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EX-32.1 - EX-32.1 - FS Energy & Power Fund | a2233764zex-32_1.htm |
EX-31.2 - EX-31.2 - FS Energy & Power Fund | a2233764zex-31_2.htm |
EX-31.1 - EX-31.1 - FS Energy & Power Fund | a2233764zex-31_1.htm |
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TABLE OF CONTENTS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2017 |
||
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION FILE NUMBER: 814-00841
FS Energy and Power Fund
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization) |
27-6822130 (I.R.S. Employer Identification No.) |
|
201 Rouse Boulevard Philadelphia, Pennsylvania (Address of principal executive office) |
19112 (Zip Code) |
Registrant's telephone number, including area code: (215) 495-1150
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o.
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer o | Accelerated filer o | Non-accelerated filer ý (Do not check if a smaller reporting company) |
Smaller reporting company o Emerging growth company o |
If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý.
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
The issuer had 441,636,540 common shares of beneficial interest outstanding as of November 13, 2017.
FS Energy and Power Fund
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
|
September 30, 2017 (Unaudited) |
December 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Assets |
|||||||
Investments, at fair value |
|||||||
Non-controlled/unaffiliated investments (amortized cost$3,552,508 and $2,959,314, respectively) |
$ | 3,384,392 | $ | 2,838,377 | |||
Non-controlled/affiliated investments (amortized cost$883,774 and $977,010, respectively) |
857,892 | 1,071,032 | |||||
Controlled/affiliated investments (amortized cost$27,164 and $26,664, respectively) |
| 1,031 | |||||
| | | | | | | |
Total investments, at fair value (amortized cost$4,463,446 and $3,962,988, respectively) |
4,242,284 | 3,910,440 | |||||
Cash |
97,565 | 317,520 | |||||
Receivable for investments sold and repaid |
18,288 | 22 | |||||
Income receivable |
63,730 | 37,857 | |||||
Deferred financing costs |
1,032 | 2,443 | |||||
Reimbursement due from sponsor(1) |
7,095 | | |||||
Prepaid expenses and other assets |
117 | 15 | |||||
| | | | | | | |
Total assets |
$ | 4,430,111 | $ | 4,268,297 | |||
| | | | | | | |
Liabilities |
|||||||
Payable for investments purchased |
$ | 21,240 | $ | 6,046 | |||
Credit facilities payable (net of deferred financing costs of $1,988 and $1,045, respectively)(2) |
1,218,012 | 547,620 | |||||
Repurchase agreement payable (net of deferred financing costs of $0 and $91, respectively)(2) |
| 324,909 | |||||
Shareholder distributions payable |
10,875 | 9,474 | |||||
Management fees payable |
22,031 | 20,855 | |||||
Administrative services expense payable |
1,054 | 1,477 | |||||
Interest payable |
4,723 | 4,328 | |||||
Trustees' fees payable |
244 | 250 | |||||
Other accrued expenses and liabilities |
4,026 | 4,444 | |||||
| | | | | | | |
Total liabilities |
1,282,205 | 919,403 | |||||
| | | | | | | |
Commitments and contingencies ($22,457 and $0, respectively)(3) |
|||||||
Shareholders' equity |
|||||||
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding |
| | |||||
Common shares, $0.001 par value, 700,000,000 shares authorized, 447,166,265 and 440,162,095 shares issued and outstanding, respectively |
447 | 440 | |||||
Capital in excess of par value(4) |
3,854,106 | 3,802,263 | |||||
Accumulated undistributed net realized gains (losses) on investments and gain/loss on foreign currency(4) |
(457,695 | ) | (387,452 | ) | |||
Accumulated undistributed (distributions in excess of) net investment income(4) |
(27,770 | ) | (13,738 | ) | |||
Net unrealized appreciation (depreciation) on investments and unrealized gain/loss on foreign currency |
(221,182 | ) | (52,619 | ) | |||
| | | | | | | |
Total shareholders' equity |
3,147,906 | 3,348,894 | |||||
| | | | | | | |
Total liabilities and shareholders' equity |
$ | 4,430,111 | $ | 4,268,297 | |||
| | | | | | | |
Net asset value per common share at period end |
$ | 7.04 | $ | 7.61 |
- (1)
- See
Note 4 for a discussion of expense reimbursements payable to the Company by its investment adviser and affiliates and recoupment of such amounts paid by
the Company to its investment adviser and affiliates.
- (2)
- See
Note 8 for a discussion of the Company's financing arrangements.
- (3)
- See
Note 9 for a discussion of the Company's commitments and contingencies.
- (4)
- See Note 5 for a discussion of the sources of distributions paid by the Company.
See notes to unaudited consolidated financial statements.
1
FS Energy and Power Fund
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share amounts)
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2017 | 2016 | 2017 | 2016 | |||||||||
Investment income |
|||||||||||||
From non-controlled/unaffiliated investments: |
|||||||||||||
Interest income |
$ | 56,016 | $ | 66,628 | $ | 201,939 | $ | 207,825 | |||||
Paid-in-kind interest income |
5,704 | 8,665 | 16,461 | 18,119 | |||||||||
Fee income |
7,056 | 2,624 | 37,419 | 5,251 | |||||||||
From non-controlled/affiliated investments: |
|||||||||||||
Interest income |
28,660 | 9,727 | 53,525 | 30,872 | |||||||||
Paid-in-kind interest income |
3,635 | 1,738 | 9,957 | 6,195 | |||||||||
Fee income |
| | 656 | 7,356 | |||||||||
| | | | | | | | | | | | | |
Total investment income |
101,071 | 89,382 | 319,957 | 275,618 | |||||||||
| | | | | | | | | | | | | |
Operating expenses |
|||||||||||||
Management fees |
22,031 | 20,086 | 67,104 | 55,725 | |||||||||
Subordinated income incentive fees(1) |
| | 10,499 | 5,774 | |||||||||
Administrative services expenses |
611 | 1,118 | 2,218 | 2,885 | |||||||||
Share transfer agent fees |
658 | 750 | 2,066 | 2,134 | |||||||||
Accounting and administrative fees |
384 | 384 | 1,216 | 994 | |||||||||
Interest expense(2) |
13,648 | 8,921 | 35,454 | 27,200 | |||||||||
Trustees' fees |
244 | 245 | 744 | 757 | |||||||||
Offering costs |
| 755 | | 1,378 | |||||||||
Other general and administrative expenses |
563 | 1,392 | 2,672 | 3,624 | |||||||||
| | | | | | | | | | | | | |
Total operating expenses |
38,139 | 33,651 | 121,973 | 100,471 | |||||||||
Less: Expense reimbursement from sponsor(3) |
(7,095 | ) | | (25,315 | ) | | |||||||
Add: Expense recoupment to sponsor(3) |
| | 2,858 | | |||||||||
| | | | | | | | | | | | | |
Net expenses |
31,044 | 33,651 | 99,516 | 100,471 | |||||||||
| | | | | | | | | | | | | |
Net investment income |
70,027 | 55,731 | 220,441 | 175,147 | |||||||||
| | | | | | | | | | | | | |
Realized and unrealized gain/loss |
|||||||||||||
Net realized gain (loss) on investments: |
|||||||||||||
Non-controlled/unaffiliated |
7,271 | (118,187 | ) | (70,244 | ) | (196,536 | ) | ||||||
Non-controlled/affiliated |
(1,060 | ) | (1,699 | ) | | 572 | |||||||
Net realized gain (loss) on foreign currency |
| | 1 | | |||||||||
Net change in unrealized appreciation (depreciation) on investments: |
|||||||||||||
Non-controlled/unaffiliated |
13,176 | 194,873 | (47,179 | ) | 454,465 | ||||||||
Non-controlled/affiliated |
(20,439 | ) | 19,447 | (119,904 | ) | 147,788 | |||||||
Controlled/affiliated |
| (3,837 | ) | (1,531 | ) | (17,037 | ) | ||||||
Net change in unrealized gain (loss) on foreign currency |
(1 | ) | (2 | ) | 51 | 12 | |||||||
| | | | | | | | | | | | | |
Total net realized and unrealized gain (loss) |
(1,053 | ) | 90,595 | (238,806 | ) | 389,264 | |||||||
| | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations |
$ | 68,974 | $ | 146,326 | $ | (18,365 | ) | $ | 564,411 | ||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Per share informationbasic and diluted |
|||||||||||||
Net increase (decrease) in net assets resulting from operations (Earnings per Share) |
$ | 0.16 | $ | 0.35 | $ | (0.04 | ) | $ | 1.41 | ||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Weighted average shares outstanding |
443,940,981 | 421,515,796 | 442,503,872 | 400,151,400 | |||||||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
- (1)
- See
Note 2 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees.
- (2)
- See
Note 8 for a discussion of the Company's financing arrangements.
- (3)
- See Note 4 for a discussion of expense reimbursements payable to the Company by its investment adviser and affiliates and recoupment of such amounts paid by the Company to its investment adviser and affiliates.
See notes to unaudited consolidated financial statements.
2
FS Energy and Power Fund
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands)
|
Nine Months Ended September 30, |
||||||
---|---|---|---|---|---|---|---|
|
2017 | 2016 | |||||
Operations |
|||||||
Net investment income |
$ | 220,441 | $ | 175,147 | |||
Net realized gain (loss) on investments and foreign currency |
(70,243 | ) | (195,964 | ) | |||
Net change in unrealized appreciation (depreciation) on investments |
(168,614 | ) | 585,216 | ||||
Net change in unrealized gain (loss) on foreign currency |
51 | 12 | |||||
| | | | | | | |
Net increase (decrease) in net assets resulting from operations |
(18,365 | ) | 564,411 | ||||
| | | | | | | |
Shareholder distributions(1) |
|||||||
Distributions from net investment income |
(234,473 | ) | (211,989 | ) | |||
| | | | | | | |
Net decrease in net assets resulting from shareholder distributions |
(234,473 | ) | (211,989 | ) | |||
| | | | | | | |
Capital share transactions(2) |
|||||||
Issuance of common shares |
| 313,739 | |||||
Reinvestment of shareholder distributions |
140,580 | 132,928 | |||||
Repurchases of common shares |
(88,730 | ) | (45,151 | ) | |||
| | | | | | | |
Net increase (decrease) in net assets resulting from capital share transactions |
51,850 | 401,516 | |||||
| | | | | | | |
Total increase (decrease) in net assets |
(200,988 | ) | 753,938 | ||||
Net assets at beginning of period |
3,348,894 | 2,417,861 | |||||
| | | | | | | |
Net assets at end of period |
$ | 3,147,906 | $ | 3,171,799 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income(1) |
$ | (27,770 | ) | $ | (22,818 | ) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
- (1)
- See
Note 5 for a discussion of the sources of distributions paid by the Company.
- (2)
- See Note 3 for a discussion of the Company's common share transactions.
See notes to unaudited consolidated financial statements.
3
FS Energy and Power Fund
Unaudited Consolidated Statements of Cash Flows
(in thousands)
|
Nine Months Ended September 30, |
||||||
---|---|---|---|---|---|---|---|
|
2017 | 2016 | |||||
Cash flows from operating activities |
|||||||
Net increase (decrease) in net assets resulting from operations |
$ | (18,365 | ) | $ | 564,411 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |
|||||||
Purchases of investments |
(1,591,008 | ) | (679,004 | ) | |||
Paid-in-kind interest |
(26,418 | ) | (24,314 | ) | |||
Proceeds from sales and repayments of investments |
1,064,392 | 425,906 | |||||
Net realized (gain) loss on investments |
70,244 | 195,964 | |||||
Net change in unrealized (appreciation) depreciation on investments |
168,614 | (585,216 | ) | ||||
Accretion of discount |
(17,668 | ) | (11,514 | ) | |||
Amortization of deferred financing costs |
3,160 | 2,355 | |||||
Amortization of deferred offering costs |
| 1,378 | |||||
(Increase) decrease in receivable for investments sold and repaid |
(18,266 | ) | 13,497 | ||||
(Increase) decrease in income receivable |
(25,873 | ) | (14,060 | ) | |||
(Increase) decrease in expense reimbursement due from sponsor(1) |
(7,095 | ) | | ||||
(Increase) decrease in prepaid expenses and other assets |
(102 | ) | 180 | ||||
Increase (decrease) in payable for investments purchased |
15,194 | 8,075 | |||||
Increase (decrease) in management fees payable |
1,176 | 1,748 | |||||
Increase (decrease) in subordinated income incentive fees payable |
| (12,048 | ) | ||||
Increase (decrease) in administrative services expense payable |
(423 | ) | (316 | ) | |||
Increase (decrease) in interest payable(2) |
395 | 778 | |||||
Increase (decrease) in trustees' fees payable |
(6 | ) | (9 | ) | |||
Increase (decrease) in other accrued expenses and liabilities |
(418 | ) | (954 | ) | |||
| | | | | | | |
Net cash provided by (used in) operating activities |
(382,467 | ) | (113,143 | ) | |||
| | | | | | | |
Cash flows from financing activities |
|||||||
Issuance of common shares |
| 320,654 | |||||
Reinvestment of shareholder distributions |
140,580 | 132,928 | |||||
Repurchases of common shares |
(88,730 | ) | (45,151 | ) | |||
Offering costs incurred |
| (3,600 | ) | ||||
Shareholder distributions |
(233,072 | ) | (212,009 | ) | |||
Borrowings under credit facilities(2) |
858,263 | | |||||
Borrowings under repurchase agreement(2) |
| 16 | |||||
Repayments of credit facilities(2) |
(186,928 | ) | (175,638 | ) | |||
Repayments of repurchase facility(2) |
(325,000 | ) | | ||||
Deferred financing costs paid |
(2,601 | ) | (1,607 | ) | |||
| | | | | | | |
Net cash provided by (used in) financing activities |
162,512 | 15,593 | |||||
| | | | | | | |
Total increase (decrease) in cash |
(219,955 | ) | (97,550 | ) | |||
Cash at beginning of period |
317,520 | 368,867 | |||||
| | | | | | | |
Cash at end of period |
$ | 97,565 | $ | 271,317 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Supplemental disclosure |
|||||||
State taxes paid |
$ | 5 | $ | 109 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Non-cash purchase of investments |
$ | (16,957 | ) | $ | (309,593 | ) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Non-cash sales of investments |
$ | 16,957 | $ | 309,593 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
- (1)
- See
Note 4 for a discussion of expense reimbursements payable to the Company by its investment adviser and affiliates and recoupment of such amounts paid by
the Company to its investment adviser and affiliates.
- (2)
- See Note 8 for a discussion of the Company's financing arrangements. During the nine months ended September 30, 2017 and 2016, the Company paid $26,945 and $15,751, respectively, in interest expense on the credit facilities and $4,954 and $8,316, respectively, in interest expense pursuant to the repurchase agreement.
See notes to unaudited consolidated financial statements.
4
Unaudited Consolidated Schedule of Investments
As of September 30, 2017
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Senior Secured LoansFirst Lien30.0% |
|||||||||||||||||||||
Abaco Energy Technologies LLC |
(g)(j) | Service & Equipment | L+700, 2.5% PIK (2.5% Max PIK) | 1.0 | % | 11/20/20 | $ | 86,850 | $ | 83,074 | $ | 85,112 | |||||||||
Allied Wireline Services, LLC |
(k)(l) | Service & Equipment | L+400, 5.5% PIK (5.5% Max PIK) | 1.5 | % | 2/28/19 | 113,526 | 112,957 | 111,681 | ||||||||||||
Altus Power America, Inc. |
(j)(p) | Power | L+750 | 1.5 | % | 9/30/21 | 77,378 | 77,378 | 78,442 | ||||||||||||
Altus Power America, Inc. |
(e)(p) | Power | L+750 | 1.5 | % | 9/30/21 | 23,872 | 23,872 | 24,200 | ||||||||||||
BL Sand Hills Unit, L.P. |
(l) | Upstream | Prime+650 | 3.5 | % | 12/17/17 | 40,807 | 35,439 | 30,809 | ||||||||||||
BL Sand Hills Unit, L.P. |
(e) | Upstream | Prime+650 | 3.5 | % | 12/17/17 | 15,000 | 13,027 | 11,325 | ||||||||||||
Cactus Wellhead, LLC |
(f)(j) | Service & Equipment | L+600 | 1.0 | % | 7/31/20 | 64,867 | 63,143 | 63,678 | ||||||||||||
Cimarron Energy Inc. |
Service & Equipment | L+1150 (11.5% Max PIK) | 1.0 | % | 12/15/19 | 24,811 | 24,811 | 21,710 | |||||||||||||
CITGO Holding, Inc. |
(f) | Downstream | L+850 | 1.0 | % | 5/12/18 | 26,081 | 26,281 | 26,375 | ||||||||||||
Crestwood Holdings LLC |
(f) | Midstream | L+800 | 1.0 | % | 6/19/19 | 29,273 | 29,341 | 29,237 | ||||||||||||
Eagle Midstream Canada Finance Inc. |
(m) | Midstream | 8.5% | 9/27/20 | 175,000 | 175,000 | 175,000 | ||||||||||||||
Gulf Finance, LLC |
(f) | Midstream | L+525 | 1.0 | % | 8/25/23 | 18,531 | 18,056 | 17,593 | ||||||||||||
Industrial Group Intermediate Holdings, LLC |
Service & Equipment | L+800 | 1.3 | % | 5/31/20 | 23,040 | 23,040 | 23,155 | |||||||||||||
JSS Holdings, Inc. |
(l) | Service & Equipment | L+800, 0.0% PIK (2.5% Max PIK) | 1.0 | % | 3/31/23 | 14,970 | 14,831 | 14,979 | ||||||||||||
JSS Holdings, Inc. |
(e) | Service & Equipment | L+800, 0.0% PIK (2.5% Max PIK) | 1.0 | % | 3/31/23 | 2,727 | 2,727 | 2,729 | ||||||||||||
Lusk Operating LLC |
(r)(z)(aa) | Upstream | Prime+500 PIK (8.8% Max PIK) | 3.3 | % | 10/31/17 | 28,997 | 27,164 | | ||||||||||||
MB Precision Holdings LLC |
Service & Equipment | L+725, 2.25% PIK (2.25% Max PIK) | 1.3 | % | 1/23/21 | 13,569 | 13,569 | 12,552 | |||||||||||||
Moxie Liberty LLC |
(j) | Power | L+650 | 1.0 | % | 8/21/20 | 14,457 | 14,524 | 12,930 | ||||||||||||
Panda Temple Power, LLC |
(j)(r)(z) | Power | L+625 | 1.0 | % | 3/6/22 | 9,923 | 9,782 | 6,930 | ||||||||||||
Panda Temple Power, LLC |
Power | L+900 | 1.0 | % | 4/28/18 | 377 | 377 | 377 | |||||||||||||
Power Distribution, Inc. |
Power | L+725 | 1.3 | % | 1/25/23 | 30,004 | 30,004 | 30,304 | |||||||||||||
Strike, LLC |
Midstream | L+800 | 1.0 | % | 5/30/19 | 7,000 | 7,000 | 7,175 | |||||||||||||
Strike, LLC |
(e) | Midstream | L+800 | 1.0 | % | 5/30/19 | 28,000 | 27,546 | 28,700 | ||||||||||||
Strike, LLC |
(j) | Midstream | L+800 | 1.0 | % | 11/30/22 | 39,218 | 38,195 | 39,806 | ||||||||||||
Swift Worldwide Resources US Holdings Corp. |
(j) | Service & Equipment | L+1000, 1.0% PIK (1.0% Max PIK) | 1.0 | % | 7/20/21 | 58,466 | 58,466 | 58,612 | ||||||||||||
UTEX Industries, Inc. |
(f) | Service & Equipment | L+400 | 1.0 | % | 5/21/21 | 24,272 | 21,932 | 21,997 | ||||||||||||
Warren Resources, Inc. |
(j)(l)(p) | Upstream | L+900, 1.0% PIK (1.0% Max PIK) | 1.0 | % | 5/22/20 | 79,034 | 79,034 | 77,453 | ||||||||||||
Warren Resources, Inc. |
(e)(p) | Upstream | L+900, 1.0% PIK (1.0% Max PIK) | 1.0 | % | 5/22/20 | 5,590 | 5,590 | 5,478 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Senior Secured LoansFirst Lien |
1,056,160 | 1,018,339 | |||||||||||||||||||
Unfunded Loan Commitments |
(72,762 | ) | (72,762 | ) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Net Senior Secured LoansFirst Lien |
983,398 | 945,577 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
5
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of September 30, 2017
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Senior Secured LoansSecond Lien27.7% |
|||||||||||||||||||||
Aethon United BR LP |
Upstream | L+675 | 1.0 | % | 9/8/23 | $ | 85,938 | $ | 84,651 | $ | 84,898 | ||||||||||
Aethon United BR LP |
(e) | Upstream | L+675 | 1.0 | % | 9/8/23 | 39,063 | 39,063 | 38,590 | ||||||||||||
Arena Energy, LP |
(j)(k) | Upstream | L+900, 4.0% PIK (4.0% Max PIK) | 1.0 | % | 1/24/21 | 106,579 | 106,579 | 104,010 | ||||||||||||
Ascent ResourcesMarcellus, LLC |
(r)(z) | Upstream | L+750 | 1.0 | % | 8/4/21 | 10,000 | 9,874 | 725 | ||||||||||||
Brock Holdings III, Inc. |
(j)(z) | Service & Equipment | Prime+725 | 3/16/18 | 29,605 | 29,646 | 15,617 | ||||||||||||||
Chief Exploration & Development LLC |
(f)(j) | Upstream | L+650 | 1.0 | % | 5/16/21 | 32,656 | 31,813 | 32,034 | ||||||||||||
Chisholm Oil and Gas Operating, LLC |
(j)(k)(l) | Upstream | L+800 | 1.0 | % | 3/21/24 | 196,000 | 196,000 | 196,608 | ||||||||||||
Emerald Performance Materials, LLC |
(f) | Downstream | L+775 | 1.0 | % | 8/1/22 | 11,819 | 11,761 | 11,838 | ||||||||||||
Fieldwood Energy LLC |
(f)(j) | Upstream | L+713 | 1.3 | % | 9/30/20 | 33,591 | 34,107 | 16,124 | ||||||||||||
Granite Acquisition, Inc. |
(f) | Power | L+725 | 1.0 | % | 12/19/22 | 18,694 | 18,315 | 18,764 | ||||||||||||
Gruden Acquisition, Inc. |
(j) | Service & Equipment | L+850 | 1.0 | % | 8/18/23 | 15,000 | 14,440 | 14,281 | ||||||||||||
Horn Intermediate Holdings, Inc. |
(j) | Service & Equipment | L+775 | 1.3 | % | 10/2/18 | 50,250 | 50,250 | 49,999 | ||||||||||||
Jonah Energy LLC |
Upstream | L+650 | 1.0 | % | 5/12/21 | 36,523 | 35,555 | 36,535 | |||||||||||||
P2 Upstream Acquisition Co. |
(f)(j) | Service & Equipment | L+800 | 1.0 | % | 4/30/21 | 42,399 | 42,025 | 40,703 | ||||||||||||
Penn Virginia Holding Corp. |
(m) | Upstream | L+700 | 1.0 | % | 9/29/22 | 50,000 | 50,000 | 50,000 | ||||||||||||
Talos Production LLC |
(k)(l) | Upstream | 11.0% | 4/3/22 | 43,250 | 40,364 | 40,925 | ||||||||||||||
Titan Energy Operating, LLC |
(k)(p) | Upstream | 2.0%, L+1100 PIK (L+1100 Max PIK) | 1.0 | % | 2/23/20 | 113,409 | 99,256 | 81,167 | ||||||||||||
UTEX Industries, Inc. |
(f)(j) | Service & Equipment | L+725 | 1.0 | % | 5/20/22 | 85,192 | 79,022 | 76,864 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Senior Secured LoansSecond Lien |
972,721 | 909,682 | |||||||||||||||||||
Unfunded Loan Commitment |
(39,063 | ) | (39,063 | ) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Net Senior Secured LoansSecond Lien |
933,658 | 870,619 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
6
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of September 30, 2017
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Senior Secured Bonds17.7% |
|||||||||||||||||||||
Black Swan Energy Ltd. |
(j)(m) | Upstream | 9.0% | 1/20/24 | $ | 90,000 | $ | 90,000 | $ | 88,875 | |||||||||||
CITGO Holding, Inc. |
(f) | Downstream | 10.8% | 2/15/20 | 9,000 | 9,053 | 9,765 | ||||||||||||||
CSVC Acquisition Corp. |
(f) | Service & Equipment | 7.8% | 6/15/25 | 30,608 | 30,608 | 30,034 | ||||||||||||||
EP Energy LLC |
(f)(h)(m) | Upstream | 8.0% | 2/15/25 | 54,880 | 52,791 | 42,806 | ||||||||||||||
FourPoint Energy, LLC |
(j)(k)(l)(p) | Upstream | 9.0% | 12/31/21 | 235,125 | 228,910 | 239,534 | ||||||||||||||
Mirant Mid-Atlantic Trust |
(f)(h) | Power | 10.1% | 12/30/28 | 31,752 | 33,747 | 30,304 | ||||||||||||||
Ridgeback Resources Inc. |
(k)(m)(p) | Upstream | 12.0% | 12/29/20 | 3,887 | 3,821 | 3,887 | ||||||||||||||
Sunnova Energy Corp. |
(j)(p) | Power | 6.0%, 6.0% PIK (6.0% Max PIK) | 10/24/18 | 33,173 | 33,173 | 33,173 | ||||||||||||||
Velvet Energy Ltd. |
(j)(l)(m) | Upstream | 9.0% | 10/5/23 | 80,000 | 80,000 | 79,416 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Senior Secured Bonds |
562,103 | 557,794 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Subordinated Debt42.8% |
|||||||||||||||||||||
Alta Mesa Holdings, LP |
(f)(h)(o) | Upstream | 7.9% | 12/15/24 | 20,425 | 20,425 | 22,072 | ||||||||||||||
Archrock Partners, L.P. |
(h)(m)(o) | Midstream | 6.0% | 4/1/21 | 8,555 | 7,661 | 8,427 | ||||||||||||||
Archrock Partners, L.P. |
(h)(m) | Midstream | 6.0% | 10/1/22 | 14,283 | 12,595 | 14,015 | ||||||||||||||
Ascent Resources Utica Holdings, LLC |
(f)(h)(j) | Upstream | 10.0% | 4/1/22 | 225,000 | 225,000 | 242,719 | ||||||||||||||
Bellatrix Exploration Ltd. |
(f)(h)(m)(o) | Upstream | 8.5% | 5/15/20 | 60,120 | 59,159 | 56,269 | ||||||||||||||
Brand Energy & Infrastructure Services, Inc. |
(f)(h) | Service & Equipment | 8.5% | 7/15/25 | 44,759 | 44,759 | 48,508 | ||||||||||||||
Canadian International Oil Corp. |
(m) | Upstream | 9.0% | 7/10/22 | 100,000 | 97,082 | 98,500 | ||||||||||||||
Canbriam Energy Inc. |
(f)(h)(j)(m)(o) | Upstream | 9.8% | 11/15/19 | 115,200 | 112,990 | 118,440 | ||||||||||||||
Compressco Partners, LP |
(f)(h)(o) | Service & Equipment | 7.3% | 8/15/22 | 20,050 | 19,923 | 18,534 | ||||||||||||||
Covey Park Energy LLC |
(h)(o) | Upstream | 7.5% | 5/15/25 | 8,333 | 8,333 | 8,723 | ||||||||||||||
Dynegy Finance I/II Inc. |
(h)(m)(o) | Power | 7.6% | 11/1/24 | 24,542 | 23,825 | 25,462 | ||||||||||||||
Eclipse Resources Corp. |
(f)(h)(m)(o) | Upstream | 8.9% | 7/15/23 | 62,745 | 57,307 | 64,296 | ||||||||||||||
EP Energy LLC |
(h)(m)(o) | Upstream | 9.4% | 5/1/20 | 48,970 | 44,786 | 40,974 | ||||||||||||||
EP Energy LLC |
(h)(m) | Upstream | 6.4% | 6/15/23 | 27,095 | 20,263 | 16,797 | ||||||||||||||
EV Energy Partners, L.P. |
(f)(h)(o) | Upstream | 8.0% | 4/15/19 | 48,814 | 39,274 | 17,756 | ||||||||||||||
Extraction Oil & Gas Holdings, LLC |
(h)(o) | Upstream | 7.9% | 7/15/21 | 37,500 | 37,500 | 39,609 | ||||||||||||||
Genesis Energy, L.P. |
(f)(m) | Midstream | 6.8% | 8/1/22 | 23,540 | 23,012 | 24,092 |
See notes to unaudited consolidated financial statements.
7
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of September 30, 2017
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Genesis Energy, L.P. |
(f)(m) | Midstream | 6.0% | 5/15/23 | $ | 15,280 | $ | 14,226 | $ | 15,204 | |||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 1/30/25 | 818 | 818 | 832 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 4/30/25 | 5,199 | 5,199 | 5,289 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 9/3/25 | 1,074 | 1,074 | 1,093 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 9/29/25 | 1,011 | 1,011 | 1,029 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 12/2/26 | 889 | 889 | 905 | |||||||||||||||
Global Partners L.P. |
(f)(h)(m)(o) | Midstream | 6.3% | 7/15/22 | 69,435 | 69,282 | 70,650 | ||||||||||||||
Global Partners L.P. |
(f)(m) | Midstream | 7.0% | 6/15/23 | 2,824 | 2,453 | 2,862 | ||||||||||||||
Great Western Petroleum, LLC |
(f)(h)(o) | Upstream | 9.0% | 9/30/21 | 35,830 | 35,710 | 36,385 | ||||||||||||||
Gulfport Energy Corporation |
(h)(m) | Upstream | 6.0% | 10/15/24 | 10,000 | 10,000 | 10,099 | ||||||||||||||
Jupiter Resources Inc. |
(h)(m) | Upstream | 8.5% | 10/1/22 | 76,125 | 72,252 | 54,671 | ||||||||||||||
Lonestar Resources America Inc. |
(f)(h) | Upstream | 8.8% | 4/15/19 | 24,200 | 24,033 | 23,625 | ||||||||||||||
Martin Midstream Partners L.P. |
(f)(h)(m)(o) | Midstream | 7.3% | 2/15/21 | 24,660 | 24,018 | 25,210 | ||||||||||||||
Moss Creek Resources, LLC |
(l) | Upstream | L+800 | 1.5 | % | 4/7/22 | 65,000 | 65,000 | 65,796 | ||||||||||||
ONEOK, Inc. |
(f)(m) | Midstream | 7.5% | 9/1/23 | 12,600 | 11,763 | 15,124 | ||||||||||||||
SRC Energy Inc. |
(j)(m) | Upstream | 9.0% | 6/14/21 | 40,000 | 40,000 | 41,700 | ||||||||||||||
Tenrgys, LLC |
(j)(k) | Upstream | L+900 | 2.5 | % | 12/23/18 | 75,000 | 75,000 | 55,688 | ||||||||||||
Whiting Petroleum Corp. |
(h)(m)(o) | Upstream | 5.0% | 3/15/19 | 11,685 | 10,909 | 11,732 | ||||||||||||||
Whiting Petroleum Corp. |
(f)(m) | Upstream | 5.8% | 3/15/21 | 7,000 | 6,444 | 6,882 | ||||||||||||||
WildHorse Resource Development Corporation |
(h)(m)(o) | Upstream | 6.9% | 2/1/25 | 10,000 | 9,928 | 9,992 | ||||||||||||||
Zachry Holdings, Inc. |
(f) | Service & Equipment | 7.5% | 2/1/20 | 23,925 | 23,930 | 24,707 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Subordinated Debt |
1,357,833 | 1,344,668 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
8
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of September 30, 2017
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | |
|
|
Number of Shares |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Equity/Other16.6%(n) |
|||||||||||||||||||||
Abaco Energy Technologies LLC, Common Equity |
(r) | Service & Equipment | 6,944,444 | $ | 6,944 | $ | 521 | ||||||||||||||
Abaco Energy Technologies LLC, Preferred Equity |
(r) | Service & Equipment | 28,942,003 | 1,447 | 2,894 | ||||||||||||||||
Allied Downhole Technologies, LLC, Common Equity |
(k)(q)(r) | Service & Equipment | 7,431,113 | 7,223 | 2,229 | ||||||||||||||||
Allied Downhole Technologies, LLC, Warrants, 2/28/2019 |
(k)(q)(r) | Service & Equipment | 5,344,680 | 1,865 | 1,603 | ||||||||||||||||
Altus Power America Holdings, LLC, Common Equity |
(k)(p)(r) | Power | 12,474,205 | 12,474 | 11,850 | ||||||||||||||||
Altus Power America Holdings, LLC, Preferred Equity |
(k)(p)(s) | Power | 25,792,683 | 25,793 | 25,825 | ||||||||||||||||
AP Exhaust Holdings, LLC, Class A1 Common Units |
(k)(q)(r) | Service & Equipment | 8 | | | ||||||||||||||||
AP Exhaust Holdings, LLC, Class A1 Preferred Units |
(k)(q)(r) | Service & Equipment | 803 | 895 | 895 | ||||||||||||||||
Ascent Resources Utica Holdings, LLC, Common Equity |
(r)(t) | Upstream | 148,692,909 | 44,700 | 37,173 | ||||||||||||||||
BL Sand Hills Unit, L.P., Net Profits Interest |
(r)(v) | Upstream | N/A | 5,180 | | ||||||||||||||||
BL Sand Hills Unit, L.P., Overriding Royalty Interest |
(v) | Upstream | N/A | 740 | 35 | ||||||||||||||||
Chisholm Oil and Gas, LLC, Series A Units |
(i)(r) | Upstream | 11,472,461 | 11,472 | 11,243 | ||||||||||||||||
Cimarron Energy Holdco Inc., Common Equity |
(r) | Service & Equipment | 3,675,487 | 3,323 | | ||||||||||||||||
Extraction Oil & Gas, Inc., Common Equity |
(k)(r) | Upstream | 1,140,637 | 11,250 | 17,554 | ||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class C-II-A Units |
(k)(p)(q)(r) | Upstream | 66,000 | 66,000 | 22,770 | ||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class D Units |
(k)(p)(q)(r) | Upstream | 12,374 | 8,176 | 4,300 | ||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class E-II Units |
(i)(p)(r) | Upstream | 274,688 | 68,672 | 92,020 | ||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class E-III Units |
(i)(k)(p)(q)(r) | Upstream | 222,750 | 55,688 | 76,292 | ||||||||||||||||
Global Jet Capital Holdings, LP, Preferred Equity |
(r) | Service & Equipment | 2,785,562 | 2,786 | 3,203 | ||||||||||||||||
Industrial Group Intermediate Holdings, LLC, Common Equity |
(k)(q)(r) | Service & Equipment | 472,755 | 473 | 733 | ||||||||||||||||
JSS Holdco, LLC, Net Profits Interest |
(r) | Service & Equipment | N/A | | 67 | ||||||||||||||||
Lusk Operating LLC, Common Equity |
(r)(u)(aa) | Upstream | 2,000 | | | ||||||||||||||||
MB Precision Investment Holdings LLC, Class A-2 Units |
(k)(q)(r) | Service & Equipment | 490,213 | 490 | | ||||||||||||||||
PDI Parent LLC, Common Equity |
(r) | Power | 1,384,615 | 1,385 | 1,454 | ||||||||||||||||
Ridgeback Resources Inc., Common Equity |
(k)(l)(m)(p)(r)(w) | Upstream | 9,599,928 | 58,985 | 55,635 | ||||||||||||||||
SandRidge Energy, Inc., Common Equity |
(h)(l)(m)(o)(r) | Upstream | 1,009,878 | 22,542 | 20,288 | ||||||||||||||||
Sunnova Energy Corp., Common Equity |
(p)(r) | Power | 6,667,368 | 25,026 | 34,737 | ||||||||||||||||
Sunnova Energy Corp., Preferred Equity |
(p)(r) | Power | 578,468 | 3,080 | 3,077 | ||||||||||||||||
Swift Worldwide Resources Holdco Limited, Common Equity |
(m)(r)(x) | Service & Equipment | 3,750,000 | 6,029 | 1,875 | ||||||||||||||||
Synergy Offshore LLC, Preferred Equity |
(k)(r)(y)(z) | Upstream | 71,131 | 93,009 | 48,654 | ||||||||||||||||
TE Holdings, LLC, Common Equity |
(i)(r) | Upstream | 2,225,950 | 18,921 | 6,678 | ||||||||||||||||
TE Holdings, LLC, Preferred Equity |
(l)(r) | Upstream | 1,475,531 | 14,734 | 14,018 | ||||||||||||||||
Titan Energy, LLC, Common Equity |
(k)(p)(r) | Upstream | 555,496 | 17,554 | 2,500 | ||||||||||||||||
Total Safety Holdings, LLC, Common Equity |
(j)(r) | Service & Equipment | 12,897 | 4,707 | 4,595 | ||||||||||||||||
Warren Resources, Inc., Common Equity |
(l)(p)(r) | Upstream | 4,415,749 | 20,754 | 15,014 | ||||||||||||||||
White Star Petroleum Holdings, LLC, Common Equity |
(i)(r) | Upstream | 4,867,084 | 4,137 | 3,894 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Equity/Other |
626,454 | 523,626 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS134.8% |
$ | 4,463,446 | 4,242,284 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
LIABILITIES IN EXCESS OF OTHER ASSETS(34.8%) |
(1,094,378 | ) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
NET ASSETS100.0% |
$ | 3,147,906 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
9
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of September 30, 2017
(in thousands, except share amounts)
|
- (a)
- Security may be an obligation of one or more entities affiliated with the named company.
- (b)
- Certain variable rate securities in the Company's portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of September 30, 2017, the three-month London Interbank Offered Rate, or LIBOR or 'L,' was 1.33% and the U.S. Prime Lending Rate, or Prime, was 4.25%. PIK means paid-in-kind.
- (c)
- Denominated in U.S. dollars, unless otherwise noted.
- (d)
- Fair value determined by the Company's board of trustees (see Note 7).
- (e)
- Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.
- (f)
- Security or portion thereof held within FSEP Term Funding, LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Deutsche Bank AG, New York Branch (see Note 8).
- (g)
- Position or portion thereof unsettled as of September 30, 2017.
- (h)
- Security or portion thereof held within Berwyn Funding LLC and is pledged as collateral supporting the amounts outstanding under the prime brokerage facility with BNP Paribas Prime Brokerage, Inc., or BNP. Securities held within Berwyn Funding LLC may be rehypothecated from time to time as permitted under Rule 15c-1(a)(1) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, subject to the terms and conditions governing the prime brokerage facility with BNP (see Note 8).
- (i)
- Security held within FS Energy Investments, LLC, a wholly-owned subsidiary of the Company.
- (j)
- Security or portion thereof held within Gladwyne Funding LLC and is pledged as collateral supporting the obligations outstanding under the term loan facility with Goldman Sachs Bank USA (see Note 8).
- (k)
- Security or portion thereof held within Foxfields Funding LLC and is pledged as collateral supporting the obligations outstanding under the term loan facility with Fortress Credit Co LLC (see Note 8).
- (l)
- Security or portion thereof held within Bryn Mawr Funding LLC and is pledged as collateral supporting the amounts outstanding under the revolving credit facility with Barclays Bank PLC (see Note 8).
- (m)
- The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company's total assets. As of September 30, 2017, 71.7% of the Company's total assets represented qualifying assets.
- (n)
- Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.
- (o)
- Security or portion thereof held within Berwyn Funding LLC has been rehypothecated under Rule 15c-1(a)(1) of the Exchange Act, subject to the terms and conditions governing the prime brokerage facility with BNP (see Note 8). As of September 30, 2017, the fair value of securities rehypothecated by BNP was $241,320.
- (p)
- Under the 1940 Act, the Company generally is deemed to be an "affiliated person" of a portfolio company if it owns 5% or more of the portfolio company's voting securities and generally is deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2017, the Company held investments in portfolio companies of which it is deemed to be an "affiliated person" but is not deemed to "control". The following table presents certain information with respect to such portfolio companies for the nine months ended September 30, 2017:
See notes to unaudited consolidated financial statements.
10
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of September 30, 2017
(in thousands, except share amounts)
|
|||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company | Fair Value at December 31, 2016 |
Purchases, Paid-in-Kind Interest and Other |
Sales, Repayments and Other |
Accretion of Discount |
Net Change in Unrealized Appreciation (Depreciation) |
Fair Value at September 30, 2017 |
Interest Income(3) |
Fee Income(3) |
|||||||||||||||||
Senior Secured LoansFirst Lien |
|||||||||||||||||||||||||
Altus Power America, Inc.(1) |
$ | 73,294 | $ | 5,433 | $ | | $ | | $ | 43 | $ | 78,770 | $ | 5,326 | $ | | |||||||||
Sunnova Asset Portfolio 5 Holdings, LLC |
151,148 | | (149,652 | ) | 2,217 | (3,713 | ) | | 6,992 | | |||||||||||||||
Warren Resources, Inc.(2) |
78,437 | 597 | | | (1,693 | ) | 77,341 | 6,651 | | ||||||||||||||||
Senior Secured LoansSecond Lien |
|||||||||||||||||||||||||
Titan Energy Operating, LLC |
85,427 | 9,000 | (332 | ) | 3,454 | (16,382 | ) | 81,167 | 23,114 | | |||||||||||||||
Senior Secured Bonds |
|||||||||||||||||||||||||
FourPoint Energy, LLC |
240,709 | | | 1,051 | (2,226 | ) | 239,534 | 16,294 | | ||||||||||||||||
Ridgeback Resources Inc. |
3,887 | | | 12 | (12 | ) | 3,887 | 353 | | ||||||||||||||||
Sunnova Energy Corp. |
| 33,173 | | | | 33,173 | 2,089 | 656 | |||||||||||||||||
Equity/Other |
|||||||||||||||||||||||||
Altus Power America Holdings, LLC, Common Equity |
12,474 | | | | (624 | ) | 11,850 | | | ||||||||||||||||
Altus Power America Holdings, LLC, Preferred Equity |
23,982 | 1,811 | | | 32 | 25,825 | 2,663 | | |||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class C-II-A Units |
31,845 | | | | (9,075 | ) | 22,770 | | | ||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class D Units |
6,032 | | | | (1,732 | ) | 4,300 | | | ||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class E-II Units |
125,670 | | | | (33,650 | ) | 92,020 | | | ||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class E-III Units |
107,477 | | | | (31,185 | ) | 76,292 | | | ||||||||||||||||
Ridgeback Resources Inc., Common Equity |
58,985 | | | | (3,350 | ) | 55,635 | | | ||||||||||||||||
Sunnova Energy Corp., Common Equity |
36,204 | | | | (1,467 | ) | 34,737 | | | ||||||||||||||||
Sunnova Energy Corp., Preferred Equity |
3,141 | | | | (64 | ) | 3,077 | | | ||||||||||||||||
Titan Energy, LLC, Common Equity |
13,332 | | | | (10,832 | ) | 2,500 | | | ||||||||||||||||
Warren Resources, Inc., Common Equity |
18,988 | | | | (3,974 | ) | 15,014 | | | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total |
$ | 1,071,032 | $ | 50,014 | $ | (149,984 | ) | $ | 6,734 | $ | (119,904 | ) | $ | 857,892 | $ | 63,482 | $ | 656 | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
- (1)
- Security includes a partially unfunded commitment with an amortized cost of $23,872 and a fair value of $24,200.
- (2)
- Security includes a partially unfunded commitment with an amortized cost of $5,590 and a fair value of $5,478.
- (3)
- Interest and fee income presented for the full nine months ended September 30, 2017.
See notes to unaudited consolidated financial statements.
11
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of September 30, 2017
(in thousands, except share amounts)
|
- (q)
- Security held within FSEP Investments, Inc., a wholly-owned subsidiary of Foxfields Funding LLC.
- (r)
- Security is non-income producing.
- (s)
- Security is held within EP Altus Investments, LLC, a wholly-owned subsidiary of Foxfields Funding LLC.
- (t)
- Security held within EP American Energy Investments, Inc., a wholly-owned subsidiary of the Company.
- (u)
- Security held within FSEP-BBH, Inc., a wholly-owned subsidiary of the Company.
- (v)
- Security held within EP Burnett Investments, Inc., a wholly-owned subsidiary of the Company.
- (w)
- Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of September 30, 2017.
- (x)
- Investment denominated in British pounds. Amortized cost and fair value are converted into U.S. dollars as of September 30, 2017.
- (y)
- Security held within EP Synergy Investments, Inc., a wholly-owned subsidiary of Foxfields Funding LLC.
- (z)
- Security was on non-accrual status as of September 30, 2017.
- (aa)
- Under the 1940 Act, the Company generally is deemed to "control" a portfolio company if it owns more than 25% of the portfolio company's voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2017, the Company held an investment in one portfolio company of which it is deemed to be an "affiliated person" of and deemed to "control". The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an "affiliated person" of and deemed to "control" for the nine months ended September 30, 2017:
Portfolio Company | Fair Value at December 31, 2016 |
Purchases, Paid-in-Kind Interest and Other |
Sales, Repayments and Other |
Accretion of Discount |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Fair Value at September 30, 2017 |
|
|
|||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Senior Secured LoansFirst Lien |
||||||||||||||||||||||||||||
Lusk Operating LLC |
$ | 1,031 | $ | 1,500 | $ | | | | $ | (2,531 | ) | | ||||||||||||||||
Equity/Other |
||||||||||||||||||||||||||||
Lusk Operating LLC, Common Equity |
| | (1,000 | ) | | | 1,000 | | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total |
$ | 1,031 | $ | 1,500 | $ | (1,000 | ) | | | $ | (1,531 | ) | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
12
FS Energy and Power Fund
Consolidated Schedule of Investments
As of December 31, 2016
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Senior Secured LoansFirst Lien27.2% |
|||||||||||||||||||||
Abaco Energy Technologies LLC |
(g)(i)(j) | Service & Equipment | L+700, 2.5% PIK (2.5% Max PIK) | 1.0 | % | 11/20/20 | $ | 60,455 | $ | 58,038 | $ | 45,795 | |||||||||
Allied Wireline Services, LLC |
(g)(i)(k)(l) | Service & Equipment | L+400, 5.5% PIK (5.5% Max PIK) | 1.5 | % | 2/28/19 | 108,920 | 108,099 | 106,877 | ||||||||||||
Alon USA Partners, L.P. |
(g)(i)(j)(m) | Downstream | L+800 | 1.3 | % | 11/26/18 | 11,063 | 11,199 | 11,035 | ||||||||||||
Altus Power America, Inc. |
(j)(p) | Power | L+750 | 1.5 | % | 9/30/21 | 71,945 | 71,945 | 73,294 | ||||||||||||
Altus Power America, Inc. |
(e)(p) | Power | L+750 | 1.5 | % | 9/30/21 | 29,305 | 29,305 | 29,854 | ||||||||||||
AP Exhaust Acquisition, LLC |
(g)(l) | Service & Equipment | L+775 | 1.5 | % | 1/16/21 | 15,811 | 15,811 | 14,309 | ||||||||||||
BL Sand Hills Unit, L.P. |
(l) | Upstream | Prime+650 | 3.5 | % | 12/17/17 | 40,821 | 35,451 | 38,321 | ||||||||||||
BL Sand Hills Unit, L.P. |
(e) | Upstream | Prime+650 | 3.5 | % | 12/17/17 | 15,000 | 13,027 | 14,081 | ||||||||||||
Cactus Wellhead, LLC |
(g)(i)(j) | Service & Equipment | L+600 | 1.0 | % | 7/31/20 | 56,392 | 54,715 | 51,458 | ||||||||||||
Cimarron Energy Inc. |
(g) | Service & Equipment | L+775, 3.8% PIK (3.8% Max PIK) | 1.0 | % | 12/15/19 | 23,664 | 23,664 | 24,019 | ||||||||||||
CITGO Holding, Inc. |
(f) | Downstream | L+850 | 1.0 | % | 5/12/18 | 16,822 | 16,947 | 17,109 | ||||||||||||
Crestwood Holdings LLC |
(f)(g) | Midstream | L+800 | 1.0 | % | 6/19/19 | 29,703 | 29,794 | 29,146 | ||||||||||||
EnergySolutions, LLC |
(i)(j) | Service & Equipment | L+575 | 1.0 | % | 5/29/20 | 18,193 | 17,965 | 18,375 | ||||||||||||
Gulf Finance, LLC |
(f)(i) | Midstream | L+525 | 1.0 | % | 8/25/23 | 18,953 | 18,407 | 19,095 | ||||||||||||
Industrial Group Intermediate Holdings, LLC |
(i) | Service & Equipment | L+800 | 1.3 | % | 5/31/20 | 22,240 | 22,240 | 22,573 | ||||||||||||
Lusk Operating LLC |
(r)(z)(aa) | Upstream | Prime+500 PIK (8.8% Max PIK) | 3.3 | % | 1/31/17 | 27,497 | 25,664 | 1,031 | ||||||||||||
MB Precision Holdings LLC |
(g) | Service & Equipment | L+725, 1.5% PIK (1.5% Max PIK) | 1.3 | % | 1/23/20 | 12,853 | 12,853 | 12,355 | ||||||||||||
Moxie Liberty LLC |
(g)(j) | Power | L+650 | 1.0 | % | 8/21/20 | 32,155 | 32,241 | 31,794 | ||||||||||||
P2 Upstream Acquisition Co. |
(f) | Service & Equipment | L+400 | 1.0 | % | 10/30/20 | 5,101 | 4,801 | 4,865 | ||||||||||||
Panda Temple Power, LLC |
(j) | Power | L+625 | 1.0 | % | 3/6/22 | 9,825 | 9,677 | 8,744 | ||||||||||||
Panda Temple Power II, LLC |
(g)(j) | Power | L+600 | 1.3 | % | 4/3/19 | 27,531 | 27,761 | 25,604 | ||||||||||||
ProPetro Services, Inc. |
(i) | Service & Equipment | L+625 | 1.0 | % | 9/30/19 | 10,839 | 10,833 | 9,837 | ||||||||||||
Strike, LLC |
(e) | Midstream | L+800 | 1.0 | % | 5/30/19 | 35,000 | 34,482 | 34,475 | ||||||||||||
Strike, LLC |
(i)(j)(bb) | Midstream | L+800 | 1.0 | % | 11/30/22 | 52,500 | 50,937 | 51,975 | ||||||||||||
Sunnova Asset Portfolio 5 Holdings, LLC |
(j)(l)(p) | Power | 12.0%, 0.0% PIK (12.0% Max PIK) | 11/14/21 | 149,652 | 147,435 | 151,148 | ||||||||||||||
Swift Worldwide Resources US Holdings Corp. |
(g)(j) | Service & Equipment | L+1100 | 1.0 | % | 7/20/21 | 58,614 | 58,614 | 58,614 | ||||||||||||
UTEX Industries, Inc. |
(f) | Service & Equipment | L+400 | 1.0 | % | 5/21/21 | 5,432 | 4,275 | 5,085 | ||||||||||||
Warren Resources, Inc. |
(k)(p) | Upstream | L+900, 1.0% PIK (1.0% Max PIK) | 1.0 | % | 5/22/20 | 78,437 | 78,437 | 78,437 | ||||||||||||
Warren Resources, Inc. |
(e)(p) | Upstream | L+900, 1.0% PIK (1.0% Max PIK) | 1.0 | % | 5/22/20 | 5,590 | 5,590 | 5,590 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Senior Secured LoansFirst Lien |
1,030,207 | 994,895 | |||||||||||||||||||
Unfunded Loan Commitments |
(82,404 | ) | (82,404 | ) | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Net Senior Secured LoansFirst Lien |
947,803 | 912,491 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
13
FS Energy and Power Fund
Consolidated Schedule of Investments (Continued)
As of December 31, 2016
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Senior Secured LoansSecond Lien26.1% |
|||||||||||||||||||||
Alison US LLC |
(f)(j)(m) | Service & Equipment | L+850 | 1.0 | % | 8/29/22 | $ | 23,722 | $ | 22,591 | $ | 23,011 | |||||||||
Ameriforge Group Inc. |
(g) | Service & Equipment | L+750 | 1.3 | % | 12/21/20 | 35,950 | 36,352 | 5,707 | ||||||||||||
AP Exhaust Acquisition, LLC |
Service & Equipment | 12.0% PIK (12.0% Max PIK) | 9/28/21 | 3,763 | 3,763 | 3,279 | |||||||||||||||
Arena Energy, LP |
(i)(k) | Upstream | L+900, 4.0% PIK (4.0% Max PIK) | 1.0 | % | 1/24/21 | 103,410 | 103,410 | 103,927 | ||||||||||||
Ascent ResourcesMarcellus, LLC |
Upstream | L +750 | 1.0 | % | 8/4/21 | 10,000 | 9,874 | 1,325 | |||||||||||||
Ascent ResourcesUtica, LLC |
(g)(j)(k)(l) | Upstream | L+950 | 1.5 | % | 9/30/18 | 285,257 | 284,490 | 287,753 | ||||||||||||
Brock Holdings III, Inc. |
(g)(j) | Service & Equipment | L+825 | 1.8 | % | 3/16/18 | 29,605 | 29,699 | 28,273 | ||||||||||||
Chief Exploration & Development LLC |
(f)(i) | Upstream | L+650 | 1.3 | % | 5/16/21 | 36,576 | 35,139 | 35,935 | ||||||||||||
Emerald Performance Materials, LLC |
(f) | Downstream | L+775 | 1.0 | % | 8/1/22 | 11,819 | 11,754 | 11,834 | ||||||||||||
EP Energy, LLC |
(f)(m) | Upstream | L+875 | 1.0 | % | 6/30/21 | 17,209 | 17,379 | 18,047 | ||||||||||||
Fieldwood Energy LLC |
Upstream | L+713 | 1.3 | % | 9/30/20 | 41,047 | 41,788 | 29,246 | |||||||||||||
Granite Acquisition, Inc. |
(f) | Power | L+725 | 1.0 | % | 12/19/22 | 20,150 | 19,718 | 19,445 | ||||||||||||
Gruden Acquisition, Inc. |
(j) | Service & Equipment | L+850 | 1.0 | % | 8/18/23 | 15,000 | 14,372 | 11,875 | ||||||||||||
Horn Intermediate Holdings, Inc. |
(g)(j) | Service & Equipment | L+775 | 1.3 | % | 10/2/18 | 50,250 | 50,250 | 50,250 | ||||||||||||
Jonah Energy LLC |
(f)(i) | Upstream | L+650 | 1.0 | % | 5/12/21 | 34,293 | 33,325 | 32,579 | ||||||||||||
Neff Rental LLC |
(f)(j) | Service & Equipment | L+625 | 1.0 | % | 6/9/21 | 33,789 | 33,089 | 33,657 | ||||||||||||
Oxbow Carbon LLC |
(g) | Midstream | L+700 | 1.0 | % | 1/17/20 | 15,000 | 14,927 | 14,738 | ||||||||||||
P2 Upstream Acquisition Co. |
(f)(g)(j) | Service & Equipment | L+800 | 1.0 | % | 4/30/21 | 34,099 | 34,144 | 31,243 | ||||||||||||
Titan Energy Operating, LLC |
(k)(p) | Upstream | 2.0%, L+900 PIK (L+900 Max PIK) | 1.0 | % | 2/23/20 | 104,409 | 87,134 | 85,427 | ||||||||||||
UTEX Industries, Inc. |
(f)(j) | Service & Equipment | L+725 | 1.0 | % | 5/20/22 | 36,192 | 36,227 | 25,696 | ||||||||||||
W3 Co. |
(g)(j) | Service & Equipment | L+800 | 1.3 | % | 9/13/20 | 14,795 | 14,943 | 6,695 | ||||||||||||
WP CPP Holdings, LLC |
(g)(j) | Service & Equipment | L+775 | 1.0 | % | 4/30/21 | 14,680 | 14,394 | 13,927 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Senior Secured LoansSecond Lien |
948,762 | 873,869 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
14
FS Energy and Power Fund
Consolidated Schedule of Investments (Continued)
As of December 31, 2016
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Senior Secured Bonds11.9% |
|||||||||||||||||||||
Calpine Corp. |
(f)(m) | Power | 5.3% | 6/1/26 | $ | 19,800 | $ | 19,809 | $ | 19,508 | |||||||||||
Cheniere Corpus Christi Holdings, LLC |
(f) | Midstream | 7.0% | 6/30/24 | 4,000 | 4,134 | 4,357 | ||||||||||||||
CITGO Holding, Inc. |
(f) | Downstream | 10.8% | 2/15/20 | 9,000 | 9,063 | 9,645 | ||||||||||||||
EP Energy LLC |
(h)(m) | Upstream | 8.0% | 11/29/24 | 10,000 | 10,000 | 10,780 | ||||||||||||||
FourPoint Energy, LLC |
(j)(k)(l)(p) | Upstream | 9.0% | 12/31/21 | 235,125 | 227,859 | 240,709 | ||||||||||||||
Mirant Mid-Atlantic Trust |
(f)(h) | Power | 10.1% | 12/30/28 | 31,752 | 33,838 | 26,936 | ||||||||||||||
Ridgeback Resources Inc. |
(k)(m)(p) | Upstream | 12.0% | 12/29/20 | 3,887 | 3,809 | 3,887 | ||||||||||||||
Velvet Energy Ltd. |
(j)(l)(m) | Upstream | 9.0% | 10/5/23 | 80,000 | 80,000 | 81,792 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Senior Secured Bonds |
388,512 | 397,614 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Subordinated Debt31.2% |
|||||||||||||||||||||
Alta Mesa Holdings, LP |
(h) | Upstream | 7.9% | 12/15/24 | 20,425 | 20,425 | 21,242 | ||||||||||||||
Archrock Partners, L.P. |
(h)(m) | Midstream | 6.0% | 4/1/21 | 8,555 | 7,505 | 8,384 | ||||||||||||||
Archrock Partners, L.P. |
(h)(m) | Midstream | 6.0% | 10/1/22 | 14,283 | 12,400 | 13,881 | ||||||||||||||
Bellatrix Exploration Ltd. |
(f)(h)(m) | Upstream | 8.5% | 5/15/20 | 53,590 | 52,560 | 52,753 | ||||||||||||||
Brand Energy & Infrastructure Services, Inc. |
(f)(h) | Service & Equipment | 8.5% | 12/1/21 | 43,311 | 42,479 | 44,502 | ||||||||||||||
Calpine Corp. |
(f)(m) | Power | 5.8% | 1/15/25 | 5,100 | 5,093 | 4,941 | ||||||||||||||
Canbriam Energy Inc. |
(f)(h)(j)(m) | Upstream | 9.8% | 11/15/19 | 115,200 | 112,341 | 121,536 | ||||||||||||||
Compressco Partners, LP |
(f)(h)(m) | Service & Equipment | 7.3% | 8/15/22 | 20,050 | 19,908 | 18,972 | ||||||||||||||
Crestwood Equity Partners L.P. |
(f)(m) | Midstream | 6.1% | 3/1/22 | 5,500 | 5,500 | 5,641 | ||||||||||||||
Dynegy Finance I/II Inc. |
(f)(m) | Power | 7.6% | 11/1/24 | 22,542 | 21,968 | 20,894 | ||||||||||||||
Dynegy Finance I/II Inc. |
(f)(m) | Power | 8.0% | 1/15/25 | 12,000 | 11,995 | 11,243 | ||||||||||||||
Eclipse Resources Corp. |
(f)(h)(m)(o) | Upstream | 8.9% | 7/15/23 | 59,745 | 53,883 | 62,334 | ||||||||||||||
EP Energy LLC |
(h)(m) | Upstream | 9.4% | 5/1/20 | 19,970 | 16,006 | 18,440 | ||||||||||||||
EV Energy Partners, L.P. |
(h)(m) | Upstream | 8.0% | 4/15/19 | 48,814 | 36,060 | 34,609 | ||||||||||||||
Extraction Oil & Gas Holdings, LLC |
(h)(o) | Upstream | 7.9% | 7/15/21 | 37,500 | 37,500 | 40,313 | ||||||||||||||
Genesis Energy, L.P. |
(f)(m) | Midstream | 6.8% | 8/1/22 | 23,540 | 22,949 | 24,473 |
See notes to unaudited consolidated financial statements.
15
FS Energy and Power Fund
Consolidated Schedule of Investments (Continued)
As of December 31, 2016
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Genesis Energy, L.P. |
(f)(m) | Midstream | 6.0% | 5/15/23 | $ | 15,280 | $ | 14,116 | $ | 15,599 | |||||||||||
GenOn Energy, Inc. |
(h) | Power | 7.9% | 6/15/17 | 4,000 | 3,945 | 2,868 | ||||||||||||||
GenOn Energy, Inc. |
(h) | Power | 9.9% | 10/15/20 | 32,698 | 34,010 | 22,419 | ||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 1/30/25 | 732 | 732 | 727 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 4/30/25 | 4,649 | 4,649 | 4,620 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 9/3/25 | 961 | 961 | 955 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 9/29/25 | 904 | 904 | 899 | |||||||||||||||
Global Jet Capital Inc. |
Service & Equipment | 15.0% PIK (15.0% Max PIK) | 12/2/26 | 795 | 795 | 795 | |||||||||||||||
Global Partners L.P. |
(f)(h)(m)(o) | Midstream | 6.3% | 7/15/22 | 69,435 | 69,264 | 66,831 | ||||||||||||||
Global Partners L.P. |
(h)(m)(o) | Midstream | 7.0% | 6/15/23 | 2,824 | 2,419 | 2,744 | ||||||||||||||
Great Western Petroleum, LLC |
(f)(h) | Upstream | 9.0% | 9/30/21 | 23,830 | 23,692 | 24,932 | ||||||||||||||
Gulfport Energy Corp. |
(f)(m) | Upstream | 6.0% | 10/15/24 | 10,000 | 10,000 | 10,205 | ||||||||||||||
Jupiter Resources Inc. |
(h)(m) | Upstream | 8.5% | 10/1/22 | 71,125 | 67,772 | 61,760 | ||||||||||||||
Laredo Petroleum, Inc. |
(f)(m) | Upstream | 7.4% | 5/1/22 | 25,384 | 25,093 | 26,375 | ||||||||||||||
Lonestar Resources America Inc. |
(h) | Upstream | 8.8% | 4/15/19 | 21,500 | 21,566 | 19,780 | ||||||||||||||
Martin Midstream Partners L.P. |
(f)(h)(m) | Midstream | 7.3% | 2/15/21 | 29,660 | 29,102 | 29,438 | ||||||||||||||
NRG Energy, Inc. |
(f)(m) | Power | 7.3% | 5/15/26 | 28,000 | 27,823 | 27,965 | ||||||||||||||
ONEOK, Inc. |
(f)(h)(m) | Midstream | 7.5% | 9/1/23 | 28,000 | 26,887 | 31,910 | ||||||||||||||
SandRidge Energy, Inc. |
(l)(m)(r) | Upstream | 0.0% | 10/4/20 | 10,550 | 14,060 | 13,245 | ||||||||||||||
Synergy Resources Corp. |
(j)(m) | Upstream | 9.0% | 6/14/21 | 40,000 | 40,000 | 41,700 | ||||||||||||||
Talos Production LLC |
(h) | Upstream | 9.8% | 2/15/18 | 43,250 | 43,249 | 24,004 | ||||||||||||||
Tenrgys, LLC |
(j) | Upstream | L+900 | 2.5 | % | 12/23/18 | 75,000 | 75,000 | 73,125 | ||||||||||||
Whiting Petroleum Corp. |
(h)(m) | Upstream | 5.0% | 3/15/19 | 11,685 | 10,552 | 11,739 | ||||||||||||||
Zachry Holdings, Inc. |
(f) | Service & Equipment | 7.5% | 2/1/20 | 23,925 | 23,934 | 24,374 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
Total Subordinated Debt |
1,049,097 | 1,043,167 | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
See notes to unaudited consolidated financial statements.
16
FS Energy and Power Fund
Consolidated Schedule of Investments (Continued)
As of December 31, 2016
(in thousands, except share amounts)
|
|||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Portfolio Company(a) | Footnotes | Industry | |
|
|
Number of Shares |
Amortized Cost |
Fair Value(d) |
|||||||||||||
Equity/Other20.4%(n) |
|||||||||||||||||||||
Abaco Energy Technologies LLC, Common Equity |
(r) | Service & Equipment | 6,944,444 | $ | 6,944 | $ | 347 | ||||||||||||||
Abaco Energy Technologies LLC, Preferred Equity |
(r) | Service & Equipment | 28,942,003 | 1,447 | 1,447 | ||||||||||||||||
Allied Downhole Technologies, LLC, Common Equity |
(k)(q)(r) | Service & Equipment | 7,431,113 | 7,223 | 5,945 | ||||||||||||||||
Allied Downhole Technologies, LLC, Warrants, 2/28/2019 |
(k)(q)(r) | Service & Equipment | 5,344,680 | 1,865 | 4,276 | ||||||||||||||||
Altus Power America Holdings, LLC, Common Equity |
(p)(r) | Power | 12,474,205 | 12,474 | 12,474 | ||||||||||||||||
Altus Power America Holdings, LLC, Preferred Equity |
(p)(s) | Power | 23,981,707 | 23,982 | 23,982 | ||||||||||||||||
AP Exhaust Holdings, LLC, Common Equity |
(k)(q)(r) | Service & Equipment |