The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

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BDC portfolio

F• S•••••••• L•••••• F•••

BDCnon-tradedCIK 1501729file 814-00841PHILADELPHIA, PAmanaged by F••••• A••••••• L••
Fair value
$1.9B
as of Jun 30, 2025
Principal held
$1.7B
debt pieces, the filer's figure
Cost
$1.8B
104c on cost
Unfunded
n/a
commitments not yet drawn
Positions
124
77 borrowers
First lien
n/a
88% 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$1.9B as of Jun 30, 2025
Dec 31, 2021$408M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.9B7798c8564 bp
Mar 31, 2025$2.0B8498c9545 bp
Dec 31, 2024$2.7B9598c8563 bp
Sep 30, 2024$1.8B85100c9520 bp
Jun 30, 2024$1.7B8399c9507 bp
Mar 31, 2024$1.9B7295c7505 bp
Dec 31, 2023$2.2B7692c13510 bp
Sep 30, 2023$1.5B5995c8580 bp
Jun 30, 2023$1.5B5398c11589 bp
Mar 31, 2023$1.8B5499c12590 bp
Dec 31, 2022$2.3B6699c13588 bp
Dec 31, 2021$408M12n/a0n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed
Every position change, including routine ones
Largest facilities held, with co-lenders
    Schedule of investments at Jun 30, 2025
    124 positions
    BorrowerInstrumentPrincipalFair valueRateMaturity
    L••• A••••••••• L••. (fka AirSwift Holdings, Ltd.), Commercial &
    Professional Services
    		unstated lien unstated$385,000$385,000
    100c
    PIK 10.00%
    		Jul 1, 2029
    T••••••• L••equity equityn/a$133,000
    2c
    M•• S••••••• H•••••••• L••, A-3 Units, Commercial &
    Professional Services
    		unstated lien unstatedn/a$131,000
    25c
    P••••••••• R•••••••• E••••• H••••••• L••
    E•••••
    		unstated lien unstated$4.9M$0
    0c
    PIK 10.00%
    		Aug 22, 2025
    P••••••••• R•••••••• E••••• H••••••• L••, Letter of Credit
    E•••••
    		unstated lien unstated$2.3M$0
    0c
    		S+1000 bpAug 22, 2025
    T••••••• L••equity equityn/a$0
    N•• W••• P•••••• L••equity equityn/a$0
    B••••• S••••• W•••••••• C•• V• L••.
    Structured finance (CLO)
    		unstated lien unstatedn/an/a
    B••••• S••••• W•••••••• C•• V• L••.
    Structured finance (CLO)
    		unstated lien unstatedn/an/a
    B••••• S••••• C•• V• L••.
    Structured finance (CLO)
    		notes unsecured or subordinatedn/an/a
    N•• W••• P•••••• L••preferred equity equityn/an/a
    N•• W••• P•••••• L••equity equityn/an/a
    G•• M•••••••• H•••••• L••equity equityn/an/a
    P•••••• P••••••••• H•••••••• L••unstated lien unstatedn/an/a
    N•• W••• P•••••• L••unstated lien unstatedn/an/a
    P•••••• P••••••••• H•••••••• L••equity equityn/an/a
    D••••••••• E••••• C••••••• P••equity equityn/an/a
    T••••••• L••equity equityn/an/a
    R••••••• S•••••••• P•••••• L••unstated lien unstatedn/an/a
    H•••••• O•• • G•• C•••.equity equityn/an/a
    B••••• S••••• C•• I• L••.
    Structured finance (CLO)
    		notes unsecured or subordinatedn/an/a
    D••••••••• E••••• C••••••• P••equity equityn/an/a
    D••••••••• E••••• C••••••• P••equity equityn/an/a3.70%
    R••••••• S•••••••• P•••••• L••equity equityn/an/a
    Page 2 of 2Previous
    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