Edward T. Gallivan Jr.
About Edward T. Gallivan Jr.
Edward T. Gallivan, Jr. is Chief Financial Officer and Treasurer of FS Credit Income Fund (ticker: FCREX) and has served since 2017, bringing more than three decades of fund finance, reporting, and control experience . He is age 63, holds a B.S. in Business Administration (Accounting) from Stonehill College, and began his career as an auditor and CPA at PwC before senior roles at State Street Research & Management (assistant treasurer of mutual funds) and BlackRock (director of financial reporting for 350+ mutual funds, 2005–Oct 2012) . In addition to FCREX, Gallivan serves as CFO across other FS Investments-sponsored vehicles (FS Specialty Lending Fund, FS Credit Opportunities Corp., FS Credit Real Estate Income Trust), underscoring deep platform familiarity and cross-fund process oversight . Fund-level executive compensation is not paid by the Fund (officers receive no compensation from FCREX), so TSR or operating-metric-linked pay disclosures are not applicable in the proxy/prospectus record for FCREX .
Past Roles
| Organization | Role | Years | Strategic impact / Scope |
|---|---|---|---|
| FS Credit Income Fund (FCREX) | Chief Financial Officer & Treasurer | Since 2017 | Principal finance officer for FCREX; also listed as officer alongside CEO and General Counsel . |
| FS Specialty Lending Fund | Chief Financial Officer & Treasurer | Since Nov 2012 | Long-tenured CFO of affiliated FS fund (per N‑14), indicating continuity and shared FS Investments infrastructure . |
| FS Credit Opportunities Corp. | Chief Financial Officer | Since 2018 | CFO of affiliated FS fund (DEF 14A) . |
| FS Credit Real Estate Income Trust, Inc. | Chief Financial Officer | Ongoing (signatory capacity) | CFO signatory on financing/repurchase agreements and guarantor documentation . |
| BlackRock, Inc. | Director of Financial Reporting | 2005–Oct 2012 | Led reporting for 350+ mutual funds, relevant to RIC reporting controls and governance . |
| State Street Research & Management | Assistant Treasurer (Mutual Funds) | 1988–2005 | Fund treasury, controls, and operations; core mutual fund finance experience . |
| PwC | Auditor (CPA) | Early career | External audit foundation; certified public accountant background . |
External Roles
No public-company directorships or external board roles are disclosed for Gallivan in FCREX or related filings reviewed. The documents list trustees’ other directorships but not officer external roles .
Fixed Compensation
| Component | 2024–2025 Fund-level disclosure | Notes |
|---|---|---|
| Base salary | Not paid by FCREX | “The executive officers of the Fund receive no compensation from the Fund for performing the duties of their offices.” |
| Target annual bonus | Not disclosed by FCREX | Officers are compensated by FS Credit Income Advisor or affiliates; not disclosed in FCREX filings . |
| Cash paid by Fund (trustee context) | N/A to Gallivan | Trustee retainers/fees schedule disclosed; Gallivan is an officer, not a trustee . |
Performance Compensation
| Incentive type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Officer equity/cash incentives | Not disclosed at the Fund level | — | — | — | — | — |
Officers are not paid by FCREX; no PSU/RSU/option schedules are disclosed for fund officers in FCREX filings .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Individual officer ownership | Not itemized for Gallivan in proxy; trustee/nominee ownership table excludes officers . |
| Trustees and officers as a group | Approximately 0.72% of the Fund as of the June 18, 2025 record date . |
| Shares outstanding (context) | Class I: 27,536,162.376; Class U: 10,119,662.233; Class U‑2: 9,965,533.487; Class T: 252,614.815; Class A: 384,525.467; Class M: — (as of June 18, 2025) . |
| Section 16(a) compliance | The Fund believes all Reporting Persons (including executive officers) complied with beneficial ownership reporting requirements for FY ended Oct 31, 2024 . |
| Pledging/hedging | No pledging or hedging disclosures for officers in reviewed filings . |
Employment Terms
| Term | Disclosure |
|---|---|
| Start date / tenure | CFO of FCREX since 2017; Treasurer since 2019 . |
| Term of office | Each officer serves until a successor is elected/qualified, death, resignation, or removal by the Trustee . |
| Employer of record | Officers serve the Fund but are compensated by FS Credit Income Advisor or affiliates; not by FCREX . |
| Severance / Change-in-control | No officer employment agreements, severance multiples, or CIC terms disclosed at the Fund level . |
| Clawbacks / Gross-ups | Not disclosed for officers in FCREX filings reviewed . |
Performance & Track Record
- Regulatory certifications: As CFO, Gallivan certified FCREX’s semiannual shareholder report on Form N‑CSR (Section 906 SOX certification), evidencing responsibility for financial reporting integrity .
- Board/audit cadence context: The Board met eight times in FY ended Oct 31, 2024; Audit Committee met eight times, reflecting active oversight (officers support reporting and control processes) .
- Multi-fund financing execution: CFO signatory on multiple financing/repurchase agreements at FS Credit Real Estate Income Trust entities, supporting experience in structured finance and counterparty management .
Compensation Structure Analysis
- Emphasis on adviser-paid compensation: Because officers receive no compensation from FCREX, fund-level pay-for-performance linkages (e.g., bonus metrics, PSUs) are not disclosed, limiting direct alignment assessment at the Fund-entity level .
- Trustee compensation transparency vs. officer opacity: Trustee retainers, meeting fees, and committee chair retainers are fully disclosed, but officer compensation terms reside with FS Credit Income Advisor, outside the Fund’s proxy/prospectus disclosure .
Investment Implications
- Strengths: Long-tenured CFO across FS Investments’ funds with deep mutual fund reporting, controls, and financing experience lowers execution risk in NAV integrity, audits, and interval repurchase operations .
- Alignment/visibility gaps: Lack of Fund-level officer compensation disclosure and absence of officer-specific ownership detail reduce transparency into personal economic alignment and potential insider selling pressure; Section 16(a) compliance is noted, but individual Forms 3/4 are not summarized in the proxy .
- Governance cadence: Active board/audit committee meeting frequency supports oversight; however, without disclosed officer incentive metrics, investors must infer alignment primarily from governance processes rather than explicit pay targets .
Where to look next: Review officer-level filings (Forms 3/4/5) and adviser-level disclosures for compensation and ownership specifics; FCREX filings indicate compliance but do not include award-level detail .