FS Credit Real Estate Income Trust (FSREI) 10-K/A 2 Oct 24 2023 FY Annual report (amended) Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-56163
Entity Registrant Name	FS Credit Real Estate Income Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-4446064
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Title of 12(g) Security	Common Stock, $0.01 par value per share
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report on Form 10-K incorporates information by reference from the registrant’s definitive proxy statement with respect to its 2024 annual meeting of stockholders that was filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year.
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001690536
Document Fiscal Year Focus	2023
Common Stock Class F
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		738,583
Common Stock Class Y
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		906,648
Common Stock Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,067,070
Common Stock Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,898,537
Common Stock Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		539,240
Common Stock Class M
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,173,001
Common Stock Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,858,393

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, PA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents		$ 147,035	$ 183,665
Restricted cash		108,966	17,953
Loans receivable, held-for-investment, net of credit loss allowances of $79,851 and $0, respectively		7,702,368	7,350,315
Mortgage-backed securities held-to-maturity, net of credit loss allowances of $71 and $0, respectively		75,238	68,559
Mortgage-backed securities, at fair value, credit loss allowances of $17,582 and $0, respectively		235,235	159,464
Reimbursement due from sponsor		0	605
Investment in real estate, net		183,341	190,549
Receivable for investments sold and repaid		8,180	922
Interest receivable		42,292	32,240
Other assets		13,071	9,281
Mortgage loans held in securitization trusts, at fair value		950,972	324,263
Total assets	[1]	9,466,698	8,337,816
Liabilities
Collateralized loan obligations, net		4,301,970	4,336,701
Repurchase agreements payable, net		256,730	756,816
Credit facilities payable, net		910,197	298,544
Mortgage note payable, net		123,657	122,568
Due to related party		113,501	107,692
Interest payable		30,593	19,379
Payable for shares repurchased		27,397	60,488
Other liabilities		32,146	27,278
Mortgage obligations issued by securitization trusts, at fair value		878,545	291,193
Total liabilities	[1]	6,674,736	6,020,659
Commitments and contingencies (See Note 11)
Stockholders' equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 125 and 125 issued and outstanding, respectively		0	0
Additional paid-in capital		2,869,801	2,314,639
Accumulated other comprehensive income (loss)		(6,986)	(11,906)
Retained earnings (accumulated deficit)		(72,058)	13,448
Total stockholders' equity		2,791,962	2,317,157
Total liabilities and stockholders' equity		9,466,698	8,337,816
Common Stock Class F
Stockholders' equity
Common stock, value		7	9
Common Stock Class Y
Stockholders' equity
Common stock, value		9	9
Common Stock Class T
Stockholders' equity
Common stock, value		13	16
Common Stock Class S
Stockholders' equity
Common stock, value		646	549
Common Stock Class D
Stockholders' equity
Common stock, value		6	7
Common Stock Class M
Stockholders' equity
Common stock, value		49	46
Common Stock Class I
Stockholders' equity
Common stock, value		$ 475	$ 340
[1]The December 31, 2023 and 2022 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, 2023 and 2022, assets of the VIEs totaled $6,509,285 and $5,896,039, respectively, and liabilities of the VIEs totaled $5,194,011 and $4,640,998, respectively. See Note 10 to our consolidated financial statements included herein for further details.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets
Loans receivable, held-for-sale-investment, credit loss allowances		$ 79,851	$ 0
Mortgage-backed securities held-to-maturity, credit loss allowances		71	0
Mortgage-backed securities, credit loss allowances		$ 17,582	$ 0
Stockholders' equity
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, shares issued (in shares)		125	125
Preferred stock, shares outstanding (in shares)		125	125
Total assets	[1]	$ 9,466,698	$ 8,337,816
Total liabilities	[1]	6,674,736	6,020,659
Mortgage-Backed Securities
Assets
Mortgage-backed securities held-to-maturity, credit loss allowances		71	0
Mortgage-backed securities, credit loss allowances		17,582	0
Variable Interest Entity, Primary Beneficiary
Stockholders' equity
Total assets		6,509,285	5,896,039
Total liabilities		$ 5,194,011	$ 4,640,998
Common Stock Class F
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		734,184	857,710
Common stock, shares outstanding (in shares)		734,184	857,710
Common Stock Class Y
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		906,648	906,648
Common stock, shares outstanding (in shares)		906,648	906,648
Common Stock Class T
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		1,312,367	1,600,878
Common stock, shares outstanding (in shares)		1,312,367	1,600,878
Common Stock Class S
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		64,584,819	54,908,336
Common stock, shares outstanding (in shares)		64,584,819	54,908,336
Common Stock Class D
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		646,101	742,999
Common stock, shares outstanding (in shares)		646,101	742,999
Common Stock Class M
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Common stock, shares issued (in shares)		4,939,668	4,645,072
Common stock, shares outstanding (in shares)		4,939,668	4,645,072
Common Stock Class I
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		300,000,000	300,000,000
Common stock, shares issued (in shares)		47,503,635	34,011,164
Common stock, shares outstanding (in shares)		47,503,635	34,011,164
[1]The December 31, 2023 and 2022 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, 2023 and 2022, assets of the VIEs totaled $6,509,285 and $5,896,039, respectively, and liabilities of the VIEs totaled $5,194,011 and $4,640,998, respectively. See Note 10 to our consolidated financial statements included herein for further details.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net interest income
Interest income	$ 745,516	$ 373,195	$ 85,663
Less: Interest expense	(426,418)	(186,745)	(27,390)
Interest income on mortgage loans held in securitization trusts	24,374	6,936	0
Less: Interest expense on mortgage obligations issued by securitization trusts	(21,139)	(6,215)	0
Net interest income	322,333	187,171	58,273
Other expenses
Management fee	34,884	23,352	7,024
Performance fee	23,356	8,828	1,373
General and administrative expenses	41,183	24,573	8,824
Real estate operating expenses	6,268	0	0
Real estate depreciation and amortization	7,336	0	0
Interest expense on real estate	9,105	0	0
Less: Expense limitation	(148)	(605)	(56)
Add: Expense recoupment to sponsor	753	3,026	460
Net other expenses	122,737	59,174	17,625
Other income (loss)
Credit loss expense, net	(65,613)	0	0
Real estate operating income	20,303	0	0
Net change in unrealized gain on interest rate cap	(2,543)	650	0
Net realized gain (loss) on mortgage-backed securities available-for-sale	0	441	(17)
Net realized gain (loss) on extinguishment of debt	261	0	0
Net change in unrealized gain (loss) on mortgage-backed securities, fair value option	433	0	0
Unrealized gain (loss) on mortgage loans and obligations held in securitization trusts, net	299	(86)	0
Other income (loss), net	0	(1,373)	0
Total other income (loss)	(46,860)	(368)	(17)
Net income before income taxes	152,736	127,629	40,631
Income tax expense	(2,533)	(1,251)	(614)
Net income	150,203	126,378	40,017
Preferred stock dividends	(15)	(15)	(15)
Net income attributable to FS Credit Real Estate Income Trust, Inc.	$ 150,188	$ 126,363	$ 40,002
Per share information—basic and diluted
Net income per share of common stock—basic (in usd per share)	$ 1.32	$ 1.65	$ 1.64
Net income per share of common stock—diluted (in usd per share)	$ 1.32	$ 1.65	$ 1.64
Weighted average common stock outstanding—basic	113,761,636	76,755,737	24,395,178,000
Weight average common stock outstanding—diluted	113,761,636	76,755,737	24,395,178,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 150,203	$ 126,378	$ 40,017
Other comprehensive income (loss)
Net change in unrealized gain (loss) on mortgage-backed securities available-for-sale	4,920	(11,992)	86
Total other comprehensive income (loss)	4,920	(11,992)	86
Comprehensive income	$ 155,123	$ 114,386	$ 40,103

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Common Stock Common Stock Class F	Common Stock Common Stock Class Y	Common Stock Common Stock Class T	Common Stock Common Stock Class S	Common Stock Common Stock Class D	Common Stock Common Stock Class M	Common Stock Common Stock Class I	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Revision of Prior Period, Accounting Standards Update, Adjustment
Balance at beginning of period, amount at Dec. 31, 2020	$ 305,712		$ 9	$ 1	$ 12	$ 58	$ 5	$ 20	$ 22	$ 303,783	$ 0	$ 1,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	712,346			9	2	169	1	9	96	712,060
Distributions declared	(38,517)											(38,517)
Proceeds from distribution reinvestment plan	15,537					4		1	1	15,531
Repurchases of common stock	(24,573)			(1)		(3)		(1)	(5)	(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 loss	86										86
Balance at end of period, amount at Dec. 31, 2021	$ 973,340		9	9	14	228	6	29	114	969,558	86	3,287
Accounting Standards Update [Extensible Enumeration]	Impact of ASU 2016-13 Adoption
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	$ 1,582,177			0	3	356	1	19	257	1,581,541
Distributions declared	(116,202)											(116,202)
Proceeds from distribution reinvestment plan	56,215					13		1	8	56,193
Repurchases of common stock	(225,664)				(1)	(48)		(3)	(39)	(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 loss	(11,992)										(11,992)
Balance at end of period, amount at Dec. 31, 2022	2,317,157	$ (41,521)	9	9	16	549	7	46	340	2,314,639	(11,906)	13,448	$ (41,521)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued	803,854					151		7	177	803,519
Distributions declared	(194,173)											(194,173)
Proceeds from distribution reinvestment plan	94,543					20		1	16	94,506
Repurchases of common stock	(345,711)		(2)		(3)	(74)	(1)	(5)	(58)	(345,568)
Stockholder servicing fees	(19,463)									(19,463)
Offering costs	(6,046)									(6,046)
Restricted stock units issued	28,214									28,214
Net income	150,203											150,203
Dividends on preferred stock	(15)											(15)
Other comprehensive loss	4,920										4,920
Balance at end of period, amount at Dec. 31, 2023	$ 2,791,962		$ 7	$ 9	$ 13	$ 646	$ 6	$ 49	$ 475	$ 2,869,801	$ (6,986)	$ (72,058)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 150,203	$ 126,378	$ 40,017
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Performance contingent rights	0	11,409	951
Restricted stock units	28,214	2,072	0
Amortization of deferred fees on loans and debt securities	(14,541)	(4,723)	(1,738)
Amortization of deferred financing costs and discount	21,347	12,473	4,277
Net unrealized gain on valuation of interest rate cap	2,543	(650)	0
Net realized (gain) loss on sale of mortgage-backed securities available-for-sale	0	(441)	17
Real estate depreciation and amortization	7,336	3,630	0
Credit loss expense, net	65,613	0	0
Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts	(299)	86	0
Net change in unrealized (gain) loss on mortgage-backed securities, fair value option	(433)	0	0
Changes in assets and liabilities
Reimbursement due from (due to) sponsor	605	(605)	444
Interest receivable	(10,052)	(25,379)	(3,691)
Other assets	(6,333)	(1,812)	(6,665)
Due to related party	1	(62)	62
Interest payable	11,214	16,788	2,247
Other liabilities	1,334	15,354	2,662
Net cash provided by (used in) operating activities	256,752	154,518	38,583
Cash flows used in investing activities
Origination and fundings of loans receivable	(1,170,567)	(4,141,859)	(3,500,362)
Principal collections from loans receivable, held-for-investment	729,234	635,672	350,039
Proceeds from sale of loans receivable, held-for-sale	0	0	24,397
Exit and extension fees received on loans receivable, held-for-investment	998	841	1,119
Purchases of mortgage-backed securities, at fair value	(90,177)	(140,622)	(48,633)
Principal repayments of mortgage-backed securities, at fair value	2,900	14,190	4,184
Purchases of mortgage-backed securities, held-to-maturity	0	(30,129)	0
Purchase of mortgage loans held in securitization trusts, at fair value	(38,879)	(33,088)	0
Acquisition of real estate and related intangibles	0	(194,179)	0
Capital improvements to real estate	(128)	0	0
Net cash provided by (used in) investing activities	(566,619)	(3,889,174)	(3,169,256)
Cash flows from financing activities
Issuance of common stock	803,854	1,582,177	712,346
Repurchases of common stock	(378,802)	(169,403)	(21,876)
Stockholder distributions paid	(97,679)	(56,113)	(21,159)
Stockholder servicing fees paid	(13,656)	(9,420)	(2,856)
Offering costs paid	(6,046)	(13,236)	(1,042)
Borrowing under mortgage note payable	0	124,700	0
Borrowings under repurchase agreements	152,576	1,856,718	2,397,025
Repayments under repurchase agreements	(653,593)	(2,001,450)	(1,617,517)
Borrowings under credit facilities	877,084	1,276,366	529,190
Repayments under credit facilities	(268,066)	(1,164,574)	(330,000)
Proceeds from issuance of collateralized loan obligations	0	2,603,545	1,575,418
Repayment of collateralized loan obligations	(47,564)	(135,880)	0
Payment of deferred financing costs	(3,858)	(42,964)	(20,922)
Net cash provided by (used in) financing activities	364,250	3,850,466	3,198,607
Total increase (decrease) in cash, cash equivalents and restricted cash	54,383	115,810	67,934
Cash, cash equivalents and restricted cash at beginning of year	201,618	85,808	17,874
Cash, cash equivalents and restricted cash at end of year	256,001	201,618	85,808
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest	393,857	157,484	20,866
Accrued stockholder servicing fee	5,807	59,240	32,971
Distributions payable	8,768	6,817	2,943
Reinvestment of stockholder distributions	94,543	56,215	15,537
Payable for shares repurchased	27,397	60,488	4,227
Loan principal payments held by servicer	8,180	922	0
Offering cost payable to FS Real Estate Advisor	0	0	1,335
Mortgage obligations issued by securitization trusts, at fair value	$ 878,545	$ 291,193	$ 0

Principal Business and Organiza

Principal Business and Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Principal Business and Organization FS Credit Real Estate Income Trust, Inc. (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 managed by FS Real Estate Advisor, LLC, ("FS Real Estate Advisor" or the "adviser"), a subsidiary of the Company’s sponsor, Franklin Square Holdings, L.P., which does business as FS Investments ("FS Investments"), a national sponsor of alternative investment funds designed for the individual investor. FS Real Estate Advisor has engaged Rialto Capital Management, LLC ("Rialto" or the "sub-adviser") to act as its sub-adviser. 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 filed with the Securities and Exchange Commission (the "SEC"), consisting of up to $2,500,000 in shares in its primary offering and up to $250,000 in shares pursuant to its distribution reinvestment plan. The Company is also conducting a private offering of its Class I common stock to certain accredited investors. The Company has elected to be taxed as a real estate investment trust ("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 (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 ("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, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include both the Company’s accounts and the accounts of its wholly owned subsidiaries and variable interest entities ("VIEs"), of which the Company is the primary beneficiary, as of December 31, 2023. All significant intercompany transactions have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The Company has evaluated the impact of subsequent events through the date the consolidated financial statements were issued. Reclassifications: Certain amounts in the consolidated financial statements as of and for the year ended December 31, 2022 have been reclassified to conform to the classifications used to prepare the consolidated financial statements as of and for the year ended December 31, 2023. The reclassifications did not affect the Company's financial position, results of operations, or cash flows. Use of Estimates: The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation: Financial Accounting Standards Board ("FASB"), Accounting Standards Codification Topic 810—Consolidation, or ASC Topic 810, provides guidance on the identification of a VIE (an entity for which control is achieved through means other than voting rights) and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. 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. For the Company's consolidated securitization VIEs, the third party ownership interests are reflected as 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 interests. Refer to Note 10 for additional discussion of the Company's VIEs. Cash, Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company invests its cash in overnight institutional money market funds. As of December 31, 2023 and 2022, the Company's investment in overnight institutional money market funds was $118,633 and $164,547, respectively. The Company's uninvested cash is maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. The Company's cash is held with major financial institutions and may at times exceed federally insured limits. Restricted cash primarily represents cash held in an account to fund additional collateral interests within the Company's collateralized loan obligations. 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, 2023 2022 Cash and cash equivalents $ 147,035 $ 183,665 Restricted cash 108,966 17,953 Total cash, cash equivalents and restricted cash $ 256,001 $ 201,618 Loans Receivable: The Company originates and purchases commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. 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 and are carried at the lower of amortized cost or fair value. The Company's held-for-sale securities are subject to the adoption of ASU 2016-13, as discussed below. Mortgage-backed Securities: Mortgage-backed securities are classified as held-to-maturity or available-for-sale or accounted for under the fair value option. The Company determines the appropriate classification of its securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Mortgage-backed securities are classified as held-to-maturity when the Company intends to, and has the ability to, hold until maturity. Held-to-maturity securities are stated at amortized cost on the consolidated balance sheets. The Company’s remaining mortgage-backed securities are classified as either available-for-sale or accounted for under the fair value option and are reported at fair value on the consolidated balance sheets as components of Mortgage-backed securities, at fair value. The Company elected the fair value option for all mortgage-backed securities acquired during the year ended December 31, 2023. Changes in fair value for mortgage-backed securities accounted for under the fair value option are recorded in the consolidated statements of operations as a component of Net change in unrealized gain (loss) on mortgage-backed securities, fair value option. The Company chose to elect the fair value option in order to simplify the accounting treatment for its investment securities. The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. Prior to the quarter ended June 30, 2023, all mortgage-backed securities acquired that were not classified as held-to-maturity were classified as available-for-sale, stated at fair value and the changes in fair value are recorded in other comprehensive income. The Company’s held-to-maturity and available-for-sale securities are subject to the adoption of ASU 2016-13, as discussed below. Credit Losses: ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), or ASU 2016-13, became effective for the Company on January 1, 2023. ASU 2016-13 significantly changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the previous incurred loss model with a current expected credit loss (“CECL”) model for instruments measured at amortized cost. The CECL model applies to the Company's loans receivable, held-for-investment and its mortgage-backed securities held-to-maturity which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC Topic 326, the Company has elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on its consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. CECL requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. Considering the lack of historical company data related to any realized loan losses since its inception, the Company elected to estimate its general CECL reserve by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The 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 provides specific loan-level inputs which include loan-to-value ("LTV"), principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and property net operating income. The Company also considers qualitative and environmental factors, including, but not limited to, macroeconomic forecasts and business conditions and trends, concentration of credit and changes in the level of such concentrations. The reasonable and supportable forecast period is followed by an immediate reversion period back to historical loss rates. The Company's loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of Other liabilities on its consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for its outstanding loan balances, and changes in this component of the CECL reserve will similarly impact its consolidated net income. For both the funded and unfunded portions of its loans, the Company considers its internal risk rating of each loan as the primary credit quality indicator underlying the assessment. 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, LTV ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan and project sponsorship. Based on a 5-point scale, the Company's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: Loan Risk Rating Summary Description 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for 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 Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due to it pursuant to the contractual terms of the loan. If a loan is determined to be impaired, the Company records the impairment as a specific CECL reserve. For determining a specific CECL reserve, financial instruments are assessed outside of the CECL model on an individual basis. For collateral dependent loans that the Company determines foreclosure of the collateral is probable, the Company measures the expected losses based on the differences between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral dependent loans where the Company determine foreclosure is not probable, a practical expedient to estimate expected losses is applied using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the 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. The Company adopted ASU 2016-13 using the modified-retrospective method for all financial assets measured at amortized cost. Prior to its adoption, the Company had no loan loss provisions on its consolidated balance sheets. The Company recorded a cumulative-effect adjustment to the opening retained earnings in its consolidated statement of changes in equity as of January 1, 2023. The following table details the impact of this adoption: Impact of ASU 2016-13 Adoption Assets: Loans receivable, held-for-investment Senior loans $ 35,456 Mezzanine loans 3,963 CECL reserve on Loans receivable, held-for-investment 39,419 CECL reserve on Mortgage-backed securities held-to-maturity 939 Liabilities: Other liabilities CECL reserve on unfunded loan commitments 1,163 Total impact of 2016-13 adoption on retained earnings $ 41,521 Separate provisions of ASC Topic 326 apply to the Mortgage-backed securities available-for-sale, which are carried at fair value with unrealized gains and losses reported as a component of Accumulated other comprehensive income (loss). The Company is required to establish an initial credit loss allowance for those available-for-sale securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. As of the January 1, 2023 effective date, no such credit loss allowance gross-up was required on available-for-sale debt securities with PCD. The Company uses a discounted cash flow method to estimate and recognize a credit loss allowance on its available-for-sale securities. The credit loss allowance represents the difference between the security's amortized cost basis and the present value of expected cash flows. The credit loss allowance is limited to the difference between the security's fair value and its amortized cost. Changes in the credit loss allowance are recognized immediately in earnings as a component of Credit loss expense, net. Real Estate: In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the 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 was acquired in 2022 and was accounted for as an asset acquisition. Upon the acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on several factors including the historical operating results, known and anticipated trends and market and economic conditions. The Company capitalizes acquisition-related costs associated with asset acquisitions. 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 lease values based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The Company will record acquired above-market and below-market leases at their fair values which represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisition, to date, the Company's allocation to customer relationship intangible assets has not been material. 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 leases is recorded as a component of depreciation and amortization, on the Company’s consolidated statements of operations. 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: Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. 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, or (ii) on a nonrecurring basis, as a result of impairment or other events. The Company generally values its assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, the Company measures impairment by comparing FS Real Estate Advisor's estimation of fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations may 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. 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 instruments. 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: The Company's consolidated mortgage obligations generally represent bonds that are not owned by the Company directly. The majority of these are either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered to be Level 2, where the valuation is based upon quoted prices for similar instruments traded in active markets. The Company generally utilizes third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by third parties, the Company conducts an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual valuations themselves. In evaluating third party pricing for reasonableness, the Company considers a variety of factors, including market transaction information for the particular bond, market transaction information for bonds within the same trust, market transaction information for similar bonds, the bond’s ratings and the bond’s subordination levels. For the minority portion of the Company's consolidated mortgage obligations which consist of unrated or non-investment grade bonds that are not owned by the Company directly, pricing may be either Level 2 or Level 3. If independent third party pricing similar to that noted above is available, the Company considers the valuation to be Level 2. If such third party pricing is not available, the valuation is generated from model-based techniques that use significant unobservable assumptions, and the Company considers the valuation to be 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 individual assets of a mortgage loan are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because the Company's methodology for valuing these assets does not value the individual assets of a mortgage loan, but rather uses the value of the mortgage obligations as an indicator of the fair value of mortgage loan assets as a whole, the Company has determined that its valuations of mortgage loan assets in their entirety should be classified in Level 3 of the fair value hierarchy. 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, net: The fair values for these loans were estimated by FS Real Estate Advisor based on a discounted cash flow methodology taking into consideration factors, including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants. • Mortgage-backed securities, at fair value: The fair values for these investments were based on indicative deal quotes. • Mortgage-backed securities held-to-maturity: The fair values for these investments were estimated by FS Real Estate Advisor based on a discounted cash flow methodology pursuant to which a discount rate or market yield is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Significant increases or decreases in the discount rate or market yield would result in a decrease or increase in the fair value measurement. • 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 include issuance and other costs related to the Company’s debt obligations. The deferred financing costs related to the Company’s collateralized loan obligations, repurchase agreements, and mortgage note payable are recorded as a reduction in the net book value of the related liability on the Company's consolidated balance sheets. Deferred financing costs related to the Company’s revolving credit facilities and facilities that are undrawn as of the reporting date are recorded as an asset on the Company’s consolidated balance sheets. These costs are amortized as interest expense using the straight-line method over the term of the related obligation, which approximates the effective interest method. Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income from its loans receivable portfolio on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest or dividends on loans and securities if there is reason to doubt the collectability of such income. Discounts or premiums associated with the investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company records dividend income on the ex-dividend date. Any loan origination fees to which the Company is entitled, loan exit fees, original issue discount and market discount are capitalized and such amounts are amortized as interest income over the respective term of the investment. Upon the prepayment of a loan or security, any unamortized loan origination fees to which the Company is entitled are recorded as fee income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Loans are considered past due when payments are not made in accordance with the contractual terms. The Company does not accrue as receivable interest on loans if it is not probable that such income will be collected. Unless the loan is both well secured and in the process of collection, loans are placed on non-accrual status when principal or interest is 120 days or more past due or when repayment of interest and principal is, in our judgement, in doubt. Interest payments received on non-accrual loans are generally recognized as interest income on a cash basis. If a full recovery of principal is doubtful, the cost recovery method is applied whereby any cash received is applied to the outstanding principal balance of the loan. Recognition of interest income on non-performing loans

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table details overall statistics for the Company's loans receivable portfolio as of December 31, 2023 and 2022: December 31, 2023 2022 Number of loans 143 142 Principal balance $ 7,778,599 $ 7,350,271 Net book value $ 7,702,368 $ 7,350,315 Unfunded loan commitments (1) $ 390,312 $ 574,510 Weighted-average cash coupon (2) +3.86% +3.83% Weighted-average all-in yield (2)(3) +3.92% +3.90% Weighted-average maximum maturity (years) (4) 3.1 4.0 __________________________ (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 SOFR, and, in 2022, LIBOR. In addition to cash coupon, all-in yield includes accretion of discount (amortization of premium) and accrual of exit fees. (3) As of December 31, 2023, the one-month SOFR rate was 5.34%. As of December 31, 2022, the one-month LIBOR rate was 4.39% and the one-month SOFR rate was 4.36%. All loans beginning July 1, 2023 transitioned to SOFR. (4) 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, 2023 and 2022, the activity in the Company's loan portfolio was as follows: For the Year Ended December 31, 2023 2022 Loans receivable at beginning of period $ 7,350,315 $ 3,841,868 Loan fundings 1,170,567 4,141,859 Loan repayments (736,492) (636,594) Amortization of deferred fees on loans 6,889 4,023 Credit loss charge off (8,062) — Exit and extension fees received on loans receivable (998) (841) Loans receivable at end of period 7,782,219 7,350,315 CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315 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 portfolio as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Property Type Net Book Value Percentage Net Book Value Percentage Multifamily $ 4,774,344 61 % $ 4,439,830 61 % Hospitality 1,029,327 13 % 792,305 11 % Industrial 714,821 9 % 369,551 5 % Office 562,643 8 % 755,797 10 % Retail 268,571 3 % 424,374 6 % Mixed Use 206,114 3 % 94,566 1 % Various 129,712 2 % 156,031 2 % Self-Storage 96,687 1 % 317,861 4 % Loans receivable at end of period 7,782,219 100 % 7,350,315 100 % CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315 December 31, 2023 December 31, 2022 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 3,879,708 50 % $ 3,719,093 51 % West 1,459,857 19 % 1,487,391 20 % Northeast 1,442,656 18 % 1,326,408 18 % Various 678,430 9 % 507,105 7 % Midwest 321,568 4 % 310,318 4 % Loans receivable at end of period 7,782,219 100 % 7,350,315 100 % CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315 __________________________ (1) As defined by the United States Department of Commerce, Bureau of the Census. Loan Risk Rating As further described in Note 2, FS Real Estate Advisor and Rialto assess the risk factors of each loan and assign a risk rating based on a variety of factors, including, without limitation, LTV ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan and project sponsorship. Based on a 5-point scale, the Company's loans are rated "1" through "5", from less risk to greater risk, which ratings are defined in Note 2. The following table allocates the net book value of the Company's loans receivable, held-for-investment portfolio based on the Company's internal risk ratings: December 31, 2023 December 31, 2022 Risk Rating Number of Loans Net Book Value Percentage Number of Loans Net Book Value Percentage 1 — $ — — — $ — — 2 — — — — — — 3 132 7,353,659 95 % 142 7,350,315 100 % 4 9 374,697 5 % — — — 5 2 53,863 — — — — Loans receivable at end of period 143 7,782,219 100 % 142 7,350,315 100 % CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315 The Company's primary credit quality indicator is its risk ratings, which are further discussed in Note 2. The following table presents the net book value of its loans receivable, held-for-investment portfolio as of December 31, 2023 by year of origination and risk rating: Risk Rating Net Book Value of Loans Receivable by Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 757,348 3,714,430 2,691,177 84,292 64,966 41,446 7,353,659 4 — 309,611 49,673 — 15,413 — 374,697 5 — — 36,192 17,671 — — 53,863 Loans receivable $ 757,348 $ 4,024,041 $ 2,777,042 $ 101,963 $ 80,379 $ 41,446 $ 7,782,219 CECL reserve (79,851) Loans receivable, net $ 7,702,368 Current Expected Credit Loss Reserve The CECL reserve required under GAAP reflects the Company's current estimate of potential credit losses related to the loans and debt securities included in its consolidated balance sheets. The general CECL reserve is measured on a collective basis wherever similar risk characteristics exist within a pool of similar assets. The Company has identified senior loans and mezzanine loans as pools within its loans receivable portfolio. Refer to Note 2 for further discussion of the Company's CECL reserve. The following table provides details on the changes in CECL reserve for funded loans by investment pool: Senior Loans Mezzanine Loans Total CECL Reserve as of December 31, 2022 $ — $ — $ — CECL reserve recorded on January 1, 2023 35,456 3,963 39,419 Increase (Decrease) in general CECL reserve 35,651 1,814 37,465 Increase (Decrease) in specific CECL reserve 11,029 — 11,029 (Charge-offs) (8,062) — (8,062) CECL reserve as of December 31, 2023 $ 74,074 $ 5,777 $ 79,851 The Company's initial CECL reserve against its loans receivable portfolio of $39,419 recorded on January 1, 2023 is reflected as a direct charge to retained earnings on its consolidated statements of changes in equity; however, subsequent changes to the CECL reserve are recognized through net income on its consolidated statements of operations. During the year ended December 31, 2023, the Company resolved a senior loan related to an office property in Santa Clara, CA that had an outstanding principal balance of $90,577. The Company recognized a charge-off of $8,062 on the discounted payoff of the loan. During the year ended December 31, 2023, the Company recorded an increase of $40,432 in expected credit loss reserve against its loans receivable portfolio, bringing the total CECL reserve to $79,851 as of December 31, 2023. The following table summarizes our risk rated 5 loans as of December 31, 2023, which were analyzed for specific CECL reserves: Location Origination Date Type Amortized Cost Specific CECL Reserve Non-accrual Status Seattle, WA 12/17/2021 Office $ 36,192 $ 2,967 Cost recovery - May 2023 Fox Hills, CA 12/10/2020 Office $ 17,671 $ — Cash basis - December 2023 The risk rated 5 loans were determined to be collateral dependent as of December 31, 2023. The Company estimated expected losses based on each loan's collateral fair value, which was determined by applying a capitalization rate between 6.50% and 7.25% and a discount rate of 9.25%. The following table presents an aging analysis for the Company's portfolio of loans held for investment on amortized cost basis: Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Loans December 31, 2023 $ 7,659,065 $ 50,109 $ 15,343 $ 51,492 $ 7,776,009 December 31, 2022 $ 7,332,094 $ 15,300 $ — $ — $ 7,347,394 As of December 31, 2023, the Company had one loan with interest income payments 90 days or more past due that was not placed on non-accrual status with a total amortized cost of $15,300. Current Expected Credit Loss Reserve for Unfunded Loan Commitments As of December 31, 2023, the Company had unfunded commitments of $390,312. The expected credit losses over the contractual period of its loans are subject to the obligation to extend credit through its unfunded loan commitments. See Note 2 for further discussion of the CECL reserve related to its unfunded loan commitments. The following table provides details on the changes in CECL reserve for unfunded loan commitments by investment pool: Unfunded Commitments CECL Reserve Senior Loans Mezzanine Loans Total CECL Reserve as of December 31, 2022 $ — $ — $ — CECL reserve recorded on January 1, 2023 1,129 34 1,163 Increase (Decrease) in CECL reserve 411 (6) 405 CECL reserve as of December 31, 2023 $ 1,540 $ 28 $ 1,568 The Company's initial CECL reserve against its unfunded loan commitments of $1,163 recorded on January 1, 2023 is reflected as a direct charge to retained earnings on its consolidated statements of changes in equity; however subsequent changes to the CECL reserve are recognized through net income on the consolidated statements of operations. During the year ended December 31, 2023, the Company recorded an increase of $405, respectively, in expected credit loss reserve against its unfunded loan commitments, bringing the Company's total CECL reserve on its unfunded loan commitments to $1,568 as of December 31, 2023.

Mortgage Backed Securities

Mortgage Backed Securities	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Mortgage Backed Securities	Mortgage Backed Securities Mortgage-backed securities, at fair value Commercial mortgage-backed securities, or CMBS, classified as available-for-sale are reported at fair value on the consolidated balance sheets with changes in fair value recorded in other comprehensive income. CMBS accounted for under the fair value option are reported at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations as a component of Net change in unrealized gain (loss) on mortgage-backed securities, fair value option. The table below summarizes various attributes of the Company's investments in CMBS reported at fair value as of December 31, 2023 and 2022, respectively. Gross Unrealized Weighted Average Outstanding Face Amount Amortized Cost Basis Allowance for Credit Losses Gains Losses Fair Value Coupon Maturity (years) December 31, 2023 CMBS, available-for-sale $ 172,392 $ 169,326 $ (17,582) $ 239 $ (7,224) $ 144,759 10.08% (1) 14.43 CMBS, fair value option $ 92,749 $ 90,042 $ — $ 847 $ (414) $ 90,476 7.57% (1) 2.86 December 31, 2022 CMBS, available-for-sale $ 173,207 $ 171,369 $ — $ 45 $ (11,950) $ 159,464 9.18% (2) 12.7 _______________________ (1) Calculated using the one-month SOFR rate of 5.34% as of December 31, 2023. (2) Calculated using the one-month LIBOR rate of 4.39% and the one-month SOFR rate of 4.36% as of December 31, 2022. As of December 31, 2023, there were two unrated office property CMBS, available-for-sale with a total amortized cost of $27,019 for which the Company recorded an allowance for credit loss and placed on non-accrual status during the year. All future interest collections will be accounted for under the cost recovery method. The Company uses a discounted cash flow method to estimate and recognize an allowance for its available-for sale securities. The following table provides details on the changes in allowance for credit losses for available-for sale securities: Year Ended December 31, 2023 Allowance for credit losses at beginning of period $ — Additions on securities for which credit losses were not previously recorded (17,582) (Increase) decrease on securities with previously recorded credit losses — Allowance for credit losses as of December 31, 2023 $ (17,582) The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities for which an allowance for credit losses has not been recorded that were in an unrealized loss position as of December 31, 2023 and 2022, respectively. 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, 2023 CMBS, available-for-sale $ — $ 108,128 $ — $ (7,224) December 31, 2022 CMBS, available-for-sale $ 150,230 $ 756 $ (11,889) $ (61) As of December 31, 2023 and 2022, there were ten securities and fifteen securities, 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 CMBS as of December 31, 2023 and 2022, respectively. Amortized Cost Basis Credit Loss Allowance Net Carrying Amount Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value December 31, 2023 CMBS, held-to-maturity $ 75,309 $ (71) $ 75,238 $ — $ (2,282) $ 72,956 December 31, 2022 CMBS, held-to-maturity $ 68,559 $ — $ 68,559 $ — $ — $ 68,559 The following table provides details on the changes in CECL reserve for held-to-maturity CMBS: CECL Reserve as of December 31, 2022 $ — CECL reserve recorded on January 1, 2023 939 Increase (Decrease) in CECL reserve (868) CECL reserve as of December 31, 2023 $ 71 The table below summarizes the maturities of the Company's investments in held-to-maturity CMBS as of December 31, 2023: Total Less than 1 year 1-3 years 3-5 years More than 5 years CMBS, held-to-maturity $ 75,309 — $ 45,188 $ 30,121 —

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	Real Estate Investment in real estate, net, consisted of the following as of December 31, 2023 and 2022: December 31, 2023 2022 Building and building improvements $ 120,527 $ 120,527 Land and land improvements 39,186 39,186 Furniture, fixtures and equipment 1,064 1,064 In-place lease intangibles 33,530 33,402 Total 194,307 194,179 Accumulated depreciation and amortization (10,966) (3,630) Real estate, net $ 183,341 $ 190,549 The following table details the Company's future amortization of intangible assets for each of the next five years and thereafter: Amortization 2023 (remaining) $ — 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,168 Total $ 27,404

Financing Arrangements

Financing Arrangements	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements The following tables present summary information with respect to the Company's outstanding financing arrangements as of December 31, 2023 and 2022. As of December 31, 2023 Arrangement Weighted Average Spread (2) Amount Outstanding (1) Amount Available Maturity Date Carrying Amount of Collateral Fair Value of Collateral Collateralized Loan Obligations 2019-FL1 Notes +1.66% (5) $ 193,723 $ — December 18, 2036 $ 291,770 $ 289,465 2021-FL2 Notes +1.65% (5) 633,021 — May 5, 2038 746,616 735,232 2021-FL3 Notes +1.62% (5) 928,483 — November 4, 2036 1,133,887 1,127,552 2022-FL4 Notes +2.21% (5) 837,662 — January 31, 2039 1,072,212 1,059,356 2022-FL5 Notes +2.78% (5) 560,224 — June 17, 2037 663,202 653,507 2022-FL6 Notes +2.84% (5) 552,100 — August 19, 2037 733,143 727,826 2022-FL7 Notes +3.18% (5) 631,042 — October 17, 2039 789,955 784,845 4,336,255 — 5,430,785 5,377,783 Repurchase Agreements WF-1 Facility +2.00% (3) 35,794 564,206 August 30, 2024 45,207 44,407 GS-1 Facility +3.10% (4) 18,781 431,219 January 26, 2025 84,447 84,068 RBC Facility +1.32% 29,940 — N/A 42,293 39,796 BB-1 Facility +1.96% (5) 11,474 688,526 February 21, 2025 14,802 14,713 MS-1 Facility +2.65% (6) 37,537 112,463 October 13, 2025 89,991 89,438 NTX-1 Facility (3) — 250,000 November 10, 2024 — — BMO-1 Facility +2.00% (3) 110,000 — March 1, 2024 276,478 276,233 Lucid Facility +1.15% 15,693 — N/A 23,849 23,718 259,219 2,046,414 577,067 572,373 Revolving Credit Facilities MM-1 Facility +2.14% (6)(7) 850,000 150,000 September 20, 2029 1,148,945 1,139,895 Barclays Facility +2.35% (8) 70,000 240,000 August 1, 2025 — — 920,000 390,000 1,148,945 1,139,895 Mortgage Loan +2.15% (6) 124,700 2,000 July 9, 2025 155,498 182,557 Total $ 5,640,174 $ 2,438,414 $ 7,312,295 $ 7,272,608 ________________ (1) The amount outstanding under the facilities approximates their fair value. (2) The rates are expressed over the relevant floating benchmark rates, which include Term SOFR and SOFR Average (compounded average of SOFR over a rolling 30-day period). (3) Benchmark rate is subject to a 0.00% floor. SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction. (4) Term SOFR is subject to a 0.00% floor. GS-1 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis. (5) Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor. (6) Term SOFR is subject to a 0.00% floor. (7) The rate applicable under the MM-1 Facility is subject to a credit spread adjustment of 0.11%, which was included when the benchmark transitioned from USD LIBOR to Term SOFR. (8) Borrowings under the Barclays Facility bear interest, at the Company's election, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of 2.25% per annum and a credit spread adjustment of 0.10% per annum. 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 Obligation 2019-FL1 Notes +1.55% (3) $ 196,785 $ — December 18, 2036 $ 294,751 $ 295,040 2021-FL2 Notes +1.53% (3) 646,935 — May 5, 2038 782,767 783,381 2021-FL3 Notes +1.51% (3) 928,483 — November 4, 2036 1,133,769 1,135,195 2022-FL4 Notes +2.21% (6) 837,662 — January 31, 2039 1,081,159 1,080,953 2022-FL5 Notes +3.05% (6) 570,112 — June 17, 2037 689,885 689,246 2022-FL6 Notes +2.96% (6) 566,250 — August 19, 2037 749,837 749,502 2022-FL7 Notes +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 Facility +2.04% (4) 375,381 224,619 August 30, 2023 481,146 480,371 GS-1 Facility +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 Facility +2.14% (6) 186,139 513,861 February 22, 2024 236,783 236,462 MS-1 Facility +2.86% (7) 108,263 41,737 October 13, 2025 141,312 140,787 NTX-1 Facility (4) — 187,500 November 10, 2024 — — 760,236 1,283,198 993,224 984,740 Revolving Credit Facility MM-1 Facility +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 period). (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 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis. (6) USD LIBOR, Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor. (7) Term SOFR is subject to a 0.00% floor. (8) The rate applicable under the MM-1 Facility is subject to a credit spread adjustment of 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, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of 2.25% per annum and a credit spread adjustment of 0.10% per annum. The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the year ended December 31, 2023 were $5,645,887 and 7.24%, respectively. The Company's average borrowings and weighted average interest rate, including the effect of non-usage fees, for the year ended December 31, 2022 were $4,560,400 and 3.83%, respectively. 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, 2023 and 2022. 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, 2023 based on the maturity date of each financing arrangement: Collateralized Loan Obligations (1) Repurchase Agreements Revolving Credit Facilities Mortgage Loan Total 2024 $ 41,721 $ 145,794 $ — $ — $ 187,515 2025 153,820 67,792 70,000 124,700 416,312 2026 1,859,876 — — — 1,859,876 Thereafter 2,280,838 45,633 850,000 — 3,176,471 Total $ 4,336,255 $ 259,219 $ 920,000 $ 124,700 $ 5,640,174 _______________________ (1) The allocation of repayments under the Company's collateralized loan obligations is based on the maturity date of each agreement, or the maximum maturity date assuming all extension options are exercised by the borrower if the reinvestment period has expired. Collateralized Loan Obligations The Company financed certain pools of loans through collateralized loan obligations, which include 2019-FL1, 2021-FL2, 2021-FL3, 2022-FL4, 2022-FL5, 2022-FL6 and 2022-FL7, or collectively, the CLOs. 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, 2023 Collateral Assets Total Count Principal Balance 2019-FL1 14 $ 292,291 2021-FL2 25 746,703 2021-FL3 33 1,134,028 2022-FL4 25 1,072,661 2022-FL5 24 663,267 2022-FL6 23 733,244 2022-FL7 20 790,087 Total 164 $ 5,432,281 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, 2023 2022 Face value $ 4,336,255 $ 4,383,819 Unamortized deferred financing costs (25,293) (34,983) Unamortized discount (8,992) (12,135) Net book value $ 4,301,970 $ 4,336,701 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 Facility”), Goldman Sachs (the “GS-1 Facility”), Royal Bank of Canada (the “RBC Facility”), Barclays Bank PLC (the “BB-1 Facility”), Morgan Stanley Bank, N.A. (the “MS-1 Facility”), Natixis, New York Branch (the “NTX-1 Facility”), Bank of Montreal (the "BMO-1 Facility"), and Lucid Prime Fund ( the "Lucid Facility"). The Company uses repurchase facilities for multiple purposes, including, but not limited to, (i) financing the acquisition and origination of (a) real estate loans or senior controlling participation interests in such loans, (b) pari passu participation interests in mortgage loans and (c) mezzanine loans and, (ii) repurchase transactions of securities and financial instruments. Each repurchase facility is subject to certain representations, warranties, covenants, events of default and indemnities unique to each facility but customary for agreements of this type. Further, the Company has entered into guarantees with respect to each of the repurchase facilities in which the Company guarantees obligations of the facility. Each transaction under each repurchase facility has its own specific terms, such as identification of the assets subject to the transaction, sale price, repurchase price and rate. 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, 2023 2022 Face value $ 259,219 $ 760,236 Unamortized deferred financing costs (2,489) (3,420) Net book value $ 256,730 $ 756,816 On December 14, 2023, the Company entered into six separate amendments to six separate guaranties pertaining to six different master repurchase agreements, including the MS-1 Facility, BMO-1 Facility, NTX-1 Facility, BB-1 Facility, WF-1 Facility and GS-1 Facility. Each amendment makes an identical modification to the required ratio level for the relevant guaranty’s interest expense coverage financial covenant given by the Company as guarantor. The coverage level has been reduced from 1.5x to 1.3x for the period from January 1, 2024 to June 30, 2024, and from 1.5x to 1.4x thereafter. BB-1 Facility On December 29, 2023, BB-1, an indirect wholly owned special purpose financing subsidiary of the Company, entered into a Seventh Amendment to Master Repurchase Agreement, or Seventh Amendment to Master Repurchase Agreement, amending the Master Repurchase Agreement dated as of February 22, 2021, with Barclays Bank PLC, as purchaser. The Seventh Amendment to Master Repurchase Agreement provides for, among other things, amending and extending the availability period during which new transactions are permitted from February 21, 2024, to February 21, 2025, subject to payment of an extension fee, which was paid on January 2, 2024. Revolving Credit Facilities The Company has entered into, and maintains in effect, two revolving credit facilities, the Barclays Facility and the MM-1 Facility. The Barclays Facility is utilized for purposes of financing the operating expenses and general corporate purposes of the Company and its subsidiaries. The MM-1 Facility is utilized for the purposes of financing the acquisition and origination of commercial mortgage loan assets meeting specified eligibility criteria and concentration limits, paying transaction costs and funding 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, 2023 2022 Face value $ 920,000 $ 310,982 Unamortized deferred financing costs (9,803) (12,438) Net book value $ 910,197 $ 298,544 Mortgage 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 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, 2023 2022 Face value $ 124,700 $ 124,700 Unamortized deferred financing costs (1,043) (2,132) Net book value $ 123,657 $ 122,568

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	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 to 1.25% of the NAV for the Company's Class T, Class S, Class D, Class M and Class I shares, payable quarterly in arrears. The payment of all or any portion of the base management fee accrued with respect to any quarter may be deferred by FS Real Estate Advisor, without interest, and may be taken in any such other quarter as FS Real Estate Advisor may determine. In calculating the Company's base management fee, the Company will use its NAV before giving effect to accruals for such fee, 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. No 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 dispositions of the Company's investments paid to stockholders and amounts paid for share repurchases pursuant to the Company's share repurchase plan. Once the Company's Core Earnings in any quarter exceed the hurdle rate, FS Real Estate Advisor will be entitled to a “catch-up” fee equal to the amount of Core Earnings in excess of the hurdle rate, until the Company's Core Earnings for such quarter equal 1.806%, or 7.222% annually, of adjusted capital. Thereafter, FS Real Estate Advisor is entitled to receive 10.0% of the Company's Core Earnings. 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 equity compensation expense, (ii) the performance fee, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions between FS Real Estate Advisor and the Company's independent directors and approved by a majority of the Company's independent directors. The performance fee is a class-specific expense. No performance fee is paid on the Company's Class F shares. 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 equity compensation expense, (B) non-cash equity based administration fees, (C) depreciation and amortization, (D) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (E) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items. Thereafter, Class I PCRs may become issuable in the form of Class I shares upon the achievement of the following conditions in any fiscal quarter following the initial issuance of the Class I PCRs, together, the Performance Conditions: (a) Adjusted Core Earnings for the quarter exceed distributions paid to stockholders during such quarter (such difference, the “Excess Distributable Income”) and (b) the annualized distribution yield on the Class I Shares (measured over such quarter) is at least at the yield target determined by management given then-current market conditions, the Yield Target. The initial Yield Target will be a 6.0% annualized yield on the Class I shares. On the last day of any fiscal quarter in which the Company achieves the Performance Conditions (the “Performance Achievement Date”), the Company will issue to the Adviser Entities the number of Class I shares equal in value to the Excess Distributable Income for such quarter in respect of any outstanding Class I PCRs. The Adviser Entities, and their respective affiliates and employees, may not request repurchase by the Company of any Class I shares issued under the PCR Agreement for a period of six (6) months from the date of issuance. Thereafter, upon ten days’ written notice to the Company by the Adviser Entities, the Company must repurchase any Class I shares requested to be repurchased by the Adviser Entities at the 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 agreement is terminated in accordance with Section 9(b) thereof (other than Section 9(b)(v) thereof), any rights related to the Class I PCRs evidenced thereby by the terminated party as of the date of such termination shall immediately vest and the Company shall issue the number of Class I shares issuable upon such vesting. If, prior to the Performance Achievement Date, either of the Adviser Entities resigns as the adviser or sub-adviser, respectively, of the Company, then any rights related to the Class I PCRs evidenced thereby as of the date of such resignation shall remain outstanding and Class I shares issuable in respect thereof shall be issued upon achievement of the Performance Conditions. 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 amended and restated 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 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 administrative services fee is 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. 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 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. If FS Real Estate Advisor and Rialto resigns as the Company’s adviser or sub-adviser, respectively, then any rights related to the Class I RSUs evidenced thereby as of the date of such resignation will remain outstanding and Class I shares issuable in respect thereof will be issued upon the applicable vesting date. If the Company declares a cash distribution on the Class I shares underlying unvested Class I RSUs, then the Company will credit the account of FS Real Estate Advisor and Rialto with the applicable distribution equivalents, which will be subject to the same vesting and forfeiture restrictions as the Class I RSUs. FS Real Estate Advisor and Rialto, and their respective affiliates and employees, may not request repurchase by the Company of any Class I shares issued under the Class I RSU Agreement for a period of six months from the date of issuance. Thereafter, upon ten days’ written notice to the Company the Company must repurchase any 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 and Capital Market 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 1.0% of the loan amount for first lien, subordinated or mezzanine debt or preferred equity financing may be retained by Rialto 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, 2023, 2022 and 2021, $8,518, $36,778, and $30,845, respectively, in origination fees were paid directly by the borrowers to FS Real Estate Advisor or Rialto and not to the Company. During the years ended December 31, 2023, 2022, and 2021, $0, $3,250 and $0, 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 $24,536 for the period from November 7, 2016 (Inception) to December 31, 2023. These expenses include legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the Company’s transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals, but excluding selling commissions, dealer manager fees and stockholder servicing fees. FS Real Estate Advisor may be reimbursed for any organization and offering expenses that it or Rialto has incurred on the Company’s behalf, up to a cap of 0.75% of gross proceeds raised. During the year ended December 31, 2023, the Company paid $6,046 to FS Real Estate Advisor for offering costs previously funded. As of December 31, 2023, $4,170 of offering expenses previously funded remained subject to reimbursement to FS Real Estate Advisor and Rialto. Valuation Services Fee Pursuant to a sub-advisory agreement between FS Real Estate Advisor and Rialto, FS Real Estate Advisor has engaged Rialto to provide periodic valuations of certain investments held by the Company and is entitled to a fee of $1,000 for each valuation of an individual investment. Rialto shall not be entitled to a fee when an individual investment is valued by an independent valuation firm. Any fees paid to our adviser, the sub-adviser, or their affiliates for any such services does not reduce the advisory fees or the administrative services fees. Any such arrangements are at market terms and rates. The following table describes the fees and expenses accrued under the advisory agreement and sub-advisory agreement during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, Related Party Source Agreement Description 2023 2022 2021 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 34,884 $ 23,352 $ 7,024 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 23,356 $ 8,828 $ 1,373 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ — $ 12,825 $ 4,556 FS Real Estate Advisor Advisory Agreement Administrative Services Fee (4) $ 28,214 $ 2,072 $ — FS Real Estate Advisor Advisory Agreement Capital Markets Fees $ — $ 3,250 $ — Rialto Sub-Advisory Agreement Valuation Services Fees (5) $ 439 $ 412 $ 220 FS Real Estate Advisor or Rialto Advisory Agreement Origination Fees $ 8,518 $ 36,778 $ 30,845 _______________________ (1) During the years ended December 31, 2023, 2022 and 2021, FS Real Estate Advisor received $33,041, $6,221 and $5,177, respectively, in cash and $0, $11,409 and $915, respectively, in performance contingent rights as payment for base management fees. As of December 31, 2023, $9,366 in base management fees were payable to FS Real Estate Advisor. (2) During the years ended December 31, 2023, 2022 and 2021, $22,514, $4,461 and $1,284, respectively, in performance fees were paid to FS Real Estate Advisor. As of December 31, 2023, $5,614 in performance fees were payable to FS Real Estate Advisor. (3) During the years ended December 31, 2023, 2022 and 2021, $1,751, $12,582 and $4,139, 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. (5) During the years ended December 31, 2023, 2022 and 2021, $327, $431, and $116 in valuation fees were paid by the Company to Rialto. The dealer manager for the Company’s continuous public offering is FS Investment Solutions, LLC, or FS Investment Solutions, which is an affiliate of FS Real Estate Advisor. Under the amended and restated dealer manager agreement dated as of August 17, 2018, or the dealer manager agreement, FS Investment Solutions is entitled to receive upfront selling commissions of up to 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 to participating broker-dealers, unless a particular broker-dealer declines to accept some portion of the dealer manager fee they are otherwise eligible to receive. Pursuant to the dealer manager agreement, the Company also reimburses FS Investment Solutions or participating broker-dealers for bona fide due diligence expenses, provided that total organization and offering expenses shall not exceed 15% of the gross proceeds in the Company's public offering. No selling commissions or dealer manager fees are payable on the sale of Class D, Class M, Class I, Class F or Class Y shares or on shares of any class sold pursuant to the Company's distribution reinvestment plan. Subject to the limitations described below, the Company pays FS Investment Solutions stockholder servicing fees for ongoing services rendered to stockholders by participating broker-dealers or by broker-dealers servicing stockholders’ accounts, referred to as servicing broker-dealers: • with respect to the Company's outstanding Class T shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class T shares, consisting of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum; however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares; • with respect to the Company's outstanding Class S shares equal to 0.85% per annum of the aggregate NAV of its outstanding Class S shares; • with respect to the Company's outstanding Class D shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class D shares; and • with respect to the Company's outstanding Class M shares equal to 0.3% per annum of the aggregate NAV of its outstanding Class M shares. The Company does not pay a stockholder servicing fee with respect to its Class I, Class F or Class Y shares. The dealer manager reallows some or all of the stockholder servicing fees to participating broker-dealers, servicing broker-dealers and financial institutions (including bank trust departments) for ongoing stockholder services performed by such broker-dealers, and waives (pays back to the Company) stockholder servicing fees to the extent a broker-dealer or financial institution is not eligible or otherwise declines to receive all or a portion of such fees. The Company will cease paying stockholder servicing fees with respect to any Class D, Class M, Class S and Class T shares held in a stockholder’s account at the end of the month in which the total underwriting compensation from the upfront selling commissions, dealer manager fees and stockholder servicing fees, as applicable, paid with respect to such account would exceed 1.25%, 7.25%, 8.75% and 8.75%, respectively (or a lower limit for shares sold by certain participating broker-dealers or financial institutions) of the gross proceeds from the sale of shares in such account. These amounts are referred to as the sales charge cap. At the end of such month that the sales charge cap is reached, each Class D, Class M, Class S or Class T share in such account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. In addition, the Company will cease paying stockholder servicing fees on each Class D share, Class M share, Class S share and Class T share held in a stockholder’s account and each such share will convert to Class I shares on the earlier to occur of the following: (i) a listing of Class I shares on a national securities exchange; (ii) the sale or other disposition of all or substantially all of the Company’s assets or the Company’s merger or consolidation with or into another entity in a transaction in which holders of Class D, Class M, Class S or Class T shares receive cash and/or shares of stock that are listed on a national securities exchange; or (iii) the date following the completion of the Company’s public offering on which, in the aggregate, underwriting compensation from all sources in connection with the Company’s public offering, including selling commissions, dealer manager fees, stockholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from its primary offering. The Company accrues future stockholder servicing fees in an amount equal to its best estimate of fees payable to FS Investment Solutions at the time such shares are sold. As of December 31, 2023 and 2022, the Company accrued $113,501 and $107,692, 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 of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by FS Investment Solutions to such selected dealers. 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. 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 year ended December 31, 2023, $753 of expense recoupments were paid to FS Real Estate Advisor and Rialto. As of December 31, 2023, no expense recoupments were payable to FS Real Estate Advisor and Rialto. Capital Contributions and Commitments In December 2016, pursuant to a private placement, Michael C. Forman and David J. Adelman, principals of FS Investments, contributed an aggregate of $200 to purchase 8,000 Class F shares at the price of $25.00 per share. These individuals will not tender these shares of common stock for repurchase as long as FS Real Estate Advisor remains the Company's adviser. FS Investments is controlled by Mr. Forman, the Company's president and chief executive officer, and Mr. Adelman. As of December 31, 2023, 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 $18,097 and $406, respectively. RIAL 2022-FL8 Transaction In the second quarter of 2023 and 2022, the Company purchased $15,000 and $36,000, respectively, 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, 2023
Equity [Abstract]
Stockholders' Equity	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, 2023, 2022 and 2021: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2020 912,469 137,116 1,245,658 5,778,640 546,298 1,971,039 2,171,528 12,762,748 Issuance of common stock — 843,659 165,006 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 Repurchases 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 Repurchases 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 Issuance of common stock — — 102,378 15,214,848 149,847 916,066 16,702,698 33,085,837 Reinvestment of distributions 29,512 — 42,843 2,016,127 16,302 111,822 1,607,976 3,824,582 Repurchases of common stock (142,779) — (137,092) (7,413,403) (50,722) (469,359) (5,767,365) (13,980,720) Transfers in or out (10,259) — (296,640) (141,089) (212,325) (263,933) 949,162 24,916 Balance as of December 31, 2023 734,184 906,648 1,312,367 64,584,819 646,101 4,939,668 47,503,635 120,627,422 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2020 $ 22,378 $ 3,449 $ 29,971 $ 134,705 $ 13,573 $ 46,154 $ 53,597 $ 303,827 Issuance of common stock — 20,749 4,134 427,901 3,708 33,564 222,290 712,346 Reinvestment of distributions 763 — 986 9,098 336 1,246 3,108 15,537 Repurchases of common stock (843) (1,827) (948) (6,477) (365) (2,332) (11,781) (24,573) 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 Repurchases 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 Issuance of common stock — — 2,549 381,727 3,730 22,855 392,993 803,854 Reinvestment of distributions 740 — 1,064 50,551 406 2,789 38,993 94,543 Repurchases of common stock (3,578) — (3,404) (185,900) (1,261) (11,701) (139,867) (345,711) Transfers in or out (257) — (7,369) (3,539) (5,281) (6,584) 23,030 — Accrued stockholder servicing fees (1) — — (75) (18,897) (22) (469) — (19,463) Balance as of December 31, 2023 $ 17,913 $ 22,371 $ 31,238 $ 1,498,287 $ 15,989 $ 115,412 $ 1,147,391 $ 2,848,601 _______________________ (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 period, the Company limits repurchases to approximately 20% of the total NAV of all classes of shares then participating in the share repurchase plan. The Company's board of directors may modify, suspend or terminate the share repurchase plan if it deems such action to be in the Company's best interest and the best interest of its stockholders. During the years ended December 31, 2023, 2022 and 2021, the Company repurchased 13,980,720, 9,091,329 and 991,052, respectively, of shares of common stock under its share repurchase plan representing a total of $345,711, $225,664 and $24,573, respectively. In December 2022, the Company received repurchase requests equal to 2.53% of its aggregate NAV of all classes of shares then participating in its share repurchase plan as of the last calendar day of the previous calendar month. Further, the cumulative repurchase requests for the fourth quarter of 2022 equaled 5.54% of the Company's aggregate NAV of all classes of shares then participating in its share repurchase plan as of the last calendar day of the previous calendar quarter. The Company's board of directors, including all of its independent directors, unanimously authorized repurchases in excess of its 2% monthly repurchase limitation for December 2022 and its 5% quarterly repurchase limitation for the fourth quarter of 2022 such that 100% of share repurchase requests timely received in December 2022 and the fourth quarter of 2022 were satisfied. The Company had no unfulfilled repurchase requests during the years ended December 31, 2023 or 2022. 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, 2023: Record Date Class F Class Y Class T Class S Class D Class M Class I January 30, 2023 $ 0.1696 $ 0.1696 $ 0.1259 $ 0.1259 $ 0.1374 $ 0.1374 $ 0.1436 February 27, 2023 0.1696 0.1696 0.1259 0.1259 0.1374 0.1374 0.1436 March 30, 2023 0.1749 0.1749 0.1312 0.1312 0.1427 0.1427 0.1489 April 27, 2023 0.1749 0.1749 0.1312 0.1312 0.1427 0.1427 0.1489 May 30, 2023 0.1749 0.1749 0.1312 0.1312 0.1427 0.1427 0.1489 June 29, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 July 28, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 August 30, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 September 29, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 October 30, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 November 29, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 December 28, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 Total $ 2.1232 $ 2.1232 $ 1.5988 $ 1.5988 $ 1.7368 $ 1.7368 $ 1.8112 The following table reflects the amount of cash distributions that the Company paid on its common stock during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Distributions: Paid or payable in cash $ 99,630 $ 59,987 $ 22,980 Reinvested in shares 94,543 56,215 15,537 Total distributions $ 194,173 $ 116,202 $ 38,517 Source of distributions: Cash flows from operating activities $ 194,173 $ 116,202 $ 38,517 Offering proceeds — — — Total sources of distributions $ 194,173 $ 116,202 $ 38,517 Net cash provided by (used in) operating activities (1) $ 256,752 $ 154,518 $ 38,583 _______________________ (1) Cash flows from operating activities are supported by expense support payments from FS Real Estate Advisor and Rialto pursuant to the Company's expense limitation agreement. See Note 7 for additional information regarding the Company's expense limitation agreement. The Company currently declares and pays regular cash distributions on a monthly basis. The Company’s board of directors previously authorized regular monthly cash distributions for January 2024 through February 2024 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 2024 $ 0.1799 $ 0.1799 $ 0.1362 $ 0.1362 $ 0.1477 $ 0.1477 $ 0.1539 February 2024 $ 0.1799 $ 0.1799 $ 0.1362 $ 0.1362 $ 0.1477 $ 0.1477 $ 0.1539 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 return of capital. Distributions that exceed the Company's current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, the Company notifies its stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. 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, 2023, 2022 and 2021: For the Year Ended December 31, 2023 2022 2021 Ordinary income (1) 100 % 100 % 98 % Non-taxable return of capital — — — Capital gain — — 2 % Total 100 % 100 % 100 % _______________________

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 9. Fair Value of Financial Instruments The following table presents the Company's financial assets and liabilities carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: December 31, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial Assets Mortgage-backed securities, at fair value $ 235,235 $ — $ 235,235 $ — $ 159,464 $ — $ 159,464 $ — Mortgage loans held in securitization trusts, at fair value 950,972 — — 950,972 324,263 — — 324,263 Interest rate cap 2,072 — 2,072 — 4,616 — 4,616 — Total $ 1,188,279 $ — $ 237,307 $ 950,972 $ 488,343 $ — $ 164,080 $ 324,263 Financial Liabilities Mortgage obligations issued by securitization trusts, at fair value $ 878,545 — $ 878,545 — $ 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, 2023 and 2022: Mortgage loans held in securitization trusts, at fair value For the year ended December 31, 2023 2022 Fair value at beginning of period $ 324,263 $ — Accretion of discount (amortization of premium) — — Net realized gain (loss) — — Unrealized gain (loss) in earnings (1) 14,032 (86) Purchases — — Sales and repayments — — Issuances — — Transfer into Level 3 — — Transfers out of Level 3 — — Consolidation of securitization trusts 612,677 324,349 Deconsolidation of securitization trusts — — Fair value at end of period $ 950,972 $ 324,263 Amount of unrealized gains (losses) attributable to assets still held at the reporting date Included in earnings $ 14,032 $ (86) Included in other comprehensive income $ — $ — _______________________ (1) For the year ended December 31, 2023, unrealized gain of $14,032 related to mortgage loans held in securitization trusts, at fair value was offset by unrealized loss of $13,733 related to mortgage obligations issued by securitization trusts, at fair value. As of December 31, 2023, 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, 2023, the key unobservable inputs used in the valuation of mortgage obligations issued by securitization trusts included a blended yield ranging from 10.09% to 15.83% (weighted average blended yield of 12.03%) and a life of 0.75 to 5 years (weighted average life of 3.21 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, 2023 December 31, 2022 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 256,001 $ 256,001 $ 256,001 $ 201,618 $ 201,618 $ 201,618 Loans receivable, held-for-investment (1) $ 7,702,368 $ 7,778,599 $ 7,695,871 $ 7,350,315 $ 7,350,271 $ 7,339,105 Mortgage-backed securities held-to-maturity $ 75,238 $ 80,300 $ 72,956 $ 68,559 $ 80,300 $ 68,559 Financial Liabilities Repurchase agreements (2) $ 256,730 $ 259,219 $ 259,219 $ 756,816 $ 760,236 $ 760,236 Credit facilities (2) $ 910,197 $ 920,000 $ 920,000 $ 298,544 $ 310,982 $ 310,982 Collateralized loan obligations (2)(3) $ 4,301,970 $ 4,327,263 $ 4,327,263 $ 4,336,701 $ 4,371,684 $ 4,371,684 Mortgage note payable (2) $ 123,657 $ 124,700 $ 124,700 $ 122,568 $ 124,700 $ 124,700 __________________ (1) Book value of loans receivable represents the face amount, net of CECL reserve, 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, repurchase obligations, credit facility obligations and the collateralized loan, and mortgage obligations are measured using unobservable inputs, or Level 3 inputs. CMBS, Fair Value Option

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	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, 2023 and 2022: December 31, 2023 2022 Assets: Restricted cash $ 92,457 $ — Loans receivable, held-for-investment 5,430,785 5,546,779 Interest receivable 26,891 24,144 Other assets 8,180 853 Mortgage loans held in securitization trusts, at fair value 950,972 324,263 Total assets $ 6,509,285 $ 5,896,039 Liabilities Collateralized loan obligations, net $ 4,301,970 $ 4,336,701 Interest payable 12,963 12,631 Other liabilities 533 473 Mortgage obligations issued by securitization trusts, at fair value 878,545 291,193 Total liabilities $ 5,194,011 $ 4,640,998 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 to the Company and can only be satisfied from the assets of the CLOs. 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). Upon consolidation of the mortgage loans and obligations, the associated investment securities are eliminated, as is the interest income related to those securities. 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 Variable Interest Entities 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 or available-for-sale debt securities that are included on the Company's consolidated balance sheets and are part of the Company's ongoing impairment review. The Company's maximum exposure to loss of the securities is limited to its book value of $334,749 as of December 31, 2023. The Company is not obligated to provide, nor has it provided financial support to these consolidated and non-consolidated mortgage loans and obligations.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 Instrument

Derivative Instrument	12 Months Ended
	Dec. 31, 2023
Summary of Derivative Instruments [Abstract]
Derivative Instrument	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, 2023. 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 $ 2,072 __________________ (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 December 31, 2023 2022 Interest Rate Cap Unrealized Loss (1) $ (2,543) $ 650 __________________ (1) Included in Other income (loss) in the Company's consolidated statements of operations.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following is a discussion of material events that have occurred subsequent to December 31, 2023 through the issuance of the consolidated financial statements. BMO-1 Facility On February 16, 2024, the Master Repurchase Agreement, dated as of March 3, 2023 ("MRA"), between BMO-1, as seller, and Bank of Montreal, as buyer, was further amended pursuant to that certain Amendment No. 2 to MRA (" Amendment No. 2 "), dated as of February 16, 2024, among BMO-1, Bank of Montreal and the Company, as guarantor. Amendment No. 2 provided for, among other things, an extension of the termination date of the MRA until February 28, 2025. The Company executed Amendment No. 2 solely for purposes of ratifying its guaranty of BMO-1's obligations under the MRA. Share Repurchases

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Schedule IV - Mortgage Loans on Real Estate As of December 31, 2023 (in thousands) ____________________________________________________________________________________________________________ Loan Type Description Location Interest Payment Rates Maximum Maturity Date (1) Periodic Payment Terms (2) Prior Liens Face Amount of Loans Carrying Amount of Loans Principal Amount Subject to Delinquent Principal or Interest (3) Senior loans Senior loans in excess of 3% of the carrying amount of total loans Senior loans Multifamily Various +3.30% 2027 I/O $ — $ 354,221 $ 354,192 $ — — 354,221 354,192 — Senior loans less than 3% of the carrying amount of total loans Senior loans Multifamily Various +2.25% - 4.75% 2024 - 2028 I/O — 4,375,678 4,378,064 — Senior loans Hospitality Various +4.15% - 5.58% 2024 - 2028 I/O — 1,028,514 1,029,327 — Senior loans Industrial Various +3.11% - 4.30% 2024 - 2028 I/O — 646,987 647,340 — Senior loans Office Various +3.80% - 5.86% 2026 - 2027 I/O — 598,472 598,643 36,500 Senior loans Retail Various +4.15% - 5.25% 2024 - 2027 I/O — 268,538 268,571 — Senior loans Mixed Use Various +2.90% - 5.00% 2025 - 2028 I/O — 176,700 176,754 15,300 Senior loans Various Santa Barbara, CA +3.65% 2027 I/O — 90,000 89,991 — Senior loans Self-Storage Various +3.45% - 4.61% 2026 I/O — 96,642 96,687 — — 7,281,531 7,285,377 51,800 Total senior loans — 7,635,752 7,639,569 51,800 Mezzanine loans Mezzanine loans less than 3% of the carrying amount of total loans Mezzanine loan Multifamily Various +7.50% - 11.00% 2026 - 2027 I/O — 42,026 42,088 — Mezzanine loan Various Various Fixed 10.00% 2026 I/O — 39,980 39,721 — Mezzanine loan Industrial Various +5.20% Fixed 10.00% 2028 - 2030 I/O — 31,481 31,481 — Mezzanine loan Mixed Used Philadelphia, PA +6.50% 2027 I/O — 29,360 29,360 — Total mezzanine loans — 142,847 142,650 — Loans receivable $ — $ 7,778,599 7,782,219 $ 51,800 CECL reserve (79,851) Loans receivable, net $ 7,702,368 ______________________________ (1) Maximum maturity assumes all extension options are exercised by the borrower. (2) I/O = interest only. (3) Represents principal balance of loans which are 90 days or more past due as to principal or interest. The following table reconciles mortgage loans on real estate for the years ended December 31, 2023, 2022 and 2021: For the Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 7,350,315 $ 3,841,868 $ 700,149 Additions during period: Loan fundings 1,170,567 4,141,859 3,500,362 Amortization of deferred fees and expenses on loans 6,889 4,023 1,190 Deductions during period: Collections of principal (736,492) (636,594) (358,714) Exit and extension fees received on loans receivable (998) (841) (1,119) Loans sold (8,062) — Loans receivable 7,782,219 7,350,315 3,841,868 CECL reserve (79,851) — — Loans receivable, net $ 7,702,368 $ 7,350,315 $ 3,841,868

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include both the Company’s accounts and the accounts of its wholly owned subsidiaries and variable interest entities ("VIEs"), of which the Company is the primary beneficiary, as of December 31, 2023. All significant intercompany transactions have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The Company has evaluated the impact of subsequent events through the date the consolidated financial statements were issued. Reclassifications: Certain amounts in the consolidated financial statements as of and for the year ended December 31, 2022 have been reclassified to conform to the classifications used to prepare the consolidated financial statements as of and for the year ended December 31, 2023. The reclassifications did not affect the Company's financial position, results of operations, or cash flows.
Use of Estimates	Use of Estimates:
Principles of Consolidation	Principles of Consolidation: Financial Accounting Standards Board ("FASB"), Accounting Standards Codification Topic 810—Consolidation, or ASC Topic 810, provides guidance on the identification of a VIE (an entity for which control is achieved through means other than voting rights) and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. 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. For the Company's consolidated securitization VIEs, the third party ownership interests are reflected as 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 interests. Refer to Note 10 for additional discussion of the Company's VIEs.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company invests its cash in overnight institutional money market funds. As of December 31, 2023 and 2022, the Company's investment in overnight institutional money market funds was $118,633 and $164,547, respectively. The Company's uninvested cash is maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. The Company's cash is held with major financial institutions and may at times exceed federally insured limits. Restricted cash primarily represents cash held in an account to fund additional collateral interests within the Company's collateralized loan obligations.
Loans Receivable	Loans Receivable: The Company originates and purchases commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost.
Mortgage-backed Securities	Mortgage-backed Securities: Mortgage-backed securities are classified as held-to-maturity or available-for-sale or accounted for under the fair value option. The Company determines the appropriate classification of its securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Mortgage-backed securities are classified as held-to-maturity when the Company intends to, and has the ability to, hold until maturity. Held-to-maturity securities are stated at amortized cost on the consolidated balance sheets. The Company’s remaining mortgage-backed securities are classified as either available-for-sale or accounted for under the fair value option and are reported at fair value on the consolidated balance sheets as components of Mortgage-backed securities, at fair value. The Company elected the fair value option for all mortgage-backed securities acquired during the year ended December 31, 2023. Changes in fair value for mortgage-backed securities accounted for under the fair value option are recorded in the consolidated statements of operations as a component of Net change in unrealized gain (loss) on mortgage-backed securities, fair value option. The Company chose to elect the fair value option in order to simplify the accounting treatment for its investment securities. The fair value option provides an option to elect fair value as an alternative measurement for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. Prior to the quarter ended June 30, 2023, all mortgage-backed securities acquired that were not classified as held-to-maturity were classified as available-for-sale, stated at fair value and the changes in fair value are recorded in other comprehensive income. The Company’s held-to-maturity and available-for-sale securities are subject to the adoption of ASU 2016-13, as discussed below.
Credit Losses	Credit Losses: ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), or ASU 2016-13, became effective for the Company on January 1, 2023. ASU 2016-13 significantly changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the previous incurred loss model with a current expected credit loss (“CECL”) model for instruments measured at amortized cost. The CECL model applies to the Company's loans receivable, held-for-investment and its mortgage-backed securities held-to-maturity which are carried at amortized cost, including future funding commitments and accrued interest receivable related to those loans and securities. However, as permitted by ASC Topic 326, the Company has elected not to measure an allowance for credit losses on accrued interest receivable (which is classified separately on its consolidated balance sheets), but rather write off in a timely manner by reversing interest income and/or cease accruing interest that would likely be uncollectible. CECL requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. Considering the lack of historical company data related to any realized loan losses since its inception, the Company elected to estimate its general CECL reserve by using a probability-weighted analytical model that considers the likelihood of default and loss-given-default for each individual loan. The 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 provides specific loan-level inputs which include loan-to-value ("LTV"), principal balances, property type, location, coupon, origination year, term, subordination, expected repayment dates and property net operating income. The Company also considers qualitative and environmental factors, including, but not limited to, macroeconomic forecasts and business conditions and trends, concentration of credit and changes in the level of such concentrations. The reasonable and supportable forecast period is followed by an immediate reversion period back to historical loss rates. The Company's loans typically include commitments to fund incremental proceeds to its borrowers over the life of the loan, which future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is recorded as a component of Other liabilities on its consolidated balance sheets. This CECL reserve is estimated using the same process outlined above for its outstanding loan balances, and changes in this component of the CECL reserve will similarly impact its consolidated net income. For both the funded and unfunded portions of its loans, the Company considers its internal risk rating of each loan as the primary credit quality indicator underlying the assessment. 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, LTV ratio, debt yield, property type, geographic and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and exit plan and project sponsorship. Based on a 5-point scale, the Company's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: Loan Risk Rating Summary Description 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for 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 Impairment is indicated when it is deemed probable that the Company will not be able to collect all amounts due to it pursuant to the contractual terms of the loan. If a loan is determined to be impaired, the Company records the impairment as a specific CECL reserve. For determining a specific CECL reserve, financial instruments are assessed outside of the CECL model on an individual basis. For collateral dependent loans that the Company determines foreclosure of the collateral is probable, the Company measures the expected losses based on the differences between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For collateral dependent loans where the Company determine foreclosure is not probable, a practical expedient to estimate expected losses is applied using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the 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. The Company adopted ASU 2016-13 using the modified-retrospective method for all financial assets measured at amortized cost. Prior to its adoption, the Company had no loan loss provisions on its consolidated balance sheets. The Company recorded a cumulative-effect adjustment to the opening retained earnings in its consolidated statement of changes in equity as of January 1, 2023. The following table details the impact of this adoption: Impact of ASU 2016-13 Adoption Assets: Loans receivable, held-for-investment Senior loans $ 35,456 Mezzanine loans 3,963 CECL reserve on Loans receivable, held-for-investment 39,419 CECL reserve on Mortgage-backed securities held-to-maturity 939 Liabilities: Other liabilities CECL reserve on unfunded loan commitments 1,163 Total impact of 2016-13 adoption on retained earnings $ 41,521 Separate provisions of ASC Topic 326 apply to the Mortgage-backed securities available-for-sale, which are carried at fair value with unrealized gains and losses reported as a component of Accumulated other comprehensive income (loss). The Company is required to establish an initial credit loss allowance for those available-for-sale securities that are purchased with credit deterioration (“PCD”) by grossing up the amortized cost basis of each security and providing an offsetting credit loss allowance for the difference between expected cash flows and contractual cash flows, both on a present value basis. As of the January 1, 2023 effective date, no such credit loss allowance gross-up was required on available-for-sale debt securities with PCD. The Company uses a discounted cash flow method to estimate and recognize a credit loss allowance on its available-for-sale securities. The credit loss allowance represents the difference between the security's amortized cost basis and the present value of expected cash flows. The credit loss allowance is limited to the difference between the security's fair value and its amortized cost. Changes in the credit loss allowance are recognized immediately in earnings as a component of Credit loss expense, net.
Real Estate	Real Estate: In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the 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 was acquired in 2022 and was accounted for as an asset acquisition. Upon the acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on several factors including the historical operating results, known and anticipated trends and market and economic conditions. The Company capitalizes acquisition-related costs associated with asset acquisitions. 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 lease values based on the Company’s evaluation of the specific characteristics of each tenant’s lease. The Company will record acquired above-market and below-market leases at their fair values which represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisition, to date, the Company's allocation to customer relationship intangible assets has not been material. 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 leases is recorded as a component of depreciation and amortization, on the Company’s consolidated statements of operations. 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 of Financial Instruments: Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures , or ASC Topic 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP. Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at the measurement date. 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, or (ii) on a nonrecurring basis, as a result of impairment or other events. The Company generally values its assets recorded at fair value by either (i) discounting expected cash flows based on assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from third-party dealers. For collateral-dependent loans that are identified as impaired, the Company measures impairment by comparing FS Real Estate Advisor's estimation of fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations may 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. 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 instruments. 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: The Company's consolidated mortgage obligations generally represent bonds that are not owned by the Company directly. The majority of these are either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered to be Level 2, where the valuation is based upon quoted prices for similar instruments traded in active markets. The Company generally utilizes third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by third parties, the Company conducts an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual valuations themselves. In evaluating third party pricing for reasonableness, the Company considers a variety of factors, including market transaction information for the particular bond, market transaction information for bonds within the same trust, market transaction information for similar bonds, the bond’s ratings and the bond’s subordination levels. For the minority portion of the Company's consolidated mortgage obligations which consist of unrated or non-investment grade bonds that are not owned by the Company directly, pricing may be either Level 2 or Level 3. If independent third party pricing similar to that noted above is available, the Company considers the valuation to be Level 2. If such third party pricing is not available, the valuation is generated from model-based techniques that use significant unobservable assumptions, and the Company considers the valuation to be 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 individual assets of a mortgage loan are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because the Company's methodology for valuing these assets does not value the individual assets of a mortgage loan, but rather uses the value of the mortgage obligations as an indicator of the fair value of mortgage loan assets as a whole, the Company has determined that its valuations of mortgage loan assets in their entirety should be classified in Level 3 of the fair value hierarchy. 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, net: The fair values for these loans were estimated by FS Real Estate Advisor based on a discounted cash flow methodology taking into consideration factors, including capitalization rates, discount rates, leasing, occupancy rates, availability and cost of financing, exit plan, sponsorship, actions of other lenders, and indications of market value from other market participants. • Mortgage-backed securities, at fair value: The fair values for these investments were based on indicative deal quotes. • Mortgage-backed securities held-to-maturity: The fair values for these investments were estimated by FS Real Estate Advisor based on a discounted cash flow methodology pursuant to which a discount rate or market yield is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Significant increases or decreases in the discount rate or market yield would result in a decrease or increase in the fair value measurement. • 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: Deferred financing costs include issuance and other costs related to the Company’s debt obligations. The deferred financing costs related to the Company’s collateralized loan obligations, repurchase agreements, and mortgage note payable are recorded as a reduction in the net book value of the related liability on the Company's consolidated balance sheets. Deferred financing costs related to the Company’s revolving credit facilities and facilities that are undrawn as of the reporting date are recorded as an asset on the Company’s consolidated balance sheets. These costs are amortized as interest expense using the straight-line method over the term of the related obligation, which approximates the effective interest method.
Revenue Recognition	Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income from its loans receivable portfolio on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest or dividends on loans and securities if there is reason to doubt the collectability of such income. Discounts or premiums associated with the investment securities are amortized or accreted into interest income as a yield adjustment on the effective interest method, based on expected cash flows through the expected maturity date of the investment. On at least a quarterly basis, the Company reviews and, if appropriate, makes adjustments to its cash flow projections. The Company records dividend income on the ex-dividend date. Any loan origination fees to which the Company is entitled, loan exit fees, original issue discount and market discount are capitalized and such amounts are amortized as interest income over the respective term of the investment. Upon the prepayment of a loan or security, any unamortized loan origination fees to which the Company is entitled are recorded as fee income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Loans are considered past due when payments are not made in accordance with the contractual terms. The Company does not accrue as receivable interest on loans if it is not probable that such income will be collected. Unless the loan is both well secured and in the process of collection, loans are placed on non-accrual status when principal or interest is 120 days or more past due or when repayment of interest and principal is, in our judgement, in doubt. Interest payments received on non-accrual loans are generally recognized as interest income on a cash basis. If a full recovery of principal is doubtful, the cost recovery method is applied whereby any cash received is applied to the outstanding principal balance of the loan. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms. Please refer to Note 3 of this document for our disclosure of any investments placed on non-accrual.
Offering Costs	Offering Costs:
Income Taxes	Income Taxes: The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code, commencing with its taxable year ended December 31, 2017. In order to maintain its status as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal income tax on income that it distributes to stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. 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, 2023 and 2022, 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 stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased taxes on a portion of their dividend income from the Company that is attributable to the taxable mortgage pool. The Company has not made UBTI distributions to its common stockholders and does not intend to make such UBTI distributions in the future.
Uncertainty in Income Taxes	Uncertainty in Income Taxes
Stockholder Servicing Fees	Stockholder Servicing Fees: The Company follows the guidance in Accounting Standards Codification Topic 405, Liabilities , when accounting for stockholder servicing fees. The Company will pay stockholder servicing fees over time on its shares of Class T, Class S, Class D and Class M common stock as described in Note 7. The Company records stockholder servicing fees as a reduction to additional paid-in capital and records the related liability in an amount equal to its best estimate of the fees payable in relation to the shares of Class T, Class S, Class D and Class M common stock on the date such shares are issued. The liability will be reduced over time, as the fees are paid to the dealer manager, or adjusted if the fees are no longer payable. Earnings Per Share:
Derivative Instruments	Derivative Instruments : The Company uses interest rate caps to manage risks from fluctuations in interest rates. The Company has not designated any of these contracts as fair value or cash flow hedges for accounting purposes. The Company records its derivatives on its consolidated balance sheets at fair value and such amounts are included in Other assets. Any changes in the fair value of these derivatives are recorded in earnings. 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
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In March 2020, the FASB issued ASU No. 2020-04, “ Reference Rate Reform (Topic 848) ,” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) , which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Cash and cash equivalents $ 147,035 $ 183,665 Restricted cash 108,966 17,953 Total cash, cash equivalents and restricted cash $ 256,001 $ 201,618
Financing Receivable Credit Quality Indicators	Based on a 5-point scale, the Company's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: Loan Risk Rating Summary Description 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for 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 The Company's primary credit quality indicator is its risk ratings, which are further discussed in Note 2. The following table presents the net book value of its loans receivable, held-for-investment portfolio as of December 31, 2023 by year of origination and risk rating: Risk Rating Net Book Value of Loans Receivable by Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 757,348 3,714,430 2,691,177 84,292 64,966 41,446 7,353,659 4 — 309,611 49,673 — 15,413 — 374,697 5 — — 36,192 17,671 — — 53,863 Loans receivable $ 757,348 $ 4,024,041 $ 2,777,042 $ 101,963 $ 80,379 $ 41,446 $ 7,782,219 CECL reserve (79,851) Loans receivable, net $ 7,702,368
Accounting Standards Update and Change in Accounting Principle	The following table details the impact of this adoption: Impact of ASU 2016-13 Adoption Assets: Loans receivable, held-for-investment Senior loans $ 35,456 Mezzanine loans 3,963 CECL reserve on Loans receivable, held-for-investment 39,419 CECL reserve on Mortgage-backed securities held-to-maturity 939 Liabilities: Other liabilities CECL reserve on unfunded loan commitments 1,163 Total impact of 2016-13 adoption on retained earnings $ 41,521
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, 2023
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, 2023 and 2022: December 31, 2023 2022 Number of loans 143 142 Principal balance $ 7,778,599 $ 7,350,271 Net book value $ 7,702,368 $ 7,350,315 Unfunded loan commitments (1) $ 390,312 $ 574,510 Weighted-average cash coupon (2) +3.86% +3.83% Weighted-average all-in yield (2)(3) +3.92% +3.90% Weighted-average maximum maturity (years) (4) 3.1 4.0 __________________________ (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 SOFR, and, in 2022, LIBOR. In addition to cash coupon, all-in yield includes accretion of discount (amortization of premium) and accrual of exit fees. (3) As of December 31, 2023, the one-month SOFR rate was 5.34%. As of December 31, 2022, the one-month LIBOR rate was 4.39% and the one-month SOFR rate was 4.36%. All loans beginning July 1, 2023 transitioned to SOFR. (4) 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, 2023 and 2022, the activity in the Company's loan portfolio was as follows: For the Year Ended December 31, 2023 2022 Loans receivable at beginning of period $ 7,350,315 $ 3,841,868 Loan fundings 1,170,567 4,141,859 Loan repayments (736,492) (636,594) Amortization of deferred fees on loans 6,889 4,023 Credit loss charge off (8,062) — Exit and extension fees received on loans receivable (998) (841) Loans receivable at end of period 7,782,219 7,350,315 CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315
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 portfolio as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Property Type Net Book Value Percentage Net Book Value Percentage Multifamily $ 4,774,344 61 % $ 4,439,830 61 % Hospitality 1,029,327 13 % 792,305 11 % Industrial 714,821 9 % 369,551 5 % Office 562,643 8 % 755,797 10 % Retail 268,571 3 % 424,374 6 % Mixed Use 206,114 3 % 94,566 1 % Various 129,712 2 % 156,031 2 % Self-Storage 96,687 1 % 317,861 4 % Loans receivable at end of period 7,782,219 100 % 7,350,315 100 % CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315
Schedule of Loan Receivables Acquired by Geographic Locations	December 31, 2023 December 31, 2022 Geographic Location (1) Net Book Value Percentage Net Book Value Percentage South $ 3,879,708 50 % $ 3,719,093 51 % West 1,459,857 19 % 1,487,391 20 % Northeast 1,442,656 18 % 1,326,408 18 % Various 678,430 9 % 507,105 7 % Midwest 321,568 4 % 310,318 4 % Loans receivable at end of period 7,782,219 100 % 7,350,315 100 % CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315 __________________________ (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 portfolio based on the Company's internal risk ratings: December 31, 2023 December 31, 2022 Risk Rating Number of Loans Net Book Value Percentage Number of Loans Net Book Value Percentage 1 — $ — — — $ — — 2 — — — — — — 3 132 7,353,659 95 % 142 7,350,315 100 % 4 9 374,697 5 % — — — 5 2 53,863 — — — — Loans receivable at end of period 143 7,782,219 100 % 142 7,350,315 100 % CECL reserve (79,851) — Loans receivable, net, at end of period $ 7,702,368 $ 7,350,315 The following table summarizes our risk rated 5 loans as of December 31, 2023, which were analyzed for specific CECL reserves: Location Origination Date Type Amortized Cost Specific CECL Reserve Non-accrual Status Seattle, WA 12/17/2021 Office $ 36,192 $ 2,967 Cost recovery - May 2023 Fox Hills, CA 12/10/2020 Office $ 17,671 $ — Cash basis - December 2023
Financing Receivable Credit Quality Indicators	Based on a 5-point scale, the Company's loans are rated "1" through "5," from less risk to greater risk, which ratings are defined as follows: Loan Risk Rating Summary Description 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/Potential for 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 The Company's primary credit quality indicator is its risk ratings, which are further discussed in Note 2. The following table presents the net book value of its loans receivable, held-for-investment portfolio as of December 31, 2023 by year of origination and risk rating: Risk Rating Net Book Value of Loans Receivable by Year of Origination December 31, 2023 2023 2022 2021 2020 2019 Prior Total 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 757,348 3,714,430 2,691,177 84,292 64,966 41,446 7,353,659 4 — 309,611 49,673 — 15,413 — 374,697 5 — — 36,192 17,671 — — 53,863 Loans receivable $ 757,348 $ 4,024,041 $ 2,777,042 $ 101,963 $ 80,379 $ 41,446 $ 7,782,219 CECL reserve (79,851) Loans receivable, net $ 7,702,368
Financing Receivable, Allowance for Credit Loss	The following table provides details on the changes in CECL reserve for funded loans by investment pool: Senior Loans Mezzanine Loans Total CECL Reserve as of December 31, 2022 $ — $ — $ — CECL reserve recorded on January 1, 2023 35,456 3,963 39,419 Increase (Decrease) in general CECL reserve 35,651 1,814 37,465 Increase (Decrease) in specific CECL reserve 11,029 — 11,029 (Charge-offs) (8,062) — (8,062) CECL reserve as of December 31, 2023 $ 74,074 $ 5,777 $ 79,851 Unfunded Commitments CECL Reserve Senior Loans Mezzanine Loans Total CECL Reserve as of December 31, 2022 $ — $ — $ — CECL reserve recorded on January 1, 2023 1,129 34 1,163 Increase (Decrease) in CECL reserve 411 (6) 405 CECL reserve as of December 31, 2023 $ 1,540 $ 28 $ 1,568
Schedule of Nonaccrual Loan Receivable Past Due	The following table presents an aging analysis for the Company's portfolio of loans held for investment on amortized cost basis: Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Loans December 31, 2023 $ 7,659,065 $ 50,109 $ 15,343 $ 51,492 $ 7,776,009 December 31, 2022 $ 7,332,094 $ 15,300 $ — $ — $ 7,347,394

Mortgage Backed Securities (Tab

Mortgage Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The table below summarizes various attributes of the Company's investments in CMBS reported at fair value as of December 31, 2023 and 2022, respectively. Gross Unrealized Weighted Average Outstanding Face Amount Amortized Cost Basis Allowance for Credit Losses Gains Losses Fair Value Coupon Maturity (years) December 31, 2023 CMBS, available-for-sale $ 172,392 $ 169,326 $ (17,582) $ 239 $ (7,224) $ 144,759 10.08% (1) 14.43 CMBS, fair value option $ 92,749 $ 90,042 $ — $ 847 $ (414) $ 90,476 7.57% (1) 2.86 December 31, 2022 CMBS, available-for-sale $ 173,207 $ 171,369 $ — $ 45 $ (11,950) $ 159,464 9.18% (2) 12.7 _______________________ (1) Calculated using the one-month SOFR rate of 5.34% as of December 31, 2023.
Debt Securities, Available-for-Sale, Allowance for Credit Loss	The Company uses a discounted cash flow method to estimate and recognize an allowance for its available-for sale securities. The following table provides details on the changes in allowance for credit losses for available-for sale securities: Year Ended December 31, 2023 Allowance for credit losses at beginning of period $ — Additions on securities for which credit losses were not previously recorded (17,582) (Increase) decrease on securities with previously recorded credit losses — Allowance for credit losses as of December 31, 2023 $ (17,582)
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 securities for which an allowance for credit losses has not been recorded that were in an unrealized loss position as of December 31, 2023 and 2022, respectively. 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, 2023 CMBS, available-for-sale $ — $ 108,128 $ — $ (7,224) December 31, 2022 CMBS, available-for-sale $ 150,230 $ 756 $ (11,889) $ (61)
Summary of Investment Held-to-maturity CMBS	The table below summarizes various attributes of the Company's investments in held-to-maturity CMBS as of December 31, 2023 and 2022, respectively. Amortized Cost Basis Credit Loss Allowance Net Carrying Amount Gross Unrecognized Holding Gains Gross Unrecognized Holding Losses Fair Value December 31, 2023 CMBS, held-to-maturity $ 75,309 $ (71) $ 75,238 $ — $ (2,282) $ 72,956 December 31, 2022 CMBS, held-to-maturity $ 68,559 $ — $ 68,559 $ — $ — $ 68,559
Debt Securities, Held-to-Maturity, Allowance for Credit Loss	The following table provides details on the changes in CECL reserve for held-to-maturity CMBS: CECL Reserve as of December 31, 2022 $ — CECL reserve recorded on January 1, 2023 939 Increase (Decrease) in CECL reserve (868) CECL reserve as of December 31, 2023 $ 71
Summary of Maturities of Investment Held-to-maturity CMBS	The table below summarizes the maturities of the Company's investments in held-to-maturity CMBS as of December 31, 2023: Total Less than 1 year 1-3 years 3-5 years More than 5 years CMBS, held-to-maturity $ 75,309 — $ 45,188 $ 30,121 —

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Properties	Investment in real estate, net, consisted of the following as of December 31, 2023 and 2022: December 31, 2023 2022 Building and building improvements $ 120,527 $ 120,527 Land and land improvements 39,186 39,186 Furniture, fixtures and equipment 1,064 1,064 In-place lease intangibles 33,530 33,402 Total 194,307 194,179 Accumulated depreciation and amortization (10,966) (3,630) Real estate, net $ 183,341 $ 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 2023 (remaining) $ — 2024 3,814 2025 3,814 2026 3,806 2027 3,803 Thereafter 12,168 Total $ 27,404

Financing Arrangements (Tables)

Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Information of Outstanding Financing Arrangement	The following tables present summary information with respect to the Company's outstanding financing arrangements as of December 31, 2023 and 2022. As of December 31, 2023 Arrangement Weighted Average Spread (2) Amount Outstanding (1) Amount Available Maturity Date Carrying Amount of Collateral Fair Value of Collateral Collateralized Loan Obligations 2019-FL1 Notes +1.66% (5) $ 193,723 $ — December 18, 2036 $ 291,770 $ 289,465 2021-FL2 Notes +1.65% (5) 633,021 — May 5, 2038 746,616 735,232 2021-FL3 Notes +1.62% (5) 928,483 — November 4, 2036 1,133,887 1,127,552 2022-FL4 Notes +2.21% (5) 837,662 — January 31, 2039 1,072,212 1,059,356 2022-FL5 Notes +2.78% (5) 560,224 — June 17, 2037 663,202 653,507 2022-FL6 Notes +2.84% (5) 552,100 — August 19, 2037 733,143 727,826 2022-FL7 Notes +3.18% (5) 631,042 — October 17, 2039 789,955 784,845 4,336,255 — 5,430,785 5,377,783 Repurchase Agreements WF-1 Facility +2.00% (3) 35,794 564,206 August 30, 2024 45,207 44,407 GS-1 Facility +3.10% (4) 18,781 431,219 January 26, 2025 84,447 84,068 RBC Facility +1.32% 29,940 — N/A 42,293 39,796 BB-1 Facility +1.96% (5) 11,474 688,526 February 21, 2025 14,802 14,713 MS-1 Facility +2.65% (6) 37,537 112,463 October 13, 2025 89,991 89,438 NTX-1 Facility (3) — 250,000 November 10, 2024 — — BMO-1 Facility +2.00% (3) 110,000 — March 1, 2024 276,478 276,233 Lucid Facility +1.15% 15,693 — N/A 23,849 23,718 259,219 2,046,414 577,067 572,373 Revolving Credit Facilities MM-1 Facility +2.14% (6)(7) 850,000 150,000 September 20, 2029 1,148,945 1,139,895 Barclays Facility +2.35% (8) 70,000 240,000 August 1, 2025 — — 920,000 390,000 1,148,945 1,139,895 Mortgage Loan +2.15% (6) 124,700 2,000 July 9, 2025 155,498 182,557 Total $ 5,640,174 $ 2,438,414 $ 7,312,295 $ 7,272,608 ________________ (1) The amount outstanding under the facilities approximates their fair value. (2) The rates are expressed over the relevant floating benchmark rates, which include Term SOFR and SOFR Average (compounded average of SOFR over a rolling 30-day period). (3) Benchmark rate is subject to a 0.00% floor. SOFR benchmark rate is selected with respect to a transaction as set forth in the related transaction confirmation for the underlying transaction. (4) Term SOFR is subject to a 0.00% floor. GS-1 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis. (5) Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor. (6) Term SOFR is subject to a 0.00% floor. (7) The rate applicable under the MM-1 Facility is subject to a credit spread adjustment of 0.11%, which was included when the benchmark transitioned from USD LIBOR to Term SOFR. (8) Borrowings under the Barclays Facility bear interest, at the Company's election, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of 2.25% per annum and a credit spread adjustment of 0.10% per annum. 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 Obligation 2019-FL1 Notes +1.55% (3) $ 196,785 $ — December 18, 2036 $ 294,751 $ 295,040 2021-FL2 Notes +1.53% (3) 646,935 — May 5, 2038 782,767 783,381 2021-FL3 Notes +1.51% (3) 928,483 — November 4, 2036 1,133,769 1,135,195 2022-FL4 Notes +2.21% (6) 837,662 — January 31, 2039 1,081,159 1,080,953 2022-FL5 Notes +3.05% (6) 570,112 — June 17, 2037 689,885 689,246 2022-FL6 Notes +2.96% (6) 566,250 — August 19, 2037 749,837 749,502 2022-FL7 Notes +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 Facility +2.04% (4) 375,381 224,619 August 30, 2023 481,146 480,371 GS-1 Facility +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 Facility +2.14% (6) 186,139 513,861 February 22, 2024 236,783 236,462 MS-1 Facility +2.86% (7) 108,263 41,737 October 13, 2025 141,312 140,787 NTX-1 Facility (4) — 187,500 November 10, 2024 — — 760,236 1,283,198 993,224 984,740 Revolving Credit Facility MM-1 Facility +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 period). (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 and Goldman Sachs may mutually agree on rates outside this range or a different floor on an asset by asset basis. (6) USD LIBOR, Term SOFR or SOFR Average (compounded average of SOFR over a rolling 30-day period), subject to a 0.00% floor. (7) Term SOFR is subject to a 0.00% floor. (8) The rate applicable under the MM-1 Facility is subject to a credit spread adjustment of 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, at either a base rate plus a spread of 1.25% per annum or one-, three- or six-month Term SOFR plus a spread of 2.25% per annum and a credit spread adjustment of 0.10% per annum.
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, 2023 based on the maturity date of each financing arrangement: Collateralized Loan Obligations (1) Repurchase Agreements Revolving Credit Facilities Mortgage Loan Total 2024 $ 41,721 $ 145,794 $ — $ — $ 187,515 2025 153,820 67,792 70,000 124,700 416,312 2026 1,859,876 — — — 1,859,876 Thereafter 2,280,838 45,633 850,000 — 3,176,471 Total $ 4,336,255 $ 259,219 $ 920,000 $ 124,700 $ 5,640,174 _______________________
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, 2023 Collateral Assets Total Count Principal Balance 2019-FL1 14 $ 292,291 2021-FL2 25 746,703 2021-FL3 33 1,134,028 2022-FL4 25 1,072,661 2022-FL5 24 663,267 2022-FL6 23 733,244 2022-FL7 20 790,087 Total 164 $ 5,432,281
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, 2023 2022 Face value $ 4,336,255 $ 4,383,819 Unamortized deferred financing costs (25,293) (34,983) Unamortized discount (8,992) (12,135) Net book value $ 4,301,970 $ 4,336,701 December 31, 2023 2022 Face value $ 259,219 $ 760,236 Unamortized deferred financing costs (2,489) (3,420) Net book value $ 256,730 $ 756,816 December 31, 2023 2022 Face value $ 920,000 $ 310,982 Unamortized deferred financing costs (9,803) (12,438) Net book value $ 910,197 $ 298,544 December 31, 2023 2022 Face value $ 124,700 $ 124,700 Unamortized deferred financing costs (1,043) (2,132) Net book value $ 123,657 $ 122,568

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table describes the fees and expenses accrued under the advisory agreement and sub-advisory agreement during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, Related Party Source Agreement Description 2023 2022 2021 FS Real Estate Advisor Advisory Agreement Base Management Fee (1) $ 34,884 $ 23,352 $ 7,024 FS Real Estate Advisor Advisory Agreement Performance Fee (2) $ 23,356 $ 8,828 $ 1,373 FS Real Estate Advisor Advisory Agreement Administrative Services Expenses (3) $ — $ 12,825 $ 4,556 FS Real Estate Advisor Advisory Agreement Administrative Services Fee (4) $ 28,214 $ 2,072 $ — FS Real Estate Advisor Advisory Agreement Capital Markets Fees $ — $ 3,250 $ — Rialto Sub-Advisory Agreement Valuation Services Fees (5) $ 439 $ 412 $ 220 FS Real Estate Advisor or Rialto Advisory Agreement Origination Fees $ 8,518 $ 36,778 $ 30,845 _______________________ (1) During the years ended December 31, 2023, 2022 and 2021, FS Real Estate Advisor received $33,041, $6,221 and $5,177, respectively, in cash and $0, $11,409 and $915, respectively, in performance contingent rights as payment for base management fees. As of December 31, 2023, $9,366 in base management fees were payable to FS Real Estate Advisor. (2) During the years ended December 31, 2023, 2022 and 2021, $22,514, $4,461 and $1,284, respectively, in performance fees were paid to FS Real Estate Advisor. As of December 31, 2023, $5,614 in performance fees were payable to FS Real Estate Advisor. (3) During the years ended December 31, 2023, 2022 and 2021, $1,751, $12,582 and $4,139, 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. (5) During the years ended December 31, 2023, 2022 and 2021, $327, $431, and $116 in valuation fees were paid by the Company to Rialto.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021: Shares Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2020 912,469 137,116 1,245,658 5,778,640 546,298 1,971,039 2,171,528 12,762,748 Issuance of common stock — 843,659 165,006 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 Repurchases 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 Repurchases 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 Issuance of common stock — — 102,378 15,214,848 149,847 916,066 16,702,698 33,085,837 Reinvestment of distributions 29,512 — 42,843 2,016,127 16,302 111,822 1,607,976 3,824,582 Repurchases of common stock (142,779) — (137,092) (7,413,403) (50,722) (469,359) (5,767,365) (13,980,720) Transfers in or out (10,259) — (296,640) (141,089) (212,325) (263,933) 949,162 24,916 Balance as of December 31, 2023 734,184 906,648 1,312,367 64,584,819 646,101 4,939,668 47,503,635 120,627,422 Amount Class F Class Y Class T Class S Class D Class M Class I Total Balance as of December 31, 2020 $ 22,378 $ 3,449 $ 29,971 $ 134,705 $ 13,573 $ 46,154 $ 53,597 $ 303,827 Issuance of common stock — 20,749 4,134 427,901 3,708 33,564 222,290 712,346 Reinvestment of distributions 763 — 986 9,098 336 1,246 3,108 15,537 Repurchases of common stock (843) (1,827) (948) (6,477) (365) (2,332) (11,781) (24,573) 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 Repurchases 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 Issuance of common stock — — 2,549 381,727 3,730 22,855 392,993 803,854 Reinvestment of distributions 740 — 1,064 50,551 406 2,789 38,993 94,543 Repurchases of common stock (3,578) — (3,404) (185,900) (1,261) (11,701) (139,867) (345,711) Transfers in or out (257) — (7,369) (3,539) (5,281) (6,584) 23,030 — Accrued stockholder servicing fees (1) — — (75) (18,897) (22) (469) — (19,463) Balance as of December 31, 2023 $ 17,913 $ 22,371 $ 31,238 $ 1,498,287 $ 15,989 $ 115,412 $ 1,147,391 $ 2,848,601 _______________________ (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, 2023: Record Date Class F Class Y Class T Class S Class D Class M Class I January 30, 2023 $ 0.1696 $ 0.1696 $ 0.1259 $ 0.1259 $ 0.1374 $ 0.1374 $ 0.1436 February 27, 2023 0.1696 0.1696 0.1259 0.1259 0.1374 0.1374 0.1436 March 30, 2023 0.1749 0.1749 0.1312 0.1312 0.1427 0.1427 0.1489 April 27, 2023 0.1749 0.1749 0.1312 0.1312 0.1427 0.1427 0.1489 May 30, 2023 0.1749 0.1749 0.1312 0.1312 0.1427 0.1427 0.1489 June 29, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 July 28, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 August 30, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 September 29, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 October 30, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 November 29, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 December 28, 2023 0.1799 0.1799 0.1362 0.1362 0.1477 0.1477 0.1539 Total $ 2.1232 $ 2.1232 $ 1.5988 $ 1.5988 $ 1.7368 $ 1.7368 $ 1.8112 The following table reflects the amount of cash distributions that the Company paid on its common stock during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Distributions: Paid or payable in cash $ 99,630 $ 59,987 $ 22,980 Reinvested in shares 94,543 56,215 15,537 Total distributions $ 194,173 $ 116,202 $ 38,517 Source of distributions: Cash flows from operating activities $ 194,173 $ 116,202 $ 38,517 Offering proceeds — — — Total sources of distributions $ 194,173 $ 116,202 $ 38,517 Net cash provided by (used in) operating activities (1) $ 256,752 $ 154,518 $ 38,583 _______________________ (1) Cash flows from operating activities are supported by expense support payments from FS Real Estate Advisor and Rialto pursuant to the Company's expense limitation agreement. See Note 7 for additional information regarding the Company's expense limitation agreement.
Schedule of Cash Distribution on Class of Common Stock	The Company currently declares and pays regular cash distributions on a monthly basis. The Company’s board of directors previously authorized regular monthly cash distributions for January 2024 through February 2024 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 2024 $ 0.1799 $ 0.1799 $ 0.1362 $ 0.1362 $ 0.1477 $ 0.1477 $ 0.1539 February 2024 $ 0.1799 $ 0.1799 $ 0.1362 $ 0.1362 $ 0.1477 $ 0.1477 $ 0.1539
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, 2023, 2022 and 2021: For the Year Ended December 31, 2023 2022 2021 Ordinary income (1) 100 % 100 % 98 % Non-taxable return of capital — — — Capital gain — — 2 % Total 100 % 100 % 100 % _______________________

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The following table presents the Company's financial assets and liabilities carried at fair value in the consolidated balance sheets by its level in the fair value hierarchy: December 31, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial Assets Mortgage-backed securities, at fair value $ 235,235 $ — $ 235,235 $ — $ 159,464 $ — $ 159,464 $ — Mortgage loans held in securitization trusts, at fair value 950,972 — — 950,972 324,263 — — 324,263 Interest rate cap 2,072 — 2,072 — 4,616 — 4,616 — Total $ 1,188,279 $ — $ 237,307 $ 950,972 $ 488,343 $ — $ 164,080 $ 324,263 Financial Liabilities Mortgage obligations issued by securitization trusts, at fair value $ 878,545 — $ 878,545 — $ 291,193 — $ 291,193 —
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, 2023 and 2022: Mortgage loans held in securitization trusts, at fair value For the year ended December 31, 2023 2022 Fair value at beginning of period $ 324,263 $ — Accretion of discount (amortization of premium) — — Net realized gain (loss) — — Unrealized gain (loss) in earnings (1) 14,032 (86) Purchases — — Sales and repayments — — Issuances — — Transfer into Level 3 — — Transfers out of Level 3 — — Consolidation of securitization trusts 612,677 324,349 Deconsolidation of securitization trusts — — Fair value at end of period $ 950,972 $ 324,263 Amount of unrealized gains (losses) attributable to assets still held at the reporting date Included in earnings $ 14,032 $ (86) Included in other comprehensive income $ — $ — _______________________ (1) For the year ended December 31, 2023, unrealized gain of $14,032 related to mortgage loans held in securitization trusts, at fair value was offset by unrealized loss of $13,733 related to mortgage obligations issued by securitization trusts, at fair value.
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, 2023 December 31, 2022 Book Value Face Amount Fair Value Book Value Face Amount Fair Value Financial Assets Cash, cash equivalents and restricted cash $ 256,001 $ 256,001 $ 256,001 $ 201,618 $ 201,618 $ 201,618 Loans receivable, held-for-investment (1) $ 7,702,368 $ 7,778,599 $ 7,695,871 $ 7,350,315 $ 7,350,271 $ 7,339,105 Mortgage-backed securities held-to-maturity $ 75,238 $ 80,300 $ 72,956 $ 68,559 $ 80,300 $ 68,559 Financial Liabilities Repurchase agreements (2) $ 256,730 $ 259,219 $ 259,219 $ 756,816 $ 760,236 $ 760,236 Credit facilities (2) $ 910,197 $ 920,000 $ 920,000 $ 298,544 $ 310,982 $ 310,982 Collateralized loan obligations (2)(3) $ 4,301,970 $ 4,327,263 $ 4,327,263 $ 4,336,701 $ 4,371,684 $ 4,371,684 Mortgage note payable (2) $ 123,657 $ 124,700 $ 124,700 $ 122,568 $ 124,700 $ 124,700 __________________ (1) Book value of loans receivable represents the face amount, net of CECL reserve, 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.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: December 31, 2023 2022 Assets: Restricted cash $ 92,457 $ — Loans receivable, held-for-investment 5,430,785 5,546,779 Interest receivable 26,891 24,144 Other assets 8,180 853 Mortgage loans held in securitization trusts, at fair value 950,972 324,263 Total assets $ 6,509,285 $ 5,896,039 Liabilities Collateralized loan obligations, net $ 4,301,970 $ 4,336,701 Interest payable 12,963 12,631 Other liabilities 533 473 Mortgage obligations issued by securitization trusts, at fair value 878,545 291,193 Total liabilities $ 5,194,011 $ 4,640,998

Derivative Instrument (Tables)

Derivative Instrument (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023. 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 $ 2,072 __________________ (1) Included in Other assets in the Company's consolidated balance sheets.
Summary of Fair Value of the Company Derivative Financial Instrument	The following table details the fair value of the Company's derivative financial instrument: Type of Derivative Realized/Unrealized Gain (Loss) Location of Gain (Loss) Recognized in Net Income Year Ended December 31, 2023 2022 Interest Rate Cap Unrealized Loss (1) $ (2,543) $ 650 __________________ (1) Included in Other income (loss) in the Company's consolidated statements of operations.

Principal Business and Organi_2

Principal Business and Organization (Detail) - Class T, Class S, Class D, Class M and Class I shares - Maximum $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 2,750,000
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	2,500,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Common stock value submitted for approval under initial public offering	$ 250,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended			86 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Accounting Policies [Abstract]
Cash investment in money market fund	$ 118,633,000	$ 164,547,000		$ 118,633,000
Percentage of reimbursement revenue	0.75%
Offering costs incurred				24,536,000
Current income tax	$ 2,533,000	1,251,000	$ 614,000
Unrecognized interest or penalties	0	0	$ 0
Accrued unrecognized interest or penalties	$ 0	$ 0		$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 147,035	$ 183,665
Restricted cash	108,966	17,953
Total cash, cash equivalents and restricted cash	$ 256,001	$ 201,618	$ 85,808	$ 17,874

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule Of Impact Of ASU 2016-13 Adoption (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Loans receivable, held-for-investment
CECL reserve on Loans receivable, held-for-investment	$ 79,851		$ 0
CECL reserve on Mortgage-backed securities held-to-maturity	71		0
Liabilities
CECL reserve on unfunded loan commitments	1,568		0
Total impact of 2016-13 adoption on retained earnings	$ (72,058)		13,448
Cumulative Effect, Period of Adoption, Adjustment
Loans receivable, held-for-investment
CECL reserve on Loans receivable, held-for-investment			39,419
CECL reserve on Mortgage-backed securities held-to-maturity			939
Liabilities
CECL reserve on unfunded loan commitments			$ 1,163
Impact of ASU 2016-13 Adoption | Cumulative Effect, Period of Adoption, Adjustment
Loans receivable, held-for-investment
CECL reserve on Loans receivable, held-for-investment		$ 39,419
CECL reserve on Mortgage-backed securities held-to-maturity		939
Liabilities
CECL reserve on unfunded loan commitments		1,163
Total impact of 2016-13 adoption on retained earnings		41,521
Impact of ASU 2016-13 Adoption | Cumulative Effect, Period of Adoption, Adjustment | Senior loans
Loans receivable, held-for-investment
CECL reserve on Loans receivable, held-for-investment		35,456
Impact of ASU 2016-13 Adoption | Cumulative Effect, Period of Adoption, Adjustment | Mezzanine loans
Loans receivable, held-for-investment
CECL reserve on Loans receivable, held-for-investment		$ 3,963

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Useful Lives of Investments in Real Estate (Details)	Dec. 31, 2023
Minimum | Building
Property, Plant and Equipment [Line Items]
Depreciable life	30 years
Minimum | Building and land improvements
Property, Plant and Equipment [Line Items]
Depreciable life	2 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Depreciable life	1 year
Maximum | Building
Property, Plant and Equipment [Line Items]
Depreciable life	42 years
Maximum | Building and land improvements
Property, Plant and Equipment [Line Items]
Depreciable life	20 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [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, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	143	142
Principal balance	$ 7,778,599	$ 7,350,271
Net book value	7,702,368	7,350,315
Unfunded loan commitments	$ 390,312	$ 574,510
Weighted-average cash coupon	3.86%	3.83%
Weighted-average all-in yield	3.92%	3.90%
Weighted-average maximum maturity (years)	3 years 1 month 6 days	4 years
Secured Overnight Financing Rate (SOFR)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate	5.34%	4.36%
LIBOR
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate		4.39%

Loans Receivable - Summary of A

Loans Receivable - Summary of Activity in Loan Portfolio (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Losses [Roll Forward]
Loans receivable at beginning of period	$ 7,350,315	$ 3,841,868
Loan fundings	1,170,567	4,141,859
Loan repayments	(736,492)	(636,594)
Amortization of deferred fees on loans	6,889	4,023
Credit loss charge off	(8,062)	0
Exit and extension fees received on loans receivable	(998)	(841)	$ (1,119)
Loans receivable at end of period	7,782,219	7,350,315	$ 3,841,868
CECL reserve	(79,851)	0
Loans receivable, net, at end of period	$ 7,702,368	$ 7,350,315

Loans Receivable - Loan Receiva

Loans Receivable - Loan Receivables Acquired By Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 7,782,219	$ 7,350,315	$ 3,841,868
CECL reserve	(79,851)	0
Loans receivable, net, at end of period	$ 7,702,368	$ 7,350,315
Percentage	100%	100%
Multifamily
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 4,774,344	$ 4,439,830
Percentage	61%	61%
Hospitality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 1,029,327	$ 792,305
Percentage	13%	11%
Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 714,821	$ 369,551
Percentage	9%	5%
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 562,643	$ 755,797
Percentage	8%	10%
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 268,571	$ 424,374
Percentage	3%	6%
Mixed Use
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 206,114	$ 94,566
Percentage	3%	1%
Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 129,712	$ 156,031
Percentage	2%	2%
Self-Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 96,687	$ 317,861
Percentage	1%	4%

Loans Receivable - Loan Recei_2

Loans Receivable - Loan Receivables Acquired By Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 7,782,219	$ 7,350,315	$ 3,841,868
CECL reserve	(79,851)	0
Loans receivable, net, at end of period	$ 7,702,368	$ 7,350,315
Percentage	100%	100%
South
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 3,879,708	$ 3,719,093
Percentage	50%	51%
West
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 1,459,857	$ 1,487,391
Percentage	19%	20%
Northeast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 1,442,656	$ 1,326,408
Percentage	18%	18%
Various
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 678,430	$ 507,105
Percentage	9%	7%
Midwest
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, before CECL reserve	$ 321,568	$ 310,318
Percentage	4%	4%

Loans Receivable - Summary of L

Loans Receivable - Summary of Loans Receivable Based on Internal Risk Ratings (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | loan	143	142
Loans receivable, before CECL reserve	$ 7,782,219	$ 7,350,315	$ 3,841,868
Percentage	100%	100%
CECL reserve	$ (79,851)	$ 0
Loans receivable, net, at end of period	$ 7,702,368	$ 7,350,315
1
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | loan	0	0
Loans receivable, before CECL reserve	$ 0	$ 0
Percentage	0%	0%
2
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | loan	0	0
Loans receivable, before CECL reserve	$ 0	$ 0
Percentage	0%	0%
3
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | loan	132	142
Loans receivable, before CECL reserve	$ 7,353,659	$ 7,350,315
Percentage	95%	100%
4
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | loan	9	0
Loans receivable, before CECL reserve	$ 374,697	$ 0
Percentage	5%	0%
5
Loans Receivable Based On Internal Risk Ratings [Line Items]
Number of loans | loan	2	0
Loans receivable, before CECL reserve	$ 53,863	$ 0
Percentage	0%	0%

Loans Receivable, net - Summary

Loans Receivable, net - Summary of Net Book Value of Loans Receivable by Year of Origination (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 757,348
2022	4,024,041
2021	2,777,042
2020	101,963
2019	80,379
Prior	41,446
Total	7,782,219	$ 7,350,315	$ 3,841,868
CECL reserve	(79,851)	0
Loans receivable, net, at end of period	7,702,368	7,350,315
1
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0	0
2
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0	0
3
Financing Receivable, Credit Quality Indicator [Line Items]
2023	757,348
2022	3,714,430
2021	2,691,177
2020	84,292
2019	64,966
Prior	41,446
Total	7,353,659	7,350,315
4
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	309,611
2021	49,673
2020	0
2019	15,413
Prior	0
Total	374,697	0
5
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	36,192
2020	17,671
2019	0
Prior	0
Total	$ 53,863	$ 0

Loans Receivable - Summary of_2

Loans Receivable - Summary of Allowance For Credit Loss On Financing Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	$ 0
Increase (decrease) in CECL reserve	40,432
CECL reserve as of December 31, 2023	79,851
General Credit Loss Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	37,465
Specific Credit Loss Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	11,029
Charge-offs
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	(8,062)
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	39,419
Senior loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	0
CECL reserve as of December 31, 2023	74,074
Senior loans | General Credit Loss Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	35,651
Senior loans | Specific Credit Loss Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	11,029
Senior loans | Charge-offs
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	(8,062)
Senior loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	35,456
Mezzanine loans
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	0
CECL reserve as of December 31, 2023	5,777
Mezzanine loans | General Credit Loss Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	1,814
Mezzanine loans | Specific Credit Loss Reserve
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	0
Mezzanine loans | Charge-offs
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Increase (decrease) in CECL reserve	0
Mezzanine loans | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	$ 3,963

Loans Receivable - Additional I

Loans Receivable - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, held-for-sale-investment, credit loss allowances	$ 79,851	$ 0
Increase (decrease) in CECL reserve	40,432
Credit loss charge off	8,062	0
Loans receivable, with interest income payments 90 days or more past due	7,782,219	7,350,315	$ 3,841,868
Unfunded loan commitments	390,312	574,510
CECL reserve on unfunded loan commitments	1,568	0
Increase (decrease) in CECL reserve	$ 405
90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available-for-sale, nonaccrual, number of securities with interest income payments 90 days or more past due | loan	1
Loans receivable, with interest income payments 90 days or more past due	$ 15,300
Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, held-for-sale-investment, credit loss allowances	74,074	0
Senior loans receivable, amount resolved	90,577
Credit loss charge off	8,062
CECL reserve on unfunded loan commitments	1,540	0
Increase (decrease) in CECL reserve	411
Risk Rating, 5
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, with interest income payments 90 days or more past due	$ 53,863	0
Risk Rating, 5 | Capitalization Rate | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0650
Risk Rating, 5 | Capitalization Rate | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0725
Risk Rating, 5 | Discount Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Measurement input	0.0925
Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, held-for-sale-investment, credit loss allowances		39,419
CECL reserve on unfunded loan commitments		1,163
Cumulative Effect, Period of Adoption, Adjustment | Senior loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, held-for-sale-investment, credit loss allowances		35,456
CECL reserve on unfunded loan commitments		$ 1,129

Loans Receivable - Loans Receiv

Loans Receivable - Loans Receivable with High Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loans Receivable Based On Internal Risk Ratings [Line Items]
Amortized Cost	$ 7,782,219	$ 7,350,315	$ 3,841,868
Specific CECL Reserve	40,432
5
Loans Receivable Based On Internal Risk Ratings [Line Items]
Amortized Cost	53,863	$ 0
Seattle, WA | 5
Loans Receivable Based On Internal Risk Ratings [Line Items]
Amortized Cost	36,192
Specific CECL Reserve	2,967
Fox Hills, CA | 5
Loans Receivable Based On Internal Risk Ratings [Line Items]
Amortized Cost	17,671
Specific CECL Reserve	$ 0

Loans Receivable - Schedule of

Loans Receivable - Schedule of Nonaccrual Loan Receivable Past Due (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Loans receivable, nonaccrual	$ 7,776,009	$ 7,347,394
Current or Less Than 30 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable, nonaccrual	7,659,065	7,332,094
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable, nonaccrual	50,109	15,300
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable, nonaccrual	15,343	0
90 Days or More Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable, nonaccrual	$ 51,492	$ 0

Loans Receivable - Credit Loss

Loans Receivable - Credit Loss Reserve on Unfunded Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
CECL Reserve as of December 31, 2022	$ 0
Increase (Decrease) in CECL reserve	405
CECL reserve as of December 31, 2023	1,568
Cumulative Effect, Period of Adoption, Adjustment
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
CECL Reserve as of December 31, 2022	1,163
Senior loans
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
CECL Reserve as of December 31, 2022	0
Increase (Decrease) in CECL reserve	411
CECL reserve as of December 31, 2023	1,540
Senior loans | Cumulative Effect, Period of Adoption, Adjustment
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
CECL Reserve as of December 31, 2022	1,129
Mezzanine Loans
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
CECL Reserve as of December 31, 2022	0
Increase (Decrease) in CECL reserve	(6)
CECL reserve as of December 31, 2023	28
Mezzanine Loans | Cumulative Effect, Period of Adoption, Adjustment
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
CECL Reserve as of December 31, 2022	$ 34

Mortgage Backed Securities - Sc

Mortgage Backed Securities - Schedule of Available-for-sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Allowance for Credit Losses	$ (17,582)	$ 0
Secured Overnight Financing Rate (SOFR)
Debt Securities, Available-for-Sale [Line Items]
Variable rate	5.34%	4.36%
LIBOR
Debt Securities, Available-for-Sale [Line Items]
Variable rate		4.39%
Commercial Mortgage Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Outstanding Face Amount	$ 172,392	$ 173,207
Amortized Cost Basis	169,326	171,369
Allowance for Credit Losses	(17,582)	0
Gross Unrealized Gains	239	45
Gross Unrealized Losses	(7,224)	(11,950)
Fair Value	$ 144,759	$ 159,464
Weighted-average cash coupon	10.08%	9.18%
Weighted Average Remaining Duration (years)	14 years 5 months 4 days	12 years 8 months 12 days
Debt and Equity Securities, FV-NI [Line Items]
Outstanding Face Amount	$ 92,749
Amortized Cost Basis	90,042
Allowance for Credit Losses	0
Gross unrealized gains	847
Gross unrealized losses	(414)
Fair Value	$ 90,476
Weighted-average cash coupon	7.57%
Weighted Average Remaining Duration (years)	2 years 10 months 9 days

Mortgage Backed Securities - Na

Mortgage Backed Securities - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) security property	Dec. 31, 2022 security
Investments, Debt and Equity Securities [Abstract]
Debt securities, available-for-sale, nonaccrual, number of commercial mortgage-backed securities | property	2
Debt securities, available-for-sale, nonaccrual | $	$ 27,019
Debt securities available for sale unrealized loss positions number of positions | security	10	15

Mortgage Backed Securities - _2

Mortgage Backed Securities - Schedule of Recognize an Allowance for Its Available-for Sale Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period	$ 0
Additions on securities for which credit losses were not previously recorded	(17,582)
(Increase) decrease on securities with previously recorded credit losses	0
Allowance for credit losses as of December 31, 2023	$ (17,582)

Mortgage Backed Securities - _3

Mortgage Backed Securities - Schedule of Available-for-sale an Unrealized Loss Position (Details) - Commercial Mortgage Backed Securities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Estimated Fair Value
Securities with a loss less than 12 months	$ 0	$ 150,230
Securities with a loss greater than 12 months	108,128	756
Unrealized Losses
Securities with a loss less than 12 months	0	(11,889)
Securities with a loss greater than 12 months	$ (7,224)	$ (61)

Mortgage Backed Securities - Su

Mortgage Backed Securities - Summary of Investment Held-to-maturity CMBS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Credit Loss Allowance	$ (71)	$ 0
Commercial Mortgage Backed Securities
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost Basis	75,309	68,559
Credit Loss Allowance	(71)	0
Net Carrying Amount	75,238	68,559
Gross Unrecognized Holding Gains	0	0
Gross Unrecognized Holding Losses	(2,282)	0
Fair Value	$ 72,956	$ 68,559

Mortgage Backed Securities - _4

Mortgage Backed Securities - Summary of Debt Securities, Held-to-Maturity, Allowance for Credit Loss (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	$ 0
Increase (Decrease) in CECL reserve	(868)
CECL reserve as of December 31, 2023	71
Cumulative Effect, Period of Adoption, Adjustment
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
CECL Reserve as of December 31, 2022	$ 939

Mortgage Backed Securities - _5

Mortgage Backed Securities - Summary of Maturities of Investment Held-to-maturity CMBS (Detail) - Commercial Mortgage Backed Securities $ in Thousands	Dec. 31, 2023 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Total	$ 75,309
Less than 1 year	0
1-3 years	45,188
3-5 years	30,121
More than 5 years	$ 0

Real Estate - Schedule of Real

Real Estate - Schedule of Real Estate Properties (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Total	$ 194,307	$ 194,179
Accumulated depreciation and amortization	(10,966)	(3,630)
Real estate, net	183,341	190,549
In-place lease intangibles
Real Estate [Line Items]
Total	33,530	33,402
Building and building improvements
Real Estate [Line Items]
Total	120,527	120,527
Land and land improvements
Real Estate [Line Items]
Total	39,186	39,186
Furniture, fixtures and equipment
Real Estate [Line Items]
Total	$ 1,064	$ 1,064

Real Estate - Schedule of Finit

Real Estate - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
2024	$ 3,814
2025	3,814
2026	3,806
2027	3,803
Thereafter	12,168
Total	$ 27,404

Financing Arrangements - Summar

Financing Arrangements - Summary of Information of Outstanding Financing Arrangement (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount Outstanding		$ 5,640,174	$ 5,579,737
Amount Available		2,438,414	2,284,216
Carrying Amount of Collateral	[1]	9,466,698	8,337,816
Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		7,312,295	7,138,397
Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 7,272,608	$ 7,163,689
Minimum
Debt Instrument [Line Items]
Weighted Average Spread		0%
Minimum | LIBOR
Debt Instrument [Line Items]
Weighted Average Spread			0%
Minimum | Benchmark Rate
Debt Instrument [Line Items]
Weighted Average Spread		0%
WF-1 Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted Average Spread			0%
GS-1 Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted Average Spread		0%	0%
BB-1 Facility | Minimum
Debt Instrument [Line Items]
Weighted Average Spread			0%
MM-1 Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted Average Spread		0.11%	0.11%
MM-1 Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted Average Spread		0%	0%
Mortgage Loan | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.15%
Collateralized Loan Obligations
Debt Instrument [Line Items]
Amount Outstanding		$ 4,336,255	$ 4,383,819
Amount Available		0	0
Collateralized Loan Obligations | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		5,430,785	5,546,779
Collateralized Loan Obligations | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		5,377,783	5,547,859
Collateralized Loan Obligations | 2019-FL1 Notes
Debt Instrument [Line Items]
Amount Outstanding		193,723	196,785
Amount Available		0	0
Collateralized Loan Obligations | 2019-FL1 Notes | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		291,770	294,751
Collateralized Loan Obligations | 2019-FL1 Notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 289,465	$ 295,040
Collateralized Loan Obligations | 2019-FL1 Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.66%	1.55%
Collateralized Loan Obligations | 2021-FL2 Notes
Debt Instrument [Line Items]
Amount Outstanding		$ 633,021	$ 646,935
Amount Available		0	0
Collateralized Loan Obligations | 2021-FL2 Notes | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		746,616	782,767
Collateralized Loan Obligations | 2021-FL2 Notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 735,232	$ 783,381
Collateralized Loan Obligations | 2021-FL2 Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.65%	1.53%
Collateralized Loan Obligations | 2021-FL3 Notes
Debt Instrument [Line Items]
Amount Outstanding		$ 928,483	$ 928,483
Amount Available		0	0
Collateralized Loan Obligations | 2021-FL3 Notes | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		1,133,887	1,133,769
Collateralized Loan Obligations | 2021-FL3 Notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 1,127,552	$ 1,135,195
Collateralized Loan Obligations | 2021-FL3 Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		1.62%	1.51%
Collateralized Loan Obligations | 2022-FL4 Notes
Debt Instrument [Line Items]
Amount Outstanding		$ 837,662	$ 837,662
Amount Available		0	0
Collateralized Loan Obligations | 2022-FL4 Notes | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		1,072,212	1,081,159
Collateralized Loan Obligations | 2022-FL4 Notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 1,059,356	$ 1,080,953
Collateralized Loan Obligations | 2022-FL4 Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.21%	2.21%
Collateralized Loan Obligations | 2022-FL5 Notes
Debt Instrument [Line Items]
Amount Outstanding		$ 560,224	$ 570,112
Amount Available		0	0
Collateralized Loan Obligations | 2022-FL5 Notes | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		663,202	689,885
Collateralized Loan Obligations | 2022-FL5 Notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 653,507	$ 689,246
Collateralized Loan Obligations | 2022-FL5 Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.78%	3.05%
Collateralized Loan Obligations | 2022-FL6 Notes
Debt Instrument [Line Items]
Amount Outstanding		$ 552,100	$ 566,250
Amount Available		0	0
Collateralized Loan Obligations | 2022-FL6 Notes | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		733,143	749,837
Collateralized Loan Obligations | 2022-FL6 Notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 727,826	$ 749,502
Collateralized Loan Obligations | 2022-FL6 Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		2.84%	2.96%
Collateralized Loan Obligations | 2022-FL7 Notes
Debt Instrument [Line Items]
Amount Outstanding		$ 631,042	$ 637,592
Amount Available		0	0
Collateralized Loan Obligations | 2022-FL7 Notes | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		789,955	814,611
Collateralized Loan Obligations | 2022-FL7 Notes | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 784,845	$ 814,542
Collateralized Loan Obligations | 2022-FL7 Notes | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread		3.18%	3.35%
Line of Credit | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 259,219	$ 760,236
Amount Available		2,046,414	1,283,198
Line of Credit | Revolving Credit Facilities
Debt Instrument [Line Items]
Amount Outstanding		920,000	310,982
Amount Available		390,000	999,018
Line of Credit | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		577,067	993,224
Line of Credit | Asset Pledged as Collateral without Right | Revolving Credit Facilities
Debt Instrument [Line Items]
Carrying Amount of Collateral		1,148,945	439,431
Line of Credit | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		572,373	984,740
Line of Credit | Asset Pledged as Collateral | Revolving Credit Facilities
Debt Instrument [Line Items]
Fair Value of Collateral		1,139,895	439,051
Line of Credit | WF-1 Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		35,794	375,381
Amount Available		564,206	224,619
Line of Credit | WF-1 Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		45,207	481,146
Line of Credit | WF-1 Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		$ 44,407	$ 480,371
Line of Credit | WF-1 Facility | Weighted Average | Repurchase Agreements
Debt Instrument [Line Items]
Weighted Average Spread		2%	2.04%
Line of Credit | GS-1 Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 18,781	$ 34,519
Amount Available		431,219	315,481
Line of Credit | GS-1 Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		84,447	48,276
Line of Credit | GS-1 Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		$ 84,068	$ 47,846
Line of Credit | GS-1 Facility | Weighted Average | Repurchase Agreements
Debt Instrument [Line Items]
Weighted Average Spread		3.10%	2.40%
Line of Credit | RBC Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 29,940	$ 55,934
Amount Available		0	0
Line of Credit | RBC Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		42,293	85,707
Line of Credit | RBC Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		$ 39,796	$ 79,274
Line of Credit | RBC Facility | Weighted Average | Repurchase Agreements
Debt Instrument [Line Items]
Weighted Average Spread		1.32%	1.39%
Line of Credit | BB-1 Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 11,474	$ 186,139
Amount Available		688,526	513,861
Line of Credit | BB-1 Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		14,802	236,783
Line of Credit | BB-1 Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		$ 14,713	$ 236,462
Line of Credit | BB-1 Facility | Weighted Average | Repurchase Agreements
Debt Instrument [Line Items]
Weighted Average Spread		1.96%	2.14%
Line of Credit | MS-1 Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 37,537	$ 108,263
Amount Available		112,463	41,737
Line of Credit | MS-1 Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		89,991	141,312
Line of Credit | MS-1 Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		$ 89,438	$ 140,787
Line of Credit | MS-1 Facility | Weighted Average | Repurchase Agreements
Debt Instrument [Line Items]
Weighted Average Spread		2.65%	2.86%
Line of Credit | NTX-1 Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 0	$ 0
Amount Available		250,000	187,500
Line of Credit | NTX-1 Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		0	0
Line of Credit | NTX-1 Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		0	0
Line of Credit | BMO-1 Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		110,000
Amount Available		0
Line of Credit | BMO-1 Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		276,478
Line of Credit | BMO-1 Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		$ 276,233
Line of Credit | BMO-1 Facility | Weighted Average | Repurchase Agreements
Debt Instrument [Line Items]
Weighted Average Spread		2%
Line of Credit | Lucid Facility | Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding		$ 15,693
Amount Available		0
Line of Credit | Lucid Facility | Asset Pledged as Collateral without Right | Repurchase Agreements
Debt Instrument [Line Items]
Carrying Amount of Collateral		23,849
Line of Credit | Lucid Facility | Asset Pledged as Collateral | Repurchase Agreements
Debt Instrument [Line Items]
Fair Value of Collateral		$ 23,718
Line of Credit | Lucid Facility | Weighted Average | Repurchase Agreements
Debt Instrument [Line Items]
Weighted Average Spread		1.15%
Line of Credit | MM-1 Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Amount Outstanding		$ 850,000	310,982
Amount Available		150,000	689,018
Line of Credit | MM-1 Facility | Asset Pledged as Collateral without Right | Revolving Credit Facilities
Debt Instrument [Line Items]
Carrying Amount of Collateral		1,148,945	439,431
Line of Credit | MM-1 Facility | Asset Pledged as Collateral | Revolving Credit Facilities
Debt Instrument [Line Items]
Fair Value of Collateral		$ 1,139,895	$ 439,051
Line of Credit | MM-1 Facility | Weighted Average | Revolving Credit Facilities
Debt Instrument [Line Items]
Weighted Average Spread		2.14%	2.14%
Line of Credit | Barclays Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument credit spread adjustment		0.10%
Line of Credit | Barclays Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Amount Outstanding		$ 70,000	$ 0
Amount Available		240,000	$ 310,000
Debt instrument credit spread adjustment			0.10%
Line of Credit | Barclays Facility | Asset Pledged as Collateral without Right | Revolving Credit Facilities
Debt Instrument [Line Items]
Carrying Amount of Collateral		0	$ 0
Line of Credit | Barclays Facility | Asset Pledged as Collateral | Revolving Credit Facilities
Debt Instrument [Line Items]
Fair Value of Collateral		$ 0	$ 0
Line of Credit | Barclays Facility | Weighted Average | Revolving Credit Facilities
Debt Instrument [Line Items]
Weighted Average Spread		2.35%
Line of Credit | Barclays Facility | Minimum | Revolving Credit Facilities
Debt Instrument [Line Items]
Weighted Average Spread			1.25%
Line of Credit | Barclays Facility | Minimum | Revolving Credit Facilities | Base Rate
Debt Instrument [Line Items]
Weighted Average Spread		1.25%
Line of Credit | Barclays Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Weighted Average Spread		2.25%
Line of Credit | Barclays Facility | Maximum | Revolving Credit Facilities
Debt Instrument [Line Items]
Weighted Average Spread			2.25%
Mortgage Loan
Debt Instrument [Line Items]
Amount Outstanding		$ 124,700
Mortgage Loan | Mortgage Loan
Debt Instrument [Line Items]
Amount Outstanding		124,700	$ 124,700
Amount Available		2,000	2,000
Mortgage Loan | Mortgage Loan | Asset Pledged as Collateral without Right
Debt Instrument [Line Items]
Carrying Amount of Collateral		155,498	158,963
Mortgage Loan | Mortgage Loan | Asset Pledged as Collateral
Debt Instrument [Line Items]
Fair Value of Collateral		$ 182,557	$ 192,039
Mortgage Loan | Mortgage Loan | Weighted Average
Debt Instrument [Line Items]
Weighted Average Spread			2.15%
[1]The December 31, 2023 and 2022 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, 2023 and 2022, assets of the VIEs totaled $6,509,285 and $5,896,039, respectively, and liabilities of the VIEs totaled $5,194,011 and $4,640,998, respectively. See Note 10 to our consolidated financial statements included herein for further details.

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)	Dec. 14, 2023 guaranty agreement amendment
Debt Disclosure [Abstract]
Average borrowings | $	$ 5,645,887	$ 4,560,400
Weighted Average Interest Rate	7.24%	3.83%
Number of repurchase facilities	8
Number of amendments to the master repurchase agreements | amendment			6
Number of guaranties pertaining to the master purchase agreements | guaranty			6
Number of master purchase agreements | agreement			6
Number of revolving credit facilities	2

Financing Arrangements - Summ_2

Financing Arrangements - Summary of Repayment for Secured Financings Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 187,515
2025	416,312
2026	1,859,876
Thereafter	3,176,471
Total	5,640,174	$ 5,579,737
Collateralized Loan Obligations
Debt Instrument [Line Items]
2024	41,721
2025	153,820
2026	1,859,876
Thereafter	2,280,838
Total	4,336,255	4,383,819
Line of Credit | Repurchase Agreements
Debt Instrument [Line Items]
2024	145,794
2025	67,792
2026	0
Thereafter	45,633
Total	259,219	760,236
Line of Credit | Revolving Credit Facilities
Debt Instrument [Line Items]
2024	0
2025	70,000
2026	0
Thereafter	850,000
Total	920,000	$ 310,982
Mortgage Loan
Debt Instrument [Line Items]
2024	0
2025	124,700
2026	0
Thereafter	0
Total	$ 124,700

Financing Arrangements - Summ_3

Financing Arrangements - Summary of Number of Loans and the Principal Balance (Detail) - Collateralized Loan Obligations $ in Thousands	Dec. 31, 2023 USD ($) loan
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	164
Principal Balance | $	$ 5,432,281
2019-FL1
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	14
Principal Balance | $	$ 292,291
2021-FL2 Notes
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	25
Principal Balance | $	$ 746,703
2021-FL3 Notes
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	33
Principal Balance | $	$ 1,134,028
2022-FL4 Notes
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	25
Principal Balance | $	$ 1,072,661
2022-FL5 Notes
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	24
Principal Balance | $	$ 663,267
2022-FL6 Notes
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	23
Principal Balance | $	$ 733,244
2022-FL7 Notes
Disclosure In Tabular Form Of Number Of Collateral Loans And Principal Amount Of Obligation [Line Items]
Total Count | loan	20
Principal Balance | $	$ 790,087

Financing Arrangements - Summ_4

Financing Arrangements - Summary of Net Book Value of Debt Instrument (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face value	$ 5,640,174	$ 5,579,737
Collateralized Loan Obligations
Debt Instrument [Line Items]
Face value	4,336,255	4,383,819
Unamortized deferred financing costs	(25,293)	(34,983)
Unamortized discount	(8,992)	(12,135)
Net book value	4,301,970	4,336,701
Line of Credit | Repurchase Agreements
Debt Instrument [Line Items]
Face value	259,219	760,236
Unamortized deferred financing costs	(2,489)	(3,420)
Net book value	256,730	756,816
Line of Credit | Revolving Credit Facilities
Debt Instrument [Line Items]
Face value	920,000	310,982
Unamortized deferred financing costs	(9,803)	(12,438)
Net book value	910,197	298,544
Mortgage Loan
Debt Instrument [Line Items]
Face value	124,700
Mortgage Loan | Mortgage Loan
Debt Instrument [Line Items]
Face value	124,700	124,700
Unamortized deferred financing costs	(1,043)	(2,132)
Net book value	$ 123,657	$ 122,568

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		12 Months Ended			86 Months Ended
	Dec. 01, 2022	Dec. 31, 2016	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Related Party Transaction [Line Items]
Administrative service fee percentage	100%
Offering costs incurred								$ 24,536
Offering expenses					$ 113,501	$ 107,692		$ 113,501
Valuation services fee					1,000
Outstanding face value					$ 90,177	140,622	$ 48,633
Related Party
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%
Percentage of origination fees of loan amount					1%
Related Party | Maximum
Related Party Transaction [Line Items]
Public offering					15%			15%
Related Party | Common Stock Class F
Related Party Transaction [Line Items]
Investments owned					$ 406			$ 406
Related Party | FS Real Estate Advisor
Related Party Transaction [Line Items]
Base management fee percentage	1.25%
Administrative service fee percentage	1%
Origination Fees					8,518	36,778	30,845
Capital Markets Fees					$ 0	3,250	0
Public offering					0.75%			0.75%
Offering costs previously funded					$ 6,046
Offering expenses					4,170			$ 4,170
Investments owned					$ 18,097			$ 18,097
Related Party | FS Real Estate Advisor | Expense Limitation
Related Party Transaction [Line Items]
Percentage of minimum operating expenses to be waived or paid					1.50%
Related Party | FS Real Estate Advisor | Maximum | Expense Limitation
Related Party Transaction [Line Items]
Period for which reimbursement payable					3 years
Related Party | FS Real Estate Advisor | Class T, Class S, Class D and Class M Share
Related Party Transaction [Line Items]
Stockholder servicing fees percentage					10%			10%
Related Party | FS Real Estate Advisor | Common Stock Class T
Related Party Transaction [Line Items]
Stockholder servicing fees percentage					8.75%			8.75%
Dealer manager upfront selling commissions fees percentage					3%
Upfront dealer manager fees percentage					0.50%
Selling commission and fee maximum percent					3.50%
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%
Related Party | FS Real Estate Advisor | Common Stock Class S
Related Party Transaction [Line Items]
Stockholder servicing fees percentage					8.75%			8.75%
Dealer manager upfront selling commissions fees percentage					3.50%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares					0.85%
Related Party | FS Real Estate Advisor | Common Stock Class D
Related Party Transaction [Line Items]
Stockholder servicing fees percentage					1.25%			1.25%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares					0.30%
Related Party | FS Real Estate Advisor | Common Stock Class M
Related Party Transaction [Line Items]
Stockholder servicing fees percentage					7.25%			7.25%
Stockholders servicing fee percentage on aggregate NAV of outstanding shares					0.30%
Related Party | FS Real Estate Advisor | Class T, Class T-C and Class M Shares
Related Party Transaction [Line Items]
Stockholder servicing fees percentage					10%			10%
Related Party | FS Real Estate Advisor and Rialto
Related Party Transaction [Line Items]
Origination Fees					$ 8,518	36,778	$ 30,845
Recoupment payable					$ 753
Related Party | FS Real Estate Advisor and Rialto | Class I Share Performance-contingent Rights Agreement | Performance-Contingent Rights (PCRs)
Related Party Transaction [Line Items]
Annualized distribution yield					6%
Agreement period					6 months
Period of written notice to the company by the adviser entities					10 days
Related Party | FS Real Estate Advisor and Rialto | Class I Restricted Stock Units Sub Advisory Agreement | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Agreement period	6 months
Period of written notice to the company by the adviser entities	10 days
Award vesting rights, percentage	100%
Award non vesting rights, percentage	100%
Related Party | FS Investment Solutions
Related Party Transaction [Line Items]
Offering expenses					$ 113,501	$ 107,692		$ 113,501
Related Party | FS Investments and Rialto | Private Placement
Related Party Transaction [Line Items]
Aggregate proceeds from private placement		$ 200
Issuance of common stock (in shares)		8,000
Common stock, price per share (in dollars per share)		$ 25
Related Party | Affiliate Of Rialto | Class E Notes Mortgage Backed Securities
Related Party Transaction [Line Items]
Outstanding face value			$ 15,000	$ 36,000

Related Party Transactions - Su

Related Party Transactions - Summary of Fees and Expenses Accrued under Advisory Agreement (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Base Management Fee		$ 34,884	$ 23,352	$ 7,024
Valuation Services Fees		1,000
Performance contingent rights issued		0	11,409	951
Administrative service fee percentage	100%
Related Party | FS Real Estate Advisor
Related Party Transaction [Line Items]
Base Management Fee		34,884	23,352	7,024
Performance Fee		23,356	8,828	1,373
Administrative Services Expenses		0	12,825	4,556
Administrative Services Fee		28,214	2,072	0
Capital Markets Fees		0	3,250	0
Origination Fees		8,518	36,778	30,845
Payment for management fee		33,041	6,221	5,177
Performance contingent rights issued		0	11,409	915
Management fee payable		9,366
Payment for incentive fees		22,514	4,461	1,284
Incentive fee payable		5,614
Allocation of administrative expense		1,751	12,582	4,139
Administrative service fee percentage	1%
Related Party | Rialto Capital Management
Related Party Transaction [Line Items]
Valuation Services Fees		439	412	220
Payment of valuation service fees		$ 327	$ 431	$ 116

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Common Stock Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period, amount	$ 2,317,157	$ 973,340	$ 305,712
Issuance of common stock	803,854	1,582,177	712,346
Reinvestment of distributions	$ 94,543	$ 56,215	$ 15,537
Repurchases of common stock (in shares)	13,980,720,000	9,091,329,000	991,052,000
Repurchases of common stock	$ (345,711)	$ (225,664)	$ (24,573)
Balance at end of period, amount	$ 2,791,962	$ 2,317,157	$ 973,340
Common Stock Class F
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	857,710
Balance at end of period (in shares)	734,184	857,710
Common Stock Class Y
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	906,648
Balance at end of period (in shares)	906,648	906,648
Common Stock Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	1,600,878
Balance at end of period (in shares)	1,312,367	1,600,878
Common Stock Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	54,908,336
Balance at end of period (in shares)	64,584,819	54,908,336
Common Stock Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	742,999
Balance at end of period (in shares)	646,101	742,999
Common Stock Class M
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	4,645,072
Balance at end of period (in shares)	4,939,668	4,645,072
Common Stock Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	34,011,164
Balance at end of period (in shares)	47,503,635	34,011,164
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	97,672,807	40,926,209	12,762,748
Balance at beginning of period, amount	$ 2,315,378	$ 971,310	$ 303,827
Issuance of common stock (in shares)	33,085,837	63,594,120	28,522,707
Issuance of common stock	$ 803,854	$ 1,582,177	$ 712,346
Reinvestment of distributions (in shares)	3,824,582	2,238,192	620,076
Reinvestment of distributions	$ 94,543	$ 56,215	$ 15,537
Repurchases of common stock (in shares)	13,980,720	9,091,329	991,052
Repurchases of common stock	$ (345,711)	$ (225,664)	$ (24,573)
Transfers in or out (in shares)	24,916	5,615	11,730
Transfers in or out	$ 0	$ 0	$ 0
Accrued stockholder servicing fees	$ (19,463)	$ (68,660)	$ (35,827)
Balance at end of period (in shares)	120,627,422	97,672,807	40,926,209
Balance at end of period, amount	$ 2,848,601	$ 2,315,378	$ 971,310
Common Stock | Common Stock Class F
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	857,710	902,878	912,469
Balance at beginning of period, amount	$ 21,008	$ 22,138	$ 22,378
Issuance of common stock (in shares)	0	0	0
Issuance of common stock	$ 0	$ 0	$ 0
Reinvestment of distributions (in shares)	29,512	29,603	30,439
Reinvestment of distributions	$ 740	$ 740	$ 763
Repurchases of common stock (in shares)	142,779	74,771	33,638
Repurchases of common stock	$ (3,578)	$ (1,870)	$ (843)
Transfers in or out (in shares)	(10,259)	0	(6,392)
Transfers in or out	$ (257)	$ 0	$ (160)
Accrued stockholder servicing fees	$ 0	$ 0	$ 0
Balance at end of period (in shares)	734,184	857,710	902,878
Balance at end of period, amount	$ 17,913	$ 21,008	$ 22,138
Common Stock | Common Stock Class Y
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	906,648	906,648	137,116
Balance at beginning of period, amount	$ 22,371	$ 22,371	$ 3,449
Issuance of common stock (in shares)	0	0	843,659
Issuance of common stock	$ 0	$ 0	$ 20,749
Reinvestment of distributions (in shares)	0	0	0
Reinvestment of distributions	$ 0	$ 0	$ 0
Repurchases of common stock (in shares)	0	0	74,127
Repurchases of common stock	$ 0	$ 0	$ (1,827)
Transfers in or out (in shares)	0	0	0
Transfers in or out	$ 0	$ 0	$ 0
Accrued stockholder servicing fees	$ 0	$ 0	$ 0
Balance at end of period (in shares)	906,648	906,648	906,648
Balance at end of period, amount	$ 22,371	$ 22,371	$ 22,371
Common Stock | Common Stock Class T
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	1,600,878	1,407,377	1,245,658
Balance at beginning of period, amount	$ 38,473	$ 33,862	$ 29,971
Issuance of common stock (in shares)	102,378	224,184	165,006
Issuance of common stock	$ 2,549	$ 5,596	$ 4,134
Reinvestment of distributions (in shares)	42,843	43,048	39,365
Reinvestment of distributions	$ 1,064	$ 1,074	$ 986
Repurchases of common stock (in shares)	137,092	71,276	37,860
Repurchases of common stock	$ (3,404)	$ (1,778)	$ (948)
Transfers in or out (in shares)	(296,640)	(2,455)	(4,792)
Transfers in or out	$ (7,369)	$ (61)	$ (120)
Accrued stockholder servicing fees	$ (75)	$ (220)	$ (161)
Balance at end of period (in shares)	1,312,367	1,600,878	1,407,377
Balance at end of period, amount	$ 31,238	$ 38,473	$ 33,862
Common Stock | Common Stock Class S
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	54,908,336	22,823,721	5,778,640
Balance at beginning of period, amount	$ 1,274,345	$ 531,150	$ 134,705
Issuance of common stock (in shares)	15,214,848	35,574,767	16,943,127
Issuance of common stock	$ 381,727	$ 896,258	$ 427,901
Reinvestment of distributions (in shares)	2,016,127	1,284,235	360,278
Reinvestment of distributions	$ 50,551	$ 32,334	$ 9,098
Repurchases of common stock (in shares)	7,413,403	4,760,663	256,640
Repurchases of common stock	$ (185,900)	$ (119,792)	$ (6,477)
Transfers in or out (in shares)	(141,089)	(13,724)	(1,684)
Transfers in or out	$ (3,539)	$ (345)	$ (43)
Accrued stockholder servicing fees	$ (18,897)	$ (65,260)	$ (34,034)
Balance at end of period (in shares)	64,584,819	54,908,336	22,823,721
Balance at end of period, amount	$ 1,498,287	$ 1,274,345	$ 531,150
Common Stock | Common Stock Class D
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	742,999	642,162	546,298
Balance at beginning of period, amount	$ 18,417	$ 15,945	$ 13,573
Issuance of common stock (in shares)	149,847	172,484	147,732
Issuance of common stock	$ 3,730	$ 4,310	$ 3,708
Reinvestment of distributions (in shares)	16,302	15,009	13,397
Reinvestment of distributions	$ 406	$ 375	$ 336
Repurchases of common stock (in shares)	50,722	42,579	14,551
Repurchases of common stock	$ (1,261)	$ (1,064)	$ (365)
Transfers in or out (in shares)	(212,325)	(44,077)	(50,714)
Transfers in or out	$ (5,281)	$ (1,100)	$ (1,274)
Accrued stockholder servicing fees	$ (22)	$ (49)	$ (33)
Balance at end of period (in shares)	646,101	742,999	642,162
Balance at end of period, amount	$ 15,989	$ 18,417	$ 15,945
Common Stock | Common Stock Class M
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	4,645,072	2,876,736	1,971,039
Balance at beginning of period, amount	$ 108,522	$ 66,836	$ 46,154
Issuance of common stock (in shares)	916,066	2,062,901	1,355,103
Issuance of common stock	$ 22,855	$ 51,698	$ 33,564
Reinvestment of distributions (in shares)	111,822	77,027	49,675
Reinvestment of distributions	$ 2,789	$ 2,433	$ 1,246
Repurchases of common stock (in shares)	469,359	215,053	92,799
Repurchases of common stock	$ (11,701)	$ (5,388)	$ (2,332)
Transfers in or out (in shares)	(263,933)	(156,539)	(406,282)
Transfers in or out	$ (6,584)	$ (3,926)	$ (10,197)
Accrued stockholder servicing fees	$ (469)	$ (3,131)	$ (1,599)
Balance at end of period (in shares)	4,939,668	4,645,072	2,876,736
Balance at end of period, amount	$ 115,412	$ 108,522	$ 66,836
Common Stock | Common Stock Class I
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	34,011,164	11,366,687	2,171,528
Balance at beginning of period, amount	$ 832,242	$ 279,008	$ 53,597
Issuance of common stock (in shares)	16,702,698	25,559,784	9,068,080
Issuance of common stock	$ 392,993	$ 624,315	$ 222,290
Reinvestment of distributions (in shares)	1,607,976	789,270	126,922
Reinvestment of distributions	$ 38,993	$ 19,259	$ 3,108
Repurchases of common stock (in shares)	5,767,365	3,926,987	481,437
Repurchases of common stock	$ (139,867)	$ (95,772)	$ (11,781)
Transfers in or out (in shares)	949,162	222,410	481,594
Transfers in or out	$ 23,030	$ 5,432	$ 11,794
Accrued stockholder servicing fees	$ 0	$ 0	$ 0
Balance at end of period (in shares)	47,503,635	34,011,164	11,366,687
Balance at end of period, amount	$ 1,147,391	$ 832,242	$ 279,008

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Percentage of share repurchases of aggregate net asset value		20%
Repurchases of common stock (in shares)		13,980,720,000	9,091,329,000	991,052,000
Repurchases of common stock		$ 345,711	$ 225,664	$ 24,573
Percentage of share repurchases of aggregate net asset value	5.54%		2.53%
Percentage of share repurchases authorized			2%
Percentage of share repurchase received	5%		100%
Percentage deduction on gross total income		20%
Series A Preferred Stock
Class of Stock [Line Items]
Dividend rate		12%
Minimum
Class of Stock [Line Items]
Repurchase of shares to NAV of all classes of shares, percentage		2%
Maximum
Class of Stock [Line Items]
Repurchase of shares to NAV of all classes of shares, percentage		5%

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													12 Months Ended
	Dec. 28, 2023	Nov. 29, 2023	Oct. 30, 2023	Sep. 29, 2023	Aug. 30, 2023	Jul. 28, 2023	Jun. 29, 2023	May 30, 2023	Apr. 27, 2023	Mar. 30, 2023	Feb. 27, 2023	Jan. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Distributions:
Paid or payable in cash													$ 99,630	$ 59,987	$ 22,980
Reinvestment of stockholder distributions													94,543	56,215	15,537
Total distributions													194,173	116,202	38,517
Cash flows from operating activities													194,173	116,202	38,517
Offering proceeds													0	0	0
Total sources of distributions													194,173	116,202	38,517
Net cash provided by operating activities													$ 256,752	$ 154,518	$ 38,583
Common Stock Class F
Dividends Payable [Line Items]
Distributions paid per share of common stock (usd per share)	$ 0.1799	$ 0.1799	$ 0.1799	$ 0.1799	$ 0.1799	$ 0.1799	$ 0.1799	$ 0.1749	$ 0.1749	$ 0.1749	$ 0.1696	$ 0.1696	$ 2.1232
Common Stock Class Y
Dividends Payable [Line Items]
Distributions paid per share of common stock (usd per share)	0.1799	0.1799	0.1799	0.1799	0.1799	0.1799	0.1799	0.1749	0.1749	0.1749	0.1696	0.1696	2.1232
Common Stock Class T
Dividends Payable [Line Items]
Distributions paid per share of common stock (usd per share)	0.1362	0.1362	0.1362	0.1362	0.1362	0.1362	0.1362	0.1312	0.1312	0.1312	0.1259	0.1259	1.5988
Common Stock Class S
Dividends Payable [Line Items]
Distributions paid per share of common stock (usd per share)	0.1362	0.1362	0.1362	0.1362	0.1362	0.1362	0.1362	0.1312	0.1312	0.1312	0.1259	0.1259	1.5988
Common Stock Class D
Dividends Payable [Line Items]
Distributions paid per share of common stock (usd per share)	0.1477	0.1477	0.1477	0.1477	0.1477	0.1477	0.1477	0.1427	0.1427	0.1427	0.1374	0.1374	1.7368
Common Stock Class M
Dividends Payable [Line Items]
Distributions paid per share of common stock (usd per share)	0.1477	0.1477	0.1477	0.1477	0.1477	0.1477	0.1477	0.1427	0.1427	0.1427	0.1374	0.1374	1.7368
Common Stock Class I
Dividends Payable [Line Items]
Distributions paid per share of common stock (usd per share)	$ 0.1539	$ 0.1539	$ 0.1539	$ 0.1539	$ 0.1539	$ 0.1539	$ 0.1539	$ 0.1489	$ 0.1489	$ 0.1489	$ 0.1436	$ 0.1436	$ 1.8112

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Cash Distribution On Class of Common Stock (Detail) - Subsequent Event - $ / shares	1 Months Ended
	Feb. 29, 2024	Jan. 31, 2024
Common Stock Class F
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock (usd per share)	$ 0.1799	$ 0.1799
Common Stock Class Y
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock (usd per share)	0.1799	0.1799
Common Stock Class T
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock (usd per share)	0.1362	0.1362
Common Stock Class S
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock (usd per share)	0.1362	0.1362
Common Stock Class D
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock (usd per share)	0.1477	0.1477
Common Stock Class M
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock (usd per share)	0.1477	0.1477
Common Stock Class I
Class of Stock [Line Items]
Distributions declared per share for each class of outstanding common stock (usd per share)	$ 0.1539	$ 0.1539

Stockholder's Equity - Detailed

Stockholder's Equity - Detailed distribution of company dividends on percent basis (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Ordinary income	100%	100%	98%
Non-taxable return of capital	0%	0%	0%
Capital gain	0%	0%	2%
Total	100%	100%	100%
Ordinary dividends to total distributions, percentage	99%	100%	94%
Percentage of qualifying dividends	1%	0%	4%

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 (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets
Mortgage-backed securities, at fair value	$ 235,235	$ 159,464
Mortgage loans held in securitization trusts, at fair value	950,972	324,263
Interest rate cap	2,072	4,616
Total	1,188,279	488,343
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	878,545	291,193
Level 1
Financial Assets
Mortgage-backed securities, at fair value	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
Level 2
Financial Assets
Mortgage-backed securities, at fair value	235,235	159,464
Mortgage loans held in securitization trusts, at fair value	0	0
Interest rate cap	2,072	4,616
Total	237,307	164,080
Financial Liabilities
Mortgage obligations issued by securitization trusts, at fair value	878,545	291,193
Level 3
Financial Assets
Mortgage-backed securities, at fair value	0	0
Mortgage loans held in securitization trusts, at fair value	950,972	324,263
Interest rate cap	0	0
Total	950,972	324,263
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 changes in fair value of financial assets which are measured at fair value on a recurring basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gain, related to mortgage loan held in securitization trusts	$ 14,032
Unrealized loss, related to mortgage loan held in securitization trusts	13,733
Mortgage loans held in securitization trusts, at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	324,263	$ 0
Accretion of discount (amortization of premium)	0	0
Net realized gain (loss)	0	0
Unrealized gain (loss) in earnings	14,032	(86)
Purchases	0	0
Sales and repayments	0	0
Issuances	0	0
Transfer into Level 3	0	0
Transfers out of Level 3	0	0
Consolidation of securitization trusts	612,677	324,349
Deconsolidation of securitization trusts	0	0
Fair value at end of period	950,972	324,263
Included in earnings	14,032	(86)
Included in other comprehensive income	$ 0	$ 0

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage-backed securities, at fair value	$ 235,235	$ 159,464
Mortgage loans held in securitization trusts, at fair value	950,972	324,263
Mortgage Loans Held In Securitization Trusts, At Fair Value | Commercial Mortgage Backed Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage-backed securities, at fair value	72,442
Debt instrument, face amount	75,369
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage loans held in securitization trusts, at fair value	$ 950,972	$ 324,263
Measurement Input, Expected Term | Level 3 | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.1203
Derivative liability weighted average blended yield term	3 years 2 months 15 days
Measurement Input, Expected Term | Level 3 | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.1009
Derivative liability weighted average blended yield term	9 months
Measurement Input, Expected Term | Level 3 | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.1583
Derivative liability weighted average blended yield term	5 years

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Carrying Amount, Face Amount, and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Assets
Mortgage-backed securities held-to-maturity	$ 75,238	$ 68,559
Financial Liabilities
Collateralized loan obligations, net	4,301,970	4,336,701
Book Value
Financial Assets
Cash, cash equivalents and restricted cash	256,001	201,618
Loans receivable, held-for-investment	7,702,368	7,350,315
Mortgage-backed securities held-to-maturity	75,238	68,559
Financial Liabilities
Repurchase agreements	256,730	756,816
Credit facilities	910,197	298,544
Collateralized loan obligations, net	4,301,970	4,336,701
Mortgage note payable	123,657	122,568
Face Amount
Financial Assets
Cash, cash equivalents and restricted cash	256,001	201,618
Loans receivable, held-for-investment	7,778,599	7,350,271
Mortgage-backed securities held-to-maturity	80,300	80,300
Financial Liabilities
Repurchase agreements	259,219	760,236
Credit facilities	920,000	310,982
Collateralized loan obligations, net	4,327,263	4,371,684
Mortgage note payable	124,700	124,700
Fair Value
Financial Assets
Cash, cash equivalents and restricted cash	256,001	201,618
Loans receivable, held-for-investment	7,695,871	7,339,105
Mortgage-backed securities held-to-maturity	72,956	68,559
Financial Liabilities
Repurchase agreements	259,219	760,236
Credit facilities	920,000	310,982
Collateralized loan obligations, net	4,327,263	4,371,684
Mortgage note payable	$ 124,700	$ 124,700

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of detailed information about the assets and liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets
Restricted cash		$ 108,966	$ 17,953
Loans receivable, held-for-investment, net of credit loss allowances of $79,851 and $0, respectively		7,702,368	7,350,315
Interest receivable		42,292	32,240
Other assets		13,071	9,281
Mortgage loans held in securitization trusts, at fair value		950,972	324,263
Total assets	[1]	9,466,698	8,337,816
Liabilities
Collateralized loan obligations		4,301,970	4,336,701
Interest payable		30,593	19,379
Other liabilities		32,146	27,278
Mortgage obligations issued by securitization trusts, at fair value		878,545	291,193
Total liabilities	[1]	6,674,736	6,020,659
Variable Interest Entity, Primary Beneficiary
Assets
Restricted cash		92,457	0
Loans receivable, held-for-investment, net of credit loss allowances of $79,851 and $0, respectively		5,430,785	5,546,779
Interest receivable		26,891	24,144
Other assets		8,180	853
Mortgage loans held in securitization trusts, at fair value		950,972	324,263
Total assets		6,509,285	5,896,039
Liabilities
Collateralized loan obligations		4,301,970	4,336,701
Interest payable		12,963	12,631
Other liabilities		533	473
Mortgage obligations issued by securitization trusts, at fair value		878,545	291,193
Total liabilities		$ 5,194,011	$ 4,640,998
[1]The December 31, 2023 and 2022 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, 2023 and 2022, assets of the VIEs totaled $6,509,285 and $5,896,039, respectively, and liabilities of the VIEs totaled $5,194,011 and $4,640,998, respectively. See Note 10 to our consolidated financial statements included herein for further details.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 334,749

Derivative Instrument - Summary

Derivative Instrument - Summary of Derivative Instruments (Detail) - Interest Rate Cap $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Notional Amount	$ 126,700
Strike	2.25%
Effective Date	Jun. 21, 2022
Maturity Date	Jul. 09, 2024
Fair Value	$ 2,072

Derivative Instrument - Summa_2

Derivative Instrument - Summary of Fair Value of the Company Derivative Financial Instrument (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net change in unrealized gain on interest rate cap	$ (2,543)	$ 650	$ 0

Subsequent Events (Detail)

Subsequent Events (Detail)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2024	Dec. 31, 2022	Dec. 31, 2022
Subsequent Event [Line Items]
Percentage of share repurchases of aggregate net asset value		5.54%	2.53%
Percentage of share repurchases authorized			2%
Percentage of share repurchase received		5%	100%
Subsequent Event
Subsequent Event [Line Items]
Percentage of share repurchases of aggregate net asset value	2.01%
Percentage of share repurchases authorized	2%
Percentage of share repurchase received	100%

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Schedule of Mortgage Loans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	7,778,599
Carrying Amount of Loans	7,782,219	$ 7,350,315	$ 3,841,868	$ 700,149
Principal Amount Subject to Delinquent Principal or Interest	51,800
Cumulative Effect, Period of Adoption, Adjustment | Impact of ASU 2016-13 Adoption
Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Loans	(79,851)
Cumulative Effect, Period of Adoption, Adjusted Balance | Impact of ASU 2016-13 Adoption
Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Loans	7,702,368	$ 7,350,315	$ 3,841,868
Senior loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	7,635,752
Carrying Amount of Loans	7,639,569
Principal Amount Subject to Delinquent Principal or Interest	51,800
Senior loans | Senior loans in excess of 3% Senior Loan
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	354,221
Carrying Amount of Loans	354,192
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loans | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	7,281,531
Carrying Amount of Loans	7,285,377
Principal Amount Subject to Delinquent Principal or Interest	$ 51,800
Senior loans | Multifamily | Senior loans in excess of 3% Senior Loan
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.30%
Prior Liens	$ 0
Face Amount of Loans	354,221
Carrying Amount of Loans	354,192
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loans | Multifamily | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	4,375,678
Carrying Amount of Loans	4,378,064
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loans | Hospitality | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	1,028,514
Carrying Amount of Loans	1,029,327
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loans | Industrial | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	646,987
Carrying Amount of Loans	647,340
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loans | Office | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	598,472
Carrying Amount of Loans	598,643
Principal Amount Subject to Delinquent Principal or Interest	36,500
Senior loans | Retail | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	268,538
Carrying Amount of Loans	268,571
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loans | Mixed Use | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	176,700
Carrying Amount of Loans	176,754
Principal Amount Subject to Delinquent Principal or Interest	$ 15,300
Senior loans | Various | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.65%
Prior Liens	$ 0
Face Amount of Loans	90,000
Carrying Amount of Loans	89,991
Principal Amount Subject to Delinquent Principal or Interest	0
Senior loans | Self-Storage | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	96,642
Carrying Amount of Loans	96,687
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Senior loans | Minimum | Multifamily | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.25%
Senior loans | Minimum | Hospitality | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.15%
Senior loans | Minimum | Industrial | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.11%
Senior loans | Minimum | Office | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.80%
Senior loans | Minimum | Retail | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.15%
Senior loans | Minimum | Mixed Use | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.90%
Senior loans | Minimum | Self-Storage | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.45%
Senior loans | Maximum | Multifamily | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.75%
Senior loans | Maximum | Hospitality | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.58%
Senior loans | Maximum | Industrial | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.30%
Senior loans | Maximum | Office | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.86%
Senior loans | Maximum | Retail | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.25%
Senior loans | Maximum | Mixed Use | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5%
Senior loans | Maximum | Self-Storage | Senior loans less than 3% of the carrying amount of total loans
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.61%
Mezzanine loan
Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Face Amount of Loans	142,847
Carrying Amount of Loans	142,650
Principal Amount Subject to Delinquent Principal or Interest	0
Mezzanine loan | Multifamily
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	42,026
Carrying Amount of Loans	42,088
Principal Amount Subject to Delinquent Principal or Interest	0
Mezzanine loan | Industrial
Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Face Amount of Loans	31,481
Carrying Amount of Loans	31,481
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mezzanine loan | Mixed Use
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	6.50%
Prior Liens	$ 0
Face Amount of Loans	29,360
Carrying Amount of Loans	29,360
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mezzanine loan | Various
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	10%
Prior Liens	$ 0
Face Amount of Loans	39,980
Carrying Amount of Loans	39,721
Principal Amount Subject to Delinquent Principal or Interest	$ 0
Mezzanine loan | Minimum | Multifamily
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	7.50%
Mezzanine loan | Minimum | Industrial
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	5.20%
Mezzanine loan | Maximum | Multifamily
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	11%
Mezzanine loan | Maximum | Industrial
Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	10%

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, 2023	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	$ 7,782,219	$ 7,350,315	$ 3,841,868	$ 700,149
Additions during period:
Loan fundings	1,170,567	4,141,859	3,500,362
Amortization of deferred fees and expenses on loans	6,889	4,023	1,190
Deductions during period:
Collections of principal	(736,492)	(636,594)	(358,714)
Exit and extension fees received on loans receivable	(998)	(841)	(1,119)
Loans sold	(8,062)	0
Loans receivable	7,782,219	7,350,315	3,841,868
Cumulative Effect, Period of Adoption, Adjustment | Impact of ASU 2016-13 Adoption
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of period	(79,851)
Deductions during period:
Loans receivable	(79,851)
Cumulative Effect, Period of Adoption, Adjusted Balance | Impact of ASU 2016-13 Adoption
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of period	7,702,368	7,350,315	3,841,868
Deductions during period:
Loans receivable	$ 7,702,368	$ 7,350,315	$ 3,841,868