FS Energy & Power Fund (FSEN) Stock Price, News & Analysis

Written before these shares stopped trading.

FS Energy & Power Fund (FSEN) historically represented an investment vehicle associated with the FS family of funds. Based on available regulatory filings, the more recent entity carrying the FS branding in this space is FS Specialty Lending Fund, a Delaware statutory trust that has undergone a series of corporate and regulatory changes documented in its SEC reports. The FS Specialty Lending Fund is registered under the Investment Company Act of 1940 as a closed-end management investment company.

According to the Form 8-K and Form 15 filings, FS Specialty Lending Fund was originally structured as a business development company and then converted into a closed-end fund registered under the 1940 Act through a merger with a newly organized Delaware statutory trust. This transaction is referred to in the filings as a Reorganization and was approved by shareholders at a special meeting. The successor entity, also named FS Specialty Lending Fund, is described as a closed-end fund that is intended to operate under the 1940 Act framework.

Corporate Reorganization and Successor Fund

The Form 15 (certification and notice of termination of registration) explains that on October 28, 2025, FS Specialty Lending Fund (the predecessor fund) merged with and into New FS Specialty Lending Fund (the successor fund), with the successor fund continuing as the surviving company. Shareholders of the predecessor fund received common shares of beneficial interest of the successor fund in exchange for their existing shares. The successor fund is identified as a closed-end management investment company registered under the 1940 Act.

The 8-K filings further detail that this Reorganization was intended to effect the conversion of the predecessor fund from a business development company to a closed-end fund registered under the 1940 Act. The successor fund was initially a shell entity created to facilitate this conversion and then became the ongoing registered fund after the merger was completed.

Shareholder Approvals and Governance Actions

Several 8-K filings describe shareholder votes and governance steps related to the Reorganization. At special meetings of shareholders, proposals were presented to amend the fund’s declaration of trust and to approve the Agreement and Plan of Reorganization among the fund, the successor fund, and the adviser. These proposals, including the Reorganization agreement, were approved by shareholders as recorded in the vote tallies reported in the filings.

The filings also describe amendments to the fund’s declaration of trust, including eliminating a specific article and clarifying the shareholder voting standard in connection with a merger or reorganization that has been approved by the board of trustees. These changes were part of the broader process of restructuring the fund and preparing for the successor fund structure.

Advisory, Administration and Fee Arrangements

In connection with the closing of the Reorganization, FS Specialty Lending Fund entered into an investment advisory agreement, a fee waiver agreement, and an administration agreement with its investment adviser. The advisory agreement describes a base management fee and an income incentive fee structure, with different terms applying before and after a proposed exchange listing of the fund’s shares. The fee waiver agreement provides for a contractual waiver of a portion of the base management fee and a reduction of the income incentive fee percentage once the proposed listing becomes effective and while the fund remains registered under the 1940 Act.

The administration agreement, as described in the 8-K, assigns the adviser responsibility for overseeing the fund’s corporate operations and required administrative services. This includes maintaining financial records, preparing shareholder reports and regulatory filings, assisting in calculating net asset value, overseeing tax return preparation, and coordinating the payment of fund expenses and professional services. The filings state that no separate fee is payable under the administration agreement, but the fund reimburses the adviser for expenses related to administrative and operational services.

Distributions and Shareholder Communications

One of the 8-K filings reports that the board of trustees of FS Specialty Lending Fund declared a cash distribution to shareholders of record as of a specified date, with payment on or about a stated payment date. The filing explains that the tax attributes of distributions are determined annually based on taxable income and distributions for the full fiscal year, and that interim characterizations may not reflect the final tax treatment. The fund indicates an intention to update shareholders periodically with estimates of the portion of distributions that result from taxable ordinary income, and notes that actual tax characteristics are reported on Form 1099-DIV.

Another 8-K describes that the fund filed a communication to shareholders recommending that they reject an unsolicited mini-tender offer from a third party. This letter was attached as an exhibit to the filing and was to be mailed to registered shareholders. These communications illustrate how the fund uses SEC filings to address corporate actions, distributions, and shareholder matters.

Listing Plans and Regulatory Status

In the Reorganization-related 8-K filings, FS Specialty Lending Fund states that the successor fund intends to seek to list its common shares on the New York Stock Exchange, referred to as a proposed listing. The filings emphasize that the proposed listing is subject to market conditions and board approval and that there can be no assurance that the listing will occur within the expected timeframe or at all. Until any such listing is completed, the fund is described as operating as an unlisted closed-end fund.

The Form 15 filing indicates that, following the Reorganization, the successor fund (FS Specialty Lending Fund) filed to terminate registration of a class of securities under Section 12(g) of the Securities Exchange Act of 1934 and to suspend certain reporting obligations under Sections 13 and 15(d), relying on specific rule provisions. The footnote to the Form 15 explains that, as of the certification date, shareholders of the predecessor fund had become shareholders of the successor fund through the merger.

Adviser Ownership Changes

An 8-K also reports an adviser-related transaction. It states that, concurrently with the closing of the Reorganization, Franklin Square Holdings, L.P. acquired EIG Asset Management, LLC’s interest in the adviser to the fund. As a result, the adviser became an indirect wholly owned subsidiary of Franklin Square Holdings, L.P., and changed its name to FS Specialty Lending Advisor, LLC. The filing notes that the adviser personnel from Franklin Square who provided services to the fund prior to the transaction would continue to provide services to the fund.

Credit Exposure Update

In another 8-K, the fund discloses that First Brands Group, LLC filed for bankruptcy protection on September 29, 2025, and that FS Specialty Lending Fund no longer had exposure to First Brands. This statement provides a specific update on the fund’s exposure to a particular portfolio company or counterparty.

Status and Historical Context for FSEN

FS Energy & Power Fund (FSEN) is referenced here in connection with the broader FS-branded investment complex. The current SEC filings provided relate specifically to FS Specialty Lending Fund and its successor structure, not directly to FS Energy & Power Fund. However, for investors researching the FSEN symbol, these filings offer context on how FS-branded funds have been reorganized, merged into successor entities, and repositioned under the 1940 Act as closed-end management investment companies.

Because the available filings focus on FS Specialty Lending Fund and its Reorganization into a successor closed-end fund, and a Form 15 has been filed to terminate registration of a class of securities, users should treat FSEN primarily as a historical reference point. The information on this page is best understood as background on the evolution of FS-related investment funds and their regulatory status, rather than as a description of an actively reporting entity under the FSEN ticker.