Franklin BSP Capital (“FBCC”)
Franklin BSP Capital Corporation (FBCC) is a publicly traded Business Development Company that lends to U.S. middle market companies through senior secured, mezzanine, unsecured, and equity investments ranging from $25M to over $250M. It is externally managed by Benefit Street Partners, a subsidiary of Franklin Resources.
- Company typePublic
- Founded2008
- HeadquartersNew York, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Franklin BSP Capital (“FBCC”) does
Franklin BSP Capital Corporation (FBCC) is a publicly traded Business Development Company (BDC) regulated under the Investment Company Act of 1940, listed on OTC Markets under the ticker FRBP. The company lends to U.S. middle market companies with annual revenues up to $1 billion and EBITDA between $10 million and $100 million, deploying capital primarily in first and second lien senior secured loans, with smaller allocations to mezzanine loans, unsecured loans, and equity positions. Investment sizes typically range from $25 million to over $250 million per transaction, with deals sourced through proprietary channels including CEO direct relationships, financial intermediaries, investment bank early looks, and financial sponsors.
FBCC does not maintain an internal investment team. The company is externally managed by Benefit Street Partners (BSP), a subsidiary of Franklin Resources, Inc. (NYSE: BEN, Franklin Templeton), under an investment advisory arrangement with Franklin BSP Capital Adviser L.L.C. BSP provides deal origination, underwriting, portfolio management, and operational support, enabling FBCC to operate as a 'one-stop shop' across the capital structure. The platform carries investment grade credit ratings from Moody's (Baa3), KBRA (BBB), and Fitch (BBB-/BBB), and has issued both common stock and Series A Preferred Stock to public market investors, alongside institutional private placement debt offerings.
Revenue is generated through interest income, origination fees, and capital gains on debt and equity investments in portfolio companies. Distributions to shareholders are paid quarterly (e.g., $0.24 per common share declared for Q1 2026). On January 24, 2024, FBCC absorbed Franklin BSP Lending Corp (FBLC), consolidating Franklin Resources' U.S. BDC franchise. Operating geographies are limited to the United States, and the company reports a headcount in the 251–500 range.
Franklin BSP Capital (“FBCC”) firmographics
Firmographics- Name
- Franklin BSP Capital (“FBCC”)
- Legal name
- Franklin BSP Capital Corporation
- Website
- https://fbccbdc.com
- Company type
- Public
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Franklin BSP Capital Corporation (FBCC) is a publicly traded Business Development Company that lends to U.S. middle market companies through senior secured, mezzanine, unsecured, and equity investments ranging from $25M to over $250M. It is externally managed by Benefit Street Partners, a subsidiary of Franklin Resources.
- Ownership category
- akta.pro rank
Franklin BSP Capital (“FBCC”) industry classification
Industry- Product category
- Middle Market Lending (Business Development Company)
- NAICS
- Finance and Insurance (52)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro industry
- SME/Industrial Development BanksFinancial & Insurance/Banking (Commerical, Retail & Consumer)/Development & Public Sector Banking (DFIs, Postal/Savings Banks)
Keywords
Where Franklin BSP Capital (“FBCC”) is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Markets served
Franklin BSP Capital (“FBCC”) business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Interest Income and Capital Gains: FBCC generates current income and long-term capital appreciation through debt and equity investments in middle market companies. As a BDC, the company earns interest on loans, origination fees, and realizes gains on equity investments.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | Common Stock Quarterly Distribution |
| One time/ perpetual license | Multi-year contract | Notes Due 2030 |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Franklin BSP Capital (“FBCC”) product offering
Product offeringCore offering
Franklin BSP Capital Corporation (FBCC) is a Business Development Company that originates and holds debt and equity investments in private U.S. middle market companies. FBCC invests primarily in first and second lien senior secured loans, and to a lesser extent in mezzanine loans, unsecured loans, and equity positions. Investment sizes typically range from $25 million to over $250 million, targeting companies with annual revenues up to $1 billion and EBITDA of $10-100 million.
Product overview
Franklin BSP Capital Corporation (FBCC) operates as a single business development company (BDC) offering rather than a platform with multiple product modules. The company provides one core investment offering: debt and equity financing services to middle-market companies. FBCC is externally managed by Benefit Street Partners (BSP) and focuses on lending to private U.S. middle-market companies with annual revenues up to $1 billion. Investment types include first and second lien senior secured loans, mezzanine loans, unsecured loans, and equity investments, targeting companies with EBITDA between $10-$100 million and investment sizes typically ranging from $25 million to over $250 million. The company has no distinct product sub-brands, modules, or named product offerings separate from its core BDC investment services.
Differentiator
Problem solved
Functional benefit
Products and services
- Senior Secured Loans (First and Second Lien)
- Mezzanine Loans
- Unsecured Loans
- Equity Investments
- Notes Due 2030 ($300M) Senior unsecured notes offering issued by FBCC with a 6.000% fixed coupon rate, distributed to institutional fixed-income investors via private placement to fund lending activities.
Quantifiable outcome
- Investment grade credit ratings from Moody's (Baa3), KBRA (BBB), and Fitch (BBB-/BBB) indicate stable credit quality
Companies that use Franklin BSP Capital (“FBCC”)
Customer profileSegments1 record
Ideal customer profiles1 record
Franklin BSP Capital (“FBCC”) technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Franklin BSP Capital (“FBCC”) partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor.
- Simpson Thacher & Bartlett LLPminorLegal advisement provided by Simpson Thacher for Franklin BSP Capital Corporation in connection with the $300 million notes offering.
- Ropes & Gray LLPminorLegal advisement provided by Ropes & Gray for initial purchasers in connection with the $300 million notes offering.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Franklin BSP Capital (“FBCC”) competitors and assessment
Company assessmentDirect peers
- Golub Capital BDC: Publicly traded BDC focused on senior secured, one-stop loans to U.S. middle market companies, overlapping with FBCC's core first lien and unitranche strategy and similar target borrower profile.
- Main Street Capital Corporation: Publicly traded BDC focused on lower middle market companies with a flexible debt and equity strategy, closely mirroring FBCC's middle market direct lending model and target EBITDA range.
- New Mountain Finance Corporation: Publicly traded BDC sponsored by New Mountain Capital, focused on senior secured loans to defensive middle market companies, overlapping with FBCC's middle market direct lending focus.
- Blue Owl Capital Corp (OBDC): Externally managed BDC formed from the Owl Rock and Dyal merger, providing direct lending to U.S. middle market companies with similar debt-focused strategy and check sizes to FBCC.
- Saratoga Investment Corp: Publicly traded BDC focused on leveraged loans to U.S. middle market companies, with comparable target borrower size and senior debt strategy to FBCC.
- Sixth Street Specialty Lending: Publicly traded BDC focused on first lien senior secured loans to U.S. middle market companies, directly comparable to FBCC's senior secured loan origination strategy and target borrower profile.
- Blackstone Private Credit Fund: Non-traded BDC managed by Blackstone Credit, providing senior secured loans to U.S. middle market companies with similar investment size and borrower profile as FBCC, scaled by Blackstone's broader platform.
- Ares Capital Corporation: Publicly traded BDC and the largest in the U.S., providing first lien, second lien, mezzanine, and equity financing to U.S. middle market companies with a similar investment size range and target borrower profile as FBCC.
- FS KKR Capital Corp: Publicly traded BDC jointly advised by FS Investments and KKR Credit, providing senior secured and second lien loans to U.S. middle market companies, directly comparable in scale and strategy to FBCC.
- Capital Southwest Corporation: Publicly traded BDC focused on first lien and unitranche loans to lower middle market companies, with similar conservative credit underwriting and middle market target profile as FBCC.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Franklin BSP Capital (“FBCC”) social profiles
Digital presenceFranklin BSP Capital (“FBCC”) financial estimates
Financial estimateRevenue estimate
Valuation estimate
Franklin BSP Capital (“FBCC”) leadership team
Management profileNumber of profiles
Profiles2 records
Franklin BSP Capital (“FBCC”) funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Franklin BSP Capital (“FBCC”) M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Franklin BSP Capital (“FBCC”)
What does Franklin BSP Capital (“FBCC”) do?
Franklin BSP Capital Corporation (FBCC) is a Business Development Company that originates and holds debt and equity investments in private U.S. middle market companies. FBCC invests primarily in first and second lien senior secured loans, and to a lesser extent in mezzanine loans, unsecured loans, and equity positions. Investment sizes typically range from $25 million to over $250 million, targeting companies with annual revenues up to $1 billion and EBITDA of $10-100 million.
Is Franklin BSP Capital (“FBCC”) a public or private company?
Franklin BSP Capital (“FBCC”) is a public company. It is classified as public and is currently operating.
When was Franklin BSP Capital (“FBCC”) founded?
Franklin BSP Capital (“FBCC”) was founded in 2008. It employs 251 to 500 people.
Where is Franklin BSP Capital (“FBCC”) based?
Franklin BSP Capital (“FBCC”) is headquartered in New York, United States, in the North America region.
How does Franklin BSP Capital (“FBCC”) make money?
One revenue line is on record: interest Income and Capital Gains.
Who are Franklin BSP Capital (“FBCC”)'s main competitors?
Direct peers on record are Golub Capital BDC, Main Street Capital Corporation, New Mountain Finance Corporation, Blue Owl Capital Corp (OBDC), Saratoga Investment Corp, Sixth Street Specialty Lending, Blackstone Private Credit Fund, Ares Capital Corporation, FS KKR Capital Corp and Capital Southwest Corporation.
Does Franklin BSP Capital (“FBCC”) have an API?
No public API is recorded for Franklin BSP Capital (“FBCC”).
What industry is Franklin BSP Capital (“FBCC”) in?
Franklin BSP Capital (“FBCC”)'s product category is Middle Market Lending (Business Development Company). Its primary akta.pro industry code is FSABAKAF, SME/Industrial Development Banks. Its NAICS code is 52 and its SIC code is 6159.