UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 16, 2025

Fortress Credit Realty Income Trust

(Exact name of Registrant as Specified in Its Charter)

Maryland	000-56685	99-3367363
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1345 Avenue of the Americas
New York, New York		10105
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 798-6100

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

December 31, 2024 NAV Per Share

On January 16, 2025, Fortress Credit Realty Income Trust (the “Company” or “we”) reported net asset value (“NAV”) per share for each class of common shares of the Company as of December 31, 2024, which is set forth below:

	NAV per Share
Class B	$	20.0658
Class R	$	19.9270
Class I	$	20.1462
Class E	$	20.0625

Net Asset Value
 

A detailed calculation of the NAV per share is set forth below. We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of trustees. Our total NAV presented in the following tables includes the NAV of our outstanding classes of common shares, which includes Class B, Class R, Class J-1, Class J-2, Class J-4, Class S, Class D, Class I and Class E common shares. The following table provides a breakdown of the major components of our NAV as of December 31, 2024 (amounts in thousands):

Components of NAV	Amount
Commercial real estate loan investments	$	370,401
Investments in real estate-related assets		80,667
Cash and cash equivalents		54,617
Restricted cash		140,580
Other assets		5,770
Secured debt arrangements		(231,779	)
Subscriptions received in advance		(105,063	)
Revolving credit facilities		(61,591	)
Distribution payable		(2,761	)
Accounts payable and accrued expenses		(1,313	)
Due to affiliate		(779	)
Other liabilities		(8,709	)
Non-controlling interests		(8,856	)
Net Asset Value	$	231,184
Number of outstanding shares		11,528

The following table provides a breakdown of our total NAV and NAV per share by class as of December 31, 2024 (amounts in thousands, except per share data):

	Monthly NAV		Number of outstanding shares		NAV per Share as of December 31, 2024
Class B	$	188,644		9,401	$	20.0658
Class R		19,448		976	$	19.9270
Class J-1		-		-		-
Class J-2		-		-		-
Class J-4(1)		-		-		-
Class S		-		-		-
Class D		-		-		-
Class I		353		18	$	20.1462
Class E		22,739		1,133	$	20.0625
Total	$	231,184		11,528

(1) Effective as of December 16, 2024, the former Class J-3 common shares were renamed the “Class J-4 common shares.”

The following table provides a breakdown of the major components of NAV as of November 30, 2024 (amounts in thousands):

Components of NAV	Amount
Commercial real estate loan investments	$	258,473
Investments in real estate-related assets		25,214
Cash and cash equivalents		7,121
Restricted cash		105,180
Other assets		11,451
Secured debt arrangements		(151,898	)
Subscriptions received in advance		(101,845	)
Revolving credit facilities		(4,462	)
Other liabilities		(8,902	)
Non-controlling interests		(4,683	)
Net Asset Value	$	135,649
Number of outstanding shares		6,689

The following table provides a breakdown of our total NAV and NAV per share by class as of November 30, 2024 (amounts in thousands, except per share data):

	Monthly NAV		Number of outstanding shares		NAV per Share as of November 30, 2024
Class B	$	122,156		6,024	$	20.2777
Class R		-		-		-
Class J-1		-		-		-
Class J-2		-		-		-
Class J-4(1)		-		-		-
Class S		-		-		-
Class D		-		-		-
Class I		354		17	$	20.2812
Class E		13,139		648	$	20.2895
Total	$	135,649		6,689

(1) Effective as of December 16, 2024, the former Class J-3 common shares were renamed the “Class J-4 common shares.”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Fortress Credit Realty Income Trust
Dated: January 23, 2025	By:	/s/ Avraham Dreyfuss
		Name: Avraham Dreyfuss Title: Chief Financial Officer