Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED DISTRIBUTION REINVESTMENT PLAN 

(as amended effective April 21, 2022) 

FS Credit Real Estate Income Trust, Inc., a Maryland corporation (the “Company”), pursuant to its Amended and Restated
Articles of Incorporation, as further amended and restated from time to time (the “Articles”), has adopted a Distribution Reinvestment Plan (the “DRP”), the terms and conditions of which are set forth below.
Capitalized terms shall have the same meaning as set forth in the Articles unless otherwise defined herein. 
 1. Distribution
Reinvestment. As agent for stockholders of the Company (“Stockholders”) who purchase Class T shares (the “Class T Shares”), Class S shares (the “Class S
Shares”), Class D shares (the “Class D Shares”), Class M shares (the “Class M Shares”), Class I shares (the “Class I
Shares”) Class F shares (the “Class F Shares ) and Class Y Shares (the “Class Y Shares”) of the Company’s common stock (the Class T Shares,
Class S Shares, Class D Shares, Class M Shares, Class I Shares, Class F Shares and Class Y Shares together, the “Shares”) pursuant to the Company’s public offering which will commence immediately
upon declaration of effectiveness of its Registration Statement initially filed with the Securities and Exchange Commission (the “SEC”) on February 13, 2017 (the “Offering”) or pursuant to a private offering
and who elect to participate in the DRP (the “Participants), the Company will apply all dividends and other distributions declared and paid in respect of the Shares held by each Participant (the “Distributions”),
including Distributions paid with respect to any full or fractional Shares acquired under the DRP, to the purchase of the Shares of the same class for such Participants directly, if permitted under state securities laws and, if not, through the
dealer manager for participating dealers registered in the Participant’s state of residence. 
 2. Effective Date. The
effective date of the DRP is April 21, 2022. 
 3. Procedure for Participation. Any Stockholder may elect to become a
Participant by completing and executing the Subscription Agreement, an enrollment form or any other appropriate authorization form as may be available from the Company, the dealer manager or any participating dealer. If any Stockholder initially
elects to not be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form or any appropriate authorization form as may be available from the Company, the Company’s transfer agent, the dealer
manager or any participating dealer participating in the distribution of Shares for the Offering. Participation in the DRP will begin with the next Distribution payable after acceptance of a Participant’s subscription, enrollment or
authorization. Shares will be purchased under the DRP on the date that Distributions are payable by the Company. 

4. Suitability. Each Participant is requested to promptly notify the Company in writing if (i) the Participant experiences a
material change in his or her financial condition, including the failure to meet the income, net worth and investment concentration standards imposed by such Participant’s state of residence and set forth in the Company’s most recent
prospectus; or (ii) if any of the representations or warranties set forth in the Subscription Agreement are no longer true in any material respect with respect to such Participant. For the avoidance of doubt, this request in no way shifts to
the Participant the responsibility of the Company’s sponsor, or any other person selling shares on behalf of the Company to make every reasonable effort to determine that the purchase of Shares is a suitable and appropriate investment based on
information provided by such Participant. 
 5. Purchase of Shares. Participants will acquire Shares from the Company (including
Shares purchased by the Company for the DRP in a secondary market (if available) or on a stock exchange (if listed) (collectively, the “Secondary Market”)) at a price equal to the transaction price for such shares on the date that
the distribution is payable (calculated as of the most recent month end). No selling commissions or dealer manager fees will be payable with respect to Shares purchased pursuant to the DRP but such Shares may be subject to ongoing stockholder
servicing fees or other fees described in the Company’s prospectus. Participants in the DRP may also purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire
Shares under the DRP to the extent such purchase would cause it to exceed the percentage ownership and other limitations contained in the Articles. 

Shares to be distributed by the Company in connection with the DRP may (but are not required to) be supplied from: (a) the $250,000,000
in Shares which were registered for the DRP in the Offering, (b) Shares of the Company’s common stock purchased by the Company for the DRP in a Secondary Market, or (c) Shares to be registered by the Company with the SEC in a future
offering for use in the DRP. 

 6. Taxes. THE REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF
ANY INCOME TAX LIABILITY THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL TAX INCOME LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE PUBLIC FILINGS MADE BY THE COMPANY WITH THE SEC. 

7. Share Certificates. The ownership of the Shares purchased through the DRP will be in book-entry form only until the Company
begins to issue certificates for its outstanding common stock. 
 8. Reports. On at least a quarterly basis, the Company shall
provide each Participant a statement of account describing, as to such Participant: (i) the Distributions reinvested during the quarter; (ii) the number and class of Shares purchased pursuant to the DRP during the quarter; (iii) the
per share purchase price for such Shares; and (iv) the total number of Shares purchased on behalf of the Participant under the DRP. On an annual basis, tax information with respect to income earned on Shares under the DRP for the calendar year
will be provided to each applicable participant. 
 9. Stockholder Servicing Fees. In connection with Class T Shares,
Class S Shares, Class D Shares and Class M Shares sold pursuant to the DRP, the Company will pay stockholder servicing fees over time to the dealer manager as described in the Company’s prospectus for this Offering. No
stockholder servicing fees will be paid with respect to the Class I Shares, Class F shares or Class Y shares. 

10. Termination. A Participant may terminate participation in the DRP with ten (10) business days’ written notice
to the Company at any time, without penalty. This notice must be received by the Company prior to the last day of a quarter in order for a Participant’s termination to be effective for such quarter (i.e., a timely termination notice will be
effective as of the last day of a quarter in which it is timely received and will not affect participation in the DRP for any prior quarter). Prior to listing of the Shares on a national stock exchange, any transfer of Shares by a Participant to a non-Participant will terminate participation in the DRP with respect to the transferred Shares. If a Participant requests that the Company repurchase all of the Participant’s Shares and the Company
repurchases less than all of Participant’s Shares, the Participant’s participation in the DRP will terminate. If a Participant terminates DRP participation, the Company will ensure that the terminating Participant’s account will
reflect the whole number of shares in his or her account and provide a check for the cash value of any fractional share in such account. Upon termination of DRP participation, future Distributions will be distributed to the Stockholder in cash. 

11. Amendment, Suspension or Termination of DRP by the Company. The Board of Directors may by majority vote amend any aspect of
the DRP; provided that the DRP cannot be amended to eliminate a Participant’s right to terminate participation in the DRP and that written notice of any material amendment must be provided to Participants at least ten (10) business days
prior to the effective date of that amendment. The Board of Directors may by majority vote suspend or terminate the DRP for any reason upon ten (10) business days’ written notice to the Participants. 

12. Liability of the Company. The Company shall not be liable for any act done in good faith, or for any good faith omission to
act, including, without limitation, any claims or liability: (a) arising out of failure to terminate a Participant’s account upon such Participant’s death prior to receipt of notice in writing of such death; and (b) with respect
to the time and the prices at which Shares are purchased or sold for a Participant’s account. To the extent that indemnification may apply to liabilities arising under the Securities Act of 1933, as amended, or the securities act of a state,
the Company has been advised that, in the opinion of the SEC and certain state securities commissions, such indemnification is contrary to public policy and, therefore, unenforceable. 

13. Governing Law. This DRP shall be governed by the laws of the State of Maryland.EX-10.2

 Exhibit 10.2 

FS CREDIT REAL ESTATE INCOME TRUST, INC. 

AMENDED AND RESTATED INDEPENDENT DIRECTOR COMPENSATION POLICY 

Effective Date 
 On April 21, 2022, the Board of
Directors (the “Board”) of FS Credit Real Estate Income Trust, Inc. (the “Company”) adopted this Amended and Restated Independent Director Compensation Policy (the “Policy”), to be effective April 1, 2022 (the
“Effective Date”). This policy supersedes in its entirety that policy approved by the Board on August 13, 2018 (the “Prior Policy”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the FS Credit Real Estate Income Trust, Inc. Independent Director Restricted Share Plan (the “Plan”). 
 Eligibility 

This policy shall apply to directors of the Company who meet the requirements set forth for an “independent director” in the Company’s Charter.

 Compensation 
 Each Independent Director shall
receive an annual retainer of $125,000, the chairperson of the Company’s audit committee shall receive an additional annual retainer of $20,000, and the Lead Independent Director shall receive an additional annual retainer of $20,000 (the
“Compensation”). The Compensation shall remain in effect until changed by the Board. 
 Payment Timing and Form 

Independent Directors may elect to be compensated between thirty percent (30%) and fifty percent (50%) in cash in arrears and the remaining amount will be paid
in the form of restricted shares of the Company’s Class I common stock (“Class I Restricted Stock”). The Company will pay Compensation in equal quarterly installments commencing upon the Effective Date. 

Terms and Conditions of Class I Restricted Stock
  

	 	•	 	 Class I Restricted Stock shall be granted under, and subject to the terms and conditions of, the Plan, and
the award certificate evidencing such grant. 

  

	 	•	 	 The Class I Restricted Stock shall be granted on the first
(1st) calendar day of the second month following the calendar quarter to which the Compensation relates (each, a “Grant Date”). The number of shares of Class I Restricted Stock
granted shall be determined by (A) dividing the portion of quarterly Compensation to be paid in Class I Restricted Stock (between fifty percent (50%) and seventy percent (70%), as applicable) by the current transaction price of the
Company’s Class I common stock and (B) rounding to the nearest whole number. 

  

	 	•	 	 Unless and until provided otherwise by the Board, the Class I Restricted Stock granted pursuant to this
Policy shall vest and become non-forfeitable on the one-year anniversary of the Grant Date, provided that the Independent Director is providing services to the Company
as a director on each such vesting date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall become fully vested on the earlier occurrence of: (i) the termination of the Independent Director’s service
as a director of the Company due to his or 

	 	 
her death or Disability; or (ii) a Change in Control of the Company. If the Independent Director’s service as a director of the Company terminates other than as described in
clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such termination from the Board and such
Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director. 

Proration 
  

	 	•	 	 If an Independent Director is newly appointed or elected to the Board at the Annual Meeting of Shareholders
(“Annual Meeting”), then his or her Compensation shall be prorated to reflect his or her full calendar months of service (e.g. if the Annual Meeting is in May, then the first quarterly payment will be with respect to service during June of
such quarterly service period). 

  

	 	•	 	 If an Independent Director is newly appointed or elected to the Board at any time other than at an Annual
Meeting, then his or her first quarterly payment will be prorated to reflect the number of full calendar months of service between the effective date of the Independent Director’s appointment or election through the last day of the respective
quarterly calendar period (e.g. if an Independent Director is appointed to the Board on January 15, then his or her first quarterly payment will be with respect to service during February and March of such quarterly calendar period).

  

	 	•	 	 If an Independent Director is not newly appointed or re-elected at the
Annual Meeting, then he or she will not receive payment for services during the month of such Annual Meeting. 

  

	 	•	 	 If the Company crosses between net asset values levels for purposes of determining the amount of Compensation
payable to an Independent Director during a calendar quarter, then the amount of Compensation due shall be prorated based on the number of days elapsed in each level of net asset value. 

  
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