10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________

FORM 10-Q

___________________________

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-00841

___________________________

FS Energy and Power Fund

(Exact name of registrant as specified in its charter)

___________________________

Delaware	27-6822130
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
201 Rouse Boulevard Philadelphia, Pennsylvania	19112
(Address of principal executive office)	(Zip Code)

Registrant’s telephone number, including area code: (215) 495-1150

___________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	Accelerated filer	Non-accelerated filer	Smaller reporting company	Emerging growth company
¨	¨	x	¨	¨

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x.

Securities registered pursuant to Section 12(b) Act: None

Title of each class	Trading symbol(s)	Name on each exchange on which registered
N/A	N/A	N/A

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The issuer had 455,504,623 common shares of beneficial interest outstanding as of July 31, 2023.

TABLE OF CONTENTS

		Page
PART I—FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Consolidated Balance Sheets as of June 30, 2023 (Unaudited) and December 31, 2022	1
	Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022	2
	Unaudited Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 and 2022	3
	Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022	4
	Consolidated Schedules of Investments as of June 30, 2023 (Unaudited) and December 31, 2022	5
	Notes to Unaudited Consolidated Financial Statements	18
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	38
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	51
ITEM 4.	CONTROLS AND PROCEDURES	51
PART II—OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	52
ITEM 1A.	RISK FACTORS	52
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	53
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	53
ITEM 4.	MINE SAFETY DISCLOSURES	53
ITEM 5.	OTHER INFORMATION	53
ITEM 6.	EXHIBITS	54
	SIGNATURES	55

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

FS Energy and Power Fund

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

	June 30, 2023  (Unaudited)		December 31, 2022
Assets
Investments, at fair value
Non-controlled/unaffiliated investments (amortized cost—$1,202,527 and $1,656,169, respectively)	$	1,293,701	$	1,786,887
Non-controlled/affiliated investments (amortized cost—$25,483 and $94,068, respectively)	12,720		65,777
Controlled/affiliated investments (amortized cost—$178,328 and $172,703, respectively)	189,181		194,451
Total investments, at fair value (amortized cost—$1,406,338 and $1,922,940, respectively)	1,495,602		2,047,115
Cash	245,358		481,655
Receivable for investments sold and repaid	2,580		7,022
Interest receivable	13,742		21,932
Dividends receivable	359		878
Unrealized appreciation on swap contracts	505		—
Swap income receivable	105		83
Prepaid expenses and other assets	49		96
Total assets	$	1,758,300	$	2,558,781
Liabilities
Payable for investments purchased	$	53,758	$	—
Credit facilities payable (net of deferred financing costs of $0 and $238, respectively)(1)	—		305,438
Secured note payable (net of deferred financing costs of $0 and $1,253, respectively)(1)	—		454,671
Unrealized depreciation on swap contracts	—		698
Swap income payable	—		26
Shareholder distributions payable	13,624		13,543
Management fees payable	8,686		11,185
Administrative services expense payable	663		1,086
Interest payable	—		13,371
Trustees' fees payable	176		164
Other accrued expenses and liabilities	1,670		4,851
Total liabilities	78,577		805,033
Commitments and contingencies(2)
Shareholders' equity
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding	—		—
Common shares, $0.001 par value, 700,000,000 shares authorized, 454,129,547 and 451,465,673 shares issued and outstanding, respectively	454		451
Capital in excess of par value	3,201,678		3,191,293
Accumulated earnings (deficit)	(1,522,409)		(1,437,996)
Total shareholders' equity	1,679,723		1,753,748
Total liabilities and shareholders' equity	$	1,758,300	$	2,558,781
Net asset value per common share at period end	$	3.70	$	3.88

_________________________

(1)    See Note 9 for a discussion of the Company's financing arrangements.

(2)    See Note 10 for a discussion of the Company's commitments and contingencies.

See notes to unaudited consolidated financial statements.

1

FS Energy and Power Fund

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Investment income
From non-controlled/unaffiliated investments:
Interest income	$	21,599	$	23,713	$	51,789	$	46,853
Paid-in-kind interest income	7,245		7,098		11,551		11,521
Fee income	1,029		1,958		1,126		3,191
Dividend income	8,733		—		14,423		—
From non-controlled/affiliated investments:
Interest income	167		1,030		324		2,940
Paid-in-kind interest income	24		22		48		57
Fee income	—		7,268		—		7,268
Dividend income	—		3,691		—		5,417
From controlled/affiliated investments:
Interest income	2,619		2,072		5,078		4,109
Paid-in-kind interest income	60		221		232		891
Dividend income	—		—		—		735
Total investment income	41,476		47,073		84,571		82,982
Operating expenses
Management fees	8,705		11,276		19,179		22,011
Administrative services expenses	1,359		1,490		2,679		2,910
Share transfer agent fees	794		728		1,545		1,448
Accounting and administrative fees	179		189		362		366
Interest expense(1)	5,730		13,196		18,328		26,890
Trustees' fees	176		190		340		417
Other general and administrative expenses	2,651		868		3,354		2,312
Total operating expenses	19,594		27,937		45,787		56,354
Less: Management fee offset(2)	(19)		(1,700)		(274)		(2,398)
Net expenses	19,575		26,237		45,513		53,956
Net investment income	21,901		20,836		39,058		29,026
Realized and unrealized gain/loss
Net realized gain (loss) on investments:
Non-controlled/unaffiliated	(20,947)		(3,938)		(29,795)		(20,602)
Non-controlled/affiliated	(21,541)		53,584		(32,900)		41,204
Controlled/affiliated	—		10,858		—		10,858
Net realized gain (loss) on foreign currency	—		—		(120)		—
Net realized gain (loss) on swap contracts	214		(1,392)		226		(1,808)
Net realized gain (loss) on debt extinguishment	—		(183)		—		(929)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/unaffiliated	(15,025)		784		(39,544)		136,287
Non-controlled/affiliated	18,089		(53,922)		15,528		2,129
Controlled/affiliated	(7,502)		(10,941)		(10,895)		12,786
Net change in unrealized appreciation (depreciation) on swap contracts	126		(106)		1,203		(3,588)
Net change in unrealized appreciation (depreciation) on foreign currency	34		—		34		—
Total net realized and unrealized gain (loss)	(46,552)		(5,256)		(96,263)		176,337
Net increase (decrease) in net assets resulting from operations	$	(24,651)	$	15,580	$	(57,205)	$	205,363
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings per Share)	$	(0.05)	$	0.03	$	(0.13)	$	0.46
Weighted average shares outstanding	454,041,028		448,730,149		453,366,381		448,070,934

________________________

(1)    See Note 9 for a discussion of the Company's financing arrangements.

(2)    See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

See notes to unaudited consolidated financial statements.

2

FS Energy and Power Fund

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operations
Net investment income	$	21,901	$	20,836	$	39,058	$	29,026
Net realized gain (loss) on investments, foreign currency, swap contracts and debt extinguishment	(42,274)		58,929		(62,589)		28,723
Net change in unrealized appreciation (depreciation) on investments	(4,438)		(64,079)		(34,911)		151,202
Net change in unrealized appreciation (depreciation) on swap contracts	126		(106)		1,203		(3,588)
Net change in unrealized appreciation (depreciation) on foreign currency	34		—		34		—
Net increase (decrease) in net assets resulting from operations	(24,651)		15,580		(57,205)		205,363
Shareholder distributions(1)
Distributions to shareholders	(13,624)		(13,465)		(27,208)		(26,891)
Net decrease in net assets resulting from shareholder distributions	(13,624)		(13,465)		(27,208)		(26,891)
Capital share transactions(2)
Reinvestment of shareholder distributions	5,170		5,225		10,388		10,460
Net increase in net assets resulting from capital share transactions	5,170		5,225		10,388		10,460
Total increase (decrease) in net assets	(33,105)		7,340		(74,025)		188,932
Net assets at beginning of period	1,712,828		1,783,915		1,753,748		1,602,323
Net assets at end of period	$	1,679,723	$	1,791,255	$	1,679,723	$	1,791,255

_________________________

(1)See Note 5 for a discussion of the sources of distributions paid by the Company.

(2)See Note 3 for a discussion of the Company's common share transactions.

See notes to unaudited consolidated financial statements.

3

FS Energy and Power Fund

Unaudited Consolidated Statements of Cash Flows

(in thousands)

	Six Months Ended June 30,
	2023		2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	(57,205)	$	205,363
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(91,324)		(342,911)
Paid-in-kind interest	(11,831)		(12,469)
Proceeds from sales and repayments of investments	560,174		505,815
Net realized (gain) loss on investments	62,695		(31,460)
Net change in unrealized (appreciation) depreciation on investments	34,911		(151,202)
Net change in unrealized (appreciation) depreciation on swap contracts	(1,203)		3,588
Accretion of discount	(3,112)		(3,886)
Amortization of deferred financing costs and discount	2,778		3,718
(Increase) decrease in receivable for investments sold and repaid	4,442		(2,316)
(Increase) decrease in interest receivable	8,190		6,810
(Increase) decrease in dividends receivable	519		(3,691)
(Increase) decrease in swap income receivable	(22)		—
(Increase) decrease in prepaid expenses and other assets	47		98
Increase (decrease) in payable for investments purchased	53,758		(49,053)
Increase (decrease) in swap income payable	(26)		453
Increase (decrease) in management fees payable	(2,499)		(890)
Increase (decrease) in administrative services expense payable	(423)		353
Increase (decrease) in interest payable(1)	(13,371)		(938)
Increase (decrease) in trustees' fees payable	12		(10)
Increase (decrease) in other accrued expenses and liabilities	(3,181)		(515)
Net cash provided by (used in) operating activities	543,329		126,857
Cash flows from financing activities
Shareholder distributions paid	(16,739)		(16,354)
Borrowings under credit facilities(1)	—		29,009
Repayments of credit facilities(1)	(305,676)		(10,000)
Repayments under senior secured notes(1)	(457,075)		(31,925)
Deferred financing costs paid	(136)		(132)
Net cash provided by (used in) financing activities	(779,626)		(29,402)
Total increase (decrease) in cash	(236,297)		97,455
Cash at beginning of period	481,655		33,879
Cash at end of period	$	245,358	$	131,334
Supplemental disclosure
Non-cash reinvestment of shareholder distributions	$	10,388	$	10,460
Non-cash purchases of investments	$	(3,284)	$	(1,587)
Non-cash sales of investments	$	3,284	$	1,587
Federal and state taxes paid	$	3,234	$	1,007

_________________________

(1)    See Note 9 for a discussion of the Company's financing arrangements. During the six months ended June 30, 2023 and 2022, the Company paid $28,921 and $24,110, respectively, in interest expense on the financing arrangements and Senior Secured Notes.

See notes to unaudited consolidated financial statements.

4

FS Energy and Power Fund

Unaudited Consolidated Schedule of Investments

As of June 30, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—31.1%
Acrisure, LLC		Insurance	S+575	1.0%	2/15/27	$	9,975	$	10,044	$	10,062
AIRRO (Mauritius) Holdings II	(k)(p)(r)	Energy—Power	L+400, 3.0% PIK (3.0% Max PIK)	1.5%	7/24/25	23,071		20,419		23,243
AIRRO (Mauritius) Holdings II	(e)(k)(p)(r)	Energy—Power	L+400, 3.0% PIK (3.0% Max PIK)	1.5%	7/24/25	5,359		5,359		5,399
Allied Downhole Technologies, LLC	(r)(t)	Energy—Service & Equipment	8.0% PIK (8.0% Max PIK)		9/30/23	7,553		7,553		7,553
Allied Downhole Technologies, LLC	(e)(r)(t)	Energy—Service & Equipment	8.0% PIK (8.0% Max PIK)		9/30/23	2,500		2,500		2,500
Allied Universal Holdco, LLC		Consumer Services	S+375	0.5%	5/12/28	7,980		7,671		7,771
Allied Wireline Services, LLC	(r)(t)	Energy—Service & Equipment	10.0% PIK (10.0% Max PIK)		6/15/25	70,277		70,277		70,277
Aveanna Healthcare LLC		Health Care Equipment & Services	L+375	0.5%	7/17/28	9,975		8,583		8,562
Cox Oil Offshore, LLC, Volumetric Production Payments	(g)(i)(r)	Energy—Upstream	12.7%		12/31/23	100,000		6,120		8,507
CPV Shore Holdings LLC		Energy—Power	L+375		12/29/25	23,601		22,880		21,765
First Brands Group, LLC		Automobiles & Components	S+500	1.0%	3/30/27	6,982		6,817		6,853
FR BR Holdings LLC	(r)	Energy—Midstream	L+650		12/14/23	81,041		80,414		81,008
FR XIII PAA Holdings HoldCo, LLC	(r)	Energy—Midstream	L+750	0.5%	10/15/26	17,197		16,978		17,233
GasLog Ltd.	(k)(r)	Energy—Midstream	7.8%		3/31/29	14,648		14,562		14,012
GIP II Blue Holding LP		Energy—Midstream	S+450	1.0%	9/29/28	4,763		4,706		4,785
Goodnight Water Solutions, LLC	(r)	Energy—Midstream	S+700	0.5%	6/3/27	14,741		14,544		14,586
Mavis Tire Express Services TopCo, LP		Consumer Discretionary Distribution & Retail	S+400	0.8%	5/4/28	6,982		6,896		6,932
Meritage Midstream Services II, LLC	(r)	Energy—Midstream	S+675	1.0%	8/13/28	21,857		21,443		21,440
Parkway Generation LLC		Energy—Power	S+475	0.8%	2/18/29	5,760		5,711		5,631
Parkway Generation LLC		Energy—Power	S+475	0.8%	2/18/29	43,689		43,317		42,710
Permian Production Holdings, LLC	(r)(s)	Energy—Upstream	7.0%, 2.0% PIK (2.0% Max PIK)		11/23/25	4,815		4,379		4,815
Pinnacle Midland Gas Holdco LLC	(r)	Energy—Midstream	L+675	1.0%	12/9/26	9,370		9,338		9,294
Plainfield Renewable Energy Holdings LLC	(m)(o)(r)	Energy—Power	6.0%, 9.5% PIK (9.5% Max PIK)		8/22/25	13,297		12,329		9,565
Plainfield Renewable Energy Holdings LLC	(m)(o)(r)	Energy—Power	10.0% PIK (10.0% Max PIK)		8/22/25	4,015		3,827		—
Plainfield Renewable Energy Holdings LLC, Letter of Credit	(e)(r)	Energy—Power	10.0%		8/22/25	2,709		2,709		—
Potomac Energy Center, LLC	(r)	Energy—Power	L+600	0.5%	11/12/26	58,164		57,313		53,753
TKC Holdings, Inc.		Consumer Staples Distribution & Retail	L+550	1.0%	5/15/28	4,747		4,439		4,467
TruGreen, LP		Commercial & Professional Services	S+400	0.8%	11/2/27	4,987		4,551		4,603
Warren Resources, Inc.	(r)(t)	Energy—Upstream	S+900, 1.0% PIK (1.0% Max PIK)	1.0%	5/22/24	23,703		23,703		23,703
Wattbridge Inc.	(r)	Energy—Power	S+985	1.8%	6/30/27	42,938		42,938		41,568
Total Senior Secured Loans—First Lien								542,320		532,597
Unfunded Loan Commitments								(10,568)		(10,568)
Net Senior Secured Loans—First Lien								531,752		522,029

See notes to unaudited consolidated financial statements.

5

FS Energy and Power Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—Second Lien—7.4%
Aethon III BR LLC	(r)	Energy—Upstream	L+750	1.5%	1/10/25	$	20,000	$	19,877	$	20,081
Citizen Energy Operating, LLC	(r)	Energy—Upstream	S+765	1.0%	6/29/27	37,000		36,491		36,360
ERA II Minerals, LLC	(r)	Energy—Upstream	S+625	0.8%	3/7/27	35,000		34,658		34,636
SilverBow Resources, Inc.	(k)(r)	Energy—Upstream	L+750	1.0%	12/15/26	14,250		14,211		14,313
Tenrgys, LLC	(r)	Energy—Upstream	S+750 (S+950 Max PIK)	1.0%	3/17/27	20,537		20,537		19,613
Total Senior Secured Loans—Second Lien								125,774		125,003
Senior Secured Bonds—1.4%
Guitar Center, Inc.		Consumer Discretionary Distribution & Retail	8.5%		1/15/26	10,000		9,131		9,109
Navios Logistics Finance, Inc.	(k)	Transportation	10.8%		7/1/25	5,000		4,875		4,830
ST EIP Holdings Inc.	(r)	Energy—Midstream	6.3%		1/10/30	10,473		10,037		10,015
Total Senior Secured Bonds								24,043		23,954
Unsecured Debt—6.3%
Aethon United BR LP		Energy—Upstream	8.3%		2/15/26	40,500		40,500		39,828
Hammerhead Resources Inc.	(k)(r)	Energy—Upstream	12.0% PIK (12.0% Max PIK)		7/15/24	37,225		37,114		37,225
Moss Creek Resources, LLC		Energy—Upstream	7.5%		1/15/26	11,693		10,541		10,750
Sitio Royalties Operating Partnership, LP	(k)(r)	Energy—Upstream	S+575	1.5%	9/20/26	18,500		18,350		18,289
Total Unsecured Debt								106,505		106,092

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares		Amortized Cost		Fair Value(d)
Preferred Equity—18.0%(l)
Abaco Energy Technologies LLC, Preferred Equity	(o)(r)	Energy—Service & Equipment				28,942,003		$	1,447	$	8,827
Global Jet Capital Holdings, LP, Preferred Equity	(o)(r)	Commercial & Professional Services				2,785,562		2,786		—
Global Jet Capital Holdings, LP, Preferred Equity	(m)(o)(r)	Commercial & Professional Services	9.0% PIK (9.0% Max PIK)		10/1/28	19,096		12,493		9,978
NGL Energy Partners, LP, Preferred Equity	(k)(m)(o)(r)	Energy—Midstream	14.2%		7/2/27	156,250		157,633		138,531
NuStar, Preferred Equity	(k)(r)	Energy—Midstream	12.8%		6/29/28	1,751,951		49,215		55,433
USA Compression Partners, LP, Preferred Equity	(k)(r)	Energy—Midstream	9.8%		4/3/28	79,336		78,041		88,850
Total Preferred Equity								301,615		301,619
Sustainable Infrastructure Investments, LLC—3.0%						Principal Amount(c)		Cost		Fair Value(d)
Sustainable Infrastructure Investments, LLC	(k)(o)(r)(t)	Energy—Power				$	60,603	$	54,514	$	50,149

See notes to unaudited consolidated financial statements.

6

FS Energy and Power Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2023

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares	Amortized Cost		Fair Value(d)
Total Sustainable Infrastructure Investments, LLC							54,514		50,149
Equity/Other—21.8%
Abaco Energy Technologies LLC, Common Equity	(o)(r)	Energy—Service & Equipment				6,944,444	$	6,944	$	1,243
AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00	(k)(o)(p)(r)	Energy—Power			7/24/25	35	2,652		2,223
AirSwift Holdings, Ltd., Common Equity	(k)(o)(r)	Commercial & Professional Services				3,750,000	6,029		3,038
Allied Wireline Services, LLC, Common Equity	(n)(o)(r)(t)	Energy—Service & Equipment				48,400	1,527		8,068
Allied Wireline Services, LLC, Warrants	(n)(o)(r)(t)	Energy—Service & Equipment				22,000	—		—
Arena Energy, LP, Contingent Value Rights	(r)	Energy—Upstream			2/1/25	126,632,117	351		488
Ascent Resources Utica Holdings, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				148,692,948	44,700		31,895
GWP Midstream Holdco, LLC, Common Equity	(n)(o)(r)(s)	Energy—Midstream				105,785	6,681		1,385
Harvest Oil & Gas Corp., Common Equity	(o)(r)(s)	Energy—Upstream				135,062	14,418		810
Maverick Natural Resources, LLC, Common Equity	(n)(r)	Energy—Upstream				503,176	138,208		266,487
NGL Energy Partners, LP, Warrants (Par), Strike: $14.54	(k)(o)(r)	Energy—Midstream			12/31/25	2,187,500	3,083		809
NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45	(k)(o)(r)	Energy—Midstream			12/31/25	3,125,000	2,623		886
NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27	(k)(o)(r)	Energy—Midstream			12/31/25	781,250	576		213
NGL Energy Partners, LP, Warrants (Par), Strike:$13.56	(k)(o)(r)	Energy—Midstream			12/31/25	546,880	630		202
Permian Production Holdings, LLC, Common Equity	(n)(o)(r)(s)	Energy—Upstream				1,968,861	5		5,710
Saturn Oil & Gas Inc., Common Equity	(k)(o)(q)	Energy—Upstream				1,612,683	3,052		2,674
Telpico, LLC, Common Equity	(n)(o)(r)(s)	Energy—Upstream				50	—		—
Tenrgys, LLC, Common Equity	(n)(o)(r)	Energy—Upstream				50	7,571		4,531
USA Compression Partners, LP, Common Equity	(k)	Energy—Midstream				84,779	1,617		1,673
USA Compression Partners, LP, Warrants (Premium), Strike: $19.59	(k)(o)(r)	Energy—Midstream			4/2/28	1,586,719	714		4,990
Warren Resources, Inc., Common Equity	(o)(r)(t)	Energy—Upstream				4,415,749	20,754		29,431
Total Equity/Other							262,135		366,756
TOTAL INVESTMENTS—89.0%							$	1,406,338	1,495,602
OTHER ASSETS IN EXCESS OF LIABILITIES—11.0%	(j)								184,121
NET ASSETS—100.0%									$	1,679,723

See notes to unaudited consolidated financial statements.

7

FS Energy and Power Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2023

(in thousands, except share amounts)

Fixed Price Swap Contracts—Crude Oil(i)

Counterparty	Type	Settlement Index	Period	Bbls	Weighted Average Price ($/Bbls)	Unrealized Appreciation(h)		Unrealized Depreciation(h)
BP Energy Co.	Fixed	ICE Brent	July 1, 2023 – December 31, 2023	80,561	$80.00	$	399	$	—
Total Swap Contracts—Crude Oil						$	399	$	—

Fixed Price Swap Contracts—Natural Gas(i)

Counterparty	Type	Settlement Index	Period	MMBtu	Weighted Average Price ($/MMBtu)	Unrealized Appreciation(h)		Unrealized Depreciation(h)
BP Energy Co.	Fixed	NYMEX Henry Hub	August 1, 2023 – December 31, 2023	139,923	$3.80	$	106	$	—
Total Swap Contracts—Natural Gas						$	106	$	—
TOTAL SWAP CONTRACTS						$	505	$	—

__________________

Bbls – Barrels

MMBtu – One million British thermal units

__________________

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.55% and the Secured Overnight Financing Rate, or SOFR, or S, was 5.27%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)    Denominated in U.S. dollars, unless otherwise noted.

(d)    See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

(e)    Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(f)    Not used.

(g)    Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

(h)    Represents the amounts the Company would pay or receive under each swap contract if it were to settle on June 30, 2023 (see Note 6).

(i)    Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

(j)    Includes the effect of swap contracts.

(k)    The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2023, 73.7% of the Company’s total assets represented qualifying assets.

(l)    Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

(m)    Security was on non-accrual status as of June 30, 2023.

(n)    Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

(o)    Security is non-income producing.

(p)    Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

(q)    Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of June 30, 2023.

(r)    Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

See notes to unaudited consolidated financial statements.

8

FS Energy and Power Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2023

(in thousands, except share amounts)

(s)    Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2023:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2023		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Permian Production Holdings, LLC	$	4,767	$	113	$	—	$	—	$	(65)	$	4,815	$	324	$	48
Equity/Other
GWP Midstream Holdco, LLC, Common Equity	5,044		—		—		—		(3,659)		1,385		—		—
Harvest Oil & Gas Corp., Common Equity	810		—		(641)		—		641		810		—		—
Limetree Bay Energy, LLC, Class A Units	1,885		83		—		(21,541)		19,573		—		—		—
Permian Production Holdings, LLC, Common Equity	11,420		—		—		—		(5,710)		5,710		—		—
Ridgeback Resources Inc., Common Equity	41,851		—		(35,240)		(11,359)		4,748		—		—		—
Telpico, LLC, Common Equity	—		—		—		—		—		—		—		—
	$	65,777	$	196	$	(35,881)	$	(32,900)	$	15,528	$	12,720	$	324	$	48

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest and PIK income presented for the six months ended June 30, 2023.

See notes to unaudited consolidated financial statements.

9

FS Energy and Power Fund

Unaudited Consolidated Schedule of Investments (continued)

As of June 30, 2023

(in thousands, except share amounts)

(t)    Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2023:

Portfolio Company	Fair Value at December 31, 2022		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at June 30, 2023		Interest Income(3)		PIK Income(3)
Senior Secured Loans—First Lien
Allied Downhole Technologies, LLC(4)	$	8,436	$	113	$	(996)	$	—	$	—	$	7,553	$	207	$	113
Allied Wireline Services, LLC	63,888		6,389		—		—		—		70,277		3,223		—
Warren Resources, Inc.	23,584		119		—		—		—		23,703		1,648		119
Sustainable Infrastructure Investments, LLC
Sustainable Infrastructure Investments, LLC	51,098		—		—		—		(949)		50,149		—		—
Equity/Other
Allied Wireline Services, LLC, Common Equity	10,463		—		—		—		(2,395)		8,068		—		—
Allied Wireline Services, LLC, Warrants	—		—		—		—		—		—		—		—
Warren Resources, Inc., Common Equity	36,982		—		—		—		(7,551)		29,431		—		—
	$	194,451	$	6,621	$	(996)	$	—	$	(10,895)	$	189,181	$	5,078	$	232

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest and PIK income presented for the six months ended June 30, 2023.

(4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

See notes to unaudited consolidated financial statements.

10

FS Energy and Power Fund

Consolidated Schedule of Investments

As of December 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Liens—40.3%
AIRRO (Mauritius) Holdings II	(k)(p)(s)	Power	L+400, 3.0% PIK (3.0% Max PIK)	1.5%	7/24/25	$	22,734	$	20,082	$	23,519
AIRRO (Mauritius) Holdings II	(e)(k)(p)(s)	Power	L+400, 3.0% PIK (3.0% Max PIK)	1.5%	7/24/25	5,359		5,359		5,545
Allied Downhole Technologies, LLC	(f)(s)(u)	Service & Equipment	8.0% PIK (8.0% Max PIK)		9/30/23	8,436		8,436		8,436
Allied Downhole Technologies, LLC	(e)(s)(u)	Service & Equipment	8.0% PIK (8.0% Max PIK)		9/30/23	2,500		2,500		2,500
Allied Wireline Services, LLC	(f)(s)(u)	Service & Equipment	10.0% PIK (10.0% Max PIK)		6/15/25	63,888		63,888		63,888
Brazos Delaware II LLC		Midstream	L+400		5/21/25	39,259		38,085		39,137
Cimarron Energy Inc.	(f)(m)(o)(s)	Service & Equipment	L+900	1.0%	12/31/24	7,500		6,563		3,713
Compass Power Generation LLC		Power	S+425	1.0%	4/14/29	31,575		30,712		31,384
Cox Oil Offshore, LLC, Volumetric Production Payments	(g)(i)(s)	Upstream	12.9%		12/31/23	100,000		11,081		20,683
CPV Maryland, LLC		Power	L+400	1.0%	5/11/28	14,286		14,146		14,155
CPV Shore Holdings LLC		Power	L+375		12/29/25	23,601		22,760		21,935
EIF Van Hook Holdings, LLC		Midstream	S+525		9/5/24	26,882		26,609		26,075
FR BR Holdings LLC	(f)(s)	Midstream	L+650		12/14/23	81,582		80,371		81,361
FR XIII PAA Holdings HoldCo, LLC	(s)	Midstream	L+750	0.5%	10/15/26	17,347		17,103		17,406
GasLog Ltd.	(k)(s)	Midstream	L+775		3/31/29	14,648		14,556		14,010
Generation Bridge LLC		Power	L+500	0.8%	12/1/28	7,432		7,305		7,385
Generation Bridge LLC		Power	L+500	0.8%	12/1/28	163		160		162
GIP II Blue Holding LP		Midstream	L+450	1.0%	9/29/28	5,918		5,842		5,877
Goodnight Water Solutions, LLC	(s)	Midstream	S+725	0.5%	6/3/27	14,963		14,752		14,819
Hamilton Intermediate Holdings, LLC	(s)	Power	16.5% PIK (16.5% Max PIK)		6/17/25	30,391		31,075		31,007
Medallion Midland Acquisition LP		Midstream	S+375	0.8%	10/18/28	7,920		7,886		7,862
OE2 North, LLC	(s)	Midstream	L+525	1.0%	5/21/26	18,659		18,579		18,847
OE2 North, LLC	(e)(s)	Midstream	L+525	1.0%	5/21/26	11,341		11,341		11,455
Oryx Midstream Services Permian Basin LLC	(f)	Midstream	L+325	0.5%	10/5/28	32,357		32,220		32,026
Parkway Generation LLC		Power	S+475	0.8%	2/18/29	5,760		5,708		5,700
Parkway Generation LLC		Power	S+475	0.8%	2/18/29	43,910		43,513		43,285
Permian Production Holdings, LLC	(f)(s)(t)	Upstream	7.0%, 2.0% PIK (2.0% Max PIK)		11/23/25	4,767		4,266		4,767
Pinnacle Midland Gas Holdco LLC	(s)	Midstream	L+675	1.0%	12/9/26	9,370		9,304		9,310
Pinnacle Midland Gas Holdco LLC	(e)(s)	Midstream	L+675	1.0%	12/9/26	2,477		2,477		2,461
Plainfield Renewable Energy Holdings LLC	(f)(s)	Power	6.0%, 9.5% PIK (9.5% Max PIK)		8/22/25	12,121		12,121		9,997
Plainfield Renewable Energy Holdings LLC	(f)(s)	Power	10.0% PIK (10.0% Max PIK)		8/22/25	3,643		3,643		—
Plainfield Renewable Energy Holdings LLC, Letter of Credit	(e)(s)	Power	10.0%		8/22/23	2,709		2,709		—
Potomac Energy Center, LLC	(s)	Power	L+600	0.5%	11/12/26	58,459		57,508		58,443

See notes to unaudited consolidated financial statements.

11

FS Energy and Power Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Traverse Midstream Partners LLC		Midstream	S+425	1.0%	9/27/24	$	28,436	$	28,484	$	28,418
Warren Resources, Inc.	(s)(u)	Upstream	L+900, 1.0% PIK (1.0% Max PIK)	1.0%	5/22/24	23,584		23,584		23,584
Wattbridge Inc.	(s)	Power	S+785	1.8%	6/30/27	42,500		42,500		41,880
Total Senior Secured Loans—First Lien								727,228		731,032
Unfunded Loan Commitments								(24,386)		(24,386)
Net Senior Secured Loans—First Lien								702,842		706,646
Senior Secured Loans—Second Lien—8.2%
Aethon III BR LLC	(f)(s)	Upstream	L+750	1.5%	1/10/25	20,000		19,848		20,138
Citizen Energy Operating, LLC	(f)(s)	Upstream	S+765	1.0%	6/29/27	39,000		38,440		38,240
ERA II Minerals, LLC	(f)(s)	Upstream	S+625	0.8%	3/7/27	37,000		36,601		36,656
Peak Exploration & Production, LLC	(f)(s)	Upstream	L+675	1.5%	11/16/23	13,545		13,528		13,394
Peak Exploration & Production, LLC	(e)(s)	Upstream	L+675	1.5%	11/16/23	1,505		1,505		1,488
SilverBow Resources, Inc.	(f)(k)(s)	Upstream	L+750	1.0%	12/15/26	14,250		14,199		14,322
Tenrgys, LLC	(f)(s)	Upstream	S+750 (9.5% Max PIK)	1.0%	3/17/27	20,537		20,537		20,537
Total Senior Secured Loans—Second Lien								144,658		144,775
Unfunded Loan Commitments								(1,505)		(1,505)
Net Senior Secured Loans—Second Lien								143,153		143,270
Senior Secured Bonds—0.6%
ST EIP Holdings Inc.	(s)	Midstream	6.3%		1/10/30	10,526		10,064		10,074
Total Senior Secured Bonds								10,064		10,074
Unsecured Debt—13.7%
Aethon United BR LP	(f)	Upstream	8.3%		2/15/26	40,500		40,500		40,221
Archrock Partners, L.P.	(f)(k)	Midstream	6.3%		4/1/28	3,098		3,168		2,840
Earthstone Energy Holdings, LLC	(k)	Upstream	8.0%		4/15/27	11,400		11,400		10,920
Endeavor Energy Resources, L.P.	(f)	Upstream	5.8%		1/30/28	24,299		25,388		23,306
Hammerhead Resources Inc.	(f)(k)(s)	Upstream	12.0% PIK (12.0% Max PIK)		7/15/24	35,118		34,961		35,118
Moss Creek Resources, LLC	(f)	Upstream	7.5%		1/15/26	11,693		10,358		10,561
NRG Energy, Inc.	(k)	Power	3.9%		2/15/32	19,125		18,668		14,401
Permian Resources Operating LLC		Upstream	7.8%		2/15/26	26,365		27,511		25,703
Permian Resources Operating LLC	(f)	Upstream	5.9%		7/1/29	5,200		5,257		4,473
Ranger Oil Corp.	(k)	Upstream	9.3%		8/15/26	29,772		29,633		29,678

See notes to unaudited consolidated financial statements.

12

FS Energy and Power Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Sitio Royalties Operating Partnership, LP	(f)(k)(s)	Upstream	S+650	1.5%	9/20/26	$	19,500	$	19,318	$	19,256
Suburban Propane Partners LP	(f)(k)	Midstream	5.0%		6/1/31	7,590		7,837		6,461
Tallgrass Energy Partners, LP	(f)	Midstream	6.0%		3/1/27	19,761		19,676		18,480
Total Unsecured Debt								253,675		241,418

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares		Amortized Cost		Fair Value(d)
Preferred Equity—22.8%(l)
Abaco Energy Technologies LLC, Preferred Equity	(f)(o)(s)	Service & Equipment				28,942,003		$	1,447	$	8,321
Global Jet Capital Holdings, LP, Preferred Equity	(f)(o)(s)	Commercial & Professional Services				2,785,562		2,786		—
Global Jet Capital Holdings, LP, Preferred Equity	(f)(m)(o)(s)	Commercial & Professional Services	9.0% PIK (9.0% Max PIK)		10/1/28	18,296		12,493		9,377
NGL Energy Partners, LP, Preferred Equity	(f)(k)(m)(o)(s)	Midstream	14.2%		7/2/27	156,250		157,633		125,000
NuStar, Preferred Equity	(f)(k)(s)	Midstream	12.8%		6/29/28	2,640,311		73,114		83,590
Segreto Power Holdings, LLC, Preferred Equity	(f)(m)(n)(o)(s)	Power	13.1%		6/30/25	70,297		99,766		83,647
USA Compression Partners, LP, Preferred Equity	(k)(s)	Midstream	9.8%		4/3/28	79,336		77,943		90,479
Total Preferred Equity								425,182		400,414
						Principal Amount(c)		Cost		Fair Value(d)
Sustainable Infrastructure Investments, LLC—2.9%
Sustainable Infrastructure Investments, LLC	(k)(s)(u)	Power				$	60,603	$	54,514	$	51,098
Total Sustainable Infrastructure Investments, LLC								54,514		51,098
						Number of Shares		Amortized Cost		Fair Value(d)
Equity/Other—28.2%
Abaco Energy Technologies LLC, Common Equity	(f)(o)(s)	Service & Equipment				6,944,444		$	6,944	$	1,219
AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00	(f)(k)(o)(p)(s)	Power			7/24/25	35		2,652		1,630
Allied Wireline Services, LLC, Common Equity	(f)(n)(o)(s)(u)	Service & Equipment				48,400		1,527		10,463
Allied Wireline Services, LLC, Warrants	(f)(n)(o)(s)(u)	Service & Equipment				22,000		—		—
Arena Energy, LP, Contingent Value Rights	(f)(o)(s)	Upstream			2/1/25	126,632,117		351		858
Ascent Resources Utica Holdings, LLC, Common Equity	(f)(n)(o)(s)	Upstream				148,692,948		44,700		52,340
Cimarron Energy Holdco Inc., Common Equity	(f)(o)(s)	Service & Equipment				4,302,293		3,950		—
Cimarron Energy Holdco Inc., Participation Option	(f)(o)(s)	Service & Equipment				25,000,000		1,289		—
GWP Midstream Holdco, LLC, Common Equity	(f)(n)(o)(s)(t)	Midstream				105,785		6,681		5,044

See notes to unaudited consolidated financial statements.

13

FS Energy and Power Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2022

(in thousands, except share amounts)

Portfolio Company(a)	Footnotes	Industry	Rate(b)	Floor(b)	Maturity	Number of Shares	Amortized Cost		Fair Value(d)
Harvest Oil & Gas Corp., Common Equity	(f)(o)(t)	Upstream				135,062	15,059		810
Limetree Bay Energy, LLC, Class A Units	(f)(o)(s)(t)	Midstream				76,938,973	$	21,458	$	1,885
Maverick Natural Resources, LLC, Common Equity	(f)(n)(s)	Upstream				503,176	138,208		312,372
MB Precision Investment Holdings LLC, Class A-2 Units	(f)(n)(o)(s)	Industrials				1,426,110	490		—
NGL Energy Partners, LP, Warrants (Par), Strike: $14.54	(f)(k)(o)(s)	Midstream			12/31/25	2,187,500	3,083		10
NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45	(f)(k)(o)(s)	Midstream			12/31/25	3,125,000	2,623		8
NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27	(f)(k)(o)(s)	Midstream			12/31/25	781,250	576		2
NGL Energy Partners, LP, Warrants (Par), Strike: $13.56	(f)(k)(o)(s)	Midstream			12/31/25	546,880	630		3
Permian Production Holdings, LLC, Common Equity	(f)(n)(s)(t)	Upstream				1,968,861	5		11,420
Ridgeback Resources Inc., Common Equity	(f)(k)(q)(s)(t)	Upstream				9,599,928	46,599		41,851
Swift Worldwide Resources Holdco Limited, Common Equity	(f)(k)(o)(r)(s)	Commercial & Professional Services				3,750,000	6,029		3,131
Telpico, LLC, Common Equity	(f)(n)(o)(s)(t)	Upstream				50	—		—
Tenrgys, LLC, Common Equity	(f)(n)(o)(s)	Upstream				50	7,571		6,801
USA Compression Partners, LP, Common Equity	(f)(k)(o)	Midstream				84,779	1,617		1,655
USA Compression Partners, LP, Warrants (Premium), Strike: $19.59	(f)(k)(o)(s)	Midstream			4/2/28	1,586,719	714		5,711
Warren Resources, Inc., Common Equity	(f)(o)(s)(u)	Upstream				4,415,749	20,754		36,982
Total Equity/Other							333,510		494,195
TOTAL INVESTMENTS—116.7%							$	1,922,940	2,047,115
LIABILITIES IN EXCESS OF OTHER ASSETS—(16.7%)	(j)								(293,367)
NET ASSETS—100.0%									$	1,753,748

Fixed Price Swap Contracts—Crude Oil(i)

Counterparty	Type	Settlement Index	Period	Bbls	Weighted Average Price ($/Bbls)	Unrealized Appreciation(h)		Unrealized Depreciation(h)
BP Energy Co.	Fixed	ICE Brent	January 1, 2023 – December 31, 2023	168,511	$80.00	$	—	$	572
Total Swap Contracts—Crude Oil						$	—	$	572

Fixed Price Swap Contracts—Natural Gas(i)

Counterparty	Type	Settlement Index	Period	MMBtu	Weighted Average Price ($/MMBtu)	Unrealized Appreciation(h)		Unrealized Depreciation(h)
BP Energy Co.	Fixed	NYMEX Henry Hub	February 1, 2023 – December 31, 2023	314,818	$3.80	$	—	$	126
Total Swap Contracts—Natural Gas						$	—	$	126
TOTAL SWAP CONTRACTS						$	—	$	698

__________________

Bbls – Barrels

MMBtu – One million British thermal units

See notes to unaudited consolidated financial statements.

14

FS Energy and Power Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2022

(in thousands, except share amounts)

__________________

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2022, the three-month London Interbank Offered Rate, or LIBOR, or L, was 4.77% and the Secured Overnight Financing Rate, or SOFR, or S, was 4.59%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

(c)    Denominated in U.S. dollars, unless otherwise noted.

(d)    See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

(e)    Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(f)    Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Notes with JPMorgan Chase Bank, N.A. (see Note 9).

(g)    Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

(h)    Represents the amounts the Company would pay or receive under each swap contract if it were to settle on December 31, 2022 (see Note 6).

(i)    Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

(j)    Includes the effect of swap contracts.

(k)    The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2022, 77.5% of the Company’s total assets represented qualifying assets.

(l)    Listed investments may be treated as debt for U.S. generally accepted accounting principles, or GAAP, or tax purposes.

(m)    Security was on non-accrual status as of December 31, 2022.

(n)    Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

(o)    Security is non-income producing.

(p)    Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

(q)    Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

(r)    Investment denominated in British pounds. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

(s)    Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

See notes to unaudited consolidated financial statements.

15

FS Energy and Power Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2022

(in thousands, except share amounts)

(t)    Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2022:

Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Fee Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Limetree Bay Energy, LLC	$	3,166	$	—	$	(1,587)	$	(12,756)	$	11,177	$	—	$	—	$	—	$	—	$	—
Permian Production Holdings, LLC	7,889		697		(3,674)		551		(696)		4,767		570		105		—		—
Senior Secured Bonds
Great Western Petroleum, LLC	58,055		96		(55,096)		1,087		(4,142)		—		2,649		—		7,268		—
Equity/Other
Great Western Petroleum, LLC, Common Equity	40,731		—		(84,871)		54,081		(9,941)		—		—		—		—		—
GWP Midstream Holdco, LLC, Common Equity	—		6,681		—		—		(1,637)		5,044		—		—		—		—
Harvest Oil & Gas Corp., Common Equity	2,836		—		(743)		—		(1,283)		810		—		—		—		—
Limetree Bay Energy, LLC, Class A Units	6,046		1,795		—		—		(5,956)		1,885		—		—		—		—
Permian Production Holdings, LLC, Common Equity	8,829		4		—		—		2,587		11,420		—		—		—		1,726
Ridgeback Resources Inc., Common Equity	48,356		—		(12,559)		173		5,881		41,851		—		—		—		3,691
Telpico, LLC, Common Equity	—		—		—		—		—		—		—		—		—		—
	$	175,908	$	9,273	$	(158,530)	$	43,136	$	(4,010)	$	65,777	$	3,219	$	105	$	7,268	$	5,417

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest, PIK, fee and dividend income presented for the year ended December 31, 2022.

See notes to unaudited consolidated financial statements.

16

FS Energy and Power Fund

Consolidated Schedule of Investments (continued)

As of December 31, 2022

(in thousands, except share amounts)

(u)    Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2022:

Portfolio Company	Fair Value at December 31, 2021		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value at December 31, 2022		Interest Income(3)		PIK Income(3)		Dividend Income(3)
Senior Secured Loans—First Lien
Allied Downhole Technologies, LLC(4)	$	7,782	$	654	$	—	$	—	$	—	$	8,436	$	—	$	654	$	—
Allied Wireline Services, LLC	46,339		5,808		—		—		11,741		63,888		316		5,808		—
MECO IV Holdco, LLC	22,745		455		(23,200)		—		—		—		—		455		—
Warren Resources, Inc.	23,688		237		(341)		—		—		23,584		2,620		237		—
Sustainable Infrastructure Investments, LLC
Sustainable Infrastructure Investments, LLC	50,770		—		—		—		328		51,098		—		—		735
Equity/Other
Allied Wireline Services, LLC, Common Equity	—		—		—		—		10,463		10,463		—		—		—
Allied Wireline Services, LLC, Warrants	—		—		—		—		—		—		—		—		—
MECO IV Holdco, LLC, Class A-1 Units	4,181		—		(18,060)		15,899		(2,020)		—		—		—		—
Warren Resources, Inc., Common Equity	25,854		—		—		—		11,128		36,982		—		—		—
	$	181,359	$	7,154	$	(41,601)	$	15,899	$	31,640	$	194,451	$	2,936	$	7,154	$	735

_____________

(1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

(2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

(3)    Interest, PIK and dividend income presented for the year ended December 31, 2022.

(4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

See notes to unaudited consolidated financial statements.

17

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements

(in thousands, except share and per share amounts)

Note 1. Principal Business and Organization

FS Energy and Power Fund, or the Company, was formed as a Delaware statutory trust under the Delaware Statutory Trust Act on September 16, 2010 and formally commenced investment operations on July 18, 2011. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned financing subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds or expects to hold interests in certain portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2023. All significant intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes.

The Company’s investment objective is to generate current income and long-term capital appreciation by investing primarily in privately-held U.S. companies in the energy and power industry. The Company’s investment policy is to invest, under normal circumstances, at least 80% of its total assets in securities of energy and power related, or Energy, companies. The Company considers Energy companies to be those companies that engage in the exploration, development, production, gathering, transportation, processing, storage, refining, distribution, mining, generation or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or power, including those companies that provide equipment or services to companies engaged in any of the foregoing. The Company’s board of trustees has approved changing the Company’s name to FS Specialty Lending Fund and changing its non-fundamental investment policy to be to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Company’s total assets, rather than to invest at least 80% of its total assets in securities of Energy companies. These changes will be effective on September 29, 2023.

The Company is managed by FS/EIG Advisor, LLC, or FS/EIG Advisor, pursuant to an investment advisory and administrative services agreement, dated as of April 9, 2018, or the FS/EIG investment advisory agreement. FS/EIG Advisor oversees the management of the Company’s operations and is responsible for making investment decisions with respect to the Company’s portfolio. FS/EIG Advisor is jointly operated by an affiliate of Franklin Square Holdings, L.P. (which does business as FS Investments) and EIG Asset Management, LLC, or EIG.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The December 31, 2022 consolidated balance sheet and consolidated schedule of investments are derived from the Company's audited consolidated financial statements as of and for the year ended December 31, 2022. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the Securities and Exchange Commission, or the SEC.

Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.

Capital Gains Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of such agreement). Such fee equals 20.0% of the Company’s “incentive fee capital gains,” which are the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company will accrue for the incentive fee on capital gains, which, if earned, will be paid annually. The Company will accrue the incentive fee on capital gains based on net realized and unrealized gains; however, the fee payable to FS/EIG Advisor will be based on realized

18

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 2. Summary of Significant Accounting Policies (continued)

gains and no such fee will be payable with respect to unrealized gains unless and until such gains are actually realized. For the six months ended June 30, 2023 and 2022, the Company did not accrue any amount of capital gains incentive fee.

Subordinated Income Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, FS/EIG Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the FS/EIG investment advisory agreement is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS/EIG Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, “adjusted capital” means cumulative gross proceeds generated from sales of the Company’s common shares (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Company’s investments paid to shareholders and amounts paid for share repurchases pursuant to the Company’s share repurchase program. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, FS/EIG Advisor will be entitled to a “catch-up” fee equal to the amount of the Company’s pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This “catch-up” feature will allow FS/EIG Advisor to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, FS/EIG Advisor will be entitled to receive 20.0% of the Company’s pre-incentive fee net investment income. For the six months ended June 30, 2023 and 2022, the Company did not accrue any amount of subordinated incentive fee on income.

Reclassifications: Certain amounts in the unaudited consolidated financial statements for the six months ended June 30, 2022 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements for the six months ended June 30, 2023.

Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns such amounts. For the six months ended June 30, 2023 and 2022, the Company did not recognize any structuring or other upfront fee revenue.

Net Realized Gains or Realized Losses on Extinguishment of Debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity and the amount repaid on the extinguishment of debt is recognized as a gain or loss.

Recent Accounting Pronouncements: In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848), or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848), or ASU 2021-01, which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, or ASU 2022-06, which deferred the sunset date of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

19

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Share Transactions

Below is a summary of transactions with respect to the Company’s common shares during the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023			2022
	Shares	Amount		Shares	Amount
Reinvestment of Distributions	2,663,874	$	10,388	2,741,168	$	10,460
Proceeds from Share Transactions	2,663,874	$	10,388	2,741,168	$	10,460

During the period from July 1, 2023 to July 31, 2023, the Company issued 1,375,076 common shares pursuant to its distribution reinvestment plan for gross proceeds of $5,156 at an average price per share of $3.75.

On July 19, 2023, the Company’s board of trustees, including the independent trustees, approved the termination of the Company’s second amended and restated distribution reinvestment plan with respect to distributions declared by the Company’s board of trustees on the Company’s common shares, effective as of September 15, 2023. After this date, all shareholders will receive any subsequent distributions in cash.

On February 25, 2020, the Company received exemptive relief from the SEC permitting it to offer multiple classes of common shares. While the Company has no present intention to recommence a public offering of its common shares, the Company could do so in the future.

Share Repurchase Program

In March 2020, in light of difficult market conditions and in an effort to preserve liquidity in the Company, the Company’s board of trustees determined to suspend for an indefinite period of time the Company’s share repurchase program and will reassess the Company’s ability to recommence such program in future periods.

Prior to its suspension, the Company intended to conduct quarterly tender offers pursuant to its share repurchase program. The Company's board of trustees will consider the following factors, among others, in making its determination regarding whether to cause the Company to offer to repurchase common shares and under what terms:

•    the effect of such repurchases on the Company’s qualification as a RIC (including the consequences of any necessary asset sales);

•    the liquidity of the Company's assets (including fees and costs associated with disposing of assets);

•    the Company’s investment plans and working capital requirements;

•    the relative economies of scale with respect to the Company’s size;

•    the Company’s history in repurchasing common shares or portions thereof; and

•    the condition of the securities markets.

Historically, the Company limited the number of common shares to be repurchased during any calendar year to the lesser of (i) the number of common shares the Company can repurchase with the proceeds it receives from the issuance of common shares under the Company’s distribution reinvestment plan and (ii) 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter. On May 5, 2017, the board of trustees of the Company further amended the share repurchase program. As amended, the Company limited the maximum number of common shares to be repurchased for any repurchase offer to the greater of (A) the number of common shares that the Company can repurchase with the proceeds it has received from the sale of common shares under its distribution reinvestment plan during the twelve-month period ending on the date the applicable repurchase offer expires (less the amount of proceeds used to repurchase common shares on each previous repurchase date for repurchase offers conducted during such twelve-month period) (this limitation is referred to as the twelve-month repurchase limitation) and (B) the number of common shares that the Company can repurchase with the proceeds the Company receives from the sale of common shares under its distribution reinvestment plan during the three-month period ending on the date the applicable repurchase offer expires (this limitation is referred to as the three-month repurchase limitation). In addition to this limitation, the maximum number of common shares to be repurchased for any repurchase offer has also been limited to 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter. As a result, the maximum number of common shares to be repurchased for any repurchase offer would not exceed the lesser of (i) 10% of the weighted average number

20

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 3. Share Transactions (continued)

of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter, and (ii) whichever is greater of the twelve-month repurchase limitation described in clause (A) above and the three-month repurchase limitation described in clause (B) above.

Historically, pursuant to the Company's share repurchase program, the Company offered to repurchase common shares at a price equal to the price at which common shares are issued pursuant to the Company’s distribution reinvestment plan on the distribution date coinciding with the applicable share repurchase date. The price at which common shares are issued under the Company’s distribution reinvestment plan is determined by the Company’s board of trustees or a committee thereof, in its sole discretion, and will be (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment date of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. The Company’s board of trustees may amend, suspend or terminate the share repurchase program at any time, upon 30 days’ notice. The Company did not repurchase any shares pursuant to its share repurchase program during the six months ended June 30, 2023 and 2022. The Company's distribution reinvestment plan will be terminated effective September 15, 2023.

In order to minimize the expense of supporting small accounts and provide additional liquidity to shareholders of the Company holding small accounts after completion of a regular quarterly share repurchase offer, the Company reserves the right to repurchase the shares of and liquidate any investor’s account if the balance of such account is less than the Company’s $5 minimum initial investment, unless the account balance has fallen below the minimum solely as a result of a decline in the Company’s net asset value per share. The Company will provide or will cause to be provided 30 days’ prior written notice to potentially affected investors, which notice may be included in regular quarterly repurchase offer materials, of any such repurchase. Historically, any such repurchases were made at the Company’s most recent price at which the Company’s shares were issued pursuant to its distribution reinvestment plan. There were no de minimis account liquidations during the six months ended June 30, 2023 and 2022.

Note 4. Related Party Transactions

Compensation of the Investment Adviser

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor is entitled to an annual base management fee based on the average weekly value of the Company’s gross assets (gross assets equals total assets as set forth on the Company’s consolidated balance sheets) during the most recently completed calendar quarter and an incentive fee based on the Company’s performance. The base management fee is payable quarterly in arrears, and is calculated at an annual rate of 1.75% of the average weekly value of the Company’s gross assets. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that FS/EIG Advisor may be entitled to under the FS/EIG investment advisory agreement.

FS/EIG Advisor may receive structuring or other upfront fees from portfolio companies in which FS/EIG Advisor has caused the Company to invest. FS/EIG Advisor has agreed to offset the amount of any structuring, upfront or certain other fees received by FS/EIG Advisor or its members against the management fees payable by the Company under the FS/EIG investment advisory agreement. During the six months ended June 30, 2023 and 2022, $274 and $2,398, respectively, of structuring, upfront or certain other fees received by FS/EIG Advisor or its members were offset against management fees.

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities and other administrative services. FS/EIG Advisor also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s shareholders and reports filed with the SEC.

The Company reimburses FS/EIG Advisor for expenses necessary to perform services related to the Company’s administration and operations, including FS/EIG Advisor’s allocable portion of the compensation and/or related expenses of certain personnel of FS Investments and EIG providing administrative services to the Company on behalf of FS/EIG Advisor, and for transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. The Company reimburses FS/EIG Advisor no less than quarterly for expenses necessary to perform services related to the Company’s administration and operations. The amount of this reimbursement is set at the lesser of (1) FS/EIG Advisor’s actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. FS/EIG Advisor allocates the cost of such services to the Company based on factors such as time allocations and other reasonable metrics. The Company’s board of trustees reviews the methodology employed in determining how the expenses are allocated to the Company and assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth

21

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 4. Related Party Transactions (continued)

and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party providers known to be available. In addition, the Company’s board of trustees considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of trustees, among other things, compares the total amount paid to FS/EIG Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs. The Company does not reimburse FS/EIG Advisor for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of FS/EIG Advisor.

The following table describes the fees and expenses accrued under the FS/EIG investment advisory agreement during the three and six months ended June 30, 2023 and 2022:

			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2023		2022		2023		2022
FS/EIG Advisor	FS/EIG investment advisory agreement	Base Management Fee(1)	$	8,686	$	9,576	$	18,905	$	19,613
FS/EIG Advisor	FS/EIG investment advisory agreement	Administrative Services Expenses(2)	$	1,359	$	1,490	$	2,679	$	2,910

_________________________

(1)    During the six months ended June 30, 2023 and 2022, $21,404 and $20,503, respectively, in base management fees were paid to FS/EIG Advisor. The base management fee amount shown in the table above is shown net of $19 and $1,700 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the three months ended June 30, 2023 and 2022, respectively, and $274 and $2,398 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, $8,686 in base management fees were payable to FS/EIG Advisor.

(2)    During the six months ended June 30, 2023 and 2022, $1,649 and $1,372, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS/EIG Advisor and the remainder related to other reimbursable expenses. The Company paid $2,933 and $2,234 in administrative services expenses to FS/EIG Advisor, or its affiliates, during the six months ended June 30, 2023 and 2022, respectively.

Potential Conflicts of Interest

The members of the senior management and investment teams of FS/EIG Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. The officers, managers and other personnel of FS/EIG Advisor may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or EIG. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2022.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated June 4, 2013, or the Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser, including FS KKR Capital Corp., or collectively the Company’s co-investment affiliates. Effective April 9, 2018, or the JV Effective Date, and in connection with the transition of advisory services to a joint advisory relationship with EIG, the Company’s board of trustees authorized and directed that the Company (i) withdraw from the Order, except with respect to any transaction in which the Company participated in reliance on the Order prior to the JV Effective Date, and (ii) rely on an exemptive relief order dated April 10, 2018, granted to EIG and its affiliates which permits the Company to participate in co-investment transactions with certain other EIG advised funds, or the EIG Order.

22

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 5. Distributions

The following table reflects the cash distributions per share that the Company declared on its common shares during the six months ended June 30, 2023 and 2022:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2022
March 31, 2022	$	0.03	$	13,426
June 30, 2022	0.03		13,465
Total	$	0.06	$	26,891
Fiscal 2023
March 31, 2023	$	0.03	$	13,584
June 30, 2023	0.03		13,624
Total	$	0.06	$	27,208

The Company expects to provide quarterly distributions to shareholders commencing in the third quarter of 2023 at an annualized distribution rate of approximately 7.5% based on the Company’s estimated net asset value at the time of declaration and increasing in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15% of the Company’s then-current estimated net asset value beyond 2026. There can be no assurance that the Company will be able to pay distributions in the future. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of trustees.

The Company has adopted an “opt in” distribution reinvestment plan for its shareholders. As a result, if the Company makes a cash distribution, its shareholders will receive distributions in cash unless they specifically “opt in” to the distribution reinvestment plan so as to have their cash distributions reinvested in additional common shares. However, certain state authorities or regulators may impose restrictions from time to time that may prevent or limit a shareholder's ability to participate in the distribution reinvestment plan. The Company's distribution reinvestment plan is terminated effective as of September 15, 2023.

Under the distribution reinvestment plan, cash distributions to participating shareholders will be reinvested in additional common shares at a purchase price determined by the Company’s board of trustees, or a committee thereof, in its sole discretion, that is (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. Any distributions reinvested under the plan will remain taxable to a U.S. shareholder.

The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of the Company’s common shares, borrowings, net investment income from operations, capital gains proceeds from the sale of assets and non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. The Company's distribution proceeds have exceeded and in the future may exceed its earnings. Therefore, portions of the distributions that the Company has made represented, and may make in the future may represent, a return of capital to shareholders, which lowers their tax basis in their common shares. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

23

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 5. Distributions (continued)

The following table reflects the sources of the cash distributions on a tax basis that the Company declared on its common shares during the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023				2022
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Net investment income(1)	$	27,208	100	%	$	26,891	100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—
Total	$	27,208	100	%	$	26,891	100	%

_________________________

(1)    During the six months ended June 30, 2023 and 2022, 82.3% and 80.3%, respectively, of the Company's gross investment income was attributable to cash income earned, 14.0% and 15.0%, respectively, was attributable to paid-in-kind, or PIK, interest and 3.7% and 4.7%, respectively, was attributable to non-cash accretion of discount.

In the past, the Company has experienced restructurings and defaults and may experience such events again in the future. Any restructuring or default may have an impact on the level of income received by the Company.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company's distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term. As of June 30, 2023, the Company had short-term and long-term capital loss carryforwards available to offset future realized capital gains of $70,196 and $1,273,062, respectively.

As of June 30, 2023 and December 31, 2022, for federal income tax purposes, the gross unrealized appreciation on the Company’s investments, swap contracts and unrealized gain on foreign currency was $225,951 and $334,635, respectively, and the gross unrealized depreciation on the Company’s investments, swap contracts and unrealized loss on foreign currency was $422,405 and $512,206, respectively.

The aggregate cost of the Company’s investments for federal income tax purposes totaled $1,692,550 and $2,223,943 as of June 30, 2023 and December 31, 2022, respectively. The aggregate net unrealized appreciation (depreciation) on a tax basis was $(196,948) and $(176,828) as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023 and December 31, 2022, the Company had deferred tax assets of $149,104 and $145,383, respectively, resulting from interest expense disallowance, net operating losses and capital losses of the Company's wholly-owned taxable subsidiaries. As of June 30, 2023 and December 31, 2022, the Company had deferred tax liabilities of $10,485 and $28,753, respectively, resulting from unrealized appreciation on investments held by the Company's wholly-owned taxable subsidiaries. As of June 30, 2023 and December 31, 2022, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their deferred tax assets, therefore the deferred tax assets were offset by valuation allowances of $138,619 and $116,630, respectively. For the six months ended June 30, 2023, the Company did not record a provision for taxes related to its wholly-owned taxable subsidiaries. For the year ended December 31, 2022, the Company recorded a provision for taxes related to its wholly-owned taxable subsidiaries of $1,207 related to current taxes.

Note 6. Financial Instruments

The Company may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. During the six months ended June 30, 2023 and 2022, the Company utilized swap contracts to economically hedge certain risks against natural gas and crude oil price exposure related to certain investments in the Company's portfolio. While the use of these derivative instruments limits the downside risk of adverse price movements, their use also limits future revenues from upward price movements.

The Company's fixed price swaps are settled monthly based on differences between the fixed price specified in the contract and the referenced settlement price. When the referenced settlement price is less than the price specified in the contract, the Company receives an amount from the counterparty based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeds the price specified in the contract, the Company pays the counterparty an amount based on the price

24

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financial Instruments (continued)

difference multiplied by the volume. The prices contained in these fixed price swaps are based on the NYMEX Henry Hub for natural gas and the ICE Brent for oil. Gas volumes are measured in one million British thermal units, or MMBtus, and oil volumes are measured in barrels, or Bbls.

Below is a summary of the Company's open fixed price swap positions as of June 30, 2023. The hedged volumes reflected below represent an aggregation of multiple derivative contracts that have varying durations and may not be realized on a ratable basis over a calendar year.

Swap Contracts—Crude Oil

Year	Settlement Index	Bbls	Weighted Average Price ($/Bbls)
2023	ICE Brent	80,561	$80.00

Swap Contracts—Natural Gas

Year	Settlement Index	MMBtu	Weighted Average Price ($/MMBtu)
2023	NYMEX Henry Hub	139,923	$3.80

During the six months ended June 30, 2023, the average monthly notional volume of fixed price swap contracts—crude oil and fixed price swap contracts—natural gas outstanding were 131,294 Bbls and 242,102 MMBtus, respectively.

The following table presents the fair value of open swap contracts (which are not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2023 and December 31, 2022:

	June 30, 2023 (Unaudited)				December 31, 2022
Instrument	Asset(1)		Liability(2)		Asset(1)		Liability(2)
Swap Contracts—Crude Oil	$	399	$	—	$	—	$	(572)
Swap Contracts—Natural Gas	106		—		—		(126)
Total	$	505	$	—	$	—	$	(698)

______________

(1)    Reflected on the Company's consolidated balance sheets as: Unrealized appreciation on swap contracts.

(2)    Reflected on the Company's consolidated balance sheets as: Unrealized depreciation on swap contracts.

The effect of swap contracts (which are not considered to be hedging instruments for accounting disclosure purposes) on the Company's statements of operations for the six months ended June 30, 2023 and 2022 was as follows:

	Net Realized Gains (Losses)(1)				Net Change in Unrealized Appreciation (Depreciation)(2)
	Six Months Ended June 30,				Six Months Ended June 30,
Instrument	2023		2022		2023		2022
Swap Contracts—Crude Oil	$	(18)	$	(1,502)	$	971	$	(3,156)
Swap Contracts—Natural Gas	244		(306)		232		(432)
Total	$	226	$	(1,808)	$	1,203	$	(3,588)

______________

(1)    Reflected on the Company's consolidated statements of operations as: Net realized gain (loss) on swap contracts.

(2)    Reflected on the Company's consolidated statements of operations as: Net change in unrealized appreciation (depreciation) on swap contracts.

25

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 6. Financial Instruments (continued)

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	$	505	—	$	505	—	—	$	505

	As of December 31, 2022
Counterparty	Derivative Assets	Derivative Liabilities		Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	—	$	(698)	$	(698)	—	—	$	(698)

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

Note 7. Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)						December 31, 2022
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	531,752	$	522,029	35	%	$	702,842	$	706,646	35	%
Senior Secured Loans—Second Lien	125,774		125,003		8	%	143,153		143,270		7	%
Senior Secured Bonds	24,043		23,954		2	%	10,064		10,074		0	%
Unsecured Debt	106,505		106,092		7	%	253,675		241,418		12	%
Preferred Equity	301,615		301,619		20	%	425,182		400,414		20	%
Sustainable Infrastructure Investments, LLC	54,514		50,149		3	%	54,514		51,098		2	%
Equity/Other	262,135		366,756		25	%	333,510		494,195		24	%
Total	$	1,406,338	$	1,495,602	100	%	$	1,922,940	$	2,047,115	100	%

______________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of a portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of June 30, 2023, the Company held investments in four portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” As of June 30, 2023, the Company held investments in three portfolio companies of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (s) and (t) to the unaudited consolidated schedule of investments as of June 30, 2023 in this quarterly report on Form 10-Q.

As of December 31, 2022, the Company held investments in six portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” As of December 31, 2022, the Company held investments in three portfolio companies of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (t) and (u) to the consolidated schedule of investments as of December 31, 2022 in this quarterly report on Form 10-Q.

26

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio (continued)

The Company’s investment portfolio may contain loans or bonds that are in the form of lines of credit or revolving credit facilities, or other investments, pursuant to which the Company may be required to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2023, the Company had three senior secured loan investments with aggregate unfunded commitments of $10,568 and unfunded commitments of $7,625 in U.S. dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. As of December 31, 2022, the Company had six senior secured loan investments with aggregate unfunded commitments of $25,891 and unfunded commitments of $7,625 in U.S dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. The Company maintains sufficient cash on hand, available borrowings and/or liquid securities to fund such unfunded commitments should the need arise.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2023 and December 31, 2022:

	June 30, 2023 (Unaudited)				December 31, 2022
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Energy—Upstream	$	610,146	41	%	$	854,974	42	%
Energy—Midstream	465,345		31	%	646,488		32	%
Energy—Power	197,789		13	%	386,007		19	%
Energy—Service & Equipment	95,968		7	%	96,040		5	%
Commercial & Professional Services (1)	17,619		1	%	12,508		0	%
Consumer Discretionary Distribution & Retail	16,041		1	%	—		—
Insurance	10,062		1	%	—		—
Health Care Equipment & Services	8,562		1	%	—		—
Consumer Services	7,771		1	%	—		—
Automobiles & Components	6,853		0	%	—		—
Transportation	4,830		0	%	—		—
Consumer Staples Distribution & Retail	4,467		0	%	—		—
Sustainable Infrastructure Investments, LLC (2)	50,149		3	%	51,098		2	%
Total	$	1,495,602	100	%	$	2,047,115	100	%

_____________________

(1)    FS/EIG Advisor monitors the industry classification of the Company’s investments and may from time to time reclassify such investments if it determines such reclassification is appropriate. During the six months ended June 30, 2023, two investments had their industry re-classified from Energy—Industrials to Commercial & Professional Services, and one investment had its industry re-classified from Energy—Service & Equipment to Commercial & Professional Services.

(2)    Sustainable Infrastructure Investments, LLC is generally comprised of midstream and renewables assets in the Energy sector.

Sustainable Infrastructure Investments, LLC

Sustainable Infrastructure Investments, LLC, or SIIJV, is a joint venture between the Company and Imperial Sustainable Infrastructure Investments, LLC, or Imperial, a subsidiary of Imperial Capital Asset Management, LLC, or ICAM. The joint venture is governed pursuant to the terms of an amended and restated limited liability company agreement of SIIJV, dated as of January 2, 2020, between the Company and Imperial, or the SIIJV Agreement. The SIIJV Agreement requires the Company and Imperial to provide capital to SIIJV of up to $67,629 in U.S. dollars and $5,430 in Canadian dollars in the aggregate where the Company and Imperial would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the SIIJV Agreement, the Company and Imperial each have 50% voting control of SIIJV and are required to agree on all investment decisions as well as all other significant actions for SIIJV. SIIJV invests in senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans and other midstream, renewables and power assets. As administrative agent of SIIJV, the Company performs certain day-to-day management responsibilities on behalf of SIIJV and is entitled to a fee in the annual amount of 0.25% of SIIJV’s net assets under administration, calculated and payable quarterly in arrears. As of June 30, 2023, the Company and Imperial funded approximately $62,300 to SIIJV, of which $54,514 was from the Company. The Company does not consolidate SIIJV in its consolidated financial statements.

On January 2, 2020, Seine Funding, LLC, or Seine Funding, a wholly-owned subsidiary of SIIJV, entered into a credit facility, as amended, or the Seine Funding Facility, with certain financial institutions as lender, agent, collateral agent, collateral

27

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio (continued)

administrator, and collateral custodian, and SIIJV, as collateral manager. The Seine Funding Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an aggregate principal amount of up to $634,103 on a committed basis, which may be increased under certain circumstances at the request of Seine Funding and with the consent of the lender and agent. The end of the reinvestment period for the Seine Funding Facility was on December 31, 2020. The maturity date for the Seine Funding Facility is the earlier of (i) the latest maturity date among the assets securing the facility and (ii) the first date, after the end of the reinvestment period, on which all assets securing the facility are paid in full. Under the Seine Funding Facility, borrowings bear interest at the rate of three-month LIBOR (or the relevant reference rate for any foreign currency borrowings) (subject to a 0% floor) plus 1.20% per annum. Borrowings under the Seine Funding Facility are secured by a first priority security interest in substantially all of the assets of Seine Funding. As of June 30, 2023, total outstanding borrowings under the Seine Funding Facility were $206,303.

Below is a summary of SIIJV's portfolio, followed by a listing of the individual loans in SIIJV's portfolio as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)			December 31, 2022
Total investments(1)	$	264,692		$	274,088
Weighted average current interest rate on debt investments(2)	7.60		%	6.96		%
Number of portfolio assets in SIIJV	9			9
Largest investment in a single portfolio company(1)	$	70,610		$	73,707

_____________________

(1)    At cost.

(2)    Computed as the (a) annual stated interest rate on accruing debt, divided by (b) total debt at par amount.

Sustainable Infrastructure Investments, LLC Portfolio

As of June 30, 2023

(Unaudited)

Portfolio Company(a)(f)	Footnotes	Energy Industry	Rate(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Alianca Transportadora de Gas Participacoes S.A.		Midstream	L+285	5/23/27	$	70,610	$	70,610	$	72,560
Blue Heron Intermediate Holdco I, LLC		Midstream	S+188	4/22/24	31,244		31,244		31,352
Cedar Creek II LLC		Renewables	S+188	11/18/23	8,160		8,160		8,177
Copper Mountain Solar 3, LLC		Renewables	S+188	5/31/25	17,105		17,105		17,221
FLNG Liquefaction 2, LLC		Midstream	S+150	12/31/26	27,375		27,375		27,303
Meikle Wind Energy, LP	(e)	Renewables	C+150	5/12/24	C$	15,471	11,903		11,611
NES Hercules Class B Member, LLC		Renewables	S+165	1/31/28	$	24,317	24,317		24,847
ST EIP Holdco LLC		Midstream	L+250	11/5/24	58,124		58,124		57,900
Top of the World Wind Energy LLC		Renewables	S+188	12/1/28	15,854		15,854		16,273
Total Senior Secured Loans—First Lien							264,692		267,244
TOTAL INVESTMENTS—100.0%							$	264,692	$	267,244

28

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio (continued)

Sustainable Infrastructure Investments, LLC Portfolio

As of December 31, 2022

Portfolio Company(a)(f)	Footnotes	Industry	Rate(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Alianca Transportadora de Gas Participacoes S.A.		Midstream	L+260	5/23/27	$	73,707	$	73,707	$	74,601
Blue Heron Intermediate Holdco I, LLC		Midstream	L+188	4/22/24	31,832		31,832		31,885
Cedar Creek II LLC		Renewables	L+188	11/18/23	8,710		8,710		8,722
Copper Mountain Solar 3, LLC		Renewables	L+175	5/31/25	17,804		17,804		17,879
FLNG Liquefaction 2, LLC		Midstream	L+150	12/31/26	28,170		28,170		27,990
Meikle Wind Energy, LP	(e)	Renewables	C+150	5/12/24	C$	16,030	12,332		11,873
NES Hercules Class B Member, LLC		Renewables	L+150	1/31/28	$	24,487	24,487		24,954
ST EIP Holdco LLC		Midstream	L+250	11/5/24	58,673		58,673		58,288
Top of the World Wind Energy LLC		Renewables	L+188	12/1/28	18,373		18,373		18,866
Total Senior Secured Loans—First Lien							274,088		275,058
TOTAL INVESTMENTS—100.0%							$	274,088	$	275,058

_____________________

Percentages are shown as a percentage of total investments.

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023 and December 31, 2022, the three-month LIBOR, or L, was 5.55% and 4.77%, respectively, the Canadian Dollar Offered Rate, or C, was 5.40% and 4.94%, respectively, and the SOFR, or S, was 5.27% and 4.59%, respectively.

(c)    Denominated in U.S. dollars unless otherwise noted.

(d)    Security is classified as Level 3 and fair value is determined in accordance with the Company’s valuation process.

(e)    Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of June 30, 2023 and December 31, 2022.

(f)    Security or portion thereof is held within Seine Funding and is pledged as collateral supporting the amounts outstanding under the Seine Funding Facility.

Below is selected balance sheet information for SIIJV as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)		December 31, 2022
Selected Balance Sheet Information
Total investments, at fair value	$	267,244	$	275,058
Cash and other assets	16,037		10,380
Total assets	$	283,281	$	285,438
Debt	$	206,303	$	213,583
Other liabilities	4,105		3,358
Total liabilities	210,408		216,941
Member's equity	$	72,873	$	68,497

29

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 7. Investment Portfolio (continued)

Below is selected statement of operations information for SIIJV for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Selected Statement of Operations Information
Total investment income	$	5,013	$	2,243	$	9,811	$	4,073
Expenses
Interest expense	3,319		1,178		6,460		2,151
Administrative services	45		40		88		81
Custodian and accounting fees	58		57		103		104
Professional services	50		26		100		51
Other	10		—		20		—
Total expenses	3,482		1,301		6,771		2,387
Net investment income	1,531		942		3,040		1,686
Net realized and unrealized gain (loss)	(610)		(1,316)		1,336		(2,016)
Net increase (decrease) in net assets resulting from operations	$	921	$	(374)	$	4,376	$	(330)

Note 8. Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of June 30, 2023 and December 31, 2022, the Company’s investments were categorized as follows in the fair value hierarchy:

Valuation Inputs	June 30, 2023  (Unaudited)		December 31, 2022
Level 1—Price quotations in active markets	$	4,347	$	2,465
Level 2—Significant other observable inputs	188,658		450,445
Level 3—Significant unobservable inputs	1,302,597		1,594,205
Total	$	1,495,602	$	2,047,115

30

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments (continued)

As of June 30, 2023 and December 31, 2022, the Company’s swap contracts were categorized as follows in the fair value hierarchy:

	June 30, 2023  (Unaudited)				December 31, 2022
Valuation Inputs	Assets		Liabilities		Assets		Liabilities
Level 1—Price quotations in active markets	$	—	$	—	$	—	$	—
Level 2—Significant other observable inputs	505		—		—		698
Level 3—Significant unobservable inputs	—		—		—		—
Total	$	505	$	—	$	—	$	698

The Company’s board of trustees is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to FS/EIG Advisor’s valuation policy. The Company’s board of trustees has designated FS/EIG Advisor with day-to-day responsibility for implementing the portfolio valuation process set forth in FS/EIG Advisor’s valuation policy.

The Company’s investments consist primarily of investments that were acquired directly from the issuer. Debt investments, for which broker quotes or pricing information from third-party pricing services are not generally available, are valued by FS/EIG Advisor with the assistance of independent valuation firms, which determine a valuation range of fair value for such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, call features, anticipated prepayments and other relevant terms of the investments. Except as described below, the Company’s investment in SIIJV and all of the Company’s preferred equity and equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value, PV-10 multiples or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if FS/EIG Advisor determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, FS/EIG Advisor typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by an independent third-party pricing service and screened for validity by such service and are typically classified as Level 2 within the fair value hierarchy. In determining the fair values of swap contracts, FS/EIG Advisor utilized an industry-standard pricing model that considers various inputs including quoted forward prices for commodities, time value and current market and contractual prices for the underlying instruments. These assumptions are observable in the marketplace or can be corroborated by active markets or broker quotes and are typically classified as Level 2 within the fair value hierarchy.

FS/EIG Advisor periodically benchmarks the bid and ask prices it receives from the third-party pricing service and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, FS/EIG Advisor believes that these prices are reliable indicators of fair value. FS/EIG Advisor reviewed the valuation determinations made with respect to these investments in a manner consistent with FS/EIG Advisor’s valuation policy.

31

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments (continued)

The following is a reconciliation for the six months ended June 30, 2023 and 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	For the Six Months Ended June 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Unsecured Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	443,245	$	143,270	$	10,074	$	54,374	$	400,414	$	51,098	$	491,730	$	1,594,205
Accretion of discount (amortization of premium)	877		218		25		74		1,149		—		—		2,343
Net realized gain (loss)	(3,431)		(52)		2		4		(18,060)		—		(34,706)		(56,243)
Net change in unrealized appreciation (depreciation)	(12,082)		(888)		(32)		(45)		24,772		(949)		(55,704)		(44,928)
Purchases	24,949		—		—		—		—		—		83		25,032
Paid-in-kind interest	9,724		—		—		2,107		—		—		—		11,831
Sales and repayments	(65,394)		(17,545)		(54)		(1,000)		(106,656)		—		(39,804)		(230,453)
Transfers into Level 3(1)	—		—		—		—		—		—		810		810
Transfers out of Level 3	—		—		—		—		—		—		—		—
Fair value at end of period	$	397,888	$	125,003	$	10,015	$	55,514	$	301,619	$	50,149	$	362,409	$	1,302,597
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(14,618)	$	(1,039)	$	(32)	$	(45)	$	8,653	$	(949)	$	(85,754)	$	(93,784)

	For the Six Months Ended June 30, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Unsecured Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	414,075	$	84,083	$	10,371	$	104,659	$	497,288	$	50,770	$	460,236	$	1,621,482
Accretion of discount (amortization of premium)	1,085		125		24		80		2,662		—		—		3,976
Net realized gain (loss)	(12,192)		446		—		(27,729)		270		—		60,903		21,698
Net change in unrealized appreciation (depreciation)	20,588		420		(39)		34,607		(3,519)		1,361		154,688		208,106
Purchases	99,677		110,150		—		—		—		—		45,835		255,662
Paid-in-kind interest	7,901		537		—		3,843		188		—		—		12,469
Sales and repayments	(117,681)		(18,577)		—		(47,571)		(21,812)		—		(129,505)		(335,146)
Transfers into Level 3(1)	58,705		—		—		—		—		—		—		58,705
Transfers out of Level 3	—		—		—		—		—		—		—		—
Fair value at end of period	$	472,158	$	177,184	$	10,356	$	67,889	$	475,077	$	52,131	$	592,157	$	1,846,952
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	10,826	$	643	$	(39)	$	(80)	$	(3,519)	$	1,361	$	168,303	$	177,495

______________

(1)    Changes in inputs or methodologies used for valuing investments may result in transfers into or out of levels within the fair value hierarchy. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. For the six months ended June 30, 2023 and 2022, transfers into Level 3 were due to decreased price transparency.

32

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments (continued)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2023 and December 31, 2022 were as follows:

Type of Investment	Fair Value at June 30, 2023 (Unaudited)		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	389,381	Market Comparables	Market Yield (%)	8.5%-21.5%	13.4%
				EBITDA Multiples (x)	4.6x-7.2x	5.3x
	8,507		Discounted Cash Flow	Discount Rate (%)	9.5%-14.5%	12.0%
Senior Secured Loans—Second Lien	125,003		Market Comparables	Market Yield (%)	10.8%-14.3%	12.5%
Senior Secured Bonds	10,015		Market Comparables	Market Yield (%)	7.0%-8.0%	7.5%
Unsecured Debt	18,289		Market Comparables	Market Yield (%)	11.0%-12.0%	11.5%
	37,225		Other(2)
Preferred Equity	301,619		Market Comparables	Market Yield (%)	9.3%-26.0%	18.1%
				EBITDA Multiples (x)	11.3x-12.3x	11.8x
				Net Aircraft Book Value Multiple (x)	1.0x-1.0x	1.0x
Sustainable Infrastructure Investments, LLC	50,149		Discounted Cash Flow	Discount Rate (%)	14.0%-15.0%	14.5%
Equity/Other	322,357		Market Comparables	EBITDA Multiples (x)	2.6x-12.3x	5.5x
				Production Multiples (Mboe/d)	$27,835.0-$31,335.0	$29,573.0
				Proved Reserves Multiples (Mmboe)	$5.8-$6.5	$6.2
				Production Multiples (MMcfe/d)	$2,500.0-$3,100.0	$2,800.0
				Proved Reserves Multiples (Bcfe)	0.6x-0.6x	0.6x
				PV-10 Multiples (x)	0.3x-0.9x	0.8x
	8,597		Discounted Cash Flow	Discount Rate (%)	8.0%-34.0%	15.4%
	7,100		Option Valuation Model	Volatility (%)	27.4%-65.0%	40.6%
	24,355		Other(2)
Total	$	1,302,597

Type of Investment	Fair Value at December 31, 2022		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	413,268	Market Comparables	Market Yield (%)	8.5%-21.8%	12.3%
				EBITDA Multiples (x)	5.0x-7.5x	6.3x
	29,977		Discounted Cash Flow	Discount Rate (%)	11.5%-19.5%	15.4%
Senior Secured Loans—Second Lien	143,270		Market Comparables	Market Yield (%)	10.3%-14.3%	11.8%
Senior Secured Bonds	10,074		Market Comparables	Market Yield (%)	6.9%-7.9%	7.4%
Unsecured Debt	19,256		Market Comparables	Market Yield (%)	10.3%-11.3%	10.8%
	35,118		Other(2)
Preferred Equity	316,767		Market Comparables	Market Yield (%)	8.8%-30.3%	19.0%
				EBITDA Multiples (x)	9.5x-10.5x	10.0x
				Net Aircraft Book Value Multiple (x)	1.0x-1.0x	1.0x
	83,647		Discounted Cash Flow	Discount Rate (%)	11.3%-12.3%	11.8%
Sustainable Infrastructure Investments, LLC	51,098		Discounted Cash Flow	Discount Rate (%)	13.5%-14.5%	14.0%
Equity/Other	481,623		Market Comparables	EBITDA Multiples (x)	1.8x-10.5x	5.4x
				Production Multiples (Mboe/d)	$27,946.0-$37,500.0	$30,265.3
				Proved Reserves Multiples (Mmboe)	$6.9-$10.3	$7.6
				Production Multiples (MMcfe/d)	$3,400.0-$3,700.0	$3,550.0
				Proved Reserves Multiples (Bcfe)	0.8x-0.9x	0.8x
				PV-10 Multiples (x)	0.5x-0.9x	0.8x
	2,488		Discounted Cash Flow	Discount Rate (%)	8.0%-33.0%	23.8%
	5,734		Option Valuation Model	Volatility (%)	31.5%-55.1%	36.6%
	1,885		Other(2)
Total	$	1,594,205

33

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 8. Fair Value of Financial Instruments (continued)

______________

(1)    For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing an option valuation model valuation technique, a significant increase (decrease) in the volatility, in isolation, would result in a significantly higher (lower) fair value measurement.

(2)    Fair valued based on expected outcome of proposed corporate transactions, the expected value of the liquidation preference of the investment or other factors.

Note 9. Financing Arrangements

The following table presents a summary of information with respect to the Company’s outstanding financing arrangements as of December 31, 2022. As of June 30, 2023, the Company had no outstanding financing arrangements. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2022. Any significant changes to the Company’s financing arrangements during the six months ended June 30, 2023 are discussed below.

	As of December 31, 2022
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
JPMorgan Facility	Term Loan	L+3.00%	$	305,676	$	—	February 16, 2023(4)
Senior Secured Notes(3)	Bond	7.50%	457,075		—		August 15, 2023(5)
Total			$	762,751	$	—

______________________

(1)    The carrying amount outstanding under the facility approximates its fair value, unless otherwise noted.

(2)    LIBOR is subject to a 0.00% floor.

(3)    As of December 31, 2022, the fair value of the Senior Secured Notes was approximately $458,908. This valuation is considered a Level 2 valuation within the fair value hierarchy.

(4)    On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(5)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

For the six months ended June 30, 2023 and 2022, the components of total interest expense for the Company's financing arrangements were as follows:

	Six Months Ended June 30,
	2023						2022
Arrangement(1)	Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense		Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense
JPMorgan Facility(3)	$	2,790	$	238	$	3,028	$	5,364	$	1,365	$	6,729
Senior Secured Notes(4)	12,760		2,540		15,300		17,808		2,353		20,161
Total	$	15,550	$	2,778	$	18,328	$	23,172	$	3,718	$	26,890

___________________

(1)     Borrowings of each of the Company's wholly-owned special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)     Direct interest expense includes the effect of non-usage fees, administration fees and make-whole fees, if any.

(3)     On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(4)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

The Company’s average borrowings and weighted average interest rate for the period from January 1, 2023 to May, 15, 2023, the date on which the Company redeemed 100% of the issued and outstanding Senior Secured Notes, were $557,446 and 7.49%, respectively. As of June 30, 2023, the Company had no outstanding borrowings.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2022 were $774,853 and 6.90%, respectively. As of June 30, 2022, the Company’s effective interest rate on borrowings was 6.34%.

34

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 9. Financing Arrangements (continued)

Under its financing arrangements, the Company made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements, if any, as of May 15, 2023 (the date that the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount) and December 31, 2022.

JPMorgan Facility

On August 16, 2018, the Company entered into that certain Senior Secured Credit Agreement, by and among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., or JPMorgan, as administrative agent and collateral agent, and the other parties signatory thereto, or as amended, the JPMorgan Facility. On February 14, 2023, the Company repaid and terminated the JPMorgan Facility. Prior to the termination of the JPMorgan Facility, $305,676 aggregate principal amount of loans were outstanding to the Company and such loans accrued interest at a rate equal to LIBOR (subject to a 0.00% floor) plus 3.00% per annum. The Company incurred certain customary costs and expenses in connection with the termination of the JPMorgan Facility.

7.500% Senior Secured Notes due 2023

On August 16, 2018, the Company, U.S. Bank National Association, or U.S Bank, as trustee, and certain subsidiaries of the Company, entered into an Indenture relating to the Company’s issuance of $500,000 aggregate principal amount of its 7.500% Senior Secured Notes due 2023, or the Senior Secured Notes. On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023. The Company incurred certain customary costs and expenses in connection with the redemption of the Senior Secured Notes.

Note 10. Commitments and Contingencies

The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. FS/EIG Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

See Note 4 for a discussion of the Company’s commitments to FS/EIG Advisor and its affiliates (including FS Investments) and Note 7 for a discussion of the Company’s unfunded commitments.

35

FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 11. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2023 and the year ended December 31, 2022:

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	3.88		$	3.59
Results of operations(2)
Net investment income	0.09			0.16
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.21)			0.25
Net increase (decrease) in net assets resulting from operations	(0.12)			0.41
Shareholder distributions(3)
Distributions from net investment income	(0.06)			(0.12)
Net decrease in net assets resulting from shareholder distributions	(0.06)			(0.12)
Capital share transactions
Issuance of common shares(4)	—			—
Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	3.70		$	3.88
Shares outstanding, end of period	454,129,547			451,465,673
Total return(5)	(3.13)		%	11.39		%
Total return (without assuming reinvestment of distributions)(5)	(3.09)		%	11.29		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,679,723		$	1,753,748
Ratio of net investment income to average net assets(6)(7)	4.46		%	4.02		%
Ratio of total operating expenses to average net assets(6)	5.25		%	6.78		%
Ratio of management fee offset to average net assets(6)	(0.02)		%	(0.15)		%
Ratio of net operating expenses to average net assets(6)	5.23		%	6.63		%
Ratio of interest expense to average net assets(6)	2.10		%	3.21		%
Portfolio turnover(8)	5.11		%	16.15		%
Total amount of senior securities outstanding, exclusive of treasury securities	—			$	762,751
Asset coverage per unit(9)	—			3.30

_________________________

(1)    Per share data may be rounded in order to recompute the ending net asset value per share.

(2)    The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)    The per share data for distributions reflects the actual amount of distributions paid per share during the applicable period.

(4)    The issuance of common shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of common shares pursuant to the Company’s distribution reinvestment plan. The issuance of common shares at a price that is greater than the net asset value per share results in an increase in net asset value per share.

(5)    The total return for each period presented was calculated based on the change in net asset value during the applicable period, including the impact of distributions reinvested in accordance with the Company’s distribution reinvestment plan. The total return (without assuming reinvestment of distributions) for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share which were declared during the applicable period and dividing the total by the net asset value per share at the beginning of the applicable period. The total returns do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of the Company’s common shares. The total returns include the effect of the issuance of common shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. The historical calculations of total returns in the table should not be considered representations of the Company’s future total returns, which may be greater or less than the returns shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total returns on the Company’s investment portfolio during the applicable period and do not represent actual returns to shareholders.

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FS Energy and Power Fund

Notes to Unaudited Consolidated Financial Statements (continued)

(in thousands, except share and per share amounts)

Note 11. Financial Highlights (continued)

(6)    Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2023 are annualized. Annualized ratios for the six months ended June 30, 2023 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2023.

(7)    If FS/EIG Advisor had not agreed to offset the amount of any structuring, upfront or certain other fees it or its members received against the management fee payable by the Company, the ratio of net investment income to average net assets would have been 4.44% and 3.87% for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively. See Note 4 for a discussion of the management fee offset with FS/EIG Advisor.

(8)    Portfolio turnover for the six months ended June 30, 2023 is not annualized.

(9)    Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. On February 14, 2023, the Company repaid and terminated the JPMorgan Facility. On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

    (in thousands, except share and per share amounts)

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto included elsewhere in this quarterly report on Form 10-Q. In this report, "we," "us" and "our" refer to FS Energy and Power Fund and "FS/EIG Advisor" refers to FS/EIG Advisor, LLC.

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q may include statements as to:

•our future operating results;

•    our business prospects and the prospects of the companies in which we may invest, including our and their ability to achieve our respective objectives as a result of our board of trustees' approval of changes to our investment policy;

•    the impact of the investments that we expect to make;

•    the ability of our portfolio companies to achieve their objectives;

•    our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

•    the adequacy of our cash resources, financing sources and working capital;

•    the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•    our contractual arrangements and relationships with third parties;

•    actual and potential conflicts of interest with the other funds managed by FS/EIG Advisor, FS Investments, EIG, or any of their respective affiliates;

•    the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•    general economic and political trends and other external factors, including the current COVID-19 pandemic and related disruptions caused thereby;

•    our use of financial leverage;

•    the ability of FS/EIG Advisor to locate suitable investments for us and to monitor and administer our investments;

•    the ability of FS/EIG Advisor or its affiliates to attract and retain highly talented professionals;

•    our transition from an investment policy of investing primarily in private U.S. energy and power companies to a diversified credit investment policy of investing across private and public credit in a broader set of industries, sectors and sub-sectors;

•    our distribution rate and intention to declare dividends, including with respect to the amount and timing of any such distributions;

•    our ability to maintain our qualification as a RIC and as a BDC;

•    the impact on our business of the Dodd-Frank Act, as amended, and the rules and regulations issued thereunder;

•    the effect of changes to tax legislation on us and the portfolio companies in which we may invest and our and their tax position; and

•    the tax status of the enterprises in which we may invest.

In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in ‘‘Item 1A. Risk Factors.’’ Other factors that could cause actual results to differ materially include:

•    changes in the economy;

•    geo-political risks;

•    risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters or pandemics;

•    future changes in laws or regulations and conditions in our operating areas; and

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•    the ability of the Company to (i) transition to a diversified credit strategy within anticipated timeframes or at all, (ii) pay the targeted distributions, (iii) obtain the applied-for exemptive relief, (iv) obtain leverage on terms satisfactory to the Company and (v) achieve a liquidity event.

The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this quarterly report on Form 10-Q. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Shareholders are advised to consult any additional disclosures that we may make directly to shareholders or through reports that we may file in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements and projections contained in this quarterly report on Form 10-Q are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.

Overview

We were formed as a Delaware statutory trust under the Delaware Statutory Trust Act on September 16, 2010 and formally commenced investment operations on July 18, 2011. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act and has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. In November 2016, we closed our continuous public offering of common shares to new investors.

Our investment activities are managed by FS/EIG Advisor and supervised by our board of trustees, a majority of whom are independent. Under the FS/EIG investment advisory agreement, we have agreed to pay FS/EIG Advisor an annual base management fee based on the average weekly value of our gross assets and an incentive fee based on our performance.

Our investment policy is to invest, under normal circumstances, at least 80% of our total assets in securities of Energy companies. This investment policy may not be changed without at least 60 days’ prior notice to holders of our common shares of any such change.

Our investment objective is to generate current income and long-term capital appreciation. We pursue our investment objective by focusing on the following seven investment themes: (i) basin-on-basin competition in U.S. shale, (ii) globalization of natural gas, (iii) coal retirements and the evolving energy generation mix, (iv) renewables focused on power grid parity, (v) export infrastructure for emerging U.S. producers, (vi) market liberalization opening new markets and (vii) midstream infrastructure connecting new supplies. However, we may pursue other investment opportunities if we believe it is in our best interests and consistent with our investment objectives.

Within the above investment themes, we intend to focus on the following investment categories in an effort to generate returns for our investors with an acceptable level of risk.

Direct Originations: Through FS/EIG Advisor, we intend to directly source investment opportunities across the Energy industry. Such investments are typically originated and structured through a negotiated process in which we directly participate and are not generally available to the broader market. These investments may include both debt and equity components. We believe directly originated investments may offer higher returns and more favorable protections than broadly syndicated transactions.

Broadly Syndicated Loan and Bond Transactions: Although our primary focus is to invest in directly originated transactions, in certain circumstances we will also invest in the broadly syndicated loan and high yield bond markets. Broadly syndicated loans and bonds are generally more liquid than our directly originated investments and provide a complement to our less liquid strategies.

In the case of broadly syndicated investments, we generally intend to capitalize on market inefficiencies by investing in loans, bonds, and other asset classes where the market price of such investment reflects a lower value than we believe is warranted based on our fundamental analysis, providing us with an opportunity to earn an attractive return on our investment.

The majority of our portfolio is comprised of income-oriented securities, which principally refers to debt securities and income-oriented preferred and common equity interests, of privately-held Energy companies within the United States. Generally, we expect to invest primarily in directly originated investments and primary market transactions, as this will provide us with the ability to tailor investments to best match a project’s or company’s needs with our investment objectives. We intend to weight our portfolio towards senior secured debt and directly originated preferred equity investments, which we believe offer opportunities for superior risk-adjusted returns and income generation. Our debt investments may take the form of corporate or project loans or bonds, may be secured or unsecured and may, in some cases, be accompanied by yield enhancements. These yield enhancements are typically expected to include royalty interests in mineral, oil and gas properties, warrants, options, net profits interests, cash flow participations or other forms of equity participation that can provide additional consideration or “upside” in a transaction. Our preferred equity

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investments are mostly directly originated and may take the form of perpetual or redeemable securities, typically with a current income component and minimum base returns. In addition, certain income-oriented preferred or common equity interests may include interests in master limited partnerships and a portion of our portfolio may be comprised of derivatives, including the use of total return swaps, credit default swaps and other commodity swap contracts. In connection with certain of our debt investments or any restructuring of these debt investments, we may on occasion receive equity interests, including warrants or options, as additional consideration or otherwise in connection with a restructuring. FS/EIG Advisor will seek to tailor our investment focus as market conditions evolve.

On May 15, 2023, we announced that the Company's board of trustees approved our transition from an investment policy of investing primarily in private U.S. energy and power companies to a diversified credit investment policy of investing across private and public credit in a broader set of industries, sectors and sub-sectors. In July 2023, we commenced sending to our shareholders a regulatory notice notifying them of the investment policy change and that such change will be effective September 29, 2023. During the notice period, we expect to begin transitioning the Company’s portfolio holdings away from investments in the energy sector, while remaining in compliance with the Company’s current investment strategy which permits the Company to invest up to 20% of its assets in non-energy related investments. Our future financial condition, results of operations and cash flows may be impacted by the transition to a new investment policy. See “Item 5. Other Information—Company Name, Investment Objective and Investment Policy.”

Revenues

The principal measure of our financial performance is net increase or decrease in net assets resulting from operations, which includes net investment income, net realized gain or loss on investments, foreign currency, swap contracts and debt extinguishment, net change in unrealized appreciation or depreciation on investments, net change in unrealized gain or loss on foreign currency and net change in unrealized appreciation or depreciation on swap contracts. Net investment income is the difference between our income from interest, dividends, fees and other investment income and our operating and other expenses. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost, including the respective realized gain or loss on foreign currency for those foreign denominated investment transactions. Net realized gain or loss on foreign currency is the portion of realized gain or loss attributable to foreign currency fluctuations. Net realized gain or loss on swap contracts is the portion of realized gain or loss attributable to the difference between the fixed price specified in the contract and the referenced settlement price. Net change in unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized gain or loss on foreign currency for those foreign denominated investments. Net change in unrealized gain or loss on foreign currency is the net change in the value of receivables or accruals due to the impact of foreign currency fluctuations. Net change in unrealized appreciation or depreciation on swap contracts is the net change in the value of receivables or accruals due to the impact of the difference between the fixed price specified in the contract and the referenced settlement price.

We principally generate revenues in the form of interest income on the debt investments we hold. We also generate revenues in the form of dividends and other distributions on the equity or other securities we may hold. In addition, we may generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees.

Expenses

Our primary operating expenses include the payment of management and incentive fees and other expenses under the FS/EIG investment advisory agreement, interest expense from financing arrangements and other indebtedness, and other expenses necessary for our operations. The management and incentive fees compensate FS/EIG Advisor for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.

FS/EIG Advisor oversees our day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. FS/EIG Advisor also performs, or oversees the performance of, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our shareholders and reports filed with the SEC. In addition, FS/EIG Advisor assists us in calculating our net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our shareholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.

We reimburse FS/EIG Advisor for expenses necessary to perform services related to our administration and operations, including FS/EIG Advisor’s allocable portion of the compensation and related expenses of certain personnel of FS Investments and EIG providing administrative services to us on behalf of FS/EIG Advisor, and for transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as "broken deal" costs. We reimburse FS/EIG Advisor no less than quarterly for all costs and expenses incurred by FS/EIG Advisor in

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performing its obligations and providing personnel under the FS/EIG investment advisory agreement. The amount of this reimbursement is set at the lesser of (1) FS/EIG Advisor’s actual costs incurred in providing such services and (2) the amount that we estimate would be required to pay alternative service providers for comparable services in the same geographic location. FS/EIG Advisor allocates the cost of such services to us based on factors such as time allocations and other reasonable metrics. Our board of trustees reviews the methodology employed in determining how the expenses are allocated to us and assesses the reasonableness of such reimbursements for expenses allocated to us based on the breadth, depth and quality of such services as compared to the estimated cost to us of obtaining similar services from third-party service providers known to be available. In addition, our board of trustees considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, our board of trustees compares the total amount paid to FS/EIG Advisor for such services as a percentage of our net assets to the same ratio as reported by other comparable BDCs. We do not reimburse FS/EIG Advisor for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of FS/EIG Advisor.

We bear all other expenses of our operations and transactions, including all other expenses incurred by FS/EIG Advisor in performing services for us and administrative personnel paid by FS/EIG Advisor, to the extent they are not controlling persons of FS/EIG Advisor or any of its affiliates, subject to the limitations included in the FS/EIG investment advisory agreement.

In addition, we have contracted with State Street to provide various accounting and administrative services, including, but not limited to, preparing preliminary financial information for review by FS/EIG Advisor, preparing and monitoring expense budgets, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing with respect to RIC compliance.

For information regarding the fee offset with FS/EIG Advisor, see Note 4 to our unaudited consolidated financial statements included herein.

COVID-19 and Energy Market Developments

Events in recent years such as the rapid spread of the COVID-19 pandemic, global lockdowns and ongoing negotiations regarding production levels between oil producing countries, have, at times, resulted in lower demand for crude oil and, as a result, lower commodity prices. Although the energy markets have had a notable recovery since 2021, volatility in the energy markets may persist, recur or worsen, as a result of these events or other macroeconomic events, such as the current conflict in Ukraine and sanctions imposed on Russia in response. The impact of these events on the U.S. and global economies (including energy markets), has negatively impacted, and could continue to negatively impact, the business operations of some of our portfolio companies. Many of our portfolio companies are performing well, and energy markets are currently experiencing relatively stable conditions. However, we expect that certain of our portfolio companies may continue to experience economic distress for the foreseeable future and could become insolvent or otherwise significantly limit business operations if subjected to prolonged economic distress, including as a result of depressed commodity prices or other declines in the energy markets. These developments could result in a further decrease in the value of our investments.

These events have previously had adverse effects on our investment income and we expect that such adverse effects may continue for some time. These adverse effects have required and may again require us to restructure certain of our investments, which could result in further reductions to our investment income or in impairments on our investments. In addition, disruptions in the capital markets have resulted in illiquidity in certain market areas at times. These market disruptions and illiquidity have had and may continue to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions caused by these events may increase our funding costs and limit our access to the capital markets. These events have previously limited our investment originations, which may continue for the immediate future, and have also previously had a material negative impact on our operating results for a period of time. In addition, the growth of non-income producing equity investments as a percentage of the portfolio has materially reduced the value of collateral available to secure our financing arrangements. Consequently, this has adversely impacted our liquidity, may cause us to fall out of compliance with certain portfolio requirements under the 1940 Act that are tied to the value of our investments and, in each case, may continue to do so in the future.

In light of such difficult market conditions and in an effort to preserve our liquidity, our board of trustees determined to suspend for an indefinite period of time our share repurchase program and will reassess our ability to recommence such program in future periods. We expect to provide quarterly distributions to shareholders commencing in the third quarter of 2023 at an annualized distribution rate of approximately 7.5% based on our estimated net asset value at the time of declaration and increasing in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15% of the then-current estimated net asset value beyond 2026. FS/EIG Advisor and our board of trustees expect that future regular cash distributions to shareholders will remain suspended until such time that our board of trustees and FS/EIG Advisor believe that market conditions and our financial condition support the resumption of such distributions. Our board of trustees has and will continue to evaluate our ability to pay any distributions in the future. There can be no assurance that we will be able to pay distributions in the future.

We will continue to carefully monitor the energy markets and any other new or ongoing events that may affect our business and the business of our portfolio companies, including the current conflict in Ukraine and government responses thereto. Because the

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full effects of these events are not capable of being known at this time, we cannot estimate the impacts on our future financial condition, results of operations or cash flows.

Portfolio Investment Activity for the Three and Six Months Ended June 30, 2023 and for the Year Ended December 31, 2022

Total Portfolio Activity

The following tables present certain selected information regarding our portfolio investment activity for the three and six months ended June 30, 2023:

Net Investment Activity	For the Three Months Ended June 30, 2023				For the Six Months Ended June 30, 2023
Purchases	$	63,008			$	91,324
Sales and Repayments	(272,320)				(560,174)
Net Portfolio Activity	$	(209,312)			$	(468,850)
	For the Three Months Ended June 30, 2023				For the Six Months Ended June 30, 2023
New Investment Activity by Asset Class	Purchases		Percentage		Purchases		Percentage
Senior Secured Loans—First Lien	$	49,002	78	%	$	73,951	81	%
Senior Secured Bonds	14,006		22	%	14,006		15	%
Equity/Other	—		—		3,367		4	%
Total	$	63,008	100	%	$	91,324	100	%

The following table summarizes the composition of our investment portfolio at cost and fair value as of June 30, 2023 and December 31, 2022:

	June 30, 2023 (Unaudited)						December 31, 2022
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	531,752	$	522,029	35	%	$	702,842	$	706,646	35	%
Senior Secured Loans—Second Lien	125,774		125,003		8	%	143,153		143,270		7	%
Senior Secured Bonds	24,043		23,954		2	%	10,064		10,074		0	%
Unsecured Debt	106,505		106,092		7	%	253,675		241,418		12	%
Preferred Equity	301,615		301,619		20	%	425,182		400,414		20	%
Sustainable Infrastructure Investments, LLC	54,514		50,149		3	%	54,514		51,098		2	%
Equity/Other	262,135		366,756		25	%	333,510		494,195		24	%
Total	$	1,406,338	$	1,495,602	100	%	$	1,922,940	$	2,047,115	100	%

_________________________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

The following table presents certain selected information regarding the composition of our investment portfolio as of June 30, 2023 and December 31, 2022:

	June 30, 2023	December 31, 2022
Number of Portfolio Companies	50	63
% Variable Rate (based on fair value)	37.6%	36.8%
% Fixed Rate (based on fair value)	14.4%	17.0%
% Income Producing Preferred Equity and Equity/Other Investments (based on fair value)	27.6%	28.9%
% Non-Income Producing Preferred Equity and Equity/Other Investments (based on fair value)	20.4%	17.3%
Weighted Average Purchase Price of Debt Investments (as a % of par value)	91.2%	97.5%
% of Investments on Non-Accrual (based on fair value)	10.6%	10.8%
Gross Portfolio Yield Prior to Leverage (based on amortized cost)	8.4%	7.3%
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets	11.4%	9.3%

We expect to provide quarterly distributions to shareholders commencing in the third quarter of 2023 at an annualized distribution rate of approximately 7.5% based on our estimated net asset value at the time of declaration and increasing in subsequent

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years until the achievement of a long-term liquidity event, subject to a maximum cap of 15% of the then-current estimated net asset value beyond 2026. FS/EIG Advisor and our board of trustees expect that future regular cash distributions to shareholders will remain suspended until such time that our board of trustees and FS/EIG Advisor believe that market conditions and our financial condition support the resumption of such distributions. Our board of trustees has and will continue to evaluate our ability to pay any distributions in the future. There can be no assurance that we will be able to pay distributions in the future. For the six months ended June 30, 2023 and the year ended December 31, 2022, our total return was (3.13)% and 11.39%, respectively, and our total return without assuming reinvestment of distributions was (3.09)% and 11.29%, respectively.

Our estimated gross portfolio yield does not represent actual investment returns to shareholders. Our gross annual portfolio yield is subject to change and in the future may be greater or less than the rates set forth above. See the sections entitled “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2022 and in our other periodic reports filed with the SEC for a discussion of the uncertainties, risks and assumptions associated with these statements.

Direct Originations

We define Direct Originations as any investment where FS/EIG Advisor or its affiliates negotiate the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These Direct Originations include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions.

The following table presents certain selected information regarding our Direct Originations as of June 30, 2023 and December 31, 2022:

Characteristics of All Direct Originations held in Portfolio	June 30, 2023	December 31, 2022
Number of Portfolio Companies	34	40
% of Investments on Non-Accrual (based on fair value)	12.6%	14.4%
Total Cost of Direct Originations	$1,143,945	$1,387,547
Total Fair Value of Direct Originations	$1,252,381	$1,537,417
% of Total Investments, at Fair Value	83.7%	75.1%
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations	8.0%	6.8%
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing Assets	11.5%	9.7%

Portfolio Composition by Strategy

The table below summarizes the composition of our investment portfolio by strategy and enumerates the percentage, by fair value, of the total portfolio assets in such strategies as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
Portfolio Composition by Strategy	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Direct Originations	$	1,252,381	84	%	$	1,537,417	75	%
Broadly Syndicated/Other	243,221		16	%	509,698		25	%
Total	$	1,495,602	100	%	$	2,047,115	100	%

See Note 7 to our unaudited consolidated financial statements included herein for additional information regarding our investment portfolio.

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Portfolio Asset Quality

In addition to various risk management and monitoring tools, FS/EIG Advisor uses an investment rating system to characterize and monitor the expected level of returns on each investment in our portfolio. FS/EIG Advisor uses an investment rating scale of 1 to 5. The following is a description of the conditions associated with each investment rating:

Investment Rating	Summary Description
1	Investment exceeding expectations and/or capital gain expected.
2	Performing investment generally executing in accordance with the portfolio company’s business plan—full return of principal and interest expected.
3	Performing investment requiring closer monitoring.
4	Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment.
5	Underperforming investment with expected loss of interest and some principal.

The following table shows the distribution of our investments on the 1 to 5 investment rating scale at fair value as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
Investment Rating	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
1	$	—	—		$	—	—
2	1,033,810		69	%	1,426,668		70	%
3	259,754		17	%	336,097		16	%
4	179,012		12	%	255,580		13	%
5	23,026		2	%	28,770		1	%
Total	$	1,495,602	100	%	$	2,047,115	100	%

The amount of the portfolio in each grading category may vary substantially from period to period resulting primarily from changes in the composition of the portfolio as a result of new investment, repayment and exit activities. In addition, changes in the grade of investments may be made to reflect our expectation of performance and changes in investment values.

Results of Operations

Comparison of the Three and Six Months Ended June 30, 2023 and 2022

Revenues

Our investment income for the three and six months ended June 30, 2023 and 2022 was as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
	Amount		Percentage of Total Income		Amount		Percentage of Total Income		Amount		Percentage of Total Income		Amount		Percentage of Total Income
Interest income	$	24,385	59	%	$	26,815	57	%	$	57,191	68	%	$	53,902	65	%
Paid-in-kind interest income	7,329		18	%	7,341		15	%	11,831		14	%	12,469		15	%
Fee income	1,029		2	%	9,226		20	%	1,126		1	%	10,459		13	%
Dividend income	8,733		21	%	3,691		8	%	14,423		17	%	6,152		7	%
Total investment income(1)	$	41,476	100	%	$	47,073	100	%	$	84,571	100	%	$	82,982	100	%

_____________________________

(1)     Such revenues represent $32,297 and $37,875 of cash income earned as well as $9,179 and $9,198 in non-cash portions relating to accretion of discount and PIK interest for the three months ended June 30, 2023 and 2022, respectively, and represent $69,628 and $66,627 of cash income earned as well as $14,943 and $16,355 in non-cash portions relating to accretion of discount and PIK interest for the six months ended June 30, 2023 and 2022, respectively. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.

The level of interest income we receive is generally related to the balance of income-producing investments multiplied by the weighted average yield of our investments. We may experience volatility in the amount of interest income that we earn as the accrual status of existing portfolio investments may fluctuate due to restructuring activity in the portfolio.

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The increase in the amount of interest income for the six months ended June 30, 2023 compared to the six months ended June 30, 2022 was primarily due to the rising interest rate environment.

Fee income is transaction based, and typically consists of prepayment fees and structuring fees. As such, future fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees.

The increase in the amount of dividend income for the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022 was primarily due to the increase in dividends paid with respect to our investments in certain common equities.

Expenses

Our operating expenses for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Management fees	$	8,705	$	11,276	$	19,179	$	22,011
Administrative services expenses	1,359		1,490		2,679		2,910
Share transfer agent fees	794		728		1,545		1,448
Accounting and administrative fees	179		189		362		366
Interest expense	5,730		13,196		18,328		26,890
Trustees' fees	176		190		340		417
Expenses associated with our independent audit and related fees	136		112		264		223
Legal fees	138		150		237		150
Printing fees	125		76		225		409
Other	2,252		530		2,628		1,530
Total operating expenses	19,594		27,937		45,787		56,354
Less: Management fee offset	(19)		(1,700)		(274)		(2,398)
Net operating expenses	$	19,575	$	26,237	$	45,513	$	53,956

The following table reflects selected expense ratios as a percent of average net assets for the three and six months ended June 30, 2023 and 2022 (not annualized):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Ratio of operating expenses to average net assets	1.14	%	1.59	%	2.62	%	3.35	%
Ratio of management fee offset to average net assets	(0.00)	%	(0.10)	%	(0.02)	%	(0.14)	%
Ratio of net operating expenses to average net assets	1.14	%	1.49	%	2.60	%	3.21	%
Ratio of interest expense to average net assets	(0.33)	%	(0.75)	%	(1.05)	%	(1.60)	%
Ratio of net operating expenses, excluding interest expense, to average net assets	0.81	%	0.74	%	1.55	%	1.61	%

Interest expense may increase or decrease our expense ratios relative to comparative periods depending on changes in benchmark interest rates such as LIBOR or SOFR, utilization rates and the terms of our financing arrangements, among other factors.

Management Fee Offset

Structuring, upfront or certain other fees received by FS/EIG Advisor or its members which were offset against management fees due to FS/EIG Advisor from us were $19 and $1,700 for the three months ended June 30, 2023 and 2022, respectively, and $274 and $2,398 for the six months ended June 30, 2023 and 2022, respectively. See Note 4 to our unaudited consolidated financial statements contained in this quarterly report on Form 10-Q for a discussion of the management fee offset for the three and six months ended June 30, 2023 and 2022.

Net Investment Income

Our net investment income totaled $21,901 ($0.05 per share) and $20,836 ($0.05 per share) for the three months ended June 30, 2023 and 2022, respectively, and $39,058 ($0.09 per share) and $29,026 ($0.06 per share) for the six months ended June 30, 2023 and 2022, respectively.

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Net Realized Gains or Losses

Our net realized gains (losses) on investments, foreign currency, swap contracts and debt extinguishment for the three and six months ended June 30, 2023 and 2022, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net realized gain (loss) on investments(1)	$	(42,488)	$	60,504	$	(62,695)	$	31,460
Net realized gain (loss) on foreign currency	—		—		(120)		—
Net realized gain (loss) on swap contracts	214		(1,392)		226		(1,808)
Net realized gain (loss) on debt extinguishment	—		(183)		—		(929)
Total net realized gain (loss)	$	(42,274)	$	58,929	$	(62,589)	$	28,723

_________________________

(1)    We sold investments and received principal repayments of $106,211 and $166,109, respectively, during the three months ended June 30, 2023 and $201,929 and $65,138, respectively, during the three months ended June 30, 2022. We sold investments and received principal repayments of $304,217 and $255,957, respectively, during the six months ended June 30, 2023 and $270,691 and $236,711, respectively, during the six months ended June 30, 2022.

Net Change in Unrealized Appreciation (Depreciation)

Our net change in unrealized appreciation (depreciation) on investments and swap contracts for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net change in unrealized appreciation (depreciation) on investments	$	(4,438)	$	(64,079)	$	(34,911)	$	151,202
Net change in unrealized appreciation (depreciation) on swap contracts	126		(106)		1,203		(3,588)
Net change in unrealized appreciation (depreciation) on foreign currency	34		—		34		—
Total net change in unrealized appreciation (depreciation)	$	(4,278)	$	(64,185)	$	(33,674)	$	147,614

During the three and six months ended June 30, 2023, the net change in unrealized appreciation (depreciation) on our investments was primarily driven by the performance of our directly originated assets. During the three and six months ended June 30, 2022, the net change in unrealized appreciation (depreciation) on our investments was primarily driven by the performance of our directly originated assets and certain of our upstream equity/other investments and the conversion of unrealized depreciation to realized losses.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended June 30, 2023 and 2022, the net increase (decrease) in net assets resulting from operations was $(24,651) ($(0.05) per share) and $15,580 ($0.03 per share), respectively. For the six months ended June 30, 2023 and 2022, the net increase (decrease) in net assets resulting from operations was $(57,205) ($(0.13) per share) and $205,363 ($0.46 per share), respectively.

This “Results of Operations” section should be read in conjunction with “COVID-19 and Energy Market Developments” above.

Financial Condition, Liquidity and Capital Resources

Overview

As of June 30, 2023, we had $245,358 in cash, which we held in custodial accounts. As of June 30, 2023, we also had broadly syndicated investments that could be sold to create additional liquidity. As of June 30, 2023, we had three senior secured loan investments with aggregate unfunded commitments of $10,568 and unfunded commitments of $7,625 in U.S. dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. We maintain sufficient cash on hand, available borrowings and/or liquid securities to fund such unfunded commitments and other contractual commitments should the need arise.

On February 14, 2023, we repaid and terminated the JPMorgan Facility with cash. On May 15, 2023, we redeemed 100% of the aggregate principal amount of the outstanding Senior Secured Notes, plus the accrued but unpaid interest through to, but excluding, May 15, 2023. For additional information regarding our financing arrangements, see Note 9 to our unaudited consolidated financial statements included herein.

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We generate cash primarily from the issuance of shares under our distribution reinvestment plan and from cash flows from fees, interest and dividends earned from our investments as well as principal repayments and proceeds from sales of our investments. To seek to enhance our returns, we may also seek to employ leverage as market conditions permit and at the discretion of FS/EIG Advisor, but unless and until we elect otherwise, as permitted by the 1940 Act, in no event will leverage employed exceed 50% of the value of our assets, as required by the 1940 Act.

Prior to investing in securities of portfolio companies, we invest the net proceeds from the issuance of shares under our distribution reinvestment plan as well as from sales and paydowns of existing investments primarily in cash, cash equivalents, including money market funds, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, consistent with our BDC election and our election to be taxed as a RIC.

In light of difficult market conditions, we took several steps in 2020 to seek to enhance our liquidity by, among other things, suspending our share repurchase program, suspending regular cash distributions and reducing leverage by paying down borrowings. The share repurchase program and regular cash distributions currently remain suspended.

This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “COVID-19 and Energy Market Developments” above.

RIC Tax Treatment and Distributions

We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, we generally do not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute as dividends to our shareholders. To maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must distribute to our shareholders, for each tax year, dividends generally of an amount at least equal to 90% of our “investment company taxable income,” which is generally the sum of our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, determined without regard to any deduction for dividends paid. In addition, we may, in certain cases, satisfy the Annual Distribution Requirement by distributing dividends relating to a tax year after the close of such tax year under the “spillover dividend” provisions of Subchapter M of the Code. If we distribute a spillover dividend, such dividend will be included in a shareholder’s gross income for the tax year in which the spillover distribution is paid. We intend to make sufficient distributions to our shareholders to maintain our RIC tax treatment each tax year. We will also be subject to nondeductible U.S. federal excise taxes on certain undistributed income unless we distribute in a timely manner to our shareholders of an amount at least equal to the sum of (1) 98% of our net ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains over capital losses (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) 100% of any ordinary income and capital gain net income recognized for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. Any distribution declared by us during October, November or December of any calendar year, payable to our shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our U.S. shareholders, on December 31 of the calendar year in which the distribution was declared.

We expect to provide quarterly distributions to shareholders commencing in the third quarter of 2023 at an annualized distribution rate of approximately 7.5% based on our estimated net asset value at the time of declaration and increasing in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15% of the then-current estimated net asset value beyond 2026. In general, when we pay regular cash distributions, we intend to declare them on a quarterly or monthly basis and pay them on a monthly basis. We will calculate each shareholder’s specific distribution amount for the period using record and declaration dates and each shareholder’s distributions will begin to accrue on the date that common shares are issued to such shareholder. From time to time, we may also pay special interim distributions in the form of cash or common shares at the discretion of our board of trustees. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of our board of trustees.

Our distribution proceeds have exceeded and in the future may exceed our earnings. Therefore, portions of the distributions that we have made represented, and may make in the future may represent, a return of capital to shareholders, which lowers their tax basis in their common shares. A return of capital generally is a return of an investor’s investment rather than a return of earnings or gains derived from our investment activities and will be made after deducting the fees and expenses payable in connection with our continuous public offering, including any fees payable to FS/EIG Advisor. Moreover, a return of capital will generally not be taxable, but will reduce each shareholder’s cost basis in our common shares, and will result in a higher reported capital gain or lower reported capital loss when the common shares on which such return of capital was received are sold. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our shareholders.

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We intend to make any regular distributions in the form of cash, out of assets legally available for distribution, unless shareholders elect to receive their cash distributions in additional common shares under our distribution reinvestment plan. Any distributions reinvested under the plan will nevertheless remain taxable to a U.S. shareholder. Our distribution reinvestment plan is terminated effective as of September 15 2023.

We expect to provide quarterly distributions to shareholders commencing in the third quarter of 2023 at an annualized distribution rate of approximately 7.5% based on our estimated net asset value at the time of declaration and increasing in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15% of the then-current estimated net asset value beyond 2026. FS/EIG Advisor and our board of trustees expect that future regular cash distributions to shareholders will remain suspended until such time that our board of trustees and FS/EIG Advisor believe that market conditions and our financial condition support the resumption of such distributions. Our board of trustees has and will continue to evaluate our ability to pay any distributions in the future. There can be no assurance that we will be able to pay distributions in the future. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of our board of trustees. In addition, prior to its termination, the JPMorgan Facility restricted our ability to make certain discretionary cash dividends and distributions and other restricted payments.

The following table reflects the cash distributions per share that we have declared on our common shares during the six months ended June 30, 2023 and 2022:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2022
March 31, 2022	$	0.03	$	13,426
June 30, 2022	0.03		13,465
Total	$	0.06	$	26,891
Fiscal 2023
March 31, 2023	$	0.03	$	13,584
June 30, 2023	0.03		13,624
Total	$	0.06	$	27,208

See Note 5 to our unaudited consolidated financial statements included herein for additional information regarding our distributions.

Critical Accounting Policies and Estimates

Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in Note 2 to our unaudited consolidated financial statements included herein. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition. As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below.

Valuation of Portfolio Investments

Our board of trustees is responsible for overseeing the valuation of our portfolio investments at fair value as determined in good faith pursuant to FS/EIG Advisor’s valuation policy. As permitted by Rule 2a-5 of the 1940 Act, our board of trustees has designated FS/EIG Advisor as our valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in FS/EIG Advisor’s valuation policy.

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC Topic 820, issued by the Financial Accounting Standards Board, or the FASB, clarifies the definition of fair value and requires companies to expand their

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disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

FS/EIG Advisor determines the fair value of our investment portfolio each quarter. Securities that are publicly-traded with readily available market prices will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded with readily available market prices will be valued at fair value as determined in good faith by FS/EIG Advisor. In connection with that determination, FS/EIG Advisor will prepare portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party pricing and valuation services.

With respect to investments for which market quotations are not readily available, a multi-step valuation process is undertaken each quarter, as described below:

•our quarterly fair valuation process begins with FS/EIG Advisor facilitating the delivery of updated quarterly financial and other information relating to each investment to an independent third-party pricing or valuation service;

•the independent third-party pricing or valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each portfolio company or investment according to the valuation methodologies in FS/EIG Advisor’s valuation policy and communicates the information to FS/EIG Advisor in the form of a valuation range for Level 3 assets;

•FS/EIG Advisor then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service and any suggested revisions thereto prior to the independent third-party pricing or valuation service finalizing its valuation range;

•FS/EIG Advisor then provides the valuation committee with its valuation determinations and valuation-related information for each portfolio company or investment, along with any applicable supporting materials; and other information that is relevant to the fair valuation process as required by FS/EIG Advisor’s board reporting obligations; 

•the valuation committee meets with FS/EIG Advisor to receive the relevant quarterly reporting from FS/EIG Advisor and to discuss any questions from the valuation committee in connection with the valuation committee’s role in overseeing the fair valuation process; and

•following the completion of its fair value oversight activities, the valuation committee (with the assistance of FS/EIG Advisor) provides our board of trustees with a report regarding the quarterly valuation process.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our consolidated financial statements. In making its determination of fair value, FS/EIG Advisor may use any independent third-party pricing or valuation services for which it has performed the appropriate level of due diligence. However, FS/EIG Advisor is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by FS/EIG Advisor or provided by any independent third-party pricing or valuation service that FS/EIG Advisor deems to be reliable in determining fair value under the circumstances. Below is a description of factors that FS/EIG Advisor and any independent third-party valuation services may consider when determining the fair value of our investments.

The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company’s business in order to establish whether the portfolio company’s enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach.

Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, FS/EIG Advisor may incorporate these factors into discounted cash flow models to arrive at fair value. Various methods may be used to determine the appropriate discount rate in a discounted cash flow model.

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Other factors that may be considered include the borrower's ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the debt investments.

For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used.

Our equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. Portfolio securities that carry certain restrictions on sale are typically valued at a discount from the public market value of the security.

When we receive warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. FS/EIG Advisor subsequently values these warrants or other equity securities received at their fair value.

Swap contracts typically are valued at their daily prices obtained from an independent third party. The aggregate settlement values and notional amounts of the swap contracts are not recorded in the statements of assets and liabilities. Fluctuations in the value of the swap contracts are recorded in the statements of assets and liabilities as gross assets and gross liabilities and in the statements of operations as unrealized appreciation (depreciation) until closed, when they will be recorded as net realized gain (loss).

See Note 8 to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.

Contractual Obligations

We have entered into an agreement with FS/EIG Advisor to provide us with investment advisory and administrative services. Payments for investment advisory services under the FS/EIG investment advisory agreement are equal to 1.75% of the average weekly value of our gross assets and an incentive fee based on our performance. Base management fees are generally paid on a quarterly basis in arrears. FS/EIG Advisor is reimbursed for administrative services expenses incurred on our behalf. See Note 4 to our unaudited consolidated financial statements included herein for a discussion of this agreement and for the amount of fees and expenses accrued under this agreement during the six months ended June 30, 2023 and 2022.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including changes in interest rates. As of June 30, 2023, 37.6% of our portfolio investments (based on fair value) paid variable interest rates, 14.4% paid fixed interest rates, 27.6% were income producing preferred equity and equity/other investments and the remaining 20.4% consisted of non-income producing preferred equity and equity/other investments. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated incentive fee on income, and may result in a substantial increase in our net investment income and the amount of incentive fees payable to FS/EIG Advisor with respect to our increased pre-incentive fee net investment income.

To the extent that any future credit facilities or other financing arrangements that we or any of our subsidiaries enter into are based on a floating interest rate, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we or our subsidiaries have such debt outstanding or financing arrangements in effect, our interest expense would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments.

The following table shows the effect over a twelve-month period of changes in interest rates on our interest income and net interest income, assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, in effect as of June 30, 2023 (dollar amounts are presented in thousands):

Basis Point Change in Interest Rates	Increase (Decrease) in Interest Income		Increase (Decrease) in Interest Expense		Increase (Decrease) in Net Interest Income		Percentage Change in Net Interest Income
Down 100 basis points	$	(11,145)	$	—	$	(11,145)	(9.4)	%
No change	—		—		—		—
Up 100 basis points	$	191	$	—	$	191	0.2	%
Up 300 basis points	$	11,527	$	—	$	11,527	9.7	%
Up 500 basis points	$	22,863	$	—	$	22,863	19.3	%

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. During the six months ended June 30, 2023 and 2022, we did not engage in interest rate hedging activities.

In addition, we may have risks regarding portfolio valuation and the potential inability of counterparties to meet the terms of their contracts. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Valuation of Portfolio Investments.”

Item 4. Controls and Procedures.

As required by Rule 13a-15(b) under the Exchange Act, we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2023. Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that we would meet our disclosure obligations.

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) that occurred during the three month period ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings and, to our knowledge, no material legal proceedings are threatened against us. From time to time, we may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, we do not expect that any such proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that appeared under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K, as supplemented by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. There are no material changes from the risk factors included within our most recent Annual Report on Form 10-K, as supplemented by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, other than the risks described below.

We are exposed to risks associated with changes in interest rates.

Because we intend to use debt to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The recent increases in interest rates will make it more expensive to use debt to finance our investments. In periods of rising interest rates when we have debt outstanding, our cost of funds will increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to develop such expertise or arrange for such expertise to be provided.

We have and may continue to structure the majority of our debt investments with floating interest rates to position our portfolio for rate increases. However, there can be no assurance that this will successfully mitigate our exposure to interest rate risk. For example, in rising interest rate environments, payments under floating rate debt instruments generally would rise and there may be a significant number of issuers of such floating rate debt instruments that would be unable or unwilling to pay such increased interest costs and may otherwise be unable to repay their loans. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Investments in floating rate debt instruments may also decline in value in response to rising interest rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, our fixed rate investments may decline in value because the fixed rate of interest paid thereunder may be below market interest rates.

Some investments in the portfolio utilize floating rate benchmarks such as LIBOR or SOFR. LIBOR, the London Interbank Offered Rate, was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish new or alternative reference rates to be used in place of LIBOR. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, supports replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements backed by Treasury securities.

Prohibitions and requirements with respect to floating rate benchmarks may adversely affect the value of floating-rate debt securities in our portfolio. While SOFR appears to be the preferred replacement for U.S. dollar LIBOR, it is not possible to predict whether SOFR will ultimately prevail in the market as the definitive replacement for LIBOR. The transition away from LIBOR and other current reference rates to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.

Furthermore, a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase of the amount of incentive fees payable to FS/EIG Advisor with respect to pre-incentive fee net investment income.

52

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Not applicable. See Note 3 to our unaudited consolidated financial statements contained in this quarterly report on Form 10-Q for a more detailed discussion of the terms of our share repurchase program and de minimis account liquidation.

Item 3. Defaults upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Company Name, Investment Objectives and Investment Policy

Our board of trustees has approved changing the Company’s name to FS Specialty Lending Fund and changing its non-fundamental investment policy to be to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Company’s total assets, rather than to invest at least 80% of its total assets in securities of Energy companies. Our board of trustees also approved changing the Company's investment objectives from generating current income and long-term capital appreciation to generating current income and, to a lesser extent, long-term capital appreciation. We believe this new diversified credit investment policy will help maximize the Company’s long-term liquidity options and reduce the volatility associated with a single sector-focused investment policy. To demonstrate a meaningful and tangible step towards providing shareholders with liquidity, we expect to provide quarterly distributions to shareholders commencing in the third quarter of 2023 at an annualized distribution rate of approximately 7.5% based on our estimated net asset value at the time of declaration and increasing in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15% of the Company’s then-current net asset value beyond 2026. FS/EIG Advisor will continue to manage the Company under the new investment policy and is expected to supplement its investment management resources with existing resources at FS Investments, one of FS/EIG Advisor’s joint venture partners. There will be no changes to the Company’s Investment Advisory and Administrative Services Agreement, dated April 9, 2018, between the Company and FS/EIG Advisor.

In July 2023, we commenced sending to our shareholders a regulatory notice notifying them of the name, investment objectives and investment policy changes and that such changes will be effective September 29, 2023. In the meantime, management intends to begin transitioning the Company’s portfolio holdings away from investments in the Energy sector, while remaining in compliance with the Company’s current policy. Like the current investment policy, the new investment policy may not be changed without at least 60 days’ prior notice to holders of the Company’s common shares of any such change.

In light of the changes discussed above, the Company is amending the section titled “Risks Related to Our Investments” in Item 1A of its most recent Annual Report on Form 10-K. See Item 1A (Risk Factors) of this quarterly report on Form 10-Q for additional information on the amended risk factors.

Termination of Distribution Reinvestment Plan

On July 19, 2023, our board of trustees, including the independent trustees, approved the termination of our second amended and restated distribution reinvestment plan with respect to distributions declared by our board of trustees on our common shares, effective as of September 15, 2023. After this date, all shareholders will receive any subsequent distributions in cash.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2023, none of our trustees or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

53

Item 6. Exhibits.

3.1    Third Amended and Restated Declaration of Trust of FS Energy and Power Fund. (Incorporated by reference to Exhibit 3.1 to FS Energy and Power Fund’s Quarterly Report on Form 10-Q filed on August 10, 2017.)

3.2    Amendment No. 1 to the Third Amended and Restated Declaration of Trust of FS Energy and Power Fund. (Incorporated by reference to Exhibit 3.2 to FS Energy and Power Fund’s Quarterly Report on Form 10-Q filed on August 10, 2017.)

3.3    Second Amended and Restated Bylaws of FS Energy and Power Fund. (Incorporated by reference to Exhibit 3.1 to FS Energy and Power Fund’s Current Report on Form 8-K filed on June 1, 2017.)

4.1    Second Amended and Restated Distribution Reinvestment Plan of FS Energy and Power Fund. (Incorporated by reference to Exhibit 4.1 to FS Energy and Power Fund’s Current Report on Form 8-K filed on October 17, 2016.)

4.2    Indenture, dated August 16, 2018, by and between FS Energy and Power Fund, U.S. Bank National Association, as trustee, and the guarantors named therein. (Incorporated by reference to Exhibit 4.1 to FS Energy and Power Fund’s Current Report on Form 8-K filed on August 22, 2018.)

10.1    Investment Advisory and Administrative Services Agreement, dated as of April 9, 2018, by and between FS Energy and Power Fund and FS/EIG Advisor, LLC. (Incorporated by reference to Exhibit 10.1 to FS Energy and Power Fund’s Current Report on Form 8-K filed on April 9, 2018.)

10.2    Custodian Agreement, dated as of November 14, 2011, by and between State Street Bank and Trust Company and FS Energy and Power Fund. (Incorporated by reference to Exhibit 10.6 to FS Energy and Power Fund’s Quarterly Report on Form 10-Q filed on November 14, 2011.)

31.1*    Certification of Chief Executive Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended.

31.2*    Certification of Chief Financial Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended.

32.1*    Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*    Inline XBRL Instance Document

101.SCH*    Inline XBRL Taxonomy Extension Schema Document

101.CAL*    Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*    Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*    Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*    Inline XBRL Taxonomy Extension Presentation Linkbase Document

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

_______________

*    Filed herewith.

54

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on August 14, 2023.

FS Energy and Power Fund
By:	/s/ MICHAEL C. FORMAN
	Michael C. Forman Chief Executive Officer (Principal Executive Officer)
By:	/s/ EDWARD T. GALLIVAN, JR.
	Edward T. Gallivan, Jr. Chief Financial Officer (Principal Financial and Accounting Officer)

55

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael C. Forman, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of FS Energy and Power Fund;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2023

/s/ MICHAEL C. FORMAN

Michael C. Forman
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Edward T. Gallivan, Jr. certify that:

1.    I have reviewed this quarterly report on Form 10-Q of FS Energy and Power Fund;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2023

/s/ EDWARD T. GALLIVAN, JR.

Edward T. Gallivan, Jr.
Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION of CEO and CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of FS Energy and Power Fund (the “Company”) for the three months ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), Michael C. Forman, as Chief Executive Officer of the Company, and Edward T. Gallivan, Jr., as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

•the Form 10-Q of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 14, 2023
	/s/ MICHAEL C. FORMAN
	Michael C. Forman Chief Executive Officer
	/s/ EDWARD T. GALLIVAN, JR.
	Edward T. Gallivan, Jr.   Chief Financial Officer

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	814-00841
Entity Registrant Name	FS Energy and Power Fund
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-6822130
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		455,504,623
Entity Central Index Key	0001501729
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2023		Dec. 31, 2022
Assets
Investments, at fair value		$ 1,495,602	[1],[2]	$ 2,047,115	[3],[4]
Cash		245,358		481,655
Receivable for investments sold and repaid		2,580		7,022
Interest receivable		13,742		21,932
Dividends receivable		359		878
Unrealized appreciation on swap contracts		505		0
Swap income receivable		105		83
Prepaid expenses and other assets		49		96
Total assets		1,758,300		2,558,781
Liabilities
Payable for investments purchased		53,758		0
Credit facilities payable (net of deferred financing costs of $0 and $238, respectively)	[5]	0		305,438
Secured note payable (net of deferred financing costs of $845 and $1,253, respectively)	[5]	0		454,671
Unrealized depreciation on swap contracts		0		698
Swap income payable		0		26
Shareholder distributions payable		13,624		13,543
Management fees payable		8,686		11,185
Administrative services expense payable		663		1,086
Interest payable		0		13,371
Trustees' fees payable		176		164
Other accrued expenses and liabilities		1,670		4,851
Total liabilities		78,577		805,033
Commitments and contingencies	[6]
Shareholders' equity
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding		0		0
Common shares, $0.001 par value, 700,000,000 shares authorized, 454,129,547 and 451,465,673 shares issued and outstanding, respectively		454		451
Capital in excess of par value		3,201,678		3,191,293
Accumulated earnings (deficit)		(1,522,409)		(1,437,996)
Total shareholders' equity		1,679,723		1,753,748
Total liabilities and shareholders' equity		$ 1,758,300		$ 2,558,781
Net asset value per common share at period end (in USD per share)		$ 3.70		$ 3.88
Non-controlled/unaffiliated Investments
Assets
Investments, at fair value		$ 1,293,701		$ 1,786,887
Non-controlled/affiliated investments
Assets
Investments, at fair value		12,720		65,777
Controlled/affiliated investments
Assets
Investments, at fair value		$ 189,181		$ 194,451

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] See Note 9 for a discussion of the Company's financing arrangements.

[6] See Note 10 for a discussion of the Company's commitments and contingencies.

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Amortized cost	$ 1,406,338	[1]	$ 1,922,940	[2]
Credit facilities payable of deferred financing cost	0		238
Secured note payable of deferred financing costs	$ 0		$ 1,253
Preferred stock, par value (in USD per share)	$ 0.001		$ 0.001
Preferred stock, shares authorized	50,000,000		50,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value (in USD per share)	$ 0.001		$ 0.001
Common stock, shares authorized	700,000,000		700,000,000
Common stock, shares issued	454,129,547		451,465,673
Common stock, shares outstanding	454,129,547		451,465,673
Non-controlled/unaffiliated Investments
Amortized cost	$ 1,202,527		$ 1,656,169
Non-Controlled/Affiliated
Amortized cost	25,483		94,068
Controlled/affiliated
Amortized cost	$ 178,328		$ 172,703

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

XML

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Investment income
Paid-in-kind interest income				$ 11,831		$ 12,469
Total investment income		$ 41,476	$ 47,073	84,571		82,982
Operating expenses
Management fees		8,705	11,276	19,179		22,011
Administrative services expenses		1,359	1,490	2,679		2,910
Share transfer agent fees		794	728	1,545		1,448
Accounting and administrative fees		179	189	362		366
Interest expense	[1]	5,730	13,196	18,328		26,890
Trustees' fees		176	190	340		417
Other general and administrative expenses		2,651	868	3,354		2,312
Total operating expenses		19,594	27,937	45,787		56,354
Less: Management fee offset	[2]	(19)	(1,700)	(274)		(2,398)
Net expenses		19,575	26,237	45,513		53,956
Net investment income		21,901	20,836	39,058		29,026
Realized and unrealized gain/loss
Net realized gain (loss) on investments:				(62,695)		31,460
Net realized gain (loss) on foreign currency		0	0	(120)		0
Net realized gain (loss) on swap contracts		214	(1,392)	226		(1,808)
Net realized gain (loss) on debt extinguishment		0	(183)	0		(929)
Net change in unrealized appreciation (depreciation) on investments:				(34,911)		151,202
Net change in unrealized appreciation (depreciation) on swap contracts		126	(106)	1,203		(3,588)
Net change in unrealized appreciation (depreciation) on foreign currency		34	0	34		0
Total net realized and unrealized gain (loss)		(46,552)	(5,256)	(96,263)		176,337
Net increase (decrease) in net assets resulting from operations		$ (24,651)	$ 15,580	$ (57,205)		$ 205,363
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings per Share), basic (in dollars per share)		$ (0.05)	$ 0.03	$ (0.13)		$ 0.46
Net increase (decrease) in net assets resulting from operations (Earnings per Share), diluted (in dollars per share)		$ (0.05)	$ 0.03	$ (0.13)		$ 0.46
Weighted average shares outstanding, basic (in shares)		454,041,028	448,730,149	453,366,381		448,070,934
Weighted average shares outstanding, diluted (in shares)		454,041,028	448,730,149	453,366,381		448,070,934
Non-controlled/unaffiliated Investments
Investment income
Interest income		$ 21,599	$ 23,713	$ 51,789		$ 46,853
Paid-in-kind interest income		7,245	7,098	11,551		11,521
Fee income		1,029	1,958	1,126		3,191
Dividend income		8,733	0	14,423		0
Realized and unrealized gain/loss
Net realized gain (loss) on investments:		(20,947)	(3,938)	(29,795)		(20,602)
Net change in unrealized appreciation (depreciation) on investments:		(15,025)	784	(39,544)		136,287
Non-Controlled/Affiliated
Investment income
Interest income		167	1,030	324		2,940
Paid-in-kind interest income		24	22	48	[3]	57
Fee income		0	7,268	0		7,268
Dividend income		0	3,691	0		5,417
Realized and unrealized gain/loss
Net realized gain (loss) on investments:		(21,541)	53,584	(32,900)		41,204
Net change in unrealized appreciation (depreciation) on investments:		18,089	(53,922)	15,528		2,129
Controlled/affiliated
Investment income
Interest income		2,619	2,072	5,078		4,109
Paid-in-kind interest income		60	221	232	[4]	891
Dividend income		0	0	0		735
Realized and unrealized gain/loss
Net realized gain (loss) on investments:		0	10,858	0		10,858
Net change in unrealized appreciation (depreciation) on investments:		$ (7,502)	$ (10,941)	$ (10,895)		$ 12,786

[1] See Note 9 for a discussion of the Company's financing arrangements.

[2] See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

[3] (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[4] (3)    Interest and PIK income presented for the six months ended June 30, 2023.

XML

Unaudited Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operations
Net investment income		$ 21,901	$ 20,836	$ 39,058	$ 29,026
Net realized gain (loss) on investments, foreign currency, swap contracts and debt extinguishment		(42,274)	58,929	(62,589)	28,723
Net change in unrealized appreciation (depreciation) on investments		(4,438)	(64,079)	(34,911)	151,202
Net change in unrealized appreciation (depreciation) on swap contracts		126	(106)	1,203	(3,588)
Net change in unrealized appreciation (depreciation) on foreign currency		34	0	34	0
Net increase (decrease) in net assets resulting from operations		(24,651)	15,580	(57,205)	205,363
Shareholder distributions
Distributions to shareholders	[1]	(13,624)	(13,465)	(27,208)	(26,891)
Net decrease in net assets resulting from shareholder distributions	[1]	(13,624)	(13,465)	(27,208)	(26,891)
Capital share transactions
Reinvestment of shareholder distributions	[2]	5,170	5,225	10,388	10,460
Net increase in net assets resulting from capital share transactions	[2]	5,170	5,225	10,388	10,460
Total increase (decrease) in net assets		(33,105)	7,340	(74,025)	188,932
Net assets at beginning of period		1,712,828		1,753,748	1,602,323
Net assets at end of period		$ 1,679,723	$ 1,791,255	$ 1,679,723	$ 1,791,255

[1] See Note 5 for a discussion of the sources of distributions paid by the Company.

[2] See Note 3 for a discussion of the Company's common share transactions.

XML

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net Income (Loss) Attributable to Parent		$ (24,651)	$ 15,580	$ (57,205)	$ 205,363
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments				(91,324)	(342,911)
Paid-in-kind interest income				(11,831)	(12,469)
Proceeds from sales and repayments of investments				560,174	505,815
Net realized (gain) loss on investments				62,695	(31,460)
Net change in unrealized (appreciation) depreciation on investments				34,911	(151,202)
Net change in unrealized (appreciation) depreciation on swap contracts		(126)	106	(1,203)	3,588
Accretion of discount				(3,112)	(3,886)
Amortization of deferred financing costs and discount				2,778	3,718
(Increase) decrease in receivable for investments sold and repaid				4,442	(2,316)
(Increase) decrease in interest receivable				8,190	6,810
(Increase) decrease in dividends receivable				519	(3,691)
(Increase) decrease in swap income receivable				(22)	0
(Increase) decrease in prepaid expenses and other assets				47	98
Increase (decrease) in payable for investments purchased				53,758	(49,053)
Increase (decrease) in swap income payable				(26)	453
Increase (decrease) in management fees payable				(2,499)	(890)
Increase (decrease) in administrative services expense payable				(423)	353
Increase (decrease) in interest payable	[1]			(13,371)	(938)
Increase (decrease) in trustees' fees payable				12	(10)
Increase (decrease) in other accrued expenses and liabilities				(3,181)	(515)
Net cash provided by (used in) operating activities				543,329	126,857
Cash flows from financing activities
Shareholder distributions paid				(16,739)	(16,354)
Borrowings under credit facilities	[1]			0	29,009
Repayments of credit facilities	[1]			(305,676)	(10,000)
Repayments under senior secured notes	[1]			(457,075)	(31,925)
Deferred financing costs paid				(136)	(132)
Net cash provided by (used in) financing activities				(779,626)	(29,402)
Total increase (decrease) in cash				(236,297)	97,455
Cash at beginning of period				481,655	33,879	$ 33,879
Cash at end of period		$ 245,358	$ 131,334	245,358	131,334	$ 481,655
Supplemental disclosure
Non-cash reinvestment of shareholder distributions				10,388	10,460
Non-cash purchases of investments				(3,284)	(1,587)
Non-cash sales of investments				3,284	1,587
Federal and state taxes paid				$ 3,234	$ 1,007

[1] See Note 9 for a discussion of the Company's financing arrangements. During the six months ended June 30, 2023 and 2022, the Company paid $28,921 and $24,110, respectively, in interest expense on the financing arrangements and Senior Secured Notes.

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Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Interest expense paid	$ 28,921	$ 24,110

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Unaudited Consolidated Schedule of Investments $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023 USD ($) MMBTU $ / shares $ / MMBTU $ / MBbls shares bbl		Dec. 31, 2022 USD ($) MMBTU $ / shares $ / MMBTU $ / MBbls shares bbl		Dec. 31, 2021 USD ($)
Percent of net assets		89.00%	[1]	116.70%	[2]
Amortized Cost		$ 1,406,338	[1]	$ 1,922,940	[2]
Investments, at fair value		1,495,602	[1],[3]	2,047,115	[2],[4]
LIABILITIES IN EXCESS OF OTHER ASSETS		184,121	[1],[3],[5]	(293,367)	[2],[4],[6]
NET ASSETS		$ 1,679,723	[1],[3]	$ 1,753,748	[2],[4]
Liabilities in excess of other assets percentage		11.00%	[1]	(16.70%)	[2]
Unrealized appreciation		$ 505	[7],[8]	$ 0	[9]
Unrealized depreciation		0	[7],[8]	698	[9]
Swap Contracts—Crude Oil
Unrealized appreciation		399	[7],[8]	0	[9]
Unrealized depreciation		$ 0	[7],[8]	$ 572	[9]
Fixed Price Swap Contracts Crude Oil
Notional amount, volume | bbl		80,561	[8]	168,511	[9]
Weighted average price | $ / MBbls		80.00	[8]	80.00	[9]
Unrealized appreciation		$ 399	[7],[8]	$ 0	[9],[10]
Unrealized depreciation		0	[7],[8]	572	[9],[10]
Swap Contracts—Natural Gas
Unrealized appreciation		106	[7],[8]	0	[9]
Unrealized depreciation		$ 0	[7],[8]	$ 126	[9]
Fixed Price Swap Contracts Natural Gas
Notional amount, energy | MMBTU		139,923	[8]	314,818	[9]
Weighted average price | $ / MMBTU		3.80	[8]	3.80	[9]
Unrealized appreciation		$ 106	[7],[8]	$ 0	[9],[10]
Unrealized depreciation		$ 0	[7],[8]	$ 126	[9],[10]
Net Senior Secured Loans—First Lien
Percent of net assets		31.10%	[1]	40.30%	[2]
Amortized Cost		$ 531,752	[1]	$ 702,842	[2]
Investments, at fair value		522,029	[1],[3]	706,646	[2],[4]
Total Senior Secured Loans—First Lien
Amortized Cost		542,320	[1]	727,228	[2]
Investments, at fair value		532,597	[1],[3]	731,032	[2],[4]
Unfunded Loan Commitments
Amortized Cost		(10,568)	[1]	(24,386)	[2]
Investments, at fair value		$ (10,568)	[1],[3]	$ (24,386)	[2],[4]
Net Senior Secured Loans—Second Lien
Percent of net assets		7.40%	[1]	8.20%	[2]
Amortized Cost		$ 125,774	[1]	$ 143,153	[2]
Investments, at fair value		$ 125,003	[1],[3]	143,270	[2],[4]
Unfunded Loan Commitments
Amortized Cost	[2]			(1,505)
Investments, at fair value	[2],[4]			(1,505)
Total Senior Secured Loans—Second Lien
Amortized Cost	[2]			144,658
Investments, at fair value	[2],[4]			$ 144,775
Senior Secured Bonds
Percent of net assets		1.40%	[1]	0.60%	[2]
Amortized Cost		$ 24,043	[1]	$ 10,064	[2]
Investments, at fair value		$ 23,954	[1],[3]	$ 10,074	[2],[4]
Unsecured Debt
Percent of net assets		6.30%	[1]	13.70%	[2]
Amortized Cost		$ 106,505	[1]	$ 253,675	[2]
Investments, at fair value		$ 106,092	[1],[3]	$ 241,418	[2],[4]
Preferred Equity
Percent of net assets		18.00%	[1]	22.80%	[2]
Amortized Cost		$ 301,615	[1]	$ 425,182	[2]
Investments, at fair value		$ 301,619	[1],[3]	$ 400,414	[2],[4]
Sustainable Infrastructure Investments, LLC
Percent of net assets		3.00%	[1]	2.90%	[2]
Amortized Cost		$ 54,514	[1]	$ 54,514	[2]
Investments, at fair value		$ 50,149	[1],[3]	$ 51,098	[2],[4]
Equity/Other
Percent of net assets		21.80%	[1]	28.20%	[2]
Amortized Cost		$ 262,135	[1]	$ 333,510	[2]
Investments, at fair value		$ 366,756	[1],[3]	$ 494,195	[2],[4]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 1
Variable Rate	[1],[11],[12],[13],[14]	4.00%
PIK Rate	[1],[11],[12],[13],[14]	3.00%
Max PIK Rate	[1],[11],[12],[13],[14]	3.00%
Floor Rate	[1],[11],[12],[13],[14]	1.50%
Principal amount	[1],[12],[13],[14],[15]	$ 23,071
Amortized Cost	[1],[12],[13],[14]	20,419
Investments, at fair value	[1],[3],[12],[13],[14]	$ 23,243
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 2
Variable Rate	[1],[11],[12],[13],[14],[16]	4.00%
PIK Rate	[1],[11],[12],[13],[14],[16]	3.00%
Max PIK Rate	[1],[11],[12],[13],[14],[16]	3.00%
Floor Rate	[1],[11],[12],[13],[14],[16]	1.50%
Principal amount	[1],[12],[13],[14],[15],[16]	$ 5,359
Amortized Cost	[1],[12],[13],[14],[16]	5,359
Investments, at fair value	[1],[3],[12],[13],[14],[16]	$ 5,399
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 1
Variable Rate	[2],[17],[18],[19]			4.00%
PIK Rate	[2],[17],[18],[19]			3.00%
Max PIK Rate	[2],[17],[18],[19]			3.00%
Floor Rate	[2],[17],[18],[19],[20]			1.50%
Principal amount	[2],[17],[18],[19],[21]			$ 22,734
Amortized Cost	[2],[17],[18],[19]			20,082
Investments, at fair value	[2],[4],[17],[18],[19]			$ 23,519
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 2
Variable Rate	[2],[17],[18],[19],[22]			4.00%
PIK Rate	[2],[17],[18],[19],[22]			3.00%
Max PIK Rate	[2],[17],[18],[19],[22]			3.00%
Floor Rate	[2],[17],[18],[19],[20],[22]			1.50%
Principal amount	[2],[17],[18],[19],[21],[22]			$ 5,359
Amortized Cost	[2],[17],[18],[19],[22]			5,359
Investments, at fair value	[2],[4],[17],[18],[19],[22]			$ 5,545
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Energy—Power
Strike price (in dollars per share) | $ / shares	[1],[12],[13],[14],[23]	$ 1.00
Number of Shares | shares	[1],[12],[13],[14],[23]	35
Amortized Cost	[1],[12],[13],[14],[23]	$ 2,652
Investments, at fair value	[1],[3],[12],[13],[14],[23]	$ 2,223
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Power
Strike price (in dollars per share) | $ / shares	[2],[17],[19],[24],[25],[26]			$ 1.00
Number of Shares | shares	[2],[17],[18],[19],[25],[26]			35
Amortized Cost	[2],[17],[18],[19],[25],[26]			$ 2,652
Investments, at fair value	[2],[4],[17],[18],[19],[25],[26]			$ 1,630
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Energy—Service & Equipment
Number of Shares | shares	[1],[12],[23]	6,944,444
Amortized Cost	[1],[12],[23]	$ 6,944
Investments, at fair value	[1],[3],[12],[23]	$ 1,243
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Service & Equipment
Number of Shares | shares	[2],[17],[25],[26]			6,944,444
Amortized Cost	[2],[17],[25],[26]			$ 6,944
Investments, at fair value	[2],[4],[17],[25],[26]			$ 1,219
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Energy—Service & Equipment
Number of Shares | shares	[1],[12],[23]	28,942,003
Amortized Cost	[1],[12],[23]	$ 1,447
Investments, at fair value	[1],[3],[12],[23]	$ 8,827
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Service & Equipment
Number of Shares | shares	[2],[17],[25],[26]			28,942,003
Amortized Cost	[2],[17],[25],[26]			$ 1,447
Investments, at fair value	[2],[4],[17],[25],[26]			$ 8,321
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Variable Rate	[1],[11]	5.75%
Floor Rate	[1],[11]	1.00%
Principal amount	[1],[15]	$ 9,975
Amortized Cost	[1]	10,044
Investments, at fair value	[1],[3]	$ 10,062
Investment, Identifier [Axis]: Aethon III BR LLC, Energy—Upstream
Variable Rate	[1],[11],[12]	7.50%
Floor Rate	[1],[11],[12]	1.50%
Principal amount	[1],[12],[15]	$ 20,000
Amortized Cost	[1],[12]	19,877
Investments, at fair value	[1],[3],[12]	$ 20,081
Investment, Identifier [Axis]: Aethon III BR LLC, Upstream
Variable Rate	[2],[17],[26]			7.50%
Floor Rate	[2],[17],[20],[26]			1.50%
Principal amount	[2],[17],[21],[26]			$ 20,000
Amortized Cost	[2],[17],[26]			19,848
Investments, at fair value	[2],[4],[17],[26]			$ 20,138
Investment, Identifier [Axis]: Aethon United BR LP, Energy—Upstream
Rate	[1],[11]	8.30%
Principal amount	[1],[15]	$ 40,500
Amortized Cost	[1]	40,500
Investments, at fair value	[1],[3]	$ 39,828
Investment, Identifier [Axis]: Aethon United BR LP, Upstream
Rate	[2],[26]			8.30%
Principal amount	[2],[21],[26]			$ 40,500
Amortized Cost	[2],[26]			40,500
Investments, at fair value	[2],[4],[26]			40,221
Investment, Identifier [Axis]: AirSwift Holdings, Ltd., Common Equity, Commercial & Professional Services
Number of Shares | shares	[1],[12],[14],[23]	3,750,000
Amortized Cost	[1],[12],[14],[23]	$ 6,029
Investments, at fair value	[1],[3],[12],[14],[23]	3,038
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC
Investments, at fair value		$ 7,553	[27]	$ 8,436	[27],[28]	$ 7,782	[28]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 1
PIK Rate	[1],[11],[12],[29]	8.00%
Max PIK Rate	[1],[11],[12],[29]	8.00%
Principal amount	[1],[12],[15],[29]	$ 7,553
Amortized Cost	[1],[12],[29]	7,553
Investments, at fair value	[1],[3],[12],[29]	$ 7,553
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 2
PIK Rate	[1],[11],[12],[16],[29]	8.00%
Max PIK Rate	[1],[11],[12],[16],[29]	8.00%
Principal amount	[1],[12],[15],[16],[29]	$ 2,500
Amortized Cost	[1],[12],[16],[29]	2,500
Investments, at fair value	[1],[3],[12],[16],[29]	$ 2,500
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 1
PIK Rate	[2],[17],[24],[26]			8.00%
Max PIK Rate	[2],[17],[24],[26]			8.00%
Principal amount	[2],[17],[21],[24],[26]			$ 8,436
Amortized Cost	[2],[17],[24],[26]			8,436
Investments, at fair value	[2],[4],[17],[24],[26]			$ 8,436
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 2
PIK Rate	[2],[17],[22],[24]			8.00%
Max PIK Rate	[2],[17],[22],[24]			8.00%
Principal amount	[2],[17],[21],[22],[24]			$ 2,500
Amortized Cost	[2],[17],[22],[24]			2,500
Investments, at fair value	[2],[4],[17],[22],[24]			2,500
Investment, Identifier [Axis]: Allied Universal Holdco, LLC, Consumer Services
Variable Rate	[1],[11]	3.75%
Floor Rate	[1],[11]	0.50%
Principal amount	[1],[15]	$ 7,980
Amortized Cost	[1]	7,671
Investments, at fair value	[1],[3]	7,771
Investment, Identifier [Axis]: Allied Wireline Services, LLC
Investments, at fair value		70,277		63,888		46,339
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity
Investments, at fair value		$ 8,068		$ 10,463		0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Energy—Service & Equipment
Number of Shares | shares	[1],[12],[23],[29],[30]	48,400
Amortized Cost	[1],[12],[23],[29],[30]	$ 1,527
Investments, at fair value	[1],[3],[12],[23],[29],[30]	$ 8,068
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Service & Equipment
Number of Shares | shares	[2],[17],[24],[25],[26],[31]			48,400
Amortized Cost	[2],[17],[24],[25],[26],[31]			$ 1,527
Investments, at fair value	[2],[4],[17],[24],[25],[26],[31]			$ 10,463
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
PIK Rate	[1],[11],[12],[29]	10.00%
Max PIK Rate	[1],[11],[12],[29]	10.00%
Principal amount	[1],[12],[15],[29]	$ 70,277
Amortized Cost	[1],[12],[29]	70,277
Investments, at fair value	[1],[3],[12],[29]	70,277
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Service & Equipment
PIK Rate	[2],[17],[24],[26]			10.00%
Max PIK Rate	[2],[17],[24],[26]			10.00%
Principal amount	[2],[17],[21],[24],[26]			$ 63,888
Amortized Cost	[2],[17],[24],[26]			63,888
Investments, at fair value	[2],[4],[17],[24],[26]			63,888
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants
Investments, at fair value		$ 0		$ 0		0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Energy—Service & Equipment
Number of Shares | shares	[1],[12],[23],[29],[30]	22,000
Amortized Cost	[1],[12],[23],[29],[30]	$ 0
Investments, at fair value	[1],[3],[12],[23],[29],[30]	$ 0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Service & Equipment
Number of Shares | shares	[2],[17],[24],[25],[26],[31]			22,000
Amortized Cost	[2],[17],[24],[25],[26],[31]			$ 0
Investments, at fair value	[2],[4],[17],[24],[25],[26],[31]			$ 0
Investment, Identifier [Axis]: Archrock Partners, L.P., Midstream
Rate	[2],[19],[26]			6.30%
Principal amount	[2],[19],[21],[26]			$ 3,098
Amortized Cost	[2],[19],[26]			3,168
Investments, at fair value	[2],[4],[19],[26]			$ 2,840
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Energy—Upstream
Number of Shares | shares	[1],[12]	126,632,117
Amortized Cost	[1],[12]	$ 351
Investments, at fair value	[1],[3],[12]	$ 488
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Upstream
Number of Shares | shares	[2],[17],[25],[26]			126,632,117
Amortized Cost	[2],[17],[25],[26]			$ 351
Investments, at fair value	[2],[4],[17],[25],[26]			$ 858
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Energy—Upstream
Number of Shares | shares	[1],[12],[23],[30]	148,692,948
Amortized Cost	[1],[12],[23],[30]	$ 44,700
Investments, at fair value	[1],[3],[12],[23],[30]	$ 31,895
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Upstream
Number of Shares | shares	[2],[17],[25],[26],[31]			148,692,948
Amortized Cost	[2],[17],[25],[26],[31]			$ 44,700
Investments, at fair value	[2],[4],[17],[25],[26],[31]			$ 52,340
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Variable Rate	[1],[11]	3.75%
Floor Rate	[1],[11]	0.50%
Principal amount	[1],[15]	$ 9,975
Amortized Cost	[1]	8,583
Investments, at fair value	[1],[3]	$ 8,562
Investment, Identifier [Axis]: Brazos Delaware II LLC, Midstream
Variable Rate	[2]			4.00%
Principal amount	[2],[21]			$ 39,259
Amortized Cost	[2]			38,085
Investments, at fair value	[2],[4]			$ 39,137
Investment, Identifier [Axis]: CPV Maryland, LLC, Power
Variable Rate	[2]			4.00%
Floor Rate	[2],[20]			1.00%
Principal amount	[2],[21]			$ 14,286
Amortized Cost	[2]			14,146
Investments, at fair value	[2],[4]			$ 14,155
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Energy—Power
Variable Rate	[1],[11]	3.75%
Principal amount	[1],[15]	$ 23,601
Amortized Cost	[1]	22,880
Investments, at fair value	[1],[3]	$ 21,765
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Power
Variable Rate	[2]			3.75%
Principal amount	[2],[21]			$ 23,601
Amortized Cost	[2]			22,760
Investments, at fair value	[2],[4]			$ 21,935
Investment, Identifier [Axis]: Cimarron Energy Holdco Inc., Common Equity, Service & Equipment
Number of Shares | shares	[2],[17],[25],[26]			4,302,293
Amortized Cost	[2],[17],[25],[26]			$ 3,950
Investments, at fair value	[2],[4],[17],[25],[26]			$ 0
Investment, Identifier [Axis]: Cimarron Energy Holdco Inc., Participation Option, Service & Equipment
Number of Shares | shares	[2],[17],[25],[26]			25,000,000
Amortized Cost	[2],[17],[25],[26]			$ 1,289
Investments, at fair value	[2],[4],[17],[25],[26]			$ 0
Investment, Identifier [Axis]: Cimarron Energy Inc., Service & Equipment
Variable Rate	[2],[17],[25],[26],[32]			9.00%
Floor Rate	[2],[17],[20],[25],[26],[32]			1.00%
Principal amount	[2],[17],[21],[25],[26],[32]			$ 7,500
Amortized Cost	[2],[17],[25],[26],[32]			6,563
Investments, at fair value	[2],[4],[17],[25],[26],[32]			$ 3,713
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Variable Rate	[1],[11],[12]	7.65%
Floor Rate	[1],[11],[12]	1.00%
Principal amount	[1],[12],[15]	$ 37,000
Amortized Cost	[1],[12]	36,491
Investments, at fair value	[1],[3],[12]	$ 36,360
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Upstream
Variable Rate	[2],[17],[26]			7.65%
Floor Rate	[2],[17],[20],[26]			1.00%
Principal amount	[2],[17],[21],[26]			$ 39,000
Amortized Cost	[2],[17],[26]			38,440
Investments, at fair value	[2],[4],[17],[26]			$ 38,240
Investment, Identifier [Axis]: Compass Power Generation LLC, Power
Variable Rate	[2]			4.25%
Floor Rate	[2],[20]			1.00%
Principal amount	[2],[21]			$ 31,575
Amortized Cost	[2]			30,712
Investments, at fair value	[2],[4]			$ 31,384
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Rate	[1],[8],[11],[12],[33]	12.70%
Principal amount	[1],[8],[12],[15],[33]	$ 100,000
Amortized Cost	[1],[8],[12],[33]	6,120
Investments, at fair value	[1],[3],[8],[12],[33]	$ 8,507
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Upstream
Rate	[2],[9],[17],[34]			12.90%
Principal amount	[2],[9],[17],[21],[34]			$ 100,000
Amortized Cost	[2],[9],[17],[34]			11,081
Investments, at fair value	[2],[4],[9],[17],[34]			$ 20,683
Investment, Identifier [Axis]: EIF Van Hook Holdings, LLC, Midstream
Variable Rate	[2]			5.25%
Principal amount	[2],[21]			$ 26,882
Amortized Cost	[2]			26,609
Investments, at fair value	[2],[4]			$ 26,075
Investment, Identifier [Axis]: ERA II Minerals, LLC, Energy—Upstream
Variable Rate	[1],[11],[12]	6.25%
Floor Rate	[1],[11],[12]	0.80%
Principal amount	[1],[12],[15]	$ 35,000
Amortized Cost	[1],[12]	34,658
Investments, at fair value	[1],[3],[12]	$ 34,636
Investment, Identifier [Axis]: ERA II Minerals, LLC, Upstream
Variable Rate	[2],[17],[26]			6.25%
Floor Rate	[2],[17],[20],[26]			0.80%
Principal amount	[2],[17],[21],[26]			$ 37,000
Amortized Cost	[2],[17],[26]			36,601
Investments, at fair value	[2],[4],[17],[26]			$ 36,656
Investment, Identifier [Axis]: Earthstone Energy Holdings, LLC, Upstream
Rate	[2],[19]			8.00%
Principal amount	[2],[19],[21]			$ 11,400
Amortized Cost	[2],[19]			11,400
Investments, at fair value	[2],[4],[19]			$ 10,920
Investment, Identifier [Axis]: Endeavor Energy Resources, L.P., Upstream
Rate	[2],[26]			5.80%
Principal amount	[2],[21],[26]			$ 24,299
Amortized Cost	[2],[26]			25,388
Investments, at fair value	[2],[4],[26]			$ 23,306
Investment, Identifier [Axis]: FR BR Holdings LLC, Energy—Midstream
Variable Rate	[1],[11],[12]	6.50%
Principal amount	[1],[12],[15]	$ 81,041
Amortized Cost	[1],[12]	80,414
Investments, at fair value	[1],[3],[12]	$ 81,008
Investment, Identifier [Axis]: FR BR Holdings LLC, Midstream
Variable Rate	[2],[17],[26]			6.50%
Principal amount	[2],[17],[21],[26]			$ 81,582
Amortized Cost	[2],[17],[26]			80,371
Investments, at fair value	[2],[4],[17],[26]			$ 81,361
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Variable Rate	[1],[11],[12]	7.50%
Floor Rate	[1],[11],[12]	0.50%
Principal amount	[1],[12],[15]	$ 17,197
Amortized Cost	[1],[12]	16,978
Investments, at fair value	[1],[3],[12]	$ 17,233
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Midstream
Variable Rate	[2],[17]			7.50%
Floor Rate	[2],[17],[20]			0.50%
Principal amount	[2],[17],[21]			$ 17,347
Amortized Cost	[2],[17]			17,103
Investments, at fair value	[2],[4],[17]			$ 17,406
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Variable Rate	[1],[11]	5.00%
Floor Rate	[1],[11]	1.00%
Principal amount	[1],[15]	$ 6,982
Amortized Cost	[1]	6,817
Investments, at fair value	[1],[3]	$ 6,853
Investment, Identifier [Axis]: GIP II Blue Holding LP, Energy—Midstream
Variable Rate	[1],[11]	4.50%
Floor Rate	[1],[11]	1.00%
Principal amount	[1],[15]	$ 4,763
Amortized Cost	[1]	4,706
Investments, at fair value	[1],[3]	4,785
Investment, Identifier [Axis]: GIP II Blue Holding LP, Midstream
Variable Rate	[2]			4.50%
Floor Rate	[2],[20]			1.00%
Principal amount	[2],[21]			$ 5,918
Amortized Cost	[2]			5,842
Investments, at fair value	[2],[4]			5,877
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity
Investments, at fair value		$ 1,385		$ 5,044		0
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Energy—Midstream
Number of Shares | shares	[1],[12],[23],[30],[35]	105,785
Amortized Cost	[1],[12],[23],[30],[35]	$ 6,681
Investments, at fair value	[1],[3],[12],[23],[30],[35]	$ 1,385
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Midstream
Number of Shares | shares	[2],[17],[25],[26],[31],[36]			105,785
Amortized Cost	[2],[17],[25],[26],[31],[36]			$ 6,681
Investments, at fair value	[2],[4],[17],[25],[26],[31],[36]			$ 5,044
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Rate	[1],[11],[12],[14]	7.80%
Principal amount	[1],[12],[14],[15]	$ 14,648
Amortized Cost	[1],[12],[14]	14,562
Investments, at fair value	[1],[3],[12],[14]	$ 14,012
Investment, Identifier [Axis]: GasLog Ltd., Midstream
Variable Rate	[2],[17],[19]			7.75%
Principal amount	[2],[17],[19],[21]			$ 14,648
Amortized Cost	[2],[17],[19]			14,556
Investments, at fair value	[2],[4],[17],[19]			$ 14,010
Investment, Identifier [Axis]: Generation Bridge LLC, Power 1
Variable Rate	[2]			5.00%
Floor Rate	[2],[20]			0.80%
Principal amount	[2],[21]			$ 7,432
Amortized Cost	[2]			7,305
Investments, at fair value	[2],[4]			$ 7,385
Investment, Identifier [Axis]: Generation Bridge LLC, Power 2
Variable Rate	[2]			5.00%
Floor Rate	[2],[20]			0.80%
Principal amount	[2],[21]			$ 163
Amortized Cost	[2]			160
Investments, at fair value	[2],[4]			$ 162
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 1
Number of Shares | shares	[1],[12],[23]	2,785,562
Amortized Cost	[1],[12],[23]	$ 2,786
Investments, at fair value	[1],[3],[12],[23]	$ 0
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 2
PIK Rate	[1],[11],[12],[23],[37]	9.00%
Max PIK Rate	[1],[11],[12],[23],[37]	9.00%
Number of Shares | shares	[1],[12],[23],[37]	19,096
Amortized Cost	[1],[12],[23],[37]	$ 12,493
Investments, at fair value	[1],[3],[12],[23],[37]	$ 9,978
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Industrials 1
Number of Shares | shares	[2],[17],[25],[26]			2,785,562
Amortized Cost	[2],[17],[25],[26]			$ 2,786
Investments, at fair value	[2],[4],[17],[25],[26]			$ 0
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Industrials 2
PIK Rate	[2],[17],[25],[26],[32]			9.00%
Max PIK Rate	[2],[17],[25],[26],[32]			9.00%
Number of Shares | shares	[2],[17],[25],[26],[32]			18,296
Amortized Cost	[2],[17],[25],[26],[32]			$ 12,493
Investments, at fair value	[2],[4],[17],[25],[26],[32]			$ 9,377
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Variable Rate	[1],[11],[12]	7.00%
Floor Rate	[1],[11],[12]	0.50%
Principal amount	[1],[12],[15]	$ 14,741
Amortized Cost	[1],[12]	14,544
Investments, at fair value	[1],[3],[12]	$ 14,586
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Midstream
Variable Rate	[2],[17]			7.25%
Floor Rate	[2],[17],[20]			0.50%
Principal amount	[2],[17],[21]			$ 14,963
Amortized Cost	[2],[17]			14,752
Investments, at fair value	[2],[4],[17]			14,819
Investment, Identifier [Axis]: Great Western Petroleum, LLC
Investments, at fair value				0		58,055
Investment, Identifier [Axis]: Great Western Petroleum, LLC, Common Equity
Investments, at fair value				$ 0		40,731
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Rate	[1],[11]	8.50%
Principal amount	[1],[15]	$ 10,000
Amortized Cost	[1]	9,131
Investments, at fair value	[1],[3]	$ 9,109
Investment, Identifier [Axis]: Hamilton Intermediate Holdings, LLC, Power
PIK Rate	[2],[17]			16.50%
Max PIK Rate	[2],[17]			16.50%
Principal amount	[2],[17],[21]			$ 30,391
Amortized Cost	[2],[17]			31,075
Investments, at fair value	[2],[4],[17]			$ 31,007
Investment, Identifier [Axis]: Hammerhead Resources Inc., Energy—Upstream
PIK Rate	[1],[11],[12],[14]	12.00%
Max PIK Rate	[1],[11],[12],[14]	12.00%
Principal amount	[1],[12],[14],[15]	$ 37,225
Amortized Cost	[1],[12],[14]	37,114
Investments, at fair value	[1],[3],[12],[14]	37,225
Investment, Identifier [Axis]: Hammerhead Resources Inc., Upstream
Variable Rate	[2],[17],[19],[26]			12.00%
Max PIK Rate	[2],[17],[19],[26]			12.00%
Principal amount	[2],[17],[19],[21],[26]			$ 35,118
Amortized Cost	[2],[17],[19],[26]			34,961
Investments, at fair value	[2],[4],[17],[19],[26]			35,118
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity
Investments, at fair value		$ 810		$ 810		2,836
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Energy—Upstream
Number of Shares | shares	[1],[12],[23],[35]	135,062
Amortized Cost	[1],[12],[23],[35]	$ 14,418
Investments, at fair value	[1],[3],[12],[23],[35]	810
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Upstream
Number of Shares | shares	[2],[25],[26],[36]			135,062
Amortized Cost	[2],[25],[26],[36]			$ 15,059
Investments, at fair value	[2],[4],[25],[26],[36]			810
Investment, Identifier [Axis]: Limetree Bay Energy, LLC
Investments, at fair value				0		3,166
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units
Investments, at fair value		$ 0		$ 1,885		6,046
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units, Midstream
Number of Shares | shares	[2],[17],[25],[26],[36]			76,938,973
Amortized Cost	[2],[17],[25],[26],[36]			$ 21,458
Investments, at fair value	[2],[4],[17],[25],[26],[36]			$ 1,885
Investment, Identifier [Axis]: MB Precision Investment Holdings LLC, Class A-2 Units, Industrials
Number of Shares | shares	[2],[17],[25],[26],[31]			1,426,110
Amortized Cost	[2],[17],[25],[26],[31]			$ 490
Investments, at fair value	[2],[4],[17],[25],[26],[31]			0
Investment, Identifier [Axis]: MECO IV Holdco, LLC
Investments, at fair value				0		22,745
Investment, Identifier [Axis]: MECO IV Holdco, LLC, Class A-1 Units
Investments, at fair value				$ 0		4,181
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Energy—Upstream
Number of Shares | shares	[1],[12],[30]	503,176
Amortized Cost	[1],[12],[30]	$ 138,208
Investments, at fair value	[1],[3],[12],[30]	$ 266,487
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Upstream
Number of Shares | shares	[2],[17],[26],[31]			503,176
Amortized Cost	[2],[17],[26],[31]			$ 138,208
Investments, at fair value	[2],[4],[17],[26],[31]			$ 312,372
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, LP, Consumer Discretionary Distribution & Retail
Variable Rate	[1],[11]	4.00%
Floor Rate	[1],[11]	0.80%
Principal amount	[1],[15]	$ 6,982
Amortized Cost	[1]	6,896
Investments, at fair value	[1],[3]	$ 6,932
Investment, Identifier [Axis]: Medallion Midland Acquisition LP, Midstream
Variable Rate	[2]			3.75%
Floor Rate	[2],[20]			0.80%
Principal amount	[2],[21]			$ 7,920
Amortized Cost	[2]			7,886
Investments, at fair value	[2],[4]			$ 7,862
Investment, Identifier [Axis]: Meritage Midstream Services II, LLC, Energy—Midstream
Variable Rate	[1],[11]	6.75%
Floor Rate	[1],[11]	1.00%
Principal amount	[1],[12],[15]	$ 21,857
Amortized Cost	[1],[12]	21,443
Investments, at fair value	[1],[3],[12]	$ 21,440
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Energy—Upstream
Rate	[1],[11]	7.50%
Principal amount	[1],[15]	$ 11,693
Amortized Cost	[1]	10,541
Investments, at fair value	[1],[3]	$ 10,750
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Upstream
Rate	[2],[26]			7.50%
Principal amount	[2],[21],[26]			$ 11,693
Amortized Cost	[2],[26]			10,358
Investments, at fair value	[2],[4],[26]			$ 10,561
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Rate	[1],[11],[12],[14],[23],[37]	14.20%
Number of Shares | shares	[1],[12],[14],[23],[37]	156,250
Amortized Cost	[1],[12],[14],[23],[37]	$ 157,633
Investments, at fair value	[1],[3],[12],[14],[23],[37]	$ 138,531
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Midstream
Rate	[2],[17],[19],[25],[26],[32]			14.20%
Number of Shares | shares	[2],[17],[19],[25],[26],[32]			156,250
Amortized Cost	[2],[17],[19],[25],[26],[32]			$ 157,633
Investments, at fair value	[2],[4],[17],[19],[25],[26],[32]			$ 125,000
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $13.56, Midstream
Strike price (in dollars per share) | $ / shares	[2],[17],[19],[25],[26]			$ 13.56
Number of Shares | shares	[2],[17],[19],[25],[26]			546,880
Amortized Cost	[2],[17],[19],[25],[26]			$ 630
Investments, at fair value	[2],[4],[17],[19],[25],[26]			$ 3
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Energy—Midstream
Strike price (in dollars per share) | $ / shares	[1],[12],[14],[23]	$ 14.54
Number of Shares | shares	[1],[12],[14],[23]	2,187,500
Amortized Cost	[1],[12],[14],[23]	$ 3,083
Investments, at fair value	[1],[3],[12],[14],[23]	$ 809
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Midstream
Strike price (in dollars per share) | $ / shares	[2],[17],[19],[25],[26]			$ 14.54
Number of Shares | shares	[2],[17],[19],[25],[26]			2,187,500
Amortized Cost	[2],[17],[19],[25],[26]			$ 3,083
Investments, at fair value	[2],[4],[17],[19],[25],[26]			$ 10
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike:$13.56, Energy—Midstream
Strike price (in dollars per share) | $ / shares	[1],[12],[14],[23]	$ 13.56
Number of Shares | shares	[1],[12],[14],[23]	546,880
Amortized Cost	[1],[12],[14],[23]	$ 630
Investments, at fair value	[1],[3],[12],[14],[23]	$ 202
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Energy—Midstream
Strike price (in dollars per share) | $ / shares	[1],[12],[14],[23]	$ 16.27
Number of Shares | shares	[1],[12],[14],[23]	781,250
Amortized Cost	[1],[12],[14],[23]	$ 576
Investments, at fair value	[1],[3],[12],[14],[23]	$ 213
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Midstream
Strike price (in dollars per share) | $ / shares	[2],[17],[19],[25],[26]			$ 16.27
Number of Shares | shares	[2],[17],[19],[25],[26]			781,250
Amortized Cost	[2],[17],[19],[25],[26]			$ 576
Investments, at fair value	[2],[4],[17],[19],[25],[26]			$ 2
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Energy—Midstream
Strike price (in dollars per share) | $ / shares	[1],[12],[14],[23]	$ 17.45
Number of Shares | shares	[1],[12],[14],[23]	3,125,000
Amortized Cost	[1],[12],[14],[23]	$ 2,623
Investments, at fair value	[1],[3],[12],[14],[23]	$ 886
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Midstream
Strike price (in dollars per share) | $ / shares	[2],[17],[19],[25],[26]			$ 17.45
Number of Shares | shares	[2],[17],[19],[25],[26]			3,125,000
Amortized Cost	[2],[17],[19],[25],[26]			$ 2,623
Investments, at fair value	[2],[4],[17],[19],[25],[26]			$ 8
Investment, Identifier [Axis]: NRG Energy, Inc., Power
Rate	[2],[19]			3.90%
Principal amount	[2],[19],[21]			$ 19,125
Amortized Cost	[2],[19]			18,668
Investments, at fair value	[2],[4],[19]			$ 14,401
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Rate	[1],[11],[14]	10.80%
Principal amount	[1],[14],[15]	$ 5,000
Amortized Cost	[1],[14]	4,875
Investments, at fair value	[1],[3],[14]	$ 4,830
Investment, Identifier [Axis]: NuStar, Preferred Equity, Energy—Midstream
Rate	[1],[11],[12],[14]	12.80%
Number of Shares | shares	[1],[12],[14]	1,751,951
Amortized Cost	[1],[12],[14]	$ 49,215
Investments, at fair value	[1],[3],[12],[14]	$ 55,433
Investment, Identifier [Axis]: NuStar, Preferred Equity, Midstream
Rate	[2],[17],[19],[26]			12.80%
Number of Shares | shares	[2],[17],[19],[26]			2,640,311
Amortized Cost	[2],[17],[19],[26]			$ 73,114
Investments, at fair value	[2],[4],[17],[19],[26]			$ 83,590
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 1
Variable Rate	[2],[17]			5.25%
Floor Rate	[2],[17],[20]			1.00%
Principal amount	[2],[17],[21]			$ 18,659
Amortized Cost	[2],[17]			18,579
Investments, at fair value	[2],[4],[17]			$ 18,847
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 2
Variable Rate	[2],[17],[22]			5.25%
Floor Rate	[2],[17],[20],[22]			1.00%
Principal amount	[2],[17],[21],[22]			$ 11,341
Amortized Cost	[2],[17],[22]			11,341
Investments, at fair value	[2],[4],[17],[22]			$ 11,455
Investment, Identifier [Axis]: Oryx Midstream Services Permian Basin LLC, Midstream
Variable Rate	[2],[26]			3.25%
Floor Rate	[2],[20],[26]			0.50%
Principal amount	[2],[21],[26]			$ 32,357
Amortized Cost	[2],[26]			32,220
Investments, at fair value	[2],[4],[26]			$ 32,026
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 1
Variable Rate	[1],[11]	4.75%
Floor Rate	[1],[11]	0.80%
Principal amount	[1],[15]	$ 5,760
Amortized Cost	[1]	5,711
Investments, at fair value	[1],[3]	$ 5,631
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 2
Variable Rate	[1],[11]	4.75%
Floor Rate	[1],[11]	0.80%
Principal amount	[1],[15]	$ 43,689
Amortized Cost	[1]	43,317
Investments, at fair value	[1],[3]	42,710
Investment, Identifier [Axis]: Parkway Generation LLC, Power 1
Variable Rate	[2]			4.75%
Floor Rate	[2],[20]			0.80%
Principal amount	[2],[21]			$ 5,760
Amortized Cost	[2]			5,708
Investments, at fair value	[2],[4]			$ 5,700
Investment, Identifier [Axis]: Parkway Generation LLC, Power 2
Variable Rate	[2]			4.75%
Floor Rate	[2],[20]			0.80%
Principal amount	[2],[21]			$ 43,910
Amortized Cost	[2]			43,513
Investments, at fair value	[2],[4]			$ 43,285
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 1
Variable Rate	[2],[17],[26]			6.75%
Floor Rate	[2],[17],[20],[26]			1.50%
Principal amount	[2],[17],[21],[26]			$ 13,545
Amortized Cost	[2],[17],[26]			13,528
Investments, at fair value	[2],[4],[17],[26]			$ 13,394
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 2
Variable Rate	[2],[17],[22]			6.75%
Floor Rate	[2],[17],[20],[22]			1.50%
Principal amount	[2],[17],[21],[22]			$ 1,505
Amortized Cost	[2],[17],[22]			1,505
Investments, at fair value	[2],[4],[17],[22]			1,488
Investment, Identifier [Axis]: Permian Production Holdings, LLC
Investments, at fair value		4,815		4,767		7,889
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity
Investments, at fair value		$ 5,710		$ 11,420		8,829
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Energy—Upstream
Number of Shares | shares	[1],[12],[23],[30],[35]	1,968,861
Amortized Cost	[1],[12],[23],[30],[35]	$ 5
Investments, at fair value	[1],[3],[12],[23],[30],[35]	$ 5,710
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Upstream
Number of Shares | shares	[2],[17],[26],[31],[36]			1,968,861
Amortized Cost	[2],[17],[26],[31],[36]			$ 5
Investments, at fair value	[2],[4],[17],[26],[31],[36]			$ 11,420
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
PIK Rate	[1],[11],[12],[35]	2.00%
Max PIK Rate	[1],[11],[12],[35]	2.00%
Rate	[1],[11],[12],[35]	7.00%
Principal amount	[1],[12],[15],[35]	$ 4,815
Amortized Cost	[1],[12],[35]	4,379
Investments, at fair value	[1],[3],[12],[35]	$ 4,815
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Upstream
PIK Rate	[2],[17],[26],[36]			2.00%
Max PIK Rate	[2],[17],[26],[36]			2.00%
Rate	[2],[17],[26],[36]			7.00%
Principal amount	[2],[17],[21],[26],[36]			$ 4,767
Amortized Cost	[2],[17],[26],[36]			4,266
Investments, at fair value	[2],[4],[17],[26],[36]			$ 4,767
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 1
Rate	[2]			7.80%
Principal amount	[2],[21]			$ 26,365
Amortized Cost	[2]			27,511
Investments, at fair value	[2],[4]			$ 25,703
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 2
Rate	[2],[26]			5.90%
Principal amount	[2],[21],[26]			$ 5,200
Amortized Cost	[2],[26]			5,257
Investments, at fair value	[2],[4],[26]			$ 4,473
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Energy—Midstream
Variable Rate	[1],[11],[12]	6.75%
Floor Rate	[1],[11],[12]	1.00%
Principal amount	[1],[12],[15]	$ 9,370
Amortized Cost	[1],[12]	9,338
Investments, at fair value	[1],[3],[12]	$ 9,294
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 1
Variable Rate	[2],[17]			6.75%
Floor Rate	[2],[17],[20]			1.00%
Principal amount	[2],[17],[21]			$ 9,370
Amortized Cost	[2],[17]			9,304
Investments, at fair value	[2],[4],[17]			$ 9,310
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 2
Variable Rate	[2],[17],[22]			6.75%
Floor Rate	[2],[17],[20],[22]			1.00%
Principal amount	[2],[17],[21],[22]			$ 2,477
Amortized Cost	[2],[17],[22]			2,477
Investments, at fair value	[2],[4],[17],[22]			$ 2,461
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
PIK Rate	[1],[11],[12],[23],[37]	9.50%
Max PIK Rate	[1],[11],[12],[23],[37]	9.50%
Rate	[1],[11],[12],[23],[37]	6.00%
Principal amount	[1],[12],[15],[23],[37]	$ 13,297
Amortized Cost	[1],[12],[23],[37]	12,329
Investments, at fair value	[1],[3],[12],[23],[37]	$ 9,565
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
PIK Rate	[1],[11],[12],[23],[37]	10.00%
Max PIK Rate	[1],[11],[12],[23],[37]	10.00%
Principal amount	[1],[12],[15],[23],[37]	$ 4,015
Amortized Cost	[1],[12],[23],[37]	3,827
Investments, at fair value	[1],[3],[12],[23],[37]	$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Rate	[1],[11],[12],[16]	10.00%
Principal amount	[1],[12],[15],[16]	$ 2,709
Amortized Cost	[1],[12],[16]	2,709
Investments, at fair value	[1],[3],[12],[16]	$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Power
Rate	[2],[17],[22]			10.00%
Principal amount	[2],[17],[21],[22]			$ 2,709
Amortized Cost	[2],[17],[22]			2,709
Investments, at fair value	[2],[4],[17],[22]			$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 1
PIK Rate	[2],[17],[26]			9.50%
Max PIK Rate	[2],[17],[26]			9.50%
Rate	[2],[17],[26]			6.00%
Principal amount	[2],[17],[21],[26]			$ 12,121
Amortized Cost	[2],[17],[26]			12,121
Investments, at fair value	[2],[4],[17],[26]			$ 9,997
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 2
PIK Rate	[2],[17],[26]			10.00%
Max PIK Rate	[2],[17],[26]			10.00%
Principal amount	[2],[17],[21],[26]			$ 3,643
Amortized Cost	[2],[17],[26]			3,643
Investments, at fair value	[2],[4],[17],[26]			$ 0
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Energy—Power
Variable Rate	[1],[11],[12]	6.00%
Floor Rate	[1],[11],[12]	0.50%
Principal amount	[1],[12],[15]	$ 58,164
Amortized Cost	[1],[12]	57,313
Investments, at fair value	[1],[3],[12]	53,753
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Power
Variable Rate	[2],[17]			6.00%
Floor Rate	[2],[17],[20]			0.50%
Principal amount	[2],[17],[21]			$ 58,459
Amortized Cost	[2],[17]			57,508
Investments, at fair value	[2],[4],[17]			$ 58,443
Investment, Identifier [Axis]: Ranger Oil Corp., Upstream
Rate	[2],[19]			9.30%
Principal amount	[2],[19],[21]			$ 29,772
Amortized Cost	[2],[19]			29,633
Investments, at fair value	[2],[4],[19]			29,678
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity
Investments, at fair value		$ 0		$ 41,851		48,356
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity, Upstream
Number of Shares | shares	[2],[17],[19],[26],[36],[38]			9,599,928
Amortized Cost	[2],[17],[19],[26],[36],[38]			$ 46,599
Investments, at fair value	[2],[4],[17],[19],[26],[36],[38]			$ 41,851
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Rate	[1],[11],[12]	6.30%
Principal amount	[1],[12],[15]	$ 10,473
Amortized Cost	[1],[12]	10,037
Investments, at fair value	[1],[3],[12]	$ 10,015
Investment, Identifier [Axis]: ST EIP Holdings Inc., Midstream
Rate	[2],[17]			6.30%
Principal amount	[2],[17],[21]			$ 10,526
Amortized Cost	[2],[17]			10,064
Investments, at fair value	[2],[4],[17]			$ 10,074
Investment, Identifier [Axis]: Saturn Oil & Gas Inc., Common Equity, Energy—Upstream
Number of Shares | shares	[1],[14],[23],[39]	1,612,683
Amortized Cost	[1],[14],[23],[39]	$ 3,052
Investments, at fair value	[1],[3],[14],[23],[39]	$ 2,674
Investment, Identifier [Axis]: Segreto Power Holdings, LLC, Preferred Equity, Power
Rate	[2],[17],[25],[26],[31],[32]			13.10%
Number of Shares | shares	[2],[17],[25],[26],[31],[32]			70,297
Amortized Cost	[2],[17],[25],[26],[31],[32]			$ 99,766
Investments, at fair value	[2],[4],[17],[25],[26],[31],[32]			$ 83,647
Investment, Identifier [Axis]: SilverBow Resources, Inc., Energy—Upstream
Variable Rate	[1],[11],[12],[14]	7.50%
Floor Rate	[1],[11],[12],[14]	1.00%
Principal amount	[1],[12],[14],[15]	$ 14,250
Amortized Cost	[1],[12],[14]	14,211
Investments, at fair value	[1],[3],[12],[14]	$ 14,313
Investment, Identifier [Axis]: SilverBow Resources, Inc., Upstream
Variable Rate	[2],[17],[19],[26]			7.50%
Floor Rate	[2],[17],[19],[20],[26]			1.00%
Principal amount	[2],[17],[19],[21],[26]			$ 14,250
Amortized Cost	[2],[17],[19],[26]			14,199
Investments, at fair value	[2],[4],[17],[19],[26]			$ 14,322
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Energy—Upstream
Variable Rate	[1],[11],[12],[14]	5.75%
Floor Rate	[1],[11],[12],[14]	1.50%
Principal amount	[1],[12],[14],[15]	$ 18,500
Amortized Cost	[1],[12],[14]	18,350
Investments, at fair value	[1],[3],[12],[14]	18,289
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Upstream
Variable Rate	[2],[17],[19],[26]			6.50%
Floor Rate	[2],[17],[19],[20],[26]			1.50%
Principal amount	[2],[17],[19],[21],[26]			$ 19,500
Amortized Cost	[2],[17],[19],[26]			19,318
Investments, at fair value	[2],[4],[17],[19],[26]			$ 19,256
Investment, Identifier [Axis]: Suburban Propane Partners LP, Midstream
Rate	[2],[19],[26]			5.00%
Principal amount	[2],[19],[21],[26]			$ 7,590
Amortized Cost	[2],[19],[26]			7,837
Investments, at fair value	[2],[4],[19],[26]			6,461
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC 2
Investments, at fair value		50,149		51,098		50,770
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Principal amount	[1],[12],[14],[15],[23],[29]	60,603
Amortized Cost	[1],[12],[14],[23],[29]	54,514
Investments, at fair value	[1],[3],[12],[14],[23],[29]	$ 50,149
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Power
Principal amount	[2],[6],[17],[24]			60,603
Amortized Cost	[2],[6],[17],[24]			54,514
Investments, at fair value	[2],[4],[6],[17],[24]			$ 51,098
Investment, Identifier [Axis]: Swift Worldwide Resources Holdco Limited, Common Equity, Service & Equipment
Number of Shares | shares	[2],[17],[19],[25],[26],[40]			3,750,000
Amortized Cost	[2],[17],[19],[25],[26],[40]			$ 6,029
Investments, at fair value	[2],[4],[17],[19],[25],[26],[40]			$ 3,131
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Variable Rate	[1],[11]	5.50%
Floor Rate	[1],[11]	1.00%
Principal amount	[1],[15]	$ 4,747
Amortized Cost	[1]	4,439
Investments, at fair value	[1],[3]	4,467
Investment, Identifier [Axis]: Tallgrass Energy Partners, LP, Midstream
Rate	[2],[26]			6.00%
Principal amount	[2],[21],[26]			$ 19,761
Amortized Cost	[2],[26]			19,676
Investments, at fair value	[2],[4],[26]			18,480
Investment, Identifier [Axis]: Telpico, LLC, Common Equity
Investments, at fair value		$ 0		$ 0		0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Energy—Upstream
Number of Shares | shares	[1],[12],[23],[30],[35]	50
Amortized Cost	[1],[12],[23],[30],[35]	$ 0
Investments, at fair value	[1],[3],[12],[23],[30],[35]	$ 0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Upstream
Number of Shares | shares	[2],[17],[25],[26],[31],[36]			50
Amortized Cost	[2],[17],[25],[26],[31],[36]			$ 0
Investments, at fair value	[2],[4],[17],[25],[26],[31],[36]			$ 0
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Energy—Upstream
Number of Shares | shares	[1],[12],[23],[30]	50
Amortized Cost	[1],[12],[23],[30]	$ 7,571
Investments, at fair value	[1],[3],[12],[23],[30]	$ 4,531
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Upstream
Number of Shares | shares	[2],[17],[25],[26],[31]			50
Amortized Cost	[2],[17],[25],[26],[31]			$ 7,571
Investments, at fair value	[2],[4],[17],[25],[26],[31]			$ 6,801
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Variable Rate	[1],[11],[12]	7.50%
Max PIK Rate	[1],[11],[12]	9.50%
Floor Rate	[1],[11],[12]	1.00%
Principal amount	[1],[12],[15]	$ 20,537
Amortized Cost	[1],[12]	20,537
Investments, at fair value	[1],[3],[12]	$ 19,613
Investment, Identifier [Axis]: Tenrgys, LLC, Upstream
Variable Rate	[2],[17],[26]			7.50%
Max PIK Rate	[2],[17],[26]			9.50%
Floor Rate	[2],[17],[20],[26]			1.00%
Principal amount	[2],[17],[21],[26]			$ 20,537
Amortized Cost	[2],[17],[26]			20,537
Investments, at fair value	[2],[4],[17],[26]			$ 20,537
Investment, Identifier [Axis]: Traverse Midstream Partners LLC, Midstream
Variable Rate	[2]			4.25%
Floor Rate	[2],[20]			1.00%
Principal amount	[2],[21]			$ 28,436
Amortized Cost	[2]			28,484
Investments, at fair value	[2],[4]			$ 28,418
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Variable Rate	[1],[11]	4.00%
Floor Rate	[1],[11]	0.80%
Principal amount	[1],[15]	$ 4,987
Amortized Cost	[1]	4,551
Investments, at fair value	[1],[3]	$ 4,603
Investment, Identifier [Axis]: USA Compression Partners, LP, Common Equity, Energy—Midstream
Number of Shares | shares	[1],[14]	84,779
Amortized Cost	[1],[14]	$ 1,617
Investments, at fair value	[1],[3],[14]	$ 1,673
Investment, Identifier [Axis]: USA Compression Partners, LP, Common Equity, Midstream
Number of Shares | shares	[2],[19],[25],[26]			84,779
Amortized Cost	[2],[19],[25],[26]			$ 1,617
Investments, at fair value	[2],[4],[19],[25],[26]			$ 1,655
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Rate	[1],[11],[12],[14]	9.80%
Number of Shares | shares	[1],[12],[14]	79,336
Amortized Cost	[1],[12],[14]	$ 78,041
Investments, at fair value	[1],[3],[12],[14]	$ 88,850
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Midstream
Rate	[2],[17]			9.80%
Number of Shares | shares	[2],[17]			79,336
Amortized Cost	[2],[17]			$ 77,943
Investments, at fair value	[2],[4],[17]			$ 90,479
Investment, Identifier [Axis]: USA Compression Partners, LP, Warrants (Premium), Strike: $19.59, Energy—Midstream
Strike price (in dollars per share) | $ / shares	[1],[12],[14],[23]	$ 19.59
Number of Shares | shares	[1],[12],[14],[23]	1,586,719
Amortized Cost	[1],[12],[14],[23]	$ 714
Investments, at fair value	[1],[3],[12],[14],[23]	4,990
Investment, Identifier [Axis]: USA Compression Partners, LP, Warrants (Premium), Strike: $19.59, Midstream
Strike price (in dollars per share) | $ / shares	[2],[17],[19],[25],[26]			$ 19.59
Number of Shares | shares	[2],[17],[19],[25],[26]			1,586,719
Amortized Cost	[2],[17],[19],[25],[26]			$ 714
Investments, at fair value	[2],[4],[17],[19],[25],[26]			5,711
Investment, Identifier [Axis]: Warren Resources, Inc.
Investments, at fair value		23,703		23,584		23,688
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity
Investments, at fair value		$ 29,431		$ 36,982		$ 25,854
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Energy—Upstream
Number of Shares | shares	[1],[12],[23],[29]	4,415,749
Amortized Cost	[1],[12],[23],[29]	$ 20,754
Investments, at fair value	[1],[3],[12],[23],[29]	$ 29,431
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Upstream
Number of Shares | shares	[2],[17],[24],[25],[26]			4,415,749
Amortized Cost	[2],[17],[24],[25],[26]			$ 20,754
Investments, at fair value	[2],[4],[17],[24],[25],[26]			$ 36,982
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Variable Rate	[1],[11],[12],[29]	9.00%
PIK Rate	[1],[11],[12],[29]	1.00%
Max PIK Rate	[1],[11],[12],[29]	1.00%
Floor Rate	[1],[11],[12],[29]	1.00%
Principal amount	[1],[12],[15],[29]	$ 23,703
Amortized Cost	[1],[12],[29]	23,703
Investments, at fair value	[1],[3],[12],[29]	$ 23,703
Investment, Identifier [Axis]: Warren Resources, Inc., Upstream
Variable Rate	[2],[17],[24]			9.00%
PIK Rate	[2],[17],[24]			1.00%
Max PIK Rate	[2],[17],[24]			1.00%
Floor Rate	[2],[17],[20],[24]			1.00%
Principal amount	[2],[17],[21],[24]			$ 23,584
Amortized Cost	[2],[17],[24]			23,584
Investments, at fair value	[2],[4],[17],[24]			$ 23,584
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Variable Rate	[1],[11],[12]	9.85%
Floor Rate	[1],[11],[12]	1.80%
Principal amount	[1],[12],[15]	$ 42,938
Amortized Cost	[1],[12]	42,938
Investments, at fair value	[1],[3],[12]	$ 41,568
Investment, Identifier [Axis]: Wattbridge Inc., Power
Variable Rate	[2],[17]			7.85%
Floor Rate	[2],[17],[20]			1.80%
Principal amount	[2],[17],[21]			$ 42,500
Amortized Cost	[2],[17]			42,500
Investments, at fair value	[2],[4],[17]			$ 41,880

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

[3] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Includes the effect of swap contracts.

[6] Includes the effect of swap contracts.

[7] Represents the amounts the Company would pay or receive under each swap contract if it were to settle on June 30, 2023 (see Note 6).

[8] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[9] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[10] Represents the amounts the Company would pay or receive under each swap contract if it were to settle on December 31, 2022 (see Note 6).

[11] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.55% and the Secured Overnight Financing Rate, or SOFR, or S, was 5.27%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[12] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[13] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[14] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2023, 73.7% of the Company’s total assets represented qualifying assets.

[15] Denominated in U.S. dollars, unless otherwise noted.

[16] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[17] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[18] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[19] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2022, 77.5% of the Company’s total assets represented qualifying assets.

[20] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2022, the three-month London Interbank Offered Rate, or LIBOR, or L, was 4.77% and the Secured Overnight Financing Rate, or SOFR, or S, was 4.59%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[21] Denominated in U.S. dollars, unless otherwise noted.

[22] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[23] Security is non-income producing.

[24] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $7,782 $654 $— $— $— $8,436 $— $654 $— Allied Wireline Services, LLC46,339 5,808 — — 11,741 63,888 316 5,808 — MECO IV Holdco, LLC22,745 455 (23,200)— — — — 455 — Warren Resources, Inc.23,688 237 (341)— — 23,584 2,620 237 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC50,770 — — — 328 51,098 — — 735 Equity/OtherAllied Wireline Services, LLC, Common Equity— — — — 10,463 10,463 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — MECO IV Holdco, LLC, Class A-1 Units4,181 — (18,060)15,899 (2,020)— — — — Warren Resources, Inc., Common Equity25,854 — — — 11,128 36,982 — — — $181,359 $7,154 $(41,601)$15,899 $31,640 $194,451 $2,936 $7,154 $735  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2022. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[25] Security is non-income producing.

[26] Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Notes with JPMorgan Chase Bank, N.A. (see Note 9).

[27] (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[28] Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[29] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $8,436 $113 $(996)$— $— $7,553 $207 $113 Allied Wireline Services, LLC63,888 6,389 — — — 70,277 3,223 — Warren Resources, Inc.23,584 119 — — — 23,703 1,648 119 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — — — (949)50,149 — — Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (2,395)8,068 — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (7,551)29,431 — — $194,451 $6,621 $(996)$— $(10,895)$189,181 $5,078 $232  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[30] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[31] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[32] Security was on non-accrual status as of December 31, 2022.

[33] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[34] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[35] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $113 $— $— $(65)$4,815 $324 $48 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — — — (3,659)1,385 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 641 810 — — Limetree Bay Energy, LLC, Class A Units1,885 83 — (21,541)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (5,710)5,710 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $196 $(35,881)$(32,900)$15,528 $12,720 $324 $48  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[36] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Fee Income(3) Dividend Income(3) Senior Secured Loans—First LienLimetree Bay Energy, LLC$3,166 $— $(1,587)$(12,756)$11,177 $— $— $— $— $— Permian Production Holdings, LLC7,889 697 (3,674)551 (696)4,767 570 105 — — Senior Secured BondsGreat Western Petroleum, LLC58,055 96 (55,096)1,087 (4,142)— 2,649 — 7,268 — Equity/OtherGreat Western Petroleum, LLC, Common Equity40,731 — (84,871)54,081 (9,941)— — — — — GWP Midstream Holdco, LLC, Common Equity— 6,681 — — (1,637)5,044 — — — — Harvest Oil & Gas Corp., Common Equity2,836 — (743)— (1,283)810 — — — — Limetree Bay Energy, LLC, Class A Units6,046 1,795 — — (5,956)1,885 — — — — Permian Production Holdings, LLC, Common Equity8,829 4 — — 2,587 11,420 — — — 1,726 Ridgeback Resources Inc., Common Equity48,356 — (12,559)173 5,881 41,851 — — — 3,691 Telpico, LLC, Common Equity— — — — — — — — — — $175,908 $9,273 $(158,530)$43,136 $(4,010)$65,777 $3,219 $105 $7,268 $5,417  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK, fee and dividend income presented for the year ended December 31, 2022.

[37] Security was on non-accrual status as of June 30, 2023.

[38] Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

[39] Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of June 30, 2023.

[40] Investment denominated in British pounds. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

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Unaudited Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended			12 Months Ended
		Jun. 30, 2023		Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Qualifying assets, percent of total assets		73.70%			73.70%			77.50%
Unfunded commitment with amortized cost		$ 2,500			$ 2,500			$ 2,500
Investment company, financial commitment fair value		2,500			2,500			2,500
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				2,047,115
Net realized gain (loss) on investments:					(62,695)		$ 31,460
Net change in unrealized appreciation (depreciation) on investments:					(34,911)		151,202
Fair Value, ending balance		1,495,602	[3],[4]		1,495,602	[3],[4]		2,047,115	[1],[2]
Paid-in-kind interest income					11,831		12,469
Non-Controlled/Affiliated
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					65,777		175,908	175,908
Gross Additions					196	[5]		9,273	[6]
Gross Reductions					(35,881)	[7]		(158,530)	[8]
Net realized gain (loss) on investments:		(21,541)		$ 53,584	(32,900)		41,204	43,136
Net change in unrealized appreciation (depreciation) on investments:		18,089		(53,922)	15,528		2,129	(4,010)
Fair Value, ending balance		12,720			12,720			65,777
Interest Income					324	[9]		3,219	[10]
Paid-in-kind interest income		24		22	48	[9]	57	105	[10]
Fee income		0		7,268	0		7,268	7,268	[10]
Dividend income		0		3,691	0		5,417	5,417
Controlled/affiliated
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					194,451		181,359	181,359
Gross Additions					6,621	[11]		7,154	[12]
Gross Reductions					(996)	[13]		(41,601)	[14]
Net realized gain (loss) on investments:		0		10,858	0		10,858	15,899
Net change in unrealized appreciation (depreciation) on investments:		(7,502)		(10,941)	(10,895)		12,786	31,640
Fair Value, ending balance		189,181			189,181			194,451
Interest Income					5,078	[15]		2,936	[16]
Paid-in-kind interest income		60		221	232	[15]	891	7,154	[16]
Dividend income		$ 0		$ 0	$ 0		735	$ 735	[16]
London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Investment, variable rate		5.55%			5.55%			4.77%
Secured Overnight Financing Rate
Derivative [Line Items]
Investment, variable rate		5.27%			5.27%			4.59%
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[18],[19]	$ 23,243			$ 23,243
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[18],[19],[20]	5,399			5,399
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[22],[23]				23,519
Fair Value, ending balance	[1],[2],[21],[22],[23]							$ 23,519
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[22],[23],[24]				5,545
Fair Value, ending balance	[1],[2],[21],[22],[23],[24]							5,545
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Energy—Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[18],[19],[25]	2,223			2,223
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[22],[23],[26],[27]				1,630
Fair Value, ending balance	[1],[2],[21],[22],[23],[26],[27]							1,630
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Energy—Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25]	1,243			1,243
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27]				1,219
Fair Value, ending balance	[1],[2],[21],[26],[27]							1,219
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Energy—Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25]	8,827			8,827
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27]				8,321
Fair Value, ending balance	[1],[2],[21],[26],[27]							8,321
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	10,062			10,062
Investment, Identifier [Axis]: Aethon III BR LLC, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	20,081			20,081
Investment, Identifier [Axis]: Aethon III BR LLC, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				20,138
Fair Value, ending balance	[1],[2],[21],[27]							20,138
Investment, Identifier [Axis]: Aethon United BR LP, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	39,828			39,828
Investment, Identifier [Axis]: Aethon United BR LP, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[27]				40,221
Fair Value, ending balance	[1],[2],[27]							40,221
Investment, Identifier [Axis]: AirSwift Holdings, Ltd., Common Equity, Commercial & Professional Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25]	3,038			3,038
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[29]				8,436	[28]	7,782	7,782
Gross Additions					113	[11],[28]		654	[12],[29]
Gross Reductions					(996)	[13],[28]		0	[14],[29]
Net realized gain (loss) on investments:					0	[28]		0	[29]
Net change in unrealized appreciation (depreciation) on investments:					0	[28]		0	[29]
Fair Value, ending balance	[28]	7,553			7,553			8,436	[29]
Interest Income					207	[15],[28]		0	[16],[29]
Paid-in-kind interest income					113	[15],[28]		654	[16],[29]
Dividend income	[16],[29]							0
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[30]	7,553			7,553
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[20],[30]	2,500			2,500
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27],[31]				8,436
Fair Value, ending balance	[1],[2],[21],[27],[31]							8,436
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[24],[31]				2,500
Fair Value, ending balance	[1],[2],[21],[24],[31]							2,500
Investment, Identifier [Axis]: Allied Universal Holdco, LLC, Consumer Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	7,771			7,771
Investment, Identifier [Axis]: Allied Wireline Services, LLC
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					63,888		46,339	46,339
Gross Additions					6,389	[11]		5,808	[12]
Gross Reductions					0	[13]		0	[14]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					0			11,741
Fair Value, ending balance		70,277			70,277			63,888
Interest Income					3,223	[15]		316	[16]
Paid-in-kind interest income					0	[15]		5,808	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					10,463		0	0
Gross Additions					0	[11]		0	[12]
Gross Reductions					0	[13]		0	[14]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					(2,395)			10,463
Fair Value, ending balance		8,068			8,068			10,463
Interest Income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		0	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Energy—Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[30],[32]	8,068			8,068
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[31],[33]				10,463
Fair Value, ending balance	[1],[2],[21],[26],[27],[31],[33]							10,463
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[30]	70,277			70,277
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27],[31]				63,888
Fair Value, ending balance	[1],[2],[21],[27],[31]							63,888
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		0	0
Gross Additions					0	[11]		0	[12]
Gross Reductions					0	[13]		0	[14]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					0			0
Fair Value, ending balance		0			0			0
Interest Income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		0	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Energy—Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[30],[32]	0			0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[31],[33]				0
Fair Value, ending balance	[1],[2],[21],[26],[27],[31],[33]							0
Investment, Identifier [Axis]: Archrock Partners, L.P., Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[23],[27]				2,840
Fair Value, ending balance	[1],[2],[23],[27]							2,840
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	488			488
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27]				858
Fair Value, ending balance	[1],[2],[21],[26],[27]							858
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[32]	31,895			31,895
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[33]				52,340
Fair Value, ending balance	[1],[2],[21],[26],[27],[33]							52,340
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	8,562			8,562
Investment, Identifier [Axis]: Brazos Delaware II LLC, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				39,137
Fair Value, ending balance	[1],[2]							39,137
Investment, Identifier [Axis]: CPV Maryland, LLC, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				14,155
Fair Value, ending balance	[1],[2]							14,155
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Energy—Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	21,765			21,765
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				21,935
Fair Value, ending balance	[1],[2]							21,935
Investment, Identifier [Axis]: Cimarron Energy Holdco Inc., Common Equity, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27]				0
Fair Value, ending balance	[1],[2],[21],[26],[27]							0
Investment, Identifier [Axis]: Cimarron Energy Holdco Inc., Participation Option, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27]				0
Fair Value, ending balance	[1],[2],[21],[26],[27]							0
Investment, Identifier [Axis]: Cimarron Energy Inc., Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[34]				3,713
Fair Value, ending balance	[1],[2],[21],[26],[27],[34]							3,713
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	36,360			36,360
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				38,240
Fair Value, ending balance	[1],[2],[21],[27]							38,240
Investment, Identifier [Axis]: Compass Power Generation LLC, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				31,384
Fair Value, ending balance	[1],[2]							31,384
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[35],[36]	8,507			8,507
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[37],[38]				20,683
Fair Value, ending balance	[1],[2],[21],[37],[38]							20,683
Investment, Identifier [Axis]: EIF Van Hook Holdings, LLC, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				26,075
Fair Value, ending balance	[1],[2]							26,075
Investment, Identifier [Axis]: ERA II Minerals, LLC, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	34,636			34,636
Investment, Identifier [Axis]: ERA II Minerals, LLC, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				36,656
Fair Value, ending balance	[1],[2],[21],[27]							36,656
Investment, Identifier [Axis]: Earthstone Energy Holdings, LLC, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[23]				10,920
Fair Value, ending balance	[1],[2],[23]							10,920
Investment, Identifier [Axis]: Endeavor Energy Resources, L.P., Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[27]				23,306
Fair Value, ending balance	[1],[2],[27]							23,306
Investment, Identifier [Axis]: FR BR Holdings LLC, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	81,008			81,008
Investment, Identifier [Axis]: FR BR Holdings LLC, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				81,361
Fair Value, ending balance	[1],[2],[21],[27]							81,361
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	17,233			17,233
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				17,406
Fair Value, ending balance	[1],[2],[21]							17,406
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	6,853			6,853
Investment, Identifier [Axis]: GIP II Blue Holding LP, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	4,785			4,785
Investment, Identifier [Axis]: GIP II Blue Holding LP, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				5,877
Fair Value, ending balance	[1],[2]							5,877
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					5,044		0	0
Gross Additions					0	[5]		6,681	[6]
Gross Reductions					0	[7]		0	[8]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					(3,659)			(1,637)
Fair Value, ending balance		1,385			1,385			5,044
Interest Income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Fee income	[10]							0
Dividend income								0
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[32],[39]	1,385			1,385
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[33],[40]				5,044
Fair Value, ending balance	[1],[2],[21],[26],[27],[33],[40]							5,044
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19]	14,012			14,012
Investment, Identifier [Axis]: GasLog Ltd., Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23]				14,010
Fair Value, ending balance	[1],[2],[21],[23]							14,010
Investment, Identifier [Axis]: Generation Bridge LLC, Power 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				7,385
Fair Value, ending balance	[1],[2]							7,385
Investment, Identifier [Axis]: Generation Bridge LLC, Power 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				162
Fair Value, ending balance	[1],[2]							162
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25]	0			0
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[41]	9,978			9,978
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Industrials 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27]				0
Fair Value, ending balance	[1],[2],[21],[26],[27]							0
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Industrials 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[34]				9,377
Fair Value, ending balance	[1],[2],[21],[26],[27],[34]							9,377
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	14,586			14,586
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				14,819
Fair Value, ending balance	[1],[2],[21]							14,819
Investment, Identifier [Axis]: Great Western Petroleum, LLC
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		58,055	58,055
Gross Additions	[6]							96
Gross Reductions	[8]							(55,096)
Net realized gain (loss) on investments:								1,087
Net change in unrealized appreciation (depreciation) on investments:								(4,142)
Fair Value, ending balance								0
Interest Income	[10]							2,649
Paid-in-kind interest income	[10]							0
Fee income	[10]							7,268
Dividend income								0
Investment, Identifier [Axis]: Great Western Petroleum, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		40,731	40,731
Gross Additions	[6]							0
Gross Reductions	[8]							(84,871)
Net realized gain (loss) on investments:								54,081
Net change in unrealized appreciation (depreciation) on investments:								(9,941)
Fair Value, ending balance								0
Interest Income	[10]							0
Paid-in-kind interest income	[10]							0
Fee income	[10]							0
Dividend income								0
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	9,109			9,109
Investment, Identifier [Axis]: Hamilton Intermediate Holdings, LLC, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				31,007
Fair Value, ending balance	[1],[2],[21]							31,007
Investment, Identifier [Axis]: Hammerhead Resources Inc., Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19]	37,225			37,225
Investment, Identifier [Axis]: Hammerhead Resources Inc., Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[27]				35,118
Fair Value, ending balance	[1],[2],[21],[23],[27]							35,118
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					810		2,836	2,836
Gross Additions					0	[5]		0	[6]
Gross Reductions					(641)	[7]		(743)	[8]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					641			(1,283)
Fair Value, ending balance		810			810			810
Interest Income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Fee income	[10]							0
Dividend income								0
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[39]	810			810
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[26],[27],[40]				810
Fair Value, ending balance	[1],[2],[26],[27],[40]							810
Investment, Identifier [Axis]: Limetree Bay Energy, LLC
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		3,166	3,166
Gross Additions	[6]							0
Gross Reductions	[8]							(1,587)
Net realized gain (loss) on investments:								(12,756)
Net change in unrealized appreciation (depreciation) on investments:								11,177
Fair Value, ending balance								0
Interest Income	[10]							0
Paid-in-kind interest income	[10]							0
Fee income	[10]							0
Dividend income								0
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					1,885		6,046	6,046
Gross Additions					83	[5]		1,795	[6]
Gross Reductions					0	[7]		0	[8]
Net realized gain (loss) on investments:					(21,541)			0
Net change in unrealized appreciation (depreciation) on investments:					19,573			(5,956)
Fair Value, ending balance		0			0			1,885
Interest Income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Fee income	[10]							0
Dividend income								0
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[40]				1,885
Fair Value, ending balance	[1],[2],[21],[26],[27],[40]							1,885
Investment, Identifier [Axis]: MB Precision Investment Holdings LLC, Class A-2 Units, Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[33]				0
Fair Value, ending balance	[1],[2],[21],[26],[27],[33]							0
Investment, Identifier [Axis]: MECO IV Holdco, LLC
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		22,745	22,745
Gross Additions	[12]							455
Gross Reductions	[14]							(23,200)
Net realized gain (loss) on investments:								0
Net change in unrealized appreciation (depreciation) on investments:								0
Fair Value, ending balance								0
Interest Income	[16]							0
Paid-in-kind interest income	[16]							455
Dividend income	[16]							0
Investment, Identifier [Axis]: MECO IV Holdco, LLC, Class A-1 Units
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		4,181	4,181
Gross Additions	[12]							0
Gross Reductions	[14]							(18,060)
Net realized gain (loss) on investments:								15,899
Net change in unrealized appreciation (depreciation) on investments:								(2,020)
Fair Value, ending balance								0
Interest Income	[16]							0
Paid-in-kind interest income	[16]							0
Dividend income	[16]							0
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[32]	266,487			266,487
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27],[33]				312,372
Fair Value, ending balance	[1],[2],[21],[27],[33]							312,372
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, LP, Consumer Discretionary Distribution & Retail
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	6,932			6,932
Investment, Identifier [Axis]: Medallion Midland Acquisition LP, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				7,862
Fair Value, ending balance	[1],[2]							7,862
Investment, Identifier [Axis]: Meritage Midstream Services II, LLC, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	21,440			21,440
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	10,750			10,750
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[27]				10,561
Fair Value, ending balance	[1],[2],[27]							10,561
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25],[41]	138,531			138,531
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[26],[27],[34]				125,000
Fair Value, ending balance	[1],[2],[21],[23],[26],[27],[34]							125,000
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $13.56, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[26],[27]				3
Fair Value, ending balance	[1],[2],[21],[23],[26],[27]							3
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25]	809			809
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[26],[27]				10
Fair Value, ending balance	[1],[2],[21],[23],[26],[27]							10
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike:$13.56, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25]	202			202
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25]	213			213
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[26],[27]				2
Fair Value, ending balance	[1],[2],[21],[23],[26],[27]							2
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25]	886			886
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[26],[27]				8
Fair Value, ending balance	[1],[2],[21],[23],[26],[27]							8
Investment, Identifier [Axis]: NRG Energy, Inc., Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[23]				14,401
Fair Value, ending balance	[1],[2],[23]							14,401
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[19]	4,830			4,830
Investment, Identifier [Axis]: NuStar, Preferred Equity, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19]	55,433			55,433
Investment, Identifier [Axis]: NuStar, Preferred Equity, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[27]				83,590
Fair Value, ending balance	[1],[2],[21],[23],[27]							83,590
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				18,847
Fair Value, ending balance	[1],[2],[21]							18,847
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[24]				11,455
Fair Value, ending balance	[1],[2],[21],[24]							11,455
Investment, Identifier [Axis]: Oryx Midstream Services Permian Basin LLC, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[27]				32,026
Fair Value, ending balance	[1],[2],[27]							32,026
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	5,631			5,631
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	42,710			42,710
Investment, Identifier [Axis]: Parkway Generation LLC, Power 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				5,700
Fair Value, ending balance	[1],[2]							5,700
Investment, Identifier [Axis]: Parkway Generation LLC, Power 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				43,285
Fair Value, ending balance	[1],[2]							43,285
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				13,394
Fair Value, ending balance	[1],[2],[21],[27]							13,394
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[24]				1,488
Fair Value, ending balance	[1],[2],[21],[24]							1,488
Investment, Identifier [Axis]: Permian Production Holdings, LLC
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					4,767		7,889	7,889
Gross Additions					113	[5]		697	[6]
Gross Reductions					0	[7]		(3,674)	[8]
Net realized gain (loss) on investments:					0			551
Net change in unrealized appreciation (depreciation) on investments:					(65)			(696)
Fair Value, ending balance		4,815			4,815			4,767
Interest Income					324	[9]		570	[10]
Paid-in-kind interest income					48	[9]		105	[10]
Fee income	[10]							0
Dividend income								0
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					11,420		8,829	8,829
Gross Additions					0	[5]		4	[6]
Gross Reductions					0	[7]		0	[8]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					(5,710)			2,587
Fair Value, ending balance		5,710			5,710			11,420
Interest Income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Fee income	[10]							0
Dividend income								1,726
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[32],[39]	5,710			5,710
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27],[33],[40]				11,420
Fair Value, ending balance	[1],[2],[21],[27],[33],[40]							11,420
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[39]	4,815			4,815
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27],[40]				4,767
Fair Value, ending balance	[1],[2],[21],[27],[40]							4,767
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				25,703
Fair Value, ending balance	[1],[2]							25,703
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[27]				4,473
Fair Value, ending balance	[1],[2],[27]							4,473
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	9,294			9,294
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				9,310
Fair Value, ending balance	[1],[2],[21]							9,310
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[24]				2,461
Fair Value, ending balance	[1],[2],[21],[24]							2,461
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[41]	9,565			9,565
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[41]	0			0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[20]	0			0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[24]				0
Fair Value, ending balance	[1],[2],[21],[24]							0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				9,997
Fair Value, ending balance	[1],[2],[21],[27]							9,997
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				0
Fair Value, ending balance	[1],[2],[21],[27]							0
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Energy—Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	53,753			53,753
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				58,443
Fair Value, ending balance	[1],[2],[21]							58,443
Investment, Identifier [Axis]: Ranger Oil Corp., Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[23]				29,678
Fair Value, ending balance	[1],[2],[23]							29,678
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					41,851		48,356	48,356
Gross Additions					0	[5]		0	[6]
Gross Reductions					(35,240)	[7]		(12,559)	[8]
Net realized gain (loss) on investments:					(11,359)			173
Net change in unrealized appreciation (depreciation) on investments:					4,748			5,881
Fair Value, ending balance		0			0			41,851
Interest Income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Fee income	[10]							0
Dividend income								3,691
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[27],[40],[42]				41,851
Fair Value, ending balance	[1],[2],[21],[23],[27],[40],[42]							41,851
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	10,015			10,015
Investment, Identifier [Axis]: ST EIP Holdings Inc., Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				10,074
Fair Value, ending balance	[1],[2],[21]							10,074
Investment, Identifier [Axis]: Saturn Oil & Gas Inc., Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[19],[25],[43]	2,674			2,674
Investment, Identifier [Axis]: Segreto Power Holdings, LLC, Preferred Equity, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[33],[34]				83,647
Fair Value, ending balance	[1],[2],[21],[26],[27],[33],[34]							83,647
Investment, Identifier [Axis]: SilverBow Resources, Inc., Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19]	14,313			14,313
Investment, Identifier [Axis]: SilverBow Resources, Inc., Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[27]				14,322
Fair Value, ending balance	[1],[2],[21],[23],[27]							14,322
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19]	18,289			18,289
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[27]				19,256
Fair Value, ending balance	[1],[2],[21],[23],[27]							19,256
Investment, Identifier [Axis]: Suburban Propane Partners LP, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[23],[27]				6,461
Fair Value, ending balance	[1],[2],[23],[27]							6,461
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					51,098		50,770	50,770
Gross Additions					0	[11]		0	[12]
Gross Reductions					0	[13]		0	[14]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					(949)			328
Fair Value, ending balance		50,149			50,149			51,098
Interest Income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		0	[16]
Dividend income	[16]							735
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25],[30]	50,149			50,149
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[31],[44]				51,098
Fair Value, ending balance	[1],[2],[21],[31],[44]							51,098
Investment, Identifier [Axis]: Swift Worldwide Resources Holdco Limited, Common Equity, Service & Equipment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[26],[27],[45]				3,131
Fair Value, ending balance	[1],[2],[21],[23],[26],[27],[45]							3,131
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	4,467			4,467
Investment, Identifier [Axis]: Tallgrass Energy Partners, LP, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[27]				18,480
Fair Value, ending balance	[1],[2],[27]							18,480
Investment, Identifier [Axis]: Telpico, LLC, Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					0		0	0
Gross Additions					0	[5]		0	[6]
Gross Reductions					0	[7]		0	[8]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					0			0
Fair Value, ending balance		0			0			0
Interest Income					0	[9]		0	[10]
Paid-in-kind interest income					0	[9]		0	[10]
Fee income	[10]							0
Dividend income								0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[32],[39]	0			0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[33],[40]				0
Fair Value, ending balance	[1],[2],[21],[26],[27],[33],[40]							0
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[32]	4,531			4,531
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[33]				6,801
Fair Value, ending balance	[1],[2],[21],[26],[27],[33]							6,801
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	19,613			19,613
Investment, Identifier [Axis]: Tenrgys, LLC, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[27]				20,537
Fair Value, ending balance	[1],[2],[21],[27]							20,537
Investment, Identifier [Axis]: Traverse Midstream Partners LLC, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2]				28,418
Fair Value, ending balance	[1],[2]							28,418
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4]	4,603			4,603
Investment, Identifier [Axis]: USA Compression Partners, LP, Common Equity, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[19]	1,673			1,673
Investment, Identifier [Axis]: USA Compression Partners, LP, Common Equity, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[23],[26],[27]				1,655
Fair Value, ending balance	[1],[2],[23],[26],[27]							1,655
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19]	88,850			88,850
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				90,479
Fair Value, ending balance	[1],[2],[21]							90,479
Investment, Identifier [Axis]: USA Compression Partners, LP, Warrants (Premium), Strike: $19.59, Energy—Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[19],[25]	4,990			4,990
Investment, Identifier [Axis]: USA Compression Partners, LP, Warrants (Premium), Strike: $19.59, Midstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[23],[26],[27]				5,711
Fair Value, ending balance	[1],[2],[21],[23],[26],[27]							5,711
Investment, Identifier [Axis]: Warren Resources, Inc.
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					23,584		23,688	23,688
Gross Additions					119	[11]		237	[12]
Gross Reductions					0	[13]		(341)	[14]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					0			0
Fair Value, ending balance		23,703			23,703			23,584
Interest Income					1,648	[15]		2,620	[16]
Paid-in-kind interest income					119	[15]		237	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance					36,982		$ 25,854	25,854
Gross Additions					0	[11]		0	[12]
Gross Reductions					0	[13]		0	[14]
Net realized gain (loss) on investments:					0			0
Net change in unrealized appreciation (depreciation) on investments:					(7,551)			11,128
Fair Value, ending balance		29,431			29,431			36,982
Interest Income					0	[15]		0	[16]
Paid-in-kind interest income					0	[15]		0	[16]
Dividend income	[16]							0
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[25],[30]	29,431			29,431
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[26],[27],[31]				36,982
Fair Value, ending balance	[1],[2],[21],[26],[27],[31]							36,982
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17],[30]	23,703			23,703
Investment, Identifier [Axis]: Warren Resources, Inc., Upstream
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21],[31]				23,584
Fair Value, ending balance	[1],[2],[21],[31]							23,584
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, ending balance	[3],[4],[17]	$ 41,568			41,568
Investment, Identifier [Axis]: Wattbridge Inc., Power
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair Value, beginning balance	[1],[2],[21]				$ 41,880
Fair Value, ending balance	[1],[2],[21]							$ 41,880

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[6] Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[7] (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[8] Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[9] (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[10] Interest, PIK, fee and dividend income presented for the year ended December 31, 2022.

[11] (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[12] Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category.

[13] (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[14] Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category.

[15] (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[16] Interest, PIK and dividend income presented for the year ended December 31, 2022.

[17] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[18] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[19] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2023, 73.7% of the Company’s total assets represented qualifying assets.

[20] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[21] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[22] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[23] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2022, 77.5% of the Company’s total assets represented qualifying assets.

[24] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[25] Security is non-income producing.

[26] Security is non-income producing.

[27] Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Notes with JPMorgan Chase Bank, N.A. (see Note 9).

[28] (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[29] Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[30] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $8,436 $113 $(996)$— $— $7,553 $207 $113 Allied Wireline Services, LLC63,888 6,389 — — — 70,277 3,223 — Warren Resources, Inc.23,584 119 — — — 23,703 1,648 119 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — — — (949)50,149 — — Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (2,395)8,068 — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (7,551)29,431 — — $194,451 $6,621 $(996)$— $(10,895)$189,181 $5,078 $232  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[31] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $7,782 $654 $— $— $— $8,436 $— $654 $— Allied Wireline Services, LLC46,339 5,808 — — 11,741 63,888 316 5,808 — MECO IV Holdco, LLC22,745 455 (23,200)— — — — 455 — Warren Resources, Inc.23,688 237 (341)— — 23,584 2,620 237 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC50,770 — — — 328 51,098 — — 735 Equity/OtherAllied Wireline Services, LLC, Common Equity— — — — 10,463 10,463 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — MECO IV Holdco, LLC, Class A-1 Units4,181 — (18,060)15,899 (2,020)— — — — Warren Resources, Inc., Common Equity25,854 — — — 11,128 36,982 — — — $181,359 $7,154 $(41,601)$15,899 $31,640 $194,451 $2,936 $7,154 $735  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2022. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[32] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[33] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[34] Security was on non-accrual status as of December 31, 2022.

[35] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[36] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[37] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[38] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[39] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $113 $— $— $(65)$4,815 $324 $48 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — — — (3,659)1,385 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 641 810 — — Limetree Bay Energy, LLC, Class A Units1,885 83 — (21,541)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (5,710)5,710 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $196 $(35,881)$(32,900)$15,528 $12,720 $324 $48  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[40] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Fee Income(3) Dividend Income(3) Senior Secured Loans—First LienLimetree Bay Energy, LLC$3,166 $— $(1,587)$(12,756)$11,177 $— $— $— $— $— Permian Production Holdings, LLC7,889 697 (3,674)551 (696)4,767 570 105 — — Senior Secured BondsGreat Western Petroleum, LLC58,055 96 (55,096)1,087 (4,142)— 2,649 — 7,268 — Equity/OtherGreat Western Petroleum, LLC, Common Equity40,731 — (84,871)54,081 (9,941)— — — — — GWP Midstream Holdco, LLC, Common Equity— 6,681 — — (1,637)5,044 — — — — Harvest Oil & Gas Corp., Common Equity2,836 — (743)— (1,283)810 — — — — Limetree Bay Energy, LLC, Class A Units6,046 1,795 — — (5,956)1,885 — — — — Permian Production Holdings, LLC, Common Equity8,829 4 — — 2,587 11,420 — — — 1,726 Ridgeback Resources Inc., Common Equity48,356 — (12,559)173 5,881 41,851 — — — 3,691 Telpico, LLC, Common Equity— — — — — — — — — — $175,908 $9,273 $(158,530)$43,136 $(4,010)$65,777 $3,219 $105 $7,268 $5,417  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK, fee and dividend income presented for the year ended December 31, 2022.

[41] Security was on non-accrual status as of June 30, 2023.

[42] Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

[43] Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of June 30, 2023.

[44] Includes the effect of swap contracts.

[45] Investment denominated in British pounds. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

XML

Principal Business and Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principal Business and Organization

Principal Business and Organization

FS Energy and Power Fund, or the Company, was formed as a Delaware statutory trust under the Delaware Statutory Trust Act on September 16, 2010 and formally commenced investment operations on July 18, 2011. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned financing subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds or expects to hold interests in certain portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of June 30, 2023. All significant intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes.

The Company’s investment objective is to generate current income and long-term capital appreciation by investing primarily in privately-held U.S. companies in the energy and power industry. The Company’s investment policy is to invest, under normal circumstances, at least 80% of its total assets in securities of energy and power related, or Energy, companies. The Company considers Energy companies to be those companies that engage in the exploration, development, production, gathering, transportation, processing, storage, refining, distribution, mining, generation or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or power, including those companies that provide equipment or services to companies engaged in any of the foregoing. The Company’s board of trustees has approved changing the Company’s name to FS Specialty Lending Fund and changing its non-fundamental investment policy to be to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Company’s total assets, rather than to invest at least 80% of its total assets in securities of Energy companies. These changes will be effective on September 29, 2023.

The Company is managed by FS/EIG Advisor, LLC, or FS/EIG Advisor, pursuant to an investment advisory and administrative services agreement, dated as of April 9, 2018, or the FS/EIG investment advisory agreement. FS/EIG Advisor oversees the management of the Company’s operations and is responsible for making investment decisions with respect to the Company’s portfolio. FS/EIG Advisor is jointly operated by an affiliate of Franklin Square Holdings, L.P. (which does business as FS Investments) and EIG Asset Management, LLC, or EIG.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The December 31, 2022 consolidated balance sheet and consolidated schedule of investments are derived from the Company's audited consolidated financial statements as of and for the year ended December 31, 2022. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the Securities and Exchange Commission, or the SEC.

Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.

Capital Gains Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of such agreement). Such fee equals 20.0% of the Company’s “incentive fee capital gains,” which are the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company will accrue for the incentive fee on capital gains, which, if earned, will be paid annually. The Company will accrue the incentive fee on capital gains based on net realized and unrealized gains; however, the fee payable to FS/EIG Advisor will be based on realized

gains and no such fee will be payable with respect to unrealized gains unless and until such gains are actually realized. For the six months ended June 30, 2023 and 2022, the Company did not accrue any amount of capital gains incentive fee.

Subordinated Income Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, FS/EIG Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the FS/EIG investment advisory agreement is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS/EIG Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, “adjusted capital” means cumulative gross proceeds generated from sales of the Company’s common shares (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Company’s investments paid to shareholders and amounts paid for share repurchases pursuant to the Company’s share repurchase program. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, FS/EIG Advisor will be entitled to a “catch-up” fee equal to the amount of the Company’s pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This “catch-up” feature will allow FS/EIG Advisor to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, FS/EIG Advisor will be entitled to receive 20.0% of the Company’s pre-incentive fee net investment income. For the six months ended June 30, 2023 and 2022, the Company did not accrue any amount of subordinated incentive fee on income.

Reclassifications: Certain amounts in the unaudited consolidated financial statements for the six months ended June 30, 2022 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements for the six months ended June 30, 2023.

Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns such amounts. For the six months ended June 30, 2023 and 2022, the Company did not recognize any structuring or other upfront fee revenue.

Net Realized Gains or Realized Losses on Extinguishment of Debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity and the amount repaid on the extinguishment of debt is recognized as a gain or loss.

Recent Accounting Pronouncements: In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848), or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848), or ASU 2021-01, which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, or ASU 2022-06, which deferred the sunset date of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

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Share Transactions

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Share Transactions

Share Transactions

Below is a summary of transactions with respect to the Company’s common shares during the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023			2022
	Shares	Amount		Shares	Amount
Reinvestment of Distributions	2,663,874	$	10,388	2,741,168	$	10,460
Proceeds from Share Transactions	2,663,874	$	10,388	2,741,168	$	10,460

During the period from July 1, 2023 to July 31, 2023, the Company issued 1,375,076 common shares pursuant to its distribution reinvestment plan for gross proceeds of $5,156 at an average price per share of $3.75.

On July 19, 2023, the Company’s board of trustees, including the independent trustees, approved the termination of the Company’s second amended and restated distribution reinvestment plan with respect to distributions declared by the Company’s board of trustees on the Company’s common shares, effective as of September 15, 2023. After this date, all shareholders will receive any subsequent distributions in cash.

On February 25, 2020, the Company received exemptive relief from the SEC permitting it to offer multiple classes of common shares. While the Company has no present intention to recommence a public offering of its common shares, the Company could do so in the future.

Share Repurchase Program

In March 2020, in light of difficult market conditions and in an effort to preserve liquidity in the Company, the Company’s board of trustees determined to suspend for an indefinite period of time the Company’s share repurchase program and will reassess the Company’s ability to recommence such program in future periods.

Prior to its suspension, the Company intended to conduct quarterly tender offers pursuant to its share repurchase program. The Company's board of trustees will consider the following factors, among others, in making its determination regarding whether to cause the Company to offer to repurchase common shares and under what terms:

•    the effect of such repurchases on the Company’s qualification as a RIC (including the consequences of any necessary asset sales);

•    the liquidity of the Company's assets (including fees and costs associated with disposing of assets);

•    the Company’s investment plans and working capital requirements;

•    the relative economies of scale with respect to the Company’s size;

•    the Company’s history in repurchasing common shares or portions thereof; and

•    the condition of the securities markets.

Historically, the Company limited the number of common shares to be repurchased during any calendar year to the lesser of (i) the number of common shares the Company can repurchase with the proceeds it receives from the issuance of common shares under the Company’s distribution reinvestment plan and (ii) 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter. On May 5, 2017, the board of trustees of the Company further amended the share repurchase program. As amended, the Company limited the maximum number of common shares to be repurchased for any repurchase offer to the greater of (A) the number of common shares that the Company can repurchase with the proceeds it has received from the sale of common shares under its distribution reinvestment plan during the twelve-month period ending on the date the applicable repurchase offer expires (less the amount of proceeds used to repurchase common shares on each previous repurchase date for repurchase offers conducted during such twelve-month period) (this limitation is referred to as the twelve-month repurchase limitation) and (B) the number of common shares that the Company can repurchase with the proceeds the Company receives from the sale of common shares under its distribution reinvestment plan during the three-month period ending on the date the applicable repurchase offer expires (this limitation is referred to as the three-month repurchase limitation). In addition to this limitation, the maximum number of common shares to be repurchased for any repurchase offer has also been limited to 10% of the weighted average number of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter. As a result, the maximum number of common shares to be repurchased for any repurchase offer would not exceed the lesser of (i) 10% of the weighted average number

of common shares outstanding in the prior calendar year, or 2.5% in each calendar quarter, and (ii) whichever is greater of the twelve-month repurchase limitation described in clause (A) above and the three-month repurchase limitation described in clause (B) above.

Historically, pursuant to the Company's share repurchase program, the Company offered to repurchase common shares at a price equal to the price at which common shares are issued pursuant to the Company’s distribution reinvestment plan on the distribution date coinciding with the applicable share repurchase date. The price at which common shares are issued under the Company’s distribution reinvestment plan is determined by the Company’s board of trustees or a committee thereof, in its sole discretion, and will be (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment date of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. The Company’s board of trustees may amend, suspend or terminate the share repurchase program at any time, upon 30 days’ notice. The Company did not repurchase any shares pursuant to its share repurchase program during the six months ended June 30, 2023 and 2022. The Company's distribution reinvestment plan will be terminated effective September 15, 2023.

In order to minimize the expense of supporting small accounts and provide additional liquidity to shareholders of the Company holding small accounts after completion of a regular quarterly share repurchase offer, the Company reserves the right to repurchase the shares of and liquidate any investor’s account if the balance of such account is less than the Company’s $5 minimum initial investment, unless the account balance has fallen below the minimum solely as a result of a decline in the Company’s net asset value per share. The Company will provide or will cause to be provided 30 days’ prior written notice to potentially affected investors, which notice may be included in regular quarterly repurchase offer materials, of any such repurchase. Historically, any such repurchases were made at the Company’s most recent price at which the Company’s shares were issued pursuant to its distribution reinvestment plan. There were no de minimis account liquidations during the six months ended June 30, 2023 and 2022.

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Compensation of the Investment Adviser

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor is entitled to an annual base management fee based on the average weekly value of the Company’s gross assets (gross assets equals total assets as set forth on the Company’s consolidated balance sheets) during the most recently completed calendar quarter and an incentive fee based on the Company’s performance. The base management fee is payable quarterly in arrears, and is calculated at an annual rate of 1.75% of the average weekly value of the Company’s gross assets. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that FS/EIG Advisor may be entitled to under the FS/EIG investment advisory agreement.

FS/EIG Advisor may receive structuring or other upfront fees from portfolio companies in which FS/EIG Advisor has caused the Company to invest. FS/EIG Advisor has agreed to offset the amount of any structuring, upfront or certain other fees received by FS/EIG Advisor or its members against the management fees payable by the Company under the FS/EIG investment advisory agreement. During the six months ended June 30, 2023 and 2022, $274 and $2,398, respectively, of structuring, upfront or certain other fees received by FS/EIG Advisor or its members were offset against management fees.

Pursuant to the FS/EIG investment advisory agreement, FS/EIG Advisor oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities and other administrative services. FS/EIG Advisor also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s shareholders and reports filed with the SEC.

The Company reimburses FS/EIG Advisor for expenses necessary to perform services related to the Company’s administration and operations, including FS/EIG Advisor’s allocable portion of the compensation and/or related expenses of certain personnel of FS Investments and EIG providing administrative services to the Company on behalf of FS/EIG Advisor, and for transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. The Company reimburses FS/EIG Advisor no less than quarterly for expenses necessary to perform services related to the Company’s administration and operations. The amount of this reimbursement is set at the lesser of (1) FS/EIG Advisor’s actual costs incurred in providing such services and (2) the amount that the Company estimates it would be required to pay alternative service providers for comparable services in the same geographic location. FS/EIG Advisor allocates the cost of such services to the Company based on factors such as time allocations and other reasonable metrics. The Company’s board of trustees reviews the methodology employed in determining how the expenses are allocated to the Company and assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth

and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party providers known to be available. In addition, the Company’s board of trustees considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of trustees, among other things, compares the total amount paid to FS/EIG Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs. The Company does not reimburse FS/EIG Advisor for any services for which it receives a separate fee, or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of FS/EIG Advisor.

The following table describes the fees and expenses accrued under the FS/EIG investment advisory agreement during the three and six months ended June 30, 2023 and 2022:

			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2023		2022		2023		2022
FS/EIG Advisor	FS/EIG investment advisory agreement	Base Management Fee(1)	$	8,686	$	9,576	$	18,905	$	19,613
FS/EIG Advisor	FS/EIG investment advisory agreement	Administrative Services Expenses(2)	$	1,359	$	1,490	$	2,679	$	2,910

_________________________

(1)    During the six months ended June 30, 2023 and 2022, $21,404 and $20,503, respectively, in base management fees were paid to FS/EIG Advisor. The base management fee amount shown in the table above is shown net of $19 and $1,700 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the three months ended June 30, 2023 and 2022, respectively, and $274 and $2,398 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, $8,686 in base management fees were payable to FS/EIG Advisor.

(2)    During the six months ended June 30, 2023 and 2022, $1,649 and $1,372, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS/EIG Advisor and the remainder related to other reimbursable expenses. The Company paid $2,933 and $2,234 in administrative services expenses to FS/EIG Advisor, or its affiliates, during the six months ended June 30, 2023 and 2022, respectively.

Potential Conflicts of Interest

The members of the senior management and investment teams of FS/EIG Advisor serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. The officers, managers and other personnel of FS/EIG Advisor may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or EIG. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2022.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated June 4, 2013, or the Order, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its former investment adviser, including FS KKR Capital Corp., or collectively the Company’s co-investment affiliates. Effective April 9, 2018, or the JV Effective Date, and in connection with the transition of advisory services to a joint advisory relationship with EIG, the Company’s board of trustees authorized and directed that the Company (i) withdraw from the Order, except with respect to any transaction in which the Company participated in reliance on the Order prior to the JV Effective Date, and (ii) rely on an exemptive relief order dated April 10, 2018, granted to EIG and its affiliates which permits the Company to participate in co-investment transactions with certain other EIG advised funds, or the EIG Order.

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Distributions

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Distributions

Distributions

The following table reflects the cash distributions per share that the Company declared on its common shares during the six months ended June 30, 2023 and 2022:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2022
March 31, 2022	$	0.03	$	13,426
June 30, 2022	0.03		13,465
Total	$	0.06	$	26,891
Fiscal 2023
March 31, 2023	$	0.03	$	13,584
June 30, 2023	0.03		13,624
Total	$	0.06	$	27,208

The Company expects to provide quarterly distributions to shareholders commencing in the third quarter of 2023 at an annualized distribution rate of approximately 7.5% based on the Company’s estimated net asset value at the time of declaration and increasing in subsequent years until the achievement of a long-term liquidity event, subject to a maximum cap of 15% of the Company’s then-current estimated net asset value beyond 2026. There can be no assurance that the Company will be able to pay distributions in the future. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of trustees.

The Company has adopted an “opt in” distribution reinvestment plan for its shareholders. As a result, if the Company makes a cash distribution, its shareholders will receive distributions in cash unless they specifically “opt in” to the distribution reinvestment plan so as to have their cash distributions reinvested in additional common shares. However, certain state authorities or regulators may impose restrictions from time to time that may prevent or limit a shareholder's ability to participate in the distribution reinvestment plan. The Company's distribution reinvestment plan is terminated effective as of September 15, 2023.

Under the distribution reinvestment plan, cash distributions to participating shareholders will be reinvested in additional common shares at a purchase price determined by the Company’s board of trustees, or a committee thereof, in its sole discretion, that is (i) not less than the net asset value per common share as determined in good faith by the Company’s board of trustees or a committee thereof, in its sole discretion, immediately prior to the payment of the distribution and (ii) not more than 2.5% greater than the net asset value per common share as of such date. Any distributions reinvested under the plan will remain taxable to a U.S. shareholder.

The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of the Company’s common shares, borrowings, net investment income from operations, capital gains proceeds from the sale of assets and non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. The Company's distribution proceeds have exceeded and in the future may exceed its earnings. Therefore, portions of the distributions that the Company has made represented, and may make in the future may represent, a return of capital to shareholders, which lowers their tax basis in their common shares. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.

The following table reflects the sources of the cash distributions on a tax basis that the Company declared on its common shares during the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023				2022
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Net investment income(1)	$	27,208	100	%	$	26,891	100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—
Total	$	27,208	100	%	$	26,891	100	%

_________________________

(1)    During the six months ended June 30, 2023 and 2022, 82.3% and 80.3%, respectively, of the Company's gross investment income was attributable to cash income earned, 14.0% and 15.0%, respectively, was attributable to paid-in-kind, or PIK, interest and 3.7% and 4.7%, respectively, was attributable to non-cash accretion of discount.

In the past, the Company has experienced restructurings and defaults and may experience such events again in the future. Any restructuring or default may have an impact on the level of income received by the Company.

The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company's distributions for a full year. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV.

Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term. As of June 30, 2023, the Company had short-term and long-term capital loss carryforwards available to offset future realized capital gains of $70,196 and $1,273,062, respectively.

As of June 30, 2023 and December 31, 2022, for federal income tax purposes, the gross unrealized appreciation on the Company’s investments, swap contracts and unrealized gain on foreign currency was $225,951 and $334,635, respectively, and the gross unrealized depreciation on the Company’s investments, swap contracts and unrealized loss on foreign currency was $422,405 and $512,206, respectively.

The aggregate cost of the Company’s investments for federal income tax purposes totaled $1,692,550 and $2,223,943 as of June 30, 2023 and December 31, 2022, respectively. The aggregate net unrealized appreciation (depreciation) on a tax basis was $(196,948) and $(176,828) as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023 and December 31, 2022, the Company had deferred tax assets of $149,104 and $145,383, respectively, resulting from interest expense disallowance, net operating losses and capital losses of the Company's wholly-owned taxable subsidiaries. As of June 30, 2023 and December 31, 2022, the Company had deferred tax liabilities of $10,485 and $28,753, respectively, resulting from unrealized appreciation on investments held by the Company's wholly-owned taxable subsidiaries. As of June 30, 2023 and December 31, 2022, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their deferred tax assets, therefore the deferred tax assets were offset by valuation allowances of $138,619 and $116,630, respectively. For the six months ended June 30, 2023, the Company did not record a provision for taxes related to its wholly-owned taxable subsidiaries. For the year ended December 31, 2022, the Company recorded a provision for taxes related to its wholly-owned taxable subsidiaries of $1,207 related to current taxes.

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Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Financial Instruments

The Company may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. During the six months ended June 30, 2023 and 2022, the Company utilized swap contracts to economically hedge certain risks against natural gas and crude oil price exposure related to certain investments in the Company's portfolio. While the use of these derivative instruments limits the downside risk of adverse price movements, their use also limits future revenues from upward price movements.

The Company's fixed price swaps are settled monthly based on differences between the fixed price specified in the contract and the referenced settlement price. When the referenced settlement price is less than the price specified in the contract, the Company receives an amount from the counterparty based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeds the price specified in the contract, the Company pays the counterparty an amount based on the price

difference multiplied by the volume. The prices contained in these fixed price swaps are based on the NYMEX Henry Hub for natural gas and the ICE Brent for oil. Gas volumes are measured in one million British thermal units, or MMBtus, and oil volumes are measured in barrels, or Bbls.

Below is a summary of the Company's open fixed price swap positions as of June 30, 2023. The hedged volumes reflected below represent an aggregation of multiple derivative contracts that have varying durations and may not be realized on a ratable basis over a calendar year.

Swap Contracts—Crude Oil

Year	Settlement Index	Bbls	Weighted Average Price ($/Bbls)
2023	ICE Brent	80,561	$80.00

Swap Contracts—Natural Gas

Year	Settlement Index	MMBtu	Weighted Average Price ($/MMBtu)
2023	NYMEX Henry Hub	139,923	$3.80

During the six months ended June 30, 2023, the average monthly notional volume of fixed price swap contracts—crude oil and fixed price swap contracts—natural gas outstanding were 131,294 Bbls and 242,102 MMBtus, respectively.

The following table presents the fair value of open swap contracts (which are not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2023 and December 31, 2022:

	June 30, 2023 (Unaudited)				December 31, 2022
Instrument	Asset(1)		Liability(2)		Asset(1)		Liability(2)
Swap Contracts—Crude Oil	$	399	$	—	$	—	$	(572)
Swap Contracts—Natural Gas	106		—		—		(126)
Total	$	505	$	—	$	—	$	(698)

______________

(1)    Reflected on the Company's consolidated balance sheets as: Unrealized appreciation on swap contracts.

(2)    Reflected on the Company's consolidated balance sheets as: Unrealized depreciation on swap contracts.

The effect of swap contracts (which are not considered to be hedging instruments for accounting disclosure purposes) on the Company's statements of operations for the six months ended June 30, 2023 and 2022 was as follows:

	Net Realized Gains (Losses)(1)				Net Change in Unrealized Appreciation (Depreciation)(2)
	Six Months Ended June 30,				Six Months Ended June 30,
Instrument	2023		2022		2023		2022
Swap Contracts—Crude Oil	$	(18)	$	(1,502)	$	971	$	(3,156)
Swap Contracts—Natural Gas	244		(306)		232		(432)
Total	$	226	$	(1,808)	$	1,203	$	(3,588)

______________

(1)    Reflected on the Company's consolidated statements of operations as: Net realized gain (loss) on swap contracts.

(2)    Reflected on the Company's consolidated statements of operations as: Net change in unrealized appreciation (depreciation) on swap contracts.

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported as gross assets and liabilities, respectively, in the consolidated balance sheets. The following tables present the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	$	505	—	$	505	—	—	$	505

	As of December 31, 2022
Counterparty	Derivative Assets	Derivative Liabilities		Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	—	$	(698)	$	(698)	—	—	$	(698)

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

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Investment Portfolio

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Abstract]

Investment Portfolio

Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)						December 31, 2022
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	531,752	$	522,029	35	%	$	702,842	$	706,646	35	%
Senior Secured Loans—Second Lien	125,774		125,003		8	%	143,153		143,270		7	%
Senior Secured Bonds	24,043		23,954		2	%	10,064		10,074		0	%
Unsecured Debt	106,505		106,092		7	%	253,675		241,418		12	%
Preferred Equity	301,615		301,619		20	%	425,182		400,414		20	%
Sustainable Infrastructure Investments, LLC	54,514		50,149		3	%	54,514		51,098		2	%
Equity/Other	262,135		366,756		25	%	333,510		494,195		24	%
Total	$	1,406,338	$	1,495,602	100	%	$	1,922,940	$	2,047,115	100	%

______________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of a portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities.

As of June 30, 2023, the Company held investments in four portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” As of June 30, 2023, the Company held investments in three portfolio companies of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (s) and (t) to the unaudited consolidated schedule of investments as of June 30, 2023 in this quarterly report on Form 10-Q.

As of December 31, 2022, the Company held investments in six portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” As of December 31, 2022, the Company held investments in three portfolio companies of which it is deemed to “control.” For additional information with respect to such portfolio companies, see footnotes (t) and (u) to the consolidated schedule of investments as of December 31, 2022 in this quarterly report on Form 10-Q.

The Company’s investment portfolio may contain loans or bonds that are in the form of lines of credit or revolving credit facilities, or other investments, pursuant to which the Company may be required to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of June 30, 2023, the Company had three senior secured loan investments with aggregate unfunded commitments of $10,568 and unfunded commitments of $7,625 in U.S. dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. As of December 31, 2022, the Company had six senior secured loan investments with aggregate unfunded commitments of $25,891 and unfunded commitments of $7,625 in U.S dollars and $858 in Canadian dollars to contribute capital to Sustainable Infrastructure Investments, LLC. The Company maintains sufficient cash on hand, available borrowings and/or liquid securities to fund such unfunded commitments should the need arise.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2023 and December 31, 2022:

	June 30, 2023 (Unaudited)				December 31, 2022
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Energy—Upstream	$	610,146	41	%	$	854,974	42	%
Energy—Midstream	465,345		31	%	646,488		32	%
Energy—Power	197,789		13	%	386,007		19	%
Energy—Service & Equipment	95,968		7	%	96,040		5	%
Commercial & Professional Services (1)	17,619		1	%	12,508		0	%
Consumer Discretionary Distribution & Retail	16,041		1	%	—		—
Insurance	10,062		1	%	—		—
Health Care Equipment & Services	8,562		1	%	—		—
Consumer Services	7,771		1	%	—		—
Automobiles & Components	6,853		0	%	—		—
Transportation	4,830		0	%	—		—
Consumer Staples Distribution & Retail	4,467		0	%	—		—
Sustainable Infrastructure Investments, LLC (2)	50,149		3	%	51,098		2	%
Total	$	1,495,602	100	%	$	2,047,115	100	%

_____________________

(1)    FS/EIG Advisor monitors the industry classification of the Company’s investments and may from time to time reclassify such investments if it determines such reclassification is appropriate. During the six months ended June 30, 2023, two investments had their industry re-classified from Energy—Industrials to Commercial & Professional Services, and one investment had its industry re-classified from Energy—Service & Equipment to Commercial & Professional Services.

(2)    Sustainable Infrastructure Investments, LLC is generally comprised of midstream and renewables assets in the Energy sector.

Sustainable Infrastructure Investments, LLC

Sustainable Infrastructure Investments, LLC, or SIIJV, is a joint venture between the Company and Imperial Sustainable Infrastructure Investments, LLC, or Imperial, a subsidiary of Imperial Capital Asset Management, LLC, or ICAM. The joint venture is governed pursuant to the terms of an amended and restated limited liability company agreement of SIIJV, dated as of January 2, 2020, between the Company and Imperial, or the SIIJV Agreement. The SIIJV Agreement requires the Company and Imperial to provide capital to SIIJV of up to $67,629 in U.S. dollars and $5,430 in Canadian dollars in the aggregate where the Company and Imperial would provide 87.5% and 12.5%, respectively, of the committed capital. Pursuant to the terms of the SIIJV Agreement, the Company and Imperial each have 50% voting control of SIIJV and are required to agree on all investment decisions as well as all other significant actions for SIIJV. SIIJV invests in senior secured loans (both first lien and second lien) to middle market companies, broadly syndicated loans and other midstream, renewables and power assets. As administrative agent of SIIJV, the Company performs certain day-to-day management responsibilities on behalf of SIIJV and is entitled to a fee in the annual amount of 0.25% of SIIJV’s net assets under administration, calculated and payable quarterly in arrears. As of June 30, 2023, the Company and Imperial funded approximately $62,300 to SIIJV, of which $54,514 was from the Company. The Company does not consolidate SIIJV in its consolidated financial statements.

On January 2, 2020, Seine Funding, LLC, or Seine Funding, a wholly-owned subsidiary of SIIJV, entered into a credit facility, as amended, or the Seine Funding Facility, with certain financial institutions as lender, agent, collateral agent, collateral

administrator, and collateral custodian, and SIIJV, as collateral manager. The Seine Funding Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an aggregate principal amount of up to $634,103 on a committed basis, which may be increased under certain circumstances at the request of Seine Funding and with the consent of the lender and agent. The end of the reinvestment period for the Seine Funding Facility was on December 31, 2020. The maturity date for the Seine Funding Facility is the earlier of (i) the latest maturity date among the assets securing the facility and (ii) the first date, after the end of the reinvestment period, on which all assets securing the facility are paid in full. Under the Seine Funding Facility, borrowings bear interest at the rate of three-month LIBOR (or the relevant reference rate for any foreign currency borrowings) (subject to a 0% floor) plus 1.20% per annum. Borrowings under the Seine Funding Facility are secured by a first priority security interest in substantially all of the assets of Seine Funding. As of June 30, 2023, total outstanding borrowings under the Seine Funding Facility were $206,303.

Below is a summary of SIIJV's portfolio, followed by a listing of the individual loans in SIIJV's portfolio as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)			December 31, 2022
Total investments(1)	$	264,692		$	274,088
Weighted average current interest rate on debt investments(2)	7.60		%	6.96		%
Number of portfolio assets in SIIJV	9			9
Largest investment in a single portfolio company(1)	$	70,610		$	73,707

_____________________

(1)    At cost.

(2)    Computed as the (a) annual stated interest rate on accruing debt, divided by (b) total debt at par amount.

Sustainable Infrastructure Investments, LLC Portfolio

As of June 30, 2023

(Unaudited)

Portfolio Company(a)(f)	Footnotes	Energy Industry	Rate(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Alianca Transportadora de Gas Participacoes S.A.		Midstream	L+285	5/23/27	$	70,610	$	70,610	$	72,560
Blue Heron Intermediate Holdco I, LLC		Midstream	S+188	4/22/24	31,244		31,244		31,352
Cedar Creek II LLC		Renewables	S+188	11/18/23	8,160		8,160		8,177
Copper Mountain Solar 3, LLC		Renewables	S+188	5/31/25	17,105		17,105		17,221
FLNG Liquefaction 2, LLC		Midstream	S+150	12/31/26	27,375		27,375		27,303
Meikle Wind Energy, LP	(e)	Renewables	C+150	5/12/24	C$	15,471	11,903		11,611
NES Hercules Class B Member, LLC		Renewables	S+165	1/31/28	$	24,317	24,317		24,847
ST EIP Holdco LLC		Midstream	L+250	11/5/24	58,124		58,124		57,900
Top of the World Wind Energy LLC		Renewables	S+188	12/1/28	15,854		15,854		16,273
Total Senior Secured Loans—First Lien							264,692		267,244
TOTAL INVESTMENTS—100.0%							$	264,692	$	267,244

Sustainable Infrastructure Investments, LLC Portfolio

As of December 31, 2022

Portfolio Company(a)(f)	Footnotes	Industry	Rate(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Alianca Transportadora de Gas Participacoes S.A.		Midstream	L+260	5/23/27	$	73,707	$	73,707	$	74,601
Blue Heron Intermediate Holdco I, LLC		Midstream	L+188	4/22/24	31,832		31,832		31,885
Cedar Creek II LLC		Renewables	L+188	11/18/23	8,710		8,710		8,722
Copper Mountain Solar 3, LLC		Renewables	L+175	5/31/25	17,804		17,804		17,879
FLNG Liquefaction 2, LLC		Midstream	L+150	12/31/26	28,170		28,170		27,990
Meikle Wind Energy, LP	(e)	Renewables	C+150	5/12/24	C$	16,030	12,332		11,873
NES Hercules Class B Member, LLC		Renewables	L+150	1/31/28	$	24,487	24,487		24,954
ST EIP Holdco LLC		Midstream	L+250	11/5/24	58,673		58,673		58,288
Top of the World Wind Energy LLC		Renewables	L+188	12/1/28	18,373		18,373		18,866
Total Senior Secured Loans—First Lien							274,088		275,058
TOTAL INVESTMENTS—100.0%							$	274,088	$	275,058

_____________________

Percentages are shown as a percentage of total investments.

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023 and December 31, 2022, the three-month LIBOR, or L, was 5.55% and 4.77%, respectively, the Canadian Dollar Offered Rate, or C, was 5.40% and 4.94%, respectively, and the SOFR, or S, was 5.27% and 4.59%, respectively.

(c)    Denominated in U.S. dollars unless otherwise noted.

(d)    Security is classified as Level 3 and fair value is determined in accordance with the Company’s valuation process.

(e)    Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of June 30, 2023 and December 31, 2022.

(f)    Security or portion thereof is held within Seine Funding and is pledged as collateral supporting the amounts outstanding under the Seine Funding Facility.

Below is selected balance sheet information for SIIJV as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)		December 31, 2022
Selected Balance Sheet Information
Total investments, at fair value	$	267,244	$	275,058
Cash and other assets	16,037		10,380
Total assets	$	283,281	$	285,438
Debt	$	206,303	$	213,583
Other liabilities	4,105		3,358
Total liabilities	210,408		216,941
Member's equity	$	72,873	$	68,497

Below is selected statement of operations information for SIIJV for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Selected Statement of Operations Information
Total investment income	$	5,013	$	2,243	$	9,811	$	4,073
Expenses
Interest expense	3,319		1,178		6,460		2,151
Administrative services	45		40		88		81
Custodian and accounting fees	58		57		103		104
Professional services	50		26		100		51
Other	10		—		20		—
Total expenses	3,482		1,301		6,771		2,387
Net investment income	1,531		942		3,040		1,686
Net realized and unrealized gain (loss)	(610)		(1,316)		1,336		(2,016)
Net increase (decrease) in net assets resulting from operations	$	921	$	(374)	$	4,376	$	(330)

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets.

Level 3: Inputs that are unobservable for an asset or liability.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of June 30, 2023 and December 31, 2022, the Company’s investments were categorized as follows in the fair value hierarchy:

Valuation Inputs	June 30, 2023  (Unaudited)		December 31, 2022
Level 1—Price quotations in active markets	$	4,347	$	2,465
Level 2—Significant other observable inputs	188,658		450,445
Level 3—Significant unobservable inputs	1,302,597		1,594,205
Total	$	1,495,602	$	2,047,115

As of June 30, 2023 and December 31, 2022, the Company’s swap contracts were categorized as follows in the fair value hierarchy:

	June 30, 2023  (Unaudited)				December 31, 2022
Valuation Inputs	Assets		Liabilities		Assets		Liabilities
Level 1—Price quotations in active markets	$	—	$	—	$	—	$	—
Level 2—Significant other observable inputs	505		—		—		698
Level 3—Significant unobservable inputs	—		—		—		—
Total	$	505	$	—	$	—	$	698

The Company’s board of trustees is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to FS/EIG Advisor’s valuation policy. The Company’s board of trustees has designated FS/EIG Advisor with day-to-day responsibility for implementing the portfolio valuation process set forth in FS/EIG Advisor’s valuation policy.

The Company’s investments consist primarily of investments that were acquired directly from the issuer. Debt investments, for which broker quotes or pricing information from third-party pricing services are not generally available, are valued by FS/EIG Advisor with the assistance of independent valuation firms, which determine a valuation range of fair value for such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, call features, anticipated prepayments and other relevant terms of the investments. Except as described below, the Company’s investment in SIIJV and all of the Company’s preferred equity and equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value, PV-10 multiples or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if FS/EIG Advisor determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, FS/EIG Advisor typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by an independent third-party pricing service and screened for validity by such service and are typically classified as Level 2 within the fair value hierarchy. In determining the fair values of swap contracts, FS/EIG Advisor utilized an industry-standard pricing model that considers various inputs including quoted forward prices for commodities, time value and current market and contractual prices for the underlying instruments. These assumptions are observable in the marketplace or can be corroborated by active markets or broker quotes and are typically classified as Level 2 within the fair value hierarchy.

FS/EIG Advisor periodically benchmarks the bid and ask prices it receives from the third-party pricing service and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, FS/EIG Advisor believes that these prices are reliable indicators of fair value. FS/EIG Advisor reviewed the valuation determinations made with respect to these investments in a manner consistent with FS/EIG Advisor’s valuation policy.

The following is a reconciliation for the six months ended June 30, 2023 and 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	For the Six Months Ended June 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Unsecured Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	443,245	$	143,270	$	10,074	$	54,374	$	400,414	$	51,098	$	491,730	$	1,594,205
Accretion of discount (amortization of premium)	877		218		25		74		1,149		—		—		2,343
Net realized gain (loss)	(3,431)		(52)		2		4		(18,060)		—		(34,706)		(56,243)
Net change in unrealized appreciation (depreciation)	(12,082)		(888)		(32)		(45)		24,772		(949)		(55,704)		(44,928)
Purchases	24,949		—		—		—		—		—		83		25,032
Paid-in-kind interest	9,724		—		—		2,107		—		—		—		11,831
Sales and repayments	(65,394)		(17,545)		(54)		(1,000)		(106,656)		—		(39,804)		(230,453)
Transfers into Level 3(1)	—		—		—		—		—		—		810		810
Transfers out of Level 3	—		—		—		—		—		—		—		—
Fair value at end of period	$	397,888	$	125,003	$	10,015	$	55,514	$	301,619	$	50,149	$	362,409	$	1,302,597
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(14,618)	$	(1,039)	$	(32)	$	(45)	$	8,653	$	(949)	$	(85,754)	$	(93,784)

	For the Six Months Ended June 30, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Unsecured Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	414,075	$	84,083	$	10,371	$	104,659	$	497,288	$	50,770	$	460,236	$	1,621,482
Accretion of discount (amortization of premium)	1,085		125		24		80		2,662		—		—		3,976
Net realized gain (loss)	(12,192)		446		—		(27,729)		270		—		60,903		21,698
Net change in unrealized appreciation (depreciation)	20,588		420		(39)		34,607		(3,519)		1,361		154,688		208,106
Purchases	99,677		110,150		—		—		—		—		45,835		255,662
Paid-in-kind interest	7,901		537		—		3,843		188		—		—		12,469
Sales and repayments	(117,681)		(18,577)		—		(47,571)		(21,812)		—		(129,505)		(335,146)
Transfers into Level 3(1)	58,705		—		—		—		—		—		—		58,705
Transfers out of Level 3	—		—		—		—		—		—		—		—
Fair value at end of period	$	472,158	$	177,184	$	10,356	$	67,889	$	475,077	$	52,131	$	592,157	$	1,846,952
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	10,826	$	643	$	(39)	$	(80)	$	(3,519)	$	1,361	$	168,303	$	177,495

______________

(1)    Changes in inputs or methodologies used for valuing investments may result in transfers into or out of levels within the fair value hierarchy. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. For the six months ended June 30, 2023 and 2022, transfers into Level 3 were due to decreased price transparency.

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2023 and December 31, 2022 were as follows:

Type of Investment	Fair Value at June 30, 2023 (Unaudited)		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	389,381	Market Comparables	Market Yield (%)	8.5%-21.5%	13.4%
				EBITDA Multiples (x)	4.6x-7.2x	5.3x
	8,507		Discounted Cash Flow	Discount Rate (%)	9.5%-14.5%	12.0%
Senior Secured Loans—Second Lien	125,003		Market Comparables	Market Yield (%)	10.8%-14.3%	12.5%
Senior Secured Bonds	10,015		Market Comparables	Market Yield (%)	7.0%-8.0%	7.5%
Unsecured Debt	18,289		Market Comparables	Market Yield (%)	11.0%-12.0%	11.5%
	37,225		Other(2)
Preferred Equity	301,619		Market Comparables	Market Yield (%)	9.3%-26.0%	18.1%
				EBITDA Multiples (x)	11.3x-12.3x	11.8x
				Net Aircraft Book Value Multiple (x)	1.0x-1.0x	1.0x
Sustainable Infrastructure Investments, LLC	50,149		Discounted Cash Flow	Discount Rate (%)	14.0%-15.0%	14.5%
Equity/Other	322,357		Market Comparables	EBITDA Multiples (x)	2.6x-12.3x	5.5x
				Production Multiples (Mboe/d)	$27,835.0-$31,335.0	$29,573.0
				Proved Reserves Multiples (Mmboe)	$5.8-$6.5	$6.2
				Production Multiples (MMcfe/d)	$2,500.0-$3,100.0	$2,800.0
				Proved Reserves Multiples (Bcfe)	0.6x-0.6x	0.6x
				PV-10 Multiples (x)	0.3x-0.9x	0.8x
	8,597		Discounted Cash Flow	Discount Rate (%)	8.0%-34.0%	15.4%
	7,100		Option Valuation Model	Volatility (%)	27.4%-65.0%	40.6%
	24,355		Other(2)
Total	$	1,302,597

Type of Investment	Fair Value at December 31, 2022		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	413,268	Market Comparables	Market Yield (%)	8.5%-21.8%	12.3%
				EBITDA Multiples (x)	5.0x-7.5x	6.3x
	29,977		Discounted Cash Flow	Discount Rate (%)	11.5%-19.5%	15.4%
Senior Secured Loans—Second Lien	143,270		Market Comparables	Market Yield (%)	10.3%-14.3%	11.8%
Senior Secured Bonds	10,074		Market Comparables	Market Yield (%)	6.9%-7.9%	7.4%
Unsecured Debt	19,256		Market Comparables	Market Yield (%)	10.3%-11.3%	10.8%
	35,118		Other(2)
Preferred Equity	316,767		Market Comparables	Market Yield (%)	8.8%-30.3%	19.0%
				EBITDA Multiples (x)	9.5x-10.5x	10.0x
				Net Aircraft Book Value Multiple (x)	1.0x-1.0x	1.0x
	83,647		Discounted Cash Flow	Discount Rate (%)	11.3%-12.3%	11.8%
Sustainable Infrastructure Investments, LLC	51,098		Discounted Cash Flow	Discount Rate (%)	13.5%-14.5%	14.0%
Equity/Other	481,623		Market Comparables	EBITDA Multiples (x)	1.8x-10.5x	5.4x
				Production Multiples (Mboe/d)	$27,946.0-$37,500.0	$30,265.3
				Proved Reserves Multiples (Mmboe)	$6.9-$10.3	$7.6
				Production Multiples (MMcfe/d)	$3,400.0-$3,700.0	$3,550.0
				Proved Reserves Multiples (Bcfe)	0.8x-0.9x	0.8x
				PV-10 Multiples (x)	0.5x-0.9x	0.8x
	2,488		Discounted Cash Flow	Discount Rate (%)	8.0%-33.0%	23.8%
	5,734		Option Valuation Model	Volatility (%)	31.5%-55.1%	36.6%
	1,885		Other(2)
Total	$	1,594,205

______________

(1)    For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing an option valuation model valuation technique, a significant increase (decrease) in the volatility, in isolation, would result in a significantly higher (lower) fair value measurement.

(2)    Fair valued based on expected outcome of proposed corporate transactions, the expected value of the liquidation preference of the investment or other factors.

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Financing Arrangements

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Financing Arrangements

Financing Arrangements

The following table presents a summary of information with respect to the Company’s outstanding financing arrangements as of December 31, 2022. As of June 30, 2023, the Company had no outstanding financing arrangements. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2022. Any significant changes to the Company’s financing arrangements during the six months ended June 30, 2023 are discussed below.

	As of December 31, 2022
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
JPMorgan Facility	Term Loan	L+3.00%	$	305,676	$	—	February 16, 2023(4)
Senior Secured Notes(3)	Bond	7.50%	457,075		—		August 15, 2023(5)
Total			$	762,751	$	—

______________________

(1)    The carrying amount outstanding under the facility approximates its fair value, unless otherwise noted.

(2)    LIBOR is subject to a 0.00% floor.

(3)    As of December 31, 2022, the fair value of the Senior Secured Notes was approximately $458,908. This valuation is considered a Level 2 valuation within the fair value hierarchy.

(4)    On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(5)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

For the six months ended June 30, 2023 and 2022, the components of total interest expense for the Company's financing arrangements were as follows:

	Six Months Ended June 30,
	2023						2022
Arrangement(1)	Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense		Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense
JPMorgan Facility(3)	$	2,790	$	238	$	3,028	$	5,364	$	1,365	$	6,729
Senior Secured Notes(4)	12,760		2,540		15,300		17,808		2,353		20,161
Total	$	15,550	$	2,778	$	18,328	$	23,172	$	3,718	$	26,890

___________________

(1)     Borrowings of each of the Company's wholly-owned special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)     Direct interest expense includes the effect of non-usage fees, administration fees and make-whole fees, if any.

(3)     On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(4)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

The Company’s average borrowings and weighted average interest rate for the period from January 1, 2023 to May, 15, 2023, the date on which the Company redeemed 100% of the issued and outstanding Senior Secured Notes, were $557,446 and 7.49%, respectively. As of June 30, 2023, the Company had no outstanding borrowings.

The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the six months ended June 30, 2022 were $774,853 and 6.90%, respectively. As of June 30, 2022, the Company’s effective interest rate on borrowings was 6.34%.

Under its financing arrangements, the Company made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements, if any, as of May 15, 2023 (the date that the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount) and December 31, 2022.

JPMorgan Facility

On August 16, 2018, the Company entered into that certain Senior Secured Credit Agreement, by and among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., or JPMorgan, as administrative agent and collateral agent, and the other parties signatory thereto, or as amended, the JPMorgan Facility. On February 14, 2023, the Company repaid and terminated the JPMorgan Facility. Prior to the termination of the JPMorgan Facility, $305,676 aggregate principal amount of loans were outstanding to the Company and such loans accrued interest at a rate equal to LIBOR (subject to a 0.00% floor) plus 3.00% per annum. The Company incurred certain customary costs and expenses in connection with the termination of the JPMorgan Facility.

7.500% Senior Secured Notes due 2023

On August 16, 2018, the Company, U.S. Bank National Association, or U.S Bank, as trustee, and certain subsidiaries of the Company, entered into an Indenture relating to the Company’s issuance of $500,000 aggregate principal amount of its 7.500% Senior Secured Notes due 2023, or the Senior Secured Notes. On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023. The Company incurred certain customary costs and expenses in connection with the redemption of the Senior Secured Notes.

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Commitment and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. FS/EIG Advisor has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.

The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

See Note 4 for a discussion of the Company’s commitments to FS/EIG Advisor and its affiliates (including FS Investments) and Note 7 for a discussion of the Company’s unfunded commitments.

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Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Financial Highlights

Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2023 and the year ended December 31, 2022:

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	3.88		$	3.59
Results of operations(2)
Net investment income	0.09			0.16
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.21)			0.25
Net increase (decrease) in net assets resulting from operations	(0.12)			0.41
Shareholder distributions(3)
Distributions from net investment income	(0.06)			(0.12)
Net decrease in net assets resulting from shareholder distributions	(0.06)			(0.12)
Capital share transactions
Issuance of common shares(4)	—			—
Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	3.70		$	3.88
Shares outstanding, end of period	454,129,547			451,465,673
Total return(5)	(3.13)		%	11.39		%
Total return (without assuming reinvestment of distributions)(5)	(3.09)		%	11.29		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,679,723		$	1,753,748
Ratio of net investment income to average net assets(6)(7)	4.46		%	4.02		%
Ratio of total operating expenses to average net assets(6)	5.25		%	6.78		%
Ratio of management fee offset to average net assets(6)	(0.02)		%	(0.15)		%
Ratio of net operating expenses to average net assets(6)	5.23		%	6.63		%
Ratio of interest expense to average net assets(6)	2.10		%	3.21		%
Portfolio turnover(8)	5.11		%	16.15		%
Total amount of senior securities outstanding, exclusive of treasury securities	—			$	762,751
Asset coverage per unit(9)	—			3.30

_________________________

(1)    Per share data may be rounded in order to recompute the ending net asset value per share.

(2)    The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)    The per share data for distributions reflects the actual amount of distributions paid per share during the applicable period.

(4)    The issuance of common shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of common shares pursuant to the Company’s distribution reinvestment plan. The issuance of common shares at a price that is greater than the net asset value per share results in an increase in net asset value per share.

(5)    The total return for each period presented was calculated based on the change in net asset value during the applicable period, including the impact of distributions reinvested in accordance with the Company’s distribution reinvestment plan. The total return (without assuming reinvestment of distributions) for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share which were declared during the applicable period and dividing the total by the net asset value per share at the beginning of the applicable period. The total returns do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of the Company’s common shares. The total returns include the effect of the issuance of common shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. The historical calculations of total returns in the table should not be considered representations of the Company’s future total returns, which may be greater or less than the returns shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total returns on the Company’s investment portfolio during the applicable period and do not represent actual returns to shareholders.

(6)    Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2023 are annualized. Annualized ratios for the six months ended June 30, 2023 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2023.

(7)    If FS/EIG Advisor had not agreed to offset the amount of any structuring, upfront or certain other fees it or its members received against the management fee payable by the Company, the ratio of net investment income to average net assets would have been 4.44% and 3.87% for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively. See Note 4 for a discussion of the management fee offset with FS/EIG Advisor.

(8)    Portfolio turnover for the six months ended June 30, 2023 is not annualized.

(9)    Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. On February 14, 2023, the Company repaid and terminated the JPMorgan Facility. On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

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N-2 - $ / shares

6 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Cover [Abstract]

Entity Central Index Key

0001501729

Amendment Flag

false

Securities Act File Number

814-00841

Document Type

10-Q

Entity Registrant Name

FS Energy and Power Fund

Entity Address, Address Line One

201 Rouse Boulevard

Entity Address, City or Town

Philadelphia

Entity Address, State or Province

PA

Entity Address, Postal Zip Code

19112

City Area Code

215

Local Phone Number

495-1150

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our investment objective is to generate current income and long-term capital appreciation. We pursue our investment objective by focusing on the following seven investment themes: (i) basin-on-basin competition in U.S. shale, (ii) globalization of natural gas, (iii) coal retirements and the evolving energy generation mix, (iv) renewables focused on power grid parity, (v) export infrastructure for emerging U.S. producers, (vi) market liberalization opening new markets and (vii) midstream infrastructure connecting new supplies. However, we may pursue other investment opportunities if we believe it is in our best interests and consistent with our investment objectives.

Within the above investment themes, we intend to focus on the following investment categories in an effort to generate returns for our investors with an acceptable level of risk.

Direct Originations: Through FS/EIG Advisor, we intend to directly source investment opportunities across the Energy industry. Such investments are typically originated and structured through a negotiated process in which we directly participate and are not generally available to the broader market. These investments may include both debt and equity components. We believe directly originated investments may offer higher returns and more favorable protections than broadly syndicated transactions.

Broadly Syndicated Loan and Bond Transactions: Although our primary focus is to invest in directly originated transactions, in certain circumstances we will also invest in the broadly syndicated loan and high yield bond markets. Broadly syndicated loans and bonds are generally more liquid than our directly originated investments and provide a complement to our less liquid strategies.

In the case of broadly syndicated investments, we generally intend to capitalize on market inefficiencies by investing in loans, bonds, and other asset classes where the market price of such investment reflects a lower value than we believe is warranted based on our fundamental analysis, providing us with an opportunity to earn an attractive return on our investment.

The majority of our portfolio is comprised of income-oriented securities, which principally refers to debt securities and income-oriented preferred and common equity interests, of privately-held Energy companies within the United States. Generally, we expect to invest primarily in directly originated investments and primary market transactions, as this will provide us with the ability to tailor investments to best match a project’s or company’s needs with our investment objectives. We intend to weight our portfolio towards senior secured debt and directly originated preferred equity investments, which we believe offer opportunities for superior risk-adjusted returns and income generation. Our debt investments may take the form of corporate or project loans or bonds, may be secured or unsecured and may, in some cases, be accompanied by yield enhancements. These yield enhancements are typically expected to include royalty interests in mineral, oil and gas properties, warrants, options, net profits interests, cash flow participations or other forms of equity participation that can provide additional consideration or “upside” in a transaction. Our preferred equity

investments are mostly directly originated and may take the form of perpetual or redeemable securities, typically with a current income component and minimum base returns. In addition, certain income-oriented preferred or common equity interests may include interests in master limited partnerships and a portion of our portfolio may be comprised of derivatives, including the use of total return swaps, credit default swaps and other commodity swap contracts. In connection with certain of our debt investments or any restructuring of these debt investments, we may on occasion receive equity interests, including warrants or options, as additional consideration or otherwise in connection with a restructuring. FS/EIG Advisor will seek to tailor our investment focus as market conditions evolve.

On May 15, 2023, we announced that the Company's board of trustees approved our transition from an investment policy of investing primarily in private U.S. energy and power companies to a diversified credit investment policy of investing across private and public credit in a broader set of industries, sectors and sub-sectors. In July 2023, we commenced sending to our shareholders a regulatory notice notifying them of the investment policy change and that such change will be effective September 29, 2023. During the notice period, we expect to begin transitioning the Company’s portfolio holdings away from investments in the energy sector, while remaining in compliance with the Company’s current investment strategy which permits the Company to invest up to 20% of its assets in non-energy related investments. Our future financial condition, results of operations and cash flows may be impacted by the transition to a new investment policy. See “Item 5. Other Information—Company Name, Investment Objective and Investment Policy.”

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that appeared under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K, as supplemented by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. There are no material changes from the risk factors included within our most recent Annual Report on Form 10-K, as supplemented by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, other than the risks described below.

We are exposed to risks associated with changes in interest rates.

Because we intend to use debt to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The recent increases in interest rates will make it more expensive to use debt to finance our investments. In periods of rising interest rates when we have debt outstanding, our cost of funds will increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to develop such expertise or arrange for such expertise to be provided.

We have and may continue to structure the majority of our debt investments with floating interest rates to position our portfolio for rate increases. However, there can be no assurance that this will successfully mitigate our exposure to interest rate risk. For example, in rising interest rate environments, payments under floating rate debt instruments generally would rise and there may be a significant number of issuers of such floating rate debt instruments that would be unable or unwilling to pay such increased interest costs and may otherwise be unable to repay their loans. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Investments in floating rate debt instruments may also decline in value in response to rising interest rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, our fixed rate investments may decline in value because the fixed rate of interest paid thereunder may be below market interest rates.

Some investments in the portfolio utilize floating rate benchmarks such as LIBOR or SOFR. LIBOR, the London Interbank Offered Rate, was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish new or alternative reference rates to be used in place of LIBOR. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, supports replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements backed by Treasury securities.

Prohibitions and requirements with respect to floating rate benchmarks may adversely affect the value of floating-rate debt securities in our portfolio. While SOFR appears to be the preferred replacement for U.S. dollar LIBOR, it is not possible to predict whether SOFR will ultimately prevail in the market as the definitive replacement for LIBOR. The transition away from LIBOR and other current reference rates to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.

Furthermore, a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase of the amount of incentive fees payable to FS/EIG Advisor with respect to pre-incentive fee net investment income.

NAV Per Share

$ 3.70

$ 3.88

$ 3.59

Changes In Interest Rates [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

We are exposed to risks associated with changes in interest rates.

Because we intend to use debt to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. The recent increases in interest rates will make it more expensive to use debt to finance our investments. In periods of rising interest rates when we have debt outstanding, our cost of funds will increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. Also, we have limited experience in entering into hedging transactions, and we will initially have to develop such expertise or arrange for such expertise to be provided.

We have and may continue to structure the majority of our debt investments with floating interest rates to position our portfolio for rate increases. However, there can be no assurance that this will successfully mitigate our exposure to interest rate risk. For example, in rising interest rate environments, payments under floating rate debt instruments generally would rise and there may be a significant number of issuers of such floating rate debt instruments that would be unable or unwilling to pay such increased interest costs and may otherwise be unable to repay their loans. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Investments in floating rate debt instruments may also decline in value in response to rising interest rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, our fixed rate investments may decline in value because the fixed rate of interest paid thereunder may be below market interest rates.

Some investments in the portfolio utilize floating rate benchmarks such as LIBOR or SOFR. LIBOR, the London Interbank Offered Rate, was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish new or alternative reference rates to be used in place of LIBOR. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, supports replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements backed by Treasury securities.

Prohibitions and requirements with respect to floating rate benchmarks may adversely affect the value of floating-rate debt securities in our portfolio. While SOFR appears to be the preferred replacement for U.S. dollar LIBOR, it is not possible to predict whether SOFR will ultimately prevail in the market as the definitive replacement for LIBOR. The transition away from LIBOR and other current reference rates to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.

Furthermore, a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase of the amount of incentive fees payable to FS/EIG Advisor with respect to pre-incentive fee net investment income.

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Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The December 31, 2022 consolidated balance sheet and consolidated schedule of investments are derived from the Company's audited consolidated financial statements as of and for the year ended December 31, 2022. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Accounting Standards Codification Topic 946, Financial Services—Investment Companies. The Company has evaluated the impact of subsequent events through the date the unaudited consolidated financial statements were issued and filed with the Securities and Exchange Commission, or the SEC.
Use of Estimates	Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.
Capital Gains Incentive Fee and Subordinated Income Incentive Fee	Capital Gains Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of such agreement). Such fee equals 20.0% of the Company’s “incentive fee capital gains,” which are the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company will accrue for the incentive fee on capital gains, which, if earned, will be paid annually. The Company will accrue the incentive fee on capital gains based on net realized and unrealized gains; however, the fee payable to FS/EIG Advisor will be based on realized gains and no such fee will be payable with respect to unrealized gains unless and until such gains are actually realized.Subordinated Income Incentive Fee: Pursuant to the terms of the FS/EIG investment advisory agreement, FS/EIG Advisor may also be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the FS/EIG investment advisory agreement is calculated and payable quarterly in arrears and equals 20.0% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, FS/EIG Advisor will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, “adjusted capital” means cumulative gross proceeds generated from sales of the Company’s common shares (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Company’s investments paid to shareholders and amounts paid for share repurchases pursuant to the Company’s share repurchase program. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, FS/EIG Advisor will be entitled to a “catch-up” fee equal to the amount of the Company’s pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This “catch-up” feature will allow FS/EIG Advisor to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, FS/EIG Advisor will be entitled to receive 20.0% of the Company’s pre-incentive fee net investment income.
Reclassifications	Reclassifications: Certain amounts in the unaudited consolidated financial statements for the six months ended June 30, 2022 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements for the six months ended June 30, 2023
Revenue Recognition	Revenue Recognition: Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment.Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns such amounts.
Net Realized Gains or Realized Losses on Extinguishment of Debt	Net Realized Gains or Realized Losses on Extinguishment of Debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity and the amount repaid on the extinguishment of debt is recognized as a gain or loss.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848), or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued Accounting Standards Update No. 2021-01, Reference Rate Reform (Topic 848), or ASU 2021-01, which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued Accounting Standards Update No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, or ASU 2022-06, which deferred the sunset date of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

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Share Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Common Stock Transactions

Below is a summary of transactions with respect to the Company’s common shares during the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023			2022
	Shares	Amount		Shares	Amount
Reinvestment of Distributions	2,663,874	$	10,388	2,741,168	$	10,460
Proceeds from Share Transactions	2,663,874	$	10,388	2,741,168	$	10,460

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Schedule of the Fees and Expenses Accrued Under Investment Advisory Agreement

The following table describes the fees and expenses accrued under the FS/EIG investment advisory agreement during the three and six months ended June 30, 2023 and 2022:

			Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Source Agreement	Description	2023		2022		2023		2022
FS/EIG Advisor	FS/EIG investment advisory agreement	Base Management Fee(1)	$	8,686	$	9,576	$	18,905	$	19,613
FS/EIG Advisor	FS/EIG investment advisory agreement	Administrative Services Expenses(2)	$	1,359	$	1,490	$	2,679	$	2,910

_________________________

(1)    During the six months ended June 30, 2023 and 2022, $21,404 and $20,503, respectively, in base management fees were paid to FS/EIG Advisor. The base management fee amount shown in the table above is shown net of $19 and $1,700 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the three months ended June 30, 2023 and 2022, respectively, and $274 and $2,398 in structuring, upfront or certain other fees received by FS/EIG Advisor or its members and offset against base management fees for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, $8,686 in base management fees were payable to FS/EIG Advisor.

(2)    During the six months ended June 30, 2023 and 2022, $1,649 and $1,372, respectively, of the accrued administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by FS/EIG Advisor and the remainder related to other reimbursable expenses. The Company paid $2,933 and $2,234 in administrative services expenses to FS/EIG Advisor, or its affiliates, during the six months ended June 30, 2023 and 2022, respectively.

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Distributions (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Cash Distributions Paid on Common Stock Including Tax Basis

The following table reflects the cash distributions per share that the Company declared on its common shares during the six months ended June 30, 2023 and 2022:

	Distribution
For the Three Months Ended	Per Share		Amount
Fiscal 2022
March 31, 2022	$	0.03	$	13,426
June 30, 2022	0.03		13,465
Total	$	0.06	$	26,891
Fiscal 2023
March 31, 2023	$	0.03	$	13,584
June 30, 2023	0.03		13,624
Total	$	0.06	$	27,208

The following table reflects the sources of the cash distributions on a tax basis that the Company declared on its common shares during the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023				2022
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage
Net investment income(1)	$	27,208	100	%	$	26,891	100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—
Total	$	27,208	100	%	$	26,891	100	%

_________________________

(1)    During the six months ended June 30, 2023 and 2022, 82.3% and 80.3%, respectively, of the Company's gross investment income was attributable to cash income earned, 14.0% and 15.0%, respectively, was attributable to paid-in-kind, or PIK, interest and 3.7% and 4.7%, respectively, was attributable to non-cash accretion of discount.

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

Below is a summary of the Company's open fixed price swap positions as of June 30, 2023. The hedged volumes reflected below represent an aggregation of multiple derivative contracts that have varying durations and may not be realized on a ratable basis over a calendar year.

Swap Contracts—Crude Oil

Year	Settlement Index	Bbls	Weighted Average Price ($/Bbls)
2023	ICE Brent	80,561	$80.00

Swap Contracts—Natural Gas

Year	Settlement Index	MMBtu	Weighted Average Price ($/MMBtu)
2023	NYMEX Henry Hub	139,923	$3.80

Schedule of Fixed Price Swap Positions

The following table presents the fair value of open swap contracts (which are not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2023 and December 31, 2022:

	June 30, 2023 (Unaudited)				December 31, 2022
Instrument	Asset(1)		Liability(2)		Asset(1)		Liability(2)
Swap Contracts—Crude Oil	$	399	$	—	$	—	$	(572)
Swap Contracts—Natural Gas	106		—		—		(126)
Total	$	505	$	—	$	—	$	(698)

______________

(1)    Reflected on the Company's consolidated balance sheets as: Unrealized appreciation on swap contracts.

(2)    Reflected on the Company's consolidated balance sheets as: Unrealized depreciation on swap contracts.

Schedule of Realized and Unrealized Gain (Loss) on Derivative Instruments

The effect of swap contracts (which are not considered to be hedging instruments for accounting disclosure purposes) on the Company's statements of operations for the six months ended June 30, 2023 and 2022 was as follows:

	Net Realized Gains (Losses)(1)				Net Change in Unrealized Appreciation (Depreciation)(2)
	Six Months Ended June 30,				Six Months Ended June 30,
Instrument	2023		2022		2023		2022
Swap Contracts—Crude Oil	$	(18)	$	(1,502)	$	971	$	(3,156)
Swap Contracts—Natural Gas	244		(306)		232		(432)
Total	$	226	$	(1,808)	$	1,203	$	(3,588)

______________

(1)    Reflected on the Company's consolidated statements of operations as: Net realized gain (loss) on swap contracts.

(2)    Reflected on the Company's consolidated statements of operations as: Net change in unrealized appreciation (depreciation) on swap contracts.

Schedule of Offsetting Liabilities

The following tables present the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	$	505	—	$	505	—	—	$	505

	As of December 31, 2022
Counterparty	Derivative Assets	Derivative Liabilities		Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	—	$	(698)	$	(698)	—	—	$	(698)

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

Schedule of Offsetting Assets

The following tables present the Company’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023 (Unaudited)
Counterparty	Derivative Assets		Derivative Liabilities	Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	$	505	—	$	505	—	—	$	505

	As of December 31, 2022
Counterparty	Derivative Assets	Derivative Liabilities		Net Value of Derivatives		Non-Cash Collateral (Received) Pledged(1)	Cash Collateral (Received) Pledged(1)	Net Amount of Derivative Assets (Liabilities)(2)
BP Energy Co.	—	$	(698)	$	(698)	—	—	$	(698)

______________

(1)    In some instances, the actual amount of the collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(2)    Net amount of derivative assets and liabilities represents the net amount due from the counterparty to the Company and the net amount due from the Company to the counterparty, respectively, in the event of default.

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Investment Portfolio (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Investments [Abstract]

Schedule of Investments

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)						December 31, 2022
	Amortized Cost(1)		Fair Value		Percentage of Portfolio		Amortized Cost(1)		Fair Value		Percentage of Portfolio
Senior Secured Loans—First Lien	$	531,752	$	522,029	35	%	$	702,842	$	706,646	35	%
Senior Secured Loans—Second Lien	125,774		125,003		8	%	143,153		143,270		7	%
Senior Secured Bonds	24,043		23,954		2	%	10,064		10,074		0	%
Unsecured Debt	106,505		106,092		7	%	253,675		241,418		12	%
Preferred Equity	301,615		301,619		20	%	425,182		400,414		20	%
Sustainable Infrastructure Investments, LLC	54,514		50,149		3	%	54,514		51,098		2	%
Equity/Other	262,135		366,756		25	%	333,510		494,195		24	%
Total	$	1,406,338	$	1,495,602	100	%	$	1,922,940	$	2,047,115	100	%

______________

(1)    Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2023 and December 31, 2022:

	June 30, 2023 (Unaudited)				December 31, 2022
Industry Classification	Fair Value		Percentage of Portfolio		Fair Value		Percentage of Portfolio
Energy—Upstream	$	610,146	41	%	$	854,974	42	%
Energy—Midstream	465,345		31	%	646,488		32	%
Energy—Power	197,789		13	%	386,007		19	%
Energy—Service & Equipment	95,968		7	%	96,040		5	%
Commercial & Professional Services (1)	17,619		1	%	12,508		0	%
Consumer Discretionary Distribution & Retail	16,041		1	%	—		—
Insurance	10,062		1	%	—		—
Health Care Equipment & Services	8,562		1	%	—		—
Consumer Services	7,771		1	%	—		—
Automobiles & Components	6,853		0	%	—		—
Transportation	4,830		0	%	—		—
Consumer Staples Distribution & Retail	4,467		0	%	—		—
Sustainable Infrastructure Investments, LLC (2)	50,149		3	%	51,098		2	%
Total	$	1,495,602	100	%	$	2,047,115	100	%

_____________________

(1)    FS/EIG Advisor monitors the industry classification of the Company’s investments and may from time to time reclassify such investments if it determines such reclassification is appropriate. During the six months ended June 30, 2023, two investments had their industry re-classified from Energy—Industrials to Commercial & Professional Services, and one investment had its industry re-classified from Energy—Service & Equipment to Commercial & Professional Services.

(2)    Sustainable Infrastructure Investments, LLC is generally comprised of midstream and renewables assets in the Energy sector.

Schedule of Nonconsolidated Subsidiary Portfolio

Below is a summary of SIIJV's portfolio, followed by a listing of the individual loans in SIIJV's portfolio as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)			December 31, 2022
Total investments(1)	$	264,692		$	274,088
Weighted average current interest rate on debt investments(2)	7.60		%	6.96		%
Number of portfolio assets in SIIJV	9			9
Largest investment in a single portfolio company(1)	$	70,610		$	73,707

_____________________

(1)    At cost.

(2)    Computed as the (a) annual stated interest rate on accruing debt, divided by (b) total debt at par amount.

Sustainable Infrastructure Investments, LLC Portfolio

As of June 30, 2023

(Unaudited)

Portfolio Company(a)(f)	Footnotes	Energy Industry	Rate(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Alianca Transportadora de Gas Participacoes S.A.		Midstream	L+285	5/23/27	$	70,610	$	70,610	$	72,560
Blue Heron Intermediate Holdco I, LLC		Midstream	S+188	4/22/24	31,244		31,244		31,352
Cedar Creek II LLC		Renewables	S+188	11/18/23	8,160		8,160		8,177
Copper Mountain Solar 3, LLC		Renewables	S+188	5/31/25	17,105		17,105		17,221
FLNG Liquefaction 2, LLC		Midstream	S+150	12/31/26	27,375		27,375		27,303
Meikle Wind Energy, LP	(e)	Renewables	C+150	5/12/24	C$	15,471	11,903		11,611
NES Hercules Class B Member, LLC		Renewables	S+165	1/31/28	$	24,317	24,317		24,847
ST EIP Holdco LLC		Midstream	L+250	11/5/24	58,124		58,124		57,900
Top of the World Wind Energy LLC		Renewables	S+188	12/1/28	15,854		15,854		16,273
Total Senior Secured Loans—First Lien							264,692		267,244
TOTAL INVESTMENTS—100.0%							$	264,692	$	267,244

Sustainable Infrastructure Investments, LLC Portfolio

As of December 31, 2022

Portfolio Company(a)(f)	Footnotes	Industry	Rate(b)	Maturity	Principal Amount(c)		Amortized Cost		Fair Value(d)
Senior Secured Loans—First Lien—100.0%
Alianca Transportadora de Gas Participacoes S.A.		Midstream	L+260	5/23/27	$	73,707	$	73,707	$	74,601
Blue Heron Intermediate Holdco I, LLC		Midstream	L+188	4/22/24	31,832		31,832		31,885
Cedar Creek II LLC		Renewables	L+188	11/18/23	8,710		8,710		8,722
Copper Mountain Solar 3, LLC		Renewables	L+175	5/31/25	17,804		17,804		17,879
FLNG Liquefaction 2, LLC		Midstream	L+150	12/31/26	28,170		28,170		27,990
Meikle Wind Energy, LP	(e)	Renewables	C+150	5/12/24	C$	16,030	12,332		11,873
NES Hercules Class B Member, LLC		Renewables	L+150	1/31/28	$	24,487	24,487		24,954
ST EIP Holdco LLC		Midstream	L+250	11/5/24	58,673		58,673		58,288
Top of the World Wind Energy LLC		Renewables	L+188	12/1/28	18,373		18,373		18,866
Total Senior Secured Loans—First Lien							274,088		275,058
TOTAL INVESTMENTS—100.0%							$	274,088	$	275,058

_____________________

Percentages are shown as a percentage of total investments.

(a)    Security may be an obligation of one or more entities affiliated with the named company.

(b)    Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023 and December 31, 2022, the three-month LIBOR, or L, was 5.55% and 4.77%, respectively, the Canadian Dollar Offered Rate, or C, was 5.40% and 4.94%, respectively, and the SOFR, or S, was 5.27% and 4.59%, respectively.

(c)    Denominated in U.S. dollars unless otherwise noted.

(d)    Security is classified as Level 3 and fair value is determined in accordance with the Company’s valuation process.

(e)    Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of June 30, 2023 and December 31, 2022.

(f)    Security or portion thereof is held within Seine Funding and is pledged as collateral supporting the amounts outstanding under the Seine Funding Facility.

Below is selected balance sheet information for SIIJV as of June 30, 2023 and December 31, 2022:

	June 30, 2023  (Unaudited)		December 31, 2022
Selected Balance Sheet Information
Total investments, at fair value	$	267,244	$	275,058
Cash and other assets	16,037		10,380
Total assets	$	283,281	$	285,438
Debt	$	206,303	$	213,583
Other liabilities	4,105		3,358
Total liabilities	210,408		216,941
Member's equity	$	72,873	$	68,497

Below is selected statement of operations information for SIIJV for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Selected Statement of Operations Information
Total investment income	$	5,013	$	2,243	$	9,811	$	4,073
Expenses
Interest expense	3,319		1,178		6,460		2,151
Administrative services	45		40		88		81
Custodian and accounting fees	58		57		103		104
Professional services	50		26		100		51
Other	10		—		20		—
Total expenses	3,482		1,301		6,771		2,387
Net investment income	1,531		942		3,040		1,686
Net realized and unrealized gain (loss)	(610)		(1,316)		1,336		(2,016)
Net increase (decrease) in net assets resulting from operations	$	921	$	(374)	$	4,376	$	(330)

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Investments

As of June 30, 2023 and December 31, 2022, the Company’s investments were categorized as follows in the fair value hierarchy:

Valuation Inputs	June 30, 2023  (Unaudited)		December 31, 2022
Level 1—Price quotations in active markets	$	4,347	$	2,465
Level 2—Significant other observable inputs	188,658		450,445
Level 3—Significant unobservable inputs	1,302,597		1,594,205
Total	$	1,495,602	$	2,047,115

Schedule of Fair Value Hierarchy of Assets and Liabilities

As of June 30, 2023 and December 31, 2022, the Company’s swap contracts were categorized as follows in the fair value hierarchy:

	June 30, 2023  (Unaudited)				December 31, 2022
Valuation Inputs	Assets		Liabilities		Assets		Liabilities
Level 1—Price quotations in active markets	$	—	$	—	$	—	$	—
Level 2—Significant other observable inputs	505		—		—		698
Level 3—Significant unobservable inputs	—		—		—		—
Total	$	505	$	—	$	—	$	698

Schedule of Fair Value of Assets Rollforward

The following is a reconciliation for the six months ended June 30, 2023 and 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	For the Six Months Ended June 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Unsecured Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	443,245	$	143,270	$	10,074	$	54,374	$	400,414	$	51,098	$	491,730	$	1,594,205
Accretion of discount (amortization of premium)	877		218		25		74		1,149		—		—		2,343
Net realized gain (loss)	(3,431)		(52)		2		4		(18,060)		—		(34,706)		(56,243)
Net change in unrealized appreciation (depreciation)	(12,082)		(888)		(32)		(45)		24,772		(949)		(55,704)		(44,928)
Purchases	24,949		—		—		—		—		—		83		25,032
Paid-in-kind interest	9,724		—		—		2,107		—		—		—		11,831
Sales and repayments	(65,394)		(17,545)		(54)		(1,000)		(106,656)		—		(39,804)		(230,453)
Transfers into Level 3(1)	—		—		—		—		—		—		810		810
Transfers out of Level 3	—		—		—		—		—		—		—		—
Fair value at end of period	$	397,888	$	125,003	$	10,015	$	55,514	$	301,619	$	50,149	$	362,409	$	1,302,597
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	(14,618)	$	(1,039)	$	(32)	$	(45)	$	8,653	$	(949)	$	(85,754)	$	(93,784)

	For the Six Months Ended June 30, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Senior Secured Bonds		Unsecured Debt		Preferred Equity		Sustainable Infrastructure Investments, LLC		Equity/Other		Total
Fair value at beginning of period	$	414,075	$	84,083	$	10,371	$	104,659	$	497,288	$	50,770	$	460,236	$	1,621,482
Accretion of discount (amortization of premium)	1,085		125		24		80		2,662		—		—		3,976
Net realized gain (loss)	(12,192)		446		—		(27,729)		270		—		60,903		21,698
Net change in unrealized appreciation (depreciation)	20,588		420		(39)		34,607		(3,519)		1,361		154,688		208,106
Purchases	99,677		110,150		—		—		—		—		45,835		255,662
Paid-in-kind interest	7,901		537		—		3,843		188		—		—		12,469
Sales and repayments	(117,681)		(18,577)		—		(47,571)		(21,812)		—		(129,505)		(335,146)
Transfers into Level 3(1)	58,705		—		—		—		—		—		—		58,705
Transfers out of Level 3	—		—		—		—		—		—		—		—
Fair value at end of period	$	472,158	$	177,184	$	10,356	$	67,889	$	475,077	$	52,131	$	592,157	$	1,846,952
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	10,826	$	643	$	(39)	$	(80)	$	(3,519)	$	1,361	$	168,303	$	177,495

______________

(1)    Changes in inputs or methodologies used for valuing investments may result in transfers into or out of levels within the fair value hierarchy. Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period. For the six months ended June 30, 2023 and 2022, transfers into Level 3 were due to decreased price transparency.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of June 30, 2023 and December 31, 2022 were as follows:

Type of Investment	Fair Value at June 30, 2023 (Unaudited)		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	389,381	Market Comparables	Market Yield (%)	8.5%-21.5%	13.4%
				EBITDA Multiples (x)	4.6x-7.2x	5.3x
	8,507		Discounted Cash Flow	Discount Rate (%)	9.5%-14.5%	12.0%
Senior Secured Loans—Second Lien	125,003		Market Comparables	Market Yield (%)	10.8%-14.3%	12.5%
Senior Secured Bonds	10,015		Market Comparables	Market Yield (%)	7.0%-8.0%	7.5%
Unsecured Debt	18,289		Market Comparables	Market Yield (%)	11.0%-12.0%	11.5%
	37,225		Other(2)
Preferred Equity	301,619		Market Comparables	Market Yield (%)	9.3%-26.0%	18.1%
				EBITDA Multiples (x)	11.3x-12.3x	11.8x
				Net Aircraft Book Value Multiple (x)	1.0x-1.0x	1.0x
Sustainable Infrastructure Investments, LLC	50,149		Discounted Cash Flow	Discount Rate (%)	14.0%-15.0%	14.5%
Equity/Other	322,357		Market Comparables	EBITDA Multiples (x)	2.6x-12.3x	5.5x
				Production Multiples (Mboe/d)	$27,835.0-$31,335.0	$29,573.0
				Proved Reserves Multiples (Mmboe)	$5.8-$6.5	$6.2
				Production Multiples (MMcfe/d)	$2,500.0-$3,100.0	$2,800.0
				Proved Reserves Multiples (Bcfe)	0.6x-0.6x	0.6x
				PV-10 Multiples (x)	0.3x-0.9x	0.8x
	8,597		Discounted Cash Flow	Discount Rate (%)	8.0%-34.0%	15.4%
	7,100		Option Valuation Model	Volatility (%)	27.4%-65.0%	40.6%
	24,355		Other(2)
Total	$	1,302,597

Type of Investment	Fair Value at December 31, 2022		Valuation Technique(1)	Unobservable Input	Range	Weighted Average
Senior Secured Loans—First Lien	$	413,268	Market Comparables	Market Yield (%)	8.5%-21.8%	12.3%
				EBITDA Multiples (x)	5.0x-7.5x	6.3x
	29,977		Discounted Cash Flow	Discount Rate (%)	11.5%-19.5%	15.4%
Senior Secured Loans—Second Lien	143,270		Market Comparables	Market Yield (%)	10.3%-14.3%	11.8%
Senior Secured Bonds	10,074		Market Comparables	Market Yield (%)	6.9%-7.9%	7.4%
Unsecured Debt	19,256		Market Comparables	Market Yield (%)	10.3%-11.3%	10.8%
	35,118		Other(2)
Preferred Equity	316,767		Market Comparables	Market Yield (%)	8.8%-30.3%	19.0%
				EBITDA Multiples (x)	9.5x-10.5x	10.0x
				Net Aircraft Book Value Multiple (x)	1.0x-1.0x	1.0x
	83,647		Discounted Cash Flow	Discount Rate (%)	11.3%-12.3%	11.8%
Sustainable Infrastructure Investments, LLC	51,098		Discounted Cash Flow	Discount Rate (%)	13.5%-14.5%	14.0%
Equity/Other	481,623		Market Comparables	EBITDA Multiples (x)	1.8x-10.5x	5.4x
				Production Multiples (Mboe/d)	$27,946.0-$37,500.0	$30,265.3
				Proved Reserves Multiples (Mmboe)	$6.9-$10.3	$7.6
				Production Multiples (MMcfe/d)	$3,400.0-$3,700.0	$3,550.0
				Proved Reserves Multiples (Bcfe)	0.8x-0.9x	0.8x
				PV-10 Multiples (x)	0.5x-0.9x	0.8x
	2,488		Discounted Cash Flow	Discount Rate (%)	8.0%-33.0%	23.8%
	5,734		Option Valuation Model	Volatility (%)	31.5%-55.1%	36.6%
	1,885		Other(2)
Total	$	1,594,205

______________

(1)    For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing an option valuation model valuation technique, a significant increase (decrease) in the volatility, in isolation, would result in a significantly higher (lower) fair value measurement.

(2)    Fair valued based on expected outcome of proposed corporate transactions, the expected value of the liquidation preference of the investment or other factors.

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Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Financing Arrangements

The following table presents a summary of information with respect to the Company’s outstanding financing arrangements as of December 31, 2022. As of June 30, 2023, the Company had no outstanding financing arrangements. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2022. Any significant changes to the Company’s financing arrangements during the six months ended June 30, 2023 are discussed below.

	As of December 31, 2022
Arrangement(1)	Type of Arrangement	Rate(2)	Amount Outstanding		Amount Available		Maturity Date
JPMorgan Facility	Term Loan	L+3.00%	$	305,676	$	—	February 16, 2023(4)
Senior Secured Notes(3)	Bond	7.50%	457,075		—		August 15, 2023(5)
Total			$	762,751	$	—

______________________

(1)    The carrying amount outstanding under the facility approximates its fair value, unless otherwise noted.

(2)    LIBOR is subject to a 0.00% floor.

(3)    As of December 31, 2022, the fair value of the Senior Secured Notes was approximately $458,908. This valuation is considered a Level 2 valuation within the fair value hierarchy.

(4)    On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(5)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

Schedule of Interest Expense

For the six months ended June 30, 2023 and 2022, the components of total interest expense for the Company's financing arrangements were as follows:

	Six Months Ended June 30,
	2023						2022
Arrangement(1)	Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense		Direct Interest Expense(2)		Amortization of Deferred Financing Costs and Discount		Total Interest Expense
JPMorgan Facility(3)	$	2,790	$	238	$	3,028	$	5,364	$	1,365	$	6,729
Senior Secured Notes(4)	12,760		2,540		15,300		17,808		2,353		20,161
Total	$	15,550	$	2,778	$	18,328	$	23,172	$	3,718	$	26,890

___________________

(1)     Borrowings of each of the Company's wholly-owned special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act.

(2)     Direct interest expense includes the effect of non-usage fees, administration fees and make-whole fees, if any.

(3)     On February 14, 2023, the Company repaid and terminated the JPMorgan Facility.

(4)    On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2023 and the year ended December 31, 2022:

	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	3.88		$	3.59
Results of operations(2)
Net investment income	0.09			0.16
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.21)			0.25
Net increase (decrease) in net assets resulting from operations	(0.12)			0.41
Shareholder distributions(3)
Distributions from net investment income	(0.06)			(0.12)
Net decrease in net assets resulting from shareholder distributions	(0.06)			(0.12)
Capital share transactions
Issuance of common shares(4)	—			—
Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	3.70		$	3.88
Shares outstanding, end of period	454,129,547			451,465,673
Total return(5)	(3.13)		%	11.39		%
Total return (without assuming reinvestment of distributions)(5)	(3.09)		%	11.29		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,679,723		$	1,753,748
Ratio of net investment income to average net assets(6)(7)	4.46		%	4.02		%
Ratio of total operating expenses to average net assets(6)	5.25		%	6.78		%
Ratio of management fee offset to average net assets(6)	(0.02)		%	(0.15)		%
Ratio of net operating expenses to average net assets(6)	5.23		%	6.63		%
Ratio of interest expense to average net assets(6)	2.10		%	3.21		%
Portfolio turnover(8)	5.11		%	16.15		%
Total amount of senior securities outstanding, exclusive of treasury securities	—			$	762,751
Asset coverage per unit(9)	—			3.30

_________________________

(1)    Per share data may be rounded in order to recompute the ending net asset value per share.

(2)    The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3)    The per share data for distributions reflects the actual amount of distributions paid per share during the applicable period.

(4)    The issuance of common shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of common shares pursuant to the Company’s distribution reinvestment plan. The issuance of common shares at a price that is greater than the net asset value per share results in an increase in net asset value per share.

(5)    The total return for each period presented was calculated based on the change in net asset value during the applicable period, including the impact of distributions reinvested in accordance with the Company’s distribution reinvestment plan. The total return (without assuming reinvestment of distributions) for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share which were declared during the applicable period and dividing the total by the net asset value per share at the beginning of the applicable period. The total returns do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of the Company’s common shares. The total returns include the effect of the issuance of common shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. The historical calculations of total returns in the table should not be considered representations of the Company’s future total returns, which may be greater or less than the returns shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total returns on the Company’s investment portfolio during the applicable period and do not represent actual returns to shareholders.

(6)    Weighted average net assets during the applicable period are used for this calculation. Ratios for the six months ended June 30, 2023 are annualized. Annualized ratios for the six months ended June 30, 2023 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2023.

(7)    If FS/EIG Advisor had not agreed to offset the amount of any structuring, upfront or certain other fees it or its members received against the management fee payable by the Company, the ratio of net investment income to average net assets would have been 4.44% and 3.87% for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively. See Note 4 for a discussion of the management fee offset with FS/EIG Advisor.

(8)    Portfolio turnover for the six months ended June 30, 2023 is not annualized.

(9)    Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. On February 14, 2023, the Company repaid and terminated the JPMorgan Facility. On May 15, 2023, the Company redeemed 100% of the issued and outstanding Senior Secured Notes at a price equal to 100% of the aggregate principal amount, plus the accrued but unpaid interest through to, but excluding, May 15, 2023.

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Summary of Significant Accounting Policies (Details) - Affiliated Entity	6 Months Ended
	Jun. 30, 2023
Investment Advisory Agreement - Incentive Rate, Realized Capital Gains
Incentive fee (in percent)	20.00%
Investment Advisory Agreement - Incentive Rate, Quarterly In Arrears Catch-up Threshold
Incentive fee (in percent)	20.00%
Investment Advisory Agreement - Incentive Rate, Quarterly Catch-up Threshold
Incentive fee (in percent)	1.625%
Investment Advisory Agreement - Incentive Rate, Annualized Hurdle Rate
Incentive fee (in percent)	6.50%
Investment Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold
Incentive fee (in percent)	2.031%
Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold
Incentive fee (in percent)	8.125%

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Share Transactions - Schedule of Common Stock Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Reinvestment of distributions (in shares)				2,663,874	2,741,168
Reinvestment of Distributions	[1]	$ 5,170	$ 5,225	$ 10,388	$ 10,460
Proceeds from share transactions (in shares)				2,663,874	2,741,168
Proceeds from Share Transactions				$ 10,388	$ 10,460

[1] See Note 3 for a discussion of the Company's common share transactions.

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Share Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		6 Months Ended
		May 05, 2017	May 04, 2017	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Stock repurchased and distributed (in shares)							2,663,874	2,741,168
Stock reinvestment of distributions	[1]				$ 5,170	$ 5,225	$ 10,388	$ 10,460
Distribution Reinvestment Plan
Class of Stock [Line Items]
Weighted average number of common shares outstanding in prior year		10.00%	10.00%
Weighted average number of common shares outstanding		2.50%	2.50%
Distribution reinvestment plan term		12 months
Distribution reinvestment plan term expiree		3 months
Share distribution not more than net asset value per common share							2.50%
Termination period							30 days
Minimum investment threshold							$ 5
Written notice period							30 days
Distribution Reinvestment Plan | Subsequent Event
Class of Stock [Line Items]
Stock repurchased and distributed (in shares)				1,375,076
Stock reinvestment of distributions				$ 5,156
Average cost per share of stock repurchased and distributed (in USD per share)				$ 3.75

[1] See Note 3 for a discussion of the Company's common share transactions.

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Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Investment company, contractual fee waived	[1]	$ 19	$ 1,700	$ 274	$ 2,398
Investment Advisory Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, base rate				1.75%
Investment company, contractual fee waived		$ 19	$ 1,700	$ 274	$ 2,398

[1] See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

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Related Party Transactions - Schedule of the Fees and Expenses Accrued (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Administrative services expenses		$ 1,359	$ 1,490	$ 2,679	$ 2,910
Management fees		8,705	11,276	19,179	22,011
Investment company, contractual fee waived	[1]	19	1,700	274	2,398
Management fees payable		8,686		8,686		$ 11,185
Affiliated Entity | Investment Advisory Agreement
Related Party Transaction [Line Items]
Base management fee		8,686	9,576	18,905	19,613
Management fees				21,404	20,503
Investment company, contractual fee waived		19	1,700	274	2,398
Management fees payable		8,686		8,686
Accounting and administrative fees				1,649	1,372
Payment for administrative services expenses				2,933	2,234
Affiliated Entity | Administrative Services Expense
Related Party Transaction [Line Items]
Administrative services expenses		$ 1,359	$ 1,490	$ 2,679	$ 2,910

[1] See Note 4 for a discussion of the offset by FS/EIG Advisor, LLC, the Company's investment adviser, of certain management fees to which it was otherwise entitled during the applicable period.

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Distributions - Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended				12 Months Ended
	Jun. 30, 2023		Mar. 31, 2023	Jun. 30, 2022		Mar. 31, 2022	Jun. 30, 2023		Jun. 30, 2022		Dec. 31, 2022
Income Tax Disclosure [Abstract]
Distributions (in USD per share)	$ 0.03		$ 0.03	$ 0.03		$ 0.03	$ 0.06		$ 0.06		$ 0.12
Amount	$ 13,624	[1]	$ 13,584	$ 13,465	[1]	$ 13,426	$ 27,208	[1]	$ 26,891	[1]

[1] See Note 5 for a discussion of the sources of distributions paid by the Company.

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Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company, Changes in Net Assets [Line Items]
Annualized distribution rate					7.50%
Maximum cap on annualized distribution rate					15.00%
Net asset value common share percentage					2.50%
Distributions (in USD per share)	$ 0.03	$ 0.03	$ 0.03	$ 0.03	$ 0.06	$ 0.06	$ 0.12
Short-term and long-term capital loss carryforwards	$ (70,196)				$ (70,196)		$ (1,273,062)
Unrealized appreciation	225,951				225,951		334,635
Unrealized depreciation	422,405				422,405		512,206
Income tax purposes	1,692,550				1,692,550		2,223,943
Net unrealized appreciation (depreciation)	(196,948)				(196,948)		(176,828)
Subsidiaries
Investment Company, Changes in Net Assets [Line Items]
Deferred tax asset	149,104				149,104		145,383
Deferred tax liability	10,485				10,485		28,753
Deferred tax asset offset by valuation allowance	$ 138,619				138,619		116,630
Current income tax					$ 0		$ 1,207

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Distributions - Cash Distributions on Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2023	[1]	Mar. 31, 2023	Jun. 30, 2022	[1]	Mar. 31, 2022	Jun. 30, 2023		Jun. 30, 2022
Distribution Amount
Net investment income							$ 27,208		$ 26,891
Short-term capital gains proceeds from the sale of assets							0		0
Long-term capital gains proceeds from the sale of assets							0		0
Total	$ 13,624		$ 13,584	$ 13,465		$ 13,426	$ 27,208	[1]	$ 26,891	[1]
Percentage
Net investment income							100.00%		100.00%
Short-term capital gains proceeds from the sale of assets							0.00%		0.00%
Long-term capital gains proceeds from the sale of assets							0.00%		0.00%
Total							100.00%		100.00%
Gross investment income attributable to cash income earned							82.30%		80.30%
Gross investment income attributable to paid-in-kind interest							14.00%		15.00%
Gross investment income attributable to non-cash accretion of discount							3.70%		4.70%

[1] See Note 5 for a discussion of the sources of distributions paid by the Company.

XML

Financial Instruments - Schedule of Fixed Price Swap Positions (Details)	6 Months Ended
	Jun. 30, 2023 MMBTU $ / MMBTU $ / bbl bbl
Swap Contracts—Crude Oil
Derivatives, Fair Value [Line Items]
Notional volume of fixed price swap contracts-crude oil | bbl	131,294
Swap Contracts—Crude Oil | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount, volume | bbl	80,561
Weighted average price | $ / bbl	80.00
Swap Contracts—Natural Gas
Derivatives, Fair Value [Line Items]
Notional volume of fixed price swap contracts-natural gas | MMBTU	242,102
Swap Contracts—Natural Gas | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Weighted average price | $ / MMBTU	3.80
Notional amount, energy | MMBTU	139,923

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Financial Instruments - Fair Value of Open Swap Contracts (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Assets	$ 505	$ 0
Derivative Liabilities	0	(698)
Swap Contracts—Crude Oil
Derivative [Line Items]
Derivative Assets	399	0
Derivative Liabilities	0	(572)
Swap Contracts—Natural Gas
Derivative [Line Items]
Derivative Assets	106	0
Derivative Liabilities	$ 0	$ (126)

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Financial Instruments - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized gains (losses)	$ 214	$ (1,392)	$ 226	$ (1,808)
Net change in unrealized appreciation (depreciation)	$ 126	$ (106)	1,203	(3,588)
Swap Contracts—Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized gains (losses)			(18)	(1,502)
Net change in unrealized appreciation (depreciation)			971	(3,156)
Swap Contracts—Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net realized gains (losses)			244	(306)
Net change in unrealized appreciation (depreciation)			$ 232	$ (432)

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Financial Instruments - Derivative Assets and Liabilities by Counterparty (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 505	$ 0
Derivative Liabilities	0	(698)
BP Energy Co
Derivatives, Fair Value [Line Items]
Derivative Assets	505	0
Derivative Liabilities	0	(698)
Net Value of Derivatives	505	(698)
Non-cash collateral (received) pledged	0	0
Cash collateral (received) pledged	0	0
Net amount of derivative assets (liabilities)	$ 505	$ (698)

XML

Investment Portfolio - Schedule Of Investment Portfolio At Cost And Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 1,406,338	[1]	$ 1,922,940	[2]
Fair Value	1,495,602	[1],[3]	2,047,115	[2],[4]
Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost	531,752	[1]	702,842	[2]
Fair Value	522,029	[1],[3]	706,646	[2],[4]
Net Senior Secured Loans—Second Lien
Schedule of Investments [Line Items]
Amortized Cost	125,774	[1]	143,153	[2]
Fair Value	125,003	[1],[3]	143,270	[2],[4]
Senior Secured Bonds
Schedule of Investments [Line Items]
Amortized Cost	24,043	[1]	10,064	[2]
Fair Value	23,954	[1],[3]	10,074	[2],[4]
Unsecured Debt
Schedule of Investments [Line Items]
Amortized Cost	106,505		253,675
Fair Value	106,092		241,418
Preferred Equity
Schedule of Investments [Line Items]
Amortized Cost	301,615	[1]	425,182	[2]
Fair Value	301,619	[1],[3]	400,414	[2],[4]
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Amortized Cost	54,514	[1]	54,514	[2]
Fair Value	50,149	[1],[3]	51,098	[2],[4]
Equity/Other
Schedule of Investments [Line Items]
Amortized Cost	262,135		333,510
Fair Value	$ 366,756		$ 494,195
Percentage of Portfolio | Customer Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	100.00%		100.00%
Percentage of Portfolio | Customer Concentration Risk | Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Percentage of Portfolio	35.00%		35.00%
Percentage of Portfolio | Customer Concentration Risk | Net Senior Secured Loans—Second Lien
Schedule of Investments [Line Items]
Percentage of Portfolio	8.00%		7.00%
Percentage of Portfolio | Customer Concentration Risk | Senior Secured Bonds
Schedule of Investments [Line Items]
Percentage of Portfolio	2.00%		0.00%
Percentage of Portfolio | Customer Concentration Risk | Unsecured Debt
Schedule of Investments [Line Items]
Percentage of Portfolio	7.00%		12.00%
Percentage of Portfolio | Customer Concentration Risk | Preferred Equity
Schedule of Investments [Line Items]
Percentage of Portfolio	20.00%		20.00%
Percentage of Portfolio | Customer Concentration Risk | Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Percentage of Portfolio	3.00%		2.00%
Percentage of Portfolio | Customer Concentration Risk | Equity/Other
Schedule of Investments [Line Items]
Percentage of Portfolio	25.00%		24.00%

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

[3] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Investment Portfolio - Narrative (Details) $ in Thousands, $ in Thousands				6 Months Ended
		Jan. 02, 2020 USD ($)	Jan. 02, 2020 CAD ($)	Jun. 30, 2023 USD ($) company investment	Jun. 30, 2023 CAD ($) company investment	Dec. 31, 2022 USD ($) investment company	Dec. 31, 2022 CAD ($) investment company
Schedule of Investments [Line Items]
Unfunded commitment with amortized cost				$ 2,500		$ 2,500
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[4],[5]			$ 23,071
Floor rate	[2],[3],[4],[5],[6]			1.50%	1.50%
Variable rate	[2],[3],[4],[5],[6]			4.00%	4.00%
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[4],[5],[7]			$ 5,359
Floor rate	[2],[3],[4],[5],[6],[7]			1.50%	1.50%
Variable rate	[2],[3],[4],[5],[6],[7]			4.00%	4.00%
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 1
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[11],[12]					$ 22,734
Floor rate	[9],[10],[11],[12],[13]					1.50%	1.50%
Variable rate	[9],[10],[11],[12]					4.00%	4.00%
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 2
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[11],[12],[14]					$ 5,359
Floor rate	[9],[10],[11],[12],[13],[14]					1.50%	1.50%
Variable rate	[9],[10],[11],[12],[14]					4.00%	4.00%
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 9,975
Floor rate	[3],[6]			1.00%	1.00%
Variable rate	[3],[6]			5.75%	5.75%
Investment, Identifier [Axis]: Aethon III BR LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 20,000
Floor rate	[2],[3],[6]			1.50%	1.50%
Variable rate	[2],[3],[6]			7.50%	7.50%
Investment, Identifier [Axis]: Aethon III BR LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					$ 20,000
Floor rate	[9],[10],[13],[15]					1.50%	1.50%
Variable rate	[9],[10],[15]					7.50%	7.50%
Investment, Identifier [Axis]: Aethon United BR LP, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 40,500
Investment, Identifier [Axis]: Aethon United BR LP, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[15]					$ 40,500
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 1
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[16]			7,553
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 2
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[7],[16]			2,500
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 1
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15],[17]					8,436
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 2
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[14],[17]					2,500
Investment, Identifier [Axis]: Allied Universal Holdco, LLC, Consumer Services
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 7,980
Floor rate	[3],[6]			0.50%	0.50%
Variable rate	[3],[6]			3.75%	3.75%
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[16]			$ 70,277
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Service & Equipment
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15],[17]					63,888
Investment, Identifier [Axis]: Archrock Partners, L.P., Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[12],[15]					3,098
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 9,975
Floor rate	[3],[6]			0.50%	0.50%
Variable rate	[3],[6]			3.75%	3.75%
Investment, Identifier [Axis]: Brazos Delaware II LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 39,259
Variable rate	[10]					4.00%	4.00%
Investment, Identifier [Axis]: CPV Maryland, LLC, Power
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 14,286
Floor rate	[10],[13]					1.00%	1.00%
Variable rate	[10]					4.00%	4.00%
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 23,601
Variable rate	[3],[6]			3.75%	3.75%
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Power
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 23,601
Variable rate	[10]					3.75%	3.75%
Investment, Identifier [Axis]: Cimarron Energy Inc., Service & Equipment
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15],[18],[19]					$ 7,500
Floor rate	[9],[10],[13],[15],[18],[19]					1.00%	1.00%
Variable rate	[9],[10],[15],[18],[19]					9.00%	9.00%
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 37,000
Floor rate	[2],[3],[6]			1.00%	1.00%
Variable rate	[2],[3],[6]			7.65%	7.65%
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					$ 39,000
Floor rate	[9],[10],[13],[15]					1.00%	1.00%
Variable rate	[9],[10],[15]					7.65%	7.65%
Investment, Identifier [Axis]: Compass Power Generation LLC, Power
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 31,575
Floor rate	[10],[13]					1.00%	1.00%
Variable rate	[10]					4.25%	4.25%
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[20],[21]			$ 100,000
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[22],[23]					$ 100,000
Investment, Identifier [Axis]: EIF Van Hook Holdings, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 26,882
Variable rate	[10]					5.25%	5.25%
Investment, Identifier [Axis]: ERA II Minerals, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 35,000
Floor rate	[2],[3],[6]			0.80%	0.80%
Variable rate	[2],[3],[6]			6.25%	6.25%
Investment, Identifier [Axis]: ERA II Minerals, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					$ 37,000
Floor rate	[9],[10],[13],[15]					0.80%	0.80%
Variable rate	[9],[10],[15]					6.25%	6.25%
Investment, Identifier [Axis]: Earthstone Energy Holdings, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[12]					$ 11,400
Investment, Identifier [Axis]: Endeavor Energy Resources, L.P., Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[15]					24,299
Investment, Identifier [Axis]: FR BR Holdings LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 81,041
Variable rate	[2],[3],[6]			6.50%	6.50%
Investment, Identifier [Axis]: FR BR Holdings LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					$ 81,582
Variable rate	[9],[10],[15]					6.50%	6.50%
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 17,197
Floor rate	[2],[3],[6]			0.50%	0.50%
Variable rate	[2],[3],[6]			7.50%	7.50%
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					$ 17,347
Floor rate	[9],[10],[13]					0.50%	0.50%
Variable rate	[9],[10]					7.50%	7.50%
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 6,982
Floor rate	[3],[6]			1.00%	1.00%
Variable rate	[3],[6]			5.00%	5.00%
Investment, Identifier [Axis]: GIP II Blue Holding LP, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 4,763
Floor rate	[3],[6]			1.00%	1.00%
Variable rate	[3],[6]			4.50%	4.50%
Investment, Identifier [Axis]: GIP II Blue Holding LP, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 5,918
Floor rate	[10],[13]					1.00%	1.00%
Variable rate	[10]					4.50%	4.50%
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[5]			$ 14,648
Investment, Identifier [Axis]: GasLog Ltd., Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[12]					$ 14,648
Variable rate	[9],[10],[12]					7.75%	7.75%
Investment, Identifier [Axis]: Generation Bridge LLC, Power 1
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 7,432
Floor rate	[10],[13]					0.80%	0.80%
Variable rate	[10]					5.00%	5.00%
Investment, Identifier [Axis]: Generation Bridge LLC, Power 2
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 163
Floor rate	[10],[13]					0.80%	0.80%
Variable rate	[10]					5.00%	5.00%
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 14,741
Floor rate	[2],[3],[6]			0.50%	0.50%
Variable rate	[2],[3],[6]			7.00%	7.00%
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					$ 14,963
Floor rate	[9],[10],[13]					0.50%	0.50%
Variable rate	[9],[10]					7.25%	7.25%
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 10,000
Investment, Identifier [Axis]: Hamilton Intermediate Holdings, LLC, Power
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					$ 30,391
Investment, Identifier [Axis]: Hammerhead Resources Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[5]			37,225
Investment, Identifier [Axis]: Hammerhead Resources Inc., Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[12],[15]					$ 35,118
Variable rate	[9],[10],[12],[15]					12.00%	12.00%
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, LP, Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 6,982
Floor rate	[3],[6]			0.80%	0.80%
Variable rate	[3],[6]			4.00%	4.00%
Investment, Identifier [Axis]: Medallion Midland Acquisition LP, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 7,920
Floor rate	[10],[13]					0.80%	0.80%
Variable rate	[10]					3.75%	3.75%
Investment, Identifier [Axis]: Meritage Midstream Services II, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 21,857
Floor rate	[3],[6]			1.00%	1.00%
Variable rate	[3],[6]			6.75%	6.75%
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 11,693
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[15]					$ 11,693
Investment, Identifier [Axis]: NRG Energy, Inc., Power
Schedule of Investments [Line Items]
Principal amount	[8],[10],[12]					19,125
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Schedule of Investments [Line Items]
Principal amount	[1],[3],[5]			5,000
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 1
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					$ 18,659
Floor rate	[9],[10],[13]					1.00%	1.00%
Variable rate	[9],[10]					5.25%	5.25%
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 2
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[14]					$ 11,341
Floor rate	[9],[10],[13],[14]					1.00%	1.00%
Variable rate	[9],[10],[14]					5.25%	5.25%
Investment, Identifier [Axis]: Oryx Midstream Services Permian Basin LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[15]					$ 32,357
Floor rate	[10],[13],[15]					0.50%	0.50%
Variable rate	[10],[15]					3.25%	3.25%
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 5,760
Floor rate	[3],[6]			0.80%	0.80%
Variable rate	[3],[6]			4.75%	4.75%
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 43,689
Floor rate	[3],[6]			0.80%	0.80%
Variable rate	[3],[6]			4.75%	4.75%
Investment, Identifier [Axis]: Parkway Generation LLC, Power 1
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 5,760
Floor rate	[10],[13]					0.80%	0.80%
Variable rate	[10]					4.75%	4.75%
Investment, Identifier [Axis]: Parkway Generation LLC, Power 2
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 43,910
Floor rate	[10],[13]					0.80%	0.80%
Variable rate	[10]					4.75%	4.75%
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 1
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					$ 13,545
Floor rate	[9],[10],[13],[15]					1.50%	1.50%
Variable rate	[9],[10],[15]					6.75%	6.75%
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 2
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[14]					$ 1,505
Floor rate	[9],[10],[13],[14]					1.50%	1.50%
Variable rate	[9],[10],[14]					6.75%	6.75%
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[24]			$ 4,815
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15],[25]					$ 4,767
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 1
Schedule of Investments [Line Items]
Principal amount	[8],[10]					26,365
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 2
Schedule of Investments [Line Items]
Principal amount	[8],[10],[15]					5,200
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 9,370
Floor rate	[2],[3],[6]			1.00%	1.00%
Variable rate	[2],[3],[6]			6.75%	6.75%
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 1
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					$ 9,370
Floor rate	[9],[10],[13]					1.00%	1.00%
Variable rate	[9],[10]					6.75%	6.75%
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 2
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[14]					$ 2,477
Floor rate	[9],[10],[13],[14]					1.00%	1.00%
Variable rate	[9],[10],[14]					6.75%	6.75%
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[26],[27]			$ 13,297
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[26],[27]			4,015
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[7]			2,709
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Power
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[14]					$ 2,709
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 1
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					12,121
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 2
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					3,643
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 58,164
Floor rate	[2],[3],[6]			0.50%	0.50%
Variable rate	[2],[3],[6]			6.00%	6.00%
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Power
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					$ 58,459
Floor rate	[9],[10],[13]					0.50%	0.50%
Variable rate	[9],[10]					6.00%	6.00%
Investment, Identifier [Axis]: Ranger Oil Corp., Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[12]					$ 29,772
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 10,473
Investment, Identifier [Axis]: ST EIP Holdings Inc., Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					10,526
Investment, Identifier [Axis]: SilverBow Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[5]			$ 14,250
Floor rate	[2],[3],[5],[6]			1.00%	1.00%
Variable rate	[2],[3],[5],[6]			7.50%	7.50%
Investment, Identifier [Axis]: SilverBow Resources, Inc., Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[12],[15]					$ 14,250
Floor rate	[9],[10],[12],[13],[15]					1.00%	1.00%
Variable rate	[9],[10],[12],[15]					7.50%	7.50%
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[5]			$ 18,500
Floor rate	[2],[3],[5],[6]			1.50%	1.50%
Variable rate	[2],[3],[5],[6]			5.75%	5.75%
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[12],[15]					$ 19,500
Floor rate	[9],[10],[12],[13],[15]					1.50%	1.50%
Variable rate	[9],[10],[12],[15]					6.50%	6.50%
Investment, Identifier [Axis]: Suburban Propane Partners LP, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[12],[15]					$ 7,590
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[5],[16],[26]			$ 60,603
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Power
Schedule of Investments [Line Items]
Principal amount	[9],[10],[17],[28]					60,603
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 4,747
Floor rate	[3],[6]			1.00%	1.00%
Variable rate	[3],[6]			5.50%	5.50%
Investment, Identifier [Axis]: Tallgrass Energy Partners, LP, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10],[15]					19,761
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 20,537
Floor rate	[2],[3],[6]			1.00%	1.00%
Variable rate	[2],[3],[6]			7.50%	7.50%
Investment, Identifier [Axis]: Tenrgys, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[15]					$ 20,537
Floor rate	[9],[10],[13],[15]					1.00%	1.00%
Variable rate	[9],[10],[15]					7.50%	7.50%
Investment, Identifier [Axis]: Traverse Midstream Partners LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	[8],[10]					$ 28,436
Floor rate	[10],[13]					1.00%	1.00%
Variable rate	[10]					4.25%	4.25%
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Schedule of Investments [Line Items]
Principal amount	[1],[3]			$ 4,987
Floor rate	[3],[6]			0.80%	0.80%
Variable rate	[3],[6]			4.00%	4.00%
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3],[16]			$ 23,703
Floor rate	[2],[3],[6],[16]			1.00%	1.00%
Variable rate	[2],[3],[6],[16]			9.00%	9.00%
Investment, Identifier [Axis]: Warren Resources, Inc., Upstream
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10],[17]					$ 23,584
Floor rate	[9],[10],[13],[17]					1.00%	1.00%
Variable rate	[9],[10],[17]					9.00%	9.00%
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[2],[3]			$ 42,938
Floor rate	[2],[3],[6]			1.80%	1.80%
Variable rate	[2],[3],[6]			9.85%	9.85%
Investment, Identifier [Axis]: Wattbridge Inc., Power
Schedule of Investments [Line Items]
Principal amount	[8],[9],[10]					$ 42,500
Floor rate	[9],[10],[13]					1.80%	1.80%
Variable rate	[9],[10]					7.85%	7.85%
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Aggregate sustainable infrastructure investments		$ 67,629	$ 5,430
Contributed capital to committed capital ratio		87.50%	87.50%
Percentage of voting control		50.00%	50.00%
Amount funded to joint venture				$ 62,300
Principal amount				264,692		$ 274,088
Debt				206,303		213,583
Sustainable Infrastructure Investments, LLC | Imperial
Schedule of Investments [Line Items]
Contributed capital to committed capital ratio		12.50%	12.50%
Percentage of voting control		50.00%	50.00%
Sustainable Infrastructure Investments, LLC | FS Energy And Power Fund
Schedule of Investments [Line Items]
Sustainable infrastructure investments, LLC entitled to a fee percentage		0.25%	0.25%
Amount funded to joint venture				54,514
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Alianca Transportadora de Gas Participacoes S.A., Midstream
Schedule of Investments [Line Items]
Principal amount				$ 70,610		$ 73,707
Variable rate				2.85%	2.85%	2.60%	2.60%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Blue Heron Intermediate Holdco I, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount				$ 31,244		$ 31,832
Variable rate				1.88%	1.88%	1.88%	1.88%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Cedar Creek II LLC, Renewables
Schedule of Investments [Line Items]
Principal amount				$ 8,160		$ 8,710
Variable rate				1.88%	1.88%	1.88%	1.88%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Copper Mountain Solar 3, LLC, Renewables
Schedule of Investments [Line Items]
Principal amount				$ 17,105		$ 17,804
Variable rate				1.88%	1.88%	1.75%	1.75%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: FLNG Liquefaction 2, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount				$ 27,375		$ 28,170
Variable rate				1.50%	1.50%	1.50%	1.50%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Largest Portfolio Company Investment
Schedule of Investments [Line Items]
Principal amount				$ 70,610		$ 73,707
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Meikle Wind Energy, LP, Renewables
Schedule of Investments [Line Items]
Principal amount					$ 15,471		$ 16,030
Variable rate				1.50%	1.50%	1.50%	1.50%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: NES Hercules Class B Member, LLC, Renewables
Schedule of Investments [Line Items]
Principal amount				$ 24,317		$ 24,487
Variable rate				1.65%	1.65%	1.50%	1.50%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: ST EIP Holdco LLC, Midstream
Schedule of Investments [Line Items]
Principal amount				$ 58,124		$ 58,673
Variable rate				2.50%	2.50%	2.50%	2.50%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Seine Funding, LLC
Schedule of Investments [Line Items]
Principal amount		$ 634,103
Floor rate		0.00%
Variable rate		1.20%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Top of the World Wind Energy LLC, Renewables
Schedule of Investments [Line Items]
Principal amount				$ 15,854		$ 18,373
Variable rate				1.88%	1.88%	1.88%	1.88%
Senior Secured Loan
Schedule of Investments [Line Items]
Number of senior secured loan investments | investment				3	3	6	6
Unfunded commitment with amortized cost				$ 10,568		$ 25,891
Partnership Interest | Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Unfunded commitment with amortized cost				$ 7,625	$ 858	$ 7,625	$ 858
Non-Controlled/Affiliated
Schedule of Investments [Line Items]
Number of investments in portfolio companies | company				4	4	6	6
Controlled/affiliated
Schedule of Investments [Line Items]
Number of investments in portfolio companies | company				3	3	3	3

[1] Denominated in U.S. dollars, unless otherwise noted.

[2] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[5] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2023, 73.7% of the Company’s total assets represented qualifying assets.

[6] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.55% and the Secured Overnight Financing Rate, or SOFR, or S, was 5.27%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[7] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[8] Denominated in U.S. dollars, unless otherwise noted.

[9] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[10] Security may be an obligation of one or more entities affiliated with the named company.

[11] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[12] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2022, 77.5% of the Company’s total assets represented qualifying assets.

[13] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2022, the three-month London Interbank Offered Rate, or LIBOR, or L, was 4.77% and the Secured Overnight Financing Rate, or SOFR, or S, was 4.59%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[14] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[15] Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Notes with JPMorgan Chase Bank, N.A. (see Note 9).

[16] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $8,436 $113 $(996)$— $— $7,553 $207 $113 Allied Wireline Services, LLC63,888 6,389 — — — 70,277 3,223 — Warren Resources, Inc.23,584 119 — — — 23,703 1,648 119 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — — — (949)50,149 — — Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (2,395)8,068 — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (7,551)29,431 — — $194,451 $6,621 $(996)$— $(10,895)$189,181 $5,078 $232  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[17] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $7,782 $654 $— $— $— $8,436 $— $654 $— Allied Wireline Services, LLC46,339 5,808 — — 11,741 63,888 316 5,808 — MECO IV Holdco, LLC22,745 455 (23,200)— — — — 455 — Warren Resources, Inc.23,688 237 (341)— — 23,584 2,620 237 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC50,770 — — — 328 51,098 — — 735 Equity/OtherAllied Wireline Services, LLC, Common Equity— — — — 10,463 10,463 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — MECO IV Holdco, LLC, Class A-1 Units4,181 — (18,060)15,899 (2,020)— — — — Warren Resources, Inc., Common Equity25,854 — — — 11,128 36,982 — — — $181,359 $7,154 $(41,601)$15,899 $31,640 $194,451 $2,936 $7,154 $735  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2022. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[18] Security is non-income producing.

[19] Security was on non-accrual status as of December 31, 2022.

[20] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[21] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[22] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[23] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[24] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $113 $— $— $(65)$4,815 $324 $48 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — — — (3,659)1,385 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 641 810 — — Limetree Bay Energy, LLC, Class A Units1,885 83 — (21,541)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (5,710)5,710 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $196 $(35,881)$(32,900)$15,528 $12,720 $324 $48  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[25] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Fee Income(3) Dividend Income(3) Senior Secured Loans—First LienLimetree Bay Energy, LLC$3,166 $— $(1,587)$(12,756)$11,177 $— $— $— $— $— Permian Production Holdings, LLC7,889 697 (3,674)551 (696)4,767 570 105 — — Senior Secured BondsGreat Western Petroleum, LLC58,055 96 (55,096)1,087 (4,142)— 2,649 — 7,268 — Equity/OtherGreat Western Petroleum, LLC, Common Equity40,731 — (84,871)54,081 (9,941)— — — — — GWP Midstream Holdco, LLC, Common Equity— 6,681 — — (1,637)5,044 — — — — Harvest Oil & Gas Corp., Common Equity2,836 — (743)— (1,283)810 — — — — Limetree Bay Energy, LLC, Class A Units6,046 1,795 — — (5,956)1,885 — — — — Permian Production Holdings, LLC, Common Equity8,829 4 — — 2,587 11,420 — — — 1,726 Ridgeback Resources Inc., Common Equity48,356 — (12,559)173 5,881 41,851 — — — 3,691 Telpico, LLC, Common Equity— — — — — — — — — — $175,908 $9,273 $(158,530)$43,136 $(4,010)$65,777 $3,219 $105 $7,268 $5,417  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK, fee and dividend income presented for the year ended December 31, 2022.

[26] Security is non-income producing.

[27] Security was on non-accrual status as of June 30, 2023.

[28] Includes the effect of swap contracts.

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Investment Portfolio - Investment Portfolio, at Fair Value and Percentage (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Investments, at fair value	$ 1,495,602	[1],[2]	$ 2,047,115	[3],[4]
Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	100.00%		100.00%
Energy—Upstream
Schedule of Investments [Line Items]
Investments, at fair value	$ 610,146		$ 854,974
Energy—Upstream | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	41.00%		42.00%
Energy—Midstream
Schedule of Investments [Line Items]
Investments, at fair value	$ 465,345		$ 646,488
Energy—Midstream | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	31.00%		32.00%
Energy—Power
Schedule of Investments [Line Items]
Investments, at fair value	$ 197,789		$ 386,007
Energy—Power | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	13.00%		19.00%
Energy—Service & Equipment
Schedule of Investments [Line Items]
Investments, at fair value	$ 95,968		$ 96,040
Energy—Service & Equipment | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	7.00%		5.00%
Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Investments, at fair value	$ 16,041		$ 0
Consumer Discretionary Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Insurance
Schedule of Investments [Line Items]
Investments, at fair value	$ 10,062		$ 0
Insurance | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Health Care Equipment & Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 8,562		$ 0
Health Care Equipment & Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Consumer Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 7,771		$ 0
Consumer Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Automobiles & Components
Schedule of Investments [Line Items]
Investments, at fair value	$ 6,853		$ 0
Automobiles & Components | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.00%		0.00%
Transportation
Schedule of Investments [Line Items]
Investments, at fair value	$ 4,830		$ 0
Transportation | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.00%		0.00%
Commercial & Professional Services
Schedule of Investments [Line Items]
Investments, at fair value	$ 17,619		$ 12,508
Commercial & Professional Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.00%		0.00%
Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Investments, at fair value	$ 4,467		$ 0
Consumer Staples Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.00%		0.00%
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Investments, at fair value	$ 50,149		$ 51,098
Sustainable Infrastructure Investments, LLC | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	3.00%		2.00%

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Investment Portfolio - Individual Loans in SIIJV’s portfolio (Details) $ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($) portfolio_asset		Jun. 30, 2023 CAD ($) portfolio_asset		Dec. 31, 2022 USD ($) portfolio_asset		Dec. 31, 2022 CAD ($) portfolio_asset		Jan. 02, 2020 USD ($)
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount	$ 23,071	[1],[2],[3],[4],[5]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	5,359	[1],[2],[3],[4],[5],[6]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 1
Schedule of Investments [Line Items]
Principal amount					$ 22,734	[7],[8],[9],[10],[11]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 2
Schedule of Investments [Line Items]
Principal amount					5,359	[7],[8],[9],[10],[11],[12]
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Schedule of Investments [Line Items]
Principal amount	9,975	[1],[3]
Investment, Identifier [Axis]: Aethon III BR LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	20,000	[1],[2],[3]
Investment, Identifier [Axis]: Aethon III BR LLC, Upstream
Schedule of Investments [Line Items]
Principal amount					20,000	[7],[8],[9],[13]
Investment, Identifier [Axis]: Aethon United BR LP, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 40,500	[1],[3]
Weighted average current interest rate on debt investments	8.30%	[3],[14]	8.30%	[3],[14]
Investment, Identifier [Axis]: Aethon United BR LP, Upstream
Schedule of Investments [Line Items]
Principal amount					$ 40,500	[7],[9],[13]
Weighted average current interest rate on debt investments					8.30%	[9],[13]	8.30%	[9],[13]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 1
Schedule of Investments [Line Items]
Principal amount	$ 7,553	[1],[2],[3],[15]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 2
Schedule of Investments [Line Items]
Principal amount	2,500	[1],[2],[3],[6],[15]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 1
Schedule of Investments [Line Items]
Principal amount					$ 8,436	[7],[8],[9],[13],[16]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 2
Schedule of Investments [Line Items]
Principal amount					2,500	[7],[8],[9],[12],[16]
Investment, Identifier [Axis]: Allied Universal Holdco, LLC, Consumer Services
Schedule of Investments [Line Items]
Principal amount	7,980	[1],[3]
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Schedule of Investments [Line Items]
Principal amount	70,277	[1],[2],[3],[15]
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Service & Equipment
Schedule of Investments [Line Items]
Principal amount					63,888	[7],[8],[9],[13],[16]
Investment, Identifier [Axis]: Archrock Partners, L.P., Midstream
Schedule of Investments [Line Items]
Principal amount					$ 3,098	[7],[9],[11],[13]
Weighted average current interest rate on debt investments					6.30%	[9],[11],[13]	6.30%	[9],[11],[13]
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Schedule of Investments [Line Items]
Principal amount	9,975	[1],[3]
Investment, Identifier [Axis]: Brazos Delaware II LLC, Midstream
Schedule of Investments [Line Items]
Principal amount					$ 39,259	[7],[9]
Investment, Identifier [Axis]: CPV Maryland, LLC, Power
Schedule of Investments [Line Items]
Principal amount					14,286	[7],[9]
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount	23,601	[1],[3]
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Power
Schedule of Investments [Line Items]
Principal amount					23,601	[7],[9]
Investment, Identifier [Axis]: Cimarron Energy Inc., Service & Equipment
Schedule of Investments [Line Items]
Principal amount					7,500	[7],[8],[9],[13],[17],[18]
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	37,000	[1],[2],[3]
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount					39,000	[7],[8],[9],[13]
Investment, Identifier [Axis]: Compass Power Generation LLC, Power
Schedule of Investments [Line Items]
Principal amount					31,575	[7],[9]
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 100,000	[1],[2],[3],[19],[20]
Weighted average current interest rate on debt investments	12.70%	[2],[3],[14],[19],[20]	12.70%	[2],[3],[14],[19],[20]
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Upstream
Schedule of Investments [Line Items]
Principal amount					$ 100,000	[7],[8],[9],[21],[22]
Weighted average current interest rate on debt investments					12.90%	[8],[9],[21],[22]	12.90%	[8],[9],[21],[22]
Investment, Identifier [Axis]: EIF Van Hook Holdings, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount					$ 26,882	[7],[9]
Investment, Identifier [Axis]: ERA II Minerals, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 35,000	[1],[2],[3]
Investment, Identifier [Axis]: ERA II Minerals, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount					37,000	[7],[8],[9],[13]
Investment, Identifier [Axis]: Earthstone Energy Holdings, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount					$ 11,400	[7],[9],[11]
Weighted average current interest rate on debt investments					8.00%	[9],[11]	8.00%	[9],[11]
Investment, Identifier [Axis]: Endeavor Energy Resources, L.P., Upstream
Schedule of Investments [Line Items]
Principal amount					$ 24,299	[7],[9],[13]
Weighted average current interest rate on debt investments					5.80%	[9],[13]	5.80%	[9],[13]
Investment, Identifier [Axis]: FR BR Holdings LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	81,041	[1],[2],[3]
Investment, Identifier [Axis]: FR BR Holdings LLC, Midstream
Schedule of Investments [Line Items]
Principal amount					$ 81,582	[7],[8],[9],[13]
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	17,197	[1],[2],[3]
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount					17,347	[7],[8],[9]
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Schedule of Investments [Line Items]
Principal amount	6,982	[1],[3]
Investment, Identifier [Axis]: GIP II Blue Holding LP, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	4,763	[1],[3]
Investment, Identifier [Axis]: GIP II Blue Holding LP, Midstream
Schedule of Investments [Line Items]
Principal amount					5,918	[7],[9]
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	$ 14,648	[1],[2],[3],[5]
Weighted average current interest rate on debt investments	7.80%	[2],[3],[5],[14]	7.80%	[2],[3],[5],[14]
Investment, Identifier [Axis]: GasLog Ltd., Midstream
Schedule of Investments [Line Items]
Principal amount					14,648	[7],[8],[9],[11]
Investment, Identifier [Axis]: Generation Bridge LLC, Power 1
Schedule of Investments [Line Items]
Principal amount					7,432	[7],[9]
Investment, Identifier [Axis]: Generation Bridge LLC, Power 2
Schedule of Investments [Line Items]
Principal amount					163	[7],[9]
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	$ 14,741	[1],[2],[3]
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount					14,963	[7],[8],[9]
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	$ 10,000	[1],[3]
Weighted average current interest rate on debt investments	8.50%	[3],[14]	8.50%	[3],[14]
Investment, Identifier [Axis]: Hamilton Intermediate Holdings, LLC, Power
Schedule of Investments [Line Items]
Principal amount					30,391	[7],[8],[9]
Investment, Identifier [Axis]: Hammerhead Resources Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 37,225	[1],[2],[3],[5]
Investment, Identifier [Axis]: Hammerhead Resources Inc., Upstream
Schedule of Investments [Line Items]
Principal amount					35,118	[7],[8],[9],[11],[13]
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, LP, Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	6,982	[1],[3]
Investment, Identifier [Axis]: Medallion Midland Acquisition LP, Midstream
Schedule of Investments [Line Items]
Principal amount					7,920	[7],[9]
Investment, Identifier [Axis]: Meritage Midstream Services II, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	21,857	[1],[2],[3]
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 11,693	[1],[3]
Weighted average current interest rate on debt investments	7.50%	[3],[14]	7.50%	[3],[14]
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount					$ 11,693	[7],[9],[13]
Weighted average current interest rate on debt investments					7.50%	[9],[13]	7.50%	[9],[13]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments	14.20%	[2],[3],[5],[14],[23],[24]	14.20%	[2],[3],[5],[14],[23],[24]
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments					14.20%	[8],[9],[11],[13],[17],[18]	14.20%	[8],[9],[11],[13],[17],[18]
Investment, Identifier [Axis]: NRG Energy, Inc., Power
Schedule of Investments [Line Items]
Principal amount					$ 19,125	[7],[9],[11]
Weighted average current interest rate on debt investments					3.90%	[9],[11]	3.90%	[9],[11]
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Schedule of Investments [Line Items]
Principal amount	$ 5,000	[1],[3],[5]
Weighted average current interest rate on debt investments	10.80%	[3],[5],[14]	10.80%	[3],[5],[14]
Investment, Identifier [Axis]: NuStar, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments	12.80%	[2],[3],[5],[14]	12.80%	[2],[3],[5],[14]
Investment, Identifier [Axis]: NuStar, Preferred Equity, Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments					12.80%	[8],[9],[11],[13]	12.80%	[8],[9],[11],[13]
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 1
Schedule of Investments [Line Items]
Principal amount					$ 18,659	[7],[8],[9]
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 2
Schedule of Investments [Line Items]
Principal amount					11,341	[7],[8],[9],[12]
Investment, Identifier [Axis]: Oryx Midstream Services Permian Basin LLC, Midstream
Schedule of Investments [Line Items]
Principal amount					32,357	[7],[9],[13]
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount	$ 5,760	[1],[3]
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	43,689	[1],[3]
Investment, Identifier [Axis]: Parkway Generation LLC, Power 1
Schedule of Investments [Line Items]
Principal amount					5,760	[7],[9]
Investment, Identifier [Axis]: Parkway Generation LLC, Power 2
Schedule of Investments [Line Items]
Principal amount					43,910	[7],[9]
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 1
Schedule of Investments [Line Items]
Principal amount					13,545	[7],[8],[9],[13]
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 2
Schedule of Investments [Line Items]
Principal amount					1,505	[7],[8],[9],[12]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 4,815	[1],[2],[3],[25]
Weighted average current interest rate on debt investments	7.00%	[2],[3],[14],[25]	7.00%	[2],[3],[14],[25]
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount					$ 4,767	[7],[8],[9],[13],[26]
Weighted average current interest rate on debt investments					7.00%	[8],[9],[13],[26]	7.00%	[8],[9],[13],[26]
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 1
Schedule of Investments [Line Items]
Principal amount					$ 26,365	[7],[9]
Weighted average current interest rate on debt investments					7.80%	[9]	7.80%	[9]
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 2
Schedule of Investments [Line Items]
Principal amount					$ 5,200	[7],[9],[13]
Weighted average current interest rate on debt investments					5.90%	[9],[13]	5.90%	[9],[13]
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	$ 9,370	[1],[2],[3]
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 1
Schedule of Investments [Line Items]
Principal amount					$ 9,370	[7],[8],[9]
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 2
Schedule of Investments [Line Items]
Principal amount					2,477	[7],[8],[9],[12]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount	$ 13,297	[1],[2],[3],[23],[24]
Weighted average current interest rate on debt investments	6.00%	[2],[3],[14],[23],[24]	6.00%	[2],[3],[14],[23],[24]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	$ 4,015	[1],[2],[3],[23],[24]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Schedule of Investments [Line Items]
Principal amount	$ 2,709	[1],[2],[3],[6]
Weighted average current interest rate on debt investments	10.00%	[2],[3],[6],[14]	10.00%	[2],[3],[6],[14]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Power
Schedule of Investments [Line Items]
Principal amount					$ 2,709	[7],[8],[9],[12]
Weighted average current interest rate on debt investments					10.00%	[8],[9],[12]	10.00%	[8],[9],[12]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 1
Schedule of Investments [Line Items]
Principal amount					$ 12,121	[7],[8],[9],[13]
Weighted average current interest rate on debt investments					6.00%	[8],[9],[13]	6.00%	[8],[9],[13]
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 2
Schedule of Investments [Line Items]
Principal amount					$ 3,643	[7],[8],[9],[13]
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount	$ 58,164	[1],[2],[3]
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Power
Schedule of Investments [Line Items]
Principal amount					58,459	[7],[8],[9]
Investment, Identifier [Axis]: Ranger Oil Corp., Upstream
Schedule of Investments [Line Items]
Principal amount					$ 29,772	[7],[9],[11]
Weighted average current interest rate on debt investments					9.30%	[9],[11]	9.30%	[9],[11]
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	$ 10,473	[1],[2],[3]
Weighted average current interest rate on debt investments	6.30%	[2],[3],[14]	6.30%	[2],[3],[14]
Investment, Identifier [Axis]: ST EIP Holdings Inc., Midstream
Schedule of Investments [Line Items]
Principal amount					$ 10,526	[7],[8],[9]
Weighted average current interest rate on debt investments					6.30%	[8],[9]	6.30%	[8],[9]
Investment, Identifier [Axis]: Segreto Power Holdings, LLC, Preferred Equity, Power
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments					13.10%	[8],[9],[13],[17],[18],[27]	13.10%	[8],[9],[13],[17],[18],[27]
Investment, Identifier [Axis]: SilverBow Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 14,250	[1],[2],[3],[5]
Investment, Identifier [Axis]: SilverBow Resources, Inc., Upstream
Schedule of Investments [Line Items]
Principal amount					$ 14,250	[7],[8],[9],[11],[13]
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	18,500	[1],[2],[3],[5]
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Upstream
Schedule of Investments [Line Items]
Principal amount					19,500	[7],[8],[9],[11],[13]
Investment, Identifier [Axis]: Suburban Propane Partners LP, Midstream
Schedule of Investments [Line Items]
Principal amount					$ 7,590	[7],[9],[11],[13]
Weighted average current interest rate on debt investments					5.00%	[9],[11],[13]	5.00%	[9],[11],[13]
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount	60,603	[1],[2],[3],[5],[15],[23]
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Power
Schedule of Investments [Line Items]
Principal amount					$ 60,603	[8],[9],[16],[28]
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	4,747	[1],[3]
Investment, Identifier [Axis]: Tallgrass Energy Partners, LP, Midstream
Schedule of Investments [Line Items]
Principal amount					$ 19,761	[7],[9],[13]
Weighted average current interest rate on debt investments					6.00%	[9],[13]	6.00%	[9],[13]
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	20,537	[1],[2],[3]
Investment, Identifier [Axis]: Tenrgys, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount					$ 20,537	[7],[8],[9],[13]
Investment, Identifier [Axis]: Traverse Midstream Partners LLC, Midstream
Schedule of Investments [Line Items]
Principal amount					$ 28,436	[7],[9]
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Schedule of Investments [Line Items]
Principal amount	$ 4,987	[1],[3]
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments	9.80%	[2],[3],[5],[14]	9.80%	[2],[3],[5],[14]
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Midstream
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments					9.80%	[8],[9]	9.80%	[8],[9]
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	$ 23,703	[1],[2],[3],[15]
Investment, Identifier [Axis]: Warren Resources, Inc., Upstream
Schedule of Investments [Line Items]
Principal amount					$ 23,584	[7],[8],[9],[16]
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Schedule of Investments [Line Items]
Principal amount	42,938	[1],[2],[3]
Investment, Identifier [Axis]: Wattbridge Inc., Power
Schedule of Investments [Line Items]
Principal amount					42,500	[7],[8],[9]
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Principal amount	$ 264,692				$ 274,088
Number of portfolio assets in SIIJV | portfolio_asset	9		9		9		9
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Alianca Transportadora de Gas Participacoes S.A., Midstream
Schedule of Investments [Line Items]
Principal amount	$ 70,610				$ 73,707
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Blue Heron Intermediate Holdco I, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	31,244				31,832
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Cedar Creek II LLC, Renewables
Schedule of Investments [Line Items]
Principal amount	8,160				8,710
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Copper Mountain Solar 3, LLC, Renewables
Schedule of Investments [Line Items]
Principal amount	17,105				17,804
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: FLNG Liquefaction 2, LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	27,375				28,170
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Largest Portfolio Company Investment
Schedule of Investments [Line Items]
Principal amount	70,610				73,707
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Meikle Wind Energy, LP, Renewables
Schedule of Investments [Line Items]
Principal amount			$ 15,471				$ 16,030
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: NES Hercules Class B Member, LLC, Renewables
Schedule of Investments [Line Items]
Principal amount	24,317				24,487
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: ST EIP Holdco LLC, Midstream
Schedule of Investments [Line Items]
Principal amount	58,124				58,673
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Seine Funding, LLC
Schedule of Investments [Line Items]
Principal amount									$ 634,103
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Top of the World Wind Energy LLC, Renewables
Schedule of Investments [Line Items]
Principal amount	$ 15,854				$ 18,373
Sustainable Infrastructure Investments, LLC | Weighted Average
Schedule of Investments [Line Items]
Weighted average current interest rate on debt investments	7.60%		7.60%		6.96%		6.96%

[1] Denominated in U.S. dollars, unless otherwise noted.

[2] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[5] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2023, 73.7% of the Company’s total assets represented qualifying assets.

[6] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[7] Denominated in U.S. dollars, unless otherwise noted.

[8] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[9] Security may be an obligation of one or more entities affiliated with the named company.

[10] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[11] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2022, 77.5% of the Company’s total assets represented qualifying assets.

[12] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[13] Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Notes with JPMorgan Chase Bank, N.A. (see Note 9).

[14] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.55% and the Secured Overnight Financing Rate, or SOFR, or S, was 5.27%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[15] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $8,436 $113 $(996)$— $— $7,553 $207 $113 Allied Wireline Services, LLC63,888 6,389 — — — 70,277 3,223 — Warren Resources, Inc.23,584 119 — — — 23,703 1,648 119 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — — — (949)50,149 — — Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (2,395)8,068 — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (7,551)29,431 — — $194,451 $6,621 $(996)$— $(10,895)$189,181 $5,078 $232  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[16] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $7,782 $654 $— $— $— $8,436 $— $654 $— Allied Wireline Services, LLC46,339 5,808 — — 11,741 63,888 316 5,808 — MECO IV Holdco, LLC22,745 455 (23,200)— — — — 455 — Warren Resources, Inc.23,688 237 (341)— — 23,584 2,620 237 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC50,770 — — — 328 51,098 — — 735 Equity/OtherAllied Wireline Services, LLC, Common Equity— — — — 10,463 10,463 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — MECO IV Holdco, LLC, Class A-1 Units4,181 — (18,060)15,899 (2,020)— — — — Warren Resources, Inc., Common Equity25,854 — — — 11,128 36,982 — — — $181,359 $7,154 $(41,601)$15,899 $31,640 $194,451 $2,936 $7,154 $735  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2022. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[17] Security is non-income producing.

[18] Security was on non-accrual status as of December 31, 2022.

[19] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[20] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[21] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[22] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[23] Security is non-income producing.

[24] Security was on non-accrual status as of June 30, 2023.

[25] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $113 $— $— $(65)$4,815 $324 $48 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — — — (3,659)1,385 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 641 810 — — Limetree Bay Energy, LLC, Class A Units1,885 83 — (21,541)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (5,710)5,710 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $196 $(35,881)$(32,900)$15,528 $12,720 $324 $48  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[26] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Fee Income(3) Dividend Income(3) Senior Secured Loans—First LienLimetree Bay Energy, LLC$3,166 $— $(1,587)$(12,756)$11,177 $— $— $— $— $— Permian Production Holdings, LLC7,889 697 (3,674)551 (696)4,767 570 105 — — Senior Secured BondsGreat Western Petroleum, LLC58,055 96 (55,096)1,087 (4,142)— 2,649 — 7,268 — Equity/OtherGreat Western Petroleum, LLC, Common Equity40,731 — (84,871)54,081 (9,941)— — — — — GWP Midstream Holdco, LLC, Common Equity— 6,681 — — (1,637)5,044 — — — — Harvest Oil & Gas Corp., Common Equity2,836 — (743)— (1,283)810 — — — — Limetree Bay Energy, LLC, Class A Units6,046 1,795 — — (5,956)1,885 — — — — Permian Production Holdings, LLC, Common Equity8,829 4 — — 2,587 11,420 — — — 1,726 Ridgeback Resources Inc., Common Equity48,356 — (12,559)173 5,881 41,851 — — — 3,691 Telpico, LLC, Common Equity— — — — — — — — — — $175,908 $9,273 $(158,530)$43,136 $(4,010)$65,777 $3,219 $105 $7,268 $5,417  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK, fee and dividend income presented for the year ended December 31, 2022.

[27] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[28] Includes the effect of swap contracts.

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Investment Portfolio - Sustainable Infrastructure Investments, LLC Portfolio (Details) $ in Thousands, $ in Thousands		Jun. 30, 2023 USD ($)		Jun. 30, 2023 CAD ($)		Dec. 31, 2022 USD ($)		Dec. 31, 2022 CAD ($)		Dec. 31, 2021 USD ($)		Jan. 02, 2020 USD ($)
Schedule of Investments [Line Items]
Amortized Cost		$ 1,406,338	[1]			$ 1,922,940	[2]
Investments, at fair value		$ 1,495,602	[1],[3]			$ 2,047,115	[2],[4]
Percent of net assets		89.00%	[1]	89.00%	[1]	116.70%	[2]	116.70%	[2]
London Interbank Offered Rate (LIBOR)
Schedule of Investments [Line Items]
Investment, variable rate		5.55%		5.55%		4.77%		4.77%
Secured Overnight Financing Rate
Schedule of Investments [Line Items]
Investment, variable rate		5.27%		5.27%		4.59%		4.59%
Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost		$ 531,752	[1]			$ 702,842	[2]
Investments, at fair value		$ 522,029	[1],[3]			$ 706,646	[2],[4]
Percent of net assets		31.10%	[1]	31.10%	[1]	40.30%	[2]	40.30%	[2]
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 1
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6],[7],[8]	4.00%		4.00%
Principal amount	[1],[6],[7],[8],[9]	$ 23,071
Amortized Cost	[1],[6],[7],[8]	20,419
Investments, at fair value	[1],[3],[6],[7],[8]	$ 23,243
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Energy—Power 2
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6],[7],[8],[10]	4.00%		4.00%
Principal amount	[1],[6],[7],[8],[9],[10]	$ 5,359
Amortized Cost	[1],[6],[7],[8],[10]	5,359
Investments, at fair value	[1],[3],[6],[7],[8],[10]	5,399
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 1
Schedule of Investments [Line Items]
Variable rate	[2],[11],[12],[13]					4.00%		4.00%
Principal amount	[2],[11],[12],[13],[14]					$ 22,734
Amortized Cost	[2],[11],[12],[13]					20,082
Investments, at fair value	[2],[4],[11],[12],[13]					$ 23,519
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Power 2
Schedule of Investments [Line Items]
Variable rate	[2],[11],[12],[13],[15]					4.00%		4.00%
Principal amount	[2],[11],[12],[13],[14],[15]					$ 5,359
Amortized Cost	[2],[11],[12],[13],[15]					5,359
Investments, at fair value	[2],[4],[11],[12],[13],[15]					5,545
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Energy—Power
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[7],[8],[16]	2,652
Investments, at fair value	[1],[3],[6],[7],[8],[16]	2,223
Investment, Identifier [Axis]: AIRRO (Mauritius) Holdings II, Warrants, Strike: $1.00, Power
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[12],[13],[17],[18]					2,652
Investments, at fair value	[2],[4],[11],[12],[13],[17],[18]					1,630
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16]	6,944
Investments, at fair value	[1],[3],[6],[16]	1,243
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Common Equity, Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18]					6,944
Investments, at fair value	[2],[4],[11],[17],[18]					1,219
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16]	1,447
Investments, at fair value	[1],[3],[6],[16]	$ 8,827
Investment, Identifier [Axis]: Abaco Energy Technologies LLC, Preferred Equity, Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18]					1,447
Investments, at fair value	[2],[4],[11],[17],[18]					$ 8,321
Investment, Identifier [Axis]: Acrisure, LLC, Insurance
Schedule of Investments [Line Items]
Variable rate	[1],[5]	5.75%		5.75%
Principal amount	[1],[9]	$ 9,975
Amortized Cost	[1]	10,044
Investments, at fair value	[1],[3]	$ 10,062
Investment, Identifier [Axis]: Aethon III BR LLC, Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	7.50%		7.50%
Principal amount	[1],[6],[9]	$ 20,000
Amortized Cost	[1],[6]	19,877
Investments, at fair value	[1],[3],[6]	20,081
Investment, Identifier [Axis]: Aethon III BR LLC, Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[18]					7.50%		7.50%
Principal amount	[2],[11],[14],[18]					$ 20,000
Amortized Cost	[2],[11],[18]					19,848
Investments, at fair value	[2],[4],[11],[18]					20,138
Investment, Identifier [Axis]: Aethon United BR LP, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[9]	40,500
Amortized Cost	[1]	40,500
Investments, at fair value	[1],[3]	39,828
Investment, Identifier [Axis]: Aethon United BR LP, Upstream
Schedule of Investments [Line Items]
Principal amount	[2],[14],[18]					40,500
Amortized Cost	[2],[18]					40,500
Investments, at fair value	[2],[4],[18]					40,221
Investment, Identifier [Axis]: AirSwift Holdings, Ltd., Common Equity, Commercial & Professional Services
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8],[16]	6,029
Investments, at fair value	[1],[3],[6],[8],[16]	3,038
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC
Schedule of Investments [Line Items]
Investments, at fair value		7,553	[19]			8,436	[19],[20]			$ 7,782	[20]
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 1
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[21]	7,553
Amortized Cost	[1],[6],[21]	7,553
Investments, at fair value	[1],[3],[6],[21]	7,553
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Energy—Service & Equipment 2
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[10],[21]	2,500
Amortized Cost	[1],[6],[10],[21]	2,500
Investments, at fair value	[1],[3],[6],[10],[21]	$ 2,500
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 1
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[18],[22]					8,436
Amortized Cost	[2],[11],[18],[22]					8,436
Investments, at fair value	[2],[4],[11],[18],[22]					8,436
Investment, Identifier [Axis]: Allied Downhole Technologies, LLC, Service & Equipment 2
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[15],[22]					2,500
Amortized Cost	[2],[11],[15],[22]					2,500
Investments, at fair value	[2],[4],[11],[15],[22]					2,500
Investment, Identifier [Axis]: Allied Universal Holdco, LLC, Consumer Services
Schedule of Investments [Line Items]
Variable rate	[1],[5]	3.75%		3.75%
Principal amount	[1],[9]	$ 7,980
Amortized Cost	[1]	7,671
Investments, at fair value	[1],[3]	7,771
Investment, Identifier [Axis]: Allied Wireline Services, LLC
Schedule of Investments [Line Items]
Investments, at fair value		70,277				63,888				46,339
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		8,068				10,463				0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[21],[23]	1,527
Investments, at fair value	[1],[3],[6],[16],[21],[23]	8,068
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Common Equity, Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[22],[24]					1,527
Investments, at fair value	[2],[4],[11],[17],[18],[22],[24]					10,463
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Energy—Service & Equipment
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[21]	70,277
Amortized Cost	[1],[6],[21]	70,277
Investments, at fair value	[1],[3],[6],[21]	70,277
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Service & Equipment
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[18],[22]					63,888
Amortized Cost	[2],[11],[18],[22]					63,888
Investments, at fair value	[2],[4],[11],[18],[22]					63,888
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants
Schedule of Investments [Line Items]
Investments, at fair value		0				0				0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Energy—Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[21],[23]	0
Investments, at fair value	[1],[3],[6],[16],[21],[23]	0
Investment, Identifier [Axis]: Allied Wireline Services, LLC, Warrants, Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[22],[24]					0
Investments, at fair value	[2],[4],[11],[17],[18],[22],[24]					0
Investment, Identifier [Axis]: Archrock Partners, L.P., Midstream
Schedule of Investments [Line Items]
Principal amount	[2],[13],[14],[18]					3,098
Amortized Cost	[2],[13],[18]					3,168
Investments, at fair value	[2],[4],[13],[18]					2,840
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6]	351
Investments, at fair value	[1],[3],[6]	488
Investment, Identifier [Axis]: Arena Energy, LP, Contingent Value Rights, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18]					351
Investments, at fair value	[2],[4],[11],[17],[18]					858
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[23]	44,700
Investments, at fair value	[1],[3],[6],[16],[23]	$ 31,895
Investment, Identifier [Axis]: Ascent Resources Utica Holdings, LLC, Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[24]					44,700
Investments, at fair value	[2],[4],[11],[17],[18],[24]					$ 52,340
Investment, Identifier [Axis]: Aveanna Healthcare LLC, Health Care Equipment & Services
Schedule of Investments [Line Items]
Variable rate	[1],[5]	3.75%		3.75%
Principal amount	[1],[9]	$ 9,975
Amortized Cost	[1]	8,583
Investments, at fair value	[1],[3]	$ 8,562
Investment, Identifier [Axis]: Brazos Delaware II LLC, Midstream
Schedule of Investments [Line Items]
Variable rate	[2]					4.00%		4.00%
Principal amount	[2],[14]					$ 39,259
Amortized Cost	[2]					38,085
Investments, at fair value	[2],[4]					$ 39,137
Investment, Identifier [Axis]: CPV Maryland, LLC, Power
Schedule of Investments [Line Items]
Variable rate	[2]					4.00%		4.00%
Principal amount	[2],[14]					$ 14,286
Amortized Cost	[2]					14,146
Investments, at fair value	[2],[4]					$ 14,155
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Energy—Power
Schedule of Investments [Line Items]
Variable rate	[1],[5]	3.75%		3.75%
Principal amount	[1],[9]	$ 23,601
Amortized Cost	[1]	22,880
Investments, at fair value	[1],[3]	$ 21,765
Investment, Identifier [Axis]: CPV Shore Holdings LLC, Power
Schedule of Investments [Line Items]
Variable rate	[2]					3.75%		3.75%
Principal amount	[2],[14]					$ 23,601
Amortized Cost	[2]					22,760
Investments, at fair value	[2],[4]					21,935
Investment, Identifier [Axis]: Cimarron Energy Holdco Inc., Common Equity, Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18]					3,950
Investments, at fair value	[2],[4],[11],[17],[18]					0
Investment, Identifier [Axis]: Cimarron Energy Holdco Inc., Participation Option, Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18]					1,289
Investments, at fair value	[2],[4],[11],[17],[18]					$ 0
Investment, Identifier [Axis]: Cimarron Energy Inc., Service & Equipment
Schedule of Investments [Line Items]
Variable rate	[2],[11],[17],[18],[25]					9.00%		9.00%
Principal amount	[2],[11],[14],[17],[18],[25]					$ 7,500
Amortized Cost	[2],[11],[17],[18],[25]					6,563
Investments, at fair value	[2],[4],[11],[17],[18],[25]					$ 3,713
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	7.65%		7.65%
Principal amount	[1],[6],[9]	$ 37,000
Amortized Cost	[1],[6]	36,491
Investments, at fair value	[1],[3],[6]	36,360
Investment, Identifier [Axis]: Citizen Energy Operating, LLC, Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[18]					7.65%		7.65%
Principal amount	[2],[11],[14],[18]					$ 39,000
Amortized Cost	[2],[11],[18]					38,440
Investments, at fair value	[2],[4],[11],[18]					$ 38,240
Investment, Identifier [Axis]: Compass Power Generation LLC, Power
Schedule of Investments [Line Items]
Variable rate	[2]					4.25%		4.25%
Principal amount	[2],[14]					$ 31,575
Amortized Cost	[2]					30,712
Investments, at fair value	[2],[4]					31,384
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[26],[27]	100,000
Amortized Cost	[1],[6],[26],[27]	6,120
Investments, at fair value	[1],[3],[6],[26],[27]	$ 8,507
Investment, Identifier [Axis]: Cox Oil Offshore, LLC, Volumetric Production Payments, Upstream
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[28],[29]					100,000
Amortized Cost	[2],[11],[28],[29]					11,081
Investments, at fair value	[2],[4],[11],[28],[29]					$ 20,683
Investment, Identifier [Axis]: EIF Van Hook Holdings, LLC, Midstream
Schedule of Investments [Line Items]
Variable rate	[2]					5.25%		5.25%
Principal amount	[2],[14]					$ 26,882
Amortized Cost	[2]					26,609
Investments, at fair value	[2],[4]					$ 26,075
Investment, Identifier [Axis]: ERA II Minerals, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	6.25%		6.25%
Principal amount	[1],[6],[9]	$ 35,000
Amortized Cost	[1],[6]	34,658
Investments, at fair value	[1],[3],[6]	$ 34,636
Investment, Identifier [Axis]: ERA II Minerals, LLC, Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[18]					6.25%		6.25%
Principal amount	[2],[11],[14],[18]					$ 37,000
Amortized Cost	[2],[11],[18]					36,601
Investments, at fair value	[2],[4],[11],[18]					36,656
Investment, Identifier [Axis]: Earthstone Energy Holdings, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[2],[13],[14]					11,400
Amortized Cost	[2],[13]					11,400
Investments, at fair value	[2],[4],[13]					10,920
Investment, Identifier [Axis]: Endeavor Energy Resources, L.P., Upstream
Schedule of Investments [Line Items]
Principal amount	[2],[14],[18]					24,299
Amortized Cost	[2],[18]					25,388
Investments, at fair value	[2],[4],[18]					$ 23,306
Investment, Identifier [Axis]: FR BR Holdings LLC, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	6.50%		6.50%
Principal amount	[1],[6],[9]	$ 81,041
Amortized Cost	[1],[6]	80,414
Investments, at fair value	[1],[3],[6]	$ 81,008
Investment, Identifier [Axis]: FR BR Holdings LLC, Midstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[18]					6.50%		6.50%
Principal amount	[2],[11],[14],[18]					$ 81,582
Amortized Cost	[2],[11],[18]					80,371
Investments, at fair value	[2],[4],[11],[18]					$ 81,361
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	7.50%		7.50%
Principal amount	[1],[6],[9]	$ 17,197
Amortized Cost	[1],[6]	16,978
Investments, at fair value	[1],[3],[6]	$ 17,233
Investment, Identifier [Axis]: FR XIII PAA Holdings HoldCo, LLC, Midstream
Schedule of Investments [Line Items]
Variable rate	[2],[11]					7.50%		7.50%
Principal amount	[2],[11],[14]					$ 17,347
Amortized Cost	[2],[11]					17,103
Investments, at fair value	[2],[4],[11]					$ 17,406
Investment, Identifier [Axis]: First Brands Group, LLC, Automobiles & Components
Schedule of Investments [Line Items]
Variable rate	[1],[5]	5.00%		5.00%
Principal amount	[1],[9]	$ 6,982
Amortized Cost	[1]	6,817
Investments, at fair value	[1],[3]	$ 6,853
Investment, Identifier [Axis]: GIP II Blue Holding LP, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[1],[5]	4.50%		4.50%
Principal amount	[1],[9]	$ 4,763
Amortized Cost	[1]	4,706
Investments, at fair value	[1],[3]	4,785
Investment, Identifier [Axis]: GIP II Blue Holding LP, Midstream
Schedule of Investments [Line Items]
Variable rate	[2]					4.50%		4.50%
Principal amount	[2],[14]					$ 5,918
Amortized Cost	[2]					5,842
Investments, at fair value	[2],[4]					5,877
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		1,385				5,044				0
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[23],[30]	6,681
Investments, at fair value	[1],[3],[6],[16],[23],[30]	1,385
Investment, Identifier [Axis]: GWP Midstream Holdco, LLC, Common Equity, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[24],[31]					6,681
Investments, at fair value	[2],[4],[11],[17],[18],[24],[31]					$ 5,044
Investment, Identifier [Axis]: GasLog Ltd., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[6],[8],[9]	14,648
Amortized Cost	[1],[6],[8]	14,562
Investments, at fair value	[1],[3],[6],[8]	14,012
Investment, Identifier [Axis]: GasLog Ltd., Midstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[13]					7.75%		7.75%
Principal amount	[2],[11],[13],[14]					$ 14,648
Amortized Cost	[2],[11],[13]					14,556
Investments, at fair value	[2],[4],[11],[13]					$ 14,010
Investment, Identifier [Axis]: Generation Bridge LLC, Power 1
Schedule of Investments [Line Items]
Variable rate	[2]					5.00%		5.00%
Principal amount	[2],[14]					$ 7,432
Amortized Cost	[2]					7,305
Investments, at fair value	[2],[4]					$ 7,385
Investment, Identifier [Axis]: Generation Bridge LLC, Power 2
Schedule of Investments [Line Items]
Variable rate	[2]					5.00%		5.00%
Principal amount	[2],[14]					$ 163
Amortized Cost	[2]					160
Investments, at fair value	[2],[4]					162
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 1
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16]	2,786
Investments, at fair value	[1],[3],[6],[16]	0
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Commercial & Professional Services 2
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[32]	12,493
Investments, at fair value	[1],[3],[6],[16],[32]	$ 9,978
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Industrials 1
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18]					2,786
Investments, at fair value	[2],[4],[11],[17],[18]					0
Investment, Identifier [Axis]: Global Jet Capital Holdings, LP, Preferred Equity, Industrials 2
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[25]					12,493
Investments, at fair value	[2],[4],[11],[17],[18],[25]					$ 9,377
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	7.00%		7.00%
Principal amount	[1],[6],[9]	$ 14,741
Amortized Cost	[1],[6]	14,544
Investments, at fair value	[1],[3],[6]	14,586
Investment, Identifier [Axis]: Goodnight Water Solutions, LLC, Midstream
Schedule of Investments [Line Items]
Variable rate	[2],[11]					7.25%		7.25%
Principal amount	[2],[11],[14]					$ 14,963
Amortized Cost	[2],[11]					14,752
Investments, at fair value	[2],[4],[11]					14,819
Investment, Identifier [Axis]: Great Western Petroleum, LLC
Schedule of Investments [Line Items]
Investments, at fair value						0				58,055
Investment, Identifier [Axis]: Great Western Petroleum, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value						0				40,731
Investment, Identifier [Axis]: Guitar Center, Inc., Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Principal amount	[1],[9]	10,000
Amortized Cost	[1]	9,131
Investments, at fair value	[1],[3]	9,109
Investment, Identifier [Axis]: Hamilton Intermediate Holdings, LLC, Power
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14]					30,391
Amortized Cost	[2],[11]					31,075
Investments, at fair value	[2],[4],[11]					$ 31,007
Investment, Identifier [Axis]: Hammerhead Resources Inc., Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[6],[8],[9]	37,225
Amortized Cost	[1],[6],[8]	37,114
Investments, at fair value	[1],[3],[6],[8]	37,225
Investment, Identifier [Axis]: Hammerhead Resources Inc., Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[13],[18]					12.00%		12.00%
Principal amount	[2],[11],[13],[14],[18]					$ 35,118
Amortized Cost	[2],[11],[13],[18]					34,961
Investments, at fair value	[2],[4],[11],[13],[18]					35,118
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		810				810				2,836
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[30]	14,418
Investments, at fair value	[1],[3],[6],[16],[30]	810
Investment, Identifier [Axis]: Harvest Oil & Gas Corp., Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[17],[18],[31]					15,059
Investments, at fair value	[2],[4],[17],[18],[31]					810
Investment, Identifier [Axis]: Limetree Bay Energy, LLC
Schedule of Investments [Line Items]
Investments, at fair value						0				3,166
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units
Schedule of Investments [Line Items]
Investments, at fair value		0				1,885				6,046
Investment, Identifier [Axis]: Limetree Bay Energy, LLC, Class A Units, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[31]					21,458
Investments, at fair value	[2],[4],[11],[17],[18],[31]					1,885
Investment, Identifier [Axis]: MB Precision Investment Holdings LLC, Class A-2 Units, Industrials
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[24]					490
Investments, at fair value	[2],[4],[11],[17],[18],[24]					0
Investment, Identifier [Axis]: MECO IV Holdco, LLC
Schedule of Investments [Line Items]
Investments, at fair value						0				22,745
Investment, Identifier [Axis]: MECO IV Holdco, LLC, Class A-1 Units
Schedule of Investments [Line Items]
Investments, at fair value						0				4,181
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[23]	138,208
Investments, at fair value	[1],[3],[6],[23]	$ 266,487
Investment, Identifier [Axis]: Maverick Natural Resources, LLC, Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[18],[24]					138,208
Investments, at fair value	[2],[4],[11],[18],[24]					$ 312,372
Investment, Identifier [Axis]: Mavis Tire Express Services TopCo, LP, Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Variable rate	[1],[5]	4.00%		4.00%
Principal amount	[1],[9]	$ 6,982
Amortized Cost	[1]	6,896
Investments, at fair value	[1],[3]	$ 6,932
Investment, Identifier [Axis]: Medallion Midland Acquisition LP, Midstream
Schedule of Investments [Line Items]
Variable rate	[2]					3.75%		3.75%
Principal amount	[2],[14]					$ 7,920
Amortized Cost	[2]					7,886
Investments, at fair value	[2],[4]					7,862
Investment, Identifier [Axis]: Meritage Midstream Services II, LLC, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[1],[5]	6.75%		6.75%
Principal amount	[1],[6],[9]	$ 21,857
Amortized Cost	[1],[6]	21,443
Investments, at fair value	[1],[3],[6]	21,440
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[9]	11,693
Amortized Cost	[1]	10,541
Investments, at fair value	[1],[3]	10,750
Investment, Identifier [Axis]: Moss Creek Resources, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[2],[14],[18]					11,693
Amortized Cost	[2],[18]					10,358
Investments, at fair value	[2],[4],[18]					10,561
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8],[16],[32]	157,633
Investments, at fair value	[1],[3],[6],[8],[16],[32]	138,531
Investment, Identifier [Axis]: NGL Energy Partners, LP, Preferred Equity, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[17],[18],[25]					157,633
Investments, at fair value	[2],[4],[11],[13],[17],[18],[25]					125,000
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $13.56, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[17],[18]					630
Investments, at fair value	[2],[4],[11],[13],[17],[18]					3
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8],[16]	3,083
Investments, at fair value	[1],[3],[6],[8],[16]	809
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike: $14.54, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[17],[18]					3,083
Investments, at fair value	[2],[4],[11],[13],[17],[18]					10
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Par), Strike:$13.56, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8],[16]	630
Investments, at fair value	[1],[3],[6],[8],[16]	202
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8],[16]	576
Investments, at fair value	[1],[3],[6],[8],[16]	213
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $16.27, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[17],[18]					576
Investments, at fair value	[2],[4],[11],[13],[17],[18]					2
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8],[16]	2,623
Investments, at fair value	[1],[3],[6],[8],[16]	886
Investment, Identifier [Axis]: NGL Energy Partners, LP, Warrants (Premium), Strike: $17.45, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[17],[18]					2,623
Investments, at fair value	[2],[4],[11],[13],[17],[18]					8
Investment, Identifier [Axis]: NRG Energy, Inc., Power
Schedule of Investments [Line Items]
Principal amount	[2],[13],[14]					19,125
Amortized Cost	[2],[13]					18,668
Investments, at fair value	[2],[4],[13]					14,401
Investment, Identifier [Axis]: Navios Logistics Finance, Inc., Transportation
Schedule of Investments [Line Items]
Principal amount	[1],[8],[9]	5,000
Amortized Cost	[1],[8]	4,875
Investments, at fair value	[1],[3],[8]	4,830
Investment, Identifier [Axis]: NuStar, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8]	49,215
Investments, at fair value	[1],[3],[6],[8]	$ 55,433
Investment, Identifier [Axis]: NuStar, Preferred Equity, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[18]					73,114
Investments, at fair value	[2],[4],[11],[13],[18]					$ 83,590
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 1
Schedule of Investments [Line Items]
Variable rate	[2],[11]					5.25%		5.25%
Principal amount	[2],[11],[14]					$ 18,659
Amortized Cost	[2],[11]					18,579
Investments, at fair value	[2],[4],[11]					$ 18,847
Investment, Identifier [Axis]: OE2 North, LLC, Midstream 2
Schedule of Investments [Line Items]
Variable rate	[2],[11],[15]					5.25%		5.25%
Principal amount	[2],[11],[14],[15]					$ 11,341
Amortized Cost	[2],[11],[15]					11,341
Investments, at fair value	[2],[4],[11],[15]					$ 11,455
Investment, Identifier [Axis]: Oryx Midstream Services Permian Basin LLC, Midstream
Schedule of Investments [Line Items]
Variable rate	[2],[18]					3.25%		3.25%
Principal amount	[2],[14],[18]					$ 32,357
Amortized Cost	[2],[18]					32,220
Investments, at fair value	[2],[4],[18]					$ 32,026
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 1
Schedule of Investments [Line Items]
Variable rate	[1],[5]	4.75%		4.75%
Principal amount	[1],[9]	$ 5,760
Amortized Cost	[1]	5,711
Investments, at fair value	[1],[3]	$ 5,631
Investment, Identifier [Axis]: Parkway Generation LLC, Energy—Power 2
Schedule of Investments [Line Items]
Variable rate	[1],[5]	4.75%		4.75%
Principal amount	[1],[9]	$ 43,689
Amortized Cost	[1]	43,317
Investments, at fair value	[1],[3]	42,710
Investment, Identifier [Axis]: Parkway Generation LLC, Power 1
Schedule of Investments [Line Items]
Variable rate	[2]					4.75%		4.75%
Principal amount	[2],[14]					$ 5,760
Amortized Cost	[2]					5,708
Investments, at fair value	[2],[4]					$ 5,700
Investment, Identifier [Axis]: Parkway Generation LLC, Power 2
Schedule of Investments [Line Items]
Variable rate	[2]					4.75%		4.75%
Principal amount	[2],[14]					$ 43,910
Amortized Cost	[2]					43,513
Investments, at fair value	[2],[4]					$ 43,285
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 1
Schedule of Investments [Line Items]
Variable rate	[2],[11],[18]					6.75%		6.75%
Principal amount	[2],[11],[14],[18]					$ 13,545
Amortized Cost	[2],[11],[18]					13,528
Investments, at fair value	[2],[4],[11],[18]					$ 13,394
Investment, Identifier [Axis]: Peak Exploration & Production, LLC, Upstream 2
Schedule of Investments [Line Items]
Variable rate	[2],[11],[15]					6.75%		6.75%
Principal amount	[2],[11],[14],[15]					$ 1,505
Amortized Cost	[2],[11],[15]					1,505
Investments, at fair value	[2],[4],[11],[15]					1,488
Investment, Identifier [Axis]: Permian Production Holdings, LLC
Schedule of Investments [Line Items]
Investments, at fair value		4,815				4,767				7,889
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		5,710				11,420				8,829
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[23],[30]	5
Investments, at fair value	[1],[3],[6],[16],[23],[30]	5,710
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[18],[24],[31]					5
Investments, at fair value	[2],[4],[11],[18],[24],[31]					11,420
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[30]	4,815
Amortized Cost	[1],[6],[30]	4,379
Investments, at fair value	[1],[3],[6],[30]	$ 4,815
Investment, Identifier [Axis]: Permian Production Holdings, LLC, Upstream
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[18],[31]					4,767
Amortized Cost	[2],[11],[18],[31]					4,266
Investments, at fair value	[2],[4],[11],[18],[31]					4,767
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 1
Schedule of Investments [Line Items]
Principal amount	[2],[14]					26,365
Amortized Cost	[2]					27,511
Investments, at fair value	[2],[4]					25,703
Investment, Identifier [Axis]: Permian Resources Operating LLC, Upstream 2
Schedule of Investments [Line Items]
Principal amount	[2],[14],[18]					5,200
Amortized Cost	[2],[18]					5,257
Investments, at fair value	[2],[4],[18]					$ 4,473
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Energy—Midstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	6.75%		6.75%
Principal amount	[1],[6],[9]	$ 9,370
Amortized Cost	[1],[6]	9,338
Investments, at fair value	[1],[3],[6]	9,294
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 1
Schedule of Investments [Line Items]
Variable rate	[2],[11]					6.75%		6.75%
Principal amount	[2],[11],[14]					$ 9,370
Amortized Cost	[2],[11]					9,304
Investments, at fair value	[2],[4],[11]					$ 9,310
Investment, Identifier [Axis]: Pinnacle Midland Gas Holdco LLC, Midstream 2
Schedule of Investments [Line Items]
Variable rate	[2],[11],[15]					6.75%		6.75%
Principal amount	[2],[11],[14],[15]					$ 2,477
Amortized Cost	[2],[11],[15]					2,477
Investments, at fair value	[2],[4],[11],[15]					2,461
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 1
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[16],[32]	13,297
Amortized Cost	[1],[6],[16],[32]	12,329
Investments, at fair value	[1],[3],[6],[16],[32]	9,565
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Energy—Power 2
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[16],[32]	4,015
Amortized Cost	[1],[6],[16],[32]	3,827
Investments, at fair value	[1],[3],[6],[16],[32]	0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9],[10]	2,709
Amortized Cost	[1],[6],[10]	2,709
Investments, at fair value	[1],[3],[6],[10]	$ 0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Letter of Credit, Power
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[15]					2,709
Amortized Cost	[2],[11],[15]					2,709
Investments, at fair value	[2],[4],[11],[15]					0
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 1
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[18]					12,121
Amortized Cost	[2],[11],[18]					12,121
Investments, at fair value	[2],[4],[11],[18]					9,997
Investment, Identifier [Axis]: Plainfield Renewable Energy Holdings LLC, Power 2
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14],[18]					3,643
Amortized Cost	[2],[11],[18]					3,643
Investments, at fair value	[2],[4],[11],[18]					$ 0
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Energy—Power
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	6.00%		6.00%
Principal amount	[1],[6],[9]	$ 58,164
Amortized Cost	[1],[6]	57,313
Investments, at fair value	[1],[3],[6]	53,753
Investment, Identifier [Axis]: Potomac Energy Center, LLC, Power
Schedule of Investments [Line Items]
Variable rate	[2],[11]					6.00%		6.00%
Principal amount	[2],[11],[14]					$ 58,459
Amortized Cost	[2],[11]					57,508
Investments, at fair value	[2],[4],[11]					58,443
Investment, Identifier [Axis]: Ranger Oil Corp., Upstream
Schedule of Investments [Line Items]
Principal amount	[2],[13],[14]					29,772
Amortized Cost	[2],[13]					29,633
Investments, at fair value	[2],[4],[13]					29,678
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		0				41,851				48,356
Investment, Identifier [Axis]: Ridgeback Resources Inc., Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[18],[31],[33]					46,599
Investments, at fair value	[2],[4],[11],[13],[18],[31],[33]					41,851
Investment, Identifier [Axis]: ST EIP Holdings Inc., Energy—Midstream
Schedule of Investments [Line Items]
Principal amount	[1],[6],[9]	10,473
Amortized Cost	[1],[6]	10,037
Investments, at fair value	[1],[3],[6]	10,015
Investment, Identifier [Axis]: ST EIP Holdings Inc., Midstream
Schedule of Investments [Line Items]
Principal amount	[2],[11],[14]					10,526
Amortized Cost	[2],[11]					10,064
Investments, at fair value	[2],[4],[11]					10,074
Investment, Identifier [Axis]: Saturn Oil & Gas Inc., Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[8],[16],[34]	3,052
Investments, at fair value	[1],[3],[8],[16],[34]	$ 2,674
Investment, Identifier [Axis]: Segreto Power Holdings, LLC, Preferred Equity, Power
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[24],[25]					99,766
Investments, at fair value	[2],[4],[11],[17],[18],[24],[25]					$ 83,647
Investment, Identifier [Axis]: SilverBow Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6],[8]	7.50%		7.50%
Principal amount	[1],[6],[8],[9]	$ 14,250
Amortized Cost	[1],[6],[8]	14,211
Investments, at fair value	[1],[3],[6],[8]	$ 14,313
Investment, Identifier [Axis]: SilverBow Resources, Inc., Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[13],[18]					7.50%		7.50%
Principal amount	[2],[11],[13],[14],[18]					$ 14,250
Amortized Cost	[2],[11],[13],[18]					14,199
Investments, at fair value	[2],[4],[11],[13],[18]					$ 14,322
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6],[8]	5.75%		5.75%
Principal amount	[1],[6],[8],[9]	$ 18,500
Amortized Cost	[1],[6],[8]	18,350
Investments, at fair value	[1],[3],[6],[8]	18,289
Investment, Identifier [Axis]: Sitio Royalties Operating Partnership, LP, Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[13],[18]					6.50%		6.50%
Principal amount	[2],[11],[13],[14],[18]					$ 19,500
Amortized Cost	[2],[11],[13],[18]					19,318
Investments, at fair value	[2],[4],[11],[13],[18]					19,256
Investment, Identifier [Axis]: Suburban Propane Partners LP, Midstream
Schedule of Investments [Line Items]
Principal amount	[2],[13],[14],[18]					7,590
Amortized Cost	[2],[13],[18]					7,837
Investments, at fair value	[2],[4],[13],[18]					6,461
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC 2
Schedule of Investments [Line Items]
Investments, at fair value		50,149				51,098				50,770
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Energy—Power
Schedule of Investments [Line Items]
Principal amount	[1],[6],[8],[9],[16],[21]	60,603
Amortized Cost	[1],[6],[8],[16],[21]	54,514
Investments, at fair value	[1],[3],[6],[8],[16],[21]	$ 50,149
Investment, Identifier [Axis]: Sustainable Infrastructure Investments, LLC, Power
Schedule of Investments [Line Items]
Principal amount	[2],[11],[22],[35]					60,603
Amortized Cost	[2],[11],[22],[35]					54,514
Investments, at fair value	[2],[4],[11],[22],[35]					51,098
Investment, Identifier [Axis]: Swift Worldwide Resources Holdco Limited, Common Equity, Service & Equipment
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[17],[18],[36]					6,029
Investments, at fair value	[2],[4],[11],[13],[17],[18],[36]					3,131
Investment, Identifier [Axis]: TKC Holdings, Inc., Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Variable rate	[1],[5]	5.50%		5.50%
Principal amount	[1],[9]	$ 4,747
Amortized Cost	[1]	4,439
Investments, at fair value	[1],[3]	4,467
Investment, Identifier [Axis]: Tallgrass Energy Partners, LP, Midstream
Schedule of Investments [Line Items]
Principal amount	[2],[14],[18]					19,761
Amortized Cost	[2],[18]					19,676
Investments, at fair value	[2],[4],[18]					18,480
Investment, Identifier [Axis]: Telpico, LLC, Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		0				0				0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[23],[30]	0
Investments, at fair value	[1],[3],[6],[16],[23],[30]	0
Investment, Identifier [Axis]: Telpico, LLC, Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[24],[31]					0
Investments, at fair value	[2],[4],[11],[17],[18],[24],[31]					0
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[23]	7,571
Investments, at fair value	[1],[3],[6],[16],[23]	$ 4,531
Investment, Identifier [Axis]: Tenrgys, LLC, Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[24]					7,571
Investments, at fair value	[2],[4],[11],[17],[18],[24]					$ 6,801
Investment, Identifier [Axis]: Tenrgys, LLC, Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	7.50%		7.50%
Principal amount	[1],[6],[9]	$ 20,537
Amortized Cost	[1],[6]	20,537
Investments, at fair value	[1],[3],[6]	$ 19,613
Investment, Identifier [Axis]: Tenrgys, LLC, Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[18]					7.50%		7.50%
Principal amount	[2],[11],[14],[18]					$ 20,537
Amortized Cost	[2],[11],[18]					20,537
Investments, at fair value	[2],[4],[11],[18]					$ 20,537
Investment, Identifier [Axis]: Traverse Midstream Partners LLC, Midstream
Schedule of Investments [Line Items]
Variable rate	[2]					4.25%		4.25%
Principal amount	[2],[14]					$ 28,436
Amortized Cost	[2]					28,484
Investments, at fair value	[2],[4]					28,418
Investment, Identifier [Axis]: TruGreen, LP, Commercial & Professional Services
Schedule of Investments [Line Items]
Variable rate	[1],[5]	4.00%		4.00%
Principal amount	[1],[9]	$ 4,987
Amortized Cost	[1]	4,551
Investments, at fair value	[1],[3]	4,603
Investment, Identifier [Axis]: USA Compression Partners, LP, Common Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[8]	1,617
Investments, at fair value	[1],[3],[8]	1,673
Investment, Identifier [Axis]: USA Compression Partners, LP, Common Equity, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[13],[17],[18]					1,617
Investments, at fair value	[2],[4],[13],[17],[18]					1,655
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8]	78,041
Investments, at fair value	[1],[3],[6],[8]	88,850
Investment, Identifier [Axis]: USA Compression Partners, LP, Preferred Equity, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11]					77,943
Investments, at fair value	[2],[4],[11]					90,479
Investment, Identifier [Axis]: USA Compression Partners, LP, Warrants (Premium), Strike: $19.59, Energy—Midstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[8],[16]	714
Investments, at fair value	[1],[3],[6],[8],[16]	4,990
Investment, Identifier [Axis]: USA Compression Partners, LP, Warrants (Premium), Strike: $19.59, Midstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[13],[17],[18]					714
Investments, at fair value	[2],[4],[11],[13],[17],[18]					5,711
Investment, Identifier [Axis]: Warren Resources, Inc.
Schedule of Investments [Line Items]
Investments, at fair value		23,703				23,584				23,688
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity
Schedule of Investments [Line Items]
Investments, at fair value		29,431				36,982				$ 25,854
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Energy—Upstream
Schedule of Investments [Line Items]
Amortized Cost	[1],[6],[16],[21]	20,754
Investments, at fair value	[1],[3],[6],[16],[21]	$ 29,431
Investment, Identifier [Axis]: Warren Resources, Inc., Common Equity, Upstream
Schedule of Investments [Line Items]
Amortized Cost	[2],[11],[17],[18],[22]					20,754
Investments, at fair value	[2],[4],[11],[17],[18],[22]					$ 36,982
Investment, Identifier [Axis]: Warren Resources, Inc., Energy—Upstream
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6],[21]	9.00%		9.00%
Principal amount	[1],[6],[9],[21]	$ 23,703
Amortized Cost	[1],[6],[21]	23,703
Investments, at fair value	[1],[3],[6],[21]	$ 23,703
Investment, Identifier [Axis]: Warren Resources, Inc., Upstream
Schedule of Investments [Line Items]
Variable rate	[2],[11],[22]					9.00%		9.00%
Principal amount	[2],[11],[14],[22]					$ 23,584
Amortized Cost	[2],[11],[22]					23,584
Investments, at fair value	[2],[4],[11],[22]					$ 23,584
Investment, Identifier [Axis]: Wattbridge Inc., Energy—Power
Schedule of Investments [Line Items]
Variable rate	[1],[5],[6]	9.85%		9.85%
Principal amount	[1],[6],[9]	$ 42,938
Amortized Cost	[1],[6]	42,938
Investments, at fair value	[1],[3],[6]	41,568
Investment, Identifier [Axis]: Wattbridge Inc., Power
Schedule of Investments [Line Items]
Variable rate	[2],[11]					7.85%		7.85%
Principal amount	[2],[11],[14]					$ 42,500
Amortized Cost	[2],[11]					42,500
Investments, at fair value	[2],[4],[11]					41,880
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Principal amount		264,692				274,088
Amortized Cost		264,692				274,088
Investments, at fair value		$ 267,244				$ 275,058
Percent of net assets		100.00%		100.00%		100.00%		100.00%
Sustainable Infrastructure Investments, LLC | London Interbank Offered Rate (LIBOR)
Schedule of Investments [Line Items]
Variable rate		5.55%		5.55%		4.77%		4.77%
Sustainable Infrastructure Investments, LLC | Canadian Dollar Offer Rate
Schedule of Investments [Line Items]
Variable rate		5.40%		5.40%		4.94%		4.94%
Sustainable Infrastructure Investments, LLC | Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost		$ 264,692				$ 274,088
Investments, at fair value		$ 267,244				$ 275,058
Percent of net assets		100.00%		100.00%		100.00%		100.00%
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Alianca Transportadora de Gas Participacoes S.A., Midstream
Schedule of Investments [Line Items]
Variable rate		2.85%		2.85%		2.60%		2.60%
Principal amount		$ 70,610				$ 73,707
Amortized Cost		70,610				73,707
Investments, at fair value		$ 72,560				$ 74,601
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Blue Heron Intermediate Holdco I, LLC, Midstream
Schedule of Investments [Line Items]
Variable rate		1.88%		1.88%		1.88%		1.88%
Principal amount		$ 31,244				$ 31,832
Amortized Cost		31,244				31,832
Investments, at fair value		$ 31,352				$ 31,885
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Cedar Creek II LLC, Renewables
Schedule of Investments [Line Items]
Variable rate		1.88%		1.88%		1.88%		1.88%
Principal amount		$ 8,160				$ 8,710
Amortized Cost		8,160				8,710
Investments, at fair value		$ 8,177				$ 8,722
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Copper Mountain Solar 3, LLC, Renewables
Schedule of Investments [Line Items]
Variable rate		1.88%		1.88%		1.75%		1.75%
Principal amount		$ 17,105				$ 17,804
Amortized Cost		17,105				17,804
Investments, at fair value		$ 17,221				$ 17,879
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: FLNG Liquefaction 2, LLC, Midstream
Schedule of Investments [Line Items]
Variable rate		1.50%		1.50%		1.50%		1.50%
Principal amount		$ 27,375				$ 28,170
Amortized Cost		27,375				28,170
Investments, at fair value		27,303				27,990
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Largest Portfolio Company Investment
Schedule of Investments [Line Items]
Principal amount		$ 70,610				$ 73,707
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Meikle Wind Energy, LP, Renewables
Schedule of Investments [Line Items]
Variable rate		1.50%		1.50%		1.50%		1.50%
Principal amount				$ 15,471				$ 16,030
Amortized Cost		$ 11,903				$ 12,332
Investments, at fair value		$ 11,611				$ 11,873
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: NES Hercules Class B Member, LLC, Renewables
Schedule of Investments [Line Items]
Variable rate		1.65%		1.65%		1.50%		1.50%
Principal amount		$ 24,317				$ 24,487
Amortized Cost		24,317				24,487
Investments, at fair value		$ 24,847				$ 24,954
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: ST EIP Holdco LLC, Midstream
Schedule of Investments [Line Items]
Variable rate		2.50%		2.50%		2.50%		2.50%
Principal amount		$ 58,124				$ 58,673
Amortized Cost		58,124				58,673
Investments, at fair value		$ 57,900				$ 58,288
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Seine Funding, LLC
Schedule of Investments [Line Items]
Variable rate												1.20%
Principal amount												$ 634,103
Sustainable Infrastructure Investments, LLC | Investment, Identifier [Axis]: Top of the World Wind Energy LLC, Renewables
Schedule of Investments [Line Items]
Variable rate		1.88%		1.88%		1.88%		1.88%
Principal amount		$ 15,854				$ 18,373
Amortized Cost		15,854				18,373
Investments, at fair value		$ 16,273				$ 18,866

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] Security may be an obligation of one or more entities affiliated with the named company.

[3] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[5] Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of June 30, 2023, the three-month London Interbank Offered Rate, or LIBOR, or L, was 5.55% and the Secured Overnight Financing Rate, or SOFR, or S, was 5.27%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases.

[6] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[7] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[8] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of June 30, 2023, 73.7% of the Company’s total assets represented qualifying assets.

[9] Denominated in U.S. dollars, unless otherwise noted.

[10] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[11] Security is classified as Level 3 in the Company’s fair value hierarchy (see Note 8).

[12] Security or portion thereof held within FS Power Investments II, LLC, a wholly-owned subsidiary of the Company.

[13] The investment is not a qualifying asset under the Investment Company Act of 1940, as amended, or the 1940 Act. A business development company may not acquire any asset other than a qualifying asset, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the business development company’s total assets. As of December 31, 2022, 77.5% of the Company’s total assets represented qualifying assets.

[14] Denominated in U.S. dollars, unless otherwise noted.

[15] Security is an unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

[16] Security is non-income producing.

[17] Security is non-income producing.

[18] Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Notes with JPMorgan Chase Bank, N.A. (see Note 9).

[19] (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[20] Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[21] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $8,436 $113 $(996)$— $— $7,553 $207 $113 Allied Wireline Services, LLC63,888 6,389 — — — 70,277 3,223 — Warren Resources, Inc.23,584 119 — — — 23,703 1,648 119 Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC51,098 — — — (949)50,149 — — Equity/OtherAllied Wireline Services, LLC, Common Equity10,463 — — — (2,395)8,068 — — Allied Wireline Services, LLC, Warrants— — — — — — — — Warren Resources, Inc., Common Equity36,982 — — — (7,551)29,431 — — $194,451 $6,621 $(996)$— $(10,895)$189,181 $5,078 $232  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[22] Under the 1940 Act, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” of and deemed to “control.” The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Dividend Income(3) Senior Secured Loans—First Lien Allied Downhole Technologies, LLC(4) $7,782 $654 $— $— $— $8,436 $— $654 $— Allied Wireline Services, LLC46,339 5,808 — — 11,741 63,888 316 5,808 — MECO IV Holdco, LLC22,745 455 (23,200)— — — — 455 — Warren Resources, Inc.23,688 237 (341)— — 23,584 2,620 237 — Sustainable Infrastructure Investments, LLCSustainable Infrastructure Investments, LLC50,770 — — — 328 51,098 — — 735 Equity/OtherAllied Wireline Services, LLC, Common Equity— — — — 10,463 10,463 — — — Allied Wireline Services, LLC, Warrants— — — — — — — — — MECO IV Holdco, LLC, Class A-1 Units4,181 — (18,060)15,899 (2,020)— — — — Warren Resources, Inc., Common Equity25,854 — — — 11,128 36,982 — — — $181,359 $7,154 $(41,601)$15,899 $31,640 $194,451 $2,936 $7,154 $735  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK and dividend income presented for the year ended December 31, 2022. (4)    Security includes a partially unfunded commitment with amortized cost of $2,500 and fair value of $2,500.

[23] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[24] Security held within FSEP Investments, Inc., a wholly-owned subsidiary of the Company.

[25] Security was on non-accrual status as of December 31, 2022.

[26] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[27] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[28] Investment is a real property interest and is included with Senior Secured Loans—First Lien to facilitate comparison with other investments.

[29] Security held within EP Northern Investments, LLC, a wholly-owned subsidiary of the Company.

[30] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of June 30, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at June 30, 2023 Interest Income(3) PIK Income(3) Senior Secured Loans—First LienPermian Production Holdings, LLC$4,767 $113 $— $— $(65)$4,815 $324 $48 Equity/OtherGWP Midstream Holdco, LLC, Common Equity5,044 — — — (3,659)1,385 — — Harvest Oil & Gas Corp., Common Equity810 — (641)— 641 810 — — Limetree Bay Energy, LLC, Class A Units1,885 83 — (21,541)19,573 — — — Permian Production Holdings, LLC, Common Equity11,420 — — — (5,710)5,710 — — Ridgeback Resources Inc., Common Equity41,851 — (35,240)(11,359)4,748 — — — Telpico, LLC, Common Equity— — — — — — — — $65,777 $196 $(35,881)$(32,900)$15,528 $12,720 $324 $48  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest and PIK income presented for the six months ended June 30, 2023.

[31] Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person as of December 31, 2022: Portfolio Company Fair Value at December 31, 2021 Gross Additions(1) Gross Reductions(2) Net Realized Gain (Loss)Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2022 Interest Income(3) PIK Income(3) Fee Income(3) Dividend Income(3) Senior Secured Loans—First LienLimetree Bay Energy, LLC$3,166 $— $(1,587)$(12,756)$11,177 $— $— $— $— $— Permian Production Holdings, LLC7,889 697 (3,674)551 (696)4,767 570 105 — — Senior Secured BondsGreat Western Petroleum, LLC58,055 96 (55,096)1,087 (4,142)— 2,649 — 7,268 — Equity/OtherGreat Western Petroleum, LLC, Common Equity40,731 — (84,871)54,081 (9,941)— — — — — GWP Midstream Holdco, LLC, Common Equity— 6,681 — — (1,637)5,044 — — — — Harvest Oil & Gas Corp., Common Equity2,836 — (743)— (1,283)810 — — — — Limetree Bay Energy, LLC, Class A Units6,046 1,795 — — (5,956)1,885 — — — — Permian Production Holdings, LLC, Common Equity8,829 4 — — 2,587 11,420 — — — 1,726 Ridgeback Resources Inc., Common Equity48,356 — (12,559)173 5,881 41,851 — — — 3,691 Telpico, LLC, Common Equity— — — — — — — — — — $175,908 $9,273 $(158,530)$43,136 $(4,010)$65,777 $3,219 $105 $7,268 $5,417  _____________ (1)    Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company into this category from a different category. (2)    Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and/or the movement of an existing portfolio company out of this category into a different category. (3)    Interest, PIK, fee and dividend income presented for the year ended December 31, 2022.

[32] Security was on non-accrual status as of June 30, 2023.

[33] Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

[34] Investment denominated in Canadian dollars. Amortized cost and fair value are converted into U.S. dollars as of June 30, 2023.

[35] Includes the effect of swap contracts.

[36] Investment denominated in British pounds. Amortized cost and fair value are converted into U.S. dollars as of December 31, 2022.

XML

Investment Portfolio - Balance Sheet Information for SIIJV (Details) - USD ($) $ in Thousands	Jun. 30, 2023		Mar. 31, 2023	Dec. 31, 2022		Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2021
Schedule of Investments [Line Items]
Investments, at fair value	$ 1,495,602	[1],[2]		$ 2,047,115	[3],[4]
Total assets	1,758,300			2,558,781
Total liabilities	78,577			805,033
Total shareholders' equity	1,679,723		$ 1,712,828	1,753,748		$ 1,791,255	$ 1,602,323	$ 1,783,915
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Investments, at fair value	267,244			275,058
Cash and other assets	16,037			10,380
Total assets	283,281			285,438
Debt	206,303			213,583
Other liabilities	4,105			3,358
Total liabilities	210,408			216,941
Total shareholders' equity	$ 72,873			$ 68,497

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Investment Portfolio - Operations Information for SIIJV (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Total investment income		$ 41,476	$ 47,073	$ 84,571	$ 82,982
Interest expense	[1]	5,730	13,196	18,328	26,890
Administrative services		1,359	1,490	2,679	2,910
Custodian and accounting fees		794	728	1,545	1,448
Professional services		179	189	362	366
Total operating expenses		19,594	27,937	45,787	56,354
Net realized and unrealized gain (loss)		(46,552)	(5,256)	(96,263)	176,337
Sustainable Infrastructure Investments, LLC
Schedule of Investments [Line Items]
Total investment income		5,013	2,243	9,811	4,073
Interest expense		3,319	1,178	6,460	2,151
Administrative services		45	40	88	81
Custodian and accounting fees		58	57	103	104
Professional services		50	26	100	51
Other		10	0	20	0
Total operating expenses		3,482	1,301	6,771	2,387
Net investment income		1,531	942	3,040	1,686
Net realized and unrealized gain (loss)		(610)	(1,316)	1,336	(2,016)
Net increase (decrease) in net assets resulting from operations		$ 921	$ (374)	$ 4,376	$ (330)

[1] See Note 9 for a discussion of the Company's financing arrangements.

XML

Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 1,495,602	[1],[2]	$ 2,047,115	[3],[4]
Level 1—Price quotations in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	4,347		2,465
Level 2—Significant other observable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	188,658		450,445
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, at fair value	$ 1,302,597		$ 1,594,205

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Fair Value of Financial Instruments - Assets and Liabilities Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 505	$ 0
Liabilities	0	698
Level 1—Price quotations in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Level 2—Significant other observable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	505	0
Liabilities	0	698
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	$ 0	$ 0

XML

Fair Value of Financial Instruments - Reconciliation Fair Value, Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Accretion of discount (amortization of premium)	$ 3,112	$ 3,886
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	1,594,205	1,621,482
Accretion of discount (amortization of premium)	2,343	3,976
Purchases	25,032	255,662
Paid-in-kind interest	11,831	12,469
Sales and repayments	(230,453)	(335,146)
Transfers into Level 3	810	58,705
Transfers out of Level 3	0	0
Fair value at end of period	1,302,597	1,846,952
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(93,784)	177,495
Total | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(56,243)	21,698
Total | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(44,928)	208,106
Senior Secured Loans—First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	443,245	414,075
Accretion of discount (amortization of premium)	877	1,085
Purchases	24,949	99,677
Paid-in-kind interest	9,724	7,901
Sales and repayments	(65,394)	(117,681)
Transfers into Level 3	0	58,705
Transfers out of Level 3	0	0
Fair value at end of period	397,888	472,158
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(14,618)	10,826
Senior Secured Loans—First Lien | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(3,431)	(12,192)
Senior Secured Loans—First Lien | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(12,082)	20,588
Senior Secured Loans—Second Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	143,270	84,083
Accretion of discount (amortization of premium)	218	125
Purchases	0	110,150
Paid-in-kind interest	0	537
Sales and repayments	(17,545)	(18,577)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	125,003	177,184
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(1,039)	643
Senior Secured Loans—Second Lien | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(52)	446
Senior Secured Loans—Second Lien | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(888)	420
Senior Secured Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	10,074	10,371
Accretion of discount (amortization of premium)	25	24
Purchases	0	0
Paid-in-kind interest	0	0
Sales and repayments	(54)	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	10,015	10,356
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(32)	(39)
Senior Secured Bonds | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	2	0
Senior Secured Bonds | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(32)	(39)
Unsecured Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	54,374	104,659
Accretion of discount (amortization of premium)	74	80
Purchases	0	0
Paid-in-kind interest	2,107	3,843
Sales and repayments	(1,000)	(47,571)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	55,514	67,889
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(45)	(80)
Unsecured Debt | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	4	(27,729)
Unsecured Debt | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(45)	34,607
Preferred Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	400,414	497,288
Accretion of discount (amortization of premium)	1,149	2,662
Purchases	0	0
Paid-in-kind interest	0	188
Sales and repayments	(106,656)	(21,812)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	301,619	475,077
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	8,653	(3,519)
Preferred Equity | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(18,060)	270
Preferred Equity | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	24,772	(3,519)
Sustainable Infrastructure Investments, LLC
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	51,098	50,770
Accretion of discount (amortization of premium)	0	0
Purchases	0	0
Paid-in-kind interest	0	0
Sales and repayments	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	50,149	52,131
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(949)	1,361
Sustainable Infrastructure Investments, LLC | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	0
Sustainable Infrastructure Investments, LLC | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(949)	1,361
Equity/Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	491,730	460,236
Accretion of discount (amortization of premium)	0	0
Purchases	83	45,835
Paid-in-kind interest	0	0
Sales and repayments	(39,804)	(129,505)
Transfers into Level 3	810	0
Transfers out of Level 3	0	0
Fair value at end of period	362,409	592,157
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(85,754)	168,303
Equity/Other | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	(34,706)	60,903
Equity/Other | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	$ (55,704)	$ 154,688

XML

Fair Value of Financial Instruments - Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value (Details)	Jun. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 1,495,602,000	[1],[2]	$ 2,047,115,000	[3],[4]
Level 3—Significant unobservable inputs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	1,302,597,000		1,594,205,000
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 389,381,000		$ 413,268,000
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.085		0.085
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Minimum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	4.6		5.0
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.215		0.218
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Maximum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.2		7.5
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.134		0.123
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Market Comparables | Weighted Average | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5.3		6.3
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 8,507,000		$ 29,977,000
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.095		0.115
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.145		0.195
Level 3—Significant unobservable inputs | Net Senior Secured Loans—First Lien | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.120		0.154
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 125,003,000		$ 143,270,000
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.108		0.103
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.143		0.143
Level 3—Significant unobservable inputs | Net Senior Secured Loans—Second Lien | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.125		0.118
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 10,015,000		$ 10,074,000
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.070		0.069
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.080		0.079
Level 3—Significant unobservable inputs | Senior Secured Bonds | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.075		0.074
Level 3—Significant unobservable inputs | Unsecured Debt | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 18,289,000		$ 19,256,000
Level 3—Significant unobservable inputs | Unsecured Debt | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.110		0.103
Level 3—Significant unobservable inputs | Unsecured Debt | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.120		0.113
Level 3—Significant unobservable inputs | Unsecured Debt | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.115		0.108
Level 3—Significant unobservable inputs | Unsecured Debt | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 37,225,000		$ 35,118,000
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 301,619,000		$ 316,767,000
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Minimum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.093		0.088
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Minimum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.3		9.5
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Minimum | Net Aircraft Book Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0		1.0
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Maximum | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.260		0.303
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Maximum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	12.3		10.5
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Maximum | Net Aircraft Book Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0		1.0
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Weighted Average | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.181		0.190
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Weighted Average | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.8		10.0
Level 3—Significant unobservable inputs | Preferred Equity | Market Comparables | Weighted Average | Net Aircraft Book Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0		1.0
Level 3—Significant unobservable inputs | Preferred Equity | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value			$ 83,647,000
Level 3—Significant unobservable inputs | Preferred Equity | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.113
Level 3—Significant unobservable inputs | Preferred Equity | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.123
Level 3—Significant unobservable inputs | Preferred Equity | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.118
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 50,149,000		$ 51,098,000
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.140		0.135
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.150		0.145
Level 3—Significant unobservable inputs | Sustainable Infrastructure Investments, LLC | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.145		0.140
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 322,357,000		$ 481,623,000
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2.6		1.8
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | Production Multiples (Mboe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	27,835,000		27,946,000
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | Proved Reserves Multiples (Mmboe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5,800		6,900
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | Production Multiples (MMcfe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2,500,000		3,400,000
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | Proved Reserves Multiples (Bcfe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.6		0.8
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Minimum | PV-10 Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.3		0.5
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	12.3		10.5
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | Production Multiples (Mboe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	31,335,000		37,500,000
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | Proved Reserves Multiples (Mmboe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	6,500		10,300
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | Production Multiples (MMcfe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	3,100,000		3,700,000
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | Proved Reserves Multiples (Bcfe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.6		0.9
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Maximum | PV-10 Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.9		0.9
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5.5		5.4
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | Production Multiples (Mboe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	29,573,000		30,265,300
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | Proved Reserves Multiples (Mmboe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	6,200		7,600
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | Production Multiples (MMcfe/d)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2,800,000		3,550,000
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | Proved Reserves Multiples (Bcfe)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.6		0.8
Level 3—Significant unobservable inputs | Equity/Other | Market Comparables | Weighted Average | PV-10 Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8		0.8
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 8,597,000		$ 2,488,000
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.080		0.080
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.340		0.330
Level 3—Significant unobservable inputs | Equity/Other | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.154		0.238
Level 3—Significant unobservable inputs | Equity/Other | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 24,355,000		$ 1,885,000
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 7,100,000		$ 5,734,000
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model | Minimum | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.274		0.315
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model | Maximum | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.650		0.551
Level 3—Significant unobservable inputs | Equity/Other | Option Valuation Model | Weighted Average | Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.406		0.366

[1] Security may be an obligation of one or more entities affiliated with the named company.

[2] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

[3] Security may be an obligation of one or more entities affiliated with the named company.

[4] See Note 8 for additional information regarding the fair value of the Company’s financial instruments.

XML

Financing Arrangements - Outstanding Financing Arrangements (Details) - USD ($)			4 Months Ended	6 Months Ended	12 Months Ended
	May 15, 2023	Feb. 14, 2023	May 15, 2023	Jun. 30, 2023	Dec. 31, 2022	Aug. 16, 2018
Debt Instrument [Line Items]
Amount Outstanding				$ 0	$ 762,751,000
Amount Available					$ 0
Senior Notes
Debt Instrument [Line Items]
Redemption percentage			100.00%
Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption percentage	100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption percentage	100.00%
Senior Secured Notes | Secured Debt
Debt Instrument [Line Items]
Stated interest rate					7.50%	7.50%
Amount Outstanding					$ 457,075,000
Amount Available					0
Fair value					458,908,000
JPMorgan Facility | Line of Credit
Debt Instrument [Line Items]
Amount Outstanding					305,676,000
Amount Available					$ 0
Debt instrument, variable rate floor		0.00%
JPMorgan Facility | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%			3.00%
Debt instrument, variable rate floor				0.00%

XML

Financing Arrangements - Interest Expense (Details) - USD ($) $ in Thousands		4 Months Ended	6 Months Ended
	May 15, 2023	May 15, 2023	Jun. 30, 2023	Jun. 30, 2022
Short-Term Debt [Line Items]
Direct Interest Expense			$ 15,550	$ 23,172
Amortization of Deferred Financing Costs and Discount			2,778	3,718
Total Interest Expense			18,328	26,890
Senior Notes
Short-Term Debt [Line Items]
Redemption percentage		100.00%
Senior Notes | Debt Instrument, Redemption, Period One
Short-Term Debt [Line Items]
Redemption percentage	100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Short-Term Debt [Line Items]
Redemption percentage	100.00%
JPMorgan Facility | Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense			2,790	5,364
Amortization of Deferred Financing Costs and Discount			238	1,365
Total Interest Expense			3,028	6,729
Senior Secured Notes | Secured Debt
Short-Term Debt [Line Items]
Direct Interest Expense			12,760	17,808
Amortization of Deferred Financing Costs and Discount			2,540	2,353
Total Interest Expense			$ 15,300	$ 20,161

XML

Financing Arrangements - Narrative (Details) - USD ($)			4 Months Ended	6 Months Ended		12 Months Ended
	May 15, 2023	Feb. 14, 2023	May 15, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 16, 2018
Debt Instrument [Line Items]
Outstanding amount				$ 0		$ 762,751,000
Amount outstanding			$ 557,446,000		$ 774,853,000
Average outstanding	7.49%		7.49%		6.90%
Debt instrument, interest rate, effective percentage					6.34%
Senior Notes
Debt Instrument [Line Items]
Redemption percentage			100.00%
Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption percentage	100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption percentage	100.00%
JPMorgan Facility | Line of Credit
Debt Instrument [Line Items]
Outstanding amount						$ 305,676,000
Principal amount outstanding		$ 305,676,000
Debt instrument, variable rate floor		0.00%
JPMorgan Facility | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, variable rate floor				0.00%
Basis spread on variable rate		3.00%				3.00%
Senior Secured Notes | Secured Debt
Debt Instrument [Line Items]
Outstanding amount						$ 457,075,000
Principal amount outstanding							$ 500,000,000
Stated interest rate						7.50%	7.50%

XML

Financial Highlights (Details) - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in USD per Share)		$ 3.88		$ 3.59	$ 3.88	$ 3.59	$ 3.59
Results of operations
Net investment income (in USD per share)					0.09		0.16
Net realized gain (loss) and unrealized appreciation (depreciation) (in USD per share)					(0.21)		0.25
Net increase (decrease) in net assets resulting from operations (in USD per share)					(0.12)		0.41
Distribution Amount
Distributions from net investment income (in USD per share)					(0.06)		(0.12)
Net decrease in net assets resulting from shareholder distributions (in USD per share)	$ (0.03)	$ (0.03)	$ (0.03)	$ (0.03)	(0.06)	$ (0.06)	(0.12)
Capital share transactions
Issuance of common shares (in USD per share)					0		0
Net increase (decrease) in net assets resulting from capital share transactions (in USD per share)					0		0
Net asset value, end of period (in USD per share)	$ 3.70				$ 3.70		$ 3.88
Shares outstanding, end of period (in shares)	454,129,547				454,129,547		451,465,673
Total return					(3.13%)		11.39%
Total return (without assuming reinvestment of distributions)					(3.09%)		11.29%
Ratio/Supplemental Data:
Net assets, end of period	$ 1,679,723,000	$ 1,712,828,000	$ 1,791,255,000		$ 1,679,723,000	$ 1,791,255,000	$ 1,753,748,000	$ 1,602,323,000	$ 1,783,915,000
Ratio of net investment income to average net assets					4.46%		4.02%
Ratio of total operating expenses to average net assets					5.25%		6.78%
Ratio of management fee offset to average net assets					(0.02%)		(0.15%)
Ratio of net operating expenses to average net assets					5.23%		6.63%
Ratio of interest expense to average net assets					2.10%		3.21%
Portfolio turnover					5.11%		16.15%
Total amount of senior securities outstanding, exclusive of treasury securities	$ 0				$ 0		$ 762,751,000
Asset coverage per unit	0.00%				0.00%		330.00%
Ratio of net investment income to average net assets if advisor had not agreement to offset management fee payable					4.44%		3.87%