# FS INVESTMENT SOLUTIONS, LLC X-17A-5 (2025-02-28) — Broker-dealer annual report - Company: FS INVESTMENT SOLUTIONS, LLC - Form: X-17A-5 - Filed: 2025-02-28 - Period: 2024-12-31 - Accession: 0001412480-25-000001 - CIK: 1412480 - File #: 8-67718 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst and Young - Auditor location: Philadelphia, PA - Contact: Jonathan Sclafani - Phone: 215-399-0417 - Email: rafferty@fsinvestments.com - Website: fsinvestments.com - Signed by: Lisa Detwiler (General Counsel) Original filing: https://www.sec.gov/Archives/edgar/data/1412480/000141248025000001/fsispublicfiling2024.pdf --- {0}------------------------------------------------ # FS Investment Solutions, LLC Statement of Financial Condition December 31, 2024 Filed as PUBLIC information pursuant to Rule 17a-5(d) under the Securities Exchange Act of 1934. {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 ## ANNUAL REPORTS FORM X-17A-5 PART III SEC FILE NUMBER | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | | |-----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------|------------|--| | | | AND ENDING 12/31/24 | | | | filing for the period beginning 01/01/24 | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: FS Investment Solutions | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer | | _ Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 201 Rouse Blvd | | | | | | | (No. and Street) | | | | | Philadelphia | PA | | 19112 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Ann Marie Rafferty-McClain | 215-495-1168 | annmarie rafferty@fsinvestments.com | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Ernst & Young | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 2005 Market Street, Suite 700 Philadelphia | | PA | 19103 | | | (Address) | (City) | (State) | (Zip Code) | | | (Date of Registration with PCAOB)(if applicable) | | (PCAOB Registration Number, if applicable) | | | | * Claims for exemption from the requirement that the annual reports of an independent public | FOR OFFICIAL USE ONLY | | | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | Lisa Detwiler | | | | 、swear (or affirm) that, to the best of my knowledge and belief, the | |---------------|--|--|-------------------------------------------------------------------------|--------------------------------------------------------------------------------------| | | | | financial report pertaining to the firm of FS Investment Solutions, LLC | as of | | 12/31 | | | | , is true and correct. I further swear (or affirm) that neither the company nor any | | | | | | . | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Commonwealth of Pennsylvania - Notary Seal ALAINA VECERE - Notary Public Philadelphia County Title: FSIS Legal Managing Director and General Counsel My Commission Expires November 26, 2027 Commission Number 1360821 #### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - 0 (d) Statement of cash flows. - [] (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - □ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [] (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - □ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - □ (o) Reconciliations, including apropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (t) Independent public accountant's report based on an examination of the statement of financial condition. - □ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - □ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: ^\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e/(3) or 17 CFR 240.180-7(d)/2), as applicable. {3}------------------------------------------------ #### **'/ ,-& '-(%.-\$(',** #### **('- '-,** | *5@?BD?6!>45@5>45>D*579CD5B54(E2<9333?E>D9>79B= | | |-------------------------------------------------|--| | 9>1>391<+D1D5=5>D1C?6535=25B
| | | +D1D5=5>D?69>1>39149D9?> | | | &?D5CD?9>1>391<+D1D5=5>D | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Ernst & Young LLP Suite 700 2005 Market Street Philadelphia, PA 19103 Tel: +1 215 448 5000 Fax: +1 215 448 4069 ey.com ### Report of Independent Registered Public Accounting Firm To the Member and Directors of FS Investment Solutions, LLC ### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of FS Investment Solutions, LLC (the Company) as of December 31, 2024, and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at December 31, 2024, in conformity with U.S. generally accepted accounting principles. ### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2022. February 28, 2025 {5}------------------------------------------------ #### **,, -,** | 1C81>431C85AE9F1<5>DC |

| |-----------------------------------------|--------------| | 33?E>DCB5359F12<56B?=1>1669<91D545>D9DI |

| | | | | (B5@1945H@5>C5C |

| | '@5B1D9>7<51C5B978D?6EC51CC5D |

| | | | | (-%,, -, |

| | \$\$%\$-\$ ,' & +
,*.\$-1 | | | \$9129<9D95C | | | 33?E>DC@1I12<51>4133BE545H@5>C5C |

| | E5D?1669<91D5 |

| | '@5B1D9>7<51C5<9129<9DI |

| | | | | (-%%\$\$%\$-\$ , |

| | ?==9D=5>DC1>4?>D9>75>395C&?D5 | | | & +
,*.\$-1 |

| | (-%%\$\$%\$-\$ ,'& & +
, *.\$-1 |

| | | | +55&?D5CD?9>1>391<+D1D5=5>D {6}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| !>3L+*!,M +B549D!>3?=5E>4L+!M | | ##*+!>3?=5,BECDL#!,M | 4F9C?BC!>>5B9B3<5!!!L!!!!M | | ##*+!>3?=5,BECD+5<53DL#!,+M | +%.((B9F1D5%1B;5DCE>4L+%.(M | | |
((B9F1D5AE9DIE>4
(( | ,85?=@1>IC5BF541CD85451<5B=1>175B9>3?>>53D9?>G9D8D853?>D9>E?EC@E2<93?665B9>7?6D89C 6E>4 ,85?=@1>IC5BF541CD85451<5B=1>175B9>3?>>53D9?>G9D8D85@B9F1D5?665B9>7C?6D85C56E>4C ,85?=@1>IC5BF541CD85G8?<5C1<5=1B;5D9>7175>D9>3?>>53D9?>G9D8D853?>D9>E?EC@E2<93 ?665B9>7C?6D85C56E>4C ,85?=@1>IC5BF541CD85G8?<5C1<5=1B;5D9>7175>D9>3?>>53D9?>G9D8D85@B9F1D5?665B9>7?6D89C 6E>4 ,85?=@1>I D?75D85BG9D8 ?<49>7C 171>454E31D9?>C5BF935C9>3?>>53D9?>G9D8 D853?>D9>E?EC@E2<93?665B9>7C2I+&0!+5<53D9D3?9>E>4 +&0!!>CD9DED9?>1<9D3?9>E>4\$( 1>4+&0!9D3?9>E>4!\$( ,857B?E@?66E>4C>?D5412?F59C3?<<53D9F54CM,85?=@1>I=1I17175>D?B451<5B=1>175B9>3?>>53D9?>G9D8?665B9>7C2I?D85B5>D9D95CC@?>C?B54 2I ?<49>7C,85?=@1>I4?5C>?D3ECD?4I3ECD?=5B133?E>DC1>44?5C>?D3EBB5>DDB?4E35 3ECD?=5BCD??D85B2B?;5BC1>4451<5BC \*E<53H5=@D9?>,85?=@1>IC%5=25BC89@7B55=5>D 41D54%1I 1>41=5>454 %1B38 C5DC6?BD8D856?<7 ,85?=@1>IG9<DD?D855H5=@D9F5@B?F9C9?>C ?6+\*E<53; 9 D85ECD?=5B(B?D53D9?>\*E<5 1>4 ,85?=@1>I1B5<91>35 ?>??D>?D5D?+\*5<51C51>41C49C3ECC549>)?6D85B5<1D54)9CCE542ID85 +CD166,85?=@1>IG9<<>?D 49B53D49B53D4C?BC53EB9D95C 6?B?BD?3ECD?=5BC G9<<>?D31BBI133?E>DC?6?B6?B3ECD?=5BC1>4 G9<<>?D31BBI(133?E>DC&? ?D85B381>75CG5B5=145D?D85?=@1>IC%5=25BC89@7B55=5>D41D54%1I CE==1BI?6D85?=@1>ICC97>96931>D133?E>D9>7@?<9395C 9>3?>6?B=9DIG9D8-+75>5B1<D9>7@B9>39@<5CL-+(M 9C1C6?<41C8AE9F1<5>DC,85?=@1>I3?>C945BC1<<31C821<1>35C1>48978F5CD=5>DCG9D8 ?B979>1<=1DEB9D95C?6D8B55=?>D8C?B<5CCD?2531C85AE9F1<5>DC<<31C821<1>35C1B5=19>D19>54G9D8 89783B549DAE1<9DI69>1>391<9>CD9DED9?>CG89381B5=5=25BC?6D85545B1<5@?C9D!>CEB1>35?B@?B1D9?> D85-!- C?6535=25B D85B5G5B5>?31C85AE9F1<5>DC85<42ID85?=@1>I 33?E>DC\*5359F12<5,85?=@1>I81C@5B6?B=541>5F1?69DC133?E>DCB5359F12<5,85 ?=@1>I81C3?>3?D=1D5B91< 1>4 >?1<356?B3B549D535CC1BI1C?6535=25B {7}------------------------------------------------ #### **(- +"'\$2-\$(' ,+\$)-\$('(!-# .,\$' ,,'.&&+1(!\$"'\$!\$'(.'-\$'"(%\$\$ , ('-\$'.** \$51C5BB1>75=5>DC\$5CC55C1B5B5AE9B54D?B53?7>9J5<51C51CC5DC1>4<51C5<9129<9D95C?>D8521<1>35 C855D6?B1<<<51C5CG9D8D5B=C75BD81>=?>D8C\$51C5CG9<<253<1CC969541C59D85B69>1>35?B ?@5B1D9>7 G9D83<1CC96931D9?>16653D9>7D85@1DD5B>?65H@5>C5B53?7>9D9?>9>D859>3?=5CD1D5=5>DD 535=25B 9C9>3D85<51C5B978D?6EC51CC5D1>4 9C9>3D85<51C5 <9129<9DI B5C@53D9F5D85CD1D5=5>D?669>1>391<3?>49D9?>D535=25B D85G5978D541F5B175 B5=19>9>7<51C5D5B=1>449C3?E>DB1D51B51@@B?H9=1D54 B5C@53D9F51<9>6?B=1D9?> C55&?D5 -C5?6CD9=1D5C,85@B5@1B1D9?>?6D8569>1>391D9>3?>6?B=9DIG9D8-+(B5AE9B5C =1>175=5>DD?=1;55CD9=1D5C1>41CCE=@D9?>CD81D16653DD85B5@?BD541=?E>DC?61CC5DC1>4<9129<9D95C 1>449C3D9>75>D1CC5DC1>4<9129<9D95C1DD8541D5?6D8569>1>391D1>4D85B5@?BD54 1=?E>DC?6B5F5>E5C1>45H@5>C5C4EB9>7D85B5@?BD9>7@5B9?43DE135>DB1D9?>?6B549D\*9C;,85?=@1>I=19>D19>C31C821<1>35C1D69>1>391<9>CD9DED9?>C+E3831C8 21<1>35C=1I 1DF1B9?ECD9=5C4EB9>7D85I51B 5H3554D85D8B5C8?<46?B9>CEB1>353?F5B175@B?F94542I D85!,85?=@1>I=9D971D5C9DCB9C;B5<1D9F5D?31C82I=19>D19>9>7B5<1D9?>C89@CG9D8G81D =1>175=5>D25<95F5CD?258978AE1<9DI69>1>391<9>CD9DED9?>C !>3?=5,1H5C,85?=@1>I G9D8D853?>C5>D?69DC=5=25B 81C5<53D54D?25D1H54E>45BC53D9?>C?6 6545B1<1>4CD1D59>3?=5D1H<1GD81D@B?F945D81D 9><95E?63?B@?B1D9?>9>3?=5D1H5C D85?=@1>IKC9D5=C ?69>3?=5 454E3D9?>C 43B549DC1B51< >? 9>3?=5D1H5C81F5255>B53?7>9J549>D85133?=@1>I9>769>1>391D %1>175=5>D5F1IKCD1H@?C9D9?>C1>43?>3I814D1;5>>? E>35BD19>D1H@?C9D9?>CD81DB5AE9B514:ECD=5>DD?D8569>1>391D/9D865G5H35@D9?>C D85 ?=@1>I9C>?75BCE2:53DD?9>3?=5D1H5H1=9>1D9?>C2I-+6545B1< CD1D5?B?=935@5>45>35,85?=@1>I4?5C>?D3EBB5>D5B1D5>5D9>3?=5?B31C86C4E5@B9=1B99>B5F5>E5C75>5B1D542ID85?=@1>I6B?=9DC3EBB5>D1>46EDEB5 G8?<5C1<5=1B;5D9>71>4451<5B=1>175B17B55=5>DCG9D85>D9D95CC@?>C?B542I ?<49>7C,85?=@1>I 5H@53DCD?3?>D9>E5D?9>3EBD85>535CC1BI3?=@5>C1D9?>1>4?D85B3?CDC>535CC1BID?6E<69<<9DC?2<971D9?>C E>45BD85G8?<5C1<5=1B;5D9>71>4451<5B=1>175B17B55=5>DC%1>175=5>D5F196931>35 ?6D85C53?>49D9?>C9>B5<1D9?>D?D85?=@1>IC129<9DID?=55D9DC?2<971D9?>C'>%1I D85 ?=@1>I5>D5B549>D?11@9D1DB92ED9?>17B55=5>DD85-1@9D1DB92ED9?>7B55=5>D- G9D8 ?<49>7C@EBCE1>DD?G8938 ?<49>7C81C17B554D?=1;56B?=D9=5D?D9=5 1>4D85?=@1>I81C17B554 D?1335@D6B?=D9=5D?D9=5 6EDEB531@9D1<3?>DB92ED9?>C9>1=?E>DCD?2545D5B=9>549>D85C?<549C3B5D9?>?6 ?<49>7C ?<49>7C9>D5>4CD?=1;5@5B9?4933?>DB92ED9?>CD?CE@@?BD>5DI1CG5<<1C D?CECD19>=9>9=E=>5D31@9D1DC1C4569>54E>45B\*E<53@B?=E<71D54E>45BD85 H381>753D%1>175=5>D25<95F5CD851@9D1DB92ED9?>7B55=5>D1<<5F91D5CCE2CD1>D91<4?E2D12?ED D855>D9DIC129<9DID?3?>D9>E51C17?9>73?>35B> +9>7<5\*5@?BD12<5+57=5>D,85?=@1>I9C5>717549>1C9>7<5<9>5?62EC9>5CC1C12B?;5B451<5B,85 ?=@1>I81C945>D969549DC(B5C945>D1CD8538956?@5B1D9>74539C9?>=1;5BL'%M G8?EC5C>5D9>3?=5 D?5F15CC @B54?=9>1>DD852E475D9>71>46?B531CD9>7@B?35CC D?=1>175 D85?=@1>I449D9?>1<5D31@9D1?D1=51CEB5?6 @B?69D1>41<4539C9?>CG89<5=19>D19>9>731@9D1<145AE13I,85?=@1>IKC ?@5B1D9?>C3?>CD9DED51C9>7<5?@5B1D9>7C57=5>D1>4D85B56?B5 1C9>7<5B5@?BD12<5C57=5>D 2531EC5D85 '%=1>175CD852EC9>5CC13D9F9D95CEC9>79>6?B=1D9?>?6D85?=@1>I1C1G8?<5,85133?E>D9>7 @?<9395CEC54D?=51CEB5D85@B?69D1>4D1B5D85C1=51CD8?C545C3B92549>D85 CE==1BI?6C97>96931>D133?E>D9>7@?<9395C {8}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
535=25B | '@5B1D9>7<51C5
<9129<9DI | | | |----------------------|-----------------------------|------|--| | | | | | | | |
| | {9}------------------------------------------------ #### **(- -)\$-% \*.\$+ & '-** ,85?=@1>I9CCE2:53DD?D85+->96?B=&5D1@9D1<\*E<5\*E<53E>45BD85H381>753D G8938 B5AE9B5CD85=19>D5>1>35?6=9>9=E=>5D31@9D1<1>4B5AE9B5CD81DD85B1D9??6177B571D5 9>452D54>5CCD?>5D31@9D1< 2?D81C4569>549>\*E<53 C81<<>?D5H35541B1D9??6D?\*E<53 1?D25G9D84B1G>96D85B5CE7>5D31@9D1I814>5D31@9D1 B5AE9B54>5D31@9D1IKCB1D9??6177B571D59>452D54>5CCD? >5D31@9D1