FS Credit Real Estate: Rialto acquires 73,522 Class I shares

The 157,846-unit RSU award is an estimate based on the latest available net asset value and may change when grant-date net asset value is calculated.

Rhea-AI Filing Summary

FS Credit Real Estate Income Trust, Inc. (FSREI) reported indirect transactions by Rialto Capital Management, LLC on October 1, 2026: 73,522 Class I Restricted Stock Units were disposed to the issuer, 73,522 Class I Common Stock shares were acquired, and 157,846 Class I Restricted Stock Units were awarded. The awarded RSU count is an estimate based on the most recently available net asset value and may differ when the grant-date net asset value is calculated.

The RSU agreement provides for exchange into Class I Common Stock subject to time-based vesting. The administrative-services fee equals 1.0% of the company’s net asset value per annum, is payable quarterly in RSUs, and is split 50/50 between the Adviser and Rialto. Rialto held 213,100 Class I common shares following the reported transaction. Director Jeffrey P. Krasnoff disclaims beneficial ownership of Rialto-held shares beyond his pecuniary interest.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider KRASNOFF JEFFREY P

Role Director

Type	Security	Shares	Price	Value
Disposition	Class I Restricted Stock Units F4, F5, F1	73,521.756	$23.7573	$1.75M
Grant/Award	Class I Restricted Stock Units F4, F6, F5, F1	157,846.22	$23.7573	$3.75M
Grant/Award	Class I Common Stock F1	73,521.756	$23.7573	$1.75M
holding	Class I Common Stock F2, F3	--	--	--
holding	Class F Common Stock F2, F3	--	--	--

Holdings After Transaction: Class I Restricted Stock Units — 1,914,843.962 contracts (Indirect, By: By: Rialto Capital Management, LLC); Class I Common Stock — 213,099.57 shares (Indirect, By: Rialto Capital Management, LLC); Class I Common Stock — 24,006.728 shares (Indirect, By: JTK RCM, LLC); Class F Common Stock — 40,522.227 shares (Indirect, By: JTK RCM, LLC)

Footnotes (6)

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.
6. F6. 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: 73,522 RSUs Class I Common Stock acquired: 73,522 shares Class I Restricted Stock Units awarded: 157,846 RSUs +4 more

7 metrics

Class I Restricted Stock Units disposed 73,522 RSUs Disposed to the issuer on October 1, 2026

Class I Common Stock acquired 73,522 shares Indirectly through Rialto Capital Management, LLC on October 1, 2026

Class I Restricted Stock Units awarded 157,846 RSUs Estimated using the most recently available net asset value

Reported per-share amount $23.7573 per share October 1, 2026 transactions

Class I common shares held by Rialto 213,100 shares Following the reported transaction

Class I common shares held by JTK RCM 24,007 shares As of October 1, 2026; includes shares received on account of reinvested distributions

Class F common shares held by JTK RCM 40,522 shares As of October 1, 2026; includes shares received on account of reinvested distributions

Key Terms

Class I Restricted Stock Units, time based vesting, net asset value, pecuniary interest, +1 more

5 terms

Class I Restricted Stock Units technical

"Class I Restricted Stock Units shall be exchanged for Class I Common"

time based vesting financial

"subject to time based vesting"

net asset value financial

"estimate 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.

pecuniary interest regulatory

"shares held by Rialto Capital Management, LLC that exceed his pecuniary interest"

administrative services fee financial

"administrative services fee equal to 1.0% of the Company's net asset value"

FAQ

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

What FSREI transactions did Rialto Capital Management report?

On October 1, 2026, Rialto reported the disposition to the issuer of 73,522 Class I Restricted Stock Units, acquisition of 73,522 Class I Common Stock shares, and an award of 157,846 Class I Restricted Stock Units.

What FSREI shares are reported through JTK RCM?

JTK RCM, LLC held 24,007 Class I common shares and 40,522 Class F common shares as of October 1, 2026. The reported holdings include shares received on account of reinvested distributions. JTK RCM is jointly owned by director Jeffrey P. Krasnoff and his spouse.

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

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Available on EDGAR 10/05/2026 - 06:25 PM Accepted by SEC EDGAR 10/05/2026 - 06:24 PM 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)
10/01/2026

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	10/01/2026		A		73,521.756	A	$23.7573	213,099.57	I	By: Rialto Capital Management, LLC(1)
Class I Common Stock								24,006.728(2)	I	By: JTK RCM, LLC(3)
Class F Common Stock								40,522.227(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)	10/01/2026		D			73,521.756	(5)	(5)	Class I Common Stock	73,521.756	$23.7573	1,756,997.742	I	By: By: Rialto Capital Management, LLC(1)
Class I Restricted Stock Units	(4)	10/01/2026		A		157,846.22(6)		(5)	(5)	Class I Common Stock	157,846.22(6)	$23.7573(6)	1,914,843.962(6)	I	By: 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.

6. 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

	/s/ Jeffrey Krasnoff	10/05/2026
	** 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)