FS Energy and Power Fund, a publicly registered non-traded business development company sponsored by FS Investments (formerly Franklin Square Capital Partners), announced its operating results for the first quarter of 2017.
Financial Highlights for the First Quarter of 2017
● Net investment income of $0.20 per share, compared to $0.17 per share year-over-year
● Net increase (decrease) in net assets resulting from operations of $0.14 per share, compared to $(0.10) per share year-over-year
● Net change in unrealized appreciation (depreciation) of $0.01 per share, compared to $(0.12) per share year-over-year
● Paid regular cash distributions to shareholders totaling approximately $0.18 per share
Portfolio Highlights as of March 31, 2017
● Committed approximately $352.7 million to direct originations during the quarter ended March 31, 2017
● The fair value of FSEP’s investments was approximately $4.2 billion
● FSEP’s portfolio consisted of investments in 87 portfolio companies
● Gross portfolio yield prior to leverage (based on amortized cost and excluding non-income producing assets) was 10.1 percent, compared to 9.6 percent year-over-year.
● Three investments were on non-accrual as of March 31, 2017, representing 0.2 percent of the investment portfolio based on fair value.
Quarterly Shareholder Conference Call
FSEP will host a conference call at 2:00 p.m. (Eastern Time) on Friday, May 19, 2017, to discuss its first quarter 2017 results. All interested parties are welcome to participate. You can access the conference call by dialing (877) 443-2408 and using conference ID 8085495 approximately 10 minutes prior to the call. A replay of the call will be available for a period of 30 days following the call.
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.
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 $93.1 billion in assets under management, is the credit platform of Blackstone, one of the world’s leading managers of alternative investments.