Forman Michael C. 4

What Happened

• Michael C. Forman, President & CEO and a director of FS Credit Real Estate Income Trust, reported receipt of restricted stock unit (RSU) awards and a related disposition on July 1, 2026. He was granted 157,164.83 RSUs at an implied value of $23.86 each (≈ $3,750,000) and earlier the same day was credited with 71,346.63 RSUs at $23.81 each (≈ $1,698,478). The filing also shows a disposition to the issuer of 71,346.63 derivative shares at $23.86 each (≈ $1,702,352). Net of the disposition, the transaction shows a net increase of 157,164.83 RSUs (estimated).

Key Details

• Transaction date: 2026-07-01; Form filed: 2026-07-02 (timely).
• Grants reported: 71,346.63 RSUs @ $23.81 (≈ $1,698,478) and 157,164.83 RSUs @ $23.86 (≈ $3,750,000).
• Disposition reported: 71,346.63 derivative shares to the issuer @ $23.86 (≈ $1,702,352).
• Net effect: +157,164.83 RSUs (estimated); total RSUs shown as granted on the day = 228,511.46 (estimate) less the 71,346.63 surrendered.
• Footnotes: awards are Class I Restricted Stock Units paid as an administrative services fee under the Adviser agreement (split 50/50 with Rialto Capital Management), RSUs convert to Class I common stock subject to time-based vesting, and the reported RSU counts are estimates based on the most recent NAV and may change. The reporting person disclaims beneficial ownership of shares held by certain Franklin Square entities beyond his pecuniary interest.

Context

• These are derivative awards (RSUs), not open-market purchases. RSUs are typically paid as compensation/fees and vest over time per the Class I RSU agreement; the filing notes the actual grant amounts are estimates tied to NAV. The disposition to the issuer is reported as a derivatives transaction (no further detail provided in the filing). As always, such awards are disclosures of compensation-related equity grants rather than an immediate market purchase signal.