FS Credit Real Estate Income Trust, Inc.

The fund is at or near its allowed leverage limit (96% of permitted leverage in use as of 2022-06-30) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
The fund is at or near its allowed leverage limit (96% of permitted leverage in use as of 2022-06-30) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance). (Rule B8: Leverage headroom critical: headroom < 5% or ceiling breach; Urgent.)

The fund is at or near its allowed leverage limit (103% of permitted leverage in use as of 2021-12-31) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
The fund is at or near its allowed leverage limit (103% of permitted leverage in use as of 2021-12-31) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance). (Rule B8: Leverage headroom critical: headroom < 5% or ceiling breach; Urgent.)

Redemptions prorated for the period ending 2020-05-31: only 93.6% of requests fulfilled. (2020-05-31)
Redemptions prorated for the period ending 2020-05-31: only 93.6% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemptions prorated for the period ending 2020-04-30: only 73.6% of requests fulfilled. (2020-04-30)
Redemptions prorated for the period ending 2020-04-30: only 73.6% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Redemptions prorated for the period ending 2020-03-31: only 65.7% of requests fulfilled. (2020-03-31)
Redemptions prorated for the period ending 2020-03-31: only 65.7% of requests fulfilled. The fund hit its redemption cap and rationed liquidity.

Net flows deteriorated to $-88.8M from $-3.2M (period ended 2025-06-30).
Net flows deteriorated to $-88.8M from $-3.2M (period ended 2025-06-30). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

FFO covered only 59% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
FFO covered only 59% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

Edward T. (2025-04-01)
Edward T. Gallivan, Jr. resigned as Chief Financial Officer a second time (no stated disagreement).

Net flows deteriorated to $-3.2M from $-74.5M (period ended 2025-03-31).
Net flows deteriorated to $-3.2M from $-74.5M (period ended 2025-03-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

Net flows deteriorated to $-74.5M from $-61.2M (period ended 2024-12-31).
Net flows deteriorated to $-74.5M from $-61.2M (period ended 2024-12-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

Christopher Condelles resigned as Chief Financial Officer (no stated disagreement); remains employed at FS Investments. (2024-10-28)
Christopher Condelles resigned as Chief Financial Officer (no stated disagreement); remains employed at FS Investments.

FFO covered only 64% of distributions in the period ended 2024-06-30; the gap was funded from capital or gains.
FFO covered only 64% of distributions in the period ended 2024-06-30; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

FFO covered only 33% of distributions in the period ended 2024-03-31; the gap was funded from capital or gains.
FFO covered only 33% of distributions in the period ended 2024-03-31; the gap was funded from capital or gains. (Rule C24: Distribution coverage (REIT, FFO basis): distribution_ffo_coverage < 100%; Notify.)

Edward T. (2023-06-20)
Edward T. Gallivan, Jr. resigned as Chief Financial Officer (no stated disagreement); remains employed at FS Investments.

Redemptions accelerated to $93.4M from $34.3M the prior period (period ended 2022-12-31).
Redemptions accelerated to $93.4M from $34.3M the prior period (period ended 2022-12-31). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

Adviser recommended a distribution INCREASE for December 2022 across all share classes (estimated annualized rate ~7.00% Class I, 6.50% Class D/M, 6.00% Class S/T), citing strong... (2022-11-03)
Adviser recommended a distribution INCREASE for December 2022 across all share classes (estimated annualized rate ~7.00% Class I, 6.50% Class D/M, 6.00% Class S/T), citing strong portfolio performance and rising rates.

Redemptions accelerated to $34.3M from $24.8M the prior period (period ended 2022-09-30).
Redemptions accelerated to $34.3M from $24.8M the prior period (period ended 2022-09-30). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

Redemptions accelerated to $24.8M from $16.9M the prior period (period ended 2022-06-30).
Redemptions accelerated to $24.8M from $16.9M the prior period (period ended 2022-06-30). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

Third Articles of Amendment: increased authorized shares to 1,275,000,000 (seven common classes: D, I, M, F, T, S, Y at various caps; 50,000,000 preferred). (2022-04-26)
Third Articles of Amendment: increased authorized shares to 1,275,000,000 (seven common classes: D, I, M, F, T, S, Y at various caps; 50,000,000 preferred).

Amended distribution reinvestment plan (DRP), effective April 21, 2022: if a DRP participant requests full repurchase and the Company repurchases less than all shares, DRP... (2022-04-21)
Amended distribution reinvestment plan (DRP), effective April 21, 2022: if a DRP participant requests full repurchase and the Company repurchases less than all shares, DRP participation terminates.

Third Articles of Amendment Effective April 26, 2022, FS Credit Real Estate Income Trust, Inc. (2022-04-21)
Third Articles of Amendment Effective April 26, 2022, FS Credit Real Estate Income Trust, Inc. (the “Company”) amended its charter pursuant to Third Articles of Amendment to increase the number of shares of stock that it has authority to issue to 1,275,000,000 shares, consisting of 1,225,000,000 shares of common stock, $0.01 par value per share, 125,000,000 of which are classified as Class D common stock, 300,000,000 of which are classified as Class I common stock, 125,000,000 of which are classified as Class M common stock, 125,000,000 of which are classified as Class F common stock, 125,000,

Redemptions accelerated to $16.9M from $13.1M the prior period (period ended 2022-03-31).
Redemptions accelerated to $16.9M from $13.1M the prior period (period ended 2022-03-31). (Rule C14: Redemption acceleration: repurchase/redemption dollars up >= 25%; Notify.)

The fund is using 85% of its allowed leverage as of 2022-03-31 (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
The fund is using 85% of its allowed leverage as of 2022-03-31 (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance). (Rule B7: Leverage headroom floor: headroom < 15% of ceiling; Notify.)

Jack Markell resigned as director/audit committee member following his confirmation as U.S. (2021-12-31)
Jack Markell resigned as director/audit committee member following his confirmation as U.S. Ambassador to the OECD.

Adviser and Sub-Adviser elected to receive a portion of management/performance fees in Class I performance-based restricted shares (PCRs) tied to distributions exceeding Adjusted... (2021-12-15)
Adviser and Sub-Adviser elected to receive a portion of management/performance fees in Class I performance-based restricted shares (PCRs) tied to distributions exceeding Adjusted Core Earnings; NAV Valuation Guidelines amended same week to include PCR shares in the share count used for NAV per share.

December 15, 2021, FS Credit Real Estate Income Trust, Inc. (2021-12-15)
December 15, 2021, FS Credit Real Estate Income Trust, Inc. (the “ Company ”) entered into the Third Amended and Restated Advisory Agreement (the “ New Advisory Agreement ”), effective as of November 30, 2021, by and between the Company and FS Real Estate Advisor, LLC (the “ Adviser ”). The New Advisory Agreement amends and restates the Second Amended and Restated Advisory Agreement, dated as of August 17, 2018 (as amended, the “ Prior Agreement ”), to permit the base management fee and performance fee to be paid, at the Adviser’s election, in (i) cash, (ii) Class I shares of common stock (“ C

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2021-12-10)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 10, 2021, the Board increased the size of the Board by one and appointed James W. Brown as a new director, effective as of the same date. Mr. Brown serves as an independent director and was appointed to serve for a term expiring at the Company’s 2022 annual meeting of stockholders. Mr. Brown has not been elected to serve as a member of the Board pursuant to any agreement or understanding with the Company or any other person and does not

The fund is using 86% of its allowed leverage as of 2021-09-30 (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
The fund is using 86% of its allowed leverage as of 2021-09-30 (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance). (Rule B7: Leverage headroom floor: headroom < 15% of ceiling; Notify.)

The fund leaned harder on leverage: 55% -> 84% of its allowed leverage in use in one period (period ended 2021-06-30).
The fund leaned harder on leverage: 55% -> 84% of its allowed leverage in use in one period (period ended 2021-06-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

Richard W. (2020-03-10)
Richard W. Vague resigned as director and audit committee member, to pursue other opportunities.

hed hereto as Exhibit 10.3 and is incorporated herein by reference. (2018-08-17)
hed hereto as Exhibit 10.3 and is incorporated herein by reference. Share Repurchase Plan On August 13, 2018, the Board adopted an amended and restated share repurchase plan (the “Share Repurchase Plan”), which replaces the share repurchase plan adopted on July 17, 2017 (the “Prior Share Repurchase Plan”). The Share Repurchase Plan amends the Prior Share Repurchase Plan to provide for, among other

Second Amended and Restated Advisory Agreement On August 17, 2018, the Company entered into a Second Amended and Restated Advisory Agreement (the “Second Amended and Restated... (2018-08-17)
Second Amended and Restated Advisory Agreement On August 17, 2018, the Company entered into a Second Amended and Restated Advisory Agreement (the “Second Amended and Restated Advisory Agreement”) with the Adviser, which replaces the Amended and Restated Advisory Agreement, dated as of August 30, 2017, between the Company and the Adviser (the “Previous Advisory Agreement”). The Second Amended and Restated Advisory Agreement is substantially similar to the Previous Advisory Agreement, other than the reference to the Adviser’s responsibility to calculate NAV on a monthly (instead of daily) basis

On August 15, 2018, Articles of Amendment (the “Articles of Amendment”) were filed and accepted for record by the State Department of Assessment and Taxation of the State of... (2018-08-15)
On August 15, 2018, Articles of Amendment (the “Articles of Amendment”) were filed and accepted for record by the State Department of Assessment and Taxation of the State of Maryland (the “SDAT”), and thereby became effective as part of the Company’s charter. The Articles of Amendment effectuate the name change of Class S shares to Class F shares and Class T-C shares to Class S shares, consistent with the Proposed Offering Modifications described above. In addition, the Articles of Amendment provide that any Class S and Class T shares held in a stockholder’s account will automatically convert

Amended distribution reinvestment plan (DRIP): shares purchased at the transaction price on the date the distribution is payable (2018 vintage, effective August 29, 2018). (2018-08-13)
Amended distribution reinvestment plan (DRIP): shares purchased at the transaction price on the date the distribution is payable (2018 vintage, effective August 29, 2018).

Amended and Restated Valuation Guidelines: NAV calculated monthly (instead of daily) as of the last calendar day of each month. (2018-08-13)
Amended and Restated Valuation Guidelines: NAV calculated monthly (instead of daily) as of the last calendar day of each month. [Inference: valuation-methodology changes have no exact taxonomy match; mapped to mandate_policy_change as the closest fit, since it governs how the fund's core investor-facing number is produced.]

Amended and restated Share Repurchase Plan: monthly (not daily) repurchase at the transaction price in effect on the repurchase date; capped at 2% of aggregate NAV per month and... (2018-08-13)
Amended and restated Share Repurchase Plan: monthly (not daily) repurchase at the transaction price in effect on the repurchase date; capped at 2% of aggregate NAV per month and 5% of aggregate NAV per calendar quarter across participating classes; Company may repurchase fewer shares than requested, or none, at its discretion. [R3 canonical source for repurchase_program_terms.]

William Goebel resigned as Chief Financial Officer (no stated disagreement). (2018-06-07)
William Goebel resigned as Chief Financial Officer (no stated disagreement).

The comparative FFO series is a consolidated-GAAP proxy built from the fund's own XBRL (net income plus real-estate depreciation and amortization, less gains on real-estate sales). It can differ from sponsor-reported FFO because sponsor reconciliations may include additional adjustments.