FS Specialty Lending Fund

What Do They Do?

Provides direct loans and other financing to U.S. middle-market companies, and invests in syndicated loans and bonds.

How Do They Make Money?

Earns interest on its investments and receives dividends and distributions from equity and partnership investments.

FY2024 revenue

Who Are Their Customers?

Makes direct loans to sponsored and non-sponsored U.S. middle-market companies; it also buys syndicated loans and bonds in primary and secondary markets.

Do Revenues Turn Into Profits?

Yes. It kept 69 cents of every revenue dollar as net income in FY2024.

Net income, FY2024

69% of revenue

▲ Now profitable vs FY2023 (−$121.2M, −144%)

How Are They Changing?

Since the FY2024 annual report

Latest quarter: Q2 FY2025, the three months to Jun 30, 2025

Revenue: ▼ −3%; vs $28.3M in Q2 FY2024
Net income: ▼ −56%; vs $41.5M in Q2 FY2024

Oct 28, 2025 Completed conversion into a registered closed-end fund The predecessor fund merged into a newly formed fund; the successor intends to list its shares on the NYSE, subject to conditions.

Growing. Revenue grew 90% in 2 years, from $72.1M in FY2022 to $136.8M in FY2024, about 38% a year.

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