Assets under management Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total AUM
Total Accounts
10Y AUM Change
Private Funds
Private funds reported by Fs Specialty Lending Advisor, LLC
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Employee Growth by Quarter
Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.
Total Employees
Clients per Employee
10Y Employee Change
Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.
Ownership
Reported direct and indirect ownership ranges
Each range applies to a separate reported relationship and should not be added together.
Reported ownership ranges
Highlighted bands show the percentage range reported in Form ADV.
0%25%50%75%100%
FS INVESTMENT ADVISOR, LLCDirect owner · Schedule AInterest in FS SPECIALTY LENDING ADVISOR, LLC
75%+
DAVID JASON ADELMANDirect owner · Schedule AInterest in FS SPECIALTY LENDING ADVISOR, LLC
50% to < 75%
FRANKLIN SQUARE HOLDINGS, L.P.Indirect owner · Schedule BInterest in FSH HOLDCO SUB, LLC
75%+
MICHAEL CRAIG FORMANIndirect owner · Schedule BInterest in FB CAPITAL PARTNERS, L.P.
75%+
MICHAEL CRAIG FORMANIndirect owner · Schedule BInterest in FB CAPITAL MANAGEMENT, LLC
75%+
FSJV HOLDCO, LLCIndirect owner · Schedule BInterest in FS INVESTMENT ADVISOR, LLC
75%+
FRANKLIN SQUARE HOLDINGS, L.P.Indirect owner · Schedule BInterest in FSH ADVISOR FEE HOLDINGS LLC
75%+
FRANKLIN SQUARE HOLDINGS, L.P.Indirect owner · Schedule BInterest in FSH HOLDCO, LLC
75%+
MICHAEL CRAIG FORMANIndirect owner · Schedule BInterest in FRANKLIN SQUARE HOLDINGS, G.P., LLC
50% to < 75%
DAVID JASON ADELMANIndirect owner · Schedule BInterest in FRANKLIN SQUARE HOLDINGS, G.P., LLC
50% to < 75%
FRANKLIN SQUARE HOLDINGS, L.P.Indirect owner · Schedule BInterest in FSJV HOLDCO, LLC
50% to < 75%
THE 2011 FORMAN INVESTMENT TRUSTIndirect owner · Schedule BInterest in FSH NCI AGGREGATOR, LLC
25% to < 50%
FSH NCI AGGREGATOR, LLCIndirect owner · Schedule BInterest in FRANKLIN SQUARE HOLDINGS, L.P.
25% to < 50%
FB CAPITAL PARTNERS, L.P.Indirect owner · Schedule BInterest in FSH NCI AGGREGATOR, LLC
25% to < 50%
FSH ADVISOR FEE HOLDINGS LLCIndirect owner · Schedule BInterest in FSJV HOLDCO, LLC
25% to < 50%
Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Fs Specialty Lending Advisor, LLC.
Reported ownership and control details
Form ADV · Filing date 2026-06-10 · Schedules A and B
| # | Owner / person & role | Interest in entity | Reported interest | Control person | Title / status acquired | Source |
|---|---|---|---|---|---|---|
| 1 | MICHAEL CRAIG FORMANCHIEF EXECUTIVE OFFICERIndividual | FS SPECIALTY LENDING ADVISOR, LLC | Less than 5%Code NA | Yes | CHIEF EXECUTIVE OFFICER03/2018 | Schedule APDF page 36 |
| 2 | ELIZABETH CAMILLA DETWILERMANAGING DIRECTOR, CCOIndividual | FS SPECIALTY LENDING ADVISOR, LLC | Less than 5%Code NA | Yes | MANAGING DIRECTOR, CCO03/2018 | Schedule APDF page 36 |
| 3 | FS INVESTMENT ADVISOR, LLCMEMBERDomestic entity | FS SPECIALTY LENDING ADVISOR, LLC | 75% or moreCode E | Yes | MEMBER03/2018 | Schedule APDF page 36 |
| 4 | STEPHEN SCOTT SYPHERDGENERAL COUNSELIndividual | FS SPECIALTY LENDING ADVISOR, LLC | Less than 5%Code NA | Yes | GENERAL COUNSEL03/2018 | Schedule APDF page 36 |
| 5 | MARC ROBERT BRYANTCHIEF LEGAL OFFICERIndividual | FS SPECIALTY LENDING ADVISOR, LLC | Less than 5%Code NA | Yes | CHIEF LEGAL OFFICER05/2019 | Schedule APDF page 36 |
| 6 | JOSEPH DAVID MCGEEHINCHIEF FINANCIAL OFFICERIndividual | FS SPECIALTY LENDING ADVISOR, LLC | Less than 5%Code NA | Yes | CHIEF FINANCIAL OFFICER07/2025 | Schedule APDF page 37 |
| 7 | DAVID JASON ADELMANMEMBERIndividual | FS SPECIALTY LENDING ADVISOR, LLC | 50% to less than 75%Code D | Yes | MEMBER05/2007 | Schedule APDF page 37 |
| 8 | William John KirbyDERIVATIVES RISK MANAGERIndividual | FS SPECIALTY LENDING ADVISOR, LLC | Less than 5%Code NA | No | DERIVATIVES RISK MANAGER01/2026 | Schedule APDF page 37 |
| 9 | FRANKLIN SQUARE HOLDINGS, L.P.MEMBERDomestic entity | FSH HOLDCO SUB, LLC | 75% or moreCode E | Yes | MEMBER09/2010 | Schedule BPDF page 37 |
| 10 | THE 2011 FORMAN INVESTMENT TRUSTMEMBERDomestic entity | FSH NCI AGGREGATOR, LLC | 25% to less than 50%Code C | Yes | MEMBER06/2023 | Schedule BPDF page 37 |
| 11 | MICHAEL JAY HELLERTRUSTEE, THE 2011 FORMAN INVESTMENT TRUSTIndividual | THE 2011 FORMAN INVESTMENT TRUST | Percentage not specifiedCode F | No | TRUSTEE, THE 2011 FORMAN INVESTMENT TRUST01/2012 | Schedule BPDF page 37 |
| 12 | FRANKLIN SQUARE HOLDINGS, G.P., LLCGENERAL PARTNERDomestic entity | FRANKLIN SQUARE HOLDINGS, L.P. | Percentage not specifiedCode F | Yes | GENERAL PARTNER05/2007 | Schedule BPDF page 37 |
| 13 | MICHAEL CRAIG FORMANMANAGING MEMBERIndividual | FRANKLIN SQUARE HOLDINGS, G.P., LLC | 50% to less than 75%Code D | Yes | MANAGING MEMBER05/2007 | Schedule BPDF page 37 |
| 14 | DAVID JASON ADELMANMEMBERIndividual | FRANKLIN SQUARE HOLDINGS, G.P., LLC | 50% to less than 75%Code D | Yes | MEMBER05/2007 | Schedule BPDF page 37 |
| 15 | FSH NCI AGGREGATOR, LLCLIMITED PARTNERDomestic entity | FRANKLIN SQUARE HOLDINGS, L.P. | 25% to less than 50%Code C | Yes | LIMITED PARTNER06/2023 | Schedule BPDF page 37 |
| 16 | FB CAPITAL PARTNERS, L.P.MEMBERDomestic entity | FSH NCI AGGREGATOR, LLC | 25% to less than 50%Code C | Yes | MEMBER06/2023 | Schedule BPDF page 37 |
| 17 | MICHAEL CRAIG FORMANLIMITED PARTNERIndividual | FB CAPITAL PARTNERS, L.P. | 75% or moreCode E | Yes | LIMITED PARTNER08/2005 | Schedule BPDF page 37 |
| 18 | FB CAPITAL MANAGEMENT, LLCGENERAL PARTNERDomestic entity | FB CAPITAL PARTNERS, L.P. | Percentage not specifiedCode F | Yes | GENERAL PARTNER01/2013 | Schedule BPDF page 37 |
| 19 | MICHAEL CRAIG FORMANSOLE MEMBERIndividual | FB CAPITAL MANAGEMENT, LLC | 75% or moreCode E | Yes | SOLE MEMBER02/2007 | Schedule BPDF page 37 |
| 20 | FSJV HOLDCO, LLCMEMBERDomestic entity | FS INVESTMENT ADVISOR, LLC | 75% or moreCode E | Yes | MEMBER09/2010 | Schedule BPDF page 37 |
| 21 | FSH HOLDCO SUB, LLCMEMBERDomestic entity | FSJV HOLDCO, LLC | Percentage not specifiedCode F | No | MEMBER06/2023 | Schedule BPDF page 37 |
| 22 | FSH ADVISOR FEE HOLDINGS LLCMEMBERDomestic entity | FSJV HOLDCO, LLC | 25% to less than 50%Code C | Yes | MEMBER06/2023 | Schedule BPDF page 37 |
| 23 | FRANKLIN SQUARE HOLDINGS, L.P.MEMBERDomestic entity | FSJV HOLDCO, LLC | 50% to less than 75%Code D | Yes | MEMBER06/2023 | Schedule BPDF page 37 |
| 24 | FRANKLIN SQUARE HOLDINGS, L.P.MEMBERDomestic entity | FSH ADVISOR FEE HOLDINGS LLC | 75% or moreCode E | Yes | MEMBER06/2023 | Schedule BPDF page 37 |
| 25 | FSH HOLDCO, LLCMEMBERDomestic entity | FSH HOLDCO SUB, LLC | Percentage not specifiedCode F | No | MEMBER06/2023 | Schedule BPDF page 37 |
| 26 | FRANKLIN SQUARE HOLDINGS, L.P.MEMBERDomestic entity | FSH HOLDCO, LLC | 75% or moreCode E | Yes | MEMBER06/2023 | Schedule BPDF page 37 |
| 27 | THOMAS ROBERT TRALATRUSTEEIndividual | THE 2011 FORMAN INVESTMENT TRUST | Percentage not specifiedCode F | No | TRUSTEE01/2020 | Schedule BPDF page 38 |
Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.
Compliance & Disclosures
Filing dated 6/10/2026 5:09:40 PM
Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.
RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo
AFelonies2 No
In the past ten years, have you or any advisory affiliate:
- A1Been convicted of or pleaded guilty or no contest to a felony?No
- A2Been charged with a felony?No
BMisdemeanors2 No
In the past ten years, have you or any advisory affiliate:
- B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
- B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No
Has the SEC or CFTC ever:
- C1Found you or an advisory affiliate made a false statement or omission?No
- C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
- C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
- C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions5 No
Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:
- D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
- D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
- D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
- D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No
Has a self-regulatory organization or commodities exchange ever:
- E1Found you or an advisory affiliate made a false statement or omission?No
- E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
- E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
- E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
- FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
- GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No
(1) Court actions
Has a domestic or foreign court:
- H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
- H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
- H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No
(2) Pending civil proceedings
- H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No
* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.