Director-linked entity awarded FS Credit stock units

FS Credit Real Estate Income Trust, Inc. director Jeffrey P. Krasnoff reported indirect acquisitions linked to advisory compensation arrangements.

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.

Insider Trade Summary

Grant/Award: 225,257.812 shares

Grant/Award 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 contracts (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)

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.

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"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.

Does Jeffrey P. Krasnoff fully own all Rialto-held FSREI shares?

No. The filing states he disclaims beneficial ownership of any shares held by Rialto Capital Management, LLC beyond his pecuniary interest. Including these shares in the report is not an admission of beneficial ownership for all reported shares under Section 16.

How many FSREI Class I RSUs and shares does Rialto hold after the reported grants?

Following the award, Rialto Capital Management, LLC is reported with 1,978,945.960 Class I Restricted Stock Units and 544,414.626 Class I Common shares. These figures reflect indirect holdings associated with the fee and award arrangements described in the agreements.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/03/2026 - 01:19 PM EDT Learn about SEC filing dates

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 PENNSYLVANIA 19112

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/01/2026		A		68,231.184	A	$23.8813	544,414.626	I	By: Rialto Capital Management, LLC(1)
Class I Common Stock								23,131.99(2)	I	By: JTK RCM, LLC(3)
Class F Common Stock								38,882.317(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)	04/01/2026		A		157,026.628		(5)	(5)	Class I Common Stock	157,026.628	$23.8813	1,978,945.96	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	04/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)