FS Credit Real Estate Income Trust, Inc. and FS CREIT Finance Holdings LLC, a direct wholly owned subsidiary of the Company, entered into a Loan and Security Agreement with City National Bank (“CNB”), as administrative agent and a lender, to (i) refinance debt incurred by any subsidiary of the Borrowers under any subsidiary financing arrangement, (ii) fund investments including through contributions of capital to such Borrower’s subsidiaries, and (iii) for other purposes permitted by the Borrowers’ organizational documents. The initial maximum amount of financing available under the CNB Facility is $10 million. This amount, with the consent of CNB, may be increased to $25 million. In addition, under the terms of the CNB Facility, the Borrowers are subject to a non-utilization fee of 0.375% per annum on the unused portion of the maximum facility amount.

Borrowings under the CNB Facility are subject to compliance with a borrowing base calculated based on the Company’s shareholder subscriptions and certain cash and assets held directly by the Company. Borrowings under the CNB Facility accrue interest at a rate equal to the London Interbank Offered Rate plus a spread of 2.25% per annum, and each borrowing must be repaid no later than 180 days after the funding date of such borrowing.

The term of the CNB Facility is two years. At the request of the Company, CNB may grant extensions of the facility termination date, so long as certain conditions are met.

The Borrowers’ obligations under the CNB Facility are secured by a first priority security interest in substantially all of the assets of the Borrowers except for (i) equity in any financing subsidiaries; (ii) any property, right, title or interest pledged in any customary equity pledge agreement pursuant to any subsidiary financing; and (iii) any assets maintained unencumbered to satisfy any subsidiary financing covenants.

Under the CNB Facility, the Borrowers made certain customary representations and warranties and are required to comply with various customary covenants, reporting requirements and other requirements, including a covenant requiring the Company to maintain its net asset value at an amount equal to or greater than $85 million from and after the closing date.