FS Credit Real Estate Income Trust (FSREI) 10-K 31 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Mar. 23, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	FS Credit Real Estate Income Trust, Inc.
Entity Central Index Key	0001690536
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Address, State or Province	PA
Entity Interactive Data Current	Yes
Entity Public Float			$ 0
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-56163
Entity Tax Identification Number	81-4446064
ICFR Auditor Attestation Flag	false
Title of 12(g) Security	Common Stock, $0.01 par value per share
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
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Philadelphia, PA
Common Class F [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		853,614
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		1,603,717
Common Class S [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,507,989
Common Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		750,475
Common Class M [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,771,799
Common Class I [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		39,156,725

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents		$ 183,665	$ 46,798
Restricted cash		17,953	39,010
Loans receivable, held-for-investment		7,350,315	3,841,868
Mortgage-backed securities held-to-maturity		68,559	37,862
Mortgage-backed securities available-for-sale, at fair value		159,464	44,518
Reimbursement due from sponsor		605	0
Investment in real estate, net		190,549	0
Receivable for investments sold and repaid		922	6,625
Interest receivable		32,240	6,861
Other assets		9,281	194
Mortgage loans held in securitization trusts, at fair value		324,263	0
Total assets	[1]	8,337,816	4,023,736
Liabilities
Collateralized loan obligations, net		4,336,701	1,886,382
Repurchase agreements payable, net		756,816	903,010
Credit facilities payable, net		298,544	196,302
Mortgage note payable, net		122,568	0
Due to related party		107,692	48,514
Interest payable		19,379	2,591
Payable for shares repurchased		60,488	4,227
Other liabilities		27,278	9,370
Mortgage obligations issued by securitization trusts, at fair value		291,193	0
Total liabilities	[1]	6,020,659	3,050,396
Commitments and contingencies (See Note 11)
Stockholders' equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 125 and 0 issued and outstanding, respectively		0	0
Additional paid-in capital		2,314,639	969,558
Accumulated other comprehensive income (loss)		(11,906)	86
Retained earnings		13,448	3,287
Total stockholders' equity		2,317,157	973,340
Total liabilities and stockholders' equity		8,337,816	4,023,736
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		549	228
Common Class D [Member]
Stockholders' equity
Common stock, value		7	6
Common Class M [Member]
Stockholders' equity
Common stock, value		46	29
Common Class I [Member]
Stockholders' equity
Common stock, value		$ 340	$ 114
[1]The December 31, 2022 and 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 the consolidated VIEs for which creditors do not have recourse to FS Credit Real Estate Income Trust, Inc. As of December 31, 2022 and 2021, assets of the VIEs totaled $5,571,776 and $2,347,510, respectively, and liabilities of the VIEs totaled $4,349,805 and $1,887,944, respectively. See Note 10 to the consolidated financial statements for further details.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized		100,000,000	100,000,000
Preferred stock, shares issued		125	0
Preferred stock, shares outstanding		125	0
VIE Assets	[1]	$ 8,337,816	$ 4,023,736
VIE Liabilities	[1]	6,020,659	3,050,396
Variable Interest Entity, Primary Beneficiary [Member]
VIE Assets		5,896,039	2,347,510
VIE Liabilities		$ 4,640,998	$ 1,887,944
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		857,710	902,878
Common stock, shares outstanding		857,710	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		1,600,878	1,407,377
Common stock, shares outstanding		1,600,878	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		54,908,336	22,823,721
Common stock, shares outstanding		54,908,336	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		742,999	642,162
Common stock, shares outstanding		742,999	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		4,645,072	2,876,736
Common stock, shares outstanding		4,645,072	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		34,011,164	11,366,687
Common stock, shares outstanding		34,011,164	11,366,687
[1]The December 31, 2022 and 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 the consolidated VIEs for which creditors do not have recourse to FS Credit Real Estate Income Trust, Inc. As of December 31, 2022 and 2021, assets of the VIEs totaled $5,571,776 and $2,347,510, respectively, and liabilities of the VIEs totaled $4,349,805 and $1,887,944, respectively. See Note 10 to the consolidated financial statements for further details.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net interest income
Interest income	$ 373,195	$ 85,663	$ 38,127
Less: Interest expense	(186,745)	(27,390)	(11,352)
Interest income on mortgage loans held in securitization trusts	6,936
Less: Interest expense on mortgage obligations issued by securitization trusts	(6,215)
Net interest income	187,171	58,273	26,775
Other expenses
Management fee	23,352	7,024	2,948
Performance fee	8,828	1,373	1,220
General and administrative expenses	24,573	8,824	5,113
Less: Expense limitation	(605)	(56)	(1,023)
Add: Expense recoupment to sponsor	3,026	460
Net other expenses	59,174	17,625	8,258
Other income (loss)
Loss from rental operations, net	(1,373)
Net change in unrealized gain on interest rate cap	650
Net realized gain (loss) on mortgage-backed securities available-for-sale	441	(17)	(556)
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net	(86)
Total other income (loss)	(368)	(17)	(556)
Income before income taxes	127,629	40,631	17,961
Income tax expense	(1,251)	(614)	(103)
Net income	126,378	40,017	17,858
Preferred stock dividends	(15)	(15)	(14)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 126,363	$ 40,002	$ 17,844
Per share information—basic and diluted
Net income per share of common stock—basic	$ 1.65	$ 1.64	$ 1.7
Net income per share of common stock—diluted	$ 1.65	$ 1.64	$ 1.7
Weighted average common stock outstanding—basic	76,755,737	24,395,178	10,473,787
Weight average common stock outstanding—diluted	76,755,737	24,395,178	10,473,787

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 126,378	$ 40,017	$ 17,858
Other comprehensive income (loss)
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale	(11,992)	86	(17)
Total other comprehensive income (loss)	(11,992)	86	(17)
Comprehensive income	$ 114,386	$ 40,103	$ 17,841

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Class F [Member]	Common Class Y [Member]	Common Class T [Member]	Common Class S [Member]	Common Class D [Member]	Common Class M [Member]	Common Class I [Member]	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]	Retained Earnings (Accumulated Deficit) [Member]
Balance at beginning of period, amount at Dec. 31, 2019	$ 165,787								$ 165,151	$ 36,419	$ 15	$ 3,548	$ 1	$ 23,616	$ 10	$ 31,429	$ 14	$ 8,015	$ 3	$ 31,757	$ 14	$ 30,367	$ 12	$ 165,082	$ 17	$ 619
Common stock issued	185,293			$ 3	$ 46	$ 2	$ 8	$ 14	185,293	0		0		7,077		118,049		6,352		20,767		33,048		185,220
Preferred stock issued	125																							125
Distributions declared	(16,661)																									(16,661)
Proceeds from distribution reinvestment plan	5,431	$ 0			1		1		5,431	725		0		886		1,877		268		868		807		5,429
Redemptions of common stock	(41,632)	$ (6)	$ 0	(1)	(3)		(3)	(4)	(41,632)	(14,766)		(99)		(1,224)		(7,273)		(496)		(5,797)		(11,977)		(41,615)
Stockholder servicing fees	(10,416)																							(10,416)
Offering costs	(42)																							(42)
Net income	17,858																									17,858
Dividends on preferred stock	(14)																									(14)
Other comprehensive income	(17)																								(17)
Balance at end 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	0	1,802
Common stock issued	712,346		9	2	169	1	9	96	712,346	0		20,749		4,134		427,901		3,708		33,564		222,290		712,060
Distributions declared	(38,517)																									(38,517)
Proceeds from distribution reinvestment plan	15,537				4		1	1	15,536	763		0		986		9,097		336		1,246		3,108		15,531
Redemptions of common stock	(24,573)		$ (1)		(3)		(1)	(5)	(24,572)	(843)		(1,827)		(948)		(6,476)		(365)		(2,332)		(11,781)		(24,563)
Stockholder servicing fees	(35,827)																							(35,827)
Offering costs	(2,377)																							(2,377)
Performance contingent rights issued	951																							951
Net income	40,017																									40,017
Dividends on preferred stock	(15)																									(15)
Other comprehensive income	86																								86
Balance at end 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	1,582,177			3	356	$ 1	19	257	1,582,177	0		0		5,596		896,258		4,310		51,698		624,315		1,581,541
Distributions declared	(116,202)																									(116,202)
Proceeds from distribution reinvestment plan	56,215				13		1	8	56,215	740		0		1,074		32,334		375		2,433		19,259		56,193
Redemptions of common stock	(225,664)			$ (1)	$ (48)		$ (3)	$ (39)	(225,664)	(1,870)		0		(1,778)		(119,792)		(1,064)		(5,388)		(95,772)		(225,573)
Stockholder servicing fees	(68,660)																							(68,660)
Offering costs	(11,901)																							(11,901)
Performance contingent rights issued	11,409																							11,409
Restricted stock units issued	2,072																							2,072
Net income	126,378																									126,378
Dividends on preferred stock	(15)																									(15)
Other comprehensive income	(11,992)																								(11,992)
Balance at end of period, amount at Dec. 31, 2022	$ 2,317,157								$ 2,315,378	$ 21,008	$ 9	$ 22,371	$ 9	$ 38,473	$ 16	$ 1,274,345	$ 549	$ 18,417	$ 7	$ 108,522	$ 46	$ 832,242	$ 340	$ 2,314,639	$ (11,906)	$ 13,448

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income		$ 126,378	$ 40,017	$ 17,858
Adjustments to reconcile net income to net cash provided by operating activities
Performance contingent rights		11,409	951
Restricted stock units		2,072
Amortization of deferred fees on loans and debt securities		(4,723)	(1,738)	(1,091)
Amortization of deferred financing costs and discount		12,473	4,277	2,438
Net unrealized gain on valuation of interest rate cap		(650)
Net realized (gain) loss on sale of mortgage-backed securities available-for-sale		(441)	17	556
Depreciation and amortization		3,630
Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts		86
Changes in assets and liabilities
Reimbursement due from (due to) sponsor		(605)	444	56
Interest receivable		(25,379)	(3,691)	(2,100)
Other assets		(1,812)	(6,665)	5,105
Due to related party		(62)	62	9,191
Interest payable		16,788	2,247	(429)
Other liabilities		15,354	2,662	(9,807)
Net cash provided by operating activities	[1]	154,518	38,583	21,777
Cash flows used in investing activities
Origination and fundings of loans receivable		(4,141,859)	(3,500,362)	(358,384)
Principal collections from loans receivable, held-for-investment		635,672	350,039	49,567
Proceeds from sale of loans receivable, held-for-sale			24,397
Exit and extension fee received on loans receivable		841	1,119	467
Purchases of mortgage-backed securities available-for-sale		(140,622)	(48,633)	(25,555)
Purchases of mortgage loans held in securitization trusts, at fair value		(33,088)
Principal repayments of mortgage-backed securities available-for-sale		14,190	4,184	31,633
Purchases of mortgage-backed securities held-to-maturity		(30,129)	0	(37,099)
Acquisition of real estate and related intangibles		(194,179)
Net cash used in investing activities		(3,889,174)	(3,169,256)	(339,371)
Cash flows from financing activities
Issuance of common stock		1,582,177	712,346	185,293
Redemptions of common stock		(169,403)	(21,876)	(40,164)
Stockholder distributions paid		(56,113)	(21,159)	(10,777)
Stockholder servicing fees		(9,420)	(2,856)	(1,225)
Offering costs paid		(13,236)	(1,042)	(42)
Borrowing under mortgage note payable		124,700
Borrowings under repurchase agreements		1,856,718	2,397,025	193,678
Repayments under repurchase agreements		(2,001,450)	(1,617,517)	(68,218)
Borrowings under credit facilities		1,276,366	529,190	31,000
Repayments under credit facilities		(1,164,574)	(330,000)	(31,000)
Proceeds from issuance of collateralized loan obligations		2,603,545	1,575,418	0
Repayment of collateralized loan obligations		(135,880)
Payment of deferred financing costs		(42,964)	(20,922)	(1,357)
Proceeds from issuance of preferred stock		0	0	125
Net cash provided by financing activities		3,850,466	3,198,607	257,313
Total increase (decrease) in cash, cash equivalents and restricted cash		115,810	67,934	(60,281)
Cash, cash equivalents and restricted cash at beginning of year		85,808	17,874	78,155
Cash, cash equivalents and restricted cash at end of year		201,618	85,808	17,874
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest		157,484	20,866	9,343
Accrued stockholder servicing fee		59,240	32,971	9,191
Distributions payable		6,817	2,943	1,122
Reinvestment of stockholder distributions		56,215	15,537	5,431
Payable for shares repurchased		60,488	4,227	1,530
Loan principal payments held by servicer		922	0	15,722
Offering cost payable to FS Real Estate Advisor		0	$ 1,335	$ 0
Mortgage obligations issued by securitization trusts, at fair value		$ 291,193
[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	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Note 1. Principal Business and Organization FS Credit Real Estate Income Trust, Inc., or the Company, was incorporated under the general corporation laws of the State of Maryland on November 7, 2016 and formally commenced investment operations on September 13, 2017. The Company is currently conducting a public offering of up to $2,750,000 of its Class T, Class S, Class D, Class M and Class I shares of common stock pursuant to a registration statement on Form S-11 sub-adviser. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2017. The Company intends to be an investment vehicle of indefinite duration focused on real estate debt investments and other real estate-related assets. The shares of common stock are generally intended to be sold and repurchased by the Company on a continuous basis. The Company intends to conduct its operations so that it is not required to register under the Investment Company Act of 1940, as amended, or the 1940 Act. The Company’s primary investment objectives are to: provide current income in the form of regular, stable cash distributions to achieve an attractive dividend yield; preserve and protect invested capital; realize appreciation in net asset value, or NAV, from proactive investment management and asset management; and provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to commercial real estate debt with lower volatility than public real estate companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation: Reclassifications: Use of Estimates: and Principles of Consolidation: Board 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. When the Company consolidated its securitization VIE, the third party ownership interests are reflected as VIE liabilities in the Company’s consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. The Company’s presentation of net income attributes earnings to controlling and non-controlling Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s consolidated statements of cash flows: December 31, 2022 2021 Cash and cash equivalents $ 183,665 $ 46,798 Restricted cash 17,953 39,010 Total cash, cash equivalents and restricted cash $ 201,618 $ 85,808 Loans Receivable and Provision for Loan Losses: and 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 follows: 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 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, below-market, and 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 reduced to their fair value. During the periods presented, no such impairment occurred. Fair Value of Financial Instruments: Fair Value Measurements and Disclosures ASC Topic 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in measuring financial instruments. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination, as follows: Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical financial instruments as of the reporting date. Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other observable inputs, such as interest rates, yield curves, credit risks, and default rates. Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. The estimated value of each asset reported at fair value using Level 3 inputs is determined by an internal committee 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, 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 Company elected the fair value option for initial and subsequent recognition of the assets and liabilities of its consolidated securitization mortgage loans held in securitization trusts and the related CMBS investments. Interest income and interest expense associated with these loans are presented separately on the consolidated statements of operations. The Company separately presents the assets and liabilities of its consolidated securitization loans as individual line items on its consolidated balance sheets. The liabilities of its consolidated securitization loans consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “Mortgage obligations issued by securitization trusts.” The assets of its consolidated securitization loans consist principally of loans. These assets in the aggregate are likewise presented as a single line item entitled “Mortgage loans held in securitization trusts.” The residual difference shown on its consolidated statements of operations in the line item “Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts” represents the Company’s beneficial interest in the mortgage loans. The securitization mortgage loan assets as a whole can only be used to settle the obligations of the consolidated mortgage loans. The assets of the Company’s securitization mortgage loans are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. The securitization mortgage loans in which the Company invests are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization mortgage loans, the Company maximizes the use of observable inputs over unobservable inputs. Liabilities of the consolidated mortgage obligations: For the minority portion of the Company’s consolidated mortgage obligations which consist of unrated or non-investment Level 3. For mortgage obligations classified as Level 3, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and yields based on market transaction information, ratings, subordination levels, vintage and current market spread. Mortgage obligations may shift between Level 2 and Level 3 of the fair value hierarchy if the significant fair value inputs used to price the mortgage obligations become or cease to be observable. Assets of the consolidated mortgage loans: 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: to Revenue Recognition: 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 Offering Costs: Income Taxes: The Company’s qualification as a REIT also depends on its ability to meet various other requirements imposed by the Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of the Company’s assets and the sources of its income. Even if the Company qualifies as a REIT, it may be subject to certain U.S. federal income and excise taxes and state and local taxes on its income and assets. If the Company fails to maintain its qualification as a REIT for any taxable year, it may be subject to material penalties as well as federal, state, and local income tax on its taxable income at regular corporate rates and the Company would not be able to qualify as a REIT for the subsequent four full taxable years. As of December 31, 2022 and 2021, the Company was in compliance with all REIT requirements. Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as the Company owns 100% of the equity interests in a taxable mortgage pool, it generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt The Company consolidates subsidiaries that incur U.S. federal, state and local income taxes, based on the tax jurisdiction in which each subsidiary operates. During the years ended December 31, 2022, 2021, and 2020, the Company recorded a current income ta Uncertainty in Income Taxes Stockholder Servicing Fees: Liabilities paid-in Derivative Instruments risks 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 December 31, 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, 2016-13. 2016-13 2016-13 available-for-sale 2019-10, 2016-13 The Company has completed the development of its credit loss model and has implemented policies, systems and controls required for the implementation and ongoing management of CECL. Considering the lack of historical company data related to any realized loan losses since its inception, the Company elected to estimate its CECL reserve by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The Company’s credit loss model utilizes historical loss rates derived from a third party commercial real estate loan database with historical loan loss data beginning in 1998. The Company expects to record a cumulative effect adjustment to retained earnings totaling approximately $43,523 at adoption on January 1, 2023. The Company currently does not have any provision for loan losses recorded on the consolidated financial statements.

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Loans Receivable	Note 3. Loans Receivable The following table details overall statistics for the Company’s loans receivable portfolio as of December 31, 2022 and 2021: December 31, 2022 2021 Number of loans 142 102 Principal balance $ 7,350,271 $ 3,843,110 Net book value $ 7,350,315 $ 3,841,868 Unfunded loan commitments (1) $ 574,510 $ 414,818 Weighted-average cash coupon (2) +3.83 % +3.68 % Weighted-average all-in (2) +3.90 % +3.73 % Weighted-average maximum maturity (years) (3) 4.0 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 years ended December 31, 2022 and 2021, the activity in the Company’s loan portfolio was as follows: For the Year Ended 2022 2021 Balance at beginning of period $ 3,841,868 $ 700,149 Loan fundings 4,141,859 3,500,362 Loan repayments (636,594 ) (358,714 ) Amortization of deferred fees on loans 4,023 1,190 Exit and extension fees received on loans receivable (841 ) (1,119 ) Balance at end of period $ 7,350,315 $ 3,841,868 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 December 31, 2022 December 31, 2021 Property Type Net Book Percentage Net Book Percentage Multifamily $ 4,439,830 61 % $ 2,192,346 57 % Hospitality 792,305 11 % 223,847 6 % Office 755,797 10 % 430,084 11 % Retail 424,374 6 % 277,044 7 % Industrial 369,551 5 % 348,071 9 % Self Storage 317,861 4 % 236,921 6 % Various 156,031 2 % 65,910 2 % Mixed Use 94,566 1 % 67,645 2 % Total $ 7,350,315 100 % $ 3,841,868 100 % December 31, 2022 December 31, 2021 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 3,719,093 51 % $ 2,270,087 59 % West 1,487,391 20 % 637,142 17 % Northeast 1,326,408 18 % 646,761 16 % Various 507,105 7 % 65,910 2 % Midwest 310,318 4 % 221,968 6 % Total $ 7,350,315 100 % $ 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 loan-to-value 5-point The following table allocates the net book value of the Company’s loans receivable, held-for-investment December 31, 2022 December 31, 2021 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 142 7,350,315 100 % 102 3,841,868 100 % 4 — — — — — — 5 — — — — — — Total 142 $ 7,350,315 100 % 102 $ 3,841,868 100 % non-accrual held-for-investment

Mortgage-Backed Securities

Mortgage-Backed Securities	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mortgage-Backed Securities	Note 4. Mortgage Backed Securities Mortgage-backed securities, available-for-sale Commercial mortgage-backed securities, or CMBS, classified as available-for-sale The table below summarizes various attributes of the Company’s investments in available-for-sale Gross Unrealized Weighted Average Outstanding Face Amount Amortized Gains Losses Fair Value Coupon Remaining December 31, 2022 CMBS, available-for-sale $ 173,207 $ 171,369 $ 45 $ (11,950 ) $ 159,464 9.18 % (1) 12.7 December 31, 2021 CMBS, available-for-sale $ 44,580 $ 44,432 $ 99 $ (13 ) $ 44,518 6.58 % (2) 15.1 (1) Calculated using the one-month one-month (2) Calculating using the one-month 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 loss less than 12 months Securities with a loss greater than 12 months Securities with a loss less than 12 months Securities with a loss greater than 12 months December 31, 2022 CMBS, available-for-sale $ 150,230 756 $ (11,889 ) (61 ) December 31, 2021 CMBS, available-for-sale $ 905 — $ (13 ) — As of December 31, 2022 and 2021, there were fifteen 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 (Amortized Cost) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value December 31, 2022 CMBS, held-to-maturity $ 68,559 — — $ 68,559 December 31, 2021 CMBS, held-to-maturity $ 37,862 — — $ 37,862 The table below summarizes the maturities of held-to-maturity 2022: Total Less than 1 year 1-3 3-5 More than 5 years CMBS, held-to-maturity $ 68,559 — $ 38,435 $ 30,124 —

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate	Note 5. Real Estate Investment in real estate, net, consisted of the following as of December 31, 2022: December 31, 2022 Building and building improvements $ 120,527 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place 33,402 Total 194,179 Accumulated depreciation and amortization (3,630 ) Real estate, net $ 190,549 No tangible or intangible assets or liabilities related to the Company’s real estate investments existed as of December 31, 2021. The following table details the Company’s future amortization of intangible assets for each of the next five years and thereafter: Amortization 2022 (remaining) $ — 2023 3,814 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,134 Total $ 31,185 The components of rental operations, net on the Company’s consolidated statements of operations consisted of the following: Year Ended Rental income $ 8,272 Less: depreciation and amortization (3,630 ) Less: cost of rental operations (1) (6,015 ) Rental operations, net $ (1,373 ) (1) Cost of rental operations includes $3,017 of interest expense related to the mortgage note payable. No real estate was owned during the year ended December 31, 2021. Acquisition On June 23, 2022, the Company acquired a 260,000 square foot creative office building located in El Segundo, California. The following table details the purchase price allocation for the property acquired. As of December 31, 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 33,402 Net purchase price $ 194,179 The weighted average amortization period for the acquired in-place

Financing Arrangements

Financing Arrangements	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Note 6. Financing Arrangements The following summary information Company As of December 31, 2022 Arrangement (1) Weighted Average Interest Rate (2) Amount Outstanding Amount Available Maturity Date Carrying Amount of Collateral Fair Value of Collateral Collateralized Loan Obligations 2019-FL1 +1.55% (3) $ 196,785 $ — December 18, 2036 $ 294,751 $ 295,040 2021-FL2 +1.53% (3) 646,935 — May 5, 2038 782,767 783,381 2021-FL3 +1.51% (3) 928,483 — November 4, 2036 1,133,769 1,135,195 2022-FL4 +2.21% (6) 837,662 — January 31, 2039 1,081,159 1,080,953 2022-FL5 +3.05% (6) 570,112 — June 17, 2037 689,885 689,246 2022-FL6 +2.96% (6) 566,250 — August 19, 2037 749,837 749,502 2022-FL7 +3.35% (6) 637,592 — October 17, 2039 814,611 814,542 4,383,819 — 5,546,779 5,547,859 Repurchase Agreements WF-1 +2.04 % ( 4 375,381 224,619 August 30, 2023 481,146 480,371 GS-1 + 2.40 5 34,519 315,481 January 26, 2023 48,276 47,846 RBC Facility + 1.39% 55,934 — N/A 85,707 79,274 BB-1 +2.14 % ( 6 186,139 513,861 February 22, 2024 236,783 236,462 MS-1 +2.86 % (7 ) 108,263 41,737 October 13, 2025 141,312 140,787 NTX-1 (4) — 187,500 November 10, 2024 — — 760,236 1,283,198 993,224 984,740 Revolving Credit Facilities MM-1 +2.14% (7)(8) 310,982 689,018 September 20, 2029 439,431 439,051 Barclays Facility (9) — 310,000 August 1, 2025 — — 310,982 999,018 439,431 439,051 Mortgage Loan Natixis Loan +2.15% (7) 124,700 2,000 July 9, 2025 158,963 192,039 Total $ 5,579,737 $ 2,284,216 $ 7,138,397 $ 7,163,689 (1) The 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 rate applicable under the MM-1 Facility is subject to a credit 0.11 %, which was included when the benchmark transitioned from USD LIBOR to Term SOFR. (9) Borrowings under the Barclays Facility bear interest, at the Company’s election 1.25 % per annum or one-, six-month 2.25 % per annum and a credit spread adjustment of 0.10 % per annum. As of December 31, 2021 Arrangement (1) Weighted (2) Amount Amount Maturity Date Carrying Fair Value Collateral Collateralized Loan Obligation 2019-FL1 Notes +1.41% (3) $ 327,665 $ — December 18, 2036 $ 424,665 $ 424,877 2021-FL2 Notes +1.53% (3) 646,935 — May 5, 2038 740,083 741,226 2021-FL3 Notes +1.50% (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 Facility +1.50% (4) 218,912 131,088 August 30, 2022 225,276 225,181 GS-1 +2.21% (5) 212,005 37,995 January 26, 2022 212,677 212,574 BB-1 +1.64% 442,535 7,465 February 22, 2024 444,261 444,375 RBC Facility +1.21% 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 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 wer bench mark (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 December 31, 2022 and 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 December 31, 2022 based on the maturity date of each financing arrangement: Collateralized Loan (1) Repurchase Revolving Credit Mortgage Loan Total 2023 $ 23,115 $ 409,900 $ — $ — $ 433,015 2024 59,761 186,139 — — 245,900 2025 — 108,263 — 124,700 232,963 2026 113,909 — — — 113,909 Thereafter 4,187,034 55,934 310,982 — 4,553,950 Total $ 4,383,819 $ 760,236 $ 310,982 $ 124,700 $ 5,579,737 (1) The allocation of repayments under the Company’s collateralized loan obligations is 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 2022-FL7 As of December 31, 2022 Collateralized Loan Obligation Total Loans Principal Balance 2019-FL1 14 $ 294,990 2021-FL2 27 782,978 2021-FL3 29 1,134,028 2022-FL4 24 1,081,420 2022-FL5 23 690,000 2022-FL6 24 750,000 2022-FL7 21 814,814 Total 162 $ 5,548,230 Deferred financing costs and discounts related to the collateralization of the CLO notes are amortized to interest expense over the remaining life of the loans. The following table outlines the net book value of the Company’s CLOs on its consolidated balance sheets. December 31, 2022 2021 Face value $ 4,383,819 $ 1,903,083 Unamortized deferred financing costs (34,983 ) (16,701 ) Unamortized discount (12,135 ) — Net book value $ 4,336,701 $ 1,886,382 Repurchase Agreements The Company has entered into, and maintains in effect eight repurchase facilities. The Company, through direct or indirect wholly owned subsidiaries, entered into repurchase agreements with Wells Fargo (the “WF-1 “GS-1 “BB-1 “MS-1 “NTX-1 The Company incurred deferred financing costs in connection with each repurchase facility, which costs are being amortized to interest expense over the life of that repurchase facility. The following table outlines the net book value of the Company’s repurchase facilities on its consolidated balance sheets. December 31, 2022 2021 Face value $ 760,236 $ 904,968 Unamortized deferred financing costs (3,420 ) (1,958 ) Net book value $ 756,816 $ 903,010 Revolving Credit Facilities The Company has entered into, and maintains in effect, two revolving credit facilities, the Barclays Facility and the MM-1 On August 1, 2022, the Company, as borrower, entered into a senior secured revolving credit facility (the “Barclays Facility”) with Barclays, as administrative agent, and the lenders party thereto for the purpose of financing the operating expenses and general corporate purposes of the Company and its subsidiaries. On September 20, 2021, FS CREIT Finance MM-1 the acquisition and origination of commercial mortgage loan assets meeting specified eligibility criteria and concentration limits, pay transaction costs and fund distributions to FS CREIT Finance Holdings, LLC (and ultimately to the Company). The Company incurred deferred financing costs in connection with each revolving credit facility, which costs are being amortized to interest expense over the life of that facility. The following table details the net book value of the Company’s revolving credit facilities on its consolidated balance sheets. December 31, 2022 2021 Face value $ 310,982 $ 199,190 Unamortized deferred financing costs (12,438 ) (2,888 ) Net book value $ 298,544 $ 196,302 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 December 31, 2022 is $ . The Company incurred deferred financing costs, which are being amortized to interest expense over the life of the facility. The following table details the net book value of the Company’s mortgage loan on its consolidated balance sheets. December 31, 2022 Face value $ 124,700 Unamortized deferred financing costs (2,132 ) Net book value $ 122,568

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions Compensation of FS Real Estate Advisor, Rialto, and the Dealer Manager Base Management Fee Pursuant to the fourth amended and restated advisory agreement dated as of December 1, 2022 or the New Advisory Agreement, FS Real Estate Advisor is entitled to a base management fee equal of the NAV for the Company’s Class T, Class S, Class D, Class M and Class I shares, payable quarterly in arrears. The payment of all or any portion of the base management fee accrued with respect to any quarter may be deferred by FS Real Estate Advisor, without interest, and may be taken in any such other quarter as FS Real Estate Advisor may determine. In calculating the Company’s base management fee, the Company will use its NAV before giving effect to accruals for such fee, the performance fee, the administrative services fee, stockholder servicing fees or distributions payable on its shares. The base management fee is a class-specific expense . base management fee is paid on the Company’s Class F or Class Y shares. Performance Fee FS Real Estate Advisor is also entitled to the performance fee calculated and payable quarterly in arrears in an amount equal to 10.0% of the Company’s Core Earnings (as defined below) for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on average adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS Real Estate Advisor does not earn a performance fee for any quarter until the Company’s Core Earnings for such quarter exceed the hurdle rate of 1.625%. For purposes of the performance fee, “adjusted capital” means cumulative net proceeds generated from sales of the Company’s common stock other than Class F common stock (including proceeds from the Company’s distribution reinvestment plan) reduced for distributions from non-liquidating “catch-up” For purposes of calculating the performance fee, “Core Earnings” means: the net income (loss) attributable to stockholders of Class Y, Class T, Class S, Class D, Class M and Class I shares, computed in accordance with GAAP (provided that net income (loss) attributable to Class Y stockholders shall be reduced by an amount equal to the base management fee that would have been paid if Class Y shares were subject to such fee), including realized gains (losses) not otherwise included in GAAP net income (loss) and excluding (i) non-cash non-cash (v) one-time non-cash Method of Payment 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 (i) realized gains (losses) not otherwise included in GAAP net income (loss), (ii) stockholder servicing fees, and (iii) reimbursements for organization and offering expenses, and excluding (A) non-cash (B) non-cash non-cash (E) one-time pursuant to changes in GAAP and certain material 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 then current 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, Administrative Services Fee On December 1, 2022, the Company and FS Real Estate Advisor entered into the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”), which amends and restates the Third Amended and Restated Advisory Agreement, dated December 15, 2021, to replace the reimbursement of administrative service expenses with an administrative services fee equal to % of the Company’s net asset value per annum attributable to all shares of common stock, before giving effect to any accruals for the base management fee, the performance fee, the administrative services fee, the stockholder servicing fee or any distributions. Under the Advisory Agreement, the administrative services fee will be payable quarterly and in arrears in the cash equivalent number of restricted stock units (“Class I RSUs”) representing the right to receive Class I shares of the Company’s common stock (“Class I shares”) based on the then-current Class I transaction price as of the last day of such quarter. Class I RSUs in payment of the administrative services fee will provide the Adviser the right to receive a number of Class I shares equivalent to the number of Class I RSUs, subject to the terms and conditions set forth in the Class I RSU Agreement. FS Real Estate Advisor may elect, at a later date, to have the Company repurchase some or all of the Class I shares issued to the Adviser in accordance with the Advisory Agreement, including Class I shares issued pursuant to any Class I RSUs, at a per share price equal to the then-current Class I share transaction price. Such Class I shares will not be subject to the repurchase limits of the Company’s share repurchase plan or any reduction or penalty for an early repurchase, provided that the approval of the Company’s independent directors is required for any repurchase request of FS Real Estate Advisor or Rialto , for Class I shares received as payment for advisory fees that, when combined with any stockholder repurchase requests submitted through the Company’s share purchase plan, would cause the Company to exceed the monthly and quarterly repurchase limitations of its share repurchase plan. The FS Real Estate Advisor will have no registration rights with respect to such Class I shares. Any such Class I shares and Class I RSUs issued to Rialto will have the same rights and conditions as those issued to FS Real Estate Advisor. Prior to December 1, 2022, the Company reimbursed 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. Class I Restricted Stock Unit Agreement On December 1, 2022, the Company, FS Real Estate Advisor and Rialto entered into the Class I Restricted Stock Unit Agreement (the “Class I RSU Agreement”). Pursuant to the Class I RSU Agreement, and in accordance with the Advisory Agreement, the administrative services fee will be payable quarterly in arrears on the last day of each quarter in the cash equivalent number of Class I RSUs based on the then-current Class I share transaction price as of the last day of such quarter. On the last day of each quarter, the Company will issue to FS Real Estate Advisor and Rialto the cash equivalent number of Class I RSUs to which each is entitled. Class I RSUs will vest ratably on the first calendar day of the month following the one, two and three-year anniversary of the applicable grant date, provided that (i) 100% of the Adviser’s Class I RSUs will immediately vest upon the nonrenewal or termination of the Advisory Agreement pursuant to Section 12(b)(ii), Section 12(b)(iii) or Section 12(b)(iv) thereof; (ii) 100% of the Sub-Adviser’s sub-advisory “Sub-Advisory Sub-Adviser’s Sub-Advisory sub-adviser, Class I shares requested to be repurchased by FS Real Estate Advisor and Rialto at the most recently published transaction price per Class I share; provided that no repurchase will be permitted that would jeopardize the Company’s qualification as a REIT or violate Maryland law. Origination Fees FS Real Estate Advisor has engaged Rialto as sub-adviser to originate loans and other investments on behalf of the Company, and FS Real Estate Advisor oversees the sub-adviser’s origination activities. In connection with these activities, origination fees of up to % of the loan amount for first lien, subordinated or mezzanine debt or preferred equity financing may be retained by the sub-adviser or FS Real Estate Advisor. Such origination fees will be retained only to the extent they are paid by the borrower, either directly to Rialto or FS Real Estate Advisor or indirectly through the Company. During the years ended December 31, 2022, 2021 and 2020, $ , $ , and $ , respectively, in origination fees were paid directly by the borrowers to FS Real Estate Advisor or Rialto and not to the Company. FS Real Estate Advisor engaged personnel employed by FS Investments to negotiate, structure and provide other special services with respect to an upsize of the MM-1 facility. During the years ended December 31, 2022, 2021, and 2020, $ , $ and $ , respectively, in capital markets fees were paid to affiliates of the Company. Offering Costs FS Investments funded the Company’s offering costs in the amount of $ 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 year ended December 31, 2022, the Company paid $11,902 to FS Real Estate Advisor for offering costs previously funded. As of December 31, 2022, $6,197 of offering expenses previously funded remained subject to reimbursement to FS Real Estate Advisor and Rialto. The following table describes the fees and expenses accrued under the advisory agreement and sub-advisory Year Ended December 31, Related Party Source Agreement Description 2022 2021 2020 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 23,352 $ 7,024 $ 2,949 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 8,828 $ 1,373 $ 1,219 FS Real Estate Advisor Advisory Agreement Administrative Services (3) $ 12,825 $ 4,556 $ 2,426 FS Real Estate Advisor Advisory Agreement Administrative Services (4) $ 2,072 $ — $ — FS Real Estate Advisor Advisory Agreement Capital Markets Fees $ 3,250 $ — $ — Rialto Capital Management Sub-Advisory Agreement Valuation Services Fees (5) $ 412 $ 220 $ 101 (1) During the year ended December 31, 2022, FS Real Estate Advisor received $6,221 in cash and $11,409 of performance contingent rights were issued as payment for management fees. During the year ended December 31, 2021, $5,177 in cash and $915 in performance contingent rights, and in 2020 $476 in cash, of base management fees were paid to FS Real Estate Advisor. As of December 31, 2022, $7,523 in base management fees were payable to FS Real Estate Advisor. (2) During the years ended December 31, 2022, 2021 and 2020, $4,461, $1,284 and $176, respectively, in performance fees were paid to FS Real Estate Advisor. As of December 31, 2022, $4,772 in performance fees were payable to FS Real Estate Advisor. (3) During the years ended December 31, 2022, 2021 and 2020, $12,582, $4,139 and $2,284, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS Real Estate Advisor and Rialto and the remainder related to other reimbursable expenses. These amounts are recorded as general and administrative expenses on the accompanying consolidated statements of operations. (4) On December 1, 2022, the Company’s method for reimbursing administrative services expense was replaced with an administrative services fee equal to 1.0% of the Company’s net asset value per annum attributable to all shares of common stock, before giving effect to any accruals for the base management fee, the performance fee, the administrative services fee, the stockholder servicing fee or any distributions. The dealer manager for the Company’s continuous public offering is FS Investment Solutions, LLC, or FS Investment Solutions, which is an affiliate of FS Real Estate Advisor. Under the amended and restated dealer manager agreement dated as of August 17, 2018, or the dealer manager agreement, FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.0%, and upfront dealer manager fees of 0.5% of the transaction price of each Class T share sold in the primary offering, however such amounts may vary at certain participating broker-dealers provided that the sum will not exceed 3.5% of the transaction price (subject to reductions for certain categories of purchasers). FS Investment Solutions is entitled to receive upfront selling commissions of up to 3.5% of the transaction price per Class S share sold in the primary offering (subject to reductions for certain categories of purchasers). The dealer manager anticipates that all of the selling commissions and dealer manager fees will be re-allowed 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 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 e 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 The Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. As of December 31, 2022 and 2021, the Company accrued $107,692 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 December 31, 2022, the Company acc During the year ended December 31, 2022, $2,832 of expense recoupments were paid to FS Real Estate Advisor and Rialto. As of December 31, 2022, no expense recoupments were payable to FS Real Estate Advisor and Rialto. The following table reflects the amounts paid or waived by FS Real Estate Advisor and Rialto under the expense limitation agreement and the expiration date for future possible reimbursements by the Company: For the Three Months Ended Amount of Recoupable Recoupment Expired Recoupment eligibility expiration December 31, 2022 $ 605 $ — $ 605 $ — December 31, 2024 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 December 31, 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 $21,073 and $393, 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	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Note 8. Stockholder’s Equity Below is a summary of transactions with respect to shares of the Company’s common stock during the years ended December 31, 2022, 2021 and 2020: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 1,475,155 141,116 981,836 1,351,587 322,602 1,357,818 1,230,360 6,860,474 Issuance of common stock — — 281,353 4,656,388 252,499 823,387 1,341,270 7,354,897 Reinvestment of distributions 29,036 — 35,289 74,149 10,674 34,439 32,774 216,361 Redemptions of common stock (591,722 ) (4,000 ) (48,685 ) (288,049 ) (19,762 ) (230,322 ) (487,739 ) (1,670,279 ) Transfers in or out — — (4,135 ) (15,435 ) (19,715 ) (14,283 ) 54,863 1,295 Balance as of December 31, 2020 912,469 137,116 1,245,658 5,778,640 546,298 1,971,039 2,171,528 12,762,748 Issuance of common stock — 843,659 165,006 16,943,127 147,732 1,355,103 9,068,080 28,522,707 Reinvestment of distributions 30,439 — 39,365 360,278 13,397 49,675 126,922 620,076 Redemptions of common stock (33,638 ) (74,127 ) (37,860 ) (256,640 ) (14,551 ) (92,799 ) (481,437 ) (991,052 ) Transfers in or out (6,392 ) — (4,792 ) (1,684 ) (50,714 ) (406,282 ) 481,594 11,730 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 — — 224,184 35,574,767 172,484 2,062,901 25,559,784 63,594,120 Reinvestment of distributions 29,603 — 43,048 1,284,235 15,009 77,027 789,270 2,238,192 Redemptions of common stock (74,771 ) — (71,276 ) (4,760,663 ) (42,579 ) (215,053 ) (3,926,987 ) (9,091,329 ) Transfers in or out — — (2,455 ) (13,724 ) (44,077 ) (156,539 ) 222,410 5,615 Balance as of December 31, 2022 857,710 906,648 1,600,878 54,908,336 742,999 4,645,072 34,011,164 97,672,807 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 $ 36,419 $ 3,548 $ 23,616 $ 31,429 $ 8,015 $ 31,757 $ 30,367 $ 165,151 Issuance of common stock — — 7,077 118,049 6,352 20,767 33,048 185,293 Reinvestment of distributions 725 — 886 1,877 268 868 807 5,431 Redemptions of common stock (14,766 ) (99 ) (1,224 ) (7,273 ) (496 ) (5,797 ) (11,977 ) (41,632 ) Transfers in or out — — (104 ) (391 ) (496 ) (361 ) 1,352 — Accrued stockholder servicing fees (1) — — (280 ) (8,986 ) (70 ) (1,080 ) — (10,416 ) Balance as of December 31, 2020 22,378 3,449 29,971 134,705 13,573 46,154 53,597 303,827 Issuance of common stock — 20,749 4,134 427,901 3,708 33,564 222,290 712,346 Reinvestment of distributions 763 — 986 9,097 336 1,246 3,108 15,536 Redemptions of common stock (843 ) (1,827 ) (948 ) (6,476 ) (365 ) (2,332 ) (11,781 ) (24,572 ) Transfers in or out (160 ) — (120 ) (43 ) (1,274 ) (10,197 ) 11,794 — Accrued stockholder servicing fees (1) — — (161 ) (34,034 ) (33 ) (1,599 ) — (35,827 ) 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 — — 5,596 896,258 4,310 51,698 624,315 1,582,177 Reinvestment of distributions 740 — 1,074 32,334 375 2,433 19,259 56,215 Redemptions of common stock (1,870 ) — (1,778 ) (119,792 ) (1,064 ) (5,388 ) (95,772 ) (225,664 ) Transfers in or out — — (61 ) (345 ) (1,100 ) (3,926 ) 5,432 — Accrued stockholder servicing fees (1) — — (220 ) (65,260 ) (49 ) (3,131 ) — (68,660 ) Balance as of December 31, 2022 $ 21,008 $ 22,371 $ 38,473 $ 1,274,345 $ 18,417 $ 108,522 $ 832,242 $ 2,315,378 (1) Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, the Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class. Share Repurchase Plan The Company has adopted an amended and restated share repurchase plan, or share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The repurchase of shares is limited to no more than 2% of the Company’s aggregate NAV per month of all classes of shares then participating in the share repurchase plan and no more than 5% of the Company’s aggregate NAV per calendar quarter of all classes of shares then participating in the share repurchase plan, which means that in any 12-month Distribution Reinvestment Plan Pursuant to the Company’s distribution reinvestment plan, holders of shares of any class of the Company’s common stock may elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The purchase price for shares pursuant to the distribution reinvestment plan will be equal to the transaction price for such shares at the time the distribution is payable. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Dividends are paid first to the holders of the Company’s Series A preferred stock at the rate of 12.0% per annum plus all accumulated and unpaid dividends thereon, and then to the holders of the Company’s common stock. All distributions will be made at the discretion of the Company’s board of directors and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors that the Company’s board of directors deems relevant. The following table reflects the cash distributions per share that the Company paid on its common stock during the year ended December 31, 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 October 28, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 November 29, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 December 29, 2022 0.1696 0.1696 0.1259 0.1259 0.1374 0.1374 0.1436 Total $ 1.9406 $ 1.9406 $ 1.4162 $ 1.4162 $ 1.5542 $ 1.5542 $ 1.6286 The following table reflects the amount of cash distributions that the Company paid on its common stock during the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Distributions: Paid or payable in cash $ 59,987 $ 22,980 $ 11,230 Reinvested in shares 56,215 15,537 5,431 Total distributions $ 116,202 $ 38,517 $ 16,661 Source of distributions: Cash flows from operating activities $ 116,202 $ 38,517 $ 16,661 Offering proceeds — — — Total sources of distributions $ 116,202 $ 38,517 $ 16,661 Net cash provided by operating activities (1) $ 154,518 $ 38,583 $ 21,777 (1) Cash flows from operating activities are supported by expense support payments from FS Real Estate Advisor and Rialto pursuant to the Company’s expense limitation agreement. See Note 7 for additional information regarding the Company’s expense limitation agreement. The Company currently declares and pays regular cash distributions on a monthly basis. The Company has elected to increase the distribution rate across all share classes, effective with the payment of December’s distribution. The Company’s board of directors previously authorized regular monthly cash distributions for January 2023 through March 2023 for each class of its outstanding common stock in the net distribution amounts per share set forth below: Month Class F Class Y Class T Class S Class D Class M Class I January 2023 $ 0.1696 $ 0.1696 $ 0.1259 $ 0.1259 $ 0.1374 $ 0.1374 $ 0.1436 February 2023 $ 0.1696 $ 0.1696 $ 0.1259 $ 0.1259 $ 0.1374 $ 0.1374 $ 0.1436 March 2023 $ 0.1749 $ 0.1749 $ 0.1312 $ 0.1312 $ 0.1427 $ 0.1427 $ 0.1489 The distributions for each class of outstanding common stock have been or will be paid monthly to stockholders of record as of the monthly record dates previously determined by the Company’s board of directors. These distributions have been or will be paid in cash or reinvested in shares of the Company’s common stock for stockholders participating in the Company’s distribution reinvestment plan. For federal income tax purposes, distributions to stockholders are characterized as either ordinary income, capital gain or non-taxable of The following table shows the character of distributions on a tax basis the Company paid on a percentage basis during the years ended December 31, 2022, 2021 and 2020: For the Year Ended December 31, 2022 2021 2020 Ordinary income (1) 100 % 98 % 100 % Non-taxable — — — Capital gain 0 % 2 % — Total 100 % 100 % 100 % (1) During the years ended December 31, 2022, 2021, and 2020, non-qualifying , ,

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 9. Fair Value of Financial Instruments The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: December 31, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial Assets Mortgage-backed securities available-for-sale $ 159,464 $ — $ 159,464 $ — $ 44,518 $ — $ 44,518 $ — Mortgage loans held in securitization trusts, at fair value 324,263 — — 324,263 — — — — Interest rate cap 4,616 — 4,616 — — — — — Total $ 488,343 $ — $ 164,080 $ 324,263 $ 44,518 $ — $ 44,518 $ — Financial Liabilities Mortgage obligations issued by securitization trusts, at fair value $ 291,193 — $ 291,193 — — — — — The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using level 3 inputs to determine fair value for the year ended December 31, 2022: Mortgage loans held in Fair value at beginning of period $ — Accretion of discount (amortization of premium) — Net realized gain (loss) — Net change in unrealized appreciation (depreciation) (86 ) Purchases — Sales and repayments — Issuances — Transfer into Level 3 — Transfers out of Level 3 — Consolidation of securitization trusts 324,349 Deconsolidation of securitization trusts — Fair value at end of period $ 324,263 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2022 Included in earnings $ (86 ) Included in OCI — As of December 31, 2022, the Company utilized a discounted cash flow model, comparable precedent transactions and other market information to quantify Level 3 fair value measurements on a recurring basis. As of December 31, 2022, the key unobservable inputs used in the valuation of mortgage obligations issued by securitization trusts included a blended yield ranging from % to % (weighted average blended yield of 10.51%) and a life of 1.8 to 4.3 years (weighted average life of 3.36 years). Significant increases or decreases in any one of the inputs described above in isolation may result in significantly different fair value of the financial assets and liabilities using such Level 3 inputs. As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statement of financial position, for which it is practicable to estimate that value. The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: December 31, 2022 December 31, 2021 Book Value Face Fair Value Book Value Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 201,618 $ 201,618 $ 201,618 $ 85,808 $ 85,808 $ 85,808 Loans receivable, held-for-investment (1) $ 7,350,315 $ 7,350,271 $ 7,339,105,000 $ 3,841,868 $ 3,843,110 $ 3,844,685 Mortgage-backed securities held-to-maturity $ 68,559 $ 80,300 $ 68,559 $ 37,862 $ 50,300 $ 37,862 Financial Liabilities Repurchase agreements (2) $ 756,816 $ 760,236 $ 760,236 $ 903,010 $ 904,968 $ 904,968 Credit facilities $ 298,544 $ 310,982 $ 310,982 $ 196,960 $ 199,190 $ 199,190 Collateralized loan obligations (2)(3) $ 4,336,701 $ 4,371,684 $ 4,371,684 $ 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 and discount. (3) Face value represents the face amount, net of discount. 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, CMBS, Fair Value Option As discussed in the “Fair Value of Financial Instruments” section of Note 2 herein, the Company elect ed the total fair value balance of $324,263 represents the company’s economic interest in the asset. The vast majority of this fair value (all except $33,069 at December 31, 2022) is eliminated in consolidation of the related mortgage obligations before arriving at the GAAP balance for the fair value option investment securities

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Note 10. Variable Interest Entities Consolidated Variable Interest Entities The following table details the assets and liabilities of the Company’s consolidated variable interest entities as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Assets: Restricted cash $ — $ 37,364 Loans receivable, held-for-investment 5,546,779 2,298,367 Interest receivable 24,144 5,154 Other assets 853 6,625 Mortgage loans held in securitization trusts, at fair value 324,263 — Total assets $ 5,896,039 $ 2,347,510 Liabilities Collateralized loan obligations, net $ 4,336,701 $ 1,886,382 Interest payable 12,631 1,357 Other liabilities 473 205 Mortgage obligations issued by securitization trusts, at fair value 291,193 — Total liabilities $ 4,640,998 $ 1,887,944 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. Assets held by the CLOs are restricted and can be used only to settle obligations of the CLOs. The liabilities are non-recourse Investment Securities Mortgage loans and obligations held in securitization trusts consolidated in accordance with ASC 810 are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The assets and other instruments held by these securitization entities are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the securitization entities do not have any recourse to the general credit of any other consolidated entities, nor to the Company as the primary beneficiary. The mortgage obligations initially represent investment securities on the balance sheet (pre-consolidation). The inclusion of the assets and liabilities of the mortgage loans and obligations in which the Company is deemed the primary beneficiary has no economic effect on the Company. Its exposure to the obligations of mortgage loans and obligations held in securitization is generally limited to its investment in these entities. The Company is not obligated to provide, nor has provided, any financial support for any of these consolidated structures. Non-Consolidated The Company invested in subordinated positions of CMBS trusts which are considered mortgage loans and obligations held in securitization trusts. The Company is not the primary beneficiary of the mortgage loans and obligations because it does not have the power to direct the activities that most significantly affect the mortgage loans and obligations’ economic performance, nor does it provide guarantees or recourse to the mortgage loans and obligations other than standard representations and warranties and, therefore, does not consolidate the mortgage loans and obligations on its balance sheets. The Company has classified its investment in the CMBS as either held-to-maturity available-for-sale The Company is not obligated to provide, nor has it provided financial support to these consolidated and non-consolidated

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 4,616 (1) Included in Other assets in the Company’s consolidated balance sheets. The following table details the fair value of the Company’s derivative financial instrument: Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Year Ended 2022 2021 Interest Rate Cap Unrealized Gain (1 ) $ 650 $ — (1) Included in Other income (loss) in the Company’s consolidated statements of operations.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 13. Subsequent Events The following is a discussion of material events that have occurred subsequent to December 31, 2022 through the issuance of the consolidated financial statements. NTX-1 On January 3, 2023, the NTX-1 Lucid Facility On January 11 transaction-by-transaction GS-1 Facility On GS-1 GS-1 one-year GS-1 GS-1 On March 17, 2023, the GS-1 Facility’s repurchase agreement was amended to extend the availability period to January 25, 2025. The maximum amount of financing available was increased from $350,000 to $450,000. BMO-1 On March 3, 2023, FS CREIT Finance BMO-1 (“BMO-1”), “BMO-1 mixed-use BMO-1 % of BMO-1’s BMO-1 BMO-1.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	The material terms of the Twelfth Amendment to Master Repurchase Agreement described above is qualified in its entirety by the agreement attached as Exhibit 10.1 to this Current Report on Form 8-K Loan Type (1) Description Location Interest Payment Rates Maximum Maturity Date (2) Periodic Payment Terms (3) Prior Liens Face Amount of Loans Carrying Amount of Loans Senior loans Senior loans in excess of 3% of the carrying amount of total loans Senior loans Multifamily Various + 2027 I/O $ — $ 338,160 $ 338,108 — 338,160 338,108 Senior loans less than 3% of the carrying amount of total loans Senior loans Multifamily Various + 2.80 % 2024 - 2027 I/O — 4,059,218 4,059,897 Senior loans Hospitality Various + 4.15 % 2023 - 2027 I/O — 791,937 792,305 Senior loans Office Various + 3.70 % 2026 - 2027 I/O — 755,681 755,797 Senior loans Retail Various + 3.60 % 2023 - 2027 I/O — 424,362 424,374 Senior loans Industrial Various + 3.00 % 2026 - 2027 I/O — 351,461 351,449 Senior loans Self Storage Various + 3.20 % 2024 - 2026 I/O — 318,459 317,861 Senior loans Various Santa Barbara, CA + 3.65 % 2027 I/O — 90,000 89,986 Senior loans Mixed Use Various + 3.50 % 2024 -2025 I/O — 67,700 67,811 — 6,858,818 6,859,480 Total senior loans — 7,196,978 7,197,588 Mezzanine loans Mezzanine loans less than 3% of the carrying amount of total loans Mezzanine loan Various Various Fixed 2026 I/O — 66,633 66,045 Mezzanine loan Multifamily Various + 7.61 % 2026 -2027 I/O — 41,803 41,825 Mezzanine loan Mixed Used Queens, NY + 6.50 % 2027 I/O — 26,755 26,755 Mezzanine loan Industrial Various Fixed 2030 I/O — 18,102 18,102 Total mezzanine loans — 153,293 152,727 Total loans $ — $ 7,350,271 $ 7,350,315 (1) Loan is not delinquent with respect to principal or interest. (2) Maximum maturity assumes all extension options (3) I/O = interest only. The following table reconciles mortgage loans on real estate for For the Year Ended December 31, 2022 2021 2020 Balance at beginning of period $ 3,841,868 $ 700,149 $ 406,645 Additions during period: Loan fundings 4,141,859 3,500,362 358,384 Amortization of deferred fees and expenses on loans 4,023 1,190 876 Deductions during period: Collections of principal (636,594 ) (358,714 ) (65,289 ) Exit and extension fees received on loans receivable (841 ) (1,119 ) (467 ) Balance at end of period $ 7,350,315 $ 3,841,868 $ 700,149

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation:
Reclassifications	Reclassifications:
Use of Estimates	Use of Estimates: and
Principles of Consolidation	Principles of Consolidation: Board 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. When the Company consolidated its securitization VIE, the third party ownership interests are reflected as VIE liabilities in the Company’s consolidated balance sheet because the beneficial interests payable to these third parties are legally issued in the form of debt. The Company’s presentation of net income attributes earnings to controlling and non-controlling
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in the Company’s consolidated statements of cash flows: December 31, 2022 2021 Cash and cash equivalents $ 183,665 $ 46,798 Restricted cash 17,953 39,010 Total cash, cash equivalents and restricted cash $ 201,618 $ 85,808
Loans Receivable and Provision for Loan Losses	Loans Receivable and Provision for Loan Losses: and 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 follows: 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 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, below-market, and 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
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, 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 Company elected the fair value option for initial and subsequent recognition of the assets and liabilities of its consolidated securitization mortgage loans held in securitization trusts and the related CMBS investments. Interest income and interest expense associated with these loans are presented separately on the consolidated statements of operations. The Company separately presents the assets and liabilities of its consolidated securitization loans as individual line items on its consolidated balance sheets. The liabilities of its consolidated securitization loans consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “Mortgage obligations issued by securitization trusts.” The assets of its consolidated securitization loans consist principally of loans. These assets in the aggregate are likewise presented as a single line item entitled “Mortgage loans held in securitization trusts.” The residual difference shown on its consolidated statements of operations in the line item “Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts” represents the Company’s beneficial interest in the mortgage loans. The securitization mortgage loan assets as a whole can only be used to settle the obligations of the consolidated mortgage loans. The assets of the Company’s securitization mortgage loans are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. The securitization mortgage loans in which the Company invests are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the securitization mortgage loans, the Company maximizes the use of observable inputs over unobservable inputs. Liabilities of the consolidated mortgage obligations: For the minority portion of the Company’s consolidated mortgage obligations which consist of unrated or non-investment Level 3. For mortgage obligations classified as Level 3, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and yields based on market transaction information, ratings, subordination levels, vintage and current market spread. Mortgage obligations may shift between Level 2 and Level 3 of the fair value hierarchy if the significant fair value inputs used to price the mortgage obligations become or cease to be observable. Assets of the consolidated mortgage loans: 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: to
Revenue Recognition	Revenue Recognition: 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
Offering Costs	Offering Costs:
Income Taxes	Income Taxes: The Company’s qualification as a REIT also depends on its ability to meet various other requirements imposed by the Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to the nature of the Company’s assets and the sources of its income. Even if the Company qualifies as a REIT, it may be subject to certain U.S. federal income and excise taxes and state and local taxes on its income and assets. If the Company fails to maintain its qualification as a REIT for any taxable year, it may be subject to material penalties as well as federal, state, and local income tax on its taxable income at regular corporate rates and the Company would not be able to qualify as a REIT for the subsequent four full taxable years. As of December 31, 2022 and 2021, the Company was in compliance with all REIT requirements. Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a REIT, so long as the Company owns 100% of the equity interests in a taxable mortgage pool, it generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders, however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and certain tax-exempt The Company consolidates subsidiaries that incur U.S. federal, state and local income taxes, based on the tax jurisdiction in which each subsidiary operates. During the years ended December 31, 2022, 2021, and 2020, the Company recorded a current income ta
Uncertainty in Income Taxes	Uncertainty in Income Taxes
Stockholder Servicing Fees	Stockholder Servicing Fees: Liabilities paid-in
Derivative Instruments	Derivative Instruments risks 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 December 31, 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, 2016-13. 2016-13 2016-13 available-for-sale 2019-10, 2016-13 The Company has completed the development of its credit loss model and has implemented policies, systems and controls required for the implementation and ongoing management of CECL. Considering the lack of historical company data related to any realized loan losses since its inception, the Company elected to estimate its CECL reserve by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The Company’s credit loss model utilizes historical loss rates derived from a third party commercial real estate loan database with historical loan loss data beginning in 1998. The Company expects to record a cumulative effect adjustment to retained earnings totaling approximately $43,523 at adoption on January 1, 2023. The Company currently does not have any provision for loan losses recorded on the consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 consolidated statements of cash flows: December 31, 2022 2021 Cash and cash equivalents $ 183,665 $ 46,798 Restricted cash 17,953 39,010 Total cash, cash equivalents and restricted cash $ 201,618 $ 85,808
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)	12 Months Ended
	Dec. 31, 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 December 31, 2022 and 2021: December 31, 2022 2021 Number of loans 142 102 Principal balance $ 7,350,271 $ 3,843,110 Net book value $ 7,350,315 $ 3,841,868 Unfunded loan commitments (1) $ 574,510 $ 414,818 Weighted-average cash coupon (2) +3.83 % +3.68 % Weighted-average all-in (2) +3.90 % +3.73 % Weighted-average maximum maturity (years) (3) 4.0 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 years ended December 31, 2022 and 2021, the activity in the Company’s loan portfolio was as follows: For the Year Ended 2022 2021 Balance at beginning of period $ 3,841,868 $ 700,149 Loan fundings 4,141,859 3,500,362 Loan repayments (636,594 ) (358,714 ) Amortization of deferred fees on loans 4,023 1,190 Exit and extension fees received on loans receivable (841 ) (1,119 ) Balance at end of period $ 7,350,315 $ 3,841,868
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 December 31, 2022 December 31, 2021 Property Type Net Book Percentage Net Book Percentage Multifamily $ 4,439,830 61 % $ 2,192,346 57 % Hospitality 792,305 11 % 223,847 6 % Office 755,797 10 % 430,084 11 % Retail 424,374 6 % 277,044 7 % Industrial 369,551 5 % 348,071 9 % Self Storage 317,861 4 % 236,921 6 % Various 156,031 2 % 65,910 2 % Mixed Use 94,566 1 % 67,645 2 % Total $ 7,350,315 100 % $ 3,841,868 100 %
Schedule of Loan Receivables Acquired By Geographics	December 31, 2022 December 31, 2021 Geographic Location (1) Net Book Percentage Net Book Percentage South $ 3,719,093 51 % $ 2,270,087 59 % West 1,487,391 20 % 637,142 17 % Northeast 1,326,408 18 % 646,761 16 % Various 507,105 7 % 65,910 2 % Midwest 310,318 4 % 221,968 6 % Total $ 7,350,315 100 % $ 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 December 31, 2022 December 31, 2021 Risk Rating Number of Net Book Percentage Number of Net Book Percentage 1 — $ — — — $ — — 2 — — — — — — 3 142 7,350,315 100 % 102 3,841,868 100 % 4 — — — — — — 5 — — — — — — Total 142 $ 7,350,315 100 % 102 $ 3,841,868 100 % non-accrual held-for-investment

Mortgage-Backed Securities (Tab

Mortgage-Backed Securities (Tables)	12 Months Ended
	Dec. 31, 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 Face Amount Amortized Gains Losses Fair Value Coupon Remaining December 31, 2022 CMBS, available-for-sale $ 173,207 $ 171,369 $ 45 $ (11,950 ) $ 159,464 9.18 % (1) 12.7 December 31, 2021 CMBS, available-for-sale $ 44,580 $ 44,432 $ 99 $ (13 ) $ 44,518 6.58 % (2) 15.1 (1) Calculated using the one-month one-month (2) Calculating using the one-month
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 loss less than 12 months Securities with a loss greater than 12 months Securities with a loss less than 12 months Securities with a loss greater than 12 months December 31, 2022 CMBS, available-for-sale $ 150,230 756 $ (11,889 ) (61 ) December 31, 2021 CMBS, available-for-sale $ 905 — $ (13 ) —
Summary of Investment Held-to-maturity CMBS	The table below summarizes various attributes of the Company’s investments in held-to-maturity Net Carrying Amount (Amortized Cost) Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value December 31, 2022 CMBS, held-to-maturity $ 68,559 — — $ 68,559 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 held-to-maturity 2022: Total Less than 1 year 1-3 3-5 More than 5 years CMBS, held-to-maturity $ 68,559 — $ 38,435 $ 30,124 —

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment in real estate, net, consisted of the following as of December 31, 2022: December 31, 2022 Building and building improvements $ 120,527 Land and land improvements 39,186 Furniture, fixtures and equipment 1,064 In-place 33,402 Total 194,179 Accumulated depreciation and amortization (3,630 ) Real estate, net $ 190,549
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) $ — 2023 3,814 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,134 Total $ 31,185
Schedule of Rental Operations	The components of rental operations, net on the Company’s consolidated statements of operations consisted of the following: Year Ended Rental income $ 8,272 Less: depreciation and amortization (3,630 ) Less: cost of rental operations (1) (6,015 ) Rental operations, net $ (1,373 ) (1) Cost of rental operations includes $3,017 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 December 31, 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 33,402 Net purchase price $ 194,179

Financing Arrangements (Tables)

Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Summary of Information of Outstanding Financing Arrangement	The following summary information Company As of December 31, 2022 Arrangement (1) Weighted Average Interest Rate (2) Amount Outstanding Amount Available Maturity Date Carrying Amount of Collateral Fair Value of Collateral Collateralized Loan Obligations 2019-FL1 +1.55% (3) $ 196,785 $ — December 18, 2036 $ 294,751 $ 295,040 2021-FL2 +1.53% (3) 646,935 — May 5, 2038 782,767 783,381 2021-FL3 +1.51% (3) 928,483 — November 4, 2036 1,133,769 1,135,195 2022-FL4 +2.21% (6) 837,662 — January 31, 2039 1,081,159 1,080,953 2022-FL5 +3.05% (6) 570,112 — June 17, 2037 689,885 689,246 2022-FL6 +2.96% (6) 566,250 — August 19, 2037 749,837 749,502 2022-FL7 +3.35% (6) 637,592 — October 17, 2039 814,611 814,542 4,383,819 — 5,546,779 5,547,859 Repurchase Agreements WF-1 +2.04 % ( 4 375,381 224,619 August 30, 2023 481,146 480,371 GS-1 + 2.40 5 34,519 315,481 January 26, 2023 48,276 47,846 RBC Facility + 1.39% 55,934 — N/A 85,707 79,274 BB-1 +2.14 % ( 6 186,139 513,861 February 22, 2024 236,783 236,462 MS-1 +2.86 % (7 ) 108,263 41,737 October 13, 2025 141,312 140,787 NTX-1 (4) — 187,500 November 10, 2024 — — 760,236 1,283,198 993,224 984,740 Revolving Credit Facilities MM-1 +2.14% (7)(8) 310,982 689,018 September 20, 2029 439,431 439,051 Barclays Facility (9) — 310,000 August 1, 2025 — — 310,982 999,018 439,431 439,051 Mortgage Loan Natixis Loan +2.15% (7) 124,700 2,000 July 9, 2025 158,963 192,039 Total $ 5,579,737 $ 2,284,216 $ 7,138,397 $ 7,163,689 (1) The 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 rate applicable under the MM-1 Facility is subject to a credit 0.11 %, which was included when the benchmark transitioned from USD LIBOR to Term SOFR. (9) Borrowings under the Barclays Facility bear interest, at the Company’s election 1.25 % per annum or one-, six-month 2.25 % per annum and a credit spread adjustment of 0.10 % per annum. As of December 31, 2021 Arrangement (1) Weighted (2) Amount Amount Maturity Date Carrying Fair Value Collateral Collateralized Loan Obligation 2019-FL1 Notes +1.41% (3) $ 327,665 $ — December 18, 2036 $ 424,665 $ 424,877 2021-FL2 Notes +1.53% (3) 646,935 — May 5, 2038 740,083 741,226 2021-FL3 Notes +1.50% (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 Facility +1.50% (4) 218,912 131,088 August 30, 2022 225,276 225,181 GS-1 +2.21% (5) 212,005 37,995 January 26, 2022 212,677 212,574 BB-1 +1.64% 442,535 7,465 February 22, 2024 444,261 444,375 RBC Facility +1.21% 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 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 wer bench mark (5) USD LIBOR is subject to a 0.50% floor. GS-1 (6) USD LIBOR is subject to a 0.50% floor.
Summary of number of loans and the principal balance	The following table outlines the number of loans, including partial loans, and the principal balance of the collateralized pool of interests for each CLO. As of December 31, 2022 Collateralized Loan Obligation Total Loans Principal Balance 2019-FL1 14 $ 294,990 2021-FL2 27 782,978 2021-FL3 29 1,134,028 2022-FL4 24 1,081,420 2022-FL5 23 690,000 2022-FL6 24 750,000 2022-FL7 21 814,814 Total 162 $ 5,548,230
Summary of repayment for secured financings outstanding	The following table sets forth the Company’s repayment schedule for secured financings outstanding as of December 31, 2022 based on the maturity date of each financing arrangement: Collateralized Loan (1) Repurchase Revolving Credit Mortgage Loan Total 2023 $ 23,115 $ 409,900 $ — $ — $ 433,015 2024 59,761 186,139 — — 245,900 2025 — 108,263 — 124,700 232,963 2026 113,909 — — — 113,909 Thereafter 4,187,034 55,934 310,982 — 4,553,950 Total $ 4,383,819 $ 760,236 $ 310,982 $ 124,700 $ 5,579,737 (1) The allocation of repayments under the Company’s collateralized loan obligations is
Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Summary of net book value of debt instrument	The following table outlines the net book value of the Company’s CLOs on its consolidated balance sheets. December 31, 2022 2021 Face value $ 4,383,819 $ 1,903,083 Unamortized deferred financing costs (34,983 ) (16,701 ) Unamortized discount (12,135 ) — Net book value $ 4,336,701 $ 1,886,382
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Summary of net book value of debt instrument	The following table outlines the net book value of the Company’s repurchase facilities on its consolidated balance sheets. December 31, 2022 2021 Face value $ 760,236 $ 904,968 Unamortized deferred financing costs (3,420 ) (1,958 ) Net book value $ 756,816 $ 903,010
Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Summary of net book value of debt instrument	The following table details the net book value of the Company’s revolving credit facilities on its consolidated balance sheets. December 31, 2022 2021 Face value $ 310,982 $ 199,190 Unamortized deferred financing costs (12,438 ) (2,888 ) Net book value $ 298,544 $ 196,302
Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Summary of net book value of debt instrument	The following table details the net book value of the Company’s mortgage loan on its consolidated balance sheets. December 31, 2022 Face value $ 124,700 Unamortized deferred financing costs (2,132 ) Net book value $ 122,568

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, Related Party Source Agreement Description 2022 2021 2020 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 23,352 $ 7,024 $ 2,949 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 8,828 $ 1,373 $ 1,219 FS Real Estate Advisor Advisory Agreement Administrative Services (3) $ 12,825 $ 4,556 $ 2,426 FS Real Estate Advisor Advisory Agreement Administrative Services (4) $ 2,072 $ — $ — FS Real Estate Advisor Advisory Agreement Capital Markets Fees $ 3,250 $ — $ — Rialto Capital Management Sub-Advisory Agreement Valuation Services Fees (5) $ 412 $ 220 $ 101 (1) During the year ended December 31, 2022, FS Real Estate Advisor received $6,221 in cash and $11,409 of performance contingent rights were issued as payment for management fees. During the year ended December 31, 2021, $5,177 in cash and $915 in performance contingent rights, and in 2020 $476 in cash, of base management fees were paid to FS Real Estate Advisor. As of December 31, 2022, $7,523 in base management fees were payable to FS Real Estate Advisor. (2) During the years ended December 31, 2022, 2021 and 2020, $4,461, $1,284 and $176, respectively, in performance fees were paid to FS Real Estate Advisor. As of December 31, 2022, $4,772 in performance fees were payable to FS Real Estate Advisor. (3) During the years ended December 31, 2022, 2021 and 2020, $12,582, $4,139 and $2,284, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS Real Estate Advisor and Rialto and the remainder related to other reimbursable expenses. These amounts are recorded as general and administrative expenses on the accompanying consolidated statements of operations. (4) On December 1, 2022, the Company’s method for reimbursing administrative services expense was replaced with an administrative services fee equal to 1.0% of the Company’s net asset value per annum attributable to all shares of common stock, before giving effect to any accruals for the base management fee, the performance fee, the administrative services fee, the stockholder servicing fee or any distributions.
Schedule of Expense Reimbursed	The following table reflects the amounts paid or waived by FS Real Estate Advisor and Rialto under the expense limitation agreement and the expiration date for future possible reimbursements by the Company: For the Three Months Ended Amount of Recoupable Recoupment Expired Recoupment eligibility expiration December 31, 2022 $ 605 $ — $ 605 $ — December 31, 2024

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022, 2021 and 2020: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 1,475,155 141,116 981,836 1,351,587 322,602 1,357,818 1,230,360 6,860,474 Issuance of common stock — — 281,353 4,656,388 252,499 823,387 1,341,270 7,354,897 Reinvestment of distributions 29,036 — 35,289 74,149 10,674 34,439 32,774 216,361 Redemptions of common stock (591,722 ) (4,000 ) (48,685 ) (288,049 ) (19,762 ) (230,322 ) (487,739 ) (1,670,279 ) Transfers in or out — — (4,135 ) (15,435 ) (19,715 ) (14,283 ) 54,863 1,295 Balance as of December 31, 2020 912,469 137,116 1,245,658 5,778,640 546,298 1,971,039 2,171,528 12,762,748 Issuance of common stock — 843,659 165,006 16,943,127 147,732 1,355,103 9,068,080 28,522,707 Reinvestment of distributions 30,439 — 39,365 360,278 13,397 49,675 126,922 620,076 Redemptions of common stock (33,638 ) (74,127 ) (37,860 ) (256,640 ) (14,551 ) (92,799 ) (481,437 ) (991,052 ) Transfers in or out (6,392 ) — (4,792 ) (1,684 ) (50,714 ) (406,282 ) 481,594 11,730 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 — — 224,184 35,574,767 172,484 2,062,901 25,559,784 63,594,120 Reinvestment of distributions 29,603 — 43,048 1,284,235 15,009 77,027 789,270 2,238,192 Redemptions of common stock (74,771 ) — (71,276 ) (4,760,663 ) (42,579 ) (215,053 ) (3,926,987 ) (9,091,329 ) Transfers in or out — — (2,455 ) (13,724 ) (44,077 ) (156,539 ) 222,410 5,615 Balance as of December 31, 2022 857,710 906,648 1,600,878 54,908,336 742,999 4,645,072 34,011,164 97,672,807 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2019 $ 36,419 $ 3,548 $ 23,616 $ 31,429 $ 8,015 $ 31,757 $ 30,367 $ 165,151 Issuance of common stock — — 7,077 118,049 6,352 20,767 33,048 185,293 Reinvestment of distributions 725 — 886 1,877 268 868 807 5,431 Redemptions of common stock (14,766 ) (99 ) (1,224 ) (7,273 ) (496 ) (5,797 ) (11,977 ) (41,632 ) Transfers in or out — — (104 ) (391 ) (496 ) (361 ) 1,352 — Accrued stockholder servicing fees (1) — — (280 ) (8,986 ) (70 ) (1,080 ) — (10,416 ) Balance as of December 31, 2020 22,378 3,449 29,971 134,705 13,573 46,154 53,597 303,827 Issuance of common stock — 20,749 4,134 427,901 3,708 33,564 222,290 712,346 Reinvestment of distributions 763 — 986 9,097 336 1,246 3,108 15,536 Redemptions of common stock (843 ) (1,827 ) (948 ) (6,476 ) (365 ) (2,332 ) (11,781 ) (24,572 ) Transfers in or out (160 ) — (120 ) (43 ) (1,274 ) (10,197 ) 11,794 — Accrued stockholder servicing fees (1) — — (161 ) (34,034 ) (33 ) (1,599 ) — (35,827 ) 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 — — 5,596 896,258 4,310 51,698 624,315 1,582,177 Reinvestment of distributions 740 — 1,074 32,334 375 2,433 19,259 56,215 Redemptions of common stock (1,870 ) — (1,778 ) (119,792 ) (1,064 ) (5,388 ) (95,772 ) (225,664 ) Transfers in or out — — (61 ) (345 ) (1,100 ) (3,926 ) 5,432 — Accrued stockholder servicing fees (1) — — (220 ) (65,260 ) (49 ) (3,131 ) — (68,660 ) Balance as of December 31, 2022 $ 21,008 $ 22,371 $ 38,473 $ 1,274,345 $ 18,417 $ 108,522 $ 832,242 $ 2,315,378 (1) Stockholder servicing fees only apply to Class T, Class S, Class D and Class M shares. Under GAAP, the Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. For purposes of NAV, the Company recognizes the stockholder servicing fee as a reduction of NAV on a monthly basis. As a result, the estimated liability for the future stockholder servicing fees, which are accrued at the time each share is sold, will have no effect on the NAV of any class.
Summary of Cash Distributions Per Share that Paid on its Common Stock	The following table reflects the cash distributions per share that the Company paid on its common stock during the year ended December 31, 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 October 28, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 November 29, 2022 0.1610 0.1610 0.1173 0.1173 0.1288 0.1288 0.1350 December 29, 2022 0.1696 0.1696 0.1259 0.1259 0.1374 0.1374 0.1436 Total $ 1.9406 $ 1.9406 $ 1.4162 $ 1.4162 $ 1.5542 $ 1.5542 $ 1.6286 The following table reflects the amount of cash distributions that the Company paid on its common stock during the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Distributions: Paid or payable in cash $ 59,987 $ 22,980 $ 11,230 Reinvested in shares 56,215 15,537 5,431 Total distributions $ 116,202 $ 38,517 $ 16,661 Source of distributions: Cash flows from operating activities $ 116,202 $ 38,517 $ 16,661 Offering proceeds — — — Total sources of distributions $ 116,202 $ 38,517 $ 16,661 Net cash provided by operating activities (1) $ 154,518 $ 38,583 $ 21,777 (1) Cash flows from operating activities are supported by expense support payments from FS Real Estate Advisor and Rialto pursuant to the Company’s expense limitation agreement. See Note 7 for additional information regarding the Company’s expense limitation agreement.
Schedule of Cash Distribution on Class of Common Stock	The Company currently declares and pays regular cash distributions on a monthly basis. The Company has elected to increase the distribution rate across all share classes, effective with the payment of December’s distribution. The Company’s board of directors previously authorized regular monthly cash distributions for January 2023 through March 2023 for each class of its outstanding common stock in the net distribution amounts per share set forth below: Month Class F Class Y Class T Class S Class D Class M Class I January 2023 $ 0.1696 $ 0.1696 $ 0.1259 $ 0.1259 $ 0.1374 $ 0.1374 $ 0.1436 February 2023 $ 0.1696 $ 0.1696 $ 0.1259 $ 0.1259 $ 0.1374 $ 0.1374 $ 0.1436 March 2023 $ 0.1749 $ 0.1749 $ 0.1312 $ 0.1312 $ 0.1427 $ 0.1427 $ 0.1489
Distribution of company dividends on percent basis	The following table shows the character of distributions on a tax basis the Company paid on a percentage basis during the years ended December 31, 2022, 2021 and 2020: For the Year Ended December 31, 2022 2021 2020 Ordinary income (1) 100 % 98 % 100 % Non-taxable — — — Capital gain 0 % 2 % — Total 100 % 100 % 100 % (1) During the years ended December 31, 2022, 2021, and 2020, non-qualifying , ,

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The following table presents the Company’s financial instruments carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: December 31, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial Assets Mortgage-backed securities available-for-sale $ 159,464 $ — $ 159,464 $ — $ 44,518 $ — $ 44,518 $ — Mortgage loans held in securitization trusts, at fair value 324,263 — — 324,263 — — — — Interest rate cap 4,616 — 4,616 — — — — — Total $ 488,343 $ — $ 164,080 $ 324,263 $ 44,518 $ — $ 44,518 $ — Financial Liabilities Mortgage obligations issued by securitization trusts, at fair value $ 291,193 — $ 291,193 — — — — —
Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments	The following table details the carrying amount, face amount, and fair value of the financial instruments described in Note 2: December 31, 2022 December 31, 2021 Book Value Face Fair Value Book Value Face Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 201,618 $ 201,618 $ 201,618 $ 85,808 $ 85,808 $ 85,808 Loans receivable, held-for-investment (1) $ 7,350,315 $ 7,350,271 $ 7,339,105,000 $ 3,841,868 $ 3,843,110 $ 3,844,685 Mortgage-backed securities held-to-maturity $ 68,559 $ 80,300 $ 68,559 $ 37,862 $ 50,300 $ 37,862 Financial Liabilities Repurchase agreements (2) $ 756,816 $ 760,236 $ 760,236 $ 903,010 $ 904,968 $ 904,968 Credit facilities $ 298,544 $ 310,982 $ 310,982 $ 196,960 $ 199,190 $ 199,190 Collateralized loan obligations (2)(3) $ 4,336,701 $ 4,371,684 $ 4,371,684 $ 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 and discount. (3) Face value represents the face amount, net of discount.
Summary of changes in fair value of financial assets which are measured at fair value on a recurring basis	The following table presents the changes in fair value of financial assets which are measured at fair value on a recurring basis using level 3 inputs to determine fair value for the year ended December 31, 2022: Mortgage loans held in Fair value at beginning of period $ — Accretion of discount (amortization of premium) — Net realized gain (loss) — Net change in unrealized appreciation (depreciation) (86 ) Purchases — Sales and repayments — Issuances — Transfer into Level 3 — Transfers out of Level 3 — Consolidation of securitization trusts 324,349 Deconsolidation of securitization trusts — Fair value at end of period $ 324,263 Amount of unrealized gains (losses) attributable to assets still held at December 31, 2022 Included in earnings $ (86 ) Included in OCI —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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 variable interest entities as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Assets: Restricted cash $ — $ 37,364 Loans receivable, held-for-investment 5,546,779 2,298,367 Interest receivable 24,144 5,154 Other assets 853 6,625 Mortgage loans held in securitization trusts, at fair value 324,263 — Total assets $ 5,896,039 $ 2,347,510 Liabilities Collateralized loan obligations, net $ 4,336,701 $ 1,886,382 Interest payable 12,631 1,357 Other liabilities 473 205 Mortgage obligations issued by securitization trusts, at fair value 291,193 — Total liabilities $ 4,640,998 $ 1,887,944

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Derivative Instruments [Abstract]
Summary of Derivative Instruments	The table below provides additional information regarding the Company’s derivative instrument as of December 31, 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 $ 4,616
Summary of Fair Value of the Company Derivative Financial Instrument	The following table details the fair value of the Company’s derivative financial instrument: Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Year Ended 2022 2021 Interest Rate Cap Unrealized Gain (1 ) $ 650 $ — (1) Included in Other income (loss) in the Company’s consolidated statements of operations.

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail) - Class T, Class S, Class D, Class M and Class I shares [Member] - Maximum [Member]	12 Months Ended
	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 2,750,000,000
Primary Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	2,500,000,000
Distribution Reinvestment Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 250,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 183,665	$ 46,798
Restricted cash	17,953	39,010
Total cash, cash equivalents and restricted cash	$ 201,618	$ 85,808	$ 17,874	$ 78,155

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash investment in money market fund	$ 164,547	$ 0
Offering costs incurred	$ 20,517
Percentage of distribution of annual REIT taxable income to stockholders to qualify as REIT	90%
Unrecognized interest or penalties	$ 0	0	$ 0
Percentage of reimbursement revenue	0.75%
Accrued Unrecognised Interest or Penalties	$ 0	0
Current Income Tax	$ 1,251	$ 614	$ 103

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Useful Lives of Investments in Real Estate (Detail)	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Dec. 31, 2020 USD ($)
Loans and Leases Receivable, Net Amount [Abstract]
Number of loans | Loans	142	102
Principal balance	$ 7,350,271	$ 3,843,110
Net book value	7,350,315	3,841,868	$ 700,149
Unfunded loan commitments	$ 574,510	$ 414,818
Weighted-average cash coupon	3.83%	3.68%
Weighted-average all-in yield	3.90%	3.73%
Weighted-average maximum maturity (years)	4 years	4 years 6 months

Loans Receivable - Summary of A

Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable, Net Amount [Abstract]
Balance at beginning of period	$ 3,841,868	$ 700,149
Loan fundings	4,141,859	3,500,362
Loan repayments	(636,594)	(358,714)
Amortization of deferred fees on loans	4,023	1,190
Exit and extension fees received on loans receivable	(841)	(1,119)	$ (467)
Balance at end of period	$ 7,350,315	$ 3,841,868	$ 700,149

Loans Receivable - Loan Receiva

Loans Receivable - Loan Receivables Acquired By Property (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net book value	$ 7,350,315	$ 3,841,868	$ 700,149
Percentage	100%	100%
Multifamily [Member]
Net book value	$ 4,439,830	$ 2,192,346
Percentage	61%	57%
Hospitality [Member]
Net book value	$ 792,305	$ 223,847
Percentage	11%	6%
Office [Member]
Net book value	$ 755,797	$ 430,084
Percentage	10%	11%
Retail [Member]
Net book value	$ 424,374	$ 277,044
Percentage	6%	7%
Industrial [Member]
Net book value	$ 369,551	$ 348,071
Percentage	5%	9%
Self Storage [Member]
Net book value	$ 317,861	$ 236,921
Percentage	4%	6%
Various [Member]
Net book value	$ 156,031	$ 65,910
Percentage	2%	2%
Mixed-Use [Member]
Net book value	$ 94,566	$ 67,645
Percentage	1%	2%

Loans Receivable - Loan Recei_2

Loans Receivable - Loan Receivables Acquired By Geographics (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net book value	$ 7,350,315	$ 3,841,868	$ 700,149
Percentage	100%	100%
South [Member]
Net book value	$ 3,719,093	$ 2,270,087
Percentage	51%	59%
West [Member]
Net book value	$ 1,487,391	$ 637,142
Percentage	20%	17%
Northeast [Member]
Net book value	$ 1,326,408	$ 646,761
Percentage	18%	16%
Various [Member]
Net book value	$ 507,105	$ 65,910
Percentage	7%	2%
Midwest [Member]
Net book value	$ 310,318	$ 221,968
Percentage	4%	6%

Loans Receivable - Summary of l

Loans Receivable - Summary of loans receivable based on internal risk ratings (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Dec. 31, 2020 USD ($)
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	142	102
Net book value | $	$ 7,350,315	$ 3,841,868	$ 700,149
Percentage	100%	100%
Risk Level, Medium [Member]
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | Loans	142	102
Net book value | $	$ 7,350,315	$ 3,841,868
Percentage	100%	100%

Mortgage-Backed Securities - Sc

Mortgage-Backed Securities - Schedule of Available-for-sale Securities Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Outstanding Face Amount	$ 140,622		$ 48,633		$ 25,555
Fair Value	$ 159,464		$ 44,518
Weighted Average Coupon	3.83%		3.68%
CMBS [Member]
Outstanding Face Amount	$ 173,207		$ 44,580
Amortized Cost Basis	171,369		44,432
Gross Unrealize Gains	45		99
Gross Unrealized Losses	(11,950)		(13)
Fair Value	$ 159,464		$ 44,518
Weighted Average Coupon	9.18%	[1]	6.58%	[2]
Weighted Average Remaining Duration (years)	12 years 8 months 12 days		15 years 1 month 6 days
[1]Calculated using the one-month LIBOR rate of 4.39% and the one-month SOFR rate of 4.36% as of December 31, 2022.[2]Calculating using the one-month LIBOR rate of 0.10% as of December 31, 2021.

Mortgage-Backed Securities - _2

Mortgage-Backed Securities - Schedule of Available-for-sale Securities Reconciliation (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
LIBOR rate	0.00
LIBOR [Member]
Debt Instrument [Line Items]
LIBOR rate	0.00	0.00
LIBOR [Member] | Commercial Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
LIBOR rate	4.39	0.10
SOFR [Member]
Debt Instrument [Line Items]
LIBOR rate	0.00	0.00
SOFR [Member] | Commercial Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
LIBOR rate	4.36

Mortgage-Backed Securities - _3

Mortgage-Backed Securities - Schedule of Available-for-sale an Unrealized Loss Position (Detail) - Commercial Mortgage Backed Securities [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Securities with a loss less than 12 months	$ 150,230	$ 905
Securities with a loss greater than 12 months	756	0
Securities with a loss less than 12 months	(11,889)	(13)
Securities with a loss greater than 12 months	$ (61)	$ 0

Mortgage-Backed Securities - _4

Mortgage-Backed Securities - Schedule of Available-for-sale an Unrealized Loss Position (Parenthetical) (Detail) - securities	Dec. 31, 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	15	1

Mortgage-Backed Securities - Su

Mortgage-Backed Securities - Summary of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Net Carrying Amount (Amortized Cost)	$ 68,559	$ 37,862
Gross Unrecognized Holding Gains	0	0
Gross Unrecognized Holding Losses	0	0
Fair Value	$ 68,559	$ 37,862

Mortgage-Backed Securities - _5

Mortgage-Backed Securities - Summary of Maturities of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
CMBS, held-to-maturity, Total	$ 68,559
CMBS, held-to-maturity, Less than 1 year	0
CMBS, held-to-maturity, 1-3 years	38,435
CMBS, held-to-maturity, 3-5 years	30,124
CMBS, held-to-maturity, More than 5 years	$ 0

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Properties (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Real estate, net	$ 194,179
Accumulated depreciation and amortization	(3,630)
Real estate, net	190,549	$ 0
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	$ 33,402

Real Estate - Schedule of Finit

Real Estate - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2023	$ 3,814
2024	3,814
2025	3,814
2026	3,806
2027	3,803
Thereafter	12,134
Total	$ 31,185

Real Estate - Schedule of Renta

Real Estate - Schedule of Rental Operations (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Rental Operations [Line Items]
Rental income	$ 8,272
Less: depreciation and amortization	(3,630)
Less: cost of rental operations	(6,015)	[1]
Rental operations, net	$ (1,373)
[1]Cost of rental operations includes $3,017 of interest expense related to the mortgage note payable.

Real Estate - Schedule of Ren_2

Real Estate - Schedule of Rental Operations (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Rental Operations [Abstract]
Cost of rental operations	$ 3,017

Real Estate - Summary of Asset

Real Estate - Summary of Asset Acquisition (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Asset Acquisition [Line Items]
Net purchase price	$ 194,179
In-place lease intangibles [Member]
Asset Acquisition [Line Items]
Net purchase price	33,402
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 Inform

Real Estate - Additional Information (Detail) - ft²	12 Months Ended
	Dec. 31, 2022	Jun. 23, 2022
Real Estate [Line Items]
Area of real estate property		260,000
Leases, Acquired-in-Place [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 ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 5,579,737,000	$ 3,007,241,000
Amount Available			232,358,000
Carrying Amount of Collateral	[1]	8,337,816,000	4,023,736,000
Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral			3,373,658,000
Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral			3,377,354,000
Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		4,383,819,000	1,903,083,000
Amount Available		0	0
Collateralized Loan Obligations [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		5,546,779,000	2,298,368,000
Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		5,547,859,000	2,301,878,000
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		760,236,000	904,968,000
Amount Available		1,283,198,000	176,548,000
Repurchase Agreements [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		993,224,000	882,214,000
Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		984,740,000	882,130,000
Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		310,982,000	199,190,000
Amount Available		999,018,000	55,810,000
Revolving Credit Facility [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		439,431,000	193,076,000
Revolving Credit Facility [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		439,051,000	$ 193,346,000
Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		124,700,000
Amount Available		2,284,216,000
Carrying Amount of Collateral		7,138,397,000
Mortgages [Member] | Asset Pledged as Collateral without Right [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Carrying Amount of Collateral		158,963,000
Mortgages [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		7,163,689,000
2019-FL1 Notes [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Weighted Average Interest Rate			1.41%
2019-FL1 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		196,785,000	$ 327,665,000
Amount Available		$ 0	$ 0
Weighted Average Interest Rate		1.55%
Maturity Date		Dec. 18, 2036	Dec. 18, 2036
2019-FL1 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		$ 294,751,000	$ 424,665,000
2019-FL1 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		295,040,000	424,877,000
2021-FL2 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		646,935,000	646,935,000
Amount Available		$ 0	$ 0
Weighted Average Interest Rate		1.53%	1.53%
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		$ 782,767,000	$ 740,083,000
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		783,381,000	741,226,000
2021-FL3 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		928,483,000	928,483,000
Amount Available		$ 0	$ 0
Weighted Average Interest Rate		1.51%	1.50%
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		$ 1,133,769,000	$ 1,133,620,000
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		1,135,195,000	1,135,775,000
2022-FL4 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		837,662,000
Amount Available		$ 0
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		$ 1,081,159,000
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		$ 1,080,953,000
2022-FL4 Notes [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Weighted Average Interest Rate		2.21%
2022-FL5 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		$ 570,112,000
Amount Available		$ 0
Weighted Average Interest Rate		3.05%
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		$ 689,885,000
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		689,246,000
2022-FL6 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		566,250,000
Amount Available		$ 0
Weighted Average Interest Rate		2.96%
Maturity Date		Aug. 19, 2037
2022-FL6 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		$ 749,837,000
2022-FL6 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		749,502,000
2022-FL7 Notes [Member] | Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		637,592,000
Amount Available		$ 0
Weighted Average Interest Rate		3.35%
Maturity Date		Oct. 17, 2039
2022-FL7 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		$ 814,611,000
2022-FL7 Notes [Member] | Collateralized Loan Obligations [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		814,542,000
WF-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		375,381,000	218,912,000
Amount Available		$ 224,619,000	$ 131,088,000
Weighted Average Interest Rate		2.04%	1.50%
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		$ 481,146,000	$ 225,276,000
WF-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		480,371,000	225,181,000
GS-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		34,519,000	212,005,000
Amount Available		$ 315,481,000	$ 37,995,000
Weighted Average Interest Rate		2.40%	2.21%
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		$ 48,276,000	$ 212,677,000
GS-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		47,846,000	212,574,000
RBC Facility [Memebr] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		55,934,000	31,516,000
Amount Available		$ 0	$ 0
Weighted Average Interest Rate		1.39%	1.21%
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		$ 85,707,000	$ 0
RBC Facility [Memebr] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		79,274,000	0
BB-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		186,139,000	442,535,000
Amount Available		$ 513,861,000	$ 7,465,000
Weighted Average Interest Rate		2.14%
Maturity Date		Feb. 22, 2024	Feb. 22, 2024
Carrying Amount of Collateral			$ 1,640
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		$ 236,783,000	444,261,000
BB-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		236,462,000	444,375,000
MS-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		108,263,000
Amount Available		$ 41,737,000
Weighted Average Interest Rate		2.86%
Maturity Date		Oct. 13, 2025
MS-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		$ 141,312,000
MS-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		140,787,000
NTX-1 Facility [Member] | Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		0
Amount Available		$ 187,500,000
Maturity Date		Nov. 10, 2024
NTX-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		$ 0
NTX-1 Facility [Member] | Repurchase Agreements [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		0
CNB Facility [Member] | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding			6,000,000
Amount Available			$ 49,000,000
Weighted Average Interest 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		310,982,000	193,190,000
Amount Available		$ 689,018,000	$ 6,810,000
Weighted Average Interest Rate		2.14%	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		$ 439,431,000	$ 193,076,000
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		439,051,000	$ 193,346,000
Barclays [Member] | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		0
Amount Available		$ 310,000,000
Maturity Date		Aug. 01, 2025
Barclays [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
Barclays [Member] | Revolving Credit Facility [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		0
Natixis Loan [Member] | Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Amount Outstanding		124,700,000
Amount Available		$ 2,000,000
Weighted Average Interest Rate		2.15%
Maturity Date		Jul. 09, 2025
Natixis Loan [Member] | Mortgages [Member] | Asset Pledged as Collateral [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Fair Value of Collateral		$ 192,039,000
[1]The December 31, 2022 and 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 the consolidated VIEs for which creditors do not have recourse to FS Credit Real Estate Income Trust, Inc. As of December 31, 2022 and 2021, assets of the VIEs totaled $5,571,776 and $2,347,510, respectively, and liabilities of the VIEs totaled $4,349,805 and $1,887,944, respectively. See Note 10 to the consolidated financial statements for further details.

Financing Arrangements - Summ_2

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 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
Barclays Facility [Member] | Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Debt instrument credit spread adjustment	0.10%
Barclays 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%
Barclays 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%

Financing Arrangements - Summ_3

Financing Arrangements - Summary of Repayment for Secured Financings Outstanding (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets Sold under Agreements to Repurchase [Line Items]
2023	$ 433,015
2024	245,900
2025	232,963
2026	113,909
Thereafter	4,553,950
Total	5,579,737	$ 3,007,241
Collateralized Loan Obligations [Member]
Assets Sold under Agreements to Repurchase [Line Items]
2023	23,115
2024	59,761
2025	0
2026	113,909
Thereafter	4,187,034
Total	4,383,819	1,903,083
Repurchase Agreements [Member]
Assets Sold under Agreements to Repurchase [Line Items]
2023	409,900
2024	186,139
2025	108,263
2026	0
Thereafter	55,934
Total	760,236	904,968
Revolving Credit Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
2023	0
2024	0
2025	0
2026	0
Thereafter	310,982
Total	310,982	$ 199,190
Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
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) - Collateralized Loan Obligations [Member] $ in Thousands	Dec. 31, 2022 USD ($) Loans
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	162
Principal | $	$ 5,548,230
2019-FL1 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	14
Principal | $	$ 294,990
2021-FL2 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	27
Principal | $	$ 782,978
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
2022-FL4 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	24
Principal | $	$ 1,081,420
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
2022-FL6 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	24
Principal | $	$ 750,000
2022-FL7 Notes [Member]
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Loans | Loans	21
Principal | $	$ 814,814

Financing Arrangements - Summ_5

Financing Arrangements - Summary of Net Book Value of Debt Instrument (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Collateralized Loan Obligations [Member]
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net [Line Items]
Face value	$ 4,383,819	$ 1,903,083
Unamortized deferred finance costs	(34,983)	(16,701)
Unamortized discount	(12,135)	0
Net book value	4,336,701	1,886,382
Repurchase Agreements [Member]
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net [Line Items]
Face value	760,236	904,968
Unamortized deferred finance costs	(3,420)	(1,958)
Net book value	756,816	903,010
Revolving Credit Facility [Member]
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net [Line Items]
Face value	310,982	199,190
Unamortized deferred finance costs	(12,438)	(2,888)
Net book value	298,544	$ 196,302
Mortgages [Member]
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net [Line Items]
Face value	124,700
Unamortized deferred finance costs	(2,132)
Net book value	$ 122,568

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
WF-1 Facility [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Average borrowings	$ 4,560,400	$ 1,346,445
Weighted Average Rate	3.83%	1.69%
Natixis Loan [Member] | Mortgages [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Maximum amount of financing available	$ 126,700

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended			62 Months Ended
	Dec. 08, 2016	Dec. 31, 2022	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	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		$ 107,692		$ 107,692	$ 48,514		$ 48,514
Organization and offering costs							20,517
Recoupment Payable				0
Recoupment Amount				5,839
Payments to Acquire Mortgage-Backed Securities (MBS), Available-for-sale				$ 140,622	48,633	$ 25,555
Percentage Of Administrative Service Fee Equivalent To Net Asset Value		1%		1%
Percentage Of Origination Fees Of Loan Amount				1%
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
Capital Markets Fees [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				3,250	0	0
Class D, Class M, Class I, Class F Or Class Y Shares [Member]
Related Party Transaction [Line Items]
Selling commissions or dealer manager fees payable				0
Common Class F [Member]
Related Party Transaction [Line Items]
Base management fee				0
Investments Owned		$ 393		$ 393
Maximum [Member]
Related Party Transaction [Line Items]
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering		15%		15%
FS Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Base management fee percentage				1.25%
Organization and offering expenses reimbursement as percentage of gross proceeds from public offering		0.75%		0.75%
Due to Related Parties		$ 6,197		$ 6,197
Investments Owned		$ 21,073		21,073
Payments To Related Party For Offering Costs Previously Funded				$ 11,902
FS Real Estate Advisor [Member] | Restricted Stock Units (RSUs) [Member] | Class I Restricted Stock Units Agreement [Member]
Related Party Transaction [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Description				the administrative services fee will be payable quarterly in arrears on the last day of each quarter in the cash equivalent number of Class I RSUs based on the then-current Class I share transaction price as of the last day of such quarter. On the last day of each quarter, the Company will issue to FS Real Estate Advisor and Rialto the cash equivalent number of Class I RSUs to which each is entitled. Class I RSUs will vest ratably on the first calendar day of the month following the one, two and three-year anniversary of the applicable grant date, provided that (i) 100% of the Adviser’s Class I RSUs will immediately vest upon the nonrenewal or termination of the Advisory Agreement pursuant to Section 12(b)(ii), Section 12(b)(iii) or Section 12(b)(iv) thereof; (ii) 100% of the Sub-Adviser’s Class I RSUs will immediately vest upon the nonrenewal or termination of the sub-advisory agreement between FS Real Estate Advisor and Rialto (the “Sub-Advisory Agreement”) pursuant to Section 9(b)(i), Section 9(b)(iii), Section 9(b)(iv), Section 9(b)(v) or Section 9(b)(vi) thereof; (iii) 100% of the Adviser’s unvested Class I RSUs will be automatically forfeited upon termination of the Advisory Agreement pursuant to Section 12(b)(i) thereof; and (iv) 100% of the Sub-Adviser’s unvested Class I RSUs will be automatically forfeited upon termination of the Sub-Advisory Agreement pursuant to Section 9(b)(ii) thereof.
FS Real Estate Advisor [Member] | Restricted Stock Units (RSUs) [Member] | Class I Restricted Stock Units Sub Advisory Agreement [Member]
Related Party Transaction [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage				100%
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Non Vesting Rights, Percentage				100%
FS Real Estate Advisor [Member] | Expense Limitation [Member]
Related Party Transaction [Line Items]
Percentage of minimum operating expenses to be waived or paid				1.50%
FS Real Estate Advisor [Member] | Common Class S [Member]
Related Party Transaction [Line Items]
Dealer manager upfront selling commissions fees percentage				3.50%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.85%
Stockholder servicing fees percentage		8.75%		8.75%
FS Real Estate Advisor [Member] | Common Class T [Member]
Related Party Transaction [Line Items]
Dealer manager upfront selling commissions fees percentage				3%
Upfront dealer manager fees percentage				0.50%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares				0.85%
Advisor stockholders servicing fee percentage on aggregate NAV of outstanding shares				0.65%
Dealer stockholders servicing fee percentage on aggregate NAV of outstanding shares			0.20%
Stockholder servicing fees percentage		8.75%		8.75%
Selling commission and fee maximum percent				3.50%
FS Real Estate Advisor [Member] | Common Class D [Member]
Related Party Transaction [Line Items]
Stockholders servicing fee percentage on aggregate NAV of outstanding shares				0.30%
Stockholder servicing fees percentage		1.25%		1.25%
FS Real Estate Advisor [Member] | Common Class M [Member]
Related Party Transaction [Line Items]
Stockholders servicing fee percentage on aggregate NAV of outstanding shares				0.30%
Stockholder servicing fees percentage		7.25%		7.25%
FS Real Estate Advisor [Member] | Class T, Class T-C and Class M Shares [Member]
Related Party Transaction [Line Items]
Stockholder servicing fees percentage		10%		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%
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				$ 605
Amount received as reimbursement				605
Recoupment Payable				2,832
Payment of Loan Origination Fees				36,778	30,845	$ 3,798
Rialto [Member]
Related Party Transaction [Line Items]
Purchase of floating-rate whole mortgage loan				$ 6,444
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
FS Investment Solutions [Member]
Related Party Transaction [Line Items]
Due to Related Parties		$ 107,692		$ 107,692	$ 48,514		$ 48,514

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Base Management Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	[1]	$ 23,352	$ 7,024	$ 2,949
Performance Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	[2]	8,828	1,373	1,219
Administrative Services Expenses [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	[3]	12,825	4,556	2,426
Administrative Services Fee [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	[4]	2,072	0	0
Capital Markets Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor		3,250	0	0
Valuation Services Fees [Member] | Rialto Capital Management [Member]
Related Party Transaction [Line Items]
FS Real Estate Advisor	[5]	$ 412	$ 220	$ 101
[1]During the year ended December 31, 2022, FS Real Estate Advisor received $6,221 in cash and $11,409 of performance contingent rights were issued as payment for management fees. During the year ended December 31, 2021, $5,177 in cash and $915 in performance contingent rights, and in 2020 $476 in cash, of base management fees were paid to FS Real Estate Advisor. As of December 31, 2022, $7,523 in base management fees were payable to FS Real Estate Advisor.[2]During the years ended December 31, 2022, 2021 and 2020, $4,461, $1,284 and $176, respectively, in performance fees were paid to FS Real Estate Advisor. As of December 31, 2022, $4,772 in performance fees were payable to FS Real Estate Advisor.[3]During the years ended December 31, 2022, 2021 and 2020, $12,582, $4,139 and $2,284, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS Real Estate Advisor and Rialto and the remainder related to other reimbursable expenses. These amounts are recorded as general and administrative expenses on the accompanying consolidated statements of operations.[4]On December 1, 2022, the Company’s method for reimbursing administrative services expense was replaced with an administrative services fee equal to 1.0% of the Company’s net asset value per annum attributable to all shares of common stock, before giving effect to any accruals for the base management fee, the performance fee, the administrative services fee, the stockholder servicing fee or any distributions.

Related Party Transactions - _2

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Management Fee Payable	$ 7,523
Cash [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	6,221	$ 5,177
Base Management Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	11,409	915	$ 476
Performance Fees [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	4,461	1,284	176
Performance Fee Payable	4,772
Administrative Services Expenses [Member] | Fs Real Estate Advisor [Member]
Related Party Transaction [Line Items]
Fees and expenses accrued	12,582	4,139	2,284
Valuation Services Fees4 [Member] | Rialto Capital Management [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 431	$ 116	$ 91

Related Party Transactions - _3

Related Party Transactions - Summary of reimbursed by FS Real Estate (Detail) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($)
Schedule Of Expense Reimbursed [Line Items]
Expense Reimbursement	$ 605
Recoupable Amount	$ 0
Recoupment eligibility expiration	December 31, 2024
Recoupment Paid Or Payable	$ 605
Recoupment Expired Amount	$ 0

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Balance at beginning of period, amount		$ 973,340	$ 305,712	$ 165,787
Issuance of common stock, amount		1,582,177	712,346	185,293
Reinvestment of distributions, amount		56,215	15,537	5,431
Redemptions of common stock, amount		(225,664)	(24,573)	(41,632)
Balance at end of period, amount		2,317,157	973,340	305,712
Common Class F [Member]
Class of Stock [Line Items]
Reinvestment of distributions, amount				0
Redemptions of common stock, amount				(6)
Common Class Y [Member]
Class of Stock [Line Items]
Issuance of common stock, amount			9
Redemptions of common stock, amount			(1)	0
Common Class T [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		3	2	3
Redemptions of common stock, amount		(1)		(1)
Common Class S [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		356	169	46
Reinvestment of distributions, amount		13	4	1
Redemptions of common stock, amount		(48)	(3)	(3)
Common Class D [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		1	1	2
Common Class M [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		19	9	8
Reinvestment of distributions, amount		1	1	1
Redemptions of common stock, amount		(3)	(1)	(3)
Common Class I [Member]
Class of Stock [Line Items]
Issuance of common stock, amount		257	96	14
Reinvestment of distributions, amount		8	1
Redemptions of common stock, amount		$ (39)	$ (5)	$ (4)
Common Stock [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		40,926,209	12,762,748	6,860,474
Issuance of common stock, shares		63,594,120	28,522,707	7,354,897
Reinvestment of distributions, shares		2,238,192	620,076	216,361
Redemptions of common stock, shares		(9,091,329)	(991,052)	(1,670,279)
Transfers in or out, shares		5,615	11,730	1,295
Balance at end of period, shares		97,672,807	40,926,209	12,762,748
Balance at beginning of period, amount		$ 971,310	$ 303,827	$ 165,151
Issuance of common stock, amount		1,582,177	712,346	185,293
Reinvestment of distributions, amount		56,215	15,536	5,431
Redemptions of common stock, amount		(225,664)	(24,572)	(41,632)
Accrued stockholder servicing fees, amount	[1]	(68,660)	(35,827)	(10,416)
Transfers in or out, amount		0	0	0
Balance at end of period, amount		$ 2,315,378	$ 971,310	$ 303,827
Common Stock [Member] | Common Class F [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		902,878	912,469	1,475,155
Issuance of common stock, shares		0	0	0
Reinvestment of distributions, shares		29,603	30,439	29,036
Redemptions of common stock, shares		(74,771)	(33,638)	(591,722)
Transfers in or out, shares		0	(6,392)	0
Balance at end of period, shares		857,710	902,878	912,469
Balance at beginning of period, amount		$ 22,138	$ 22,378	$ 36,419
Issuance of common stock, amount		0	0	0
Reinvestment of distributions, amount		740	763	725
Redemptions of common stock, amount		(1,870)	(843)	(14,766)
Accrued stockholder servicing fees, amount	[1]	0	0	0
Transfers in or out, amount		0	(160)	0
Balance at end of period, amount		$ 21,008	$ 22,138	$ 22,378
Common Stock [Member] | Common Class Y [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		906,648	137,116	141,116
Issuance of common stock, shares		0	843,659	0
Reinvestment of distributions, shares		0	0	0
Redemptions of common stock, shares		0	(74,127)	(4,000)
Transfers in or out, shares		0	0	0
Balance at end of period, shares		906,648	906,648	137,116
Balance at beginning of period, amount		$ 22,371	$ 3,449	$ 3,548
Issuance of common stock, amount		0	20,749	0
Reinvestment of distributions, amount		0	0	0
Redemptions of common stock, amount		0	(1,827)	(99)
Accrued stockholder servicing fees, amount	[1]	0	0	0
Transfers in or out, amount		0	0	0
Balance at end of period, amount		$ 22,371	$ 22,371	$ 3,449
Common Stock [Member] | Common Class T [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		1,407,377	1,245,658	981,836
Issuance of common stock, shares		224,184	165,006	281,353
Reinvestment of distributions, shares		43,048	39,365	35,289
Redemptions of common stock, shares		(71,276)	(37,860)	(48,685)
Transfers in or out, shares		(2,455)	(4,792)	(4,135)
Balance at end of period, shares		1,600,878	1,407,377	1,245,658
Balance at beginning of period, amount		$ 33,862	$ 29,971	$ 23,616
Issuance of common stock, amount		5,596	4,134	7,077
Reinvestment of distributions, amount		1,074	986	886
Redemptions of common stock, amount		(1,778)	(948)	(1,224)
Accrued stockholder servicing fees, amount	[1]	(220)	(161)	(280)
Transfers in or out, amount		(61)	(120)	(104)
Balance at end of period, amount		$ 38,473	$ 33,862	$ 29,971
Common Stock [Member] | Common Class S [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		22,823,721	5,778,640	1,351,587
Issuance of common stock, shares		35,574,767	16,943,127	4,656,388
Reinvestment of distributions, shares		1,284,235	360,278	74,149
Redemptions of common stock, shares		(4,760,663)	(256,640)	(288,049)
Transfers in or out, shares		(13,724)	(1,684)	(15,435)
Balance at end of period, shares		54,908,336	22,823,721	5,778,640
Balance at beginning of period, amount		$ 531,150	$ 134,705	$ 31,429
Issuance of common stock, amount		896,258	427,901	118,049
Reinvestment of distributions, amount		32,334	9,097	1,877
Redemptions of common stock, amount		(119,792)	(6,476)	(7,273)
Accrued stockholder servicing fees, amount	[1]	(65,260)	(34,034)	(8,986)
Transfers in or out, amount		(345)	(43)	(391)
Balance at end of period, amount		$ 1,274,345	$ 531,150	$ 134,705
Common Stock [Member] | Common Class D [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		642,162	546,298	322,602
Issuance of common stock, shares		172,484	147,732	252,499
Reinvestment of distributions, shares		15,009	13,397	10,674
Redemptions of common stock, shares		(42,579)	(14,551)	(19,762)
Transfers in or out, shares		(44,077)	(50,714)	(19,715)
Balance at end of period, shares		742,999	642,162	546,298
Balance at beginning of period, amount		$ 15,945	$ 13,573	$ 8,015
Issuance of common stock, amount		4,310	3,708	6,352
Reinvestment of distributions, amount		375	336	268
Redemptions of common stock, amount		(1,064)	(365)	(496)
Accrued stockholder servicing fees, amount	[1]	(49)	(33)	(70)
Transfers in or out, amount		(1,100)	(1,274)	(496)
Balance at end of period, amount		$ 18,417	$ 15,945	$ 13,573
Common Stock [Member] | Common Class M [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		2,876,736	1,971,039	1,357,818
Issuance of common stock, shares		2,062,901	1,355,103	823,387
Reinvestment of distributions, shares		77,027	49,675	34,439
Redemptions of common stock, shares		(215,053)	(92,799)	(230,322)
Transfers in or out, shares		(156,539)	(406,282)	(14,283)
Balance at end of period, shares		4,645,072	2,876,736	1,971,039
Balance at beginning of period, amount		$ 66,836	$ 46,154	$ 31,757
Issuance of common stock, amount		51,698	33,564	20,767
Reinvestment of distributions, amount		2,433	1,246	868
Redemptions of common stock, amount		(5,388)	(2,332)	(5,797)
Accrued stockholder servicing fees, amount	[1]	(3,131)	(1,599)	(1,080)
Transfers in or out, amount		(3,926)	(10,197)	(361)
Balance at end of period, amount		$ 108,522	$ 66,836	$ 46,154
Common Stock [Member] | Common Class I [Member]
Class of Stock [Line Items]
Balance at beginning of period, shares		11,366,687	2,171,528	1,230,360
Issuance of common stock, shares		25,559,784	9,068,080	1,341,270
Reinvestment of distributions, shares		789,270	126,922	32,774
Redemptions of common stock, shares		(3,926,987)	(481,437)	(487,739)
Transfers in or out, shares		222,410	481,594	54,863
Balance at end of period, shares		34,011,164	11,366,687	2,171,528
Balance at beginning of period, amount		$ 279,008	$ 53,597	$ 30,367
Issuance of common stock, amount		624,315	222,290	33,048
Reinvestment of distributions, amount		19,259	3,108	807
Redemptions of common stock, amount		(95,772)	(11,781)	(11,977)
Accrued stockholder servicing fees, amount	[1]	0	0	0
Transfers in or out, amount		5,432	11,794	1,352
Balance at end of period, amount		$ 832,242	$ 279,008	$ 53,597
[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	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Percentage limited to repurchase of shares to NAV of all classes of shares			20%
Shares repurchased under repurchase plan			9,091,329	991,052	1,670,279
Shares repurchased under repurchase plan, value			$ 225,664	$ 24,572	$ 41,632
Percentage Deduction on gross Total income			20%
Percentage of non-qualifying dividends			100%	94%	100%
Percentage of qualifying dividends			0%	4%	0%
Percentage Of Share Repurchases Of Aggregate Net Asset Value	2.53%	5.54%
Percentage Of Share Repurchases Authorized In Excess Of Repurchase Limitation	2%	5%
Percentage Of Share Repurchase Received	100%
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		1 Months Ended												12 Months Ended
		Dec. 29, 2022	Nov. 29, 2022	Oct. 28, 2022	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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Distributions:
Paid or payable in cash														$ 59,987	$ 22,980	$ 11,230
Reinvested in shares														56,215	15,537	5,431
Total distributions														116,202	38,517	16,661
Cash flows from operating activities														116,202	38,517	16,661
Offering proceeds														0	0	0
Total sources of distributions														116,202	38,517	16,661
Net cash provided by operating activities	[1]													$ 154,518	$ 38,583	$ 21,777
Common Class F [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		$ 0.1696	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 0.161	$ 1.9406
Common Class Y [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1696	0.161	0.161	0.161	0.161	0.161	0.161	0.161	0.161	0.161	0.161	0.161	1.9406
Common Class T [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1259	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	1.4162
Common Class S [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1259	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	0.1173	1.4162
Common Class D [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1374	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	1.5542
Common Class M [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		0.1374	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	0.1288	1.5542
Common Class I [Member]
Dividends Payable [Line Items]
Distributions paid per share of common stock		$ 0.1436	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 0.135	$ 1.6286
[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) - Subsequent Event [Member] - $ / shares	1 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Common Class F [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1749	$ 0.1696	$ 0.1696
Common Class Y [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1749	0.1696	0.1696
Common Class T [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1312	0.1259	0.1259
Common Class S [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1312	0.1259	0.1259
Common Class D [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1427	0.1374	0.1374
Common Class M [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	0.1427	0.1374	0.1374
Common Class I [Member]
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock	$ 0.1489	$ 0.1436	$ 0.1436

Stockholder's Equity - Detailed

Stockholder's Equity - Detailed distribution of company dividends on percent basis (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Percentage basis on dividend Distribution [Abstract]
Ordinary income	100%	98%	100%
Non-taxable return of capital	0%	0%	0%
Capital gain	0%	2%	0%
Total	100%	100%	100%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary Of Company Financial Instruments Carried At Fair Value In The Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgage-backed securities available-for-sale	$ 159,464	$ 44,518
Mortgage loans held in securitization trusts, at fair value	324,263	0
Interest rate cap	4,616	0
Total	488,343	44,518
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	291,193	0
Fair Value, Inputs, Level 1 [Member]
Mortgage-backed securities available-for-sale	0	0
Mortgage loans held in securitization trusts, at fair value	0	0
Interest rate cap	0	0
Total	0	0
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	0	0
Fair Value, Inputs, Level 2 [Member]
Mortgage-backed securities available-for-sale	159,464	44,518
Mortgage loans held in securitization trusts, at fair value	0	0
Interest rate cap	4,616	0
Total	164,080	44,518
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	291,193	0
Fair Value, Inputs, Level 3 [Member]
Mortgage-backed securities available-for-sale	0	0
Mortgage loans held in securitization trusts, at fair value	324,263	0
Interest rate cap	0	0
Total	324,263	0
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage-backed securities held-to-maturity		$ 68,559	$ 37,862
Collateralized loan obligations		4,336,701	1,886,382
Book Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash		201,618	85,808
Loans receivable, held-for-investment	[1]	7,350,315	3,841,868
Mortgage-backed securities held-to-maturity		68,559	37,862
Repurchase agreements	[2]	756,816	903,010
Credit facilities		298,544	196,960
Collateralized loan obligations	[3],[4]	4,336,701	1,886,382
Mortgage note payable	[2]	122,568	0
Face Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash		201,618	85,808
Loans receivable, held-for-investment	[1]	7,350,271	3,843,110
Mortgage-backed securities held-to-maturity		80,300	50,300
Repurchase agreements	[2]	760,236	904,968
Credit facilities		310,982	199,190
Collateralized loan obligations	[3],[4]	4,371,684	1,903,083
Mortgage note payable	[2]	124,700	0
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash		201,618	85,808
Loans receivable, held-for-investment	[1]	7,339,105,000	3,844,685
Mortgage-backed securities held-to-maturity		68,559	37,862
Repurchase agreements	[2]	760,236	904,968
Credit facilities		310,982	199,190
Collateralized loan obligations	[3],[4]	4,371,684	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.[3]Book value represents the face amount, net of deferred financing costs and discount.[4]Face value represents the face amount, net of discount.

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of changes in fair value of financial assets which are measured at fair value on a recurring basis (Detail) - Mortgage Loans Held In Securitization Trusts [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at beginning of period	$ 0
Accretion of discount (amortization of premium)	0
Net realized gain (loss)	0
Net change in unrealized appreciation (depreciation)	(86)
Purchases	0
Sales and repayments	0
Issuances	0
Transfer into Level 3	0
Transfers out of Level 3	0
Consolidation of securitization trusts	324,349
Deconsolidation of securitization trusts	0
Fair value at end of period	324,263
Amount of unrealized gains (losses) attributable to assets still held in earnings	(86)
Amount of unrealized gains (losses) attributable to assets still held in OCI	$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Mortgage Backed Securities Available-for-Sale, Fair Value Disclosure	$ 159,464	$ 44,518
Commercial Mortgage Backed Securities [Member]
Mortgage Backed Securities Available-for-Sale, Fair Value Disclosure	159,464	44,518
Mortgage loans held in securitization trusts, at fair value [Member]
Mortgage Backed Securities Available-for-Sale, Fair Value Disclosure	324,263
Mortgage loans held in securitization trusts, at fair value [Member] | Commercial Mortgage Backed Securities [Member]
Mortgage Backed Securities Available-for-Sale, Fair Value Disclosure	33,069
Debt Instrument, Face Amount	36,469
Fair Value, Inputs, Level 3 [Member]
Mortgage Backed Securities Available-for-Sale, Fair Value Disclosure	$ 0	$ 0
Measurement Input, Expected Term [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Derivative Liability, Measurement Input	11.79
Derivative Liability weighted average blended yield term	4 years 3 months 18 days
Measurement Input, Expected Term [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Derivative Liability, Measurement Input	9.8
Derivative Liability weighted average blended yield term	1 year 9 months 18 days
Measurement Input, Expected Term [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Derivative Liability, Measurement Input	10.51
Derivative Liability weighted average blended yield term	3 years 4 months 9 days

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
VIE Assets	[1]	$ 8,337,816	$ 4,023,736
VIE Liabilities	[1]	6,020,659	3,050,396
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		5,896,039	2,347,510
VIE Liabilities		4,640,998	1,887,944
Restricted cash [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		0	37,364
Loans receivable, held-for-investment [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		5,546,779	2,298,367
Interest receivable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		24,144	5,154
Other Assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		853	6,625
Mortgage loans held in securitization trusts [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Assets		324,263	0
Collateralized loan obligations, net [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		4,336,701	1,886,382
Interest payable [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		12,631	1,357
Other Liabilities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		473	205
Mortgage obligations issued by securitization trusts [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
VIE Liabilities		$ 291,193	$ 0
[1]The December 31, 2022 and 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 the consolidated VIEs for which creditors do not have recourse to FS Credit Real Estate Income Trust, Inc. As of December 31, 2022 and 2021, assets of the VIEs totaled $5,571,776 and $2,347,510, respectively, and liabilities of the VIEs totaled $4,349,805 and $1,887,944, respectively. See Note 10 to the consolidated financial statements for further details.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Variable Interest Entity, Not Primary Beneficiary [Member] | Commercial Mortgage Backed Securities [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 228,023

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Detail) - Interest Rate Cap [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Notional Amount	$ 126,700
Strike	2.25%
Effective Date	Jun. 21, 2022
Maturity Date	Jul. 09, 2024
Fair Value	$ 4,616	[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		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives		$ 650
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	[1]	$ 650	$ 0
[1]Included in Other income (loss) in the Company’s consolidated statements of operations.

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Mar. 17, 2023	Jan. 03, 2023	Mar. 31, 2022
GS-1 Facility [Member]
Subsequent Event [Line Items]
Increase in amount of financing available				$ 500,000
GS-1 Facility [Member] | Minimum [Member]
Subsequent Event [Line Items]
Increase in amount of financing available				250,000
GS-1 Facility [Member] | Maximum [Member]
Subsequent Event [Line Items]
Increase in amount of financing available				$ 350,000
BMO1Facility [Member] | BMO-1 Repurchase [Member]
Subsequent Event [Line Items]
Guarantor Obligations, Liquidation Proceeds, Percentage	25%
Subsequent Event [Member] | GS-1 Facility [Member] | Minimum [Member] | Master Repurchase Agreement [Member]
Subsequent Event [Line Items]
Increase in amount of financing available		$ 350,000
Subsequent Event [Member] | GS-1 Facility [Member] | Maximum [Member] | Master Repurchase Agreement [Member]
Subsequent Event [Line Items]
Increase in amount of financing available		$ 450,000
Subsequent Event [Member] | NTX-1 Facility [Member] | Minimum [Member]
Subsequent Event [Line Items]
Increase in amount of financing available			$ 187,500
Subsequent Event [Member] | NTX-1 Facility [Member] | Maximum [Member]
Subsequent Event [Line Items]
Increase in amount of financing available			$ 250,000

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	7,350,271
Carrying Amount of Loans	$ 7,350,315	$ 3,841,868	$ 700,149	$ 406,645
Senior loans in excess of 3% Senior Loan One [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Multifamily
Location	Various
Interest Payment Rates	3.30%
Maximum Maturity Date	2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	338,160
Carrying Amount of Loans	338,108
Senior loans in excess of 3% Senior Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	338,160
Carrying Amount of Loans	$ 338,108
Senior loans less than 3% of Senior Loan One [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Multifamily
Location	Various
Maximum Maturity Date	2024 - 2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	4,059,218
Carrying Amount of Loans	$ 4,059,897
Senior loans less than 3% of Senior Loan One [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.80%
Senior loans less than 3% of Senior Loan One [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.75%
Senior loans less than 3% of Senior Loan Two [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Hospitality
Location	Various
Maximum Maturity Date	2023 - 2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	791,937
Carrying Amount of Loans	$ 792,305
Senior loans less than 3% of Senior Loan Two [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.15%
Senior loans less than 3% of Senior Loan Two [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.35%
Senior loans less than 3% of Senior Loan Three [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Office
Location	Various
Maximum Maturity Date	2026 - 2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	755,681
Carrying Amount of Loans	$ 755,797
Senior loans less than 3% of Senior Loan Three [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.70%
Senior loans less than 3% of Senior Loan Three [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.75%
Senior loans less than 3% of Senior Loan Four [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Retail
Location	Various
Maximum Maturity Date	2023 - 2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	424,362
Carrying Amount of Loans	$ 424,374
Senior loans less than 3% of Senior Loan Four [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.60%
Senior loans less than 3% of Senior Loan Four [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.50%
Senior loans less than 3% of Senior Loan Five [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Industrial
Location	Various
Maximum Maturity Date	2026 - 2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	351,461
Carrying Amount of Loans	$ 351,449
Senior loans less than 3% of Senior Loan Five [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3%
Senior loans less than 3% of Senior Loan Five [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.30%
Senior loans less than 3% of Senior Loan Six [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Self Storage
Location	Various
Maximum Maturity Date	2024 - 2026
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	318,459
Carrying Amount of Loans	$ 317,861
Senior loans less than 3% of Senior Loan Six [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.20%
Senior loans less than 3% of Senior Loan Six [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.50%
Senior loans less than 3% of Senior Loan Seven [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Various
Location	Santa Barbara, CA
Interest Payment Rates	3.65%
Maximum Maturity Date	2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	90,000
Carrying Amount of Loans	$ 89,986
Senior loans less than 3% of Senior Loan Eight [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Mixed Use
Location	Various
Maximum Maturity Date	2024 -2025
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	67,700
Carrying Amount of Loans	$ 67,811
Senior loans less than 3% of Senior Loan Eight [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.50%
Senior loans less than 3% of Senior Loan Eight [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5%
Senior loans less than 3% of Senior Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	6,858,818
Carrying Amount of Loans	6,859,480
Senior Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	7,196,978
Carrying Amount of Loans	$ 7,197,588
Mezzanine loans less than 3% Mezzanine Loan One [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Various
Location	Various
Interest Payment Rates	10%
Maximum Maturity Date	2026
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	66,633
Carrying Amount of Loans	$ 66,045
Mezzanine loans less than 3% Mezzanine Loan Two [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Multifamily
Location	Various
Interest Payment Rates	7.50%
Maximum Maturity Date	2026 -2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	41,803
Carrying Amount of Loans	$ 41,825
Mezzanine loans less than 3% Mezzanine Loan Two [Member] | Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	7.61%
Mezzanine loans less than 3% Mezzanine Loan Two [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	11%
Mezzanine loans less than 3% Mezzanine Loan Three [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Mixed Used
Location	Queens, NY
Interest Payment Rates	6.50%
Maximum Maturity Date	2027
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	26,755
Carrying Amount of Loans	$ 26,755
Mezzanine loans less than 3% Mezzanine Loan Four [Member]
Mortgage Loans on Real Estate [Line Items]
Description	Industrial
Location	Various
Interest Payment Rates	10%
Maximum Maturity Date	2030
Periodic Payment Terms	I/O
Prior Liens	$ 0
Face Amount of Loans	18,102
Carrying Amount of Loans	18,102
Mezzanine loan [Member]
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	153,293
Carrying Amount of Loans	$ 152,727

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Reconciles Mortgage Loans on Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of period	$ 3,841,868	$ 700,149	$ 406,645
Additions during period:
Loan fundings	4,141,859	3,500,362	358,384
Amortization of deferred fees and expenses on loans	4,023	1,190	876
Deductions during period:
Collections of principal	(636,594)	(358,714)	(65,289)
Exit and extension fees received on loans receivable	(841)	(1,119)	(467)
Balance at end of period	$ 7,350,315	$ 3,841,868	$ 700,149