FS Credit Real Estate Income Trust Appoints New CFO, Reallocates $100M to DRIP
FS Credit Real Estate Income Trust, a monthly net asset value real estate investment trust sponsored by FS Investments, has appointed Brian Gold to serve as its chief financial officer, effective April 1, 2025, replacing Edward T. Gallivan Jr., who had served in the role since October 2024 when Christopher Condelles resigned.
Gallivan will remain employed at FS Investments and will continue to serve in other positions with FS Investments and its affiliates.
Prior to joining FS Investments, Gold served as a member of the real estate investment trust team of BrightSpire Capital, where he was managing director from March 2023 to July 2024 and a senior vice president from June 2019 to March 2023. During his time at BrightSpire, Gold led the finance and accounting team responsible for managing a diversified portfolio of commercial real estate senior mortgage loans, mezzanine loans, preferred equity, debt securities, real estate owned, and net leased properties.
Before that, Gold served as vice president of finance at Goldman Sachs from July 2015 to May 2019. In this role, he was a senior member of the financial reporting team responsible for the firm’s quarterly and annual Securities and Exchange Commission filings, alternative investment portfolios, and compliance with accounting guidance. Prior to his time with Goldman Sachs, Gold spent five years with Morgan Stanley in the finance division. Gold began his career at KPMG in the audit group.
Gold received a bachelor’s degree in accounting from Long Island University and is an active certified public accountant.
The REIT also reallocated $100 million of unissued shares from its primary offering to its distribution reinvestment plan, or DRIP. Effective April 1, 2025, the company will be offering up $2.4 billion in shares in its primary offering and up to $350 million in shares pursuant to its DRIP.
In other REIT activity, FS Credit REIT has delivered 59 consecutive months of positive total returns, according to the company, “across varying macroeconomic conditions and financial markets including a highly volatile rate environment.”
Its declared monthly NAV per share as of Feb. 28, 2025, was as follows (calculations based on full figures in filing, percentages rounded to the nearest hundredth):
Class S shares had a NAV per share of $24.9672, compared to $25.1032 per share the previous month, a 0.54% decrease.
Class T shares had a NAV per share of $24.7254, compared to $24.8588 per share the previous month, a 0.54% decrease.
Class D shares had a NAV per share of $24.7813, compared to $24.9175 per share the previous month, a 0.55% decrease.
Class M shares had a NAV per share of $24.8336, compared to $24.9704 per share the previous month, a 0.55% decrease.
Class I shares had a NAV per share of $24.0699, compared to $24.2022 per share the previous month, a 0.55% decrease.
Class F shares had a NAV per share of $25.2770, compared to $25.4092 per share the previous month, a 0.52% decrease.
Class Y shares had a NAV per share of $24.0388, compared to $24.1743 per share the previous month, a 0.56% decrease.
The current annualized distribution rate is 7.67% for Class I shares, 7.15% for Class D shares, 7.14% for Class M shares, 6.55% for Class S shares, and 6.61% for Class T shares.
It also met 100% of repurchase requests in February.
The REIT had a total NAV of approximately $2.99 billion as of the end of February 2025. This was a 0.36% decrease compared to January’s total NAV of approximately $3 billion.
As of March 17, 2025, the REIT had issued and sold in the offering approximately 57.8 million shares of its common stock in the primary offering for total proceeds of more than $1,431.25 billion and approximately 9.36 million shares of its common stock pursuant to our distribution reinvestment plan for a total value of $231.09 million.
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