FSSL - FS Specialty Lending Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Nov 21, 2025

   The fund sent holders a document about a possible reorganization; we could not read the details automatically.

   Original document →

2. Sept 26, 2025

   The fund sent holders a document about a possible reorganization; we could not read the details automatically.

   Original document →

3. July 25, 2025

   The fund said it may sell new shares.

   Original document →

4. July 2, 2025

   The fund said it may sell new shares.

   Original document →

5. June 13, 2025

   The fund proposed changing its legal form; it would stay a fund. Holders will vote.

   Original document →

About this fund

• Run by FS Specialty Lending Advisor, LLC. Part of the Future Standard fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.36 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 29% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 2.3% a year in management fees; 6.1% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 11 funds we follow that invest in bank loans, 9 charge a lower management fee and 9 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $18.22. The shares traded at $14.14, about 22.4% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 2.1% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2025.

What the fund holds

Mostly loans (94%), the rest asset-backed bonds, bonds and shares. About 94% issued in the U.S.

1. Massiv Brands LLC Fixed PIK Term Loan - 3%
2. Mannington Mills Inc 2025 Term Loan B - 2.9%
3. Olibre Borrower LLC Term Loan - 2.8%
4. Onbe Inc Term Loan - 2.7%
5. IXS Holdings Inc 2025 Repriced Term Loan B - 2.5%
6. LHS Borrower LLC 2025 Term Loan - 2.4%
7. Accupac LLC 2024 Term Loan - 2.4%
8. CCS Acquisition Inc Term Loan - 2.3%
9. ADAN-B LLC 2025 1st Amendment Term Loan - 2.2%
10. Future Pak LLC 2025 Term Loan - 2.1%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →