{
  "crd_number": 293054,
  "slug": "fs-specialty-lending-advisor-llc-philadelphia-pa-293054",
  "primary_business_name": "FS SPECIALTY LENDING ADVISOR, LLC",
  "legal_name": "FS SPECIALTY LENDING ADVISOR, LLC",
  "dbas": [],
  "city": "Philadelphia",
  "state": "PA",
  "country": "United States",
  "cbsa_code": "37980",
  "metro": {
    "cbsa_code": "37980",
    "common_name": "Philadelphia",
    "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
    "path": "/advisors/pa/philadelphia"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2018-04-02",
  "years_registered": 8,
  "period": "2026-10-01",
  "filing_date": "2026-06-10",
  "carried_forward": false,
  "raum_total": 1934205000.0,
  "raum_discretionary": 1934205000.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 177,
  "advisory_employees": 30,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": 1934205000.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": null,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": null,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": null,
      "count": 0
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_investment_companies"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "NY",
    "PA"
  ],
  "websites": [
    "https://facebook.com/fsfuturestandard",
    "https://fscreit.com",
    "https://fskkrcapitalcorp.com",
    "https://fsproxy.com",
    "https://fssl.futurestandard.com",
    "https://futurestandard.com",
    "https://instagram.com/futurestandardfs",
    "https://linkedin.com/company/futurestandardfs",
    "https://linkedin.com/company/portfolio-advisors",
    "https://linkedin.com/in/michael-forman",
    "https://linkedin.com/in/troy-a-gayeski-cfa-720366197",
    "https://music.amazon.com/podcasts/8e15a78f-46f8-4204-bfb5-40a49123a106/fireside-a-podcast-series-from-future-standard",
    "https://open.spotify.com/show/1bNRLpYa1IuvcEyTA8AtMc",
    "https://player.fm/series/fireside-a-podcast-series-from-future-standard",
    "https://podcastaddict.com/podcast/fireside-a-podcast-series-from-future-standard/3323566",
    "https://podcastindex.org/podcast/2757367",
    "https://podcasts.apple.com/us/podcast/fireside-a-podcast-series-from-future-standard/id1561214982",
    "https://x.com/MichaelFormanFS",
    "https://x.com/TroyGayeski",
    "https://x.com/futurestandard_",
    "https://youtube.com/@futurestandardfs"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/293054",
  "city_as_filed": "PHILADELPHIA",
  "url": "https://advisorcensus.com/firm/fs-specialty-lending-advisor-llc-philadelphia-pa-293054",
  "display_name": "FS Specialty Lending Advisor, LLC",
  "summary": "FS Specialty Lending Advisor, LLC is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 10, 2026.",
  "citation": "AdvisorCensus. FS Specialty Lending Advisor, LLC (CRD 293054): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for investment companies (and business development companies)"
  ],
  "quick_answers": [
    {
      "q": "How is FS Specialty Lending Advisor, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), FS Specialty Lending Advisor, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is FS Specialty Lending Advisor, LLC located?",
      "a": "FS Specialty Lending Advisor, LLC's principal office is in Philadelphia, PA, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is FS Specialty Lending Advisor, LLC registered with the SEC or a state?",
      "a": "FS Specialty Lending Advisor, LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 293054."
    },
    {
      "q": "How much does FS Specialty Lending Advisor, LLC manage?",
      "a": "FS Specialty Lending Advisor, LLC reports $1,934,205,000 in regulatory assets under management in its Form ADV filing dated June 10, 2026 (100% discretionary)."
    },
    {
      "q": "How have FS Specialty Lending Advisor, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for FS Specialty Lending Advisor, LLC: 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. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does FS Specialty Lending Advisor, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: investment companies (1)."
    },
    {
      "q": "Does FS Specialty Lending Advisor, LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/293054"
    },
    {
      "q": "What changed in FS Specialty Lending Advisor, LLC's recent Form ADV filings?",
      "a": "In the July 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 2358641347.0,
      "total_employees": 127,
      "filing_date": "2021-06-28"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 2796282596.0,
      "total_employees": 136,
      "filing_date": "2022-03-28"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 2793121000.0,
      "total_employees": 136,
      "filing_date": "2023-07-27"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 2220168000.0,
      "total_employees": 131,
      "filing_date": "2024-05-03"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 2271975141.0,
      "total_employees": 164,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1934205000.0,
      "total_employees": 177,
      "filing_date": "2026-06-10"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "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)."
      ]
    },
    {
      "period": "2026-02-01",
      "period_label": "February 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in DC, TX."
      ]
    },
    {
      "period": "2025-12-01",
      "period_label": "December 2025",
      "notes": [
        "Changed its legal name from FS/EIG Advisor, LLC to FS Specialty Lending Advisor, LLC.",
        "Employees performing advisory functions went from 30 to 26."
      ]
    },
    {
      "period": "2025-11-01",
      "period_label": "November 2025",
      "notes": [
        "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)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/fs-specialty-lending-advisor-llc-philadelphia-pa-293054.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 1934205000.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/293054",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}