Earnings summaries and quarterly performance for FS Specialty Lending Fund.
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Recent press releases and 8-K filings for FSEN.
FS Specialty Lending Fund Completes Reorganization and Announces New Fee Structure Ahead of Proposed Listing
FSEN
M&A
Accounting Changes
Delisting/Listing Issues
- FS Specialty Lending Fund completed its reorganization on October 28, 2025, converting from a business development company to a closed-end fund registered under the Investment Company Act of 1940.
- Concurrently, FS Specialty Lending Advisor, LLC became an indirect wholly-owned subsidiary of Franklin Square Holdings, L.P. and entered into new Investment Advisory, Fee Waiver, and Administration Agreements with the Fund.
- The Fund intends to seek a listing on the New York Stock Exchange in mid-November, which will trigger changes in its fee structure.
- Post-listing, the base management fee will be 1.50% of gross assets annually, but will be effectively 1.35% due to a 0.15% waiver. The income incentive fee will be 10% of pre-incentive fee net investment income, subject to a 6.0% hurdle rate.
Oct 28, 2025, 8:57 PM
FS Specialty Lending Fund Declares Distribution and Prepares for NYSE Listing
FSEN
Dividends
Delisting/Listing Issues
New Projects/Investments
- FS Specialty Lending Fund declared a cash distribution of $0.6024 per share, payable on October 20, 2025, to shareholders of record as of October 17, 2025.
- The Fund is preparing for a public listing on the New York Stock Exchange (NYSE) in mid-November 2025, following its conversion from a non-traded business development company (BDC) to a registered closed-end fund.
- Shareholders approved the Reorganization at meetings held on September 26, 2025, and October 14, 2025.
- The Fund targets an annualized distribution rate of 9.0%–9.5% based on Net Asset Value (NAV) at listing, with distributions expected to be declared monthly starting in 2026.
- As of June 30, 2025, the Fund reported $1.9 billion in total assets, with its portfolio consisting of 89% senior secured debt and 92% diversified credit investments.
Oct 20, 2025, 9:19 PM
FS Specialty Lending Fund Board Recommends Rejecting Unsolicited Tender Offer
FSEN
Takeover Bid
M&A
Delisting/Listing Issues
- 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.
- 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.
- 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.
- Tendering shares in the Cox Capital Offer would result in shareholders foregoing future distributions and any potential appreciation in the value of their shares.
Sep 15, 2025, 8:59 PM
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