Franklin BSP Capital Corporation reported its financial results for the second quarter of 2025, revealing a total investment income of $103.4 million, a slight decrease from $104.6 million in the same period last year. For the six months ending June 30, 2025, total investment income increased to $210.9 million from $201.2 million in the prior year, primarily due to the acquisition of $2.8 billion in investments from the merger with Franklin BSP Lending Corporation (FBLC) completed in January 2024. The company’s net investment income for the quarter was $39.6 million, down from $48.7 million year-over-year, while net investment income for the six months was $84.5 million, compared to $98.4 million in 2024.
The company’s total assets as of June 30, 2025, stood at $4.29 billion, up from $4.17 billion at the end of 2024. This increase was driven by the merger with FBLC, which significantly expanded the company’s investment portfolio. However, total liabilities also rose to $2.36 billion from $2.18 billion, largely due to increased debt levels, which reached $2.28 billion, compared to $2.05 billion at the end of the previous fiscal year. The net asset value per share attributable to common stock decreased to $13.79 from $14.10.
Operationally, Franklin BSP Capital Corporation reported a total of 149 portfolio companies as of June 30, 2025, with a weighted average risk rating of 2.2, indicating stable performance. The company had nine portfolio companies on non-accrual status, representing 3.0% of the total amortized cost of investments. The company’s investment strategy continues to focus on first and second lien senior secured loans, which comprised 76.3% of the portfolio by fair value.
Looking ahead, Franklin BSP Capital Corporation anticipates continued growth in its investment portfolio, supported by its recent merger and ongoing capital commitments. The company has $121.4 million in cash and cash equivalents, with net cash used in operating activities amounting to $96.4 million for the first half of 2025. The company also reported unfunded commitments of $368.3 million on delayed draw term loans and $254.6 million on revolver term loans, indicating a strong pipeline for future investments. The management remains optimistic about navigating market conditions and achieving its investment objectives while maintaining compliance with regulatory requirements as a business development company.
About Franklin BSP Capital Corp
Franklin BSP Capital Corporation is a non-diversified, externally managed business development company (BDC) focused on providing debt and equity financing to U.S. middle market companies. Its core activities include investing in senior secured loans, mezzanine debt, and equity, primarily targeting private companies with EBITDA of $25-100 million. The company aims to generate current income and capital appreciation through proprietary sourcing, risk management, and strategic co-investments in a large, underserved private credit market.
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