Forman Michael C. 4
4 · FS Credit Real Estate Income Trust, Inc. · Filed Apr 3, 2026
Research Summary
AI-generated summary of this filing
FS Credit REIT CEO Michael Forman Receives Stock Award
What Happened
Michael C. Forman, President & CEO and a director of FS Credit Real Estate Income Trust, received two award-type acquisitions on April 1, 2026: 68,231.184 shares acquired at $23.88 each (value $1,629,449) and 157,026.628 derivative shares valued at $23.88 each (value $3,749,953). Total reported grant/award equals 225,257.812 shares with an aggregate value of $5,379,402. These were reported as awards/acquisitions (code A), not open-market purchases or sales.
Key Details
- Transaction date and price: April 1, 2026 at $23.88 per share for both items.
- Share totals: 68,231.184 shares (direct award) + 157,026.628 derivative award = 225,257.812 total shares reported.
- Filing date/timeliness: Form 4 filed April 3, 2026 (appears within the standard 2-business-day reporting window).
- Shares owned after the transaction: Not disclosed in the provided filing details.
- Notable footnotes:
- F1: Forman disclaims beneficial ownership of shares held by related Franklin Square entities beyond his pecuniary interest.
- F2: The company pays an administrative services fee equal to 1.0% of NAV per year in Class I Restricted Stock Units (split 50/50 between the Adviser and Rialto).
- F3: Class I Restricted Stock Units are exchangeable for Class I Common Stock and are subject to time-based vesting (i.e., these are restricted/vesting awards).
Context
These awards are compensation/administrative-fee related restricted stock units and derivative awards rather than open-market purchases — they typically vest over time and do not necessarily indicate an immediate buy/sell decision by the insider. The derivative component reflects units convertible into Class I common stock subject to the RSU agreement, per the filing footnotes.
Insider Transaction Report
- Award
Class I Common Stock
[F1]2026-04-01$23.88/sh+68,231.184$1,629,449→ 68,231.184 total(indirect: By: Franklin Square Holdings, LP) - Award
Class I Restricted Stock Units
[F2][F3][F1]2026-04-01$23.88/sh+157,026.628$3,749,953→ 1,755,835.012 total(indirect: By: Franklin Square Holdings, LP)→ Class I Common Stock (157,026.628 underlying)
- 2,506.828(indirect: By LLC)
Class T Common Stock
[F1] - 413.861(indirect: By LLC)
Class M Common Stock
[F1] - 412.313(indirect: By LLC)
Class S Common Stock
[F1]
Footnotes (3)
- [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.