FS Energy and Power Fund recently faced shareholder activism in response to an unsolicited tender offer by Cox Capital Partners. The board of trustees of FS Specialty Lending Fund, a part of FS Energy and Power Fund, unanimously recommended shareholders to reject the Cox Capital Offer. The board highlighted potential risks associated with the offer, including the possibility of receiving less for shares than might be obtained over time and missing out on potential future appreciation once the shares are listed on the New York Stock Exchange. The board urged shareholders to carefully consider the offer and review all related materials before making a decision. This development comes ahead of the anticipated listing of FSSL's shares on the NYSE, which is expected before the end of Q4 2025, subject to certain conditions. The board's recommendation aligns with the SEC's caution about the risks involved in mini-tender offers, often made at below-market prices.