FS Specialty Lending Advisor, LLC

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

The brochure lists different fees for different services or strategies. See the firm's brochure (dated March 30, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$1,934,205,000 as of October 2026, filing dated June 10, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for investment companies (and business development companies)

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2018 (8 years)

Employees

Total: 177. Performing investment advisory functions: 30.

Wrap fee program participation

No.

Other offices (Schedule D, Section 1.F)

1 other office, as of the July 2026 filing

New York, NY

States registered or notice-filed

2 states or jurisdictions

NYPA

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

None Reports no disclosure items on Form ADV Item 11. View on IAPD.

Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $2,358,641,347 in the October 2021 data and $1,934,205,000 in the October 2026 data, down 18%.

Total employees: 127 in October 2021 and 177 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. July 2026
   • Updated its list of owners and control persons (Schedule A).
2. April 2026
   • Employees performing advisory functions went from 26 to 30.
   • Regulatory assets under management went from $2,271,975,141 to $1,934,205,000 (-15%).
   • Changed its office addresses in New York, NY.
   • Updated its list of owners and control persons (Schedule A).
3. February 2026
   • Updated its list of owners and control persons (Schedule A).
4. January 2026
   • No longer registered or notice-filed in DC, TX.
5. December 2025
   • Changed its legal name from FS/EIG Advisor, LLC to FS Specialty Lending Advisor, LLC.
   • Employees performing advisory functions went from 30 to 26.
6. November 2025
   • No longer lists an office in Houston, TX.
   • No longer lists an office in Washington, DC.
   • Updated its list of owners and control persons (Schedule A).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.