FS Specialty Lending Fund · NYSE:FSSL
FS Specialty Lending Fund — Investor Presentation (October 2025)
12 slides from FS Specialty Lending Fund's investor presentation, Oct 30, 2025
Slide 1: Preparing for a liquidity event on the New York Stock Exchange
FS Specialty Lending FundPreparing for a liquidity event on the New York Stock Exchange October 2025 1
Slide 2: We expect to list FSSL's shares on the NYSE through a direct listing in mid-November 2025
2 We expect to list FSSL’s shares on the NYSE through a direct listing in mid-November of 2025 Data as of June 30, 2025, unless otherwise noted. Subject to change. Listing is subject to market conditions, approval of the NYSE and final board approval. There can be no assurance that the Fund will be
Slide 3: Intend to list FSSL's shares on the NYSE through a direct listing
3 Intend to list FSSL’s shares on the NYSE through a direct listing There can be no assurance that the Fund will be able to complete the listing within the targeted timeframe or at all. Key differences between a direct listing and IPO FSSL’s direct listing Initial public offering (IPO) Initial tradi
Slide 4: Valuations and stock prices have generally increased after initial downward pressure
Valuations and stock prices have generally increased after initial downward pressure 4 Price-to-book value (indexed) Daily trading volume as % of shares outstanding Source: Factset, Bloomberg, company filings. Analysis represents average performance of RiverNorth Specialty Finance Corporation (RSF),
Slide 5: Targeted timeline of key events
December Expect to pay a quarterly distribution, targeting an annualized distribution rate of approximately 9.0%-9.5% of FSSL’s NAV1 Targeted timeline of key events 5 October November December 2026 October 20 Shareholder account maintenance freeze commenced October 14 Received shareholder approval o
Slide 6: Operational considerations for listing
Operational considerations for listing 6 What is this? Do I need to take any action? Shareholder account maintenance freeze On October 20, 2025, an account maintenance freeze went into place at the Fund’s transfer agent (SS&C) to operationally prepare for the listing. The freeze will remain in place
Slide 7: Operational considerations for listing
Operational considerations for listing 7 What is this? Do I need to take any action? Transacting shares at listing Shares held by qualified custodian will be available for trading. – No action is required for shares to be eligible for trading for applicable firms. – Qualified custodians include, but
Slide 8: Operational considerations for listing
Operational considerations for listing 8 What is this? Do I need to take any action? Cost basis – Following the reverse share split executed on May 15, 2025, the total cost basis was unchanged based on each shareholders’ original purchase amount. – However, the cost basis per share increased because
Slide 9: Targeted distribution schedule
9 1. The actual annualized distribution rate at listing may be higher or lower based on the then current NAV. The payment of future distributions on the fund’s common shares is subject to the discretion of the fund’s board of trustees and applicable legal restrictions and, therefore, there can be no
Slide 10: Shareholder resources
10 Visit www.fsproxy.com • Information ‒ Targeted listing timeline ‒ Reorganization details ‒ Expected distribution schedule through year-end • Resources ‒ On-demand presentation ‒ Slide presentation ‒ Operational overview ‒ Share transfer guide Shareholder resources
Slide 11: Cautionary statement regarding forward-looking statements
11 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Statements included herein may constitute “forward-looking” statements as that term is defined in Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Re
Slide 12: Important disclosures
12 IMPORTANT DISCLOSURES An investment in FSSL involves a high degree of risk and may be considered speculative. Investors are advised to consider the investment objectives, risks and charges and expenses of FSSL carefully before investing. This document is for informational purposes only and does n
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