EX-99.1

3 tm2530560d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

PORTFOLIO AND PERFORMANCE UPDATE NOVEMBER 2025

FS SPECIALTY

LENDING FUND

PORTFOLIO AND PERFORMANCE UPDATE

FINANCIAL AND OPERATIONAL RESULTS

The following information is intended to provide information related to the financial and operating condition of FS Specialty Lending Fund as of and for the quarter ended September 30, 20251 1. On October 28, 2025, FS Specialty Lending Fund converted from a business development company to a closed end-fund registered under the Investment Company Act of 1940, as amended (the "1940 Act"), by merging with and into a Delaware statutory trust registered under the 1940 Act as a closed-end fund, pursuant to the Agreement and Plan of Reorganization, dated as of April 22, 2025, among FS Specialty Lending Fund, the newly formed closed-end fund, New FS Specialty Lending Fund, and for, for the limited purposes set forth therein, FS/EIG Advisor, LLC, the investment adviser to FS Specialty Lending Fund. Set forth in the tables below are certain components of FSSL’s financial condition and results of operation as of and for the three months ended September 30, 2025. The closed-end fund is the successor to FS Specialty Lending Fund, and the accounting and performance record of the closed-end fund will be that of FS Specialty Lending Fund. Upon the closing of the reorganization, the closed-end fund changed its name to FS Specialty Lending Fund (“FSSL”). 2. FSSL’s NAV per share as of the date indicated is the NAV determined by FSSL for purposes of complying with the requirements of Section 23(b) of the 1940 Act and has not been approved by FSSL’s board of trustees. FSSL’s NAV per common share may increase or decrease in the future and any such change may be material. 3. The distributions paid for the three months ended September 30, 2025, represent enhanced quarterly distributions to shareholders which were designed to offer attractive returns to shareholders during the transition period to a diversified credit strategy. The quarterly enhanced distributions will no longer be paid once FSSL achieves a long-term liquidity event, such as a listing on the New York Stock Exchange. The payment of future distributions on FSSL’s common shares is subject to the discretion of FSSL's board of trustees and applicable legal restrictions and, therefore, there can be no assurance as to the amount or timing of any such future distributions.

FS SPECIALTY LENDING FUND 2

SELECT FINANCIAL AND OPERATING RESULTS

SELECT BALANCE SHEET DATA ($M)

Cash $143 Portfolio fair value $1,717 Total assets $1,875 Debt outstanding $400 Total liabilities $412 Shareholder’s equity $1,463 NAV per share2 $19.27

SELECT OPERATIONAL DATA ($M)

Investment income $49 Net investment income $26 Enhanced distributions paid3 $47

SELECT COVERAGE DATA

Asset coverage per unit of credit facility borrowings 4.66x

PORTFOLIO AND PERFORMANCE UPDATE

PORTFOLIO OVERVIEW AS OF SEPTEMBER 30, 2025

All figures based on fair value as of September 30, 2025. FSSL’s portfolio is actively managed, and the foregoing presents only a “snapshot” as of September 30, 2025. There is no assurance that the composition of FSSL’s portfolio, either currently or in the future, will resemble the composition of FSSL’s portfolio as of September 30, 2025. FSSL’s current or future portfolio allocations that may be the same, similar or different from those reflected as of September 30, 2025. Percentages and other numbers in this presentation may have been rounded. 1. FSSL’s NAV per share as of the date indicated is the NAV determined by FSSL for purposes of complying with the requirements of Section 23(b) of the 1940 Act and has not been approved by FSSL’s board of trustees. FSSL’s NAV per common share may increase or decrease in the future and any such change may be material. 2. Senior secured debt includes first lien loans, second lien loans and senior secured bonds. 3. Represents non-energy investments based on fair value as of September 30, 2025. 4. Other includes Consumer Staples Distribution & Retail (2%); Telecommunication Services, Transportation, Insurance, Household & Personal Products, Real Estate Management & Development, (1% each).

FS SPECIALTY LENDING FUND 3

$19.27 $1.9B 78 90% 84% 0.8% 94%

NAV per share1 Total assets Portfolio companies Senior secured debt2 Floating rate assets Assets on non-accrual Diversified credit investments3 82% Senior secured loans—1st Lien 3% Senior secured loans—2nd Lien 5% Senior secured bonds 3% Unsecured debt 3% Asset based finance 4% Equity/other

ASSET TYPE INDUSTRY CLASSIFICATION

13% Consumer services 6% Energy 13% Commercial & professional services 5% Consumer discretionary distribution & retail 12% Healthcare equipment & services 4% Media & entertainment 10% Capital goods 4% Automobiles & components 8% Consumer durables & apparel 3% Software & services 7% Materials 2% Pharmaceuticals, biotechnology & life sciences 6% Financial services 7% Other4

PORTFOLIO AND PERFOR