Business Combination Prospectus (Form 425)

Filed by FS Specialty Lending Fund

pursuant to Rule 425 under the Securities Act of 1933

and deemed filed under Rule 14a-6(b) of the Securities Exchange Act of 1934

Subject Company: New FS Specialty Lending Fund

File No. of Registration Statement: 333-286859

Control # 4879467091588831 Select a document Proposal(s) For holders as of Monday, June 30, 2025. Votes can be changed un​l the vo​ng deadline. Make your selec​ons below. Shares available: 0 1. To approve the amendment of the Fund's Third Amended and Restated Declara​on of Trust (the "Declara​on of Trust") to eliminate Ar​cle XII of the Declara​on of Trust ("Proposal 1"). Board Recommenda​on: For For Against Abstain Reset 2. To approve the amendment of the Declara​on of Trust to modify the shareholder vo​ng standard in connec​on with a merger or reorganiza​on of the Fund that has been approved by the Board of Trustees ("Proposal 2"). Board Recommenda​on: For For Against Abstain Reset 3. To approve the Agreement and Plan of Reorganiza​on, dated as of April 22, 2025 (the "Plan"), among the Fund, New FS Specialty Lending Fund, a Delaware limited liability company (the "Successor Fund"), and, for the limited purposes set forth therein, FS/EIG Advisor, LLC, a Delaware limited liability company and investment adviser to the Fund (the "Adviser") (the "Reorganiza​on Proposal" and, together with Proposal 1 and Proposal 2, the "Proposals"). Board Recommenda​on: For For Against Abstain Reset By clicking Submit Vote, I am hereby appoin​ng a proxy. Reset All Submit Vote Reset All CUSIP: 30264D FS SPECIALTY LENDING FUND 2025 Special Mee​ng To be held Tuesday, September 2, 2025 Mee​ng Agenda Not Voted Vote by September 1, 2025 11:59 p.m. ET FS Specialty Lending Fund has filed a joint proxy statement/prospectus and other proxy materials with the Securities and Exchange commission (SEC) in connection with the matters described herein. Investors are urged to read the proxy materials and any other relevant statements because they contain important information about the proposals. Free copies of the proxy statement/prospectus and other proxy materials are available on the SEC's website at www.sec.gov or at www.fsproxy.com. Documents to Review Before You Vote:

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