James Volk
About James Volk
James Volk, age 62, has served as Chief Compliance Officer (CCO) of FS Credit Real Estate Income Trust, Inc. (FSREI) since February 2017 and also serves as CCO for other funds sponsored by FS Investments. He previously held senior roles at SEI Investments (1996–2014) including CCO, Chief Accounting Officer, and Head of Traditional Fund Operations; he was formerly Assistant Chief Accountant in the SEC’s Division of Investment Management and a senior manager at PwC. He holds a B.S. in Accounting from the University of Delaware and was an active CPA from 1986–2016 . FSREI is externally managed; executive officers (including Volk) do not receive direct compensation from FSREI, and the proxy does not disclose individual TSR or financial performance linkage for executives; instead, the adviser is paid base and performance fees at the company level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SEI Investments (Investment Manager Services) | Chief Compliance Officer; Chief Accounting Officer; Head of Traditional Fund Operations | 1996–2014 | Led compliance, accounting, and operations for traditional fund administration; senior operating leadership experience relevant to complex investment products . |
| U.S. SEC – Division of Investment Management | Assistant Chief Accountant | Not disclosed | Regulatory accounting oversight experience; informs strong compliance and controls perspective . |
| PricewaterhouseCoopers LLP | Senior Manager | Not disclosed | Public accounting leadership; financial reporting and audit rigor . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FS Investments (affiliated funds) | Chief Compliance Officer (across FS-sponsored funds) | Since Oct 2014 | Centralized compliance leadership across FS platforms; alignment with adviser policies and controls . |
Fixed Compensation
FSREI is externally managed; the company states it does not compensate executive officers directly, and it does not grant stock-based compensation to executive officers.
| Component | FSREI Paid? | Amount/Terms | Notes |
|---|---|---|---|
| Base Salary | No | Not paid by FSREI | Executive officers are employees of FS Real Estate Advisor; compensation is paid by FS Investments or its affiliates . |
| Target Bonus % | No | Not paid by FSREI | No company-paid cash incentive program disclosed for executive officers . |
| Actual Bonus Paid | No | Not paid by FSREI | No FSREI-paid bonuses to executive officers . |
| Benefits/Perquisites | No (by FSREI) | N/A | FSREI reimburses the adviser for allocable expenses for non-executive personnel; executive officers’ compensation is borne by the adviser . |
| Stock-based Compensation | No | None | FSREI does not compensate executive officers under any stock-based plans . |
Performance Compensation
No FSREI-paid executive incentive plans (cash or equity) are disclosed for Volk. Context on company-level adviser incentives (which influence overall pay-for-performance alignment at FSREI):
| Incentive Mechanism (Adviser) | Key Terms | Vesting/Payment |
|---|---|---|
| Base Management Fee | 1.25% of NAV per annum on fee-eligible shares, payable quarterly in arrears . | Ongoing, quarterly . |
| Performance Fee | 10% of Core Earnings, subject to a 1.625% quarterly hurdle on adjusted capital with catch-up to 1.806%; then 10% thereafter; Class F shares excluded . | Quarterly, in arrears . |
| Administrative Services Fee | 1.0% of NAV per annum, payable quarterly in arrears in Class I RSUs that settle into Class I shares pursuant to RSU terms . | Class I RSUs, quarterly issuance/settlement terms per RSU agreement . |
Note: Independent directors receive restricted shares with one-year vesting, but executive officers do not receive company equity awards .
Equity Ownership & Alignment
| As-Of Date | Shares Beneficially Owned (James Volk) | % of Outstanding | Notes |
|---|---|---|---|
| Apr 1, 2025 | 0 | 0% | Listed as “—” in table; less than 1% ownership; table notes no pledging of shares by listed persons unless noted . |
| Apr 1, 2024 | 0 | 0% | Listed as “—”; less than 1% ownership; no pledging disclosed . |
Additional alignment and policy signals:
- Hedging Policy: The Board has not adopted specific practices or policies restricting hedging transactions in company equity; insider trading policy is on file as 10-K FY2024 Exhibit 19.1 .
- Equity Plan Capacity: As of Dec 31, 2024, 138,180 shares remained available under equity compensation plans; no options outstanding; these plans primarily serve independent directors, not executive officers .
- Ownership Guidelines: No executive stock ownership guidelines disclosed for executive officers; independent director restricted share plan exists with one-year vesting .
Employment Terms
| Term | Detail |
|---|---|
| Role/Tenure | Chief Compliance Officer since February 2017 . |
| Office Continuance | Executive officers hold office until a successor is chosen and qualifies, or earlier resignation/removal . |
| Employer of Record | Each executive officer is employed by FS Real Estate Advisor (FS Investments affiliate), not by FSREI . |
| Severance/Change-of-Control | No FSREI executive severance or change-of-control terms disclosed for executive officers; compensation and employment terms would be at the adviser level . |
| Clawback | No FSREI-specific clawback policy for executive officer pay disclosed; company code of ethics and insider trading policies exist . |
| Non-Compete/Non-Solicit | Not disclosed at the FSREI level for executive officers . |
| Hedging/Pledging | No specific hedging policy adopted; no pledging disclosed in ownership table . |
Investment Implications
- Alignment: Volk has no disclosed FSREI equity holdings and receives no FSREI-paid compensation; executive incentives at the FSREI level are driven by the external advisory agreement (base and performance fees), not individual executive pay—this can dilute direct pay-for-performance alignment for company officers .
- Retention Risk: Long-tenured compliance leader (CCO since 2017) with deep regulatory and fund administration background; no FSREI-disclosed employment agreement, severance, or CIC protections suggests retention levers reside at the adviser, not at FSREI .
- Trading Signals: With zero beneficial ownership and no executive equity programs at FSREI, there are no executive-level vesting calendars or anticipated insider selling pressures specific to Volk; monitor adviser RSU issuances under the administrative services fee for potential share flow, though this accrues to the adviser rather than individual executives .
- Governance/Risk Flags: Absence of a hedging policy is atypical and can be viewed unfavorably by some investors; however, insider trading policies are in place and disclosed. Lack of disclosed executive stock ownership guidelines further limits direct alignment optics at the officer level .