FSREI · As filed with the SEC
FS Credit Real Estate Income Trust cash flow statement, by fiscal year
The statement as FS Credit Real Estate Income Trust presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.
Consolidated Statements of Cash Flows · USD thousands
| USD thousands | FY2025 Year ended Dec 31, 2025 | FY2024 Year ended Dec 31, 2024 | FY2023 Year ended Dec 31, 2023 | FY2022 Year ended Dec 31, 2022 |
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Net income | 169,909 | 175,014 | 150,203 | 126,378 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||
| Performance contingent rights | — | — | — | 11,409,000 |
| Performance contingent rights | 9,561 | 0 | 0 | — |
| Restricted stock units | 29,966 | 30,521 | 28,214 | 2,072 |
| Amortization of deferred fees on loans and debt securities | — | — | — | (4,723,000) |
| Amortization of deferred fees on loans and debt securities | (25,241) | (17,577) | (14,541) | — |
| Amortization of deferred financing costs and discount | 27,307 | 26,658 | 21,347 | 12,473 |
| Net unrealized (gain) loss on valuation of interest rate cap | 2,617 | 3,899 | 2,543 | (650) |
| Net realized (gain) loss on sale of mortgage-backed securities, available-for-sale | — | 0 | — | — |
| Net realized (gain) loss on sale of mortgage-backed securities, fair value option | (111) | (359) | 0 | (441) |
| Depreciation and amortization | — | — | — | 3,630,000 |
| Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts | — | — | — | 86,000 |
| Real estate depreciation and amortization | 20,387 | 15,384 | 7,336 | — |
| Credit loss expense, net | (13,157) | 20,517 | 65,613 | — |
| Net realized gain (loss) on real estate, net | (3,909) | — | — | — |
| Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts | (1,094) | (1,692) | (299) | — |
| Net change in unrealized (gain) loss on mortgage-backed securities, fair value option | — | — | (433) | — |
| Net change in unrealized (gain) loss on mortgage-backed securities, fair value option | 1,157 | (762) | — | — |
| Net unrealized (gain) loss on real estate, held-for-sale | 2,834 | — | — | — |
| Changes in assets and liabilities | ||||
| Reimbursement (due from) due to sponsor | 139 | (139) | 605 | (605) |
| Interest receivable | (14,854) | (15,818) | (10,052) | (25,379) |
| Other assets | (5,632) | (5,753) | (6,333) | (1,812) |
| Due to related party | (25) | (1) | 1 | (62) |
| Interest payable | 9,386 | (14,794) | 11,214 | 16,788 |
| Other liabilities | (18,602) | 21,628 | 1,334 | 15,354 |
| Net cash provided by (used in) operating activities | 190,638 | 236,726 | 256,752 | 154,518 |
| Cash flows from investing activities | ||||
| Origination and fundings of loans receivable | (2,400,194) | (1,336,466) | (1,170,567) | (4,141,859) |
| Principal collections from loans receivable, held-for-investment | 1,979,829 | 1,211,531 | 729,234 | 635,672 |
| Exit and extension fee received on loans receivable | — | — | — | 841,000 |
| Proceeds from sale of loans receivable, held-for-sale | — | — | 0 | — |
| Exit and extension fees received on loans receivable, held-for-investment | 10,510 | 6,563 | 998 | — |
| Purchases of mortgage-backed securities, at fair value | (67,125) | (134,298) | (90,177) | (140,622) |
| Purchases of mortgage loans held in securitization trusts, at fair value | — | — | — | (33,088,000) |
| Principal repayments of mortgage-backed securities available-for-sale | — | — | — | 14,190,000 |
| Principal repayments of mortgage-backed securities, at fair value | — | — | 2,900 | — |
| Principal repayments of mortgage-backed securities, at fair value | 197,778 | 37,827 | — | — |
| Purchases of mortgage-backed securities, held-to-maturity | — | 0 | 0 | (30,129) |
| Acquisition of real estate and related intangibles | — | — | — | (194,179,000) |
| Principal repayments of mortgage-backed securities, held-to-maturity | 50,300 | — | — | — |
| Purchase of mortgage loans held in securitization trusts, at fair value | (101,064) | (148,045) | (38,879) | — |
| Principal repayments of mortgage loans held in securitization trusts at fair value | 8,180 | 72,822 | — | — |
| Acquisition of real estate and related intangibles | — | 0 | 0 | — |
| Capital improvements to real estate | — | — | (128) | — |
| Capital improvements to real estate | (9,498) | (1,579) | — | — |
| Net cash provided by (used in) investing activities | (331,284) | (291,645) | (566,619) | (3,889,174) |
| Cash flows from financing activities | ||||
| Issuance of common stock | 445,868 | 429,545 | 803,854 | 1,582,177 |
| Repurchases of common stock | (492,727) | (533,331) | (378,802) | (169,403) |
| Stockholder distributions paid | (109,089) | (109,881) | (97,679) | (56,113) |
| Stockholder servicing fees | — | — | — | (9,420,000) |
| Offering costs paid | — | — | — | (13,236,000) |
| Borrowing under mortgage note payable | — | — | — | 124,700,000 |
| Stockholder servicing fees paid | (14,404) | (14,346) | (13,656) | — |
| Offering costs paid | (3,345) | (3,238) | (6,046) | — |
| Borrowing under mortgage note payable | — | 0 | 0 | — |
| Borrowings under repurchase agreements | — | — | 152,576 | 1,856,718 |
| Repayments under repurchase agreements | — | — | — | (2,001,450,000) |
| Borrowings under repurchase agreements | 2,678,483 | 1,327,940 | — | — |
| Repayments under repurchase agreements | (1,089,435) | (504,489) | (653,593) | — |
| Borrowings under credit facilities | 818,560 | 609,946 | 877,084 | 1,276,366 |
| Repayments under credit facilities | — | — | — | (1,164,574,000) |
| Proceeds from issuance of collateralized loan obligations | — | — | — | 2,603,545,000 |
| Repayment of collateralized loan obligations | — | — | — | (135,880,000) |
| Repayments under credit facilities | (604,784) | (679,946) | (268,066) | — |
| Proceeds from issuance of collateralized loan obligations | 888,011 | 746,894 | 0 | — |
| Repayment of collateralized loan obligations | (2,087,175) | (1,361,432) | (47,564) | — |
| Payment of deferred financing costs | (27,272) | (18,204) | (3,858) | (42,964) |
| Proceeds from issuance of preferred stock | — | — | — | 0 |
| Net cash provided by (used in) financing activities | 402,691 | (110,542) | 364,250 | 3,850,466 |
| Total increase (decrease) in cash, cash equivalents and restricted cash | 262,045 | (165,461) | 54,383 | 115,810 |
| Cash, cash equivalents and restricted cash at beginning of year | 90,540 | 256,001 | 201,618 | 85,808 |
| Cash, cash equivalents and restricted cash at end of year | 352,585 | 90,540 | 256,001 | 201,618 |
| Supplemental disclosure of cash flow information and non-cash financial activities | ||||
| Payments of interest | 359,211 | 448,215 | 393,857 | 157,484 |
| Reinvestment of stockholder distributions | — | — | — | 56,215,000 |
| Loan principal payments held by servicer | — | — | — | 922,000 |
| Offering cost payable to FS Real Estate Advisor | — | — | — | 0 |
| Mortgage obligations issued by securitization trusts, at fair value | — | — | — | 291,193,000 |
| Reinvestment of stockholder distributions | 107,208 | 107,457 | 94,543 | — |
| Loan principal payments held by servicer | 19,833 | 146,459 | 8,180 | — |
| Offering cost payable to FS Real Estate Advisor | — | — | 0 | — |
| Mortgage obligations issued by securitization trusts, at fair value | — | — | 878,545 | — |
| Consolidation of securitization trusts | 892,279 | 996,800 | — | — |
| Deconsolidation of securitization trusts | 0 | (352,131) | — | — |
| Transfer of loans receivable held for investments to investments in real estate, held-for-investment | (47,136) | (215,528) | — | — |
| Transfer of loans receivable held for investments to investments in real estate, held-for-sale | (165,331) | (57,037) | — | — |
| Modifications accounted for as repayments and new loans | 0 | 66,869 | — | — |
As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.