Document:

EX-10.5

 Exhibit 10.5 

FS CREDIT REAL ESTATE INCOME TRUST, INC. 

INDEPENDENT DIRECTOR COMPENSATION POLICY 

Effective Date 
 On July 17, 2017, the Board of
Directors (the “Board”) of FS Credit Real Estate Income Trust, Inc. (the “Company”) adopted this Independent Director Compensation Policy, to be effective July 17, 2017. 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 

The following shall remain in effect until changed by the Board (collectively, the “Compensation”): 

 

																					
	 	 	  	Annual Committee
Chair Retainer	 
	 Net Asset Value
	  	Annual
Retainer
($)	 	  	Board
Meeting Fees*
($)	 	  	Committee
Meeting Fees*
($)	 	  	Audit
($)	 	  	Nominating &
Corporate
Governance
($)	 
	 $0 to $250 million
	  	 	10,000	 	  	 	2,000	 	  	 	1,000	 	  	 	5,000	 	  	 	2,500	 
	 $250 million to $500 million
	  	 	25,000	 	  	 	2,000	 	  	 	1,000	 	  	 	7,500	 	  	 	3,750	 
	 > $500 million
	  	 	55,000	 	  	 	2,000	 	  	 	1,000	 	  	 	10,000	 	  	 	5,000	 

  

	*	In person or telephonic. 

 Payment Timing and Form 

Prior to Achievement of NAV Threshold 
 Until the Company
achieves a net asset value of $250 million (the “NAV Threshold”), one hundred percent (100%) of the applicable Compensation shall be paid in the form of restricted shares of the Company’s Class I common stock (“Class I
Restricted Stock”). 
 Following Achievement of NAV Threshold 

Effective for the first calendar quarter immediately following the date that the Company achieves the NAV Threshold, seventy-five percent (75%) of the
applicable Compensation shall be paid in cash in arrears, as soon as possible following the end of the calendar quarter to which the Compensation relates, and twenty-five percent (25%) shall be paid in the form of Class I Restricted Stock. 

 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 third (3rd) business day following the last day of 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 one hundred percent (100%) or twenty-five percent (25%), as applicable, of the quarterly Compensation due by the
per share NAV of the Company’s Class I common stock, determined as of the last day of the applicable calendar quarter, 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. 

  
 - 2 -EX-10.6

 Exhibit 10.6 

EXPENSE LIMITATION AGREEMENT 

THIS EXPENSE LIMITATION AGREEMENT (“Expense Limitation Agreement”) is made as of the 30th day of August,
2017 by and among FS Credit Real Estate Income Trust, Inc., a Maryland corporation (the “Company”), FS Real Estate Advisor, LLC, a Delaware limited liability company (the “Adviser”), and Rialto Capital
Management LLC, a Delaware limited liability company (the “Sub-Adviser”). 
 WHEREAS, the Company intends to
operate as a real estate investment trust and offer one or more classes of common stock (“Shares”) in a continuous public offering; 

WHEREAS, the Adviser serves as investment adviser to the Company pursuant to an amended and restated advisory agreement between the
Company and the Adviser, dated August 30, 2017 (the “Advisory Agreement”); and 
 WHEREAS, the
Sub-Adviser serves as sub-advisor to the Adviser pursuant to an amended and restated sub-advisory agreement between the Adviser and the Sub-Adviser, dated August 30, 2017 (the “Sub-Advisory Agreement”). 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the parties
hereto agree as follows: 
 1. Expense Limitation. 

(a) The Adviser and Sub-Adviser each agrees to waive reimbursement of and/or pay (or to cause its affiliates to waive and/or pay) certain of
the Company’s Ordinary Operating Expenses (as defined below) to the extent necessary to ensure that the Ordinary Operating Expenses for each class of Shares, as applicable, do not exceed the percentage of average daily net assets set forth on
Exhibit A. 
 (b) The amount waivable and/or payable by the Adviser, Sub-Adviser or their respective affiliates hereunder shall be
determined as of the last day of each fiscal quarter for the Company based on the annualized Ordinary Operating Expenses for the Company for that fiscal quarter (prior to recording any reimbursement pursuant to Section 2 hereof for that fiscal
quarter). Any payment due from the Adviser, Sub-Adviser or their respective affiliates under this Section 1 shall be made within 30 days of the end of the Company’s applicable fiscal quarter. 

(c) “Ordinary Operating Expenses” for a class of Shares shall consist of all ordinary expenses of the Company
attributable to such class, including administration fees, transfer agent expenses, fees paid to the Company’s independent directors (the “Independent Directors”), loan servicing expenses, administrative services
expenses, acquisition-related expenses, and expenses associated with legal, regulatory compliance and investor relations, but excluding the following: (a) fees paid to the Adviser pursuant to the Advisory Agreement, (b) interest expense
and other financing costs, (c) taxes, (d) distribution or stockholder servicing fees and (e) unusual, unexpected and/or nonrecurring expenses of the Company. 

(d) The methodology for determining the priority of expense waivers, deferrals and payments and the amounts payable by each of the Adviser and
Sub-Adviser shall be set forth in a separate agreement between the parties. 

 2. Conditional Recoupment. Any waiver or reimbursement by the Adviser or Sub-Adviser
pursuant to this Expense Limitation Agreement shall be subject to repayment by the Company on a quarterly basis within the three fiscal years of the Company following the fiscal quarter of the Company in which the expenses were paid or absorbed, if
the Company is able to make the repayment without exceeding its then-current expense limitation, if any, and the expense limitation that was in effect at the time when the Adviser or Sub-Adviser waived or reimbursed the Ordinary Operating Expenses
that are the subject of repayment. For the avoidance of doubt, any waiver or reimbursement made by the Adviser or Sub-Adviser that has not be repaid within three fiscal years of the fiscal quarter within which the Ordinary Operating Expense were
waived or absorbed shall be permanently waived by the Adviser and Sub-Adviser and shall not be subject to reimbursement under this Agreement. The amount repayable to the Adviser or Sub-Adviser hereunder shall be determined as of the last day of each
fiscal quarter for the Company based on the annualized Ordinary Operating Expenses for the Company for that fiscal quarter (prior to recording any recoupment pursuant to this Section 2 for that fiscal quarter). Any repayment due to the Adviser
or Sub-Adviser under this Section 2 shall be made within 30 days of the end of the Company’s applicable fiscal quarter. 
 3.
Effective Date, Duration and Termination. This Expense Limitation Agreement shall be effective as of the effectiveness of the Company’s registration statement on Form S-11 relating to the continuous offering of the Shares and shall
continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Independent Directors and by the mutual consent of the Adviser and Sub-Adviser. Aside from its
annual renewal, this Expense Limitation Agreement may not be terminated by the Adviser or Sub-Adviser, but may be terminated by the Independent Directors, on written notice to the Adviser and Sub-Adviser. This Expense Limitation Agreement will
automatically terminate if the Advisory Agreement for the Company is terminated with such termination effective upon the effective date of the Advisory Agreement’s termination. The Adviser’s and Sub-Adviser’s right to repayment
pursuant to Section 2 hereof shall survive the termination of this Agreement for any reason. 
 4. Miscellaneous. 

(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise
affect their construction or effect. 
 (b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements,
understandings and arrangements with respect to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of
Delaware. Nothing in this Agreement shall be deemed to require the Company to take any action contrary to the Company’s Articles of Incorporation or Bylaws, as each may be amended or restated, or to relieve or deprive the board of directors of
the Company of its responsibility for and control of the conduct of the affairs of the Company. 
 (c) If any provision of this Agreement
shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable, and the remaining
provisions of this Agreement shall be interpreted to give maximum effect to the intent of the parties manifested thereby. 
 (d) No party to
this agreement shall assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the other parties hereto. 

 (e) This Agreement may be amended in writing by mutual consent of the parties. This Agreement
may be executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall
be deemed to constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have caused this Expense Limitation Agreement to be
executed in duplicate by their respective officers as of the date first above written. 
 FS CREDIT REAL ESTATE INCOME TRUST, INC. 

 

			
		
	By:	 	/s/ Michael C. Forman

			
	Name:	 	Michael C. Forman
	Title:	 	Chief Executive Officer

 FS REAL ESTATE ADVISOR, LLC 
  

			
		
	By:	 	/s/ Michael C. Forman

			
	Name:	 	Michael C. Forman
	Title:	 	Chief Executive Officer

 RIALTO CAPITAL MANAGEMENT LLC 
  

			
		
	By:	 	/s/ Cory Olson

			
	Name:	 	Cory Olson
	Title:	 	Executive Vice President

 EXHIBIT A 
  

			
	 Class of Shares
	  	 Cap on Ordinary Operating Expenses

(as a percentage of average daily net assets)

		
	 Class D Shares
	  	1.50%
		
	 Class M Shares
	  	1.50%
		
	 Class I Shares
	  	1.50%
		
	 Class T Shares
	  	1.50%
		
	 Class T-C Shares
	  	1.50%
		
	 Class S Shares
	  	1.50%
		
	 Class Y Shares
	  	1.50%

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