FS Specialty Lending says First Brands bankruptcy poses no exposure

Rhea-AI Filing Summary

FS Specialty Lending Fund reported that portfolio company First Brands Group, LLC filed for bankruptcy protection on September 29, 2025. The fund stated it no longer has exposure to First Brands. This update signals that any credit or investment ties to that borrower have been exited or resolved, reducing potential spillover from the bankruptcy to the fund’s portfolio.

8-K Event Classification

Item 7.01 — Regulation FD Disclosure

1 item

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT 

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 13, 2025

FS Specialty Lending Fund

(Exact name of Registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation) 814-00841 (Commission File Number) 27-6822130 (I.R.S. Employer Identification No.)

201 Rouse Boulevard Philadelphia, Pennsylvania (Address of principal executive offices) 19112 (Zip Code)

Registrant’s telephone number, including area code: (215) 495-1150

None 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

¨ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure

First Brands Group, LLC (“First Brands”) filed for bankruptcy protection on September 29, 2025. FS Specialty Lending Fund no longer has exposure to First Brands.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		FS Specialty Lending Fund
Date:	October 14, 2025	By:	/s/ Stephen S. Sypherd
			Stephen S. Sypherd
			General Counsel

FAQ

What did FSEN disclose about First Brands?

FS Specialty Lending Fund stated that First Brands Group, LLC filed for bankruptcy protection on September 29, 2025 and that the fund no longer has exposure to First Brands.

Does FS Specialty Lending Fund (FSEN) still have exposure to First Brands?

No. The fund reported it no longer has exposure to First Brands.

When was the event reported by FS Specialty Lending Fund (FSEN)?

The update was reported with an event date of October 13, 2025.

What was the status change regarding FSEN’s portfolio company exposure?

FS Specialty Lending Fund indicated it had removed or otherwise ended exposure to First Brands.

What type of filing contained this update for FSEN?

An 8-K current report disclosed the bankruptcy and exposure status.