FS Specialty Lending Fund targets NYSE listing by Q4 2025, conversion to closed-end fund

FS Specialty Lending Fund

Plans to list common shares on NYSE under ticker FSSL before end of Q4 2025, subject to shareholder and NYSE approval.
Base management fee to reduce from 1.75% to 1.50% of gross assets (effective 1.35% after waiver) upon listing.
Capital gains incentive fee eliminated; income incentive fee waived from 20% to 10% above 6% hurdle upon listing.
Upon listing, targets annualized distribution rate of 9.0-9.5% of NAV; enhanced Q2 2025 distribution at 12.5% annualized NAV.
Conversion from BDC to closed-end fund via reorganization; 6-for-1 reverse share split completed May 15, 2025.

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