FS Real Estate Advisor LLC

ITEM 5 - Fees and Compensation

As compensation for the performance of its obligations as the Adviser to the
Issuer, the Adviser will generally be entitled to receive from the Issuer, subject to
the terms and conditions of the Issuer's governing documents, a management fee
and may receive an incentive or performance-based fee (collectively, the
“Management Fees”). In addition, as compensation for the non-investment
advisory services provided to the Issuer, the Adviser is entitled to receive from the
Issuer and administrative services fee (together with the Management Fee, the
“Fees”). The Fees are typically paid by the Issuer to the Adviser and Sub-adviser
in accordance with its governing documents. All Fees are billed and payable
according to the priority of payments described in the offering circular and
governing documents of the Issuer. The Adviser may, in its sole discretion, waive,

reimburse, or delay all or part of such fees. The Adviser, Rialto and FSCREIT
entered into an Amended and Restated Expense Limitation Agreement made as
of August 17, 2018, whereby the Adviser and Rialto each agreed to waive
reimbursement of and/or pay certain of FSCREIT's ordinary operating expenses.

Generally, the Issuer (and, indirectly, the investors therein) bears all expenses as
defined in the offering circular and governing documents of the Issuer, including (i)
legal, filing, auditing, consulting, administration, accounting and other professional
fees and expenses; (ii) expenses associated with periodic reporting; (iii) expenses
associated with financial statements and tax returns; (iv) insurance, interest and
other expenses incurred in respect of borrowings, if any; (v) other expenses
associated with the acquisition, holding, monitoring, settlement and disposition of an
Issuer's investments (including, without limitation, any brokerage, transaction,
custody or hedging costs); (vi) the costs and expenses of any custodians, lenders,
investment banks and other financing sources; any indemnity expenses; (vii) the
costs and expenses of any litigation involving an Issuer or its investments; and (viii)
certain compliance related costs and expenses. The Adviser is entitled to
origination fees that are paid by the borrowers.

For a more complete discussion of Issuer fees, compensation, and other expenses,
please refer to the governing documents for the Issuer and Item 12 - Brokerage
Practices.

As the Adviser establishes other relationships (such as with additional clients), it may
arrange to receive different types of fees, including fixed fees or fees paid on some
other negotiated basis.

ITEM 7 - Types of Clients

The Adviser provides investment advice to a real estate investment trust and may, in
the future, provide such advice to other structured finance vehicles.