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Managed Fund Since 2022
Alternatives
FBSPX 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.
Popular Documents
Floating Rate
75.97%
As of 12/31/2025
Annualized Return Since Inception
9.29
As of 12/31/2025
Reduced management fees until March 31, 2026 – click for important disclosures
Overview
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 Assets
As of 12/31/2025 (Updated Monthly) - $176.16 Million
- Number of Holdings
As of 12/31/2025 (Updated Monthly) - 188
- NAV
As of 02/06/2026 (Updated Daily) - $9.87
- Leverage
As of 12/31/2025 (Updated Monthly) - 46.00%
Identifiers
- Ticker
- FBSPX
- Fund Number
- 8471
- CUSIP Code
- 35242N202
Average Annual Total Returns As of 12/31/2025
Advisor Class
- 2.59%1 Year
- 9.67%3 Years
- —5 Years
- —10 Years
- 9.29%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
As of 12/31/2025 % of Total (Updated Monthly)
Direct Lending & Illiquid Loans55.27% | |
Mezzanine Debt16.64% | |
Commercial Real Estate Debt9.26% | |
Distressed Debt & Special Situations5.89% | |
Tactical Credit3.78% | |
Structured Corporate Credit3.32% | |
Liquid Securities2.93% | |
Asset Backed Financing2.92% |
Additional Fund Info
- Share Class Inception Date
- 10/03/2022
- Benchmark
- Morningstar LSTA U.S. Leveraged Loan Index
- Additional Benchmark
6 - ICE BofA US High Yield Index
- Structure
- Interval Fund
- NAV Frequency
- Daily
- Investment Style
- Private Debt
- Liquidity
7 - Quarterly tender offer, at least 5% of total outstanding shares
- Morningstar Category
8 - Private Debt - General
- Subscriptions
- Daily
- Lipper Classification
- General Bond Funds
- Tax Reporting
- 1099-DIV
- Minimum Investment
- $1,000,000
Learn More about this fund
Access Now
Why Private Credit
Access NowManager 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.
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Managed Fund Since 2022
Latest Benefit Street Partners Insights
December 18, 2025
November 21, 2025
October 29, 2025
October 3, 2025
Giving individual investors access to private credit
Franklin BPS Private Credit Fund Quarterly Update
Performance & Distributions
Average Annual Total Returns
As of 12/31/2025
Selected Month December 2025
Advisor Class - With Sales Charge (POP) (%)
Month End
As of 12/31/2025
Advisor Class - Without Sales Charge (NAV) (%)
Month End
As of 12/31/2025
Morningstar LSTA U.S. Leveraged Loan Index (%)
Month End
As of 12/31/2025
ICE BofA US High Yield Index (%) 6
Month End
As of 12/31/2025
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.
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 of12/31/2025 (Updated Monthly)
- Managed Assets
- $176.16 Million
- Leverage
9 - 46.00%
Positions
As of 12/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 188
Portfolio Statistics
As of 12/31/2025 (Updated Monthly)
Average Weighted Maturity 10
- Fund
- 4.90 Years
- Benchmark
- 4.64 Years
- Fund
- 0.43 Years
- Benchmark
- 0.00 Years
- Fund
- 75.97%
- Benchmark
- —
Security Allocation
As of 12/31/2025 % of Managed Assets (Updated Monthly)
| Sector | % of Total |
|---|---|
Senior Secured 1st Lien | 71.65% |
Subordinated Debt | 13.94% |
Equity/Other Investments | 5.53% |
CLO Investments | 4.50% |
Senior Secured 2nd Lien | 4.38% |
Top Holdings
As of 12/31/2025 (Updated Monthly)
| Holdings | Fund |
|---|---|
Pacific Gas & Electric | 2.93% |
Consumer Cellular | 2.82% |
Volunteer Materials | 2.43% |
Allied Benefit Systems | 2.25% |
Galaxy Digital Holdings LP | 2.17% |
188 West St. James | 2.17% |
IMIA | 1.85% |
JetBlue Airways | 1.81% |
Vesper | 1.77% |
Dominion and Montabella | 1.73% |
Tax Information
Federal ID Number 84-4411231
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
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
- —
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- —
- Section 163(j)
- —
- Indiana Resident Taxable Income
- —
- Utah Resident Taxable Income
- —
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
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin BSP Private Credit Fund | |||
| Flyer - Franklin Alternatives - BSP Private Credit Fund - Repurchase Offer and Distribution Schedule | |||
| Snapshot - Franklin BSP Private Credit Fund | |||
| Presentation - 29429 - Franklin BSP Private Credit Fund | |||
| Brochure - Understanding Interval Funds |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin BSP Private Credit Fund | |||
| Semi-Annual Report - Franklin BSP Private Credit Fund | |||
| Prospectus - Franklin BSP Private Credit Fund | |||
| Statement of Additional Information - Franklin BSP Private Credit Fund | |||
| Fiscal Q1 Holdings - Franklin BSP Private Credit Fund | |||
| Fiscal Q3 Holdings - Franklin BSP Private Credit Fund |
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
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.
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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.