FS Specialty Lending Fund (FSSL) Declares Distribution for Fourth Quarter of 2025

Rhea-AI Summary

FS Specialty Lending Fund (NYSE: FSSL) declared a $0.42 per share distribution for Q4 2025 payable on December 15, 2025 (ex- and record date: November 28, 2025).

The announcement reports an annualized distribution yield of 9.0% based on NAV as of October 31, 2025 and approximately $1.9 billion in assets under management. Subject to board approval, the Fund expects to move to monthly distributions beginning January 2026. The company warned distributions may vary with portfolio and market conditions and tax reporting will be via Form 1099-DIV.

Positive

• $0.42 distribution declared for Q4 2025
• Annualized distribution yield of 9.0% based on Oct 31, 2025 NAV
• Approximately $1.9 billion assets under management
• Plan to begin monthly distributions from Jan 2026 (subject to board approval)

Negative

• Distributions may change due to portfolio and market conditions
• Distribution yield shown is based on NAV, which may differ from market yield
• Shareholders must await Form 1099-DIV for tax reporting details

Insights

Portfolio Analyst

Board declared Q4 2025 distribution of $0.42 per share; annualized NAV yield is 9.0%.

The Fund will pay the $0.42 quarterly distribution on December 15, 2025 with an November 28, 2025 ex/record date. The announcement also states the Fund has approximately $1.9 billion in assets under management and that, subject to board approval, distributions are expected to switch to a monthly cadence beginning in January 2026. These are straightforward cash-distribution mechanics that return capital to shareholders.

Key dependencies and risks are clear and limited to the text: future distribution frequency and amounts depend on board approval and “portfolio and market conditions.” The release explicitly cautions that distribution amounts may change and that tax reporting will follow via Form 1099-DIV. There is no performance attribution, earnings metrics, or NAV movement disclosed here, so the announcement does not reveal incremental credit performance or sustainability of the payout.

Concrete items to watch: the board decision and any detailed disclosure around the planned monthly distribution cadence in January 2026, plus subsequent statements on how portfolio results support the 9.0% annualized yield. Monitor filings or shareholder notices around the transition and any changes to distribution policy within the next one to three months.

PHILADELPHIA, Nov. 14, 2025 /PRNewswire/ -- The Board of Trustees of FS Specialty Lending Fund (the Fund) (NYSE: FSSL) announced the distribution for the fourth quarter of 2025. The distribution of $0.42 per share will be paid on December 15, 2025. Further information on the distribution is summarized in the charts below.

The current annualized distribution rate equates to an annualized distribution yield¹ of 9.0% based on the Fund's net asset value (NAV) as of October 31, 2025.

The Fund has approximately $1.9 billion in assets under management and invests in event-driven credit, special situations, private capital solutions and other non-traditional credit opportunities.

Quarter	Ticker	Fund Name		Quarterly Dividend
Q4	FSSL	FS Specialty Lending Fund		$0.42

The distribution will be made on the following schedule:

Quarter	Ex-Date	Record Date	Payable Date
Q4	November 28, 2025	November 28, 2025	December 15, 2025

As disclosed above, the Fund will pay a quarterly distribution for Q4 2025. Subject to board approval, we expect to declare and pay distributions monthly beginning in January 2026. The amount of distributions may be affected by numerous factors, including changes in portfolio and market conditions.

Shareholders should not use the information provided here in preparing their tax returns. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will tell them how to report these distributions for federal income tax purposes.

Investors should consider, among other things, the investment objectives, risks, charges and expenses of the Fund carefully before investing. Investors can find the Fund's most recent reports and other filings on the Securities and Exchange Commission's EDGAR Database or on the Fund's website (https://www.fssl.futurestandard.com/).

About Future Standard

Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record of value creation and $86 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.²

Contact Information:

Investor Relations
Josh Blum
josh.blum@futurestandard.com

Media
Marc Hazelton
media@futurestandard.com

Forward Looking Statements
Statements included herein may constitute "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with regard to future events or the future performance or operations of FS Specialty Lending Fund (the "Fund"). Words such as "intends," "will," "expects," and "may" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include changes in the economy, geopolitical risks, risks associated with possible disruption to the Fund's operations or the economy generally due to hostilities, terrorism, natural disasters or pandemics, future changes in laws or regulations and conditions in the Fund's operating area, unexpected costs, litigation and other costs related to the Fund's investments, the price at which the Fund's common shares of beneficial interest may trade on the New York Stock Exchange and such other factors that are disclosed in the Fund's filings with the Securities and Exchange Commission. The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, the Fund undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

1 Annualized distribution yield reflects the current quarter's distribution per share annualized and divided by the previous month end net asset value (NAV) per share.

2 Total AUM estimated as of June 30, 2025.

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SOURCE Future Standard

FAQ

What distribution did FS Specialty Lending Fund (FSSL) declare for Q4 2025?

The Fund declared a $0.42 per share distribution for Q4 2025.

When will FSSL pay the Q4 2025 distribution and what are the key dates?

Payable date is December 15, 2025; ex-date and record date are November 28, 2025.

What is FSSL's reported annualized distribution yield and NAV date?

The announced annualized distribution yield is 9.0% based on NAV as of October 31, 2025.

How much assets under management does FSSL report as of this announcement?

The Fund reports approximately $1.9 billion in assets under management.

Will FSSL change its distribution frequency after Q4 2025?

Subject to board approval, the Fund expects to begin monthly distributions in January 2026.

How should shareholders report FSSL distributions for taxes?

Shareholders will receive a Form 1099-DIV for the calendar year to report distributions for federal income tax purposes.