Compared against all funds.
1Y return
+7.8%
44th pctile · behind most peersas of 2026-03-24
Since inception
not stated in filings
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$1.39B
as of 2026-03-24
Net expenses
not stated yet
Repurchase
5% quarterly
23 of 293 peers matchLevel 3
99.7%
73th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Entity-level expenses$26.7M
Average net asset value$1240.0M
Fixed costs as a share of net assets2.81%
Cost is driven by fund level operating expenses, not just the fee schedule: general and administrative costs ran about 1.6% of net assets in 2026, on top of a 1.25% management fee, giving about 2.8% a year for Class I. Class S pays about 3.7% because of its 0.85% servicing fee. Interest of 5.6% and the 12.5% performance fee are excluded.
Sales loadnone
Total drag per year2.81%
This is the cost for class I. It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
Based on fiscal year2025 annual report (dollar expenses divided by average NAV of about $946 million, derived from 47,174,000 weighted average shares at about .
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
This issuer reports costs in dollars rather than as an expense ratio. The figure above is 26.7M of entity-level expenses against 1240.0M of average net assets. Property operating costs, depreciation and mortgage interest sit in the returns, not here. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Performance fee accrued monthly and payable quarterly equal to 12.5% of Core Earnings for the preceding quarter, subject to a 1.25% quarterly hurdle (5.0% annualized) on adjusted capital, with a full catch-up to approximately 1.429% quarterly; not charged on Class B, R, J-1, J-2, J-3 or E shares.) apply only to returns earned. How this is calculated
Against all funds
Total drag
80th pctile · pricier than most
1Y return
44th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual report (dollar expenses divided by average NAV of about $946 million, derived from 47,174,000 weighted average shares at about $20.05 NAV per share). Annual figures, not annualized twice. Adjusted for two persisting changes shown in later filings: the Class B/R/J-1/J-2/J-3 management fee waiver expired 31 Mar 2025 (raising the fee to the contractual 1.25% for Class I), and the general and administrative expense ratio fell from 1.91% in 2025 to about 1.56% annualized in the six months ended 30 Jun 2026 as net assets grew to $1.39 billion..
Open the filing on sec.gov (0001193125-26-122217)Size and leverage
Net assets$1.39B?
Borrowings$2.35B?
Investments held120?
Started2024-06-04?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of Core Earnings per quarter (10.0% for Class F-I and Class F-S), subject to a 1.25% quarterly hurdle on adjusted capital with a full catch-up to approximately 1.429% quarterly; no performance fee on Class B, R, J-1, J-2, J-3 or E shares?
Hurdle5.00%?
High water markNo?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Funded by borrowing0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available99.70%?
MostlyMultifamily?
Who is involved
AdviserFCR Advisors LLC?
AuditorDeloitte & Touche LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class B | 1.00% | 3.50% | - | - |
| Class R | 1.85% | 2.00% | - | - |
| Class J-1 | 1.50% | 2.00% | - | - |
| Class J-2 | 1.25% | 2.00% | - | - |
| Class J-3 | 1.00% | 2.00% | - | - |
| Class J-4 | 1.75% | 2.00% | - | - |
| Class J-5 | 1.25% | - | - | - |
| Class S | 2.10% | 3.50% | - | - |
Also worth knowing
- Co-Chief Executive Officer and trustee Joshua Pack died on 29 September 2025, leaving a vacancy on the four-member board of trustees.
- Accrued shareholder servicing fee liability of $54.3 million at 30 June 2026 ($50.4 million at 31 December 2025), booked upfront under GAAP using an assumed 10-year holding period equal to about 8.75% of the NAV of servicing-fee classes, then released into NAV monthly.
- The mortgage servicing rights joint venture sold its underlying portfolio during the second quarter of 2026; the remaining interest is carried at $11.6 million against a $16.6 million cost basis, with part of the proceeds subject to holdback.
- Two new share classes, F-I and F-S, began issuing on 1 May 2026 with a reduced 10.0% performance fee versus 12.5% for other fee-paying classes; Class B is generally no longer offered after exceeding $300 million of gross proceeds.
- Management fee waiver expired 31 March 2025: 8,369 $ thousands of management fee accrued in FY2025 versus a full-rate blend of about 9,900 (The 2025 income statement understates the ongoing management fee because Class B, R, J-1, J-2 and J-3 shares paid nothing until 31 March 2025. The fee stepped up thereafter and will keep rising as higher-fee classes grow.)
- Shareholder servicing fee liability accrued upfront: 54,275 $ thousands at 30 June 2026 (GAAP charges the full estimated 10-year servicing fee to equity at sale, so reported equity is depressed while NAV is reduced only as the fee is actually incurred. It also shows the size of the future distribution cost embedded in the R, S, F-S, J-1, J-2, J-4 and D classes.)
- Borrowing capacity and availability: 850.2 $ millions available of $3.2 billion of committed and uncommitted facilities (Leverage of about $2.35 billion against $1.39 billion of NAV means interest is the single largest cost line, and facility covenants (minimum tangible net worth of $750 million rising to $1.0 billion, liquidity floors) constrain distributions and repurchases.)
- Unfunded commitments: 267.6 $ millions ($180.4 million CRE loans, $22.5 million residential bridge, $64.6 million MSR) (Future fundings must come from subscriptions or borrowings and compete with share repurchases for liquidity; the MSR commitment is contractually outstanding but not expected to be drawn.)
- Target leverage ratio: 60 to 70 % of the portfolio (Sets the expected scale of interest expense, which is excluded from drag but is by far the largest cash cost, and signals how sensitive NAV is to credit spread and rate moves.)
- Portfolio credit metrics: 70.33 % weighted average loan-to-value on CRE loans at 30 June 2026, with no delinquent principal or interest reported (Low LTV senior floating rate exposure with zero reported delinquency supports the current NAV, so the cost of ownership is not being offset by credit deterioration yet.)
- New fee-advantaged share classes: 10.0 % performance fee on Class F-I and Class F-S versus 12.5% elsewhere (Investors in newer classes pay a lower contingent fee, and Class F-S carries a 0.85% servicing fee, so the total cost gap between classes is wide and class selection matters.)
- MSR joint venture portfolio sold with holdback: 11.6 $ millions carrying value against a $16.6 million cost basis (The Company has realized a loss versus cost on its only equity style investment and part of the proceeds are contingent on post-closing conditions, a valuation input that is not observable.)
Valuation
Independent valuation firmunchanged, 2 filingsEngaged, name in filing
Valuation frequencychanged from Monthly · Mar 2026monthly
Structure
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$1.39B
Distributions exceed net investment incomeyes
Total return, 1 yearlowered from 8.4% · Jun 20268.28%
Level 3 inputs99.7%
No repurchase offer filings on record yet.
Request the six-factor report on FORTRESS CREDIT REALTY INCOME TRUST
A dated report covering performance, fees, liquidity, valuation, benchmarks, and complexity, with every value sourced to the filing it came from and the fund placed against its category. Built for the evaluation file an advisor keeps. Tell us what it is for and we will follow up with timing.
Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.