Private Credit Portfolio Analysis | Franklin BSP Capital Corp Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
Franklin BSP Capital Corp reported its Q1 2025 financial results, showing a slight increase in total assets and a decrease in net asset value per share compared to the previous quarter. The fund's total assets increased to $4.18 billion as of March 31, 2025, up from $4.17 billion at the end of 2024, while the net asset value per share decreased to $13.94 from $14.10.
Portfolio Dynamics:
Total assets grew marginally to $4.18 billion as of March 31, 2025, compared to $4.17 billion at the end of 2024.
Investments owned at fair value decreased to $3.91 billion from $3.97 billion at the end of 2024.
Cash and cash equivalents rose significantly to $189.95 million from $119.10 million at the end of 2024.
Investment Activity:
Receivable from investment sales decreased to $2.31 million from $5.09 million at the end of 2024.
The fund reported no receivables from brokers, dealers, and clearing organizations, compared to $7.69 million at the end of 2024.
Derivative liabilities of $238,000 were reported, up from zero at the end of 2024.
Capital Structure:
Long-term debt increased to $2.12 billion from $2.05 billion at the end of 2024.
Stockholders' equity decreased to $1.90 billion from $1.91 billion at the end of 2024.
The fund issued additional common stock, with the value increasing to $136 million from $135 million at the end of 2024.
Performance Profile:
Net asset value per share decreased to $13.94 as of March 31, 2025, compared to $14.10 at the end of 2024.
Retained earnings (accumulated deficit) increased to -$629.18 million from -$607.65 million at the end of 2024.
Additional paid-in capital increased to $2.53 billion from $2.52 billion at the end of 2024.
Risk & Quality:
The fund reported an incentive fee payable of $9.41 million, up from $9.02 million at the end of 2024.
Management fee payable decreased to $15.00 million from $15.18 million at the end of 2024.
Interest payable increased to $26.28 million from $18.24 million at the end of 2024.
The Wrap:
Franklin BSP Capital Corp's Q1 2025 results show a mixed performance with a slight increase in total assets but a decrease in net asset value per share. The fund experienced growth in cash and cash equivalents, while investments at fair value decreased. Long-term debt increased, potentially indicating higher leverage. The decrease in NAV per share and increase in accumulated deficit suggest some challenges in maintaining shareholder value during the quarter.
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