Slide 1: Franklin BSP Capital Corporation Q4 2025 Investor Presentation
Franklin BSP Capital Corporation March 2026 Franklin BSP Capital Corporation Q4 2025 Investor Presentation This presentation is a marketing communication and for informational purposes only. It should not be relied upon because it is incomplete, does not purport to be complete, may not contain all t
Slide 2: Disclosures
Disclosures The information herein relates to Franklin BSP Capital Corporation (“we,” “us,” the industries in which we invest; the ability to qualify and maintain our qualifications as a “Company” or “FBCC”) and its business and financial information as of December 31, regulated investment company (
Slide 3: Today's Speakers
Franklin BSP Capital Corporation Today’s Speakers Richard J. Byrne Chief Executive Officer and Chairman of FBCC Richard Byrne is President of Benefit Street Partners and is based in our New York office, as well as the Chairman and Chief Executive Officer of Franklin BSP Capital Corp, and Chairman of
Slide 4: Executive Summary
Executive Summary
Slide 5: Financial Summary Q4 2025
Executive Summary Financial Summary Q4 2025 • NAV per share is $13.58, compared to $13.67 per share at 9/30 NAV • Net assets is $1.84B Net • Net investment income is $39.3 million (or $0.29 per share) during Q4 compared to $40.1 million Investment (or $0.30 per share) during Q3 Income • YTD PIK inco
Slide 6: BSP is one of the Largest Alt. Credit Managers
Executive Summary BSP is one of the Largest Alt. Credit Managers BSP's platform is one of the world’s largest alternative credit managers, employing a multi-strategy approach to capture attractive opportunities across global credit markets. $92bn 553 8 190 ASSETS UNDER EMPLOYEES 2 OFFICES 2 INVESTME
Slide 7: Franklin Templeton | A Global Leader in Asset Mgmt.
Executive Summary Franklin Templeton | A Global Leader in Asset Mgmt. With offices in major financial markets around the world, Franklin Templeton serves clients in more than 150 countries. BSP is 100% owned by Franklin Templeton $1.68tn 1,500+ Serving clients in over in assets under management1 inv
Slide 8: Overview of FBCC
Overview of FBCC
Slide 9: Purchase and Sale Activity – Quarterly
FBCC Financial and Portfolio Update Purchase and Sale Activity – Quarterly NET INVESTMENTS ($ in millions) Purchases Sales/Repayments Net Funding First Lien Percentage of New Purchases1 96.1% 88.1% 94.0% 97.5% 87.9% $500 Includes $100M Includes $400 JV ROC in Feb $80M $371 JV ROC $300 in Oct $317 $2
Slide 10: Net Asset Value (NAV) Per Share Bridge
FBCC Financial and Portfolio Update Net Asset Value (“NAV”) Per Share Bridge As of 12/31/2025 $0.29 ( $0.30 ) $13.67 ( $0.08 ) $13.58 NAV Net Investment Distribution¹ Net realized and NAV per share 9/30 Income unrealized gain (loss) per share 12/31 Source: SEC filings as of 03/16/2025. 1. Includes a
Slide 11: Financial Summary
FBCC Financial and Portfolio Update Financial Summary $ in millions, unless otherwise noted Total NAV FBCC NAV per Share Fair Value of Investments FBCC Debt Yield1 $13.94 $13.79 $13.67 $13.58 10.4% 10.3% 10.1% 9.7% $1,899 $1,853 $1,844 $1,840 $4,084 $3,913 $4,081 $4,071 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25
Slide 12: Portfolio Snapshot
FBCC Financial and Portfolio Update Portfolio Snapshot As of 12/31/2025 Portfolio Highlights 149 $4.1bn 91.5% Portfolio Companies Total Investments % First Lien 1 94.0% 9.6% 9.7% % Floating Rate % Wtd. Avg. Yield on Current Portfolio2 % Wtd. Avg. Yield on Debt Investments2 Fair Value by Tranche1 Ind
Slide 13: Portfolio Diversification
FBCC Financial and Portfolio Update FBCC Portfolio Diversification As of 12/31/2025 ($’s in millions) Top control investments Issuer Name Industry Fair Market Value1 % of FMV Yield3 FBLC JV Diversified Investment Vehicles $225.0 5.5% 9.0% Post Road Equipment Finance, LLC Financials $224.9 5.5% 10.5%
Slide 14: JV - Senior Loan Fund Overview
FBCC Financial and Portfolio Update JV - Senior Loan Fund Overview As of 12/31/2025, unless otherwise noted FBCC’s Joint Venture with Cliffwater JV Industry Diversification JV Highlights: Healthcare 15.6% Software 10.9% • Members’ Capital: $224.9mm Capital Markets 6.9% • 12/31 Ownership: FBCC and Cl
Slide 15: Non-Accrual & Risk Ratings Overview
FBCC Financial and Portfolio Update Non-Accrual & Risk Ratings Overview As of 12/31/2025, $’s in millions, where applicable Eight investments on non-accrual, representing 1.1% and 2.4% of fair value and cost, respectively1 Non-Accruals 12/31 Risk Ratings by % of Portfolio at FMV $200 4.9% 4.4% 73.6%
Slide 16: Q4 2025 Financing Sources
FBCC Financial and Portfolio Update Q4 2025 Financing Sources As of 12/31/2025 Corporate Revolver Bank Facilities (non-recourse) Unsecured Bonds JPM Corporate Wells Fargo JPM 2026 2029 2030 Revolver Bank Facility Bank Facility Unsecured Bonds Unsecured Bonds Unsecured Bonds $780mm $300mm $1.05b $300
Slide 17: Liquidity Management
FBCC Financial and Portfolio Update Liquidity Management As of 12/31/2025, $’s in millions, where applicable Total Committed Principal Amount Interest Maturity Debt Summary Amount Outstanding Rate Date FBCC Financing $88 FBCC $1,050.0 $963.0 S + 215 October Amount in millions JPM Facility 2029 Wells
Slide 18: Dividend Timing Update
FBCC Financial and Portfolio Update FBCC Dividend Timing Update ESTIMATED DIVIDEND TIMELINE 1 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Payment Date 3/31/2026 6/30/2026 9/30/2026 12/30/2026 On March 24, 2026, Board of Directors declared a distribution of $0.24 per common share estimated to be paid on or about
Slide 19: Board and Management Team
FBCC Financial and Portfolio Update Board and Management Team Represents Independent Director FBCC Board of Directors FBCC Officers Investment Committee Richard J. Byrne Richard J. Byrne Blair Faulstich Chairman Chief Executive Officer President of FBCC, MD, Senior PM for Private Debt Lee S. Hillman
Slide 20: Key Differentiators
FBCC Financial and Portfolio Update FBCC Key Differentiators Demonstrated Industry Access to Strong Credit Specialist Non-Sponsor Track Record Discipline Advantage Deal Flow Experienced Focus on Core Lead Workout Middle Market Lender Team PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESU
Slide 21: Risk Factors
Appendix Risk Factors Summary of Risk Factors The following is a summary of the principal risk factors associated with an investment in FBCC. Investing in FBCC’s securities involves a high degree of risk. Before making an investment, investors should carefully consider the risk factors summarized be
Slide 22: Franklin BSP Capital Corporation
Franklin BSP Capital Corporation New York London Boston West Palm Beach One Madison Avenue Cannon Place 100 Federal Street 360 South Rosemary Avenue Suite 1600 78 Cannon Street 22nd Floor Suite 1510 New York London Boston West Palm Beach NY 10010 EC4N 6HL MA 02110 FL 33401 USA UK USA USA www.bspcred