Michael C. Forman - 02 Jan 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: 02 Jan 2025
Net transactions value: $0
Form type: 4
Filing time: 07 Feb 2025, 16:29:05 UTC
Previous filing: 03 Jan 2025
Next filing: 25 Apr 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FSREI	Class I Common Stock	Award	$0	+66,310	+42%	$0.000000	223,111	02 Jan 2025	By: Franklin Square Holdings, LP	F1, F2
holding	FSREI	Class I Common Stock						253,072	02 Jan 2025	By: FS Real Estate Advisor, LLC	F2
holding	FSREI	Class T Common Stock						2,507	02 Jan 2025	By: FSH Seed Capital Vehicle I LLC	F2
holding	FSREI	Class M Common Stock						414	02 Jan 2025	By: FSH Seed Capital Vehicle I LLC	F2
holding	FSREI	Class S Common Stock						412	02 Jan 2025	By: FSH Seed Capital Vehicle I LLC	F2

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	+13,975	+98%	$0.000000	28,280	31 Dec 2022	Class I Common Stock	13,975		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Options Exercise	$0	-14,305	-51%	$0.000000	13,975	02 Jan 2025	Class I Common Stock	14,305		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+87,489		$0.000000	87,489	31 Mar 2023	Class I Common Stock	87,489		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+95,091		$0.000000	95,091	30 Jun 2023	Class I Common Stock	95,091		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+101,222		$0.000000	101,222	30 Sep 2023	Class I Common Stock	101,222		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+103,501	+199%	$0.000000	155,507	31 Dec 2023	Class I Common Stock	103,501		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Options Exercise	$0	-52,006	-33%	$0.000000	103,501	02 Jan 2025	Class I Common Stock	52,006		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+156,273		$0.000000	156,273	31 Mar 2024	Class I Common Stock	156,273		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+158,599		$0.000000	158,599	30 Jun 2024	Class I Common Stock	158,599		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+159,124		$0.000000	159,124	30 Sep 2024	Class I Common Stock	159,124		By: Franklin Square Holdings, LP	F2, F3, F4
transaction	FSREI	Class I Restricted Stock Units	Award	$0	+157,275		$0.000000	157,275	31 Dec 2024	Class I Common Stock	157,275		By: Franklin Square Holdings, LP	F2, F3, F4

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

Explanation of Responses:

Id	Content
F1	Class I Common Stock was issued in exchange for vested Class I Restricted Stock Units issued under the Class I Restricted Stock Unit Agreement between FS Credit Real Estate Income Trust, Inc. (the "Company"), FS Real Estate Advisor, LLC (the "Adviser") and Rialto Capital Management, LLC.
F2	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.
F3	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 between the Company and the Adviser. The administrative services fee is split 50/50 between the Adviser and Rialto Capital Management LLC.
F4	In accordance with the Class I Restricted Stock Unit Agreement between the Company, the Adviser and Rialto Capital Management, LLC, Class I Restricted Stock Units shall be exchanged for Class I Common Stock on the first, second and third anniversary following the grant of such Class I Restricted Stock Units, in each case in equal 1/3 installments.