---
title: "Franklin BSP Capital 2025 10-K: $418.5M Investment Income, $1.21 NII per Share"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279322750.md"
description: "Franklin BSP Capital reported $418.5 million in total investment income for 2025, with a net investment income per share of $1.21. The net increase in net assets attributable to common stockholders was $97.964 million, reflecting net realized and unrealized losses. Investment income rose slightly from $413.3 million in 2024, while net investment income decreased due to higher expenses. The portfolio expanded to $4.07 billion, focusing on middle-market senior secured loans, which made up 80.8% of the portfolio. The firm also completed a merger with FBLC to enhance scale and investment opportunities."
datetime: "2026-03-16T20:45:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279322750.md)
  - [en](https://longbridge.com/en/news/279322750.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279322750.md)
---

# Franklin BSP Capital 2025 10-K: $418.5M Investment Income, $1.21 NII per Share

Franklin BSP Capital reported total investment income of $418.5 million for 2025 and net investment income per share of $1.21, while net increase in net assets attributable to common stockholders was $97.964 million (or $0.77 per share), reflecting net realized and unrealized losses. Investment income rose modestly year over year driven by higher interest from non‑affiliate investments, while net investment income declined versus the prior year due to higher expenses. The firm continued active deployment across its middle‑market senior secured loan strategy during the period.

**Financial Highlights**

-   **Total investment income**: $418.5 million (increase from $413.3 million in 2024), driven by higher interest from non‑affiliate investments.
-   **Total expenses**: $251.2 million (up from $223.9 million), primarily reflecting higher interest and debt fees.
-   **Net investment income**: $163.9 million (decrease from $188.4 million in 2024).
-   **Net increase (decrease) in net assets resulting from operations attributable to common stockholders**: $97.964 million, reflecting a net realized and unrealized loss of $(59.6) million.
-   **Net investment income (loss) per share**: $1.21.
-   **Net increase (decrease) in net assets per share**: $0.77.

**Business Highlights**

-   **Portfolio growth and deployment**: Portfolio expanded to $4.07 billion in investments with active deployment activity, including $1.09 billion of purchases in 2025 and net investing of $128.7 million.
-   **Product mix**: Continued emphasis on middle‑market senior secured loans, which comprised 80.8% of the portfolio, with a higher concentration in first‑lien positions.
-   **Strategic integration**: Completed and integrated the merger with FBLC (effective January 24, 2024) and the FBLC Senior Loan Fund joint venture, supporting scale and co‑investment opportunities.
-   **Liquidity and capital readiness**: Maintained cash and available credit capacity to support $701.3 million of unfunded commitments and sustain ongoing investment activity.

Original SEC Filing: Franklin BSP Capital Corp \[ FRBP \] - 10-K - Mar. 16, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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