Private company

FORTRESS CREDIT REALTY INCOME TRUST

In its 2026 annual report the company says: “We are a Maryland statutory trust formed on June 4, 2024. We are a privately-placed, perpetual life REIT. We are externally managed by our Adviser, an affiliate of our sponsor, Fortress.”5 It is headquartered in Baltimore, United States.2

Last updated Oct 20, 2026.

Overview

$145.5MRevenue, fiscal 20253
$71.4MNet income, fiscal 20253
  • IndustryReal Estate Investment Trusts2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD4
  • Business address1345 Avenue Of The Americas, 46Th Floor, New York, Ny 101054
  • Filer category, Emerging growth company4
  • Legal formBusiness Trust2
  • Kind of organizationReal estate investment trust2
  • LEI254900YH9AWCQOE05I952
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST INCORPORATED, 21093-2264 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), B250939492

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We are a Maryland statutory trust formed on June 4, 2024 (the “Date of Formation”). We are a privately-placed, perpetual life REIT. We are externally managed by our Adviser, an affiliate of our sponsor, Fortress. We are a credit-focused diversified mortgage REIT, which will invest in the senior parts of the capital structure, with a focus on (i) floating rate loans across commercial real estate (“CRE”) debt and (ii) residential loans and assets. Our principal office is located at 1345 Avenue of the Americas, New York, NY 10105 and our telephone number is (212) 798-6100. The Company generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income to shareholders and maintain our qualification as a REIT.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

49.1%Net margin3
6.2%Return on equity3
1.45×Debt to equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs51¢$74.1M
  • Profit49¢$71.4M

Out of $145.5M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid54¢$40.0M
  • Share buybacks0¢$213.0K
  • Kept or used elsewhere46¢$33.6M

Out of $73.8M of cash from operations.3

Financial statements

Fiscal year20242025
Revenue$145.5M3
Operating expenses$27.7M3
Net income$71.4M3
Earnings per share$1.463
Earnings per share (diluted)$1.463
Shares (weighted, basic)47.2M shares3
Shares (weighted, diluted)47.2M shares3

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Corporate structure

FORTRESS CREDIT REALTY INCOME TRUST sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of FORTRESS CREDIT REALTY INCOME TRUST

  • FIG Buyer GP, LLC Filed SCHEDULE 13G/A on FORTRESS CREDIT REALTY INCOME TRUST, latest Aug 14, 2025 (2 filings since Feb 13, 2025)
  • Btg Pactual S.a. Banco Filed SCHEDULE 13G on FORTRESS CREDIT REALTY INCOME TRUST, latest Feb 13, 2025
  • FORTRESS CREDIT REALTY INCOME TRUST Baltimore, Maryland, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What FORTRESS CREDIT REALTY INCOME TRUST reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$471.5M3 Dec 31, 2025$80.7M3 Dec 31, 2024+484.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$213.1M3 Dec 31, 2025$83.8M3 Dec 31, 2024+154.4%

Properties, in its own words

Our principal office is located at 1345 Avenue of the Americas, New York, NY 10105. As part of the Management Agreement, the Adviser is responsible for providing office space and office services required in rendering services to us. We consider these facilities to be suitable and adequate for the management and operations of our business.

Item 2 of the 10-K filed Mar 24, 2026.5

Leadership

Who has led FORTRESS CREDIT REALTY INCOME TRUST, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joshua A. Pack2024–now
  2. Timothy J. Sloan2024–now

Chief financial officer

  1. Avraham Dreyfuss2024
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • TrusteeJames B. Perry named May 19, 202617

Timeline

  1. Oct 6, 20268-K Unregistered sale of shares; Other events18
  2. Oct 6, 20268-K Entered a material agreement; New debt or obligation19
  3. Sep 17, 20268-K Other events20
  4. Sep 15, 20268-K Executive or director change21
  5. Sep 4, 20268-K Unregistered sale of shares; Other events22
  6. Sep 3, 20268-K Entered a material agreement; New debt or obligation23
  7. Aug 20, 20268-K Other events24
  8. Aug 7, 20268-K Unregistered sale of shares; Other events25
  9. Jul 22, 20268-K Other events26
  10. Jul 13, 20268-K Entered a material agreement; New debt or obligation27
  11. Jul 8, 20268-K Unregistered sale of shares; Other events28
  12. Jun 18, 20268-K Other events29
  13. Nov 5, 2024New chief executive Timothy J. Sloan becomes CEO12
  14. Nov 5, 2024New chief executive Joshua A. Pack becomes CEO11
  15. Jun 4, 2024Founded FORTRESS CREDIT REALTY INCOME TRUST is founded2

Filings

110 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 65 major events, 18 insider forms, 3 large holders, 5 private raises, 11 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Oct 6, 20268-K EDGAR
  3. Sep 23, 20263 EDGAR
  4. Sep 17, 20268-K EDGAR
  5. Sep 15, 20268-K EDGAR
  6. Sep 4, 20268-K EDGAR
  7. Sep 3, 20268-K EDGAR
  8. Aug 20, 20268-K EDGAR
  9. Aug 12, 202610-Q EDGAR
  10. Aug 7, 20268-K EDGAR
  11. Aug 4, 2026ABS-15G EDGAR
  12. Jul 22, 20268-K EDGAR
  13. Jul 13, 20268-K EDGAR
  14. Jul 8, 20268-K EDGAR
  15. Jun 18, 20268-K EDGAR
  16. Jun 5, 20268-K EDGAR
  17. May 20, 20268-K EDGAR
  18. May 19, 2026D/A EDGAR
  19. May 12, 202610-Q EDGAR
  20. May 7, 20268-K EDGAR

The 110 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 1, 2025Pack Joshua ACo-Chief Executive OfficerBuy4,968$20.13$100.0KForm 4
Feb 3, 2025SLOAN TIMOTHY JCo-Chief Executive OfficerBuy24,922$20.06$499.9KForm 4
Feb 3, 2025Weber David JosephDirectorBuy12,461$20.06$250.0KForm 4
Dec 2, 2024Banco BTG Pactual S.A.10% ownerBuy2,243,024$20.06$45.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • FIG Buyer GP, LLCSCHEDULE 13G/A, 2 filings Feb 13, 2025 to Aug 14, 202530
  • Btg Pactual S.a. BancoSCHEDULE 13G, 1 filing Feb 13, 202531

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 1, 2024Raised $1.3 billion in a private offering of equity Form D: 3,384 investors so far Form D

SEC filer profile

How FORTRESS CREDIT REALTY INCOME TRUST is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFORTRESS CREDIT REALTY INCOME TRUST1
  • CIK0002026738
  • Employer ID (EIN)99-33673635
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address1345 Avenue Of The Americas, 46Th Floor, New York, NY 101051
  • Phone(212) 798-61001
  • Shares outstanding26,244,697 Common Class B shares; 4,346,881 Common Class R shares; 16,139,070 Common Class J-1 shares; 3,420,298 Common Class J-2 shares; 6,041,637,000 Common Class J-4 shares; 1,535,302,000 Common Class S shares; 7,186,747 Common Class I shares; 1,287,257 Common Class E shares as of Mar 24, 20265
  • Public float$0 as of Dec 31, 20253
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJul 30, 20241
  • Filings110 in all: 8-K (65), 4 (9), 3 (8), 10-Q (6), D/A (4), UPLOAD (3), 10-12G/A (2), 10-K (2)1
    All 16 form types

    8-A12G (2), CORRESP (2), SCHEDULE 13G (2), 10-12G (1), 3/A (1), ABS-15G (1), D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 24, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Latest 8-K (8-K) Oct 6, 2026

Risk factors and legal proceedings

The risks FORTRESS CREDIT REALTY INCOME TRUST names in Item 1A of its 10-K filed Mar 24, 2026: 78 risks under these headings, as written.5

  • Risks Related to Our Business and Operations
  • We may be limited in the number and type of investments we make and the value of your investment in us will fluctuate with the performance of the specific assets we acquire.
  • We face risks associated with the deployment of our capital.
  • If we are unable to successfully integrate new investments and manage our growth, our results of operations and financial condition may suffer.
  • Adverse economic conditions, including an economic slowdown or downturn, could have a material and adverse effect on our business, financial condition, results of operations and cash flows.
  • Global economic, political and market conditions may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.
  • The valuation of our investments may not be certain or transparent as a result of the highly volatile environments we operate in.
  • Adverse economic conditions and other events or occurrences that negatively affect the general economy in the United States or in markets in which the properties securing our investments are geographically concentrated may materially and adversely affect our results of operations.
  • Our investments may be concentrated and are subject to risk of default.
  • We are subject to additional counterparty risks in connection with engaging in private transactions, which are typically not subject to credit evaluation and regulatory oversight.
  • Inflation risks may have an adverse impact on our returns.
  • Real estate valuation is inherently subjective and uncertain.
The other 67 risks
  • Our business and operations could suffer in the event of system failures or cybersecurity breaches.
  • Our business and operations could be adversely affected by developments in artificial intelligence.
  • Actions by our competitors in the markets in which we invest may limit our ability to acquire desirable investments in our target assets and could also affect the pricing of those assets.
  • Declining real estate valuations and impairment charges could materially and adversely affect our business, financial condition, results of operations and cash flows.
  • Our business may be adversely affected by the impact on the financial markets due to potential bank failures.
  • Our investments are substantially illiquid and our ability to dispose of our investments may be further limited as a result of an absence of an established market for the investments, as well as legal, contractual and other restrictions.
  • The lack of liquidity in our investments may adversely affect our business.
  • We face credit risks with respect to our portfolio.
  • We may face various market value risks.
  • We may invest in undervalued loans and other instruments.
  • The commercial mortgage loans we originate and acquire and the mortgage loans underlying investments in CMBS are subject to the ability of the commercial property owner to generate net income from operating the property as well as the risks of delinquency and foreclosure.
  • Loans on properties in transition will involve a greater risk of loss than conventional mortgage loans.
  • The B Notes that we may acquire may be subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us.
  • Construction loans may expose us to increased lending risk, including an increased risk of loss.
  • We may be subject to contingent funding obligations under construction loans and other investments that we originate or acquire.
  • Investments we may make in CMBS may be subject to losses.
  • We may not control the special servicing of the mortgage loans included in the CMBS in which we invest, and, in such cases, the special servicer may take actions that could adversely affect our interests.
  • Investment ratings that we may use are relative and subjective.
  • Subordinated loan assets in which we may invest involve greater risks of loss than senior loans secured by income-producing properties.
  • We may invest in preferred equity and other real estate-related equity, which is subordinate to any indebtedness, but involves different rights.
  • Residential mortgage loans, RMBS and other pools of residential mortgage loans that we may acquire are subject to different types of risks than commercial mortgage loans.
  • The non-QM loans in which we may invest are subject to increased risks.
  • The residential loans, including “non-QM” loans, that we may acquire, originate or invest in may subject us to legal, regulatory and other risks, which could adversely impact our business and financial results.
  • We may invest in Alt-A mortgage loans and subprime residential mortgage loans or purchase RMBS or other securities backed by Alt-A and subprime residential loans, which are subject to increased risks.
  • We may invest in jumbo prime mortgage loans, which will expose us to additional credit risk.
  • The RMBS and CMBS in which we invest are subject to the risks of the mortgage securities market as a whole and risks of the securitization process.
  • Investments in non-conforming and non-investment grade rated loans or securities involve increased risk of loss.
  • The mortgage loans in which we invest and the mortgage loans underlying the mortgage securities in which we invest are subject to delinquency, foreclosure and loss, which could result in losses to us.
  • We may invest in residential bridge “fix and flip” loans, which would expose us to the risk that the borrower of such loan may not be able to sell the property on attractive terms or at all once the property has been re-developed, which may materially and adversely affect us.
  • We may acquire MSRs or excess MSRs, which would expose us to significant risks.
  • We face risks associated with our investments in tax liens.
  • Delays in liquidating defaulted commercial real estate debt investments could reduce our investment returns.
  • Prepayments of our debt investments by borrowers could adversely impact our results of operations and financial condition.
  • We may be exposed to environmental liabilities with respect to properties underlying our investments.
  • Insurance on loans and real estate-related securities collateral may not adequately cover all losses and uninsured losses could materially and adversely affect us.
  • We could be subject to misconduct and unauthorized conduct from third party providers, which could result in litigation or serious financial harm.
  • We may not be able to obtain the necessary permits and licenses to invest in certain assets.
  • Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on joint venture partners’ financial condition and liquidity and disputes between us and our joint venture partners.
  • Compliance or failure to comply with regulatory requirements could result in substantial costs.
  • Litigation outcomes may have an adverse impact on us.
  • We may use our assets or return of investor’s distributions to pay for existing exculpation and indemnification obligations.
  • Actual or perceived threats associated with epidemics, pandemics or public health crises could have a material adverse effect on our results of operations and the businesses of the tenants occupying the properties securing our investments.
  • We are exposed to potential impacts of future climate change and climate change-related risks.
  • Continued government intervention and instability in Europe may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.
  • We may not be able to complete certain desired investments because such investments may be subject to regulatory review and approval requirements, including pursuant to foreign investment regulations and review by governmental entities such as the Committee on Foreign Investment in the United States, or may be ultimately prohibited.
  • We are subject to risks investing outside of the United States, including business uncertainties, currency exchange risks and political, social and economic uncertainty.
  • We are subject to certain risks related to incurring contingent liabilities in connection with investments, including the assumption by us of default risk or other third-party risks.
  • We may face risks associated with options, including losing our entire investment due to the volatility of the underlying security or currency.
  • We may face risks associated with forward trading, including illiquidity and revenue losses due to disruptions in the market.
  • We may face risks related to foreign currency.
  • Sustainability risks may have a greater impact on us than that assessed by the Adviser.
  • We may have to incur additional operational and/or compliance costs if EU regulations on data protection and privacy have an extraterritorial effect on our business.
  • Trade errors may result in losses.
  • Failure to obtain and maintain an exemption from being regulated as a commodity pool operator could subject us to additional regulation and compliance requirements that could materially adversely affect our business, results of operations and financial condition.
  • Uncertainty about U.S. federal initiatives could negatively impact our business, financial condition and results of operations.
  • Risks Related to Our Relationship with Fortress, Our Adviser and the Management Agreement
  • We depend on the Adviser to select our investments and otherwise conduct our business, and any material adverse change in its financial condition or our relationship with the Adviser could have a material adverse effect on our business and ability to achieve our investment objectives.
  • The Adviser’s inability to retain the services of key professionals could hurt our performance.
  • There are conflicts of interest in our relationships with our Adviser, which could result in outcomes that are not in our best interests.
  • Fortress may raise or manage other Fortress Managed Accounts, which could result in the reallocation of Fortress personnel and the direction of potential investments to such other Fortress Managed Accounts.
  • Certain other Fortress Managed Accounts have similar or overlapping investment objectives and guidelines, and we will not be allocated certain opportunities and may be allocated only opportunities with lower relative returns.
  • Our Adviser’s and its affiliates’ liability is limited under the Management Agreement, and we have agreed to indemnify our Adviser and its affiliates against certain liabilities. As a result, we could experience unfavorable operating results or incur losses for which our Adviser and its affiliates would not be liable.
  • If our Adviser ceases to be our adviser pursuant to the Management Agreement, counterparties to our agreements may cease doing business with us.
  • The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.
  • The Adviser and its affiliates may face conflicts of interest with respect to services performed for issuers to which we may have exposure in the case we are required to act as landlord due to foreclosures on the properties securing our investments.
  • The Adviser or its affiliates may have incentives to favor their respective other accounts and clients and/or Fortress over us, which may result in conflicts of interest that could be harmful to us.
  • The management fee and performance fee may not create proper incentives or may induce the Adviser and its affiliates to make certain investments, including speculative investments that increase the risk of our portfolio.
  • We may compete for capital and investment opportunities with other entities managed by our Adviser or its affiliates, subjecting our Adviser to certain conflicts of interest.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. We may also be subject to regulatory proceedings. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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