Franklin BSP Lending Corp
Inside Franklin BSP Lending Corp’s $1K private-credit portfolio — 25 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| Fund, LLC Diversified Investment Vehicles | Senior Loan Senior Secured | $304,934,000 | $304,934,000 | |||
| Post Road Equipment Finance, Financials | $86,793,000 | $86,699,000 | ||||
| Siena Capital Finance, LLC Financials 2 | $42,498,000 | $77,310,000 | ||||
| Siena Capital Finance, LLC Financials 1 | $74,500,000 | $74,500,000 | ||||
| Siena Capital Finance, LLC | Subordinated Debt Subordinated | — | $74,500,000 | |||
| Arctic Holdco, LLC Paper & Packaging 2 | SOFR + 6.00% | $59,521,000 | $59,303,000 | |||
| Mirra-Primeaccess Holdings, LLC Healthcare 1 | SOFR + 6.50% | $47,908,000 | $48,456,000 | |||
| Armada Parent, Inc. Industrials 1 | SOFR + 5.75% | $43,775,000 | $43,664,000 | |||
| Zendesk, Inc. Software/Services | SOFR + 6.75% (PIK 3.25%) | $42,820,000 | $42,805,000 | |||
| ICR Operations, LLC Business Services 1 | SOFR + 5.25% | $41,225,000 | $41,124,000 | |||
| Avalara, Inc. Software/Services | SOFR + 7.25% | $39,448,000 | $39,446,000 | |||
| Post Road Equipment Finance, LLC Financials 2 | SOFR + 7.75% | $37,997,000 | $38,099,000 | |||
| MGTF Radio Company, LLC, Senior Secured | First Lien Debt Senior Secured | — | $37,839,000 | |||
| MGTF Radio Company, LLC Media/Entertainment | SOFR + 6.00% | $46,132,000 | $37,839,000 | |||
| Simplifi Holdings, Inc. Media/Entertainment 2 | SOFR + 5.50% | $34,375,000 | $34,317,000 | |||
| The NPD Group, LP Business Services 1 | SOFR + 6.25% (PIK 2.75%) | $34,144,000 | $34,173,000 | |||
| Saturn SHC Buyer Holdings, Inc. Healthcare | SOFR + 6.00% | $32,290,000 | $32,741,000 | |||
| New Star Metals, Inc. Industrials | SOFR + 5.00% | $31,919,000 | $31,161,000 | |||
| Midwest Can Company, LLC Paper & Packaging | SOFR + 8.00% (PIK 2.00%) | $30,163,000 | $30,425,000 | |||
| Ideal Tridon Holdings, Inc. Industrials 2 | SOFR + 6.75% | $29,747,000 | $29,746,000 | |||
| Galway Borrower, LLC Financials 1 | SOFR + 5.25% | $29,201,000 | $29,547,000 | |||
| Victory Buyer, LLC Industrials | SOFR + 7.00% | $31,437,000 | $29,405,000 | |||
| WIN Holdings III Corp. Consumer | SOFR + 5.25% | $28,771,000 | $29,171,000 | |||
| PSKW, LLC Healthcare | SOFR + 6.25% | $28,656,000 | $28,950,000 | |||
| REP TEC Intermediate Holdings, Inc. Software/Services 2 | SOFR + 6.50% | $28,037,000 | $28,276,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2019-12-31 | 0 | — | — | $2M |
| 2020-03-31 | 0 | — | — | $2M |
| 2020-06-30 | 0 | — | — | $2M |
| 2020-09-30 | 0 | — | — | $2M |
| 2021-03-31 | 0 | — | — | $2M |
| 2021-06-30 | 0 | — | — | $2M |
| 2021-09-30 | 0 | — | — | $2M |
| 2021-12-31 | 0 | — | — | $2M |
| 2022-03-31 | 0 | — | — | $2M |
| 2022-06-30 | 0 | — | — | $2M |
| 2022-09-30 | 21 | — | — | — |
| 2022-12-31 | 31 | — | — | — |
| 2023-03-31 | 30 | — | — | — |
| 2023-06-30 | 263 | 5.62 | 92.5 | $3.0B |
| 2023-09-30 | 374 | 5.71 | 93.9 | $3.9B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Franklin BSP Lending Corp
Franklin BSP Lending Corp (FBLK) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Franklin BSP Lending Corp discloses its full loan portfolio through SEC filings.
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