DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

FS Specialty Lending Fund

BDCnon-tradedCIK 1501729file 814-00841PHILADELPHIA, PAmanaged by FS/EIG Advisor, LLC

Fair value

$1.9B

as of Jun 30, 2025

Principal held

$1.7B

debt pieces, the filer's figure

Cost

$1.8B

104c on cost

Unfunded

n/a

commitments not yet drawn

Positions

124

77 borrowers

First lien

n/a

88% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

0 sponsors financed

Portfolio through time

Fair value by quarter end$1.9B as of Jun 30, 2025

Dec 31, 2021$408M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.9B	77	98c	8	564 bp
Mar 31, 2025	$2.0B	84	98c	9	545 bp
Dec 31, 2024	$2.7B	95	98c	8	563 bp
Sep 30, 2024	$1.8B	85	100c	9	520 bp
Jun 30, 2024	$1.7B	83	99c	9	507 bp
Mar 31, 2024	$1.9B	72	95c	7	505 bp
Dec 31, 2023	$2.2B	76	92c	13	510 bp
Sep 30, 2023	$1.5B	59	95c	8	580 bp
Jun 30, 2023	$1.5B	53	98c	11	589 bp
Mar 31, 2023	$1.8B	54	99c	12	590 bp
Dec 31, 2022	$2.3B	66	99c	13	588 bp
Dec 31, 2021	$408M	12	n/a	0	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

Warburg Pincus LLC carried
2 borrowers $47.5M
Castik Capital Sarl carried
1 borrower $39.8M
Gallatin Point Capital LLC carried
1 borrower $37.7M
Cornell Capital carried
1 borrower $35.4M
Goldberg Lindsay & Co. LLC carried
1 borrower $25.0M
Alpha Wave Global, LP carried
1 borrower $24.7M
Clayton, Dubilier & Rice, LLC carried
1 borrower $24.5M
Stonepeak inferred
1 borrower $21.7M
Bluescape Energy Partners, LLC carried
1 borrower $16.1M
KKR carried
1 borrower $14.2M
American Securities LLC carried
1 borrower $14.0M
Wellspring Capital Management Group LLC carried
1 borrower $8.9M
National Investment and Infrastructure Fund Limited carried
1 borrower n/a

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New borrower on a BDC scheduleJun 30, 2025
Management Health Systems, LLC first appears in a BDC schedule (2 lenders)
New borrower on a BDC scheduleJun 30, 2025
All Day AcquisitionCo, LLC first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleJun 30, 2025
LTC Consulting Services LLC first appears in a BDC schedule (2 lenders)
New borrower on a BDC scheduleJun 30, 2025
Trimlight Inc first appears in a BDC schedule (1 lender)
New lender joined a facilityJun 30, 2025
FS Specialty Lending Fund joins Applied Technical Services, LLC other (unknown) held by 2 other BDCs
New lender joined a facilityJun 30, 2025
FS Specialty Lending Fund joins Titan Investment Company, Inc other (unknown) held by 4 other BDCs
Marked down (one lender)Jun 30, 2025
FS Specialty Lending Fund: fair value markdown in RealTruck Group, Inc (100 to 92 cents on cost)
Marked down (one lender)Jun 30, 2025
FS Specialty Lending Fund: fair value markdown in Wok Holdings Inc (101 to 91 cents on cost)
Marked down (one lender)Jun 30, 2025
FS Specialty Lending Fund: fair value markdown in Chinos Intermediate 2, LLC (103 to 91 cents on cost)
Maturity extended (observed)Jun 30, 2025
FS Specialty Lending Fund: maturity extended in American Auto Auction Group, LLC (2027-12-30 to 2032-05-28)
New borrower on a BDC scheduleMar 31, 2025
Olibre Borrower LLC first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2025
Stryten Energy Resources LLC first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2025
Speedway Buyer, Inc first appears in a BDC schedule (1 lender)
Lender left a facilityMar 31, 2025
FS Specialty Lending Fund no longer holds ProAmpac PG Borrower, LLC other after 2025-03-31; 2 BDC(s) still hold it
Lender left a facilityMar 31, 2025
FS Specialty Lending Fund no longer holds PODS, LLC other after 2025-03-31; 1 BDC(s) still hold it
New borrower on a BDC scheduleMar 31, 2025
CF Exedra Bidco Ltd first appears in a BDC schedule (1 lender)
Lender left a facilityMar 31, 2025
FS Specialty Lending Fund no longer holds BCPE North Star US Holdco 2, Inc other after 2025-03-31; 1 BDC(s) still hold it
New lender joined a facilityMar 31, 2025
FS Specialty Lending Fund joins BCPE North Star US Holdco 2, Inc other (unknown) held by 5 other BDCs
New lender joined a facilityMar 31, 2025
FS Specialty Lending Fund joins LSCS Holdings, Inc other (unknown) held by 6 other BDCs
Lender left a facilityMar 31, 2025
FS Specialty Lending Fund no longer holds SupplyOne, Inc other after 2025-03-31; 1 BDC(s) still hold it

Every position change, including routine ones

Largest facilities held, with co-lenders

Schedule of investments at Jun 30, 2025

124 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Bridge Street Warehouse CLO IV Ltd. Structured finance (CLO)	unstated lien unstated	n/a	$90.2M
Diversified Energy Company, PLC	equity equity	n/a	$55.0M 125c
Electrical Components International, Inc., Capital Goods	unstated lien unstated	$46.9M	$47.4M 103c	S+650 bp	May 10, 2029
Accupac, LLC, Pharmaceuticals, Biotechnology & Life Sciences	unstated lien unstated	$45.3M	$44.6M 100c	S+700 bp	Dec 31, 2029
Mannington Mills, Inc., Capital Goods	unstated lien unstated	$42.7M	$42.1M 100c	S+475 bp	Mar 25, 2032
Pioneer Midco, LLC Consumer Services	unstated lien unstated	$40.6M	$40.9M 100c	PIK 11.60%	Nov 18, 2030
OmniMax International, LLC, Capital Goods	unstated lien unstated	$39.9M	$39.2M 100c	S+575 bp	Dec 6, 2030
Olibre Borrower, LLC, Consumer Durables & Apparel	unstated lien unstated	$39.8M	$39.1M 100c	S+575 bp	Jan 3, 2030
Onbe, Inc. Financial Services	unstated lien unstated	$37.8M	$37.1M 100c	S+550 bp	Jul 25, 2031
LR Orion Bidco Ltd. Software & Services	unstated lien unstated	$36.3M	$36.7M 100c	S+550 bp	Nov 22, 2031
Pretium PKG Holdings, Inc. Materials	unstated lien unstated	$33.2M	$33.2M 101c	S+375 bp PIK 1.30%	Oct 2, 2028
Ansira Partners, Inc. Media & Entertainment	unstated lien unstated	$35.5M	$33.1M 95c	S+675 bp	Jul 1, 2029
Stryten Energy Resources LLC, Capital Goods	unstated lien unstated	$32.6M	$32.0M 100c	5.50%	Dec 18, 2029
CCS Acquisition, LLC Health Care Equipment & Services	unstated lien unstated	$31.4M	$31.0M 101c	S+550 bp	Dec 30, 2030
All Day AcquisitionCo, LLC Consumer Services	unstated lien unstated	$31.6M	$31.0M 100c	S+650 bp	Apr 30, 2030
MBS Services Holdings, LLC, Commercial & Professional Services	unstated lien unstated	$34.4M	$30.9M 92c	PIK 15.00%	Sep 20, 2030
WMK, LLC Consumer Discretionary Distribution & Retail	unstated lien unstated	$31.6M	$30.8M 100c	S+650 bp	Jan 25, 2028
Future Pak, LLC Materials	unstated lien unstated	$31.4M	$30.8M 100c	S+600 bp	Mar 21, 2030
WildBrain Ltd. Media & Entertainment	unstated lien unstated	$31.0M	$30.7M 101c	6.00%	Jul 23, 2029
Alegeus Technologies Holdings Corp. Health Care Equipment & Services	unstated lien unstated	$29.8M	$29.1M 100c	S+675 bp	Nov 5, 2029
Array Midco, Corp., Commercial & Professional Services	unstated lien unstated	$29.3M	$28.2M 98c	S+650 bp	Dec 31, 2029
M2S Group Intermediate Holdings, Inc. Materials	unstated lien unstated	$28.6M	$27.8M 104c	S+475 bp	Aug 25, 2031
APTIM Corp., Commercial & Professional Services	unstated lien unstated	$27.5M	$27.2M 99c	S+750 bp	May 23, 2029
Trimlight Inc. Consumer Discretionary Distribution & Retail	unstated lien unstated	$26.8M	$26.3M 100c	S+600 bp	May 6, 2030
Management Health Systems, LLC Health Care Equipment & Services	unstated lien unstated	$26.5M	$26.2M 100c	S+625 bp	Dec 31, 2027
CF Exedra Bidco Ltd. Consumer Services	unstated lien unstated	$18.8M	$25.8M 107c	S+550 bp	Feb 19, 2031
Weber-Stephen Products LLC, Consumer Durables & Apparel	unstated lien unstated	$25.9M	$25.7M 106c	S+325 bp	Oct 30, 2027
Full House Resorts, Inc. Consumer Services	unstated lien unstated	$25.7M	$25.0M 104c	8.30%	Feb 15, 2028
Delivery Hero Finco LLC Consumer Services	unstated lien unstated	$24.7M	$25.0M 101c	S+500 bp	Dec 12, 2029
LaserShip, Inc. Transportation	unstated lien unstated	$24.8M	$24.6M 98c	S+625 bp	Jan 2, 2029
CPM Holdings, Inc., Capital Goods	unstated lien unstated	$24.6M	$24.2M 98c	S+450 bp	Sep 28, 2028
TKC Holdings, Inc. Consumer Staples Distribution & Retail	unstated lien unstated	$24.0M	$24.0M 104c	S+500 bp	May 15, 2028
CircusTrix Holdings, LLC Consumer Services	unstated lien unstated	$23.3M	$23.7M 102c	S+650 bp	Jul 18, 2028
Allspring Government Money Market Fund - Select Class, Money	unstated lien unstated	n/a	$23.5M	4.30%
TruGreen, LP, Commercial & Professional Services	unstated lien unstated	$24.5M	$23.3M 99c	S+400 bp	Nov 2, 2027
LTC Consulting Services, LLC Health Care Equipment & Services	unstated lien unstated	$23.5M	$23.3M 100c	S+475 bp	May 1, 2031
IXS Holdings, Inc. Materials	unstated lien unstated	$23.7M	$23.1M 100c	S+425 bp	Mar 5, 2027
American Auto Auction Group, LLC, Commercial & Professional Services	unstated lien unstated	$22.9M	$23.1M 101c	S+450 bp	May 28, 2032
LABL, Inc., Commercial & Professional Services	unstated lien unstated	$24.5M	$22.1M 92c	S+500 bp	Oct 30, 2028
RealTruck Group, Inc, Automobiles & Components	unstated lien unstated	$24.6M	$22.1M 92c	S+375 bp	Jan 31, 2028
Gen4 Dental Partners Opco, LLC Health Care Equipment & Services	unstated lien unstated	$23.3M	$22.0M 96c	S+550 bp	May 13, 2030
NES Hercules Class B Member, LLC Energy	unstated lien unstated	$23.4M	$21.8M 99c	S+178 bp	Jan 31, 2028
Applied Technical Services, LLC, Commercial & Professional Services	unstated lien unstated	$21.5M	$21.3M 100c	S+525 bp	Apr 8, 2031
Speedway Buyer, Inc., Commercial & Professional Services	unstated lien unstated	$21.4M	$21.3M 98c	5.25%	Jan 27, 2032
RPC TopCo Inc., Consumer Durables & Apparel	unstated lien unstated	$21.2M	$21.0M 100c	4.75%	Aug 30, 2031
Digicel International Finance Ltd., Telecommunication Services	unstated lien unstated	$20.4M	$20.4M 103c	S+525 bp PIK 2.30%	May 25, 2027
Wok Holdings, Inc. Consumer Services	unstated lien unstated	$22.3M	$19.6M 91c	S+625 bp	Sep 3, 2029
Tenrgys, LLC Energy	unstated lien unstated	$20.5M	$19.6M 95c	S+750 bp	Mar 17, 2027
Archer Acquisition, LLC	equity equity	$19.2M	$19.0M 100c	S+500 bp	Oct 6, 2029
Guitar Center, Inc. Consumer Discretionary Distribution & Retail	unstated lien unstated	$23.6M	$19.0M 83c	8.50%	Jan 15, 2026
Bridge Street CLO IV Ltd. Structured finance (CLO)	notes unsecured or subordinated	$23.7M	$18.4M 78c	16.70%	Apr 20, 2037
Bridge Street CLO V Ltd. Structured finance (CLO)	notes unsecured or subordinated	$19.5M	$18.3M 104c	18.20%	Apr 20, 2038
USA Compression Partners, LP	preferred equity equity	n/a	$15.8M 126c	9.80%	Apr 3, 2028
Project Granite Buyer, Inc. Insurance	unstated lien unstated	$16.0M	$15.7M 100c	S+575 bp	Dec 31, 2031
HMN Acquirer Corp. Media & Entertainment	unstated lien unstated	$15.7M	$15.5M 100c	S+475 bp	Nov 5, 2031
Revlon Intermediate Holdings IV LLC, Household & Personal Products	unstated lien unstated	$15.0M	$14.7M 98c	S+688 bp	May 2, 2028
Chinos Intermediate 2, LLC Consumer Discretionary Distribution & Retail	unstated lien unstated	$16.0M	$14.3M 91c	S+600 bp	Sep 17, 2031
First Brands Group, LLC, Automobiles & Components	unstated lien unstated	$14.6M	$13.7M 103c	S+500 bp	Mar 30, 2027
Titan Purchaser, Inc. Materials	unstated lien unstated	$12.8M	$12.9M 101c	S+600 bp	Mar 1, 2030
First Brands Group, LLC, Automobiles & Components	unstated lien unstated	$13.6M	$12.9M 95c	S+500 bp	Mar 30, 2027
Cop Village Green Acquisitions, Inc. Real Estate Management & Development	unstated lien unstated	$12.6M	$12.6M 102c	S+475 bp	Sep 25, 2030
Recovery Solutions Parent, LLC	equity equity	n/a	$12.1M 103c
LSCS Holdings, Inc. Health Care Equipment & Services	unstated lien unstated	$11.6M	$11.4M 99c	S+450 bp	Mar 4, 2032
Magnera Corp. Materials	unstated lien unstated	$9.9M	$9.8M 99c	S+425 bp	Nov 4, 2031
Cop Village Green Acquisitions, Inc. Real Estate Management & Development	unstated lien unstated	$9.8M	$9.8M 100c	S+475 bp	Sep 25, 2030
Claros Mortgage Trust, Inc. Financial Services	unstated lien unstated	$9.9M	$9.7M 103c	S+450 bp	Aug 9, 2026
Recovery Solutions Parent, LLC Health Care Equipment & Services	unstated lien unstated	$9.5M	$9.5M 100c	S+750 bp	Jan 27, 2030
Universal Entertainment Corp., Consumer Durables & Apparel	unstated lien unstated	$9.6M	$9.4M 99c	9.90%	Aug 1, 2029
ST EIP Holdings, Inc. Energy	unstated lien unstated	$10.0M	$9.2M 95c	6.30%	Jan 10, 2030
HMN Acquirer Corp. Media & Entertainment	unstated lien unstated	$9.3M	$9.2M 99c	S+475 bp	Nov 5, 2031
CCS Acquisition, LLC Health Care Equipment & Services	unstated lien unstated	$8.6M	$8.5M 99c	S+550 bp	Dec 30, 2030
Brock Holdings III, LLC, Capital Goods	unstated lien unstated	$8.4M	$8.1M 97c	S+575 bp	May 2, 2030
Global Jet Capital Holdings, LP	preferred equity equity	n/a	$8.0M 81c
Gen4 Dental Partners Opco, LLC Health Care Equipment & Services	unstated lien unstated	$7.9M	$7.4M 95c	S+550 bp	May 13, 2030
CircusTrix Holdings, LLC Consumer Services	unstated lien unstated	$6.3M	$6.5M 102c	S+650 bp	Jul 18, 2028
New WPCC Parent, LLC Health Care Equipment & Services	unstated lien unstated	$6.4M	$6.4M 100c	S+950 bp	May 9, 2030
Bridge Street Warehouse CLO VI Ltd. Structured finance (CLO)	unstated lien unstated	$5.0M	$5.2M 100c	6.20%	Aug 1, 2025
CircusTrix Holdings, LLC Consumer Services	unstated lien unstated	$5.0M	$5.1M 104c	S+650 bp	Jul 18, 2028
Speedway Buyer, Inc., Commercial & Professional Services	unstated lien unstated	$5.1M	$5.0M 100c	5.25%	Jan 27, 2032
LR Orion Bidco Ltd. Software & Services	unstated lien unstated	$4.8M	$4.9M 100c	S+550 bp	Nov 22, 2031
LR Orion Bidco Ltd. Software & Services	unstated lien unstated	$3.5M	$4.3M 100c	S+300 bp	May 22, 2031
Plainfield Renewable Energy Holdings LLC Energy	unstated lien unstated	$16.6M	$4.0M 36c	6.00% PIK 9.50%	Aug 22, 2025
Ansira Partners, Inc. Media & Entertainment	unstated lien unstated	$3.9M	$3.7M 93c	S+675 bp	Jul 1, 2029
Applied Technical Services, LLC, Commercial & Professional Services	unstated lien unstated	$3.5M	$3.5M 99c	S+525 bp	Apr 8, 2031
All Day AcquisitionCo, LLC Consumer Services	unstated lien unstated	$3.4M	$3.4M 98c	S+650 bp	Apr 30, 2030
Array Midco, Corp., Commercial & Professional Services	unstated lien unstated	$3.4M	$3.2M 96c	S+650 bp	Dec 31, 2029
Trimlight Inc. Consumer Discretionary Distribution & Retail	unstated lien unstated	$3.2M	$3.1M 98c	S+600 bp	May 6, 2030
Accupac, LLC, Pharmaceuticals, Biotechnology & Life Sciences	unstated lien unstated	$3.1M	$3.1M 98c	S+700 bp	Dec 31, 2029
RPC TopCo Inc., Consumer Durables & Apparel	unstated lien unstated	$3.0M	$3.0M 99c	4.75%	Aug 30, 2031
WildBrain Ltd. Media & Entertainment	unstated lien unstated	$2.7M	$2.7M 99c	6.00%	Jul 23, 2029
Electrical Components International, Inc., Capital Goods	unstated lien unstated	$2.6M	$2.6M 101c	S+650 bp	May 10, 2029
United Natural Foods, Inc. Consumer Staples Distribution & Retail	unstated lien unstated	$2.5M	$2.5M 103c	S+475 bp	May 1, 2031
New WPCC Parent, LLC	preferred equity equity	n/a	$2.4M 99c	PIK 13.00%
Project Granite Buyer, Inc. Insurance	unstated lien unstated	$2.5M	$2.4M 98c	S+575 bp	Dec 31, 2030
WMK, LLC Consumer Discretionary Distribution & Retail	unstated lien unstated	$2.3M	$2.3M 97c	S+650 bp	Jan 25, 2028
LTC Consulting Services, LLC Health Care Equipment & Services	unstated lien unstated	$1.5M	$1.5M 99c	S+475 bp	May 1, 2031
Project Granite Buyer, Inc. Insurance	unstated lien unstated	$1.5M	$1.5M 98c	S+575 bp	Dec 31, 2031
Speedway Buyer, Inc., Commercial & Professional Services	unstated lien unstated	$689,000	$686,000 101c	5.25%	Jan 27, 2032
WildBrain Ltd. Media & Entertainment	unstated lien unstated	$675,000	$669,000 110c	6.00%	Jul 23, 2029
Harvest Oil & Gas Corp.	equity equity	n/a	$389,000 3c

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2012 to 2025reported
Filings listed: 15reported10-Q and 10-K since 2022
Former names: FS Energy & Power Fundreported
Latest schedule: 0001628280-25-040339reported