Director entity adds FS Credit (FSREI) stock via RSU and share awards
Rhea-AI Filing Summary
FS Credit Real Estate Income Trust, Inc. director Jeffrey P. Krasnoff reported indirect acquisitions linked to advisory compensation arrangements. An entity associated with him, Rialto Capital Management, LLC, received 157,026.628 Class I Restricted Stock Units at 23.8813 per unit and 68,231.184 Class I Common shares at 23.8813 per share as grant or award-type acquisitions. The RSUs are issuable into Class I Common Stock and are subject to time-based vesting under a Class I Restricted Stock Unit Agreement. The administrative services fee that drives these awards equals 1.0% of the company’s net asset value per year, is paid quarterly in Class I RSUs, and is split equally between the Adviser and Rialto Capital Management, LLC. Separately, another entity jointly owned by the reporting person and his spouse, JTK RCM, LLC, is shown holding 23,131.990 Class I Common shares and 38,882.317 Class F Common shares. All positions are reported as indirect ownership, and some shares include amounts received through reinvested distributions. The reporting person disclaims beneficial ownership of any Rialto-held shares beyond his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 68,231.184 shares
Net Buy
4 txns
Insider
KRASNOFF JEFFREY P
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Class I Restricted Stock Units | 157,026.628 | $23.8813 | $3.75M |
| Grant/Award | Class I Common Stock | 68,231.184 | $23.8813 | $1.63M |
| holding | Class I Common Stock | -- | -- | -- |
| holding | Class F Common Stock | -- | -- | -- |
Holdings After Transaction:
Class I Restricted Stock Units — 1,978,945.96 shares (Indirect, By: Rialto Capital Management, LLC);
Class I Common Stock — 544,414.626 shares (Indirect, By: Rialto Capital Management, LLC);
Class I Common Stock — 23,131.99 shares (Indirect, By: JTK RCM, LLC);
Class F Common Stock — 38,882.317 shares (Indirect, By: JTK RCM, LLC)
Footnotes (5)
- 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.
- F2. Includes shares received on account of reinvested distributions.
- F3. JTK RCM, LLC is jointly owned by reporting person and his spouse.
- 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.
- 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.
Key Figures
RSU grant: 157,026.628 Class I RSUs
Share grant: 68,231.184 Class I shares
RSU price: 23.8813 per unit
+5 more
8 metrics
RSU grant
157,026.628 Class I RSUs
Grant/award acquisition to Rialto Capital Management, LLC on Class I Restricted Stock Units
Share grant
68,231.184 Class I shares
Grant/award acquisition of Class I Common Stock to Rialto Capital Management, LLC
RSU price
23.8813 per unit
Transaction price per Class I Restricted Stock Unit in the reported grant
Admin fee rate
1.0% of net asset value per year
Administrative services fee paid in Class I RSUs under the Advisory Agreement
Rialto RSU holdings
1,978,945.960 Class I RSUs
Total Class I Restricted Stock Units indirectly held by Rialto after the transaction
Rialto share holdings
544,414.626 Class I shares
Total Class I Common Stock indirectly held by Rialto after the transaction
JTK Class I holdings
23,131.990 Class I shares
Indirect Class I Common Stock holdings via JTK RCM, LLC
JTK Class F holdings
38,882.317 Class F shares
Indirect Class F Common Stock holdings via JTK RCM, LLC
Key Terms
Class I Restricted Stock Units, administrative services fee, net asset value, pecuniary interest, +1 more
5 terms
Class I Restricted Stock Units financial
"Class I Restricted Stock Units shall be exchanged for Class I Common"
administrative services fee financial
"the Company shall pay the Adviser an administrative services fee equal to 1.0%"
net asset value financial
"administrative services fee equal to 1.0% of the Company's net asset value per annum"
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.
pecuniary interest financial
"disclaims beneficial ownership of any shares ... that exceed his pecuniary interest therein"
time based vesting financial
"Class I Restricted Stock Units shall be exchanged for Class I Common, subject to time based vesting"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did FSREI disclose for Jeffrey P. Krasnoff?
The filing shows indirect acquisitions for entities associated with Jeffrey P. Krasnoff. Rialto Capital Management, LLC received 157,026.628 Class I RSUs and 68,231.184 Class I Common shares as grant-type awards, all reported as indirect ownership rather than direct purchases.
How are FS Credit (FSREI) advisory fees paid that relate to these RSUs?
The company pays its Adviser an administrative services fee equal to 1.0% of net asset value per year. This fee is paid quarterly in Class I Restricted Stock Units and is split 50/50 between the Adviser and Rialto Capital Management, LLC under the governing agreements.
What are the key terms of FSREI Class I Restricted Stock Units in this filing?
The Class I Restricted Stock Units are issued at 23.8813 per unit and are exchangeable for Class I Common Stock. The RSUs are subject to time-based vesting under a Class I Restricted Stock Unit Agreement involving the company, the Adviser and Rialto Capital Management, LLC.
What indirect holdings via JTK RCM, LLC are reported for FSREI?
JTK RCM, LLC, jointly owned by the reporting person and his spouse, is shown holding 23,131.990 shares of Class I Common Stock and 38,882.317 shares of Class F Common Stock. These positions are reported as indirect ownership entries without new buy or sell transactions.