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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
73.71%
As of 10/31/2025
Annualized Return Since Inception
10.03
As of 10/31/2025
Reduced management fees until March 31, 2026 – click for important disclosures
Gross expenses are the fund's total annual operating expenses as of the fund's prospectus available at the time of publication. Actual expenses may be higher and may impact portfolio returns. Net expenses reflect contractual fee waivers, expense caps and/or reimbursements, which cannot be terminated prior to 04/30/2026 without Board consent. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice.
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 10/31/2025 (Updated Monthly) - $188.81 Million
- Number of Holdings
As of 10/31/2025 (Updated Monthly) - 204
- NAV
As of 11/26/2025 (Updated Daily) - $10.16
- Leverage
As of 10/31/2025 (Updated Monthly) - 42.06%
Identifiers
- Ticker
- FBSPX
- Fund Number
- 8471
- CUSIP Code
- 35242N202
Average Annual Total Returns As of 10/31/2025
Advisor Class
- 7.54%1 Year
- 10.34%3 Years
- —5 Years
- —10 Years
- 10.03%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 10/31/2025 % of Total (Updated Monthly)
Direct Lending & Illiquid Loans52.55% | |
Mezzanine Debt15.22% | |
Distressed Debt & Special Situations6.85% | |
Commercial Real Estate Debt6.05% | |
Asset Backed Financing5.77% | |
Tactical Credit4.97% | |
Structured Corporate Credit4.32% | |
Liquid Securities4.27% |
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 - N/A
- 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
Benefit Street Partners is a leading credit-focused alternative asset manager, utilizing a multi-strategy approach targeting attractive opportunities in the global credit markets.
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Managed Fund Since 2022
Latest Benefit Street Partners Insights
November 21, 2025
October 29, 2025
October 3, 2025
August 25, 2025
Giving individual investors access to private credit
Franklin BPS Private Credit Fund Quarterly Update
Performance & Distributions
Average Annual Total Returns
As of 10/31/2025
Selected Month October 2025
Advisor Class - With Sales Charge (POP) (%)
Month End
As of 10/31/2025
Advisor Class - Without Sales Charge (NAV) (%)
Month End
As of 10/31/2025
Morningstar LSTA U.S. Leveraged Loan Index (%)
Month End
As of 10/31/2025
ICE BofA US High Yield Index (%) 6
Month End
As of 10/31/2025
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 of10/31/2025 (Updated Monthly)
- Managed Assets
- $188.81 Million
- Leverage
9 - 42.06%
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 204
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Average Weighted Maturity 10
- Fund
- 5.61 Years
- Benchmark
- 4.63 Years
- Fund
- 0.58 Years
- Benchmark
- -0.01 Years
- Fund
- 73.71%
- Benchmark
- —
Asset Allocation 13
As of 10/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Direct Lending & Illiquid Loans | 52.55% |
Mezzanine Debt | 15.22% |
Distressed Debt & Special Situations | 6.85% |
Commercial Real Estate Debt | 6.05% |
Asset Backed Financing | 5.77% |
Tactical Credit | 4.97% |
Structured Corporate Credit | 4.32% |
Liquid Securities | 4.27% |
Top Holdings
As of 10/31/2025 (Updated Monthly)
| Holdings | Fund |
|---|---|
Pacific Gas & Electric | 2.73% |
Consumer Cellular | 2.52% |
Volunteer Materials | 2.26% |
Twitter Inc | 2.15% |
Allied Benefit Systems | 2.09% |
188 West St. James | 1.89% |
Sumo Logic Inc | 1.65% |
Miratech | 1.63% |
JetBlue Airways | 1.62% |
Dominion and Montabella | 1.61% |
Pricing
Pricing History
As of 11/26/2025 (Updated Daily)
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.
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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.
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.
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 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.