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[Form 4] FS Credit Real Estate Income Trust, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Michael C. Forman, President & CEO and a director of FS Credit Real Estate Income Trust, Inc., reported a transaction dated 09/30/2025 disposing of 66,310.453 shares of Class I Common Stock at a price of $24.0365, leaving 0 Class I shares reported as beneficially owned following that disposal. The Form 4 is signed on 10/02/2025.

The filing also reports indirect holdings through affiliated entities: 2,506.828 Class T shares, 413.861 Class M shares, and 412.313 Class S shares held via related vehicles. In addition, 1,341,153.73 Class I Restricted Stock Units are reported as indirectly beneficially owned by Franklin Square Holdings, L.P., which per the filing are payable to the adviser as a 1.0% net asset value administrative fee (paid in Class I RSUs and split 50/50 with Rialto Capital Management LLC) and are subject to time-based vesting and exchange into Class I common stock.

Michael C. Forman, Presidente e CEO e direttore di FS Credit Real Estate Income Trust, Inc., ha riportato una transazione datata 30/09/2025 che ha disposto di 66.310,453 azioni di Class I Common Stock al prezzo di $24.0365, lasciando 0 azioni Class I riportate come beneficial ownership dopo tale disposizione. Il Form 4 è firmato il 02/10/2025.

La comunicazione riporta anche partecipazioni indirette tramite entità affiliated: 2.506,828 azioni Class T, 413,861 azioni Class M e 412,313 azioni Class S detenute tramite veicoli correlati. Inoltre, 1.341.153,73 Restricted Stock Units di Class I sono riportate come possedute indirettamente da Franklin Square Holdings, L.P., che secondo la comunicazione sono pagabili al consulente come una commissione amministrativa del 1,0% del valore netto dell'attivo (pagata in RSU di Class I e divisa 50/50 con Rialto Capital Management LLC) e sono soggetti a vesting nel tempo e allo scambio in azioni ordinarie Class I.

Michael C. Forman, Presidente y CEO y director de FS Credit Real Estate Income Trust, Inc., informó una transacción con fecha 30/09/2025 que dispone de 66.310,453 acciones de Class I Common Stock a un precio de $24.0365, quedando 0 acciones de Class I reportadas como propietarias beneficiosamente tras dicha disposición. El Form 4 está firmado el 02/10/2025.

El filing también reporta participaciones indirectas a través de entidades afiliadas: 2.506,828 acciones Class T, 413.861 acciones Class M, y 412.313 acciones Class S mantenidas a través de vehículos relacionados. Además, se reportan 1.341.153,73 Unidades de Acciones Restringidas de Class I de forma indirecta por Franklin Square Holdings, L.P., que según el filing son pagaderas al asesor como una comisión administrativa de 1,0% del valor neto de activos (pagadas en RSU de Class I y divididas 50/50 con Rialto Capital Management LLC) y están sujetas a vesting basado en tiempo y a intercambio por acciones comunes de Class I.

Michael C. Forman, Président & CEO et directeur de FS Credit Real Estate Income Trust, Inc., a signalé une transaction datée du 2025-09-30 consistant à vendre 66 310,453 actions de Class I Common Stock au prix de $24.0365, laissant 0 actions Class I détenues bénéficiairement après cette cession. Le Form 4 est signé le 2025-10-02.

Le dépôt signale également des participations indirectes par l’intermédiaire d’entités affiliées: 2 506.828 actions Class T, 413.861 Class M, et 412.313 Class S détenues via des véhicules apparentés. De plus, 1 341 153,73 Class I Restricted Stock Units sont déclarées comme détenues indirectement par Franklin Square Holdings, L.P., qui selon le dépôt sont payables à l’administrateur comme des frais de gestion de 1,0% de la valeur nette d’inventaire (payés en RSU Class I et divisés 50/50 avec Rialto Capital Management LLC) et sont soumis à un vesting dans le temps et à l’échange en actions Class I ordinaires.

Michael C. Forman, président et PDG et administrateur de FS Credit Real Estate Income Trust, Inc., a déclaré une opération datée du 30/09/2025 procédant à la cession de 66 310,453 actions de Class I Common Stock au prix de $24,0365, laissant 0 actions Class I déclarées comme bénéficiaires après cette cession. Le Form 4 est signé le 02/10/2025.

Le dépôt rapporte également des détentions indirectes par l’intermédiaire d’entités affiliées : 2 506,828 actions Class T, 413,861 actions Class M et 412,313 actions Class S détenues via des véhicules apparentés. De plus, 1 341 153,73 Class I Restricted Stock Units sont déclarées comme détenues indirectement par Franklin Square Holdings, L.P., qui selon le dépôt sont payables à l’administrateur comme des frais de gestion de 1,0% de la valeur nette d’inventaire (payés en RSU Class I et divisés 50/50 avec Rialto Capital Management LLC) et sont soumis à un vesting dans le temps et à l’échange en actions Class I ordinaires.

Michael C. Forman, Präsident & CEO und Direktor von FS Credit Real Estate Income Trust, Inc., meldete eine Transaktion mit dem Datum 09/30/2025, bei der 66.310,453 Aktien von Class I Common Stock zu einem Preis von $24.0365 veräußert wurden, so dass nach diesem Abgang 0 Class I-Aktien als wirtschaftlich berechtigt gemeldet wurden. Das Form 4 ist am 10/02/2025 unterzeichnet.

Die Einreichung meldet außerdem indirekte Halte über verbundene Einheiten: 2.506,828 Class T-Aktien, 413.861 Class M-Aktien und 412.313 Class S-Aktien, gehalten über verwandte Vehikel. Zusätzlich werden 1.341.153,73 Class I Restricted Stock Units als indirekt wirtschaftlich berechtigt von Franklin Square Holdings, L.P. gemeldet, die gemäß der Einreichung dem Berater als Verwaltungsgebühr in Höhe von 1,0% des Nettovermögenswertes zustehen (gezahlt in Class I RSUs und 50/50 mit Rialto Capital Management LLC geteilt) und einer zeitabhängigen Vesting-Unterlegung sowie dem Umtausch in Class I-Stammaktien unterliegen.

مايكل س. فورمان، رئيس ورئيس تنفيذي وعضو مجلس إدارة في FS Credit Real Estate Income Trust, Inc.، أبلغ عن معاملة بتاريخ 30/09/2025 تبيع 66,310.453 سهماً من Class I Common Stock بسعر $24.0365، تاركاً 0 من أسهم Class I المدرجة كملكٍBeneficial ownership بعد هذا التصرف. النموذج 4 موقّع في 02/10/2025.

تشير الإحاطة أيضاً إلى حيازات غير مباشرة من خلال كيانات مرتبطة: 2,506.828 أسهم Class T، 413.861 أسهم Class M، و412.313 أسهم Class S مملوكة عبر مركبات مرتبطة. إضافة إلى ذلك، تُذكر 1,341,153.73 وحدة أسهم مقيدة من Class I بأنها مملوكة بشكل غير مباشر من قبل Franklin Square Holdings, L.P.، والتي وفقاً للإيداع قابلة للدفع للمستشار كرسوم إدارية بنسبة 1.0% من صافي قيمة الأصول (تُدفع كـ RSUs من Class I ومقسمة 50/50 مع Rialto Capital Management LLC) وتخضع لتقيد زمني والتحويل إلى أسهم Class I العادية.

迈克尔·C·福曼，FS Credit Real Estate Income Trust, Inc. 的总统兼首席执行官及董事，报告了一笔日期为 2025/09/30 的交易，处置了 66,310.453 股 Class I Common Stock，价格为 $24.0365，此处置后不再报告任何受益所有的 Class I 股份，数量为 0。Form 4 于 2025/10/02 签署。

申报还通过相关实体报告了间接持有：2,506.828 股 Class T，413.861 股 Class M，以及 412.313 股 Class S，均通过相关机构持有。此外，1,341,153.73 股 Class I 限制性股票单位被报告为间接性拥有，属于 Franklin Square Holdings, L.P.，据该申报，作为对顾问的管理费，按净资产值的 1.0% 支付（以 Class I RSU 形式支付，且与 Rialto Capital Management LLC 以 50/50 拆分），并受时间性归属并可转换为 Class I 普通股。

Positive
  • Retains large indirect economic stake: 1,341,153.73 Class I Restricted Stock Units remain outstanding
  • Alignment via fee-paid equity: administrative services fee of 1.0% of NAV is paid in Class I RSUs, split 50/50 with Rialto Capital Management LLC
Negative
  • Direct Class I position reduced to 0: disposed 66,310.453 shares of Class I Common Stock on 09/30/2025 at $24.0365
  • Sale by President & CEO: transaction executed by the reporting person who is President & CEO and a director

Insights

Insider sale reduced direct Class I holdings to 0 while substantial RSUs remain indirect.

The report shows a disposition of 66,310.453 Class I shares at $24.0365 on 09/30/2025, leaving no direct Class I shares reported. This is an explicit, executed sale recorded on Form 4.

The reporting person retains material indirect economic exposure via 1,341,153.73 Class I Restricted Stock Units held by Franklin Square Holdings, L.P.; those RSUs convert to Class I common stock subject to time-based vesting per the agreement disclosed in the filing.

Michael C. Forman, Presidente e CEO e direttore di FS Credit Real Estate Income Trust, Inc., ha riportato una transazione datata 30/09/2025 che ha disposto di 66.310,453 azioni di Class I Common Stock al prezzo di $24.0365, lasciando 0 azioni Class I riportate come beneficial ownership dopo tale disposizione. Il Form 4 è firmato il 02/10/2025.

La comunicazione riporta anche partecipazioni indirette tramite entità affiliated: 2.506,828 azioni Class T, 413,861 azioni Class M e 412,313 azioni Class S detenute tramite veicoli correlati. Inoltre, 1.341.153,73 Restricted Stock Units di Class I sono riportate come possedute indirettamente da Franklin Square Holdings, L.P., che secondo la comunicazione sono pagabili al consulente come una commissione amministrativa del 1,0% del valore netto dell'attivo (pagata in RSU di Class I e divisa 50/50 con Rialto Capital Management LLC) e sono soggetti a vesting nel tempo e allo scambio in azioni ordinarie Class I.

Michael C. Forman, Presidente y CEO y director de FS Credit Real Estate Income Trust, Inc., informó una transacción con fecha 30/09/2025 que dispone de 66.310,453 acciones de Class I Common Stock a un precio de $24.0365, quedando 0 acciones de Class I reportadas como propietarias beneficiosamente tras dicha disposición. El Form 4 está firmado el 02/10/2025.

El filing también reporta participaciones indirectas a través de entidades afiliadas: 2.506,828 acciones Class T, 413.861 acciones Class M, y 412.313 acciones Class S mantenidas a través de vehículos relacionados. Además, se reportan 1.341.153,73 Unidades de Acciones Restringidas de Class I de forma indirecta por Franklin Square Holdings, L.P., que según el filing son pagaderas al asesor como una comisión administrativa de 1,0% del valor neto de activos (pagadas en RSU de Class I y divididas 50/50 con Rialto Capital Management LLC) y están sujetas a vesting basado en tiempo y a intercambio por acciones comunes de Class I.

Michael C. Forman, Président & CEO et directeur de FS Credit Real Estate Income Trust, Inc., a signalé une transaction datée du 2025-09-30 consistant à vendre 66 310,453 actions de Class I Common Stock au prix de $24.0365, laissant 0 actions Class I détenues bénéficiairement après cette cession. Le Form 4 est signé le 2025-10-02.

Le dépôt signale également des participations indirectes par l’intermédiaire d’entités affiliées: 2 506.828 actions Class T, 413.861 Class M, et 412.313 Class S détenues via des véhicules apparentés. De plus, 1 341 153,73 Class I Restricted Stock Units sont déclarées comme détenues indirectement par Franklin Square Holdings, L.P., qui selon le dépôt sont payables à l’administrateur comme des frais de gestion de 1,0% de la valeur nette d’inventaire (payés en RSU Class I et divisés 50/50 avec Rialto Capital Management LLC) et sont soumis à un vesting dans le temps et à l’échange en actions Class I ordinaires.

Michael C. Forman, président et PDG et administrateur de FS Credit Real Estate Income Trust, Inc., a déclaré une opération datée du 30/09/2025 procédant à la cession de 66 310,453 actions de Class I Common Stock au prix de $24,0365, laissant 0 actions Class I déclarées comme bénéficiaires après cette cession. Le Form 4 est signé le 02/10/2025.

Le dépôt rapporte également des détentions indirectes par l’intermédiaire d’entités affiliées : 2 506,828 actions Class T, 413,861 actions Class M et 412,313 actions Class S détenues via des véhicules apparentés. De plus, 1 341 153,73 Class I Restricted Stock Units sont déclarées comme détenues indirectement par Franklin Square Holdings, L.P., qui selon le dépôt sont payables à l’administrateur comme des frais de gestion de 1,0% de la valeur nette d’inventaire (payés en RSU Class I et divisés 50/50 avec Rialto Capital Management LLC) et sont soumis à un vesting dans le temps et à l’échange en actions Class I ordinaires.

Michael C. Forman, Präsident & CEO und Direktor von FS Credit Real Estate Income Trust, Inc., meldete eine Transaktion mit dem Datum 09/30/2025, bei der 66.310,453 Aktien von Class I Common Stock zu einem Preis von $24.0365 veräußert wurden, so dass nach diesem Abgang 0 Class I-Aktien als wirtschaftlich berechtigt gemeldet wurden. Das Form 4 ist am 10/02/2025 unterzeichnet.

Die Einreichung meldet außerdem indirekte Halte über verbundene Einheiten: 2.506,828 Class T-Aktien, 413.861 Class M-Aktien und 412.313 Class S-Aktien, gehalten über verwandte Vehikel. Zusätzlich werden 1.341.153,73 Class I Restricted Stock Units als indirekt wirtschaftlich berechtigt von Franklin Square Holdings, L.P. gemeldet, die gemäß der Einreichung dem Berater als Verwaltungsgebühr in Höhe von 1,0% des Nettovermögenswertes zustehen (gezahlt in Class I RSUs und 50/50 mit Rialto Capital Management LLC geteilt) und einer zeitabhängigen Vesting-Unterlegung sowie dem Umtausch in Class I-Stammaktien unterliegen.

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).
1. Name and Address of Reporting Person*
Forman Michael C.
(Last) (First) (Middle)
FS CREDIT REAL ESTATE INCOME TRUST
201 ROUSE BOULEVARD
(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
X Officer (give title below) Other (specify below)
President & CEO
3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025
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 09/30/2025 D 66,310.453 D $24.0365 0 I By: Franklin Square Holdings, LP(1)
Class T Common Stock 2,506.828 I By: FSH Seed Capital Vehicle I LLC(1)
Class M Common Stock 413.861 I By: FSH Seed Capital Vehicle I LLC(1)
Class S Common Stock 412.313 I By: FSH Seed Capital Vehicle I LLC(1)
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 (2) (3) (3) Class I Common Stock 0 1,341,153.73 I By: Franklin Square Holdings, LP(1)
Explanation of Responses:
1. 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.
2. 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.
3. 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.
/s/ Michael C. Forman 10/02/2025
** 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

FAQ

What did FSREI's President & CEO report on Form 4?

The Form 4 reports that Michael C. Forman disposed of 66,310.453 Class I Common Stock on 09/30/2025 at $24.0365, and the form was signed on 10/02/2025.

How many Class I Restricted Stock Units are disclosed in the filing for FSREI?

The filing discloses 1,341,153.73 Class I Restricted Stock Units held indirectly by Franklin Square Holdings, L.P.

Did the Form 4 show any remaining direct Class I shares after the transaction?

No; the filing shows 0 Class I Common Stock beneficially owned following the reported disposal of 66,310.453 shares.

How is the adviser compensated according to the Form 4 filing?

Under the Advisory Agreement disclosed, the adviser receives 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, with that fee split 50/50 between the adviser and Rialto Capital Management LLC.

Which affiliated entities hold shares or units mentioned in the report?

The report lists holdings attributed to Franklin Square Holdings, L.P., FSH Seed Capital Vehicle I LLC, and mentions FS Real Estate Advisor, LLC in the explanatory section.
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