Michael C. Forman - 10 Jul 2025 Form 4 Insider Report for FS Credit Real Estate Income Trust, Inc. (FSREI)

Role: President & CEO, Director
Signature: /s/ Michael C. Forman
Issuer symbol: FSREI
Transactions as of: 10 Jul 2025
Transactions value $: $0
Form type: 4
Date filed: 14 Jul 2025, 18:01
Previous filing: 02 May 2025
Next filing: 19 Aug 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Forman Michael C.	President & CEO, Director	FS CREDIT REAL ESTATE INCOME TRUST, 201 ROUSE BOULEVARD, PHILADELPHIA	/s/ Michael C. Forman	2025-07-14	0001438253

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	FSREI	Class I Common Stock						66.3K	10 Jul 2025	By: Franklin Square Holdings, LP	F1
holding	FSREI	Class T Common Stock						2.51K	10 Jul 2025	By: FSH Seed Capital Vehicle I LLC	F1
holding	FSREI	Class M Common Stock						414	10 Jul 2025	By: FSH Seed Capital Vehicle I LLC	F1
holding	FSREI	Class S Common Stock						412	10 Jul 2025	By: FSH Seed Capital Vehicle I LLC	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+155K	+13.03%	$0.00	1.34M	10 Jul 2025	Class I Common Stock	155K		By: Franklin Square Holdings, LP	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.
F3	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.