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| Name of Subsidiary | | State of Incorporation or Organization |
| FS CREIT 7 Bushwick Place LLC | | Delaware |
| FS CREIT 555 Aviation LLC | | Delaware |
| FS CREIT Campus 56 LLC | | California |
| FS CREIT Cerise LLC | | Delaware |
| FS CREIT Consolidated LLC | | Delaware |
| FS CREIT Cottonmill LLC | | California |
| FS CREIT Cousteau LLC | | Delaware |
| FS CREIT Davis LLC | | California |
| FS CREIT Equity Investments LLC | | Delaware |
| FS CREIT Equity TRS LLC | | Delaware |
| FS CREIT Finance Blue LLC | | Delaware |
| FS CREIT Finance BMO-1 LLC | | Delaware |
| FS CREIT Finance CB-1 LLC | | Delaware |
| FS CREIT Finance GS-1 LLC | | Delaware |
| FS CREIT Finance Holdings LLC | | Delaware |
| FS CREIT Finance MM-1 LLC | | Delaware |
| FS CREIT Finance MS-1 LLC | | Delaware |
| FS CREIT Finance NTX-1 LLC | | Delaware |
| FS CREIT Finance WF-1 LLC | | Delaware |
| FS CREIT Finance WF-2 LLC | | Delaware |
| FS CREIT Investments HRR, LLC | | Delaware |
| FS CREIT Investments LLC | | Delaware |
| FS CREIT Originator LLC | | Delaware |
| FS CREIT Originator Parent LLC | | Delaware |
| FS CREIT Pin Hook LLC | | Tennessee |
| FS Investments Rego Park LLC | | Delaware |
| FS OD 1 LLC | | Delaware |
| FS OD 2 LLC | | Delaware |
| FS OD 3 LLC | | Delaware |
| FS Rialto Campus 56 LLC | | Delaware |
| FS Rialto EII LLC | | Delaware |
| FS Rialto QI LLC | | Delaware |
| FS Rialto Sub-REIT LLC | | Delaware |
| FS Rialto 2025-FL10 Issuer, LLC | | Delaware |
| FS Rialto 2025-FL10 Holder, LLC | | Delaware |
| FS Rialto 2024-FL9 Issuer, LLC | | Delaware |
| FS Rialto 2024-FL9 Holder, LLC | | Delaware |
| FS Rialto 2022-FL6 Holder, LLC | | Delaware |
| FS Rialto 2022-FL6 Issuer, LLC | | Delaware |
| FS Rialto 2022-FL4 Holder, LLC | | Delaware |
| FS Rialto 2022-FL4 Issuer, LLC | | Delaware |
| FS Rialto 2021-FL3 Holder, LLC | | Delaware |
| FS Rialto 2021-FL3 Issuer, Ltd. | | Cayman Islands |
| FS Rialto 2021-FL3 Issuer, LLC | | Delaware |
| FS Rialto 2021-FL2 Holder, LLC | | Delaware |