FSREM · As filed with the SEC

FS Credit Real Estate Income Trust cash flow statement, by quarter

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.

Unaudited Consolidated Statements of Cash Flows · USD thousands

USD thousands	Q2 2026^† 3 months ended Jun 30, 2026	Q1 2026 3 months ended Mar 31, 2026	Q4 2025^† 3 months ended Dec 31, 2025	Q3 2025^† 3 months ended Sep 30, 2025	Q2 2025^† 3 months ended Jun 30, 2025	Q1 2025 3 months ended Mar 31, 2025	Q4 2024^† 3 months ended Dec 31, 2024	Q3 2024^† 3 months ended Sep 30, 2024
Cash flows from operating activities
Net income	20,419^†	48,137	40,347^†	59,842^†	27,080^†	42,640	74,126^†	52,103^†
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Performance contingent rights issued	7,844^†	9,356	5,600^†	3,961^†	0^†	—	0^†	—
Restricted stock units	7,459^†	7,460	7,655^†	7,547^†	7,352^†	7,412	7,592^†	7,694^†
Amortization of deferred fees on loans and debt securities	(4,858)^†	(5,291)	(3,979)^†	(6,831)^†	(7,489)^†	(6,942)	(6,656)^†	(5,058)^†
Amortization of deferred financing costs and discount	4,274^†	3,539	5,348^†	3,493^†	4,758^†	13,708	9,884^†	5,845^†
Credit loss expense, net	12,339^†	(20,019)	(3,515)^†	(15,794)^†	16,853^†	(10,701)	(33,990)^†	(5,190)^†
Net unrealized (gain) loss on valuation of interest rate cap	453^†	354	536^†	868^†	631^†	582	390^†	1,761^†
Net realized (gain) loss on sale of mortgage-backed securities, fair value option	—	—	(111)^†	0^†	0^†	0	(4)^†	(22)^†
Real estate depreciation and amortization	4,942^†	11,645	5,564^†	3,981^†	4,364^†	6,478	7,463^†	4,251^†
Net unrealized (gain) loss on mortgage-backed securities, fair value option	128^†	(302)	761^†	(400)^†	954^†	(158)	(407)^†	86^†
Net unrealized (gain) loss on mortgage loans and obligations held in securitization trusts	467^†	2,570	287^†	(1,011)^†	(1,223)^†	853	(156)^†	(458)^†
Net unrealized (gain) loss on real estate, held-for-sale	850^†	(488)	392^†	100^†	2,342^†	—	0^†	0^†
Changes in assets and liabilities
Reimbursement due from (due to) sponsor	0^†	0	0^†	1,247^†	(890)^†	(218)	(139)^†	0^†
Interest receivable	(13,820)^†	(13,547)	(4,361)^†	(6,393)^†	(391)^†	(3,709)	(4,314)^†	1,411^†
Other assets	(1,194)^†	756	(3,528)^†	(1,201)^†	(582)^†	(321)	369^†	(1,262)^†
Due to related party	—	—	(102)^†	77^†	0^†	0	0^†	0^†
Interest payable	(4,346)^†	(5,805)	18^†	6,765^†	(5,372)^†	7,975	(15,980)^†	456^†
Other liabilities	23,409^†	(671)	(1,420)^†	1,374^†	(51)^†	(18,505)	16,166^†	3,845^†
Net cash provided by (used in) operating activities	58,763^†	37,694	45,583^†	57,625^†	48,336^†	39,094	54,344^†	65,462^†
Cash flows from investing activities
Origination and fundings of loans receivable	(1,200,534)^†	(657,402)	(1,552,038)^†	(54,741)^†	(355,717)^†	(437,698)	(583,644)^†	(119,586)^†
Principal collections from loans receivable, held-for-investment	853,767^†	333,462	789,683^†	379,662^†	362,981^†	447,503	466,132^†	560,594^†
Exit and extension fees received on loans receivable, held-for-investment	3,604^†	2,099	2,764^†	2,497^†	3,111^†	2,138	2,179^†	2,530^†
Purchases of mortgage-backed securities, at fair value	0^†	(65,628)	0^†	(3,082)^†	14^†	(64,057)	(19,388)^†	(10,962)^†
Principal repayments of mortgage-backed securities, at fair value	46,612^†	27,341	21,104^†	134,301^†	32,404^†	9,969	19,847^†	3,491^†
Principal repayments of mortgage-backed securities, held-to-maturity	0^†	30,000	0^†	0^†	50,300^†	—	0^†	0^†
Purchases of mortgage loans held in securitization trusts, at fair value	0^†	0	0^†	(38,750)^†	(45,100)^†	(17,214)	19^†	(19)^†
Principal repayments of mortgage loans held in securitization trusts at fair value	85,500^†	17,257	0^†	6,035^†	2,145^†	—	0^†	42,444^†
Capital improvements to real estate	(861)^†	(724)	(2,619)^†	(2,114)^†	(3,201)^†	(1,564)	(874)^†	(677)^†
Net cash provided by (used in) investing activities	(211,912)^†	(313,595)	(741,106)^†	423,808^†	46,937^†	(60,923)	(115,729)^†	477,815^†
Cash flows from financing activities
Issuance of common stock	73,661^†	91,369	107,127^†	117,663^†	97,345^†	123,733	90,733^†	87,890^†
Repurchases of common stock	(141,966)^†	(122,459)	(97,500)^†	(82,146)^†	(186,115)^†	(126,966)	(165,262)^†	(149,043)^†
Stockholder distributions paid	(27,383)^†	(28,070)	(27,823)^†	(27,101)^†	(27,333)^†	(26,832)	(26,974)^†	(28,364)^†
Stockholder servicing fees paid	(3,774)^†	(3,553)	(3,643)^†	(3,597)^†	(3,595)^†	(3,569)	(3,489)^†	(3,625)^†
Offering costs paid	(736)^†	(502)	(804)^†	(882)^†	(731)^†	(928)	(684)^†	(661)^†
Borrowings under repurchase agreements	658,259^†	355,512	1,366,983^†	30,153^†	257,936^†	1,023,411	609,245^†	98,338^†
Repayments under repurchase agreements	(635,444)^†	(801,476)	(310,611)^†	(207,000)^†	(168,735)^†	(403,089)	(377,799)^†	(38,847)^†
Borrowings under credit facilities	630,494^†	388,524	451,257^†	0^†	90,000^†	277,303	281,096^†	115,000^†
Repayments under credit facilities	(338,083)^†	(603,797)	(237,518)^†	0^†	(90,000)^†	(277,266)	(354,446)^†	(155,000)^†
Proceeds from issuance of collateralized loan obligations	0^†	897,561	0^†	0^†	0^†	888,011	746,894^†	0^†
Repayment of collateralized loan obligations	(37,665)^†	(49,431)	(583,413)^†	(48,260)^†	(102,856)^†	(1,352,646)	(858,471)^†	(381,238)^†
Payment of deferred financing costs	(3,560)^†	(7,643)	(16,775)^†	(189)^†	(574)^†	(9,734)	(8,812)^†	(386)^†
Net cash provided by (used in) financing activities	173,803^†	116,035	647,280^†	(221,359)^†	(134,658)^†	111,428	(67,969)^†	(455,936)^†
Total increase (decrease) in cash, cash equivalents and restricted cash	20,654^†	(159,866)	(48,243)^†	260,074^†	(39,385)^†	89,599	(129,354)^†	87,341^†
Cash, cash equivalents and restricted cash at beginning of period	192,719	352,585	400,828	140,754	180,139	90,540	219,894	132,553
Cash, cash equivalents and restricted cash at end of period	213,373	192,719	352,585	400,828	140,754	180,139	90,540	219,894
Supplemental disclosure of cash flow information and non-cash financial activities
Payments of interest	95,261^†	95,621	87,144^†	86,626^†	100,293^†	85,148	125,753^†	111,765^†
Reinvestment of stockholder distributions	25,335^†	26,067	27,191^†	26,735^†	26,248^†	27,034	26,784^†	26,788^†
Loan principal payments held by servicer	(58,863)^†	103,657	(72,022)^†	25,505^†	(74,470)^†	140,820	31,899^†	111,279^†
Mortgage obligations issued by securitization trusts, at fair value	—	—	—	—	—	—	—	(85,614)^†
Consolidation of securitization trusts	0^†	0	(1,037)^†	361,102^†	254,541^†	277,673	(59,708)^†	1,056,508^†
Deconsolidation of securitization trusts	(506,059)^†	(267,846)	0^†	0^†	0^†	—	44,506^†	—
Transfer of loans receivable held for investments to investments in real estate, held-for-investment	—	—	(47,136)^†	—	—	—	0^†	—
Modifications accounted for as repayments and new loans	0^†	40,676	0^†	0^†	0^†	—	0^†	—
Transfer of loans receivable held-for-investments to investments in real estate, held-for-sale	0^†	0	(60,331)^†	0^†	0^†	(105,000)	(57,037)^†	0^†
Transfer of investments in real estate, held-for-sale to investments in real estate, held-for-investment	109^†	105,954	—	—	0^†	—	—	—

† Derived: worked out from the filings, not stated in them. A fourth quarter is the 10-K year less the nine months in the third-quarter 10-Q; a quarter of cash flows is year to date less the prior year to date.

As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.