Franklin BSP Capital Corp (NYSE: FRBP) is a business development company (BDC) that provides private credit to middle-market companies, primarily through senior secured first lien debt. It earns income from interest payments on floating-rate loans, typically priced at a spread over SOFR, plus fees from origination and unfunded commitments. The portfolio, as of December 31, 2025, spans borrowers across software, healthcare, industrials, business services, food and beverage, consumer, financial services, media, and transportation, among other sectors. The company is externally managed by an adviser operating under the BSP (Benefit Street Partners) brand, a credit-focused affiliate of Franklin Templeton. BSP prioritizes non-competitive "strategic capital" situations, including both private equity-sponsored and non-sponsored transactions, with a stated focus on deals where the adviser can influence loan terms, covenants, and governance.

Revenue model

Interest income on floating-rate senior secured loans (spread over SOFR), supplemented by payment-in-kind interest on select positions, origination fees, and non-usage fees on revolving and delayed-draw commitments. The portfolio also holds equity and other investments that contribute unrealized and realized gains or losses.

Products and services

Senior secured first lien debt (primary product), senior secured second lien debt, subordinated and mezzanine debt, equity co-investments, and investments in joint ventures. Loans are predominantly floating-rate, indexed to SOFR, with maturities typically ranging from 2025 through 2032 based on disclosed portfolio holdings as of December 31, 2025.

Customers and end markets

Middle-market companies across software/services, healthcare, industrials, business services, food and beverage, consumer products, financial services, media and entertainment, transportation, and telecom. Borrowers include both private equity-backed portfolio companies and non-sponsored businesses.

Value-chain role

Direct lender and capital provider to middle-market borrowers. Acts as a primary or co-lender, originating and holding loans rather than syndicating or trading. The external adviser, BSP, sources deals and manages the portfolio on behalf of the BDC.

Geographic exposure

The filing does not provide a specific geographic revenue or portfolio breakdown by country or region. Portfolio company names suggest primarily U.S.-based borrowers, with at least one Canadian borrower (1236904 BC, Ltd.; Kissner Milling Co., Ltd.) identifiable in the December 31, 2025 and December 31, 2024 schedules of investments.

Source: SEC 10-K, filed 2026-03-16

Industry: UNKNOWN