FS Energy & Power Fund - FORM 10-Q - May 10, 2021

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EX-32.1 - EX-32.1 - FS Energy & Power Fundtm2111809d1-exh32x1.htm
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EX-31.1 - EX-31.1 - FS Energy & Power Fundtm2111809d1-exh31x1.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
​
FORM 10-Q
​
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
​
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021
☐
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
​ ​
27-6822130
​
​
(State or other jurisdiction of
incorporation or organization)
​ ​
(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 ☒ No ☐.
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 ☐ No ☐.
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 ☐
​ ​
Accelerated filer ☐
​ ​
Non-accelerated filer ☒
​ ​
Smaller reporting company ☐
​ ​
Emerging growth company ☐
​
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.
Securities registered pursuant to Section 12(b) Act: None
​
Title of each class
​ ​
Trading symbol(s)
​ ​
Name on each exchange on which registered
​
​
N/A
​ ​
N/A
​ ​
N/A
​
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 443,125,509 common shares of beneficial interest outstanding as of May 10, 2021.
​
​
 
TABLE OF CONTENTS
​ ​ ​
Page
​
PART I—FINANCIAL INFORMATION ​ ​
​
​ ​ ​ ​ 1 ​ ​
​ ​ ​ ​ 1 ​ ​
​ ​ ​ ​ 2 ​ ​
​ ​ ​ ​ 3 ​ ​
​ ​ ​ ​ 4 ​ ​
​ ​ ​ ​ 16 ​ ​
​ ​ ​ ​ 17 ​ ​
​
​ ​ ​ ​ 42 ​ ​
​
​ ​ ​ ​ 60 ​ ​
​
​ ​ ​ ​ 61 ​ ​
PART II—OTHER INFORMATION ​ ​
​
​ ​ ​ ​ 62 ​ ​
​
​ ​ ​ ​ 62 ​ ​
​
​ ​ ​ ​ 62 ​ ​
​
​ ​ ​ ​ 62 ​ ​
​
​ ​ ​ ​ 62 ​ ​
​
​ ​ ​ ​ 62 ​ ​
​
​ ​ ​ ​ 63 ​ ​
​ ​ ​ ​ 65 ​ ​
 
i
 
PART I—FINANCIAL INFORMATION
Item 1.   Financial Statements.
FS Energy and Power Fund
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
​
​ ​ ​
March 31, 2021
(Unaudited)
​ ​
December 31,
2020
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments, at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Non-controlled/unaffiliated investments (amortized cost—$1,836,572 and $2,053,838, respectively)
​ ​ ​ $ 1,757,430 ​ ​ ​ ​ $ 1,825,470 ​ ​
Non-controlled/affiliated investments (amortized cost—$475,411 and $406,430, respectively)
​ ​ ​ ​ 301,819 ​ ​ ​ ​ ​ 239,279 ​ ​
Controlled/affiliated investments (amortized cost—$166,248 and $115,137, respectively)
​ ​ ​ ​ 156,616 ​ ​ ​ ​ ​ 116,727 ​ ​
Total investments, at fair value (amortized cost—$2,478,231 and $2,575,405, respectively)
​ ​ ​ ​ 2,215,865 ​ ​ ​ ​ ​ 2,181,476 ​ ​
Cash
​ ​ ​ ​ 78,273 ​ ​ ​ ​ ​ 142,536 ​ ​
Receivable for investments sold and repaid
​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,691 ​ ​
Interest receivable
​ ​ ​ ​ 17,178 ​ ​ ​ ​ ​ 26,705 ​ ​
Prepaid expenses and other assets
​ ​ ​ ​ 154 ​ ​ ​ ​ ​ 234 ​ ​
Total assets
​ ​ ​ $ 2,311,470 ​ ​ ​ ​ $ 2,358,642 ​ ​
Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Payable for investments purchased
​ ​ ​ $ 10,474 ​ ​ ​ ​ $ — ​ ​
Credit facilities payable (net of deferred financing costs of $3,727 and $5,816, respectively)(1)
​ ​ ​ ​ 227,940 ​ ​ ​ ​ ​ 410,851 ​ ​
Secured note payable (net of deferred financing costs of $4,906 and $5,284, respectively)(1)
​ ​ ​ ​ 479,388 ​ ​ ​ ​ ​ 478,521 ​ ​
Shareholder distributions payable
​ ​ ​ ​ 13,249 ​ ​ ​ ​ ​ 13,188 ​ ​
Management fees payable
​ ​ ​ ​ 10,648 ​ ​ ​ ​ ​ 10,156 ​ ​
Administrative services expense payable
​ ​ ​ ​ 1,566 ​ ​ ​ ​ ​ 949 ​ ​
Interest payable
​ ​ ​ ​ 5,312 ​ ​ ​ ​ ​ 14,236 ​ ​
Trustees’ fees payable
​ ​ ​ ​ 207 ​ ​ ​ ​ ​ 192 ​ ​
Other accrued expenses and liabilities
​ ​ ​ ​ 2,231 ​ ​ ​ ​ ​ 1,972 ​ ​
Total liabilities
​ ​ ​ ​ 751,015 ​ ​ ​ ​ ​ 930,065 ​ ​
Commitments and contingencies(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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, 441,638,829 and 440,020,123 shares issued and outstanding, respectively
​ ​ ​ ​ 442 ​ ​ ​ ​ ​ 440 ​ ​
Capital in excess of par value
​ ​ ​ ​ 3,157,824 ​ ​ ​ ​ ​ 3,152,485 ​ ​
Accumulated earnings (deficit)
​ ​ ​ ​ (1,597,811) ​ ​ ​ ​ ​ (1,724,348) ​ ​
Total shareholders’ equity
​ ​ ​ ​ 1,560,455 ​ ​ ​ ​ ​ 1,428,577 ​ ​
Total liabilities and shareholders’ equity
​ ​ ​ $ 2,311,470 ​ ​ ​ ​ $ 2,358,642 ​ ​
Net asset value per common share at period end
​ ​ ​ $ 3.53 ​ ​ ​ ​ $ 3.25 ​ ​
​
(1)
See Note 9 for a discussion of the Company’s financing arrangements.
​
(2)
See Note 10 for a discussion of the Company’s commitments and contingencies.
​
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
March 31,
​
​
2021
​ ​
2020
​
Investment income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
From non-controlled/unaffiliated investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Interest income
​ ​ ​ $ 26,059 ​ ​ ​ ​ $ 59,285 ​ ​
Paid-in-kind interest income
​ ​ ​ ​ 8,339 ​ ​ ​ ​ ​ 4,167 ​ ​
Fee income
​ ​ ​ ​ 516 ​ ​ ​ ​ ​ 275 ​ ​
Dividend income
​ ​ ​ ​ — ​ ​ ​ ​ ​ 66 ​ ​
From non-controlled/affiliated investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Interest income
​ ​ ​ ​ 1,086 ​ ​ ​ ​ ​ 11,956 ​ ​
Paid-in-kind interest income
​ ​ ​ ​ 72 ​ ​ ​ ​ ​ 3,032 ​ ​
From controlled/affiliated investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Interest income
​ ​ ​ ​ 2,020 ​ ​ ​ ​ ​ — ​ ​
Paid-in-kind interest income
​ ​ ​ ​ 69 ​ ​ ​ ​ ​ — ​ ​
Total investment income
​ ​ ​ ​ 38,161 ​ ​ ​ ​ ​ 78,781 ​ ​
Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Management fees
​ ​ ​ ​ 10,650 ​ ​ ​ ​ ​ 15,849 ​ ​
Administrative services expenses
​ ​ ​ ​ 1,581 ​ ​ ​ ​ ​ 1,058 ​ ​
Share transfer agent fees
​ ​ ​ ​ 718 ​ ​ ​ ​ ​ 650 ​ ​
Accounting and administrative fees
​ ​ ​ ​ 186 ​ ​ ​ ​ ​ 251 ​ ​
Interest expense(1)
​ ​ ​ ​ 15,490 ​ ​ ​ ​ ​ 21,056 ​ ​
Trustees’ fees
​ ​ ​ ​ 207 ​ ​ ​ ​ ​ 199 ​ ​
Other general and administrative expenses
​ ​ ​ ​ 672 ​ ​ ​ ​ ​ 1,530 ​ ​
Total operating expenses
​ ​ ​ ​ 29,504 ​ ​ ​ ​ ​ 40,593 ​ ​
Less: Management fee offset(2)
​ ​ ​ ​ (2) ​ ​ ​ ​ ​ (450) ​ ​
Net expenses
​ ​ ​ ​ 29,502 ​ ​ ​ ​ ​ 40,143 ​ ​
Net investment income
​ ​ ​ ​ 8,659 ​ ​ ​ ​ ​ 38,638 ​ ​
Realized and unrealized gain/loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Non-controlled/unaffiliated
​ ​ ​ ​ (440) ​ ​ ​ ​ ​ (57,503) ​ ​
Net realized gain (loss) on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 20,250 ​ ​
Net change in unrealized appreciation (depreciation) on investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Non-controlled/unaffiliated
​ ​ ​ ​ 149,226 ​ ​ ​ ​ ​ (566,095) ​ ​
Non-controlled/affiliated
​ ​ ​ ​ (6,441) ​ ​ ​ ​ ​ (184,910) ​ ​
Controlled/affiliated
​ ​ ​ ​ (11,222) ​ ​ ​ ​ ​ (7,683) ​ ​
Net change in unrealized appreciation (depreciation) on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ (6,551) ​ ​
Net change in unrealized gain (loss) on foreign currency
​ ​ ​ ​ 4 ​ ​ ​ ​ ​ (26) ​ ​
Total net realized and unrealized gain (loss)
​ ​ ​ ​ 131,127 ​ ​ ​ ​ ​ (802,518) ​ ​
Net increase (decrease) in net assets resulting from operations
​ ​ ​ $ 139,786 ​ ​ ​ ​ $ (763,880) ​ ​
Per share information—basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net increase (decrease) in net assets resulting from operations (Earnings per Share)
​ ​ ​ $ 0.32 ​ ​ ​ ​ $ (1.75) ​ ​
Weighted average shares outstanding
​ ​ ​ ​ 441,521,922 ​ ​ ​ ​ ​ 435,458,944 ​ ​
​
(1)
See Note 9 for a discussion of the Company’s financing arrangements.
​
(2)
See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company’s investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.
​
See notes to unaudited consolidated financial statements.
2
 
FS Energy and Power Fund
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands)
​
​ ​ ​
Three Months Ended
March 31,
​
​
2021
​ ​
2020
​
Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 8,659 ​ ​ ​ ​ $ 38,638 ​ ​
Net realized gain (loss) on investments and swap contracts
​ ​ ​ ​ (440) ​ ​ ​ ​ ​ (37,253) ​ ​
Net change in unrealized appreciation (depreciation) on investments
​ ​ ​ ​ 131,563 ​ ​ ​ ​ ​ (758,688) ​ ​
Net change in unrealized appreciation (depreciation) on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ (6,551) ​ ​
Net change in unrealized gain (loss) on foreign currency
​ ​ ​ ​ 4 ​ ​ ​ ​ ​ (26) ​ ​
Net increase (decrease) in net assets resulting from operations
​ ​ ​ ​ 139,786 ​ ​ ​ ​ ​ (763,880) ​ ​
Shareholder distributions(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Distributions to shareholders
​ ​ ​ ​ (13,249) ​ ​ ​ ​ ​ (36,207) ​ ​
Net decrease in net assets resulting from shareholder distributions
​ ​ ​ ​ (13,249) ​ ​ ​ ​ ​ (36,207) ​ ​
Capital share transactions(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Reinvestment of shareholder distributions
​ ​ ​ ​ 5,341 ​ ​ ​ ​ ​ 15,429 ​ ​
Repurchases of common shares
​ ​ ​ ​ — ​ ​ ​ ​ ​ (26,823) ​ ​
Net increase (decrease) in net assets resulting from capital share transactions
​ ​ ​ ​ 5,341 ​ ​ ​ ​ ​ (11,394) ​ ​
Total increase (decrease) in net assets
​ ​ ​ ​ 131,878 ​ ​ ​ ​ ​ (811,481) ​ ​
Net assets at beginning of period
​ ​ ​ ​ 1,428,577 ​ ​ ​ ​ ​ 2,379,605 ​ ​
Net assets at end of period
​ ​ ​ $ 1,560,455 ​ ​ ​ ​ $ 1,568,124 ​ ​
​
(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)
​
​ ​ ​
Three Months Ended
March 31,
​
​
2021
​ ​
2020
​
Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net increase (decrease) in net assets resulting from operations
​ ​ ​ $ 139,786 ​ ​ ​ ​ $ (763,880) ​ ​
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Purchases of investments
​ ​ ​ ​ (145,199) ​ ​ ​ ​ ​ (208,432) ​ ​
Paid-in-kind interest
​ ​ ​ ​ (8,480) ​ ​ ​ ​ ​ (7,199) ​ ​
Proceeds from sales and repayments of investments
​ ​ ​ ​ 253,939 ​ ​ ​ ​ ​ 352,174 ​ ​
Net realized (gain) loss on investments
​ ​ ​ ​ 440 ​ ​ ​ ​ ​ 57,503 ​ ​
Net change in unrealized (appreciation) depreciation on investments
​ ​ ​ ​ (131,563) ​ ​ ​ ​ ​ 758,688 ​ ​
Net change in unrealized (appreciation) depreciation on swap contracts
​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,551 ​ ​
Accretion of discount
​ ​ ​ ​ (3,526) ​ ​ ​ ​ ​ (11,118) ​ ​
Amortization of deferred financing costs and discount
​ ​ ​ ​ 3,084 ​ ​ ​ ​ ​ 1,532 ​ ​
(Increase) decrease in receivable for investments sold and repaid
​ ​ ​ ​ 7,691 ​ ​ ​ ​ ​ (76,731) ​ ​
(Increase) decrease in interest receivable
​ ​ ​ ​ 9,527 ​ ​ ​ ​ ​ (1,833) ​ ​
(Increase) decrease in swap income receivable
​ ​ ​ ​ — ​ ​ ​ ​ ​ 395 ​ ​
(Increase) decrease in prepaid expenses and other assets
​ ​ ​ ​ 80 ​ ​ ​ ​ ​ 96 ​ ​
Increase (decrease) in payable for investments purchased
​ ​ ​ ​ 10,474 ​ ​ ​ ​ ​ (27,592) ​ ​
Increase (decrease) in management fees payable
​ ​ ​ ​ 492 ​ ​ ​ ​ ​ 1,377 ​ ​
Increase (decrease) in administrative services expense payable
​ ​ ​ ​ 617 ​ ​ ​ ​ ​ 151 ​ ​
Increase (decrease) in interest payable(1)
​ ​ ​ ​ (8,924) ​ ​ ​ ​ ​ (6,146) ​ ​
Increase (decrease) in trustees’ fees payable
​ ​ ​ ​ 15 ​ ​ ​ ​ ​ 7 ​ ​
Increase (decrease) in other accrued expenses and liabilities
​ ​ ​ ​ 259 ​ ​ ​ ​ ​ (3,424) ​ ​
Net cash provided by (used in) operating activities
​ ​ ​ ​ 128,712 ​ ​ ​ ​ ​ 72,119 ​ ​
Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Repurchases of common shares
​ ​ ​ ​ — ​ ​ ​ ​ ​ (26,823) ​ ​
Shareholder distributions paid
​ ​ ​ ​ (7,847) ​ ​ ​ ​ ​ (25,743) ​ ​
Borrowings under credit facilities(1)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 160,000 ​ ​
Repayments of credit facilities(1)
​ ​ ​ ​ (185,000) ​ ​ ​ ​ ​ (55,000) ​ ​
Deferred financing costs paid
​ ​ ​ ​ (128) ​ ​ ​ ​ ​ (137) ​ ​
Net cash provided by (used in) financing activities
​ ​ ​ ​ (192,975) ​ ​ ​ ​ ​ 52,297 ​ ​
Total increase (decrease) in cash
​ ​ ​ ​ (64,263) ​ ​ ​ ​ ​ 124,416 ​ ​
Cash at beginning of period
​ ​ ​ ​ 142,536 ​ ​ ​ ​ ​ 150,419 ​ ​
Cash at end of period
​ ​ ​ $ 78,273 ​ ​ ​ ​ $ 274,835 ​ ​
Supplemental disclosure ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Reinvestment of shareholder distributions
​ ​ ​ $ 5,341 ​ ​ ​ ​ $ 15,429 ​ ​
Non-cash purchases of investments
​ ​ ​ $ (30,790) ​ ​ ​ ​ $ — ​ ​
Non-cash sales of investments
​ ​ ​ $ 30,790 ​ ​ ​ ​ $ — ​ ​
​
(1)
See Note 9 for a discussion of the Company’s financing arrangements. During the three months ended March 31, 2021 and 2020, the Company paid $21,330 and $25,670, respectively, in interest expense on the financing arrangements and Senior Secured Notes.
​
See notes to unaudited consolidated financial statements.
4
 
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments 
As of March 31, 2021
(in thousands, except share amounts)
​
Portfolio Company(a)
​ ​
Footnotes
​ ​
Industry
​ ​
Rate(b)
​ ​
Floor
​ ​
Maturity
​ ​
Principal
Amount(c)
​ ​
Amortized
Cost
​ ​
Fair
Value(d)
​
Senior Secured Loans—First Lien—39.2% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
AIRRO (Mauritius) Holdings II
​ ​
(k)(p)(s)
​ ​ Power ​ ​
L+350, 3.5% PIK, (3.5% Max PIK)
​ ​ ​ ​ 1.5% ​ ​ ​
7/24/25
​ ​ ​ $ 21,206 ​ ​ ​ ​ $ 18,554 ​ ​ ​ ​ $ 16,663 ​ ​
AIRRO (Mauritius) Holdings II
​ ​
(e)(k)(p)(s)
​ ​ Power ​ ​
L+350, 3.5% PIK, (3.5% Max PIK)
​ ​ ​ ​ 1.5% ​ ​ ​
7/24/25
​ ​ ​ ​ 14,898 ​ ​ ​ ​ ​ 14,898 ​ ​ ​ ​ ​ 11,706 ​ ​
Allied Wireline Services, LLC
​ ​
(f)(n)(s)(x)
​ ​
Service & Equipment
​ ​
10.0% PIK (10.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
6/15/25
​ ​ ​ ​ 53,007 ​ ​ ​ ​ ​ 53,007 ​ ​ ​ ​ ​ 53,007 ​ ​
ARB Midstream Operating Company, LLC
​ ​
(s)
​ ​ Midstream ​ ​
L+1025
​ ​ ​ ​ 1.0% ​ ​ ​
11/6/21
​ ​ ​ ​ 1,670 ​ ​ ​ ​ ​ 1,669 ​ ​ ​ ​ ​ 1,649 ​ ​
Bioenergy Infrastructure Holdings Limited
​ ​
(k)(s)
​ ​ Power ​ ​
L+725
​ ​ ​ ​ 1.0% ​ ​ ​
12/22/22
​ ​ ​ ​ 429 ​ ​ ​ ​ ​ 429 ​ ​ ​ ​ ​ 418 ​ ​
Birch Permian LLC
​ ​
(s)
​ ​ Upstream ​ ​
L+800
​ ​ ​ ​ 1.5% ​ ​ ​
4/12/23
​ ​ ​ ​ 49,865 ​ ​ ​ ​ ​ 49,622 ​ ​ ​ ​ ​ 49,555 ​ ​
Brazos Delaware II LLC
​ ​ ​ ​ ​ Midstream ​ ​
L+400
​ ​ ​ ​ ​ ​ ​ ​
5/21/25
​ ​ ​ ​ 40,004 ​ ​ ​ ​ ​ 38,143 ​ ​ ​ ​ ​ 37,479 ​ ​
Cimarron Energy Inc.
​ ​
(s)
​ ​
Service & Equipment
​ ​
L+900
​ ​ ​ ​ 1.0% ​ ​ ​
12/31/22
​ ​ ​ ​ 7,500 ​ ​ ​ ​ ​ 7,500 ​ ​ ​ ​ ​ 6,656 ​ ​
Cox Oil Offshore, LLC, Volumetric Production Payments
​ ​
(i)(o)(s)(v)
​ ​ Upstream ​ ​
0%
​ ​ ​ ​ ​ ​ ​ ​
12/31/23
​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ 33,275 ​ ​ ​ ​ ​ 30,463 ​ ​
EIF Van Hook Holdings, LLC
​ ​ ​ ​ ​ Midstream ​ ​
L+525
​ ​ ​ ​ ​ ​ ​ ​
9/5/24
​ ​ ​ ​ 32,716 ​ ​ ​ ​ ​ 32,136 ​ ​ ​ ​ ​ 21,347 ​ ​
FR BR Holdings LLC
​ ​
(f)(s)
​ ​ Midstream ​ ​
L+650
​ ​ ​ ​ ​ ​ ​ ​
12/14/23
​ ​ ​ ​ 83,373 ​ ​ ​ ​ ​ 80,265 ​ ​ ​ ​ ​ 83,095 ​ ​
FR XIII PAA Holdings HoldCo, LLC
​ ​
(s)
​ ​ Midstream ​ ​
L+725
​ ​ ​ ​ 0.5% ​ ​ ​
10/15/26
​ ​ ​ ​ 29,688 ​ ​ ​ ​ ​ 29,129 ​ ​ ​ ​ ​ 29,589 ​ ​
Luxe Drillship Operating, LLC
​ ​
(s)
​ ​ Upstream ​ ​
8.0%
​ ​ ​ ​ ​ ​ ​ ​
10/30/24
​ ​ ​ ​ 15,966 ​ ​ ​ ​ ​ 15,173 ​ ​ ​ ​ ​ 14,986 ​ ​
MECO IV LLC
​ ​
(s)
​ ​ Upstream ​ ​
L+925
​ ​ ​ ​ 1.5% ​ ​ ​
9/14/21
​ ​ ​ ​ 33,250 ​ ​ ​ ​ ​ 33,047 ​ ​ ​ ​ ​ 23,275 ​ ​
MRP CalPeak Holdings, LLC
​ ​
(s)
​ ​ Power ​ ​
L+525
​ ​ ​ ​ 1.5% ​ ​ ​
1/27/25
​ ​ ​ ​ 14,290 ​ ​ ​ ​ ​ 14,290 ​ ​ ​ ​ ​ 14,144 ​ ​
MRP West Power Holdings II, LLC
​ ​
(s)
​ ​ Power ​ ​
L+525
​ ​ ​ ​ 1.5% ​ ​ ​
1/27/25
​ ​ ​ ​ 14,401 ​ ​ ​ ​ ​ 14,401 ​ ​ ​ ​ ​ 14,253 ​ ​
Navitas Midstream Midland Basin LLC
​ ​ ​ ​ ​ Midstream ​ ​
L+450
​ ​ ​ ​ 1.0% ​ ​ ​
12/13/24
​ ​ ​ ​ 29,574 ​ ​ ​ ​ ​ 28,830 ​ ​ ​ ​ ​ 29,639 ​ ​
Navitas Midstream Midland Basin LLC (Mirror Tranche)
​ ​ ​ ​ ​ Midstream ​ ​
L+450
​ ​ ​ ​ 1.0% ​ ​ ​
12/13/24
​ ​ ​ ​ 39,300 ​ ​ ​ ​ ​ 38,020 ​ ​ ​ ​ ​ 39,386 ​ ​
NNE Holding LLC
​ ​
(s)
​ ​ Upstream ​ ​
L+475, 4.5% PIK (4.5% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
3/2/22
​ ​ ​ ​ 40,910 ​ ​ ​ ​ ​ 40,881 ​ ​ ​ ​ ​ 38,865 ​ ​
Permian Production Holdings, LLC
​ ​
(f)(s)(w)
​ ​ Upstream ​ ​
7.0%, 2.0% PIK (2.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
11/23/25
​ ​ ​ ​ 14,147 ​ ​ ​ ​ ​ 11,659 ​ ​ ​ ​ ​ 13,715 ​ ​
Plainfield Renewable Energy Holdings LLC
​ ​
(f)(s)
​ ​ Power ​ ​
10.0% (10.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
8/22/25
​ ​ ​ ​ 3,148 ​ ​ ​ ​ ​ 3,148 ​ ​ ​ ​ ​ — ​ ​
Plainfield Renewable Energy Holdings LLC, Letter of Credit
​ ​
(e)(o)(s)
​ ​ Power ​ ​
10.0%
​ ​ ​ ​ ​ ​ ​ ​
8/22/23
​ ​ ​ ​ 2,709 ​ ​ ​ ​ ​ 2,709 ​ ​ ​ ​ ​ — ​ ​
Plainfield Renewable Energy Holdings LLC
​ ​
(f)(s)
​ ​ Power ​ ​
15.5% (9.5% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
8/22/25
​ ​ ​ ​ 11,310 ​ ​ ​ ​ ​ 11,310 ​ ​ ​ ​ ​ 10,953 ​ ​
Swift Worldwide Resources US Holdings Corp.
​ ​
(s)
​ ​
Service & Equipment
​ ​
L+1000, 1.0% PIK (1.0% Max PIK)
​ ​ ​ ​ 2.5% ​ ​ ​
7/20/21
​ ​ ​ ​ 61,366 ​ ​ ​ ​ ​ 61,366 ​ ​ ​ ​ ​ 61,366 ​ ​
Warren Resources, Inc.
​ ​
(s)(x)
​ ​ Upstream ​ ​
L+900, 1.0% PIK (1.0% Max PIK)
​ ​ ​ ​ 1.0% ​ ​ ​
5/22/24
​ ​ ​ ​ 27,857 ​ ​ ​ ​ ​ 27,857 ​ ​ ​ ​ ​ 27,857 ​ ​
Total Senior Secured Loans—First Lien
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 661,318 ​ ​ ​ ​ ​ 630,066 ​ ​
Unfunded Loan Commitments
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (17,607) ​ ​ ​ ​ ​ (17,607) ​ ​
Net Senior Secured Loans—First Lien
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 643,711 ​ ​ ​ ​ ​ 612,459 ​ ​
Senior Secured Loans—Second Lien—11.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Aethon III BR LLC
​ ​
(f)(s)
​ ​ Upstream ​ ​
L+750
​ ​ ​ ​ 1.5% ​ ​ ​
1/10/25
​ ​ ​ ​ 20,000 ​ ​ ​ ​ ​ 19,752 ​ ​ ​ ​ ​ 20,498 ​ ​
Chisholm Energy Holdings, LLC
​ ​
(f)(s)
​ ​ Upstream ​ ​
L+625
​ ​ ​ ​ 1.5% ​ ​ ​
5/15/26
​ ​ ​ ​ 17,143 ​ ​ ​ ​ ​ 17,084 ​ ​ ​ ​ ​ 16,913 ​ ​
Encino Acquisition Partners Holdings LLC
​ ​
(f)
​ ​ Upstream ​ ​
L+675
​ ​ ​ ​ 1.0% ​ ​ ​
10/29/25
​ ​ ​ ​ 41,828 ​ ​ ​ ​ ​ 36,206 ​ ​ ​ ​ ​ 39,092 ​ ​
Great Western Petroleum, LLC
​ ​
(w)
​ ​ Upstream ​ ​
12.0%
​ ​ ​ ​ ​ ​ ​ ​
9/1/25
​ ​ ​ ​ 55,096 ​ ​ ​ ​ ​ 53,742 ​ ​ ​ ​ ​ 49,587 ​ ​
Peak Exploration & Production, LLC
​ ​
(f)(s)
​ ​ Upstream ​ ​
L+675
​ ​ ​ ​ 1.5% ​ ​ ​
11/16/23
​ ​ ​ ​ 13,545 ​ ​ ​ ​ ​ 13,501 ​ ​ ​ ​ ​ 13,412 ​ ​
Peak Exploration & Production, LLC
​ ​
(e)(s)
​ ​ Upstream ​ ​
L+675
​ ​ ​ ​ 1.5% ​ ​ ​
11/16/23
​ ​ ​ ​ 1,505 ​ ​ ​ ​ ​ 1,505 ​ ​ ​ ​ ​ 1,490 ​ ​
Penn Virginia Holdings Corp.
​ ​
(f)(k)(s)
​ ​ Upstream ​ ​
L+825
​ ​ ​ ​ 1.0% ​ ​ ​
9/29/24
​ ​ ​ ​ 15,481 ​ ​ ​ ​ ​ 15,156 ​ ​ ​ ​ ​ 14,862 ​ ​
SilverBow Resources, Inc.
​ ​
(k)(s)
​ ​ Upstream ​ ​
L+750
​ ​ ​ ​ 1.0% ​ ​ ​
12/15/24
​ ​ ​ ​ 19,000 ​ ​ ​ ​ ​ 18,883 ​ ​ ​ ​ ​ 17,100 ​ ​
Total Senior Secured Loans—Second Lien
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 175,829 ​ ​ ​ ​ ​ 172,954 ​ ​
Unfunded Loan Commitment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,505) ​ ​ ​ ​ ​ (1,505) ​ ​
Net Senior Secured Loans—Second Lien
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 174,324 ​ ​ ​ ​ ​ 171,449 ​ ​
Senior Secured Bonds—23.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Allied Wireline Services, LLC
​ ​
(f)(s)(x)
​ ​
Service & Equipment
​ ​
8.0%
​ ​ ​ ​ ​ ​ ​ ​
9/30/21
​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 2,500 ​ ​
Allied Wireline Services, LLC
​ ​
(e)(s)(x)
​ ​
Service & Equipment
​ ​
8.0%
​ ​ ​ ​ ​ ​ ​ ​
9/30/21
​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ 2,500 ​ ​
Black Swan Energy Ltd.
​ ​
(f)(k)(s)
​ ​ Upstream ​ ​
9.0%
​ ​ ​ ​ ​ ​ ​ ​
1/20/24
​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 90,000 ​ ​ ​ ​ ​ 89,100 ​ ​
Limetree Bay Ventures, LLC
​ ​
(f)(m)(o)(s)(w)
​ ​ Midstream ​ ​
20.0% PIK (20.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
1/4/21
​ ​ ​ $ 25,538 ​ ​ ​ ​ $ 25,562 ​ ​ ​ ​ $ 11,587 ​ ​
See notes to unaudited consolidated financial statements.
5
 
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of March 31, 2021
(in thousands, except share amounts)
​
Portfolio Company(a)
​ ​
Footnotes
​ ​
Industry
​ ​
Rate(b)
​ ​
Floor
​ ​
Maturity
​ ​
Principal
Amount(c)
​ ​
Amortized
Cost
​ ​
Fair
Value(d)
​
Limetree Bay Ventures, LLC
​ ​
(f)(m)(o)(s)(w)
​ ​ Midstream ​ ​
20.0% PIK (20.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
1/4/21
​ ​ ​ ​ 36,308 ​ ​ ​ ​ ​ 34,158 ​ ​ ​ ​ ​ 16,473 ​ ​
Limetree Bay Ventures, LLC
​ ​
(f)(m)(o)(s)(w)
​ ​ Midstream ​ ​
20.0% PIK (20.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
2/4/21
​ ​ ​ ​ 270,251 ​ ​ ​ ​ ​ 49,192 ​ ​ ​ ​ ​ 122,613 ​ ​
Talen Energy Supply LLC
​ ​
(h)
​ ​ Power ​ ​
7.3%
​ ​ ​ ​ ​ ​ ​ ​
5/15/27
​ ​ ​ ​ 15,000 ​ ​ ​ ​ ​ 15,356 ​ ​ ​ ​ ​ 15,362 ​ ​
Velvet Energy Ltd.
​ ​
(f)(k)(s)
​ ​ Upstream ​ ​
9.0%
​ ​ ​ ​ ​ ​ ​ ​
10/5/23
​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 120,000 ​ ​ ​ ​ ​ 106,848 ​ ​
Total Senior Secured Bonds
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 339,268 ​ ​ ​ ​ ​ 366,983 ​ ​
Unfunded Bond Commitment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,500) ​ ​ ​ ​ ​ (2,500) ​ ​
Net Senior Secured Bonds
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 336,768 ​ ​ ​ ​ ​ 364,483 ​ ​
Unsecured Debt—9.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Aethon United BR LP
​ ​ ​ ​ ​ Upstream ​ ​
8.3%
​ ​ ​ ​ ​ ​ ​ ​
2/15/26
​ ​ ​ ​ 40,500 ​ ​ ​ ​ ​ 40,500 ​ ​ ​ ​ ​ 41,994 ​ ​
Global Jet Capital Holdings, LP
​ ​
(f)(s)
​ ​ Industrials ​ ​
15.0% PIK (15.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
1/30/25
​ ​ ​ ​ 1,379 ​ ​ ​ ​ ​ 1,208 ​ ​ ​ ​ ​ 1,195 ​ ​
Global Jet Capital Holdings, LP
​ ​
(f)(s)
​ ​ Industrials ​ ​
15.0% PIK (15.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
4/30/25
​ ​ ​ ​ 8,767 ​ ​ ​ ​ ​ 7,674 ​ ​ ​ ​ ​ 7,594 ​ ​
Global Jet Capital Holdings, LP
​ ​
(f)(s)
​ ​ Industrials ​ ​
15.0% PIK (15.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
9/3/25
​ ​ ​ ​ 1,812 ​ ​ ​ ​ ​ 1,586 ​ ​ ​ ​ ​ 1,569 ​ ​
Global Jet Capital Holdings, LP
​ ​
(f)(s)
​ ​ Industrials ​ ​
15.0% PIK (15.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
9/29/25
​ ​ ​ ​ 1,706 ​ ​ ​ ​ ​ 1,493 ​ ​ ​ ​ ​ 1,477 ​ ​
Global Jet Capital Holdings, LP
​ ​
(f)(s)
​ ​ Industrials ​ ​
15.0% PIK (15.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
12/2/26
​ ​ ​ ​ 1,500 ​ ​ ​ ​ ​ 1,313 ​ ​ ​ ​ ​ 1,299 ​ ​
Hammerhead Resources Inc.
​ ​
(f)(k)(s)
​ ​ Upstream ​ ​
12.0% PIK (12.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
7/15/24
​ ​ ​ ​ 59,382 ​ ​ ​ ​ ​ 58,928 ​ ​ ​ ​ ​ 59,382 ​ ​
Limetree Bay Ventures, LLC
​ ​
(f)(m)(o)(s)(w)
​ ​ Midstream ​ ​
15.0% PIK (15.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
3/3/21
​ ​ ​ ​ 37,778 ​ ​ ​ ​ ​ 37,814 ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC
​ ​
(f)(m)(o)(s)(w)
​ ​ Midstream ​ ​
20.0% PIK (20.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
2/1/21
​ ​ ​ ​ 9,882 ​ ​ ​ ​ ​ 9,892 ​ ​ ​ ​ ​ — ​ ​
Moss Creek Resources, LLC
​ ​ ​ ​ ​ Upstream ​ ​
7.5%
​ ​ ​ ​ ​ ​ ​ ​
1/15/26
​ ​ ​ ​ 6,693 ​ ​ ​ ​ ​ 5,129 ​ ​ ​ ​ ​ 5,402 ​ ​
Tenrgys, LLC
​ ​
(f)(m)(n)(o)(s)
​ ​ Upstream ​ ​
L+900
​ ​ ​ ​ 2.5% ​ ​ ​
12/23/18
​ ​ ​ ​ 75,000 ​ ​ ​ ​ ​ 75,300 ​ ​ ​ ​ ​ 28,000 ​ ​
Total Unsecured Debt
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 240,837 ​ ​ ​ ​ ​ 147,912 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Number of
Shares
​ ​
Amortized
Cost
​ ​
Fair
Value(d)
​
Preferred Equity—31.0%(l) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Abaco Energy Technologies LLC, Preferred Equity
​ ​
(f)(o)(s)
​ ​
Service & Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 28,942,003 ​ ​ ​ ​ $ 1,447 ​ ​ ​ ​ $ 5,846 ​ ​
Altus Midstream LP, Series A Preferred Units
​ ​
(j)(s)
​ ​ Midstream ​ ​
11.0%
​ ​ ​ ​ ​ ​ ​ ​
6/28/26
​ ​ ​ ​ 52,856 ​ ​ ​ ​ ​ 56,824 ​ ​ ​ ​ ​ 55,961 ​ ​
Global Jet Capital Holdings, LP, Preferred Equity
​ ​
(f)(o)(s)
​ ​ Industrials ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 27,856 ​ ​ ​ ​ ​ 2,786 ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC, Preferred Equity
​ ​
(f)(m)(o)(s)(w)
​ ​ Midstream ​ ​
13.5%
​ ​ ​ ​ ​ ​ ​ ​
11/30/24
​ ​ ​ ​ 95,821,000 ​ ​ ​ ​ ​ 86,729 ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC, Preferred Equity
​ ​
(f)(m)(o)(s)(w)
​ ​ Midstream ​ ​
13.5%
​ ​ ​ ​ ​ ​ ​ ​
11/27/23
​ ​ ​ ​ 59,819,000 ​ ​ ​ ​ ​ 53,548 ​ ​ ​ ​ ​ — ​ ​
NGL Energy Partners, LP, Preferred Equity
​ ​
(f)(k)(m)(o)(s)
​ ​ Midstream ​ ​
14.2%
​ ​ ​ ​ ​ ​ ​ ​
7/2/27
​ ​ ​ ​ 156,250 ​ ​ ​ ​ ​ 157,632 ​ ​ ​ ​ ​ 125,000 ​ ​
NuStar, Preferred Equity
​ ​
(f)(k)(s)
​ ​ Midstream ​ ​
12.8%
​ ​ ​ ​ ​ ​ ​ ​
6/29/28
​ ​ ​ ​ 3,910,165 ​ ​ ​ ​ ​ 102,806 ​ ​ ​ ​ ​ 122,837 ​ ​
Segreto Power Holdings, LLC, Preferred Equity
​ ​
(g)(s)
​ ​ Power ​ ​
13.1%
​ ​ ​ ​ ​ ​ ​ ​
6/30/25
​ ​ ​ ​ 70,297 ​ ​ ​ ​ ​ 95,086 ​ ​ ​ ​ ​ 81,912 ​ ​
USA Compression Partners, LP, Preferred Equity
​ ​
(k)(s)
​ ​ Midstream ​ ​
9.8%
​ ​ ​ ​ ​ ​ ​ ​
4/3/28
​ ​ ​ ​ 79,336 ​ ​ ​ ​ ​ 77,639 ​ ​ ​ ​ ​ 91,459 ​ ​
Total Preferred Equity
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 634,497 ​ ​ ​ ​ ​ 483,015 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Principal
Amount(c)
​ ​
Amortized
Cost
​ ​
Fair
Value(d)
​
Sustainable Infrastructure Investments, LLC—3.8% ​ ​ ​ ​ ​ ​ ​ ​ ​
Sustainable Infrastructure Investments, LLC
​ ​
(k)(s)(x)
​ ​ Power ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 60,603 ​ ​ ​ ​ $ 60,603 ​ ​ ​ ​ $ 59,846 ​ ​
Total Sustainable Infrastructure Investments, LLC
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 60,603 ​ ​ ​ ​ ​ 59,846 ​ ​
​
See notes to unaudited consolidated financial statements.
6
 
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of March 31, 2021
(in thousands, except share amounts)
​
Portfolio Company(a)
​ ​
Footnotes
​ ​
Industry
​ ​
Number of
Shares
​ ​
Amortized
Cost
​ ​
Fair
Value(d)
​
Equity/Other—24.1%(l) ​ ​ ​ ​ ​ ​ ​ ​
Abaco Energy Technologies LLC, Common Equity
​ ​
(f)(o)(s)
​ ​
Service & Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,944,444 ​ ​ ​ ​ $ 6,944 ​ ​ ​ ​ $ 958 ​ ​
AIRRO (Mauritius) Holdings II, Warrants
​ ​
(f)(k)(o)(p)(s)
​ ​ Power ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 35 ​ ​ ​ ​ ​ 2,652 ​ ​ ​ ​ ​ 2,466 ​ ​
Allied Wireline Services, LLC, Common Equity
​ ​
(f)(n)(o)(s)(x)
​ ​
Service & Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 48,400 ​ ​ ​ ​ ​ 1,527 ​ ​ ​ ​ ​ 2,698 ​ ​
Allied Wireline Services, LLC, Warrants
​ ​
(n)(o)(s)(x)
​ ​
Service & Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 22,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Arena Energy, LP, Contingent Value Rights
​ ​
(f)(o)(s)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 126,632,117 ​ ​ ​ ​ ​ 351 ​ ​ ​ ​ ​ 813 ​ ​
Ascent Resources Utica Holdings, LLC, Common Equity
​ ​
(f)(o)(q)(s)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 148,692,908 ​ ​ ​ ​ ​ 44,700 ​ ​ ​ ​ ​ 33,530 ​ ​
Chisholm Oil and Gas, LLC, Series A Units
​ ​
(g)(o)(s)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 14,700,000 ​ ​ ​ ​ ​ 14,700 ​ ​ ​ ​ ​ — ​ ​
Cimarron Energy Holdco Inc., Common Equity
​ ​
(f)(o)(s)
​ ​
Service & Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,302,293 ​ ​ ​ ​ ​ 3,950 ​ ​ ​ ​ ​ 32 ​ ​
Cimarron Energy Holdco Inc., Participation Option
​ ​
(f)(o)(s)
​ ​
Service & Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 25,000,000 ​ ​ ​ ​ ​ 1,289 ​ ​ ​ ​ ​ 188 ​ ​
Denbury Inc., Common Equity
​ ​
(f)(k)(o)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 665,510 ​ ​ ​ ​ ​ 12,046 ​ ​ ​ ​ ​ 31,871 ​ ​
Great Western Petroleum, LLC, Common Equity
​ ​
(f)(o)(r)(s)(w)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105,785 ​ ​ ​ ​ ​ 30,790 ​ ​ ​ ​ ​ 30,790 ​ ​
Harvest Oil & Gas Corp., Common Equity
​ ​
(f)(o)(w)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 135,062 ​ ​ ​ ​ ​ 17,558 ​ ​ ​ ​ ​ 3,039 ​ ​
Limetree Bay Ventures, LLC, Common Equity
​ ​
(f)(o)(s)(w)
​ ​ Midstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 128,645 ​ ​ ​ ​ ​ 3,406 ​ ​ ​ ​ ​ — ​ ​
Lonestar Resources US Inc., Common Equity
​ ​
(f)(o)(w)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 864,000 ​ ​ ​ ​ ​ 2,376 ​ ​ ​ ​ ​ 4,838 ​ ​
Luxe Drillship Operating, LLC, Overriding Royalty Interest
​ ​
(f)(o)(s)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ N/A ​ ​ ​ ​ ​ 1,354 ​ ​ ​ ​ ​ 781 ​ ​
Maverick Natural Resources, LLC, Common Equity
​ ​
(f)(g)(n)(o)(s)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 503,176 ​ ​ ​ ​ ​ 138,208 ​ ​ ​ ​ ​ 179,966 ​ ​
MB Precision Investment Holdings LLC, Class A-2 Units
​ ​
(f)(n)(o)(s)
​ ​ Industrials ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,426,110 ​ ​ ​ ​ ​ 490 ​ ​ ​ ​ ​ — ​ ​
NGL Energy Partners, LP, Warrants (Par)
​ ​
(f)(k)(o)(s)
​ ​ Midstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,187,500 ​ ​ ​ ​ ​ 3,083 ​ ​ ​ ​ ​ 460 ​ ​
NGL Energy Partners, LP, Warrants (Premium)
​ ​
(f)(k)(o)(s)
​ ​ Midstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,125,000 ​ ​ ​ ​ ​ 2,623 ​ ​ ​ ​ ​ 527 ​ ​
NGL Energy Partners, LP, Warrants (Premium)
​ ​
(f)(k)(o)(s)
​ ​ Midstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 781,250 ​ ​ ​ ​ ​ 576 ​ ​ ​ ​ ​ 123 ​ ​
NGL Energy Partners, LP, Warrants (Par)
​ ​
(f)(k)(o)(s)
​ ​ Midstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 546,880 ​ ​ ​ ​ ​ 630 ​ ​ ​ ​ ​ 110 ​ ​
Permian Production Holdings, LLC, Common Equity
​ ​
(n)(o)(s)(w)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,951,667 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,552 ​ ​
Ridgeback Resources Inc., Common Equity
​ ​
(f)(k)(o)(s)(t)(w)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,599,928 ​ ​ ​ ​ ​ 58,985 ​ ​ ​ ​ ​ 45,625 ​ ​
Rosehill Operating Company, LLC, Common Equity
​ ​
(f)(n)(o)(s)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,973 ​ ​ ​ ​ ​ 2,182 ​ ​ ​ ​ ​ 3,317 ​ ​
Swift Worldwide Resources Holdco Limited, Common Equity
​ ​
(f)(k)(o)(s)(u)
​ ​
Service & Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,750,000 ​ ​ ​ ​ ​ 6,029 ​ ​ ​ ​ ​ 3,225 ​ ​
UP Energy, LLC, Common Equity
​ ​
(f)(o)(s)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 367,237 ​ ​ ​ ​ ​ 9,019 ​ ​ ​ ​ ​ 10,740 ​ ​
USA Compression Partners, LP, Warrants (Market)
​ ​
(f)(k)(o)(s)
​ ​ Midstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 793,359 ​ ​ ​ ​ ​ 555 ​ ​ ​ ​ ​ 2,399 ​ ​
USA Compression Partners, LP, Warrants (Premium)
​ ​
(f)(k)(o)(s)
​ ​ Midstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,586,719 ​ ​ ​ ​ ​ 714 ​ ​ ​ ​ ​ 3,945 ​ ​
Warren Resources, Inc., Common Equity
​ ​
(f)(o)(s)(x)
​ ​ Upstream ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,415,749 ​ ​ ​ ​ ​ 20,754 ​ ​ ​ ​ ​ 10,708 ​ ​
Total Equity/Other
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 387,491 ​ ​ ​ ​ ​ 376,701 ​ ​
TOTAL INVESTMENTS—142.0%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,478,231 ​ ​ ​ ​ ​ 2,215,865 ​ ​
LIABILITIES IN EXCESS OF OTHER ASSETS—(42.0%)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (655,410) ​ ​
NET ASSETS—100.0%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,560,455 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
(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 March 31, 2021, the three-month London Interbank Offered Rate, or LIBOR, was 0.19% and the U.S. Prime Lending Rate, or Prime, was 3.25%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment.
​
(c)
Denominated in U.S. dollars, unless otherwise noted.
​
(d)
Fair value determined by the Company’s board of trustees (see Note 8).
​
(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 is pledged as collateral supporting the amounts outstanding under the Senior Secured Notes with JPMorgan Chase Bank, N.A. (see Note 9).
​
See notes to unaudited consolidated financial statements.
7
 
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of March 31, 2021
(in thousands, except share amounts)
​
(g)
Security held within FS Energy Investments, LLC, a wholly-owned subsidiary of the Company.
​
(h)
Security or portion thereof held within Gladwyne Funding LLC, a wholly-owned subsidiary of the Company.
​
(i)
Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.
​
(j)
Security held within FS Power Investments, LLC, a wholly-owned subsidiary of the Company.
​
(k)
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 March 31, 2021, 65.8% of the Company’s total assets represented qualifying assets. Therefore, the Company may not make investments other than in qualifying assets until qualifying assets represent at least 70% of the Company’s total assets.
​
(l)
Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.
​
(m)
Security was on non-accrual status as of March 31, 2021.
​
(n)
Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.
​
(o)
Security is non-income producing.
​
(p)
Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.
​
(q)
Security held within EP American Energy Investments, Inc., a wholly-owned subsidiary of the Company.
​
(r)
Security held within EP Synergy Investments, Inc., a wholly-owned subsidiary of Gladwyne Funding LLC.
​
(s)
Security is classified as Level 3 in the Company’s fair value hierarchy (See Note 8).
​
(t)
Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of March 31, 2021.
​
(u)
Investment denominated in British pounds. Amortized cost and fair value are converted into U.S. dollars as of March 31, 2021.
​
(v)
Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.
​
See notes to unaudited consolidated financial statements.
8
 
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of March 31, 2021
(in thousands, except share amounts)
​
(w)
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 March 31, 2021, 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 three months ended March 31, 2021:
​
Portfolio Company
​ ​
Fair Value at
December 31,
2020
​ ​
Purchases,
Paid-in-Kind
Interest and
Transfers In
​ ​
Sales,
Repayments and
Transfers Out
​ ​
Accretion
of Discount
​ ​
Net Realized
Gain (Loss)
​ ​
Net Change
in Unrealized
Appreciation
(Depreciation)
​ ​
Fair Value at
March 31,
2021
​ ​
Interest
Income(1)
​ ​
PIK
Income(1)
​
Senior Secured Loans—First Lien ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Permian Production Holdings, LLC
​ ​ ​ $ 11,446 ​ ​ ​ ​ $ 72 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 89 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 2,108 ​ ​ ​ ​ $ 13,715 ​ ​ ​ ​ $ 336 ​ ​ ​ ​ $ 72 ​ ​
Warren Resources, Inc.(2)
​ ​ ​ ​ 27,788 ​ ​ ​ ​ ​ 69 ​ ​ ​ ​ ​ (27,857) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Senior Secured Loans—Second Lien ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Great Western Petroleum, LLC
​ ​ ​ ​ — ​ ​ ​ ​ ​ 53,727 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 15 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,155) ​ ​ ​ ​ ​ 49,587 ​ ​ ​ ​ ​ 731 ​ ​ ​ ​ ​ — ​ ​
Senior Secured Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Limetree Bay Ventures, LLC
​ ​ ​ ​ 25,538 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (13,951) ​ ​ ​ ​ ​ 11,587 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC
​ ​ ​ ​ 36,308 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 19 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (19,854) ​ ​ ​ ​ ​ 16,473 ​ ​ ​ ​ ​ 19 ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC
​ ​ ​ ​ 89,968 ​ ​ ​ ​ ​ 32,811 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (166) ​ ​ ​ ​ ​ 122,613 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Limetree Bay Ventures, LLC
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Preferred Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Limetree Bay Ventures, LLC, Preferred Equity
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC, Preferred Equity
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Equity/Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Great Western Petroleum, LLC, Common Equity
​ ​ ​ ​ — ​ ​ ​ ​ ​ 30,790 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 30,790 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Harvest Oil & Gas Corp., Common Equity
​ ​ ​ ​ 2,794 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 245 ​ ​ ​ ​ ​ 3,039 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Limetree Bay Ventures, LLC, Common Equity
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Lonestar Resources US Inc., Common Equity
​ ​ ​ ​ 2,592 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,246 ​ ​ ​ ​ ​ 4,838 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Permian Production Holdings, LLC, Common Equity
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,552 ​ ​ ​ ​ ​ 3,552 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Ridgeback Resources Inc., Common Equity
​ ​ ​ ​ 38,385 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,240 ​ ​ ​ ​ ​ 45,625 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Warren Resources, Inc., Common Equity(2)
​ ​ ​ ​ 4,460 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (20,754) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 16,294 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ $ 239,279 ​ ​ ​ ​ $ 117,469 ​ ​ ​ ​ $ (48,611) ​ ​ ​ ​ $ 123 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (6,441) ​ ​ ​ ​ $ 301,819 ​ ​ ​ ​ $ 1,086 ​ ​ ​ ​ $ 72 ​ ​
​
(1)
Interest and PIK income presented for the three months ended March 31, 2021.
​
(2)
The Company held this investment as of March 31, 2021 but it was not deemed to be an “affiliated person” of the portfolio company as March 31, 2021. Transfers in or out have been presented at amortized cost.
​
See notes to unaudited consolidated financial statements.
9
 
FS Energy and Power Fund
Unaudited Consolidated Schedule of Investments (Continued)
As of March 31, 2021
(in thousands, except share amounts)
​
(x)
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 March 31, 2021, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to such portfolio companies for the three months ended March 31, 2021:
​
Portfolio Company
​ ​
Fair Value at
December 31,
2020
​ ​
Purchases,
Paid-in-Kind
Interest and
Transfers In
​ ​
Sales,
Repayments
and Transfers Out
​ ​
Accretion
of Discount
​ ​
Net Realized
Gain (Loss)
​ ​
Net Change
in Unrealized
Appreciation
(Depreciation)
​ ​
Fair Value
at March 31,
2021
​ ​
Interest
Income(1)
​ ​
PIK
Income(1)
​
Senior Secured Loans—First Lien ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Allied Wireline Services, LLC
​ ​ ​ $ 53,007 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 53,007 ​ ​ ​ ​ $ 1,325 ​ ​ ​ ​ $ — ​ ​
Warren Resources, Inc.(2)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,857 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 27,857 ​ ​ ​ ​ ​ 695 ​ ​ ​ ​ ​ 69 ​ ​
Senior Secured Bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Allied Wireline Services, LLC
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,500 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Sustainable Infrastructure Investments, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Sustainable Infrastructure Investments, LLC
​ ​ ​ ​ 61,816 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,970) ​ ​ ​ ​ ​ 59,846 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Equity/Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Allied Wireline Services, LLC, Common Equity
​ ​ ​ ​ 1,904 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 794 ​ ​ ​ ​ ​ 2,698 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Allied Wireline Services, LLC, Warrants
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Warren Resources, Inc., Common Equity(2)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 20,754 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (10,046) ​ ​ ​ ​ ​ 10,708 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ $ 116,727 ​ ​ ​ ​ $ 51,111 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (11,222) ​ ​ ​ ​ $ 156,616 ​ ​ ​ ​ $ 2,020 ​ ​ ​ ​ $ 69 ​ ​
​
(1)
Interest and PIK income presented for the three months ended March 31, 2021.
​
(2)
The Company held this investment as of December 31, 2020 but it was deemed to be an “affiliated person” of the portfolio company as December 31, 2020. Transfers in or out have been presented at amortized cost.
​
See notes to unaudited consolidated financial statements.
10
 
FS Energy and Power Fund
Consolidated Schedule of Investments 
As of December 31, 2020
(in thousands, except share amounts)
​
Portfolio Company(a)
​ ​
Footnotes
​ ​
Industry
​ ​
Rate(b)
​ ​
Floor
​ ​
Maturity
​ ​
Principal
Amount(c)
​ ​
Amortized
Cost
​ ​
Fair
Value(d)
​
Senior Secured Loans—First Lien—42.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
AIRRO (Mauritius) Holdings II
​ ​
(k)(p)(s)
​ ​ Power ​ ​
L+350, 3.5% PIK, (3.5% Max PIK)
​ ​ ​ ​ 1.5% ​ ​ ​
7/24/25
​ ​ ​ $ 20,734 ​ ​ ​ ​ $ 18,082 ​ ​ ​ ​ $ 15,992 ​ ​
AIRRO (Mauritius) Holdings II
​ ​
(e)(k)(p)(s)
​ ​ Power ​ ​
L+350, 3.5% PIK, (3.5% Max PIK)
​ ​ ​ ​ 1.5% ​ ​ ​
7/24/25
​ ​ ​ ​ 15,189 ​ ​ ​ ​ ​ 15,189 ​ ​ ​ ​ ​ 11,715 ​ ​
Allied Wireline Services, LLC
​ ​
(f)(n)(o)(s)(x)
​ ​
Service & Equipment
​ ​
10.0% PIK (10.0% Max PIK)
​ ​ ​ ​ ​ ​ ​ ​
6/15/25
​ ​ ​ ​ 53,007 ​ ​ ​ ​ ​ 53,007 ​ ​ ​ ​ ​ 53,007 ​ ​
ARB Midstream Operating Company, LLC
​ ​
(s)
​ ​ Midstream ​ ​
L+825
​ ​ ​ ​ 1.0% ​ ​ ​
11/6/21
​ ​ ​ ​ 1,807 ​ ​ ​ ​ ​ 1,804 ​ ​ ​ ​ ​ 1,698 ​ ​
Bioenergy Infrastructure Holdings Limited
​ ​
(k)(s)
​ ​ Power ​ ​
L+725
​ ​ ​ ​ 1.0% ​ ​ ​
12/22/22
​ ​ ​ ​ 429 ​ ​ ​ ​ ​ 429 ​ ​ ​ ​ ​ 395 ​ ​
Birch Permian LLC
​ ​
(s)
​ ​ Upstream ​ ​
L+800
​ ​ ​ ​ 1.5% ​ ​ ​
4/12/23
​ ​ ​ ​ 49,865 ​ ​ ​ ​ ​ 49,598 ​ ​ ​ ​ ​ 49,372 ​ ​
Brazos Delaware II LLC
​ ​ ​ ​ ​ Midstream ​ ​
L+400
​ ​ ​ ​ ​ ​ ​ ​
5/21/25
​ ​ ​ ​ 40,111 ​ ​ ​ ​ ​