DFX Intelligence

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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.

As of 2025-06-30 · the latest schedule of investments read for this BDC

Fair value: $1.7B
Borrowers: 77
Mark on cost: 98.2¢

Schedule of investments (124)Quarter by quarter

As of 2025-06-30 · 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

since Dec 31, 2021

Facilities held

0 sponsors financed

Portfolio through time

Fair value by quarter end$1.9B as of Jun 30, 2025

Dec 31, 2021$408M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.9B	77	98c	8	561 bp
Mar 31, 2025	$2.2B	84	98c	9	544 bp
Dec 31, 2024	$2.7B	93	98c	8	562 bp
Sep 30, 2024	$1.9B	85	100c	9	521 bp

All 12 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2024	$1.8B	83	99c	9	508 bp
Mar 31, 2024	$2.0B	72	95c	7	505 bp
Dec 31, 2023	$2.2B	73	93c	13	509 bp
Sep 30, 2023	$1.6B	59	95c	8	578 bp
Jun 30, 2023	$1.7B	53	98c	11	589 bp
Mar 31, 2023	$2.0B	54	99c	12	590 bp
Dec 31, 2022	$2.4B	66	99c	13	588 bp
Dec 31, 2021	$408M	12	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2025
••• Locked
New borrower on a BDC scheduleJun 30, 2025
••• Locked
New borrower on a BDC scheduleJun 30, 2025
••• Locked
New borrower on a BDC scheduleJun 30, 2025
••• Locked
New lender joined a facilityJun 30, 2025
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2025
••• Locked
Marked down (one lender)Jun 30, 2025
••• Locked
Marked down (one lender)Jun 30, 2025
••• Locked
Marked down (one lender)Jun 30, 2025
••• Locked
Maturity extended (observed)Jun 30, 2025
••• Locked
New borrower on a BDC scheduleMar 31, 2025
••• Locked
New borrower on a BDC scheduleMar 31, 2025
••• Locked
Lender left a facilityMar 31, 2025
••• Locked
Lender left a facilityMar 31, 2025
••• Locked
New borrower on a BDC scheduleMar 31, 2025
••• Locked
New lender joined a facilityMar 31, 2025
••• Locked
Lender left a facilityMar 31, 2025
••• Locked
New lender joined a facilityMar 31, 2025
••• Locked
Lender left a facilityMar 31, 2025
••• Locked
Marked down (one lender)Mar 31, 2025
••• Locked

Every position change, including routine ones

Schedule of investments at Mar 31, 2025

125 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••••• P••••••••• H•••••••• L••	unstated lien unstated	Not disclosed	$2.9M
P•••••• P••••••••• H•••••••• L•• E•••••	unstated lien unstated	$2.9M	$2.9M 103c	7.00% PIK 2.00%	Nov 23, 2025
C••••••• H•••••••• I••• H••••• C••• E•••••••• & Services	unstated lien unstated	$12.5M	$2.7M 24c	S+750 bp	Oct 1, 2025
E••••••••• C••••••••• I••••••••• I••• Capital G••••	unstated lien unstated	$2.6M	$2.6M 100c	S+650 bp	May 10, 2029
P•••••• G•••••• B••••• I••• I••••••••	unstated lien unstated	$2.5M	$2.4M 98c	S+575 bp	Dec 31, 2031
C••••••••• H•••••••• L•• C••••••• Services	unstated lien unstated	$2.1M	$2.2M 102c	S+650 bp	Jul 18, 2025
B••••• S••••• W•••••••• C•• V• L••• Structured finance (CLO)	unstated lien unstated	Not disclosed	$2.0M
B••••• S••••• W•••••••• C•• V• L••• Structured finance (CLO)	unstated lien unstated	$2.0M	$2.0M 100c	1.50%	Aug 1, 2025
P•••••• G•••••• B••••• I••• I••••••••	unstated lien unstated	$1.5M	$1.4M 98c	S+575 bp	Dec 31, 2030
C••••••••• H•••••••• L•• C••••••• Services	unstated lien unstated	$1.3M	$1.4M 101c	S+650 bp	Jul 18, 2028
A••••••• L•• P•••••••••, B••••••••• & L••• S•••••••	unstated lien unstated	$1.0M	$1.0M 112c	S+700 bp	Dec 31, 2029
T••••••• L••	equity equity	Not disclosed	$798,000 11c
C••••••••• H•••••••• L•• C••••••• Services	unstated lien unstated	$538,000	$549,000 102c	S+650 bp	Jul 18, 2025
H•••••• O•• • G•• C••••	equity equity	Not disclosed	$419,000
H•••••• O•• • G•• C••••	equity equity	Not disclosed	$419,000 3c
L••• A••••••••• L••• ••• A••••••• H•••••••• L•••• C••••••••• & P••••••••• Services	unstated lien unstated	$376,000	$376,000 100c	PIK 10.00%	Jul 1, 2029
M•• S••••••• H•••••••• L••• A•• U•••• C••••••••• & P••••••••• Services	unstated lien unstated	Not disclosed	$366,000 70c
W•••••••• L••• M•••• & E•••••••••	unstated lien unstated	$169,000	$167,000 162c	S+600 bp	Jul 23, 2029
P•••••• P••••••••• H•••••••• L••	equity equity	Not disclosed	$0
T••••••• L••	equity equity	Not disclosed	$0
G•• M•••••••• H•••••• L••	equity equity	Not disclosed	$0
P•••••• P••••••••• H•••••••• L••	equity equity	Not disclosed	$0 0c
P••••••••• R•••••••• E••••• H••••••• L•• E•••••	unstated lien unstated	$2.3M	$0 0c	10.00%	Aug 22, 2025
P••••••••• R•••••••• E••••• H••••••• L•• E•••••	unstated lien unstated	$4.6M	$0 0c	PIK 10.00%	Aug 22, 2025
T••••••• L••	equity equity	Not disclosed	$0

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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

Not yet on record: first lien.