FS Credit Real Estate CEO acquires 73,522 shares
The reported Class I restricted-stock-unit award is an estimate that may change when the applicable grant-date net asset value is calculated.
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Form Type
4
Rhea-AI Filing Summary
FS Credit Real Estate Income Trust, Inc. reported indirect transactions by its President & CEO, Michael C. Forman, held through Franklin Square Holdings, L.P. On October 1, 2026, these included a disposition to the issuer of 73,522 Class I restricted stock units, an estimated award of 157,846 Class I restricted stock units, and acquisition of 73,522 Class I common shares. The company’s administrative services fee is 1.0% of net asset value per annum, payable quarterly in Class I RSUs and split 50/50 between the Adviser and Rialto Capital Management LLC. The RSU award and the 1,914,844-unit post-award derivative position are estimates that may differ after grant-date net asset value is calculated. Forman disclaims beneficial ownership of entity-held shares exceeding his pecuniary interest.
Insights
Analyzing...
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Forman Michael C.
Role
President & CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class I Restricted Stock Units F3, F4, F1 | 73,521.756 | $23.7573 | $1.75M |
| Grant/Award | Class I Restricted Stock Units F3, F5, F4, F1 | 157,846.22 | $23.7573 | $3.75M |
| Grant/Award | Class I Common Stock F1 | 73,521.756 | $23.7573 | $1.75M |
| holding | Class T Common Stock F1 | -- | -- | -- |
| holding | Class M Common Stock F1 | -- | -- | -- |
| holding | Class S Common Stock F2, F1 | -- | -- | -- |
Holdings After Transaction:
Class I Restricted Stock Units — 1,756,997.742 contracts (Indirect, Franklin Square Holdings, L.P.);
Class I Restricted Stock Units — 1,914,843.962 contracts (Indirect, By: Franklin Square Holdings, L.P.);
Class I Common Stock — 213,099.57 shares (Indirect, Franklin Square Holdings, L.P.);
Class T Common Stock — 2,506.828 shares (Indirect, By: FSH Seed Capital Vehicle I LLC);
Class M Common Stock — 413.861 shares (Indirect, By: FSH Seed Capital Vehicle I LLC);
Class S Common Stock — 428.231 shares (Indirect, By: FSH Seed Capital Vehicle I LLC)
Footnotes (5)
- F1. The reporting person disclaims beneficial ownership of any shares held by Franklin Square Holdings, L.P., FS Real Estate Advisor, LLC and FSH Seed Capital Vehicle I LLC, a wholly owned subsidiary of Franklin Square Holdings, L.P., 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.
- F2. Includes shares received on account of reinvested distributions.
- F3. 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.
- F4. 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 Stock, subject to time based vesting.
- F5. The number of restricted stock units reported is an estimate based on the most recently available net asset value. The actual number of restricted stock units awarded will be determined upon calculation of the applicable grant date net asset value and may differ from the amount reported herein. Accordingly, the number of derivative securities beneficially owned following the reported transaction is also an estimate.
Key Figures
Class I restricted stock units disposed to issuer: 73,522 units
Estimated Class I restricted stock unit award: 157,846 units
Class I common shares acquired: 73,522 shares
+4 more
7 metrics
Class I restricted stock units disposed to issuer
73,522 units
October 1, 2026
Estimated Class I restricted stock unit award
157,846 units
October 1, 2026
Class I common shares acquired
73,522 shares
October 1, 2026
Class I restricted stock units following award
1,914,844 units (estimated)
Reported after the October 1, 2026 award
Class I common shares following acquisition
213,100 shares
Reported after the October 1, 2026 acquisition
Administrative services fee
1.0% of net asset value per annum
Payable quarterly in Class I restricted stock units
Administrative services fee allocation
50/50
Between the Adviser and Rialto Capital Management LLC
Key Terms
administrative services fee, net asset value, Class I Restricted Stock Units, time based vesting, +1 more
5 terms
administrative services fee financial
"administrative services fee equal to 1.0% of the Company's net asset value per annum"
net asset value financial
"based on the most recently available net asset value"
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
Class I Restricted Stock Units financial
"Class I Restricted Stock Units shall be exchanged for Class I Common Stock"
time based vesting financial
"subject to time based vesting"
pecuniary interest regulatory
"shares held by Franklin Square Holdings, L.P. ... that exceed his pecuniary interest therein"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transactions did FSREI President & CEO Michael C. Forman report?
Forman reported indirect transactions held through Franklin Square Holdings, L.P. on October 1, 2026: a disposition to the issuer of 73,522 Class I restricted stock units, an estimated award of 157,846 Class I restricted stock units, and acquisition of 73,522 Class I common shares.
How many Class I restricted stock units were awarded to Forman through Franklin Square Holdings?
The reported award was an estimated 157,846 Class I restricted stock units. The estimate used the most recently available net asset value; the actual award will be determined when the applicable grant-date net asset value is calculated and may differ.
How is FSREI's administrative services fee paid?
The fee is 1.0% of the company’s net asset value per annum, payable quarterly in Class I restricted stock units. It is split 50/50 between the Adviser and Rialto Capital Management LLC.
How many Class I restricted stock units were reported after the award?
The reported post-award derivative position was 1,914,844 Class I restricted stock units. That figure is an estimate and may differ after the applicable grant-date net asset value is calculated.
AI-generated analysis. How Rhea-AI works. Not financial advice.
