In plain terms — FS Specialty Lending Fund
Shares currently cost about 34.9% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 36.3% discount.
It pays regular distributions worth about 15.6% a year of the share price (10.1% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.54 of assets — a ReinvestCapture™ rate of 24.0%, more than the payout rate itself. That is buying power, not a return.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -35.76% | 1.84% | +0.20 | 60 |
| 6 months | -36.28% | 2.20% | +0.41 | 90 |
| 1 year | -36.28% | — | — | 90 |
| 3 years | -36.28% | — | — | — |
| 5 years | -36.28% | — | — | — |
Current contemporaneous premium/discount -35.39% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -46.93% to -32.96%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -0.95% | +5.45% | -19.24% | — | — | — |
| Market price total return | +0.31% | +9.54% | -10.26% | — | — | — |
| NAV return | -1.23% | -1.72% | — | — | — | — |
| NAV total return | -0.40% | +0.70% | — | — | — | — |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
FS Specialty Lending Fund is an externally managed, non-diversified, closed-end management investment company. The company was founded on September 8, 2010 and is headquartered in Philadelphia, PA.
CEF Explorer research page for FS Specialty Lending Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.