FSEN
FS Specialty Lending Fund14.09
+0.00+0%
Nov 21, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
1.07BP/E (TTM)
12.04Basic EPS (TTM)
1.17Dividend Yield
0.16%Recent Filings
8-K
Fund completes BDC-to-closed-end shift
FS Specialty Lending Fund completed its reorganization on October 28, 2025, converting from a business development company to a closed-end fund under the 1940 Act via merger with a new entity. It entered an advisory agreement with FS Specialty Lending Advisor, LLC, featuring a 1.75% base management fee on gross assets pre-listing and 1.50% post-listing, plus a 20% incentive fee over a 6.5% hurdle; a fee waiver cuts these to 1.35% and 10% upon NYSE listing, eyed for mid-November but hinging on market conditions. Continuity holds as the same team manages investments. Listing remains uncertain.
8-K
Distribution declared; listing ahead
FS Specialty Lending Fund declared a $0.6024 cash distribution payable October 20, 2025, to shareholders of record October 17, amid preparations for a merger into a new closed-end fund and NYSE listing in mid-November 2025, subject to market conditions and board approval. This shift from non-traded BDC to listed structure targets 9.0%-9.5% annualized distributions based on NAV, backed by a $1.9B portfolio heavy in senior secured debt across diversified sectors. No lock-up applies post-listing. Completion hinges on approvals.
8-K
First Brands bankruptcy exposure ends
FS Specialty Lending Fund disclosed that First Brands Group, LLC filed for bankruptcy on September 29, 2025, eliminating the fund's prior exposure to the company. This development removes a potential risk from the portfolio, though details on the original investment size remain undisclosed. Exposure cleared swiftly.
8-K
Shareholders approve fund reorganization
FS Specialty Lending Fund shareholders approved the reorganization plan on October 14, 2025, with 35,549,665 votes in favor against 945,756 opposed and 2,081,379 abstentions, paving the way for merging into a newly formed successor fund under Delaware law. The agreement, dated April 22, 2025, involves FS/EIG Advisor, LLC, and aims to streamline operations. Approval secured. This positions the fund for enhanced efficiency amid evolving lending markets.
8-K
Rejects lowball mini-tender offer
FS Specialty Lending Fund rejected an unsolicited mini-tender offer from Cox Capital affiliates to buy up to 3.6 million shares at $11.50 each, expiring October 10, 2025—42% below the $19.82 NAV as of June 30, 2025. The board warns it's a profit play for buyers, urging shareholders to ignore it and hold for enhanced 12.5% distributions and a planned NYSE listing by Q4 2025 end, converting from BDC to closed-end fund. Tendering forfeits future gains. Yet risks like market volatility loom.
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