Franklin BSP Capital Corporation (FBCC) is a Business Development Company (BDC) that lends to U.S. middle market companies. FBCC is externally managed by Franklin BSP Capital Adviser, an affiliate of Benefit Street Partners (BSP), a credit-focused alternative asset manager with roughly $931B in AUM. FBCC's core product is senior secured loans — primarily first and second lien debt — made to private U.S. companies with annual EBITDA of roughly $25M–$100M. FBCC also makes mezzanine loans, unsecured loans, and smaller equity investments. The portfolio was approximately $4B at fair value as of year-end 2025. FBCC raises capital from institutional investors and high-net-worth individuals through private placement; shares are not listed on a public exchange. BSP sources deals through relationships with private equity sponsors, investment banks, and other intermediaries, with an emphasis on non-sponsored loans, which BSP argues offer better risk-adjusted returns. FBCC earns interest income on its loan portfolio, funded by a mix of investor equity and borrowed capital. Most loans are floating-rate, so earnings are sensitive to interest rate movements. As a regulated investment company (RIC), FBCC must distribute at least 90% of taxable income to shareholders, so most earnings flow to investors as distributions. BSP earns a 1.50% annual management fee on gross assets and a 17.5% incentive fee on net investment income above a 6% preferred return. FBCC has grown partly through M&A, most notably a January 2024 merger with sister BDC Franklin BSP Lending Corporation.