Private company

FS Specialty Lending Fund

Fund registered in the United States, based in Philadelphia, active since 20102

In its 2025 annual report the company says: “We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, we have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.”5

Last updated Oct 20, 2026.

Overview

  • HeadquartersPhiladelphia, United States2
  • Incorporated inDE3
  • Business address201 Rouse Boulevard, Philadelphia, Pa 191123
  • Filer categoryNon-accelerated filer3
  • Legal formFUND2
  • Kind of organizationFund2
  • LEI54930004XHN0QROEGZ582
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00015017292

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FS Specialty Lending Fund, or the Company, which may also be referred to as "we," "us" or "our," was organized in September 2010 and commenced investment operations in July 2011. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, we have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. As of December 31, 2024, we had total assets of approximately $2.1 billion.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income67$95.0M in 2024−54% since 2021
-$200.0M-$100.0M0$100.0M$200.0M$300.0M2021: $205.9M$205.9M20212022: $184.5M$184.5M2022−10%2023: -$121.2M-$121.2M20232024: $95.0M$95.0M2024
Fiscal year20212022202320242025
Interest$54.1M6$55.7M6$23.7M6
Income tax$1.2M6$06
Net income$205.9M6$184.5M7-$121.2M7$95.0M7
Earnings per share$0.466$0.417-$0.277$0.217
Earnings per share (diluted)$0.466$0.417-$0.277$0.217
Shares (weighted, basic)443.8M shares6449.4M shares7454.4M shares7455.5M shares7
Shares (weighted, diluted)443.8M shares6449.4M shares7454.4M shares7455.5M shares7

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Corporate structure

FS Specialty Lending Fund sits at the top of its group. 11 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • FS Specialty Lending Fund Philadelphia, Pennsylvania, United States
    • EP Altus Investments, LLC Subsidiary · Delaware, United States
    • EP Northern Investments, LLC Subsidiary · Delaware, United States
    • FS Power Investments II, LLC Subsidiary · Delaware, United States
    • FS Power Investments, LLC Subsidiary · Delaware, United States
    • FSEP Investments, Inc. Subsidiary · Delaware, United States
    • FSSL Finance BB AssetCo LLC Subsidiary · Delaware, United States
    • FSSL Finance BB Seller LLC Subsidiary · Delaware, United States
    • FSSL Finance BNPP MRA LLC Subsidiary · Delaware, United States
    • FSSL Finance BNPP TRS LLC Subsidiary · Delaware, United States
    • Sustainable Infrastructure Investments, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What FS Specialty Lending Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$202.1M7 Dec 31, 2024$486.1M7 Dec 31, 2023−58.4%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 201 Rouse Boulevard, Philadelphia, Pennsylvania, 19112. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.

Item 2 of the 10-K filed Mar 14, 2025.5

Leadership

Who has led FS Specialty Lending Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael C. Forman2011–2018

President

  1. Michael C. Forman2011–2017
  2. William C. Sonneborn2018

Chief financial officer

  1. William Balke Goebel2011
  2. Edward T. Gallivan Jr.2012–2015
201520202025
Board members and other officers (20)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • EP Altus Investments, LLC Delaware4
  • EP Northern Investments, LLC Delaware4
  • FS Power Investments II, LLC Delaware4
  • FS Power Investments, LLC Delaware4
  • FSEP Investments, Inc. Delaware4
  • FSSL Finance BB AssetCo LLC Delaware4
  • FSSL Finance BB Seller LLC Delaware4
  • FSSL Finance BNPP MRA LLC Delaware4
  • FSSL Finance BNPP TRS LLC Delaware4
  • Sustainable Infrastructure Investments, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • FS Energy & Power FundSep 30, 2010 to Sep 21, 20233

Timeline

  1. Oct 28, 20258-K Entered a material agreement; Other events34
  2. Oct 20, 20258-K Results of operations; Regulation FD disclosure35
  3. Oct 15, 20258-K Regulation FD disclosure36
  4. Oct 14, 20258-K Regulation FD disclosure37
  5. Oct 14, 20258-K Shareholder vote38
  6. Sep 29, 20258-K Shareholder vote39
  7. Sep 15, 20258-K Other events40
  8. Sep 10, 20258-K Regulation FD disclosure41
  9. Jul 23, 20258-K Results of operations42
  10. Jul 2, 20258-K Regulation FD disclosure43
  11. Jun 2, 20258-K Regulation FD disclosure44
  12. May 21, 20258-K Regulation FD disclosure45
  13. May 12, 2011New chief executive Michael C. Forman becomes CEO11
  14. Sep 16, 2010Founded FS Specialty Lending Fund is founded2

Calendar

When it reported results

  1. Oct 20, 2025Reported quarterly or annual results35
  2. Jul 23, 2025Reported quarterly or annual results42
  3. Apr 21, 2025Reported quarterly or annual results46
  4. Jan 23, 2025Reported quarterly or annual results47
  5. Dec 20, 2024Reported quarterly or annual results48
  6. Oct 23, 2024Reported quarterly or annual results49
  7. Oct 21, 2024Reported quarterly or annual results50
  8. Jul 23, 2024Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

94 filings to the SEC since October 2021: 8 annual reports, 12 quarterly reports, 63 major events, 11 other. The latest 20:

  1. Oct 28, 202515-12G EDGAR
  2. Oct 28, 2025N-54C EDGAR
  3. Oct 28, 20258-K EDGAR
  4. Oct 20, 20258-K EDGAR
  5. Oct 15, 20258-K EDGAR
  6. Oct 14, 20258-K EDGAR
  7. Oct 14, 20258-K EDGAR
  8. Sep 29, 20258-K EDGAR
  9. Sep 15, 20258-K EDGAR
  10. Sep 10, 20258-K EDGAR
  11. Aug 14, 202510-Q EDGAR
  12. Jul 23, 20258-K EDGAR
  13. Jul 2, 20258-K EDGAR
  14. Jun 2, 20258-K EDGAR
  15. May 21, 20258-K EDGAR
  16. May 21, 20258-K EDGAR
  17. May 16, 20258-K EDGAR
  18. May 9, 202510-Q EDGAR
  19. Apr 29, 202510-K/A FORM-10-K/A EDGAR
  20. Apr 24, 20258-K EDGAR

The 94 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How FS Specialty Lending Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFS Specialty Lending Fund1
  • CIK0001501729
  • Employer ID (EIN)27-68221305
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address201 Rouse Boulevard, Philadelphia, PA 191121
  • Phone215-495-11501
  • Shares outstanding75,917,730 as of Aug 1, 20259
  • Public float$0 as of Jun 30, 202410
  • AuditorErnst & Young LLP, Philadelphia, Pennsylvania PCAOB ID 42; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceSep 30, 20101
  • Filings985 in all: 8-K (329), 497 (133), 4 (121), 425 (72), 10-Q (44), 497AD (42), 3 (32), SC TO-I/A (32)1
    All 42 form types

    SC TO-I (31), 40-17G (15), 10-K (14), 40-APP/A (14), DEF 14A (14), DEFA14A (14), CORRESP (12), POS 8C (9), EFFECT (8), N-2/A (8), POS EX (7), 10-K/A (6), 40-APP (3), N-2 (3), ARS (2), SC TO-T/A (2), 15-12G (1), 5 (1), 8-A12G (1), 8-K/A (1), APP WD (1), N-23C-2 (1), N-54A (1), N-54C (1), N-6F (1), PRE 14A (1), SC 13D/A (1), SC 13G (1), SC 13G/A (1), SC 14D9 (1), SC TO-T (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 14, 2025
    Quarterly report (10-Q) Aug 14, 2025
    Proxy statement (DEF 14A) Oct 17, 2024
    Latest 8-K (8-K) Oct 28, 2025

Risk factors and legal proceedings

The risks FS Specialty Lending Fund names in Item 1A of its 10-K filed Mar 14, 2025: 71 risks under these headings, as written.5

  • Risks Related to Our Business and Structure
  • Risks Related to FS/EIG Advisor and its Respective Affiliates
  • Risks Related to Business Development Companies and RICs
  • Risks Related to Our Investments
  • Risks Related to Debt Financing
  • Risks Related to an Investment in Our Common Shares
  • General Risk Factors
  • Our ability to achieve our investment objectives depends on FS/EIG Advisor’s ability to manage and support our investment process. If our agreement with FS/EIG Advisor were to be terminated, or if FS/EIG Advisor loses any members of its senior management team, our ability to achieve our investment objectives could be significantly harmed.
  • Because our business model depends to a significant extent upon relationships with issuers, private equity sponsors, investment banks and commercial banks, the inability of FS/EIG Advisor to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • Our board of trustees may change our investment policy by providing our shareholders with 60 days’ prior notice, or may modify or waive our current operating policies and strategy without prior notice or shareholder approval, the effects of which may be adverse.
  • If we, our affiliates and our and their respective third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, our ability to conduct business may be compromised, which could impair our liquidity, disrupt our business, damage our reputation or otherwise adversely affect our business.
The other 66 risks
  • Changes in laws or regulations governing our operations or the operations of our business partners may adversely affect our business or cause us to alter our business strategy.
  • The Small Business Credit Availability Act, or the SBCA Act, allows us to incur additional leverage.
  • As an SEC-reporting company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations involve significant expenditures, and non-compliance with such regulations may adversely affect us.
  • We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may experience fluctuations in our quarterly results.
  • We and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • We and FS/EIG Advisor could be the target of litigation.
  • Our business and operations could be negatively affected if we become subject to shareholder activism, which could cause us to incur significant expense, hinder the execution of our investment strategy or impact our share price.
  • There may be conflicts of interest related to obligations FS/EIG Advisor’s senior management and investment teams have to our affiliates and to other clients.
  • There are risks and conflicts of interests associated with the Base Management Fee we are obligated to pay FS/EIG Advisor.
  • FS/EIG Advisor and its affiliates, including our officers and some of our trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.
  • We may be obligated to pay FS/EIG Advisor incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.
  • The time and resources that FS/EIG Advisor and individuals employed by FS/EIG Advisor devote to us may be diverted and we may face additional competition due to the fact that individuals employed by FS/EIG Advisor are not prohibited from raising money for or managing another entity that makes the same types of investments that we target.
  • Our incentive fee may induce FS/EIG Advisor to make, and EIG to recommend, speculative investments.
  • FS/EIG Advisor’s liability is limited under the FS/EIG investment advisory agreement, and we are required to indemnify FS/EIG Advisor against certain liabilities, which may lead it to act in a riskier manner on our behalf than it would when acting for its own account.
  • Risks Related to Business Development Companies
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • We are uncertain of our sources for funding our future capital needs and if we cannot obtain debt or equity financing on acceptable terms, or at all, our ability to acquire investments and to expand our operations will be adversely affected.
  • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.
  • Regulations governing our operation as a BDC and a RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
  • Our ability to enter into transactions with our affiliates is restricted.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
  • Senior Secured Loans, Second Lien Secured Loans and Senior Secured Bonds.
  • Equity and Equity-Related Securities.
  • Investments in Asset-Based Opportunities.
  • International investments create additional risks.
  • Our investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses.
  • We may acquire various structured financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce the cash available to service debt or for distribution to shareholders.
  • Investing in middle market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • If our portfolio is concentrated in a single or limited number of investments at any given time, our performance may be significantly adversely affected by the unfavorable performance of a small number of such investments or a substantial write-down of the value of any one investment.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • We generally will not control our portfolio companies.
  • Declines in market values or fair market values of our investments could result in significant net unrealized depreciation of our portfolio, which, in turn, would reduce our net asset value.
  • A significant portion of our investment portfolio does not have a readily available market price and is and will be recorded at fair value in accordance with policies and procedures approved by our board of trustees and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • We are exposed to risks associated with changes in interest rates.
  • A covenant breach by our portfolio companies may harm our operating results.
  • Our portfolio companies may be highly leveraged.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately-held companies presents certain challenges, including the lack of available information about these companies.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • We may not have the funds or ability to make additional investments in our portfolio companies.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Our investments may include original issue discount and PIK instruments.
  • We may from time to time enter into total return swaps, credit default swaps, fixed priced swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, commodity risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, and investments in which we have a non-controlling interest may involve risks specific to third-party management of those investments.
  • We currently incur indebtedness to make investments, which magnifies the potential for gain or loss on amounts invested in our common shares and may increase the risk of investing in our common shares.
  • The agreements governing our debt financing arrangement contain, and agreements governing future debt financing arrangements may contain, various covenants which, if not complied with, could have a material adverse effect on our ability to meet our investment obligations and to pay distributions to our shareholders.
  • Risks Related to U.S. Federal Income Tax
  • We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy the RIC Annual Distribution Requirements.
  • Some of our investments may be subject to corporate-level income tax.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Our portfolio investments may present special tax issues.
  • If we do not qualify as a “publicly offered regulated investment company,” as defined in the Code, you may be taxed as though you received a distribution of some of our expenses.
  • Legislative or regulatory tax changes could adversely affect investors.
  • Our common shares are not listed on an exchange or quoted through a quotation system, and will not be for the foreseeable future, if ever. Therefore, shareholders will have limited liquidity and may not receive a full return of invested capital upon selling common shares.
  • We are not obligated to complete a liquidity event by a specified date; therefore, it will be difficult for an investor to sell his or her common shares.
  • Only a limited number of common shares may be repurchased pursuant to our share repurchase program, if any, and, to the extent shareholders are able to sell their common shares under our share repurchase program, shareholders may not be able to recover the amount of their investment in those shares.
  • There is a risk that investors in our common shares may not receive distributions or that our distributions may not grow over time.
  • Our distribution proceeds have exceeded and in the future may exceed our earnings. Therefore, portions of the distributions that we have made represented, and may make in the future may represent, a return of capital to shareholders, which lowers their tax basis in their common shares.
  • We may pay distributions from borrowings or the sale of assets to the extent our cash flows from operations, net investment income or earnings are not sufficient to fund declared distributions.
  • The timing of our repurchase offers pursuant to our share repurchase program, if any, may be at a time that is disadvantageous to our shareholders.
  • A shareholder's interest in us will be diluted if we issue additional common shares, which could reduce the overall value of an investment in us.
  • Certain provisions of our declaration of trust and bylaws could deter takeover attempts and have an adverse impact on the value of our common shares.
  • Future disruptions or instability in capital markets could negatively impact the valuation of our investments and our ability to raise capital.

Legal proceedings

We are not currently subject to any material legal proceedings, and, to our knowledge, no material legal proceedings are threatened against us. From time to time, we may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, we do not expect that any such proceedings will have a material adverse effect on our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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