FS Credit CEO Michael Forman Receives Stock Awards, Disposes Shares

What Happened
Michael C. Forman, President & CEO and a director of FS Credit Real Estate Income Trust, reported multiple award and derivative transactions on July 1, 2026. He was granted Class I restricted stock units (RSUs) estimated at 157,164.83 shares valued at $23.86 each (total $3,750,000) and an additional award of 71,346.63 shares at $23.81 (total $1,698,478). On the same date, 71,346.63 shares were reported as disposed to the issuer at $23.86 (total $1,702,352). Following an amendment, his corrected beneficial ownership is 139,577.814 shares.

Key Details

• Transaction date: July 1, 2026. Prices: $23.81 and $23.86 per share. Values: $1,698,478; $1,702,352 (disposition); $3,750,000 (RSU grant).
• Shares beneficially owned after amendment: 139,577.814 shares (correction added 68,231.184 shares that were previously omitted).
• Securities involved: Class I Restricted Stock Units (derivative securities) convertible into Class I Common Stock subject to time-based vesting. Reported RSU counts are estimates based on then-available net asset value.
• Footnotes: Administrative services fee will be paid to the adviser in Class I RSUs (split 50/50 with Rialto Capital Management); RSUs exchange for Class I common stock under the RSU agreement; the report is an amendment correcting previously omitted beneficial ownership (see footnote F5).
• Filing status: This is an amended Form 4 (filed Aug 27, 2026) correcting the amount of shares reported as beneficially owned. The amendment does not change other transaction details.

Context
These transactions primarily reflect equity awards and related issuer dispositions (often used for tax withholding or administrative purposes) rather than open-market purchases or sales. RSU grants are a form of compensation and vest over time, so they are not the same as an immediate stock purchase. The amendment increases transparency by correcting the previously omitted shares; it does not by itself indicate a change in the CEO’s trading intent.