9AT: FS REIT ADVISOR, LLC

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser PNC STEEL CITY ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.7b	#Funds-
Adviser LAFAYETTE ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM41.5m	#Funds-
Adviser COLUMBIA CENT CLO ADVISERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund3.0b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.0b	AUM3.0b	#Funds10
Adviser WEDGEWOOD ASSET MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund87.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund87.1m	Total Private Fund GAV174.5m	AUM174.5m	#Funds2
Adviser DAUNTLESS CAPITAL PARTNERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund112.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund34.6m	Total Private Fund GAV147.0m	AUM283.5m	#Funds12
Adviser BAYESIAN CAPITAL MANAGEMENT, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM228.8m	#Funds-
Adviser MODERN CAPITAL MANAGEMENT, CO.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM90.7m	#Funds-
Adviser WILDCAT CAPITAL MANAGEMENT, LLC	Hedge Fund4.0b	Liquidity Fund-	Private Equity Fund121.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.1b	AUM4.1b	#Funds9
Adviser BRIGADE CAPITAL UK LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM31.3b	#Funds-
Adviser CAPITOLIS ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.5b	#Funds-

Brochure Summary

Overview

FSREIT was registered with the SEC on November 4, 2019, for the purpose of providing investment advisory services to FS Credit Real Estate Income Trust, Inc. ("FSCREIT" or the "Issuer"). At present, the Adviser's only client is FSCREIT. The Adviser may, subject to any limitations described in the investment advisory agreements it enters into with its client(s), advise other investment companies, private investment funds, structured finance vehicles, institutional investors or other persons or entities (collectively, the "Clients"), at which time the Adviser will make any necessary amendments to this Brochure. The Adviser does not provide individualized advice to investors (and an investment in a Client does not, in and of itself, create an advisory relationship between the investor

and the Adviser). Investors must consider whether a particular Client meets their investment objectives and risk tolerance prior to investing. The Adviser has entered into a sub-advisory agreement with Rialto Capital Management, LLC ("Rialto" or "Sub-adviser"), a registered investment advisor under the Investment Advisers Act of 1940, as amended (the "Act" or "Advisers Act"). Rialto will act as the portfolio manager to FSCREIT under the terms and conditions of the sub-advisory agreement it entered into with the Adviser. As of December 31, 2023, the Adviser had approximately $8,515,726,000 in assets under management for its Client, which the Adviser manages on a non-discretionary basis. The primary owner of the Adviser is Franklin Square Holdings, LP. ("FSH").

As of Date	06/10/2026
Registration	SEC, Approved, 12/05/2019
ADV Location	PHILADELPHIA, PA, United States
Contact Info	215 xxxxxxx
Websites

AUM^*	9,104,574,000 7%
of that, discretionary	9,104,574,000 7%
Number of Employees	133 14%
of those in investment advisory functions	3 -25%
Private Fund GAV^*	0
Avg Account Size	9,104,574,000 7%
SMA’s	No
Private Funds	0

FS REIT ADVISOR, LLC

FS REIT ADVISOR, LLC

FS REAL ESTATE ADVISOR, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

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Brochure Summary

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FS REIT ADVISOR, LLC FS REIT ADVISOR, LLC FS REAL ESTATE ADVISOR, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Brochure Summary

Overview

FS REIT ADVISOR, LLC

FS REIT ADVISOR, LLC

FS REAL ESTATE ADVISOR, LLC