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Data from SEC EDGAR filings: company financials and 13F holdings.

Disclaimer: QW Research is provided for informational and educational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Data is derived from public SEC 13F filings and may be incomplete, delayed, or inaccurate. Do not make investment decisions based on this content. QW Research does not share in any profits and accepts no liability for any losses or decisions made using this information. Past performance does not predict future results.

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FSSL — Fundamentals, Valuation & Ownership | QW Research

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FS Specialty Lending Fund (FSSL)

Highly Crowded

Held by 238 of 5,944 reporting institutions (93th percentile) — extremely crowded.

Data as of Q1 2026

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No collected fundamentals to build a valuation model.

No collected fundamentals for a quality & risk analysis.

No collected fundamentals for a dividends & returns analysis.

No collected fundamentals for a capital-allocation analysis.

No collected fundamentals for a debt & leverage analysis.

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Institutional Ownership

—

of shares outstanding · 238 funds hold it

Ownership Change

—

vs last quarter

Crowding

93ᵗʰ pctl

more crowded than 93% of tracked stocks

Institutional Value

$326.1M

total position value across all 13F filers

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Institutional Holders

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Buy / Sell Volume by Quarter

Total shares institutions bought (green) vs sold (red) each quarter across all holders.

Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.

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Institutional Trends (8 Quarters)

No trend data available for this metric.

Crowding AnalysisHighly Crowded

Holders238of 5,944

Avg: 68

Uncrowded93th percentileCrowded

Institutional Activity

Buy/Sell Ratio0.73x

79th percentile

111 buying153 selling

+53

New

-54

Closed

+6.4M

Net shares

Ownership Concentration

Top 5: 42.1%Top 10: 62.8%

Thomas J. Herzfeld Advisors,9.1%

OAK HILL ADVISORS9.0%

NOMURA HOLDINGS8.6%

SIT INVESTMENT ASSOCIATES7.8%

RIVERNORTH CAPITAL MANAGEMENT,7.5%

Others (233)57.9%

Crowding AnalysisHighly Crowded

Holders238of 5,944

Avg: 68

Uncrowded93th percentileCrowded

Institutional Activity

Buy/Sell Ratio0.73x

79th percentile

111 buying153 selling

+53

New

-54

Closed

+6.4M

Net shares

Ownership Concentration

Top 5: 42.1%Top 10: 62.8%

Thomas J. Herzfeld Advisors,9.1%

OAK HILL ADVISORS9.0%

NOMURA HOLDINGS8.6%

SIT INVESTMENT ASSOCIATES7.8%

RIVERNORTH CAPITAL MANAGEMENT,7.5%

Others (233)57.9%

We haven't collected financials for FSSL yet, so it can't be scored against its Fund peers.

Conviction-Weighted Ownership

Median weight: 0.40%Avg weight: 2.03%Max: 11.95%High conviction (>1%): 4

Thomas J. Herzfeld Advisors,

OAK HILL ADVISORS

NOMURA HOLDINGS

SIT INVESTMENT ASSOCIATES

RIVERNORTH CAPITAL MANAGEMENT,

ENVESTNET ASSET MANAGEMENT

GCM Grosvenor Holdings,

Penserra Capital Management

COMMONWEALTH EQUITY SERVICES,

Ownership Map

Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

Ownership Map

Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.

Size by

Drag any bubble to rearrange · size = dollar value of the position

Not enough quarter-end price history for a performance view. (Run collect_prices.py for this ticker.)