- FS Specialty Lending Fund (FSSL) is preparing for a **direct listing** on the New York Stock Exchange (NYSE) under the ticker symbol "FSSL" in **mid-November 2025**, following its conversion from a Business Development Company (BDC) to a closed-end fund on **October 28, 2025**.  **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:0]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-1.htm:1]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:1]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-1.htm:2]** 
- A **6-for-1 reverse share split** was executed on **May 15, 2025**, to meet NYSE listing requirements and align the share price with comparable closed-end funds.  **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:1]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:11]** 
- The company will transition from enhanced quarterly distributions (annualized **12.5%** of NAV for Q1-Q3 2025) to a targeted annualized distribution rate of **9.0-9.5%** of NAV for Q4 2025, with distributions expected to be paid **monthly** starting **January 2026**.  **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:2]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-1.htm:4]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:16]** 
- Upon listing, the effective base management fee will be reduced to **1.35%** of gross assets, and the income incentive fee will be reduced from 20% to **10%** (subject to a 6.0% annualized hurdle rate).  **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:2]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:15]** **[2065812_0001104659-25-104139_tm2529768d1_ex99-2.htm:17]**

FS Specialty Lending Fund Prepares for NYSE Direct Listing and Operational Changes

- **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.  **[2065812_0001104659-25-103244_tm2529568d2_8k.htm:1]** 
- The Fund intends to list its common shares on the New York Stock Exchange, with the Proposed Listing currently expected in **mid-November**.  **[2065812_0001104659-25-103244_tm2529568d2_8k.htm:1]** 
- Prior to the Proposed Listing, the Fund's base management fee is calculated at an annual rate of **1.75%** of gross assets, and the income incentive fee is **20%** of pre-incentive fee net investment income, subject to a **6.5%** annualized hurdle rate.  **[2065812_0001104659-25-103244_tm2529568d2_8k.htm:1]** **[2065812_0001104659-25-103244_tm2529568d2_8k.htm:2]** **[2065812_0001104659-25-103244_tm2529568d1_ex10-1.htm:2]** 
- Upon the Proposed Listing, the base management fee will be **1.50%** of gross assets, and the income incentive fee will be **20%** of pre-incentive fee net investment income, subject to a **6.0%** annualized hurdle rate.  **[2065812_0001104659-25-103244_tm2529568d2_8k.htm:2]** **[2065812_0001104659-25-103244_tm2529568d1_ex10-1.htm:2]** **[2065812_0001104659-25-103244_tm2529568d1_ex10-1.htm:4]** **[2065812_0001104659-25-103244_tm2529568d1_ex10-1.htm:5]** 
- Additionally, effective upon the Proposed Listing, a Fee Waiver Agreement will reduce the base management fee by **0.15%** to **1.35%** of average daily gross assets and the income incentive fee to **10%** of pre-incentive fee net investment income.  **[2065812_0001104659-25-103244_tm2529568d1_ex10-2.htm:0]** **[2065812_0001104659-25-103244_tm2529568d2_8k.htm:2]**