Forman Michael C. 4

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.