Fortress Credit Realty Income Trust reported the execution of a commercial real estate collateralized loan obligation (CRE CLO) on August 28, 2026. The transaction was executed through the company’s subsidiary, FCR CRE SUB-REIT, and a newly formed Delaware limited liability company named FCR 2026-FL1 Issuer LLC.

On the closing date, the Issuer issued a total of nine classes of notes. These included Class A, Class A-S, Class B, Class C, Class D, and Class E notes, collectively referred to as Offered Notes. Additionally, the Issuer issued Class F and Class G notes, known as Secured Notes, and Income Notes. The aggregate principal amount of all notes issued was $900,000,000.

The notes were placed to investors by Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Santander US Capital Markets LLC. The Company’s subsidiary, FCR 2026-FL1 Investor LLC, acquired 100% of the Class F Notes, Class G Notes, and Income Notes.

The notes are secured by a portfolio of collateral interests, including mortgage loans and participations, acquired by the Issuer. The Indenture governing the notes lists Wilmington Trust, National Association, as trustee, and Computershare Trust Company, National Association, as note administrator and paying agent.

The notes are structured with varying maturities and interest rates. The Offered Notes have initial weighted average lives ranging from 2.73 years for Class A Notes to 3.93 years for Class G Notes. The notes are scheduled to mature at par on the payment date in August 2043, unless redeemed earlier.

Interest rates for the Secured Notes are calculated as the Benchmark plus a spread. The Class A Notes carry a spread of 1.50% plus an additional 0.25% on and after July 2031. Class G Notes carry a spread of 5.70% plus the Benchmark. The Income Notes have no stated interest rate and are paid from remaining cash in the Payment Account after senior distributions.

The proceeds from the issuance were used to purchase an initial portfolio of collateral interests, repay amounts owed on pre-closing financings, and pay issuance fees and expenses.