FS Specialty Lending Fund · NYSE:FSSL
FS Specialty Lending Fund — New FS Specialty Lending Fund — Investor Presentation (September 2025)
31 slides from FS Specialty Lending Fund's investor presentation, Sep 10, 2025
Slide 1: FS Specialty Lending: Preparing for a shareholder liquidity event
FS Specialty Lending Preparing for a shareholder liquidity event September 2025 1
Slide 2: Table of contents
2 Table of contents Slide number Topics 3 Executive summary 4 Why convert to a closed-end fund? 5 Listing overview 9 Why list now? 16 What is a direct listing? 19 What was the purpose of the reverse share split? 22 What are shareholders asked to vote on? 25 When will distributions be paid? 27 Shareh
Slide 3: FS Specialty Lending Fund announces liquidity plan
3 On April 24, 2025, FS Specialty Lending Fund (the Fund) announced that its board of trustees approved a plan to prepare for the listing of its common shares on the New York Stock Exchange (NYSE). – Prior to listing and subject to shareholder approval, the Fund will be converted from a business dev
Slide 4: Why convert to a registered closed-end fund?
4 Why convert to a registered closed-end fund? All data as of June 30, 2025. 1. The actual dividend yield at listing may be higher or lower based on the then current NAV. The payment of future distributions on the close-end fund’s common shares is subject to the discretion of the closed-end fund’s b
Slide 5: Listing overview
5 Listing overview
Slide 6: Preparing for a public listing on the NYSE
Preparing for a public listing on the NYSE 6 Liquidity plan phase (expected timing) Noteworthy event Shareholder action required? Phase I Complete Announcement of intended listing No Phase II Complete Execution of reverse share split and account consolidation No Phase III In process Shareholder prox
Slide 7: Targeted timeline of key events
Late June Commence shareholder proxy solicitation Seek shareholder approval of proxy proposals Targeted timeline of key events 7 April May June July Q4 April 30 Filed Registration Statement containing proxy statement and prospectus with the SEC April 22 Board approved a plan to prepare for a listing
Slide 8: The management team, board, investment objectives and strategy will remain the same
The management team, board, investment objectives and strategy will remain the same1 1. The investment strategy will remain the same except for certain requirements specific to BDCs under the 1940 Act, which won’t apply once the Fund is converted to a closed-end fund. 2. For each quarter after the l
Slide 9: Why list now?
9 Why list now?
Slide 10: Key metrics necessary to maximize the Fund's commercial appeal
✓ ✓ ✓ Key metrics that we believe are necessary to maximize the Fund’s commercial appeal 10 1. Energy holding represented 8% of the portfolio’s fair value as of June 30, 2025. 2. The targeted annualized distribution rate is based on current market conditions, expressed as a percent of the Fund’s NAV
Slide 11: Attractively positioned for public markets
11 Attractively positioned for public markets All data as of June 30, 2025 unless otherwise stated. 1. The actual dividend yield at listing may be higher or lower based on the then current NAV. The payment of future distributions on FSSL’s common shares is subject to the discretion of FSSL’s board o
Slide 12: Assets under management ($ millions)
12 Assets under management ($ millions) Source: Company filings. As of latest publicly available information. ACP, KIO and GOF are as of April 30, 2025. GOF is as of May 31, 2025. FSCO, FSSL, PRIF, BGB and ARDC are as of June 30, 2025. GOF is Guggenheim Strategic Opportunities Fund. FSCO is FS Credi
Slide 13: The Fund dynamically invests across private and public credit
The Fund dynamically invests across private and public credit with a focus on core private middle market companies based on the greatest relative value opportunities 13 Differentiated focus across private and public credit Private markets Public markets • Direct lending ‒Private equity sponsored bus
Slide 14: Diversified portfolio focused on senior secured debt
Diversified portfolio focused on senior secured debt Asset type 82% Senior Secured Loans – 1st Lien Senior Secured Loans – 2nd Lien 4% Senior Secured Bonds 2% Unsecured Debt 3% Asset Based Finance 6% Equity/Other Industry classification 13% Commercial & Professional Services 5% Consumer Discretionar
Slide 15: Cycle-tested team with strong track record investing across changing markets
Cycle-tested team with strong track record investing across changing markets 15 As of June 30, 2025. There can be no assurance that any of these investment professionals will remain with Future Standard or that past experience or performance of such professionals serves as an indicator of future per
Slide 16: What is a direct listing?
16 What is a direct listing?
Slide 17: Intend to list FSSL's shares on the NYSE through a direct listing
17 Intend to list FSSL’s shares on the NYSE through a direct listing Key differences between a direct listing and IPO FSSL’s direct listing Initial public offering (IPO) Initial trading price No pre-determined price (Driven by supply & demand for stock) Based on offering price New shares issued No Y
Slide 18: Valuations and stock prices have generally increased after initial downward pressure
Valuations and stock prices have generally increased after initial downward pressure 18 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 19: What was the purpose of the reverse share split?
19 What was the purpose of the reverse share split?
Slide 20: What is the purpose of a reverse stock split?
What is the purpose of a reverse stock split? • Comply with NYSE listing requirements which mandate a minimum listing share price of $4.00 per share. • Meet minimum share price requirements for certain intermediaries, broker dealers and custodians. • Align the share price with public closed-end fund
Slide 21: Fund consolidated fund types ahead of the reverse share split
21 To prepare for a listing, the Fund consolidated fund types ahead of the reverse share split Consolidation of fund accounts Current fund detail Post-CUSIP consolidation Fund Name CUSIP Fund # CUSIP Fund # FS Specialty Lending Fund 30264D109 3804 30264D208 No change FS Specialty Lending Fund Adv Pl
Slide 22: What are shareholders asked to vote on?
22 What are shareholders asked to vote on?
Slide 23: Overview of shareholder proxy proposals
23 Overview of shareholder proxy proposals Proposal #1: Proposal 1 seeks to eliminate certain provisions of the DOT. Proposal #2: Seeks to amend the DOT to clarify the shareholder voting standard in connection with a merger or reorganization of the Fund that has been approved by the board Shareholde
Slide 24: Overview of shareholder proxy proposals: Proposal #3
24 1. The investment strategy will remain the same except for certain requirements specific to BDCs under the 1940 Act, which won’t apply once the Fund is converted to a closed-end fund. The Fund’s Adviser is currently jointly operated by an affiliate of Future Standard and EIG Asset Management, LLC
Slide 25: When will distributions be paid?
25 When will distributions be paid?
Slide 26: Targeted 2025 distribution schedule
26 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 n
Slide 27: Resources
27 Resources
Slide 28: Shareholder resources
28 Visit www.FSproxy.com • Summary overview of listing process ‒ Timeline ‒ Distributions ‒ Operational considerations • FAQ • On-demand presentation • Slide presentation Shareholder resources
Slide 29: Incentive fee on income under the Investment Advisory Agreement
29 Pursuant to the terms of FSSL’s Investment Advisory Agreement, for any quarter ending after the listing, the incentive fee on income is calculated and payable quarterly in arrears and equals 20.0% of FSSL’s “pre-incentive fee net investment income” for the immediately preceding quarter subject to
Slide 30: Cautionary statement regarding forward-looking statements
30 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 31: Additional information and where to find it
31 ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the Reorganization and Declaration of Trust amendments discussed herein, the Successor Fund has filed with the SEC solicitation materials in the form of a joint proxy statement/prospectus included in an effective registration statemen
New FS Specialty Lending Fund — Investor Presentation (September 2025) on 6ix