FS Specialty Lending (FSSL) insider adds 16,790 shares in IRA

Rhea-AI Filing Summary

FS Specialty Lending Fund (FSSL) insider activity: A reporting person who is a director, trustee, chairman, president and chief executive officer reported buying common stock on 11/20/2025. The filing shows a purchase of 16,790 shares of common stock at a weighted average price of $13.32 per share, held indirectly in an IRA, with the actual trade prices ranging from $13.29 to $13.33. The report also lists other beneficially owned common shares, including 73,234.891 shares held directly and additional shares held indirectly through FS Specialty Lending Advisor, LLC, for which beneficial ownership is disclaimed beyond the reporter’s pecuniary interest.

Insider Trade Summary

Net Buyer: 16,790 shares ($223,643)

Net Buy 3 txns

Insider Forman Michael C.

Role See Remarks

Bought 16,790 shs ($224K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	16,790	$13.32	$224K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 66,824 shares (Indirect, IRA); Common Stock — 73,234.891 shares (Direct)

Footnotes (1)

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. The purchases were effected in multiple transactions at prices ranging from $13.29 to $13.33. The price reported in Column 4 is the weighted average price.

Form 4 Insider Transactions: What Each Field Means →

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)
11/20/2025

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	11/20/2025		P		16,790	A	$13.32	66,824(2)	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.

2. The purchases were effected in multiple transactions at prices ranging from $13.29 to $13.33. The price reported in Column 4 is the weighted average price.

Remarks:

Trustee, Chairman, President and Chief Executive Officer

	/s/ Stephen S. Sypherd, Attorney-in-Fact	11/24/2025
	** 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.

FAQ

What insider transaction did FSSL report on this Form 4?

The Form 4 reports that a director, trustee, chairman, president and chief executive officer of FS Specialty Lending Fund (FSSL) bought 16,790 shares of common stock on 11/20/2025 at a weighted average price of $13.32 per share, held indirectly in an IRA.

What price did the FSSL insider pay for the purchased shares?

The insider purchase of 16,790 FSSL common shares was executed at a weighted average price of $13.32 per share, with individual trades occurring between $13.29 and $13.33.

How many FSSL shares does the insider own after the reported transaction?

After the reported transaction, the insider beneficially owns 66,824 FSSL common shares in an IRA and 73,234.891 shares held directly, plus additional shares held indirectly through FS Specialty Lending Advisor, LLC, for which beneficial ownership is disclaimed beyond the reporter’s pecuniary interest.

What is the insider’s relationship to FS Specialty Lending Fund (FSSL)?

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

Does the insider fully acknowledge ownership of all shares reported for FSSL?

No. The insider disclaims beneficial ownership of any shares held by FS Specialty Lending Advisor, LLC that exceed his pecuniary interest, and their inclusion does not represent an admission of full beneficial ownership.

What does the explanation about multiple transactions mean for the FSSL Form 4?

The Form 4 explains that the 16,790 purchased shares were executed in multiple transactions at prices ranging from $13.29 to $13.33, and that $13.32 reported in the form is the weighted average price across those trades.