Franklin BSP Capital Corporation reported its financial results for the first quarter of 2025, revealing a total investment income of $107.5 million, an increase from $96.6 million in the same period last year. This growth is attributed primarily to the merger with Franklin BSP Lending Corporation (FBLC), which added approximately $2.8 billion in investments at fair value to the company's portfolio. However, net investment income decreased to $44.9 million, down from $49.7 million year-over-year, reflecting higher operating expenses, which rose to $62.2 million from $46.5 million.
The company's total assets as of March 31, 2025, stood at $4.18 billion, slightly up from $4.17 billion at the end of 2024. Notably, the net assets attributable to common stock decreased to $1.90 billion, down from $1.91 billion, with the net asset value per share falling to $13.94 from $14.10. The decline in net assets is partly due to increased distributions to common stockholders, which totaled $44.7 million for the quarter, compared to $11.2 million in the prior year.
In terms of operational metrics, Franklin BSP Capital Corporation's investment portfolio remains heavily weighted towards senior secured loans, which comprised 76.6% of the total portfolio as of March 31, 2025. The company reported a weighted average current yield of 10.3% across its investments. The number of portfolio companies increased to 167, reflecting the company's strategy to expand its investment base. The firm also noted that it had nine portfolio companies on non-accrual status, representing 3.0% of the total amortized cost of investments.
Strategically, the company has been active in managing its capital structure, with total debt outstanding at $2.12 billion as of March 31, 2025. The company refinanced its previous credit facilities into a new $400 million JPM Credit Facility, which provides for borrowings through October 2026. The refinancing is expected to enhance liquidity and reduce borrowing costs. Looking ahead, Franklin BSP Capital Corporation anticipates continued investment opportunities in the middle market, with a focus on generating both current income and capital appreciation. The company maintains a positive outlook, supported by its robust capital commitments and available liquidity.
About Franklin BSP Capital Corp
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