Cox Capital Partners Announces Commencement of Mini-Tender Offers for Shares of Franklin BSP Capital Corporation and FS Specialty Lending Fund

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PHILADELPHIA--(BUSINESS WIRE)--Sep 24, 2025--

Cox Capital Partners (the “Company”), together with its purchaser group (the “Purchasers”), announces the commencement of mini-tender offers to purchase outstanding shares (“Shares”) of Franklin BSP Capital Corporation (“FBCC”) and FS Specialty Lending Fund (“FSSL”), two non-traded business development companies (“BDCs”). The FBCC offer commenced on August 14, 2025 and the FSSL offer commenced on September 10, 2025.

In aggregate, the Purchasers have offered to purchase up to $91,400,000 of Shares. The Purchasers are not affiliated with FBCC, FSSL, or their advisers.

Franklin BSP Capital Corporation

Franklin BSP Capital Corporation was previously known as Franklin BSP Lending Corporation ("FBLC") before the January 2024 merger of Franklin BSP Lending Corporation (“FBLC”) into Franklin BSP Capital Corporation (“FBCC”). FBLC was previously known as Business Development Corporation of America ("BDCA").

FBCC shareholders have not been able to fully liquidate their Shares at NAV through the issuer-sponsored share repurchase program since 2015.

During the most recent repurchase offer completed on April 9, 2025, FBCC shareholders tendered approximately $331 million of Shares at NAV, and approximately 10.5% of requests were accepted on a pro-rata basis.

The FBCC offer will expire at 5:00 p.m., Eastern Time, on October 31, 2025, unless extended or earlier terminated. If more Shares are properly tendered than the maximum number sought, the Purchasers will accept Shares on a pro-rata basis.

The Purchasers have offered to purchase up to $50,000,000 (approximately 5,291,005 Shares) at $9.45 per Share, in cash, without interest and less any applicable withholding taxes, upon the terms and conditions set forth in the Offer to Purchase.

FS Specialty Lending Fund

FS Specialty Lending Fund was previously known as the FS Energy & Power Fund (“FSEP”).

Shareholders have not been able to fully liquidate their Shares through the issuer-sponsored share repurchase program since 2020.

During the most recent repurchase offer, completed on January 6, 2020, the FSSL shareholders tendered approximately $263 million of Shares at NAV, and approximately 9.1% of requests were accepted on a pro-rata basis.

The FSSL offer will expire at 5:00 p.m., Eastern Time, on October 10, 2025, unless extended or earlier terminated. If more Shares are properly tendered than the maximum number sought, the Purchasers will accept Shares on a pro-rata basis.

The Purchasers have offered to purchase up to $41,400,000 (approximately 3,600,000 Shares) at $11.50 per Share, in cash, without interest and less any applicable withholding taxes, upon the terms and conditions set forth in the Offer to Purchase.

Additional Tender Offer Information

The Tender Offer documents will be sent by mail to holders of the Shares by the Fund sponsor. Stockholders may obtain additional copies of the tender offer documents by contacting the Fund or the Company. Stockholders should read these documents, as the documents contain important information about the Company's Tender Offer.

For more information please visit Cox Capital Partners at www.coxcp.com/fbcctender for FBCC or www.coxcp.com/fssltender for FSSL.

About Cox Capital Partners

Cox Capital Partners is an investment management firm specializing in secondary liquidity solutions and alternative investment strategies. The Company provides direct liquidity to shareholders, fund sponsors, limited partners, and general partners of non-traded and private BDCs, non-traded and private REITs, interval funds, and other private and feeder funds. The Company is based in Philadelphia, PA.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. The Company, nor its purchaser group, makes any recommendation as to whether to tender or not to tender any Shares in the Tender Offer. The Company recommends that stockholders consult with their financial professionals as part of consideration of the Offer. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from the Company. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement.

View source version on businesswire.com:https://www.businesswire.com/news/home/20250924636025/en/

CONTACT: Contact Information for Tender Offer:

FBCC:www.coxcp.com/fbcctender|[email protected]

FSSL:www.coxcp.com/fssltender|[email protected]

Phone: 484-840-5281

Media: John Cox, 302-468-6499

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE

SOURCE: Cox Capital Partners

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PUB: 09/24/2025 09:15 AM/DISC: 09/24/2025 09:14 AM

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