Alternatives

FBPAX Franklin BSP Private Credit Fund

Multi-Strategy Approach: Offers diversification across multiple credit focused strategies utilizing BSP's extensive experience deploying capital through multiple business cycles.
Income Generating: Private credit continues to offer the potential for attractive yield opportunities relative to traditional fixed income portfolios by focusing on the middle market gap.
Investor Friendly Structure: A 40-Act registered closed-end interval fund with 1099 tax treatment, daily valuations, monthly distributions and quarterly liquidity.

Overview

See the risks and other important information.

Fund Facts

Fund description

Franklin BSP Private Credit Fund (the Fund) offers investors access to a diversified, multi-strategy solution targeting attractive opportunities across the credit market within the convenience and oversight of a continuously offered, closed-end interval fund.

Fund Inception Date: 10/03/2022
Managed AssetsAs of 01/31/2026 (Updated Monthly): $179.61 Million
Number of HoldingsAs of 01/31/2026 (Updated Monthly): 190
NAVAs of 03/09/2026 (Updated Daily): $9.84
LeverageAs of 01/31/2026 (Updated Monthly): 44.72%

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 6.19%
Net Expense Ratio^2,3: 5.91%
Maximum Initial Charge: 2.00%
CDSC: N/A
12b-1 Fee: 0.50%
Management Charge: 1.25%
Interest Payments on Borrowed Fund and Securities Sold Short: 2.02%
Incentive Fee⁴: 1.14%
Additional Expenses⁵: 1.78%

Identifiers

Ticker: FBPAX
Fund Number: 8470
CUSIP Code: 35242N103

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

1.89%1 Year
8.58%3 Years
—5 Years
—10 Years
8.46%Since Inception
10/03/2022

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Asset Allocation

View portfolio section for additional info

As of 01/31/2026 % of Total (Updated Monthly)

Top Asset Allocation
Direct Lending & Illiquid Loans54.58%
Mezzanine Debt19.83%
Commercial Real Estate Debt9.47%
Distressed Debt & Special Situations4.51%
Structured Corporate Credit3.29%
Liquid Securities3.25%
Asset Backed Financing2.62%
Tactical Credit2.46%

Additional Fund Info

Share Class Inception Date: 10/03/2022
Benchmark: Morningstar LSTA U.S. Leveraged Loan Index
Additional Benchmark⁶: ICE BofA US High Yield Index
Structure: Interval Fund
NAV Frequency: Daily
Investment Style: Private Debt
Liquidity⁷: Quarterly tender offer, at least 5% of total outstanding shares
Morningstar Category⁸: Private Debt - General
Subscriptions: Daily
Lipper Classification: General Bond Funds
Tax Reporting: 1099-DIV
Minimum Investment: $2,500

Learn More about this fund

Access Now

Why Private Credit

Access Now

Manager and Commentary

About the Team

Benefit Street Partners

An alternative credit pioneer that seeks to deliver attractive returns through its relationships, specialist expertise and global reach.

Managed Fund Since 2022

Latest Benefit Street Partners Insights

December 18, 2025

CREdge: Understanding Negative Leverage in Commercial Real Estate: Challenges and Risks

November 21, 2025

Public insights on private credit: The evolving landscape of upper middle-market direct lending

October 29, 2025

We predicted the storm in commercial real estate

October 3, 2025

CREdge: Navigating the complexities of CRE in 2025

Giving individual investors access to private credit

Franklin BPS Private Credit Fund Quarterly Update

Performance & Distributions

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

Class A - With Sales Charge (POP) (%)

Class A - Without Sales Charge (NAV) (%)

Morningstar LSTA U.S. Leveraged Loan Index (%)

ICE BofA US High Yield Index (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

Class A: Estimated Annual Fund Expenses: Gross Expenses⁴ 6.19%; Net Expenses⁵ 5.91%; Maximum sales charge is 2.00% for Class A; Management Fee 1.25%; Incentive Fee⁶ 1.14%; Interest Payments on Borrowed Funds 2.04%; Remaining Other Expenses⁷ 1.78%. Expenses are annualized and calculated as a percentage of estimated average net assets.

Advisor Class: Estimated Annual Fund Expenses: Gross Expenses⁴ 5.69%; Net Expenses⁵ 5.41%; Management Fee 1.25%; Incentive Fee⁶ 1.14%; Interest Payments on Borrowed Funds 2.04%; Remaining Other Expenses⁷ 1.28%. Expenses are annualized and calculated as a percentage of estimated average net assets.

Portfolio

Assets

As of01/31/2026 (Updated Monthly)

Managed Assets: $179.61 Million
Leverage ⁹: 44.72%

Positions

As of 01/31/2026 (Updated Monthly)

Number of Holdings

Fund: 190

Portfolio Statistics

As of 01/31/2026 (Updated Monthly)

Average Weighted Maturity ¹⁰

Fund: 4.80 Years
Benchmark: 4.59 Years

Effective Duration

Fund: 0.46 Years
Benchmark: -0.02 Years

Floating Rate

Fund: 73.34%
Benchmark: —

Asset Allocation ¹³

As of 01/31/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Direct Lending & Illiquid Loans	54.58%
Mezzanine Debt	19.83%
Commercial Real Estate Debt	9.47%
Distressed Debt & Special Situations	4.51%
Structured Corporate Credit	3.29%
Liquid Securities	3.25%
Asset Backed Financing	2.62%
Tactical Credit	2.46%

Top Holdings

As of 01/31/2026 (Updated Monthly)

Top Holdings
Holdings	Fund
Pacific Gas & Electric	2.83%
Consumer Cellular	2.79%
Volunteer Materials	2.40%
Galaxy Digital Holdings LP	2.32%
Allied Benefit Systems	2.23%
188 West St. James	2.20%
JetBlue Airways	1.89%
IMIA	1.83%
Twitter Inc	1.77%
Vesper	1.76%

Tax Information

Federal ID Number 84-4411231

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 29	0.07305875	—	—	—	—	—	—	—	—
Feb 26	0.06977195	—	—	—	—	—	—	—	—
Mar 27	0.06453372	—	—	—	—	—	—	—	—
Apr 28	0.0739263	—	—	—	—	—	—	—	—
May 28	0.05830974	—	—	—	—	—	—	—	—
Jun 26	0.05253031	—	—	—	—	—	—	—	—
Jul 29	0.06411906	—	—	—	—	—	—	—	—
Aug 27	0.06426109	—	—	—	—	—	—	—	—
Sep 26	0.05920442	—	—	—	—	—	—	—	—
Oct 29	0.07138424	—	—	—	—	—	—	—	—
Nov 25	0.06113326	—	—	—	—	—	—	—	—
Dec 29	0.49525795	—	0.00119	—	—	—	—	—	—

Jan 29

Feb 26

Mar 27

Apr 28

May 28

Jun 26

Jul 29

Aug 27

Sep 26

Oct 29

Nov 25

Dec 29

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 03/09/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices and Breakpoints

As of 03/09/2026

Share Prices

As of 03/09/2026

NAV ¹¹(Net Asset Value): $9.84
NAV Change ¹¹: $0.03
NAV Change (%) ¹¹: 0.31%
POP ¹²(Public Offering Price): $10.04

POP and Sales Charge at Breakpoints

Less than $100,000

$100,000 - $249,999

52-Week Range

Highest NAV As of 03/27/2025: $10.65
Lowest NAV As of 12/30/2025: $9.68

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Franklin BSP Private Credit Fund	Download Document
Checkbox	Flyer - Franklin Alternatives - BSP Private Credit Fund - Repurchase Offer and Distribution ScheduleMailed hardcopies unavailable.	Download Document
Checkbox	Snapshot - Franklin BSP Private Credit Fund	Download Document
Checkbox	Presentation - 29429 - Franklin BSP Private Credit Fund
Checkbox	Brochure - Understanding Interval Funds	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin BSP Private Credit FundMailed hardcopies unavailable.	Download Document
Checkbox	Semi-Annual Report - Franklin BSP Private Credit FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Franklin BSP Private Credit Fund	Download Document
Checkbox	Statement of Additional Information - Franklin BSP Private Credit FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin BSP Private Credit FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin BSP Private Credit FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. An investment in an interval fund is not suitable for all investors. Unlike closed-end funds, an interval fund's shares are not typically listed on a stock exchange. There is also no secondary market for the fund's shares, and none is expected to develop. An investment in the fund should be considered illiquid. The fund may be able to invest in private securities that are illiquid and thinly traded, which may limit the manager's ability to sell such securities at their fair market value or when necessary to meet the portfolio's liquidity needs. There is no guarantee that an investor will be able to tender all or any of their requested fund shares in a periodic repurchase offer. Shareholders should not expect to be able to sell their shares regardless of how the fund performs. Distributions are not guaranteed and are subject to change. To the extent the fund invests in privately held companies they present certain challenges and involve incremental risks as opposed to investments in public companies, such as dealing with the lack of available information about these companies as well as their general lack of liquidity. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as "junk") corporate debt publicly issued in the U.S. domestic market.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.

The Morningstar LSTA US Leveraged Loan Index is designed to reflect the performance of the largest facilities in the leveraged loan market.
The Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates.

The Fund's investment adviser is Benefit Street Partners L.L.C. (BSP). BSP is a wholly owned subsidiary of Franklin Resources, Inc. that, together with its affiliates operates as Franklin Templeton.

A Private Debt Investment Committee sit alongside the Portfolio Managers and are involved in all aspects of the private debt investment process.

Footnotes

Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income, may include capital gains and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Net returns also reflect the Fund's incentive fee (if the Fund has charged the fee), which is 12.50% per quarter on the funds pre-incentive fee net investment income (with a 6.0% annualized hurdle rate), payable to the fund quarterly in arrears and subject to a catch up feature.
Includes operating and other expenses.
The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use. See www.franklintempletondatasources.com for a full copy of the Disclaimer.
The Quarterly Repurchase Offer: Franklin BSP Private Credit Fund is structured as a continuously offered, closed-end interval fund due to the relatively illiquid nature of many of the Fund's investments. Investors can purchase shares on any day the markets are open, but shares are not redeemed daily. Instead, Franklin BSP Private Credit Fund intends to make a quarterly offer to repurchase 5% - 25% of the outstanding shares at NAV. Under normal market conditions, the Fund currently expects to offer to repurchase 5% of outstanding shares per quarter, subject to approval by the Fund's Board..
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Leverage is the multiple of the position value compared to the portfolio value of the account, which includes unrealized profit or loss.
Average Weighted Maturity is an estimate of the number of years to maturity, taking the possibility of early payments into account, for the underlying holdings.
Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Tactical Credit represents relative value opportunities in semi-liquid syndicated loan investments.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

FBPAX Franklin BSP Private Credit Fund

Popular Documents

Reduced management fees until March 31, 2026 – click for important disclosures

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Benefit Street Partners Insights

Giving individual investors access to private credit

Franklin BPS Private Credit Fund Quarterly Update

Performance & Distributions

Calendar Year Returns

Portfolio

Asset Allocation 13

Top Holdings

Tax Information

Federal ID Number 84-4411231

Pricing

Chart

Daily Fund Prices and Breakpoints

Documents

Risks

Important Information

Footnotes

Asset Allocation ¹³