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FS Credit REIT (FSREI) director linked LLC gets RSU award filing disclosed

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

FS Credit Real Estate Income Trust, Inc. director Jeffrey P. Krasnoff reported indirect ownership changes tied to advisory compensation. An entity associated with him, Rialto Capital Management, LLC, acquired 156,595.816 Class I Restricted Stock Units on January 13, 2026 at a stated price of $0, increasing its beneficially owned derivative securities to 1,890,150.512 Class I Restricted Stock Units. These units are issued under an advisory arrangement where the company pays a 1.0% per annum administrative services fee on net asset value in Class I Restricted Stock Units, split 50/50 between the adviser and Rialto Capital Management, LLC.

Following the reported transactions, Rialto Capital Management, LLC held 476,183.442 Class I Common Shares indirectly for Krasnoff, while JTK RCM, LLC, which is jointly owned by Krasnoff and his spouse, held 22,702.351 Class I Common Shares and 38,079.649 Class F Common Shares. The filing notes that Krasnoff disclaims beneficial ownership of any shares held by Rialto that exceed his pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider KRASNOFF JEFFREY P
Role Director
Type Security Shares Price Value
Grant/Award Class I Restricted Stock Units 156,595.816 $0.00 $0.00
holding Class I Common Stock -- -- --
holding Class I Common Stock -- -- --
holding Class F Common Stock -- -- --
Holdings After Transaction: Class I Restricted Stock Units — 1,890,150.512 shares (Indirect, By: Rialto Capital Management, LLC); Class I Common Stock — 476,183.442 shares (Indirect, By: Rialto Capital Management, LLC); Class I Common Stock — 22,702.351 shares (Indirect, By: JTK RCM, LLC); Class F Common Stock — 38,079.649 shares (Indirect, By: JTK RCM, LLC)
Footnotes (5)
  1. F1. The reporting person disclaims beneficial ownership of any shares held by Rialto Capital Management, LLC that exceed his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
  2. F2. Includes shares received on account of reinvested distributions.
  3. F3. JTK RCM, LLC is jointly owned by reporting person and his spouse.
  4. F4. In accordance with the Advisory Agreement between the Company and the Adviser, the Company shall pay the Adviser an administrative services fee equal to 1.0% of the Company's net asset value per annum, payable quarterly, in Class I Restricted Stock Units, subject to the terms and conditions set forth in the Class I Restricted Stock Unit Agreement (as amended) between the Company and the Adviser. The administrative services fee is split 50/50 between the Adviser and Rialto Capital Management LLC.
  5. F5. In accordance with the Class I Restricted Stock Unit Agreement (as amended) between the Company, the Adviser and Rialto Capital Management, LLC, Class I Restricted Stock Units shall be exchanged for Class I Common, subject to time based vesting.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider transaction did FSREI director Jeffrey P. Krasnoff report?

Jeffrey P. Krasnoff reported that Rialto Capital Management, LLC, an entity associated with him, acquired 156,595.816 Class I Restricted Stock Units of FS Credit Real Estate Income Trust, Inc. on January 13, 2026 at a stated price of $0, bringing its total to 1,890,150.512 such units held indirectly for him.

How is the FSREI administrative services fee to the adviser structured?

The company pays the adviser an administrative services fee equal to 1.0% of the companys net asset value per annum, payable quarterly in Class I Restricted Stock Units under a Class I Restricted Stock Unit Agreement. This fee is split 50/50 between the adviser and Rialto Capital Management, LLC.

Does Jeffrey P. Krasnoff claim full beneficial ownership of the FSREI shares held by Rialto?

No. The filing states that Jeffrey P. Krasnoff disclaims beneficial ownership of any shares held by Rialto Capital Management, LLC that exceed his pecuniary interest, and that including these shares in the report is not an admission of beneficial ownership of all reported shares.

How will FSREI Class I Restricted Stock Units be settled under the agreement?

According to the Class I Restricted Stock Unit Agreement (as amended) between the company, the adviser and Rialto Capital Management, LLC, Class I Restricted Stock Units shall be exchanged for Class I Common Shares, subject to time-based vesting.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
KRASNOFF JEFFREY P
(Last) (First) (Middle)
FS CREDIT REAL ESTATE INCOME TRUST, INC.
3025 JFK BOULEVARD, OFC 500
(Street)
PHILADELPHIA PA 19112
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
FS Credit Real Estate Income Trust, Inc. [ NONE ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
01/13/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class I Common Stock 476,183.442 I By: Rialto Capital Management, LLC(1)
Class I Common Stock 22,702.351(2) I By: JTK RCM, LLC(3)
Class F Common Stock 38,079.649(2) I By: JTK RCM, LLC(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class I Restricted Stock Units (4) 01/13/2026 A 156,595.816 (5) (5) Class I Common Stock 156,595.816 $0 1,890,150.512 I By: Rialto Capital Management, LLC(1)
Explanation of Responses:
1. The reporting person disclaims beneficial ownership of any shares held by Rialto Capital Management, LLC that exceed his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.
2. Includes shares received on account of reinvested distributions.
3. JTK RCM, LLC is jointly owned by reporting person and his spouse.
4. In accordance with the Advisory Agreement between the Company and the Adviser, the Company shall pay the Adviser an administrative services fee equal to 1.0% of the Company's net asset value per annum, payable quarterly, in Class I Restricted Stock Units, subject to the terms and conditions set forth in the Class I Restricted Stock Unit Agreement (as amended) between the Company and the Adviser. The administrative services fee is split 50/50 between the Adviser and Rialto Capital Management LLC.
5. In accordance with the Class I Restricted Stock Unit Agreement (as amended) between the Company, the Adviser and Rialto Capital Management, LLC, Class I Restricted Stock Units shall be exchanged for Class I Common, subject to time based vesting.
/s/ Jeffrey Krasnoff 01/15/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR