Company Profile
- Formed in January 2020, Franklin BSP Capital Corporation (“FBCC” or “the company”) is a closed-end, externally managed business development company (“BDC”) that primarily provides senior secured first lien loans to middle market U.S. companies. The company has elected to be treated as a regulated investment company (“RIC”) for federal income tax purposes.
- FBCC is externally managed by Franklin BSP Capital Adviser L.L.C. (“Adviser”), an affiliate of Benefit Street Partners (“BSP”), a global alternative credit management firm and an affiliate of Franklin Templeton.
- On January 24, 2024, Franklin BSP Lending Corporation (“FBLC”) merged with FBCC, the surviving entity. FBLC, which KBRA had rated since 2015, was a non-listed BDC with a $2.8 billion investment portfolio at fair value (FV) as of the merger date, while FBCC, also a non-listed BDC, had a $756 million portfolio at FV. The merged BDCs operate under the 150% regulatory asset coverage ratio…