# FS Specialty Lending Advisor, LLC

> 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.

- CRD: 293054
- Filed as: FS SPECIALTY LENDING ADVISOR, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: June 10, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/293054
- AdvisorCensus page: https://advisorcensus.com/firm/fs-specialty-lending-advisor-llc-philadelphia-pa-293054

## Quick answers

**How is FS Specialty Lending Advisor, LLC compensated?**
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.

**Where is FS Specialty Lending Advisor, LLC located?**
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).

**Is FS Specialty Lending Advisor, LLC registered with the SEC or a state?**
FS Specialty Lending Advisor, LLC is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 293054.

**How much does FS Specialty Lending Advisor, LLC manage?**
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).

**How have FS Specialty Lending Advisor, LLC's assets and staff changed since 2021?**
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.

**What types of clients does FS Specialty Lending Advisor, LLC serve?**
By number of clients on Form ADV Item 5.D: investment companies (1).

**Does FS Specialty Lending Advisor, LLC report any disciplinary disclosures?**
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

**What changed in FS Specialty Lending Advisor, LLC's recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $1,934,205,000
- Discretionary: $1,934,205,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 1 | $1,934,205,000 |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2018 (8 years)
- Employees: 177 total, 30 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY, PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- fscreit.com
- fskkrcapitalcorp.com
- fsproxy.com
- fssl.futurestandard.com
- futurestandard.com
- music.amazon.com/podcasts/8e15a78f-46f8-4204-bfb5-40a49123a106/fireside-a-podcast-series-from-future-standard
- open.spotify.com/show/1bNRLpYa1IuvcEyTA8AtMc
- player.fm/series/fireside-a-podcast-series-from-future-standard
- podcastaddict.com/podcast/fireside-a-podcast-series-from-future-standard/3323566
- podcastindex.org/podcast/2757367
- podcasts.apple.com/us/podcast/fireside-a-podcast-series-from-future-standard/id1561214982
- Facebook @fsfuturestandard
- Instagram @futurestandardfs
- LinkedIn @futurestandardfs
- LinkedIn @portfolio-advisors
- LinkedIn @michael-forman
- LinkedIn @troy-a-gayeski-cfa-720366197
- X @MichaelFormanFS
- X @TroyGayeski
- X @futurestandard_
- YouTube @futurestandardfs

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,358,641,347 | 127 | June 28, 2021 |
| October 2022 | $2,796,282,596 | 136 | March 28, 2022 |
| October 2023 | $2,793,121,000 | 136 | July 27, 2023 |
| October 2024 | $2,220,168,000 | 131 | May 3, 2024 |
| October 2025 | $2,271,975,141 | 164 | March 28, 2025 |
| October 2026 | $1,934,205,000 | 177 | June 10, 2026 |

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.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

### 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).

### February 2026
- Updated its list of owners and control persons (Schedule A).

### January 2026
- No longer registered or notice-filed in DC, TX.

### 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.

### 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. FS Specialty Lending Advisor, LLC (CRD 293054): Form ADV filing data as of October 2026.