FSSL Form 4: CEO buys 10,000 shares of FS Specialty stock

FS Specialty Lending Fund (FSSL) reported an insider purchase of its common stock by a senior leader.

Rhea-AI Filing Summary

FS Specialty Lending Fund (FSSL) reported an insider purchase of its common stock by a senior leader. On 11/21/2025, a reporting person who serves as Trustee, Chairman, President and Chief Executive Officer acquired 10,000 shares of FSSL common stock at $13.27 per share in an indirectly owned IRA. After this transaction, the IRA held 76,824 shares of FSSL common stock. The individual is also a Director of the fund and has additional indirect holdings through FS Specialty Lending Advisor, LLC, while disclaiming beneficial ownership of any shares in excess of his pecuniary interest.

Insider Trade Summary

Net Buyer: 10,000 shares

Net Buy 3 txns

Insider Forman Michael C.

Role See Remarks

Bought 10,000 shs ($133K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	10,000	$13.27	$133K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 76,824 shares (Indirect, IRA); Common Stock — 73,234.891 shares (Direct); Common Stock — 1 shares (Indirect, FS Specialty Lending Fund, Advisor, LLC)

Footnotes (1)

1. F1. The reporting person disclaims beneficial ownership of any shares held by FS Specialty Lending Advisor, LLC that exceed his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all the reported shares for purposes of Section 16 or for any other purpose.

FAQ

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What insider transaction did FSSL report in this Form 4?

The report shows that a senior insider of FS Specialty Lending Fund (FSSL) purchased 10,000 shares of common stock on 11/21/2025 in an indirectly owned IRA.

At what price were the FSSL shares bought in the reported transaction?

The insider bought the FSSL common shares at a price of $13.27 per share.

How many FSSL shares does the insider hold in the IRA after the transaction?

Following the reported purchase, the insider’s IRA holds 76,824 shares of FS Specialty Lending Fund common stock.

What is the insider’s role at FS Specialty Lending Fund (FSSL)?

The reporting person is a Director and an Officer, serving as Trustee, Chairman, President and Chief Executive Officer of FS Specialty Lending Fund.

Does the insider have additional indirect holdings of FSSL shares?

Yes. The insider reports additional indirect holdings through FS Specialty Lending Advisor, LLC and disclaims beneficial ownership of any shares beyond his pecuniary interest in those holdings.

Is this Form 4 filed by one or multiple reporting persons for FSSL?

The report is indicated as being filed by one reporting person with respect to FS Specialty Lending Fund (FSSL).

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/25/2025 - 04:13 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Forman Michael C.

(Last) (First) (Middle)

C/O FS SPECIALTY LENDING FUND

201 ROUSE BOULEVARD

(Street)

PHILADELPHIA PA 19112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FS Specialty Lending Fund [ FSSL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								73,234.891	D
Common Stock								1	I	FS Specialty Lending Fund, Advisor, LLC(1)
Common Stock	11/21/2025		P		10,000	A	$13.27	76,824	I	IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person disclaims beneficial ownership of any shares held by FS Specialty Lending Advisor, LLC that exceed his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all the reported shares for purposes of Section 16 or for any other purpose.

Remarks:

Trustee, Chairman, President and Chief Executive Officer

	/s/ Stephen S. Sypherd, Attorney-in-Fact	11/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.