Commitment and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments

In the ordinary course of business, the Company may enter into future funding commitments. As of June 30, 2025, the Company had unfunded commitments on delayed draw term loans of $368.3 million, unfunded commitments on revolver term loans of $254.6 million, and unfunded commitments on term loans of $0.0 million. As of December 31, 2024, the Company had unfunded commitments on delayed draw term loans of $241.0 million, unfunded commitments on revolver term loans of $207.9 million, and unfunded commitments on term loans of $0.6 million. The Company maintains sufficient cash on hand, and available borrowings to fund such unfunded commitments.

As of June 30, 2025, the Company's unfunded commitments consisted of the following:

Portfolio Company Name

Investment Type

Commitment Type

Total Commitment

Remaining Commitment

Accel International Holdings, LLC

Senior Secured First Lien Debt

Revolver

4,762

ADCS Clinics Intermediate Holdings, LLC

Senior Secured First Lien Debt

Revolver

1,797

1,643

Adelaide Borrower, LLC

Senior Secured First Lien Debt

Delayed Draw

7,960

Adelaide Borrower, LLC

Senior Secured First Lien Debt

Revolver

4,989

Amylu Borrower Sub, LLC

Senior Secured First Lien Debt

Delayed Draw

6,778

Amylu Borrower Sub, LLC

Senior Secured First Lien Debt

Revolver

7,906

7,341

Arch Global Precision, LLC

Senior Secured First Lien Debt

Revolver

1,008

107

Arctic Holdco, LLC

Senior Secured First Lien Debt

Delayed Draw

5,262

2,003

Arctic Holdco, LLC

Senior Secured First Lien Debt

Revolver

3,514

2,249

Armada Parent, Inc.

Senior Secured First Lien Debt

Delayed Draw

3,851

Armada Parent, Inc.

Senior Secured First Lien Debt

Revolver

6,601

4,951

Artifact Bidco, Inc.

Senior Secured First Lien Debt

Delayed Draw

2,663

Artifact Bidco, Inc.

Senior Secured First Lien Debt

Revolver

1,901

AuditBoard, Inc.

Senior Secured First Lien Debt

Delayed Draw

10,898

AuditBoard, Inc.

Senior Secured First Lien Debt

Revolver

4,360

Azurite Intermediate Holdings, Inc.

Senior Secured First Lien Debt

Revolver

3,622

BCPE Oceandrive Buyer, Inc.

Senior Secured First Lien Debt

Delayed Draw

3,323

Big Apple Advisory, LLC

Senior Secured First Lien Debt

Delayed Draw

22,847

Big Apple Advisory, LLC

Senior Secured First Lien Debt

Revolver

6,398

Bingo Group Buyer, Inc.

Senior Secured First Lien Debt

Delayed Draw

1,695

1,466

Bingo Group Buyer, Inc.

Senior Secured First Lien Debt

Revolver

652

632

Capstone Acquisition Holdings, Inc.

Senior Secured First Lien Debt

Delayed Draw

208

Capstone Acquisition Holdings, Inc.

Senior Secured First Lien Debt

Revolver

1,804

Carr, Riggs & Ingram Capital, LLC

Senior Secured First Lien Debt

Delayed Draw

5,936

4,680

Carr, Riggs & Ingram Capital, LLC

Senior Secured First Lien Debt

Revolver

2,715

CCI Buyer, Inc.

Senior Secured First Lien Debt

Revolver

3,051

Cliffwater, LLC

Senior Secured First Lien Debt

Revolver

2,881

Communication Technology Intermediate, LLC

Senior Secured First Lien Debt

Revolver

3,361

2,173

Coronis Health I, LLC

Senior Secured First Lien Debt

Delayed Draw

1,330

798

Einstein Parent, Inc.

Senior Secured First Lien Debt

Revolver

2,310

Electric Power Engineers, LLC

Senior Secured First Lien Debt

Delayed Draw

13,290

Electric Power Engineers, LLC

Senior Secured First Lien Debt

Revolver

5,317

Electro-Methods, LP

Senior Secured First Lien Debt

Revolver

8,301

Faraday Buyer, LLC

Senior Secured First Lien Debt

Delayed Draw

5,599

Portfolio Company Name

Investment Type

Commitment Type

Total Commitment

Remaining Commitment

FGT Purchaser, LLC

Senior Secured First Lien Debt

Revolver

3,120

FloWorks International, LLC

Senior Secured First Lien Debt

Delayed Draw

4,958

Galway Borrower, LLC

Senior Secured First Lien Debt

Delayed Draw

4,511

3,779

Galway Borrower, LLC

Senior Secured First Lien Debt

Revolver

3,324

2,281

Hospice Care Buyer, Inc.

Senior Secured First Lien Debt

Revolver

2,783

1,174

ICR Operations, LLC

Senior Secured First Lien Debt

Revolver

6,178

3,398

ICR Operations, LLC

Senior Secured First Lien Debt

Revolver

1,810

Ideal Tridon Holdings, Inc.

Senior Secured First Lien Debt

Delayed Draw

7,784

Ideal Tridon Holdings, Inc.

Senior Secured First Lien Debt

Revolver

6,485

IG Investments Holdings, LLC

Senior Secured First Lien Debt

Revolver

3,463

Indigo Buyer, Inc.

Senior Secured First Lien Debt

Delayed Draw

11,427

10,515

Indigo Buyer, Inc.

Senior Secured First Lien Debt

Revolver

5,166

InhabitIQ, Inc.

Senior Secured First Lien Debt

Delayed Draw

7,261

InhabitIQ, Inc.

Senior Secured First Lien Debt

Revolver

4,537

Integrated Efficiency Solutions, Inc.

Senior Secured First Lien Debt

Revolver

600

Integrated Global Services, Inc.

Senior Secured First Lien Debt

Delayed Draw

5,471

Integrated Global Services, Inc.

Senior Secured First Lien Debt

Revolver

6,154

5,880

IQN Holding Corp.

Senior Secured First Lien Debt

Delayed Draw

1,820

IQN Holding Corp.

Senior Secured First Lien Debt

Revolver

1,520

405

Kahala Ireland Opco DAC

Subordinated Debt

Delayed Draw

100,000

Knowledge Pro Buyer, Inc.

Senior Secured First Lien Debt

Delayed Draw

9,028

Knowledge Pro Buyer, Inc.

Senior Secured First Lien Debt

Revolver

1,805

Knowledge Pro Buyer, Inc.

Senior Secured First Lien Debt

Revolver

3,678

Last Dance Intermediate II, LLC

Senior Secured First Lien Debt

Delayed Draw

15,349

Last Dance Intermediate II, LLC

Senior Secured First Lien Debt

Revolver

3,961

Lighthouse Intelligence, Ltd.

Senior Secured First Lien Debt

Delayed Draw

12,009

Lighthouse Intelligence, Ltd.

Senior Secured First Lien Debt

Revolver

8,578

Mandrake Bidco, Inc.

Senior Secured First Lien Debt

Revolver

10,102

Manna Pro Products, LLC

Senior Secured First Lien Debt

Revolver

2,706

McDonald Worley, P.C.

Senior Secured First Lien Debt

Term Loan

Medical Management Resource Group, LLC

Senior Secured First Lien Debt

Revolver

1,929

540

Midwest Can Company, LLC

Senior Secured First Lien Debt

Revolver

2,019

Miller Environmental Group, Inc.

Senior Secured First Lien Debt

Delayed Draw

9,773

Miller Environmental Group, Inc.

Senior Secured First Lien Debt

Revolver

4,885

Mirra-Primeaccess Holdings, LLC

Senior Secured First Lien Debt

Revolver

11,256

2,814

MRI Software, LLC

Senior Secured First Lien Debt

Delayed Draw

6,765

1,275

Odessa Technologies, Inc.

Senior Secured First Lien Debt

Revolver

5,451

4,984

PetVet Care Centers, LLC

Senior Secured First Lien Debt

Delayed Draw

4,032

PetVet Care Centers, LLC

Senior Secured First Lien Debt

Revolver

4,032

PlayPower, Inc.

Senior Secured First Lien Debt

Revolver

2,617

Pluralsight, LLC

Senior Secured First Lien Debt

Delayed Draw

2,879

Pluralsight, LLC

Senior Secured First Lien Debt

Revolver

1,151

Point Broadband Acquisition, LLC

Senior Secured First Lien Debt

Delayed Draw

9,667

Post Road Equipment Finance, LLC

Subordinated Debt

Delayed Draw

20,000

15,000

Questex, Inc.

Senior Secured First Lien Debt

Revolver

1,938



Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Reagent Chemical and Research, LLC	Senior Secured First Lien Debt	Revolver	$	7,478	$	7,478
Relativity Oda, LLC	Senior Secured First Lien Debt	Revolver	660		660
REP TEC Intermediate Holdings, Inc.	Senior Secured First Lien Debt	Revolver	2,696		2,696
Rialto Management Group, LLC	Senior Secured First Lien Debt	Revolver	752		752
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Delayed Draw	6,520		5,856
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Revolver	1,248		1,248
Saturn SHC Buyer Holdings, Inc.	Senior Secured First Lien Debt	Revolver	12,898		12,898
Saturn Sound Bidco, Ltd.	Senior Secured First Lien Debt	Delayed Draw	4,510		4,510
SCIH Salt Holdings, Inc.	Senior Secured First Lien Debt	Revolver	3,746		3,746
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Revolver	1,865		1,865
Simplifi Holdings, Inc.	Senior Secured First Lien Debt	Revolver	5,502		3,920
St. Croix Hospice Acquisition Corp.	Senior Secured First Lien Debt	Revolver	6,743		6,743
SunMed Group Holdings, LLC	Senior Secured First Lien Debt	Revolver	860		860
TEI Intermediate, LLC	Senior Secured First Lien Debt	Delayed Draw	7,312		7,312
TEI Intermediate, LLC	Senior Secured First Lien Debt	Revolver	3,107		2,668
The NPD Group, LP	Senior Secured First Lien Debt	Revolver	2,865		2,865
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	4,693		4,693
Trystar, LLC	Senior Secured First Lien Debt	Delayed Draw	12,605		12,605
Trystar, LLC	Senior Secured First Lien Debt	Revolver	6,291		6,291
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	1,694		1,694
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	3,103		3,103
Varicent Intermediate Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	3,758		3,758
Varicent Intermediate Holdings Corp.	Senior Secured First Lien Debt	Revolver	2,488		2,488
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	4,537		4,537
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	3,663		33
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	13,147		8,693
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	6,813		6,813
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Delayed Draw	7,556		7,556
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	6,356		4,370
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	15,991		10,981
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	6,590		6,590
			$	680,924	$	622,887

As of December 31, 2024, the Company's unfunded commitments consisted of the following:

Portfolio Company Name

Investment Type

Commitment Type

Total Commitment

Remaining Commitment

ADCS Clinics Intermediate Holdings, LLC

Senior Secured First Lien Debt

Revolver

1,797

1,643

Adelaide Borrower, LLC

Senior Secured First Lien Debt

Delayed Draw

7,960

Adelaide Borrower, LLC

Senior Secured First Lien Debt

Revolver

4,989

Portfolio Company Name

Investment Type

Commitment Type

Total Commitment

Remaining Commitment

Alera Group Intermediate Holdings, Inc.

Senior Secured First Lien Debt

Delayed Draw

4,951

265

Arch Global Precision, LLC

Senior Secured First Lien Debt

Revolver

1,008

Arctic Holdco, LLC

Senior Secured First Lien Debt

Revolver

4,574

648

Armada Parent, Inc.

Senior Secured First Lien Debt

Delayed Draw

6,480

3,277

Armada Parent, Inc.

Senior Secured First Lien Debt

Revolver

7,864

Artifact Bidco, Inc.

Senior Secured First Lien Debt

Delayed Draw

2,663

Artifact Bidco, Inc.

Senior Secured First Lien Debt

Revolver

1,901

AuditBoard, Inc.

Senior Secured First Lien Debt

Delayed Draw

10,898

AuditBoard, Inc.

Senior Secured First Lien Debt

Revolver

4,360

Avalara, Inc.

Senior Secured First Lien Debt

Revolver

6,020

Azurite Intermediate Holdings, Inc.

Senior Secured First Lien Debt

Revolver

3,622

Big Apple Advisory, LLC

Senior Secured First Lien Debt

Delayed Draw

22,847

Big Apple Advisory, LLC

Senior Secured First Lien Debt

Revolver

6,398

Bingo Group Buyer, Inc.

Senior Secured First Lien Debt

Delayed Draw

1,695

Bingo Group Buyer, Inc.

Senior Secured First Lien Debt

Revolver

652

632

Capstone Acquisition Holdings, Inc.

Senior Secured First Lien Debt

Revolver

1,804

Capstone Logistics

Senior Secured First Lien Debt

Delayed Draw

208

Carr, Riggs & Ingram Capital, LLC

Senior Secured First Lien Debt

Delayed Draw

5,939

Carr, Riggs & Ingram Capital, LLC

Senior Secured First Lien Debt

Revolver

2,715

2,376

Communication Technology Intermediate, LLC

Senior Secured First Lien Debt

Revolver

3,361

2,173

Demakes Borrower, LLC

Senior Secured First Lien Debt

Delayed Draw

5,043

Dynagrid Holdings, LLC

Senior Secured First Lien Debt

Revolver

2,262

Electric Power Engineers, LLC

Senior Secured First Lien Debt

Delayed Draw

13,290

Electric Power Engineers, LLC

Senior Secured First Lien Debt

Revolver

5,317

Faraday Buyer, LLC

Senior Secured First Lien Debt

Delayed Draw

5,599

FloWorks International, LLC

Senior Secured First Lien Debt

Delayed Draw

4,958

Galway Borrower, LLC

Senior Secured First Lien Debt

Delayed Draw

4,512

4,431

Galway Borrower, LLC

Senior Secured First Lien Debt

Revolver

3,324

3,046

Ground Penetrating Radar Systems, LLC

Senior Secured First Lien Debt

Delayed Draw

1,970

Ground Penetrating Radar Systems, LLC

Senior Secured First Lien Debt

Revolver

1,050

919

HealthEdge Software, Inc.

Senior Secured First Lien Debt

Revolver

2,870

Hospice Care Buyer, Inc.

Senior Secured First Lien Debt

Revolver

2,811

1,162

ICR Operations, LLC

Senior Secured First Lien Debt

Revolver

6,178

ICR Operations, LLC

Senior Secured First Lien Debt

Revolver

1,810

213

Ideal Tridon Holdings, Inc.

Senior Secured First Lien Debt

Revolver

2,868

IG Investments Holdings, LLC

Senior Secured First Lien Debt

Revolver

3,463

Indigo Buyer, Inc.

Senior Secured First Lien Debt

Delayed Draw

11,429

Indigo Buyer, Inc.

Senior Secured First Lien Debt

Revolver

5,166

Integrated Efficiency Solutions, Inc.

Senior Secured First Lien Debt

Revolver

600

390

Integrated Global Services, Inc.

Senior Secured First Lien Debt

Revolver

2,028

203

Integrated Global Services, Inc.

Senior Secured First Lien Debt

Revolver

1,761

IQN Holding Corp.

Senior Secured First Lien Debt

Revolver

1,520

925

Portfolio Company Name

Investment Type

Commitment Type

Total Commitment

Remaining Commitment

Knowledge Pro Buyer, Inc.

Senior Secured First Lien Debt

Delayed Draw

23,377

6,932

Knowledge Pro Buyer, Inc.

Senior Secured First Lien Debt

Revolver

3,678

3,384

Mandrake Bidco, Inc.

Senior Secured First Lien Debt

Revolver

10,102

Manna Pro Products, LLC

Senior Secured First Lien Debt

Revolver

2,706

McDonald Worley, P.C.

Senior Secured First Lien Debt

Term Loan

612

Medical Management Resource Group, LLC

Senior Secured First Lien Debt

Revolver

1,929

694

Midwest Can Company, LLC

Senior Secured First Lien Debt

Revolver

2,019

Miller Environmental Group, Inc.

Senior Secured First Lien Debt

Delayed Draw

4,886

Miller Environmental Group, Inc.

Senior Secured First Lien Debt

Delayed Draw

9,773

Miller Environmental Group, Inc.

Senior Secured First Lien Debt

Revolver

4,885

Mirra-Primeaccess Holdings, LLC

Senior Secured First Lien Debt

Revolver

11,256

2,814

MRI Software, LLC

Senior Secured First Lien Debt

Delayed Draw

6,772

6,125

Norvax, LLC

Senior Secured First Lien Debt

Revolver

576

381

Odessa Technologies, Inc.

Senior Secured First Lien Debt

Revolver

5,451

PetVet Care Centers, LLC

Senior Secured First Lien Debt

Delayed Draw

4,032

PetVet Care Centers, LLC

Senior Secured First Lien Debt

Revolver

4,032

Pie Buyer, Inc.

Senior Secured First Lien Debt

Revolver

2,581

516

PlayPower, Inc.

Senior Secured First Lien Debt

Revolver

2,617

Pluralsight, LLC

Senior Secured First Lien Debt

Delayed Draw

2,879

Pluralsight, LLC

Senior Secured First Lien Debt

Revolver

1,151

Point Broadband Acquisition, LLC

Senior Secured First Lien Debt

Delayed Draw

9,667

Post Road Equipment Finance, LLC

Subordinated Debt

Delayed Draw

20,000

17,000

Questex, Inc.

Senior Secured First Lien Debt

Revolver

1,938

Reagent Chemical and Research, LLC

Senior Secured First Lien Debt

Revolver

7,478

Relativity Oda, LLC

Senior Secured First Lien Debt

Revolver

660

REP TEC Intermediate Holdings, Inc.

Senior Secured First Lien Debt

Revolver

2,696

Rialto Management Group, LLC

Senior Secured First Lien Debt

Revolver

752

RSC Acquisition, Inc.

Senior Secured First Lien Debt

Delayed Draw

9,527

RSC Acquisition, Inc.

Senior Secured First Lien Debt

Revolver

1,248

Saturn SHC Buyer Holdings, Inc.

Senior Secured First Lien Debt

Revolver

12,898

Saturn Sound Bidco, Ltd.

Senior Secured First Lien Debt

Delayed Draw

4,447

SCIH Salt Holdings, Inc.

Senior Secured First Lien Debt

Revolver

3,746

2,768

Sherlock Buyer Corp.

Senior Secured First Lien Debt

Revolver

1,865

Simplifi Holdings, Inc.

Senior Secured First Lien Debt

Revolver

5,502

St. Croix Hospice Acquisition Corp.

Senior Secured First Lien Debt

Revolver

6,743

SunMed Group Holdings, LLC

Senior Secured First Lien Debt

Revolver

860

TEI Intermediate, LLC

Senior Secured First Lien Debt

Delayed Draw

7,312

TEI Intermediate, LLC

Senior Secured First Lien Debt

Revolver

3,107

2,741

The NPD Group, LP

Senior Secured First Lien Debt

Revolver

2,865

2,292

Trinity Air Consultants Holdings Corp.

Senior Secured First Lien Debt

Delayed Draw

4,877

Trinity Air Consultants Holdings Corp.

Senior Secured First Lien Debt

Revolver

2,850



Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	$	4,693	$	4,693
Trystar, LLC	Senior Secured First Lien Debt	Delayed Draw	12,605		12,605
Trystar, LLC	Senior Secured First Lien Debt	Revolver	6,291		6,291
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	1,694		1,694
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	3,103		3,103
Varicent Intermediate Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	4,464		4,464
Varicent Intermediate Holdings Corp.	Senior Secured First Lien Debt	Revolver	2,488		2,488
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	4,537		4,537
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	3,661		867
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	13,617		10,437
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	6,813		6,813
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Delayed Draw	7,556		7,556
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	6,356		4,370
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	16,004		16,004
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	6,590		6,590
			$	521,359	$	449,546

Litigation and Regulatory Matters

In the ordinary course of business, the Company may become subject to litigation, claims, and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

Indemnifications

In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that may result in the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such events are remote.

Franklin BSP Capital Corp 10-Q