FS Specialty Lending Fund · NYSE:FSSL
FS Specialty Lending Fund — Investor Presentation (October 2025)
20 slides from FS Specialty Lending Fund's investor presentation, Oct 20, 2025
Slide 1: FS Specialty Lending Fund: An opportunistic, alternative credit solution
FS SPECIALTY LENDING FUND An opportunistic, alternative credit solution
Slide 2: Delivering Differentiated Opportunities in the Middle Market
DELIVERING DIFFERENTIATED OPPORTUNITIES IN THE MIDDLE MARKET 1. Total AUM estimated as of June 30, 2025. References to “assets under management” or “AUM” represent the assets managed by Future Standard or its strategic partners as to which Future Standard is entitled to receive a fee or carried inte
Slide 3: Table of Contents
TABLE OF CONTENTS 01 Platform overview 02 Fund overview 03 Investment process 04 Summary of proposed terms 05 Appendix 3
Slide 4: Platform Overview
SECTION 01 PLATFORM OVERVIEW 4
Slide 5: Introduction to the Global Credit Team
INTRODUCTION TO THE GLOBAL CREDIT TEAM Robust, cycle-tested team with prior experience across top firms As of August 31, 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
Slide 6: FS Global Credit Business Overview
FS GLOBAL CREDIT BUSINESS OVERVIEW A tenured, cycle-tested investment team with deep experience across public and private credit 1. Platform AUM estimated as of June 30, 2025. See appendix for more information on how "Platform AUM" is calculated. 2. As of June 30, 2025. Represents individual investm
Slide 7: Fund Overview
SECTION 02 FUND OVERVIEW 7 An opportunistic, alternative credit solution
Slide 8: FS Specialty Lending Fund Overview
AN OPPORTUNISTIC, ALTERNATIVE CREDIT SOLUTION FS SPECIALTY LENDING FUND OVERVIEW 1. Represents target dividend yield at listing. 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 di
Slide 9: Diversified Portfolio Focused on Senior Secured Debt
AN OPPORTUNISTIC, ALTERNATIVE CREDIT SOLUTION FS SPECIALTY LENDING FUND: DIVERSIFIED PORTFOLIO FOCUSED ON SENIOR SECURED DEBT All figures based on fair value as of June 30, 2025. FSSL’s portfolio is actively managed, and the foregoing presents only a “snapshot” as of June 30, 2025. There is no assur
Slide 10: Investment Process
SECTION 03 INVESTMENT PROCESS 10
Slide 11: Specialized Focus Within Private and Public Credit
AN OPPORTUNISTIC, ALTERNATIVE CREDIT SOLUTION SPECIALIZED FOCUS WITHIN 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. Provided for illustrative purposes o
Slide 12: Providing Differentiated Access to Private Credit
AN OPPORTUNISTIC, ALTERNATIVE CREDIT SOLUTION PROVIDING DIFFERENTIATED ACCESS TO PRIVATE CREDIT Focusing on the core middle market creates opportunities for potential return premium Provided for illustrative purposes only. This page shows a simplified presentation of a complex process— the FS Global
Slide 13: FSSL Expected to Be Amongst the Largest Credit Based CEFs
AN OPPORTUNISTIC, ALTERNATIVE CREDIT SOLUTION $2,528 $2,158 $1,923 $987 $807 $597 $573 GOF FSCO FSSL BGB KIO PRIF ARDC Assets under management ($ millions) Source: Company filings. As of latest publicly available information. FSCO, FSSL, BGB, ARDC and PRIF are as of June 30, 2025. GOF is as of May 3
Slide 14: 1. Presented for illustrative purposes only. Performance information of FSCO is not indicative of
14 1. Presented for illustrative purposes only. Performance information of FSCO is not indicative of the performance of FSSL. 2. Financial data per the latest company filing; FSSL, FSCO, ARDC, BGB, TSLX, PRIF, and OCSL as of 6/30/25, KIO as of 4/30/25, GOF as of 5/31/25. 3. On April 24, 2025, FSSL a
Slide 15: FSCO and FSSL Portfolio Comparison
AN OPPORTUNISTIC, ALTERNATIVE CREDIT SOLUTION FSCO AND FSSL PORTFOLIO COMPARISON Source: SEC filings Note: Portfolio information as of June 30, 2025. The portfolios may differ significantly in the future and are subject to change 15 16% 13% 12% 7% 10% 6% 6% 4% 4% 4% 18% Commercial & Professional Ser
Slide 16: FSCO Direct Listing Case Study
AN OPPORTUNISTIC, ALTERNATIVE CREDIT SOLUTION FSCO DIRECT LISTING CASE STUDY Sources: Bloomberg and S&P Global Market Intelligence. Note: Past performance does not guarantee future results. Represents the price performance of FSCO. The foregoing information is presented for illustrative purposes onl
Slide 17: Summary of Proposed Terms
SECTION 04 SUMMARY OF PROPOSED TERMS 17
Slide 18: Summary of Proposed Terms
Fund FS Specialty Lending Fund Structure Registered closed-end fund Expected ticker1 NYSE: FSSL Target distribution2 9.0%–9.5% based on NAV Distribution frequency2 Expected monthly following the listing3 Management fees Reduced to 1.35% of gross assets via waiver4 Incentive fees Reduced to 10%, with
Slide 19: Appendix
SECTION 05 APPENDIX 19
Slide 20: Platform AUM Disclosure
20 PLATFORM AUM DISCLOSURE Future Standard defines a "Platform" as a group of internal investment teams with a similar primary investing strategy. References to “platform assets under management” or “Platform AUM” represent the AUM of the Funds managed by the investment teams at Future Standard, wit
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