Form 4: FS Credit Real Estate Income Trust: Forman Reports Changes in Beneficial Ownership

Michael C. Forman, President & CEO of FS Credit Real Estate Income Trust, reports changes in beneficial ownership, including the acquisition of Class I Restricted Stock Units.

Summary

• Michael C. Forman, President & CEO of FS Credit Real Estate Income Trust, filed a Form 4 detailing changes in his beneficial ownership.
• The report includes the acquisition of 153,964.96 Class I Restricted Stock Units on April 14, 2025.
• These Restricted Stock Units are related to the administrative services fee paid to the Adviser (Franklin Square Holdings, L.P.) and Rialto Capital Management LLC, as per the Advisory Agreement.
• The administrative services fee is equal to 1.0% of the Company's net asset value per annum, payable quarterly, in Class I Restricted Stock Units, split 50/50 between the Adviser and Rialto Capital Management LLC.
• Forman also disclaims beneficial ownership of shares held by Franklin Square Holdings, L.P., FS Real Estate Advisor, LLC, and FSH Seed Capital Vehicle I LLC, except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral.

Future Outlook

The Class I Restricted Stock Units shall be exchanged for Class I Common Stock, subject to time based vesting.

Management Comments

• 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.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Related Party Transactions

• The administrative services fee is paid to Franklin Square Holdings, L.P. and Rialto Capital Management LLC, which are related parties.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the compensation structure for the company's advisor.

Key Dates

Keywords

beneficial ownership, Form 4, FS Credit Real Estate Income Trust, Michael C. Forman, restricted stock units, administrative services fee, Franklin Square Holdings, Rialto Capital Management