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F• S•••••••• L•••••• F•••

Business development companymanaged by F••••• A••••••• L••Non-tradedLatest schedule Jun 30, 2025· PHILADELPHIA, PA

A non-traded business development company, managed by F••••• A••••••• L••, holding $1.7B across 77 borrowers at Jun 30, 2025.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.7B
Borrowers
77
Mark on cost
98.2¢
Schedule of investments (124)Quarter by quarter
As of · the latest schedule of investments read for this BDC

Nothing material in the last 200 days. Last change: 30 Jun 2025, 1 borrower on non-accrual, $23.8M principal; the largest is P••••••••• R•••••••• E••••• H••••••• L•• ($23.8M).

Every headline figure, and the identifiersCIK 1501729 · file 814-00841Show
Fair value
$1.7B
as of Jun 30, 2025
Principal held
$1.7B
debt pieces, the filer's figure
Cost
$1.8B
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
124
77 borrowers
First lien
not established
94% debt by fair value
Quarters on the tape
12
since Dec 31, 2021
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$1.7B as of Jun 30, 2025
Dec 31, 2021$408M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.7B7798c8561 bp
Mar 31, 2025$1.9B8498c9544 bp
Dec 31, 2024$2.6B9398c8562 bp
Sep 30, 2024$1.7B85100c9521 bp
All 12 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2024$1.7B8399c9508 bp
Mar 31, 2024$1.8B7295c7505 bp
Dec 31, 2023$2.0B7393c13509 bp
Sep 30, 2023$1.5B5995c8578 bp
Jun 30, 2023$1.5B5398c11589 bp
Mar 31, 2023$1.8B5499c12590 bp
Dec 31, 2022$2.1B6699c13588 bp
Dec 31, 2021$408M12n/a0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Schedule of investments at Dec 31, 2021
20 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
G•••• W•••••• P••••••••• L••unstated lien unstatedNot disclosed$58.1M
S••••••••• I••••••••• I••••••••• L••unstated lien unstatedNot disclosed$50.8M
S••••••••• I••••••••• I••••••••• L••unstated lien unstatedNot disclosed$50.8M
R•••••••• R•••••••• I•••equity equityNot disclosed$48.4M
A••••• W••••••• S•••••••• L••unstated lien unstatedNot disclosed$46.3M
G•••• W•••••• P••••••••• L••equity equityNot disclosed$40.7M
W••••• R••••••••• I•••equity equityNot disclosed$25.9M
W••••• R••••••••• I•••unstated lien unstatedNot disclosed$23.7M
M••• I• H•••••• L••unstated lien unstatedNot disclosed$22.7M
P•••••• P••••••••• H•••••••• L••equity equityNot disclosed$8.8M
P•••••• P••••••••• H•••••••• L••unstated lien unstatedNot disclosed$7.9M
A••••• D••••••• T••••••••• L••unstated lien unstatedNot disclosed$7.8M
L••••••• B•• E•••••• L••equity equityNot disclosed$6.0M
M••• I• H•••••• L••equity equityNot disclosed$4.2M
L••••••• B•• E•••••• L••unstated lien unstatedNot disclosed$3.2M
H•••••• O•• • G•• C••••equity equityNot disclosed$2.8M
G•• M•••••••• H•••••• L••equity equityNot disclosed$0
A••••• W••••••• S•••••••• L••equity equityNot disclosed$0
A••••• W••••••• S•••••••• L••warrants equityNot disclosed$0
T••••••• L••equity equityNot disclosed$0
Page 1 of 1
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2012 to 2025reported
Filings listed
15reported10-Q and 10-K since 2022
Former names
FS Energy & Power Fundreported
Latest schedule
0001628280-25-040339reported
Capital chain

F• S•••••••• L•••••• F••• sits on 31 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

542 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)

Not yet on record: first lien.