebr] | Repurchase Agreements [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 99,048	$ 0
RBC Facility [Memebr] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		96,672	0
CNB Facility [Member] | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding			6,000
Amount Available			$ 49,000
Description of variable rate			+2.25%
Basis for effective rate			2.25
Maturity Date			Jun. 07, 2023
CNB 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			$ 0
CNB Facility [Member] | Revolving Credit Facility [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral			0
MM-1 Facility [Member] | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		639,105	193,190
Amount Available		$ 360,895	$ 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		$ 872,224	$ 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		872,396	$ 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		$ 159,832
Natixis Loan [Member] | Mortgage Loan [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		194,488
2022-FL6 Notes | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 566,250
Description of variable rate		+2.58%—4.23%
Maturity Date		Aug. 19, 2037
2022-FL6 Notes | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 749,826
2022-FL6 Notes | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 750,336
2022-FL6 Notes | Minimum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		2.58
2022-FL6 Notes | Maximum [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Basis for effective rate		4.23
Barclays
Assets Sold under Agreements to Repurchase [Line Items]
Amount Available				$ 155,000
Barclays | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 65,000
Amount Available		$ 245,000
Description of variable rate		+2.25%
Basis for effective rate		2.25
Maturity Date		Aug. 01, 2025
Barclays | Revolving Credit Facility [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		$ 227,000
Barclays | Revolving Credit Facility [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 228,052
[1]The September 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 September 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,768,481 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,741,171 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)	9 Months Ended	12 Months Ended
	Sep. 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
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
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	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	$ 0
2023	628,356
2024	282,111
2025	189,700
2026	131,393
Thereafter	4,253,301
Total	5,484,861	$ 3,007,241
Collateralized Loan Obligations [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	0
2023	23,898
2024	61,743
2025	0
2026	131,393
Thereafter	3,555,442
Total	3,772,476	1,903,083
Repurchase Agreements [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	0
2023	604,458
2024	220,368
2025	0
2026	0
Thereafter	58,754
Total	883,580	904,968
Revolving Credit Facility [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2022	0
2023	0
2024	0
2025	65,000
2026	0
Thereafter	639,105
Total	704,105	$ 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	Sep. 30, 2022 USD ($) Loans
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	142
Principal | $	$ 4,749,774
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	15
Principal | $	$ 316,601
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	29
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 | $	$ 1,076,167
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 | $	$ 690,000
Collateralized Loan Obligations [Member] | 2022-FL6 Notes
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	24
Principal | $	$ 750,000

Financing Arrangements - Summ_5

Financing Arrangements - Summary of the Issuance Costs and Discount to be Amortized (Detail) - Collateralized Loan Obligations [Member] $ in Thousands	Sep. 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	$ 30,649
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	2,488
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	5,085
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	6,120
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	6,683
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	5,088
2022-FL6 Notes
Disclosure In Tabular Form Of Unamortized Debt Issuance And Discount For Collateralized Loan Obligation [Line Items]
Issuance Costs and Discount to be Amortized	$ 5,185

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands

9 Months Ended

12 Months Ended

Aug. 01, 2025

Sep. 30, 2022

Aug. 01, 2022

Apr. 27, 2022

Mar. 04, 2022

Sep. 30, 2022

Dec. 31, 2021

Aug. 25, 2022

Jun. 16, 2022

May 12, 2022

Mar. 31, 2022

Feb. 23, 2022

Feb. 11, 2022

Feb. 01, 2022

Jan. 26, 2022

Assets Sold under Agreements to Repurchase [Line Items]

Unamortized debt issuance costs

$ 3,269

$ 3,269

$ 658

Long term debt gross

5,484,861

5,484,861

3,007,241

Amount Available

1,433,069

1,433,069

232,358

Mortgages [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Long term debt gross

124,700

124,700

Revolving Credit Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Long term debt gross

704,105

704,105

199,190

Amount Available

605,895

605,895

55,810

Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Unamortized debt issuance costs

30,649

30,649

$ 16,701

Well Fargo Securities LLC [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Weighted Average Rate

1.69%

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

Assets Sold under Agreements to Repurchase [Line Items]

Amortization expense od debt issuance cost

1,384

WF-1 Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Average borrowings

4,231,468

$ 1,346,445

Maximum amount of financing available

650,000

650,000

$ 650,000

$ 350,000

Increase in amount of financing available

600,000

$ 600,000

Weighted Average Rate

3.05%

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

$ 188

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

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

Assets Sold under Agreements to Repurchase [Line Items]

Long term debt gross

$ 570,112

2022-FL6 Notes [Member] | Collateralized Loan Obligations [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Long term debt gross

$ 627,188

$ 842,662

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

1,404

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] | Revolving Credit Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Long term debt gross

639,105

$ 639,105

193,190

Amount Available

360,895

360,895

$ 6,810

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

Assets Sold under Agreements to Repurchase [Line Items]

Unamortized debt issuance costs

8,383

8,383

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%

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

Amount Available

2,000

2,000

CIK0001690536Wells Fargo Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Maximum amount of financing available

350,000

350,000

CIK0001690536Wells Fargo Facility [Member] | Amendment To Credit Facility September Two Thousand And Twenty Two [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Maximum amount of financing available

600,000

600,000

CIK0001690536Barclay Revolving Credit Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Maximum amount of financing available

$ 310,000

Amount Available

$ 155,000

CIK0001690536Barclay Revolving Credit Facility [Member] | Revolving Credit Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Unamortized debt issuance costs

3,269

3,269

Line of credit facility, expiration date

Aug. 01, 2025

Long term debt gross

65,000

65,000

Amount Available

$ 245,000

$ 245,000

Line of credit facility credit spread adjustment

$ 0.1

CIK0001690536Barclay Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Additional Credit Spread One [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Number of days for which the debt remains due

30 days

CIK0001690536Barclay Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Additional Credit Spread Two [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Number of days for which the debt remains due

60 days

CIK0001690536Barclay Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Extension Maturity Period One [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Funding period and term of facility

1 year

Line of credit facility credit spread adjustment in case of default

0.25%

CIK0001690536Barclay Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Extension Maturity Period Two [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Funding period and term of facility

1 year

Line of credit facility credit spread adjustment in case of default

0.25%

CIK0001690536Barclay Revolving Credit Facility [Member] | Minimum [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Unused capacity commitment fee percentage

0.25%

Percentage of the maximum committed amount is undrawn

50%

CIK0001690536Barclay Revolving Credit Facility [Member] | Minimum [Member] | Revolving Credit Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Debt instrument variable interest rate spread during the period

1.25%

CIK0001690536Barclay Revolving Credit Facility [Member] | Maximum [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Unused capacity commitment fee percentage

0.35%

Percentage of the maximum committed amount is undrawn

50%

CIK0001690536Barclay Revolving Credit Facility [Member] | Maximum [Member] | Revolving Credit Facility [Member]

Assets Sold under Agreements to Repurchase [Line Items]

Debt instrument variable interest rate spread during the period

2.25%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended		71 Months Ended
	Sep. 30, 2022	Dec. 08, 2016	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
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	$ 103,881			$ 103,881		$ 103,881	$ 48,514
Organization and offering costs						19,645
Recoupment Payable	256
Recoupment Amount	2,353
Payments to Acquire Mortgage-Backed Securities (MBS), Available-for-Sale				150,598	$ 36,576
capital Markets Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				2,000
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
Common Class Y [Member]
Related Party Transaction [Line Items]
Base management fee				0
Class D, Class M, Class I, Class F Or Class Y Shares [Member]
Related Party Transaction [Line Items]
Selling commissions or dealer manager fees payable				$ 0
Common Class F [Member]
Related Party Transaction [Line Items]
Performance fee percentage				0%
Investments Owned	$ 390			$ 390		$ 390
Maximum [Member]
Related Party Transaction [Line Items]
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering	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 forthe Company’s Class T, Class S, Class D, Class M and Class I shares, payable quarterly in arrears.
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering	0.75%			0.75%		0.75%
Due to Related Parties	$ 7,114			$ 7,114		$ 7,114
Investments Owned	$ 20,873			20,873		$ 20,873
Payments To Related Party For Offering Costs Previously Funded				$ 9,869
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%
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%
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%
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%
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%
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%
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
Recoupment Payable	$ 3,486			$ 2,832
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
FS Investment Solutions [Member]
Related Party Transaction [Line Items]
Due to Related Parties	$ 103,625			$ 103,625		$ 103,625	$ 48,514

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Base Management Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 6,629	$ 1,944	$ 15,825	$ 4,269
Performance Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	3,904	8	4,056	968
Administrative Services Expenses [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	3,434	1,260	8,658	2,708
Capital Markets Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	0	0	2,000	0
Valuation Services Fees(4) [Member] | Rialto Capital Management [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	$ 106	$ 51	$ 299	$ 139

Related Party Transactions - _2

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Management Fee Payable	$ 0
Cash [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	2,007
Payment Management Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	11,409
Base Management Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued		$ 1,944
Performance Fee Payable	0
Performance Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	557	1,276
Administrative Services Expenses [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	7,978	$ 2,448
Valuation Services Fees(4) [Member] | Rialto Capital Management [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 193

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Balance at beginning of period, amount		$ 1,821,230	$ 483,487	$ 973,340	$ 305,712
Issuance of common stock, amount		381,818	272,129	1,311,962	460,045
Reinvestment of distributions, amount		15,943	4,448	37,838	9,603
Redemptions of common stock, amount		(43,173)	(4,121)	(99,944)	(9,354)
Balance at end of period, amount		2,163,769	742,796	2,163,769	742,796
Common Class Y [Member]
Class of Stock [Line Items]
Issuance of common stock, amount					9
Redemptions of common stock, amount					(1)
Common Class T [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		1		2	1
Common Class S [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		76	61	302	103
Reinvestment of distributions, amount		4	1	9	2
Redemptions of common stock, amount		(10)	(1)	(23)	(1)
Common Class D [Member]
Class of Stock [Line Items]
Issuance of common stock, amount				1	1
Common Class M [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		5	4	14	9
Reinvestment of distributions, amount		1		1
Redemptions of common stock, amount		(1)		(2)	(1)
Common Class I [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		72	44	208	61
Reinvestment of distributions, amount		2		5	2
Redemptions of common stock, amount		$ (7)	$ (1)	$ (15)	$ (1)
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				52,699,603	18,408,563
Reinvestment of distributions, shares				1,498,182	382,590
Redemptions of common stock, shares				(4,014,502)	(375,041)
Transfers in or out, shares				4,184	3,525
Balance at end of period, shares		91,113,676	31,182,385	91,113,676	31,182,385
Balance at beginning of period, amount				$ 971,310	$ 303,827
Issuance of common stock, amount				1,311,962	460,045
Reinvestment of distributions, amount				37,838	9,603
Redemptions of common stock, amount				(99,944)	(9,354)
Accrued stockholder servicing fees, amount	[1]			(61,558)	(22,399)
Transfers in or out, amount				0	0
Balance at end of period, amount		$ 2,159,608	$ 741,722	$ 2,159,608	$ 741,722
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				22,136	23,310
Redemptions of common stock, shares				(74,770)	(33,638)
Transfers in or out, shares				0	(6,392)
Balance at end of period, shares		850,244	895,749	850,244	895,749
Balance at beginning of period, amount				$ 22,138	$ 22,378
Issuance of common stock, amount				0	0
Reinvestment of distributions, amount				554	585
Redemptions of common stock, amount				(1,870)	(843)
Accrued stockholder servicing fees, amount	[1]			0	0
Transfers in or out, amount				0	(160)
Balance at end of period, amount		$ 20,822	$ 21,960	$ 20,822	$ 21,960
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				188,212	96,414
Reinvestment of distributions, shares				31,615	29,916
Redemptions of common stock, shares				(33,438)	(27,614)
Transfers in or out, shares				(1,729)	(3,664)
Balance at end of period, shares		1,592,037	1,340,710	1,592,037	1,340,710
Balance at beginning of period, amount				$ 33,862	$ 29,971
Issuance of common stock, amount				4,699	2,419
Reinvestment of distributions, amount				793	750
Redemptions of common stock, amount				(835)	(692)
Accrued stockholder servicing fees, amount	[1]			(192)	(87)
Transfers in or out, amount				(43)	(92)
Balance at end of period, amount		$ 38,284	$ 32,269	$ 38,284	$ 32,269
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				30,189,475	10,303,946
Reinvestment of distributions, shares				877,669	214,826
Redemptions of common stock, shares				(2,268,159)	(86,170)
Transfers in or out, shares				0	(1,684)
Balance at end of period, shares		51,622,706	16,209,558	51,622,706	16,209,558
Balance at beginning of period, amount				$ 531,150	$ 134,705
Issuance of common stock, amount				760,752	260,437
Reinvestment of distributions, amount				22,106	5,429
Redemptions of common stock, amount				(57,119)	(2,177)
Accrued stockholder servicing fees, amount	[1]			(58,903)	(20,817)
Transfers in or out, amount				0	(43)
Balance at end of period, amount		$ 1,197,986	$ 377,534	$ 1,197,986	$ 377,534
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				113,587	129,097
Reinvestment of distributions, shares				11,074	9,827
Redemptions of common stock, shares				(21,931)	(14,551)
Transfers in or out, shares				(18,729)	(50,714)
Balance at end of period, shares		726,163	619,957	726,163	619,957
Balance at beginning of period, amount				$ 15,945	$ 13,573
Issuance of common stock, amount				2,840	3,242
Reinvestment of distributions, amount				277	247
Redemptions of common stock, amount				(549)	(365)
Accrued stockholder servicing fees, amount	[1]			(32)	(27)
Transfers in or out, amount				(468)	(1,274)
Balance at end of period, amount		$ 18,013	$ 15,396	$ 18,013	$ 15,396
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				1,605,166	953,885
Reinvestment of distributions, shares				52,503	36,910
Redemptions of common stock, shares				(153,213)	(71,799)
Transfers in or out, shares				(142,726)	(85,401)
Balance at end of period, shares		4,238,466	2,804,634	4,238,466	2,804,634
Balance at beginning of period, amount				$ 66,836	$ 46,154
Issuance of common stock, amount				40,238	23,996
Reinvestment of distributions, amount				1,820	929
Redemptions of common stock, amount				(3,840)	(1,804)
Accrued stockholder servicing fees, amount	[1]			(2,431)	(1,468)
Transfers in or out, amount				(3,580)	(2,145)
Balance at end of period, amount		$ 99,043	$ 65,662	$ 99,043	$ 65,662
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				20,603,163	6,081,562
Reinvestment of distributions, shares				503,185	67,801
Redemptions of common stock, shares				(1,462,991)	(67,142)
Transfers in or out, shares				167,368	151,380
Balance at end of period, shares		31,177,412	8,405,129	31,177,412	8,405,129
Balance at beginning of period, amount				$ 279,008	$ 53,597
Issuance of common stock, amount				503,433	149,202
Reinvestment of distributions, amount				12,288	1,663
Redemptions of common stock, amount				(35,731)	(1,646)
Accrued stockholder servicing fees, amount	[1]			0	0
Transfers in or out, amount				4,091	3,714
Balance at end of period, amount		$ 763,089	$ 206,530	$ 763,089	$ 206,530
[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	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Percentage limited to repurchase of shares to NAV of all classes of shares			20%
Shares repurchased under repurchase plan	4,014,502	375,041
Shares repurchased under repurchase plan, value	$ 99,944	$ 9,354
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			9 Months Ended
		Sep. 29, 2022	Aug. 30, 2022	Jul. 28, 2022	Jun. 29, 2022	May 27, 2022	Apr. 28, 2022	Mar. 30, 2022	Feb. 25, 2022	Jan. 28, 2022	Sep. 30, 2022	Sep. 30, 2021		Sep. 30, 2022	Sep. 30, 2021
Distributions:
Paid or payable in cash											$ 16,473	$ 6,505		$ 40,805	$ 14,861
Reinvested in shares											15,943	4,448		37,838	9,603
Total distributions											32,416	10,953	[1]	78,643	24,464
Cash flows from operating activities											32,416	10,953	[1]	78,643	24,464
Offering proceeds											0	0		0	0
Total sources of distributions											32,416	10,953		78,643	24,464
Net cash provided by (used in) operating activities	[2]										$ 47,173	$ 10,275		$ 96,098	$ 27,591
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	$ 0.161	$ 0.161	$ 0.161				$ 1.449
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	0.161	0.161	0.161				1.449
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	0.1173	0.1173	0.1173				1.0557
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	0.1173	0.1173	0.1173				1.0557
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	0.1288	0.1288	0.1288				1.1592
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	0.1288	0.1288	0.1288				1.1592
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	$ 0.135	$ 0.135	$ 0.135				$ 1.215
[1]The distributions for the three months ended September 30, 2021, were fully covered by cash flows from operating activities, including cash flows from prior periods of $678.[2]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 - Summar_3

Stockholder's Equity - Summary of Cash Distributions Per Share that Paid on its Common Stock (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net cash provided by operating activities	[1]	$ 47,173	$ 10,275	$ 96,098	$ 27,591
Revision of Prior Period, Adjustment [Member]
Net cash provided by operating activities			$ 678
[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)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2022	Dec. 31, 2021
Mortgage-backed securities available-for-sale	$ 182,478	$ 44,518
Interest rate cap	4,275	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	182,478	44,518
Interest rate cap	4,275	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		Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities held-to-maturity		$ 86,850	$ 37,862
Collateralized loan obligations		3,733,940	1,886,382
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash		173,442	85,808
Loans receivable—held-for-investment	[1]	7,091,841	3,841,868
Mortgage-backed securities held-to-maturity		86,850	37,862
Repurchase agreements	[2]	880,604	903,010
Credit facilities		695,722	196,960
Collateralized loan obligations	[2]	3,733,940	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		173,442	85,808
Loans receivable—held-for-investment	[1]	7,093,134	3,843,110
Mortgage-backed securities held-to-maturity		102,050	50,300
Repurchase agreements	[2]	883,580	904,968
Credit facilities		704,105	199,190
Collateralized loan obligations	[2]	3,764,589	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		173,442	85,808
Loans receivable—held-for-investment	[1]	7,096,521	3,844,685
Mortgage-backed securities held-to-maturity		85,974	37,862
Repurchase agreements	[2]	883,580	904,968
Credit facilities		704,105	199,190
Collateralized loan obligations	[2]	3,764,589	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		Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
VIE Assets	[1]	$ 7,762,882	$ 4,024,394
VIE Liabilities	[1]	5,599,113	3,051,054
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		4,768,481	2,347,510
VIE Liabilities		3,741,171	1,887,944
Restricted cash [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		5,183	37,364
Loans receivable, held-for-investment [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		4,748,391	2,298,367
Interest receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		14,342	5,154
Other Assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		565	6,625
Collateralized loan obligation [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		3,733,940	1,886,382
Interest payable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		7,019	1,357
Other Liabilities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		$ 212	$ 205
[1]The September 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 September 30, 2022 and December 31, 2021, assets of the VIEs totaled $4,768,481 and $2,347,510, respectively, and liabilities of the VIEs totaled $3,741,171 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	Sep. 30, 2022	Dec. 31, 2021
Deferred financing cost [Member]
Variable Interest Entity [Line Items]
Deferred Offering Costs	$ 30,649	$ 16,701

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Variable Interest Entity, Not Primary Beneficiary [Member] | Commercial Mortgage Backed Securities
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 269,328

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Detail) - Interest Rate Cap [Member] $ in Thousands	9 Months Ended
	Sep. 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	$ 4,275	[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		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives		$ 1,758		$ 309
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	[1]	$ 1,758	$ 0	$ 309	$ 0
[1]Included in Other income (loss) in the Company’s consolidated statements of operations.

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	Oct. 13, 2022	Oct. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Subsequent Event [Line Items]
Issuance of common stock			$ 1,311,962	$ 460,045
Common Class I [Member]
Subsequent Event [Line Items]
Common stock, shares issued			31,177,412		11,366,687
Subsequent Event [Member] | Morgan Stanley Mortgage Capital Holdings LLC [Member]
Subsequent Event [Line Items]
Capital stock rate	100%
Line of credit facility, Current borrowing capacity	$ 150,000
Line of credit facility, maximum borrowing capacity	$ 250,000
Percentage of net cash proceeds of any equity issuance by the company	75%
Percentage of amount expended for equity redemptions by the company	75%
Percentage of value outstanding	5%
Subsequent Event [Member] | Morgan Stanley Mortgage Capital Holdings LLC [Member] | Repurchase Agreements [Member]
Subsequent Event [Line Items]
Liability rate	25%
Subsequent Event [Member] | Morgan Stanley Mortgage Capital Holdings LLC [Member] | Minimum [Member]
Subsequent Event [Line Items]
EBITDA to interest expense ratio	1
Total indebtedness to tangible net worth ratio	1
Subsequent Event [Member] | Morgan Stanley Mortgage Capital Holdings LLC [Member] | Maximum [Member]
Subsequent Event [Line Items]
EBITDA to interest expense ratio	1.5
Total indebtedness to tangible net worth ratio	3
Minimum liquidity amount	$ 15,000
Subsequent Event [Member] | Common Class I [Member]
Subsequent Event [Line Items]
Common stock, shares issued		166,012
Issuance of common stock		$ 4,050
Common stock, price per share		$ 24.4