- The Board of Trustees of FS Specialty Lending Fund (FSSL) unanimously recommends that shareholders **reject an unsolicited mini-tender offer** from Cox Capital Partners to purchase up to **3,600,000 common shares** at **$11.50 per share**, with the offer expiring on **October 10, 2025**.  **[1501729_0001104659-25-090053_tm2525957d1_ex99-1.htm:0]** **[1501729_0001104659-25-090053_tm2525957d1_ex99-1.htm:1]** 
- The Board states that the **$11.50 per share Offer Price** is approximately **42% below FSSL's net asset value (NAV) per Share of $19.82** as of **June 30, 2025**, and is not considered to be in the best interests of FSSL's shareholders.  **[1501729_0001104659-25-090053_tm2525957d1_ex99-1.htm:1]** 
- FSSL is preparing for the **listing of its shares on the New York Stock Exchange (NYSE)** as a registered closed-end fund, following a conversion from a business development company, with an expected timeline before the **end of Q4 2025**.  **[1501729_0001104659-25-090053_tm2525957d1_ex99-1.htm:2]** 
- Tendering shares in the Cox Capital Offer would result in shareholders foregoing future distributions and any potential appreciation in the value of their shares.  **[1501729_0001104659-25-090053_tm2525957d1_ex99-1.htm:2]**

FS Specialty Lending Fund (FSEN)