- **FS Credit Real Estate Income Trust, Inc. (FSREI)**, through its subsidiary **FS CREIT FINANCE JP-1 LLC**, entered into an **Uncommitted Master Repurchase Agreement** with **JPMorgan Chase Bank, National Association** as of **October 15, 2025**.  **[1690536_0001104659-25-100308_tm2528910d1_ex2-1.htm:0]** **[1690536_0001104659-25-100308_tm2528910d1_ex2-1.htm:7]** **[1690536_0001104659-25-100308_tm2528910d1_ex2-1.htm:177]** 
- The agreement imposes financial covenants on the Guarantor (FSREI), requiring it to maintain **unpledged, unencumbered Liquidity of not less than the greater of $15,000,000 and five percent (5%) of the aggregate outstanding Purchase Price of all Purchased Assets**.  **[1690536_0001104659-25-100308_tm2528910d1_ex2-2.htm:9]** 
- Key financial covenants also stipulate that the **ratio of Total Indebtedness to Tangible Net Worth must not be greater than 3.50 to 1.00**, and the **ratio of trailing four (4) fiscal quarters EBITDA to trailing four (4) fiscal quarters Interest Expense must not be less than 1.40 to 1.00** for any Test Period.  **[1690536_0001104659-25-100308_tm2528910d1_ex2-2.htm:9]** 
- The Guarantor is obligated to provide **unaudited quarterly financial statements within sixty (60) days** and **audited annual financial statements within ninety (90) days** after the respective period ends.  **[1690536_0001104659-25-100308_tm2528910d1_ex2-1.htm:68]**

FS Credit Real Estate Income Trust (FSREI)