Fs Specialty Lending Advisor, Llc
SEC-registered
Mutual Fund / Asset Manager · Mid-sized ($1B–$10B)
CRD 293054
· SEC file 801-112812
· Philadelphia, PA
· www.fskkrcapitalcorp.com
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ADV data as of Jun 10, 2026
- Regulatory AUM
- $1.9B
- Discretionary
- $1.9B
- Clients
- 1
- Avg AUM / client
- $1.9B
- Accounts
- 1
- Employees
- 177
AUM over time
$1.9B
$4.3B
May 2018
Jun 2026
Annual snapshots from Form ADV filings · as of Jun 10, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Investment companies | 1 | $1.9B | 100.0% |
People (10)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Adelman, David, Jason | Member | May 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Forman, Michael, Craig | Chief Executive Officer | May 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Thomas, Robert, Blair | Trustee | Nov 2010 (16y) | GP / trustee / elected manager of The R. Blair Thomas 2010 Irrevocable Trust (indirect) | |
| Wade, Randall, Scott | Member (Through The Randall Wade 2010 Irrevocable Trust And The Kristina Wade 2010 Irrevocable Trust, Randall Wade As Trustee) | Nov 2010 (16y) | ≈ 4.69% – 25% via Eig Global Energy Partners, Llc | |
| Heller, Michael, Jay | Trustee, The 2011 Forman Investment Trust | Jan 2012 (15y) | GP / trustee / elected manager of The 2011 Forman Investment Trust (indirect) | |
| Browne, Philip | Managing Director, Finance And Administration | Mar 2018 (8y) | Less than 5% | |
| Detwiler, Elizabeth, Camilla | Managing Director, Cco | Mar 2018 (8y) | Less than 5% | |
| Sypherd, Stephen | General Counsel | Mar 2018 (8y) | Less than 5% | |
| Bryant, Marc, Robert | Chief Legal Officer | May 2019 (7y) | Less than 5% | |
| Nelb, Stephen, Thomas | Derivatives Risk Manager | Jan 2022 (5y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Fs Investment Advisor, Llc | Member | Mar 2018 | A | 75% or more |
| Eig Asset Management, Llc | Sole Member | Jun 2010 | A | 25% – 50% |
| Franklin Square Holdings, L.P. | Member, Class C | Sep 2010 | B | ≈ 56.25% – 100% via Fs Investment Advisor, Llc |
| Eig Global Energy Partners, Llc | Member | May 2010 | B | ≈ 18.75% – 50% via Eig Asset Management, Llc |
| Fsjv Holdco, Llc | Member | Sep 2010 | B | ≈ 56.25% – 100% via Fs Investment Advisor, Llc |
| Fsh Holdco, Llc | Member | Jun 2023 | B | 75% or more of Fsh Holdco Sub, Llc (indirect) |
| The R. Blair Thomas 2010 Irrevocable Trust | Member | Nov 2010 | B | ≈ 9.38% – 37.5% via Eig Global Energy Partners, Llc |
| The 2011 Forman Investment Trust | Member, Class A | Jun 2023 | B | ≈ 18.75% – 50% via Fs Investment Advisor, Llc |
| Fsh Nci Aggregator, Llc | Limited Partner | Jun 2023 | B | ≈ 14.06% – 50% via Franklin Square Holdings, L.P. |
| Fb Capital Partners, L.P. | Member | Jun 2023 | B | ≈ 3.52% – 25% via Fsh Nci Aggregator, Llc |
| Franklin Square Holdings, G.P., Llc | General Partner | May 2007 | B | GP / trustee / elected manager of Franklin Square Holdings, L.P. (indirect) |
| Fb Capital Management, Llc | General Partner | Jan 2013 | B | GP / trustee / elected manager of Fb Capital Partners, L.P. (indirect) |
| Fsh Holdco Sub, Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
| Fsh Advisor Fee Holdings Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
Estimated effective ownership (look-through of filed bands):
- Wade, Randall, Scott: 25% – 50% of Eig Global Energy Partners, Llc × 75% – 100% of Eig Asset Management, Llc × 25% – 50% direct ≈ 4.69% – 25% of the firm
- Franklin Square Holdings, L.P.: 75% – 100% of Fs Investment Advisor, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- Eig Global Energy Partners, Llc: 75% – 100% of Eig Asset Management, Llc × 25% – 50% direct ≈ 18.75% – 50% of the firm
- Fsjv Holdco, Llc: 75% – 100% of Fs Investment Advisor, Llc × 75% – 100% direct ≈ 56.25% – 100% of the firm
- The R. Blair Thomas 2010 Irrevocable Trust: 50% – 75% of Eig Global Energy Partners, Llc × 75% – 100% of Eig Asset Management, Llc × 25% – 50% direct ≈ 9.38% – 37.5% of the firm
- The 2011 Forman Investment Trust: 25% – 50% of Fs Investment Advisor, Llc × 75% – 100% direct ≈ 18.75% – 50% of the firm
- Fsh Nci Aggregator, Llc: 25% – 50% of Franklin Square Holdings, L.P. × 75% – 100% of Fs Investment Advisor, Llc × 75% – 100% direct ≈ 14.06% – 50% of the firm
- Fb Capital Partners, L.P.: 25% – 50% of Fsh Nci Aggregator, Llc × 25% – 50% of Franklin Square Holdings, L.P. × 75% – 100% of Fs Investment Advisor, Llc × 75% – 100% direct ≈ 3.52% – 25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/10/2026 | 1.68 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for investment companies
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jun 10, 2026.
View current Form ADV (SEC/IAPD) ↗