KRASNOFF JEFFREY P 4

What Happened
Jeffrey P. Krasnoff, a director of FS Credit Real Estate Income Trust, was the recipient of equity awards on April 1, 2026. The Form 4 reports two acquisitions: 68,231.184 shares acquired at $23.88 each (value $1,629,449) and 157,026.628 shares reported as a derivative acquisition at $23.88 each (value $3,750,000). Total reported value of the transactions is approximately $5,379,449. These were awards/acquisitions (not open-market purchases or sales).

Key Details

• Transaction date: April 1, 2026; Filing date: April 3, 2026 (appears timely). Price reported: $23.88 per share for both entries.
• Shares acquired: 68,231.184 (direct acquisition) + 157,026.628 (derivative security) = 225,257.812 total shares/units reported.
• Shares owned after transaction: Not specified in this Form 4.
• Notable footnotes:
  • F4/F5 — Awards are Class I Restricted Stock Units (RSUs) issued under the Adviser agreement; RSUs are to be exchanged for Class I common stock and are subject to time‑based vesting. The RSUs relate to an administrative services fee (1.0% of NAV), paid in RSUs and split 50/50 between the Adviser and Rialto Capital Management LLC.
  • F1 — Krasnoff disclaims beneficial ownership of shares held by Rialto Capital Management, LLC beyond his pecuniary interest.
  • F2 — Includes shares from reinvested distributions.
  • F3 — JTK RCM, LLC is jointly owned by Krasnoff and his spouse.

Context
The larger tranche is recorded as a derivative (RSUs), meaning those units are subject to vesting and are not immediately tradeable common shares. Awards and RSUs generally reflect compensation or fee arrangements rather than open‑market insider “buys,” so they do not necessarily signal new personal investment intent. The filing notes relationships with Rialto Capital Management and the Adviser that affect how beneficial ownership is reported.