# FS INVESTMENT SOLUTIONS, LLC X-17A-5 (2026-02-27) — Broker-dealer annual report

- Company: FS INVESTMENT SOLUTIONS, LLC
- Form: X-17A-5
- Filed: 2026-02-27
- Period: 2025-12-31
- Accession: 0001412480-26-000002
- CIK: 1412480
- File #: 8-67718
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ernst & Young
- Auditor location: Philadelphia, PA
- Contact: Jonathan Sclafani
- Phone: 2153990417
- Email: annmane.rafferty@fulurestandard.com
- Website: fulurestandard.com
- Signed by: Lisa Detwiler (FSIS Legal Managing Director and General Counsel)

Original filing: https://www.sec.gov/Archives/edgar/data/1412480/000141248026000002/fsispublicfiling2025.pdf

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# FS Investment Solutions, LLC

Statement of Financial Condition December 31, 2025

Filed as PUBLIC information pursuant to Rule 17a-5(d) under the Securities Exchange Act of 1934.

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

## ANNUAL REPORTS FORM X-17A-5 PART III

| OMB APPROVAL              |  |  |
|---------------------------|--|--|
| OMB Number: 3235-0123     |  |  |
| Expires: Nov. 30, 2026    |  |  |
| Estimated average burden  |  |  |
| hours per response:<br>12 |  |  |
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| SEC FILE NUMBER |
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| FACING PAGE<br>Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                                                       |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|
| ______________________________________________________________________________________________________________________________________________________________________________ |  |  |  |  |  |
| Filing for the period beginning 01/01/25<br>MM/DD/YY<br>MM/DD/YY                                                                                                               |  |  |  |  |  |
| A. REGISTRANT IDENTIFICATION                                                                                                                                                   |  |  |  |  |  |
| NAME OF FIRM: FS Investment Solutions                                                                                                                                          |  |  |  |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>  Broker-dealer<br>□ Check here if respondent is also an OTC derivatives dealer                                            |  |  |  |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                            |  |  |  |  |  |
| 3025 JFK Boulevard                                                                                                                                                             |  |  |  |  |  |
| (No. and Street)                                                                                                                                                               |  |  |  |  |  |
| 19104<br>Pa<br>Philadelphia                                                                                                                                                    |  |  |  |  |  |
| (Zip Code)<br>(State)<br>(City)                                                                                                                                                |  |  |  |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                   |  |  |  |  |  |
| 215-495-1168<br>Ann Marie Rafferty-McClain<br>annmane.rafferty@fulurestandard.com                                                                                              |  |  |  |  |  |
| (Email Address)<br>(Area Code - Telephone Number)<br>(Name)                                                                                                                    |  |  |  |  |  |
| B. ACCOUNTANT IDENTIFICATION                                                                                                                                                   |  |  |  |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Ernst & Young                                                                                     |  |  |  |  |  |
| (Name - if individual, state last, first, and middle name)                                                                                                                     |  |  |  |  |  |
| 19103<br>DA<br>2005 Market Street, Suite 700 Philadelphia                                                                                                                      |  |  |  |  |  |
| (Zip Code)<br>(State)<br>(City)<br>(Address)                                                                                                                                   |  |  |  |  |  |
| (PCAOB Registration Number, if applicable)<br>(Date of Registration with PCAOB)(if applicable)                                                                                 |  |  |  |  |  |
| FOR OFFICIAL USE ONLY<br>* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public                                |  |  |  |  |  |

elains for exemplom 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.

 displays a currently valid OMB control number.

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#### OATH OR AFFIRMATION

l, 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 12/31

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.

Signature: Vica

Title: FSIS Legal Managing Director and General Counsel

#### 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.
- □ (l) 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 appropriate explanations, of the FOCUS Report with computation of net capible 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 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
- □ {y} Report describing any material inadequacies 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).
- □ (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.

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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, 2025, 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, 2025, 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 26, 2026

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