FS Energy and Power Fund, a publicly registered non-traded business development company, announced its operating results for the quarter ended June 30, 2017.
Financial Highlights for the Second Quarter of 2017
● Net investment income was $0.14 per share in the second quarter of 2017, compared to $0.14 per share for the second quarter of 2016.
● Net increase (decrease) in net assets resulting from operations of $(0.34) per share in the second quarter of 2017, compared to $1.14 per share for the same quarter in 2016.
● Paid regular cash distributions to shareholders totaling approximately $0.18 per share
● Committed approximately $199.9 million to direct originations during the quarter ended June 30, 2017
● The fair value of FSEP’s investments was approximately $4.2 billion
● FSEP’s portfolio consisted of investments in 87 portfolio companies
● Core investment strategies represented 77 percent of the portfolio by fair value, including 49 percent in direct originations and 28 percent in opportunistic investments. Broadly syndicated/other investments represented 23 percent of the portfolio by fair value.
● Gross portfolio yield prior to leverage (based on amortized cost and excluding non-income producing assets) was 10.2 percent, unchanged from 10.2 percent as of December 31, 2016.
● Three investments were on non-accrual as of June 30, 2017, representing 0.2 percent of the investment portfolio based on fair value4
FS Energy and Power Fund focuses primarily on investing in the debt and income-oriented equity securities of privately held U.S. companies in the energy and power industry. The company closed its continuous public offering in November 2016 after raising approximately $4.3 billion in investor equity and continues to raise funds through its distribution reinvestment plan.
FSEP is advised by FS Investment Advisor LLC, an affiliate of FS Investments, and is sub-advised by GSO / Blackstone Debt Funds Management LLC, an affiliate of GSO Capital Partners LP. GSO, with approximately $94.5 billion in assets under management, is the credit platform of Blackstone, one of the world’s leading managers of alternative investments.