The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

BDC portfolio

Franklin BSP Real Estate Debt BDC

BDCnon-tradedCIK 2018545file 814-01736NEW YORK, NYmanaged by Benefit Street Partners, L.L.C
Fair value
$1.3B
as of Jun 30, 2025
Principal held
$1.3B
debt pieces, the filer's figure
Cost
$1.3B
101c on cost
Unfunded
$155M
commitments not yet drawn
Positions
89
60 borrowers
First lien
n/a
100% debt by fair value
Quarters on the tape
5
since Jun 30, 2024
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$1.3B as of Jun 30, 2025
Jun 30, 2024$88.6M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.3B60101c0433 bp
Mar 31, 2025$1.1B51101c0438 bp
Dec 31, 2024$837M38101c0425 bp
Sep 30, 2024$523M23101c0453 bp
Jun 30, 2024$88.6M4101c0340 bp

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed
No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed
Every position change, including routine ones
Largest facilities held, with co-lenders
    Schedule of investments at Jun 30, 2025
    89 positions
    BorrowerInstrumentPrincipalFair valueRateMaturity
    West 63 Empire Associates LLC (Senior), Hospitalityunstated lien unstated$50.0M$50.0M
    101c
    		S+341 bpJan 9, 2026
    Grand Cypress Apartments, LLC, Multifamilydelayed draw term loan lien unstated$49.2M$49.2M
    101c
    		S+275 bpSep 9, 2027
    SL 418, LLC, Multifamilydelayed draw term loan lien unstated$48.0M$48.0M
    101c
    		S+275 bpSep 9, 2027
    VCP Kennesaw, LLC, Multifamilyunstated lien unstated$47.2M$47.2M
    101c
    		S+295 bpNov 9, 2026
    Admiral's Cove Holdings LLC, Multifamilyunstated lien unstated$46.8M$46.8M
    101c
    		S+275 bpAug 9, 2026
    Racetrack Properties I, LLC, Multifamilyunstated lien unstated$44.3M$44.3M
    101c
    		S+295 bpOct 9, 2026
    CRP/RPM LYV Broadway GP, LLC, Multifamilyunstated lien unstated$44.3M$44.3M
    101c
    		S+280 bpJul 9, 2027
    GDC White Plains Fee LLC, Mixed Useunstated lien unstated$43.3M$43.3M
    100c
    		S+535 bpDec 9, 2025
    50 West BSP Owner LLC, Multifamilydelayed draw term loan unsecured or subordinated$42.9M$42.9M
    101c
    		S+295 bpDec 9, 2026
    188 West St James Owner, LLC, Multifamilyunstated lien unstated$42.8M$42.8M
    101c
    		S+650 bpNov 9, 2026
    GVP TC Wilmer Property Owner, LLC, Industrialdelayed draw term loan lien unstated$39.2M$39.2M
    101c
    		S+375 bpOct 9, 2027
    DK LDOI IV Aggregate Holdco LP, Hospitalityunstated lien unstated$36.9M$36.9M
    101c
    		S+403 bpJul 9, 2027
    6304 Sheriff Road LLC, Industrialdelayed draw term loan lien unstated$36.8M$36.8M
    101c
    		S+365 bpFeb 9, 2028
    CS Harvey, LTD., Multifamilyunstated lien unstated$35.2M$35.2M
    101c
    		S+290 bpOct 9, 2026
    AREIT RE 1505 Exchange LLC & AREIT RE Woodlands LLC, Multifamilyunstated lien unstated$34.0M$34.0M
    101c
    		S+315 bpApr 9, 2027
    Bristol LLC, Multifamilyunstated lien unstated$30.4M$30.4M
    101c
    		S+300 bpApr 9, 2027
    EPH 51, LLC, Multifamilyunstated lien unstated$29.7M$29.7M
    101c
    		S+315 bpFeb 9, 2027
    Paraiso 256, LLC, Multifamilydelayed draw term loan lien unstated$29.4M$29.4M
    101c
    		S+275 bpSep 9, 2027
    VCP Manager LLC, Multifamilyunstated lien unstated$29.4M$29.4M
    101c
    		S+310 bpOct 9, 2026
    US Living Montrose LLC, Multifamilyunstated lien unstated$27.1M$27.1M
    101c
    		S+300 bpJul 9, 2026
    INTEGRA MYST LIMITED PARTNERSHIP, Multifamilyunstated lien unstated$23.4M$23.4M
    101c
    		S+321 bpMar 9, 2027
    Haven at the Gulch, LLC, Multifamilyunstated lien unstated$22.5M$22.5M
    101c
    		S+290 bpFeb 9, 2027
    68 East Avenue Austin, LLC, Hospitalityunstated lien unstated$22.3M$22.3M
    101c
    		S+400 bpAug 9, 2026
    ALP Delaware, LLC, Multifamilyunstated lien unstated$21.2M$21.2M
    101c
    		S+305 bpJul 9, 2026
    Gainsville Properties III, LLC, Multifamilyunstated lien unstated$20.2M$20.2M
    101c
    		S+350 bpDec 9, 2026
    26 W 9th Street LLC, Multifamilydelayed draw term loan unsecured or subordinated$19.8M$19.8M
    100c
    		S+525 bpAug 9, 2025
    S2 Pleasantdale LLC, Multifamilydelayed draw term loan lien unstated$19.3M$19.3M
    101c
    		S+275 bpNov 9, 2027
    Blue Suede Hospitality Group, Hospitalitydelayed draw term loan lien unstated$18.3M$18.3M
    101c
    		S+440 bpAug 9, 2026
    Insite Orlando Two, LLC, Hospitalitydelayed draw term loan lien unstated$15.9M$15.9M
    101c
    		S+475 bpNov 9, 2027
    Silver Star Delray, LLC, Self Storageunstated lien unstated$15.1M$15.1M
    101c
    		S+350 bpAug 9, 2026
    BX 2024-SLCT D, Hospitalityunstated lien unstated$15.1M$15.1M
    100c
    		S+294 bpJan 15, 2030
    Augusta Flats 2024 LP, Multifamilyunstated lien unstated$15.1M$15.1M
    101c
    		S+295 bpNov 9, 2027
    Smart Living Texas City MM, LLC, Multifamilyunstated lien unstated$14.2M$14.2M
    100c
    		S+380 bpJul 9, 2025
    Pines at Woodcreek Leasehold LLC, Multifamilyunstated lien unstated$13.8M$13.8M
    101c
    		S+350 bpApr 9, 2028
    PRE Mirage Propco, LLC, Multifamilyunstated lien unstated$13.8M$13.8M
    101c
    		S+325 bpFeb 9, 2027
    Woodbine MF TIC 1 LLC, Multifamilyunstated lien unstated$13.7M$13.7M
    101c
    		S+275 bpSep 9, 2027
    Caledon Owner, LLC, Multifamilyunstated lien unstated$13.6M$13.6M
    101c
    		S+325 bpDec 9, 2027
    Haven at Liberty Hills LP, Multifamilyunstated lien unstated$13.5M$13.5M
    101c
    		S+280 bpMay 9, 2026
    AVR Eugene Hotel LLC, Hospitalitydelayed draw term loan lien unstated$12.6M$12.6M
    101c
    		S+395 bpJul 9, 2026
    Canal Properties LLC, Multifamilyunstated lien unstated$12.2M$12.2M
    101c
    		S+375 bpDec 9, 2026
    Rise Bridgeview, LLC, Multifamilydelayed draw term loan lien unstated$10.7M$10.7M
    101c
    		S+325 bpJan 9, 2028
    AWH Dallas PC Hotel, LP, Hospitalityunstated lien unstated$10.6M$10.6M
    101c
    		S+325 bpJan 9, 2027
    PREF Montabella PropCo, LLC & PREF Dominion PropCo, LLC, Multifamilyunstated lien unstated$10.4M$10.4M
    101c
    		S+400 bpFeb 9, 2027
    1915 WBP Owner, LLC, Multifamilydelayed draw term loan lien unstated$10.3M$10.3M
    101c
    		S+275 bpApr 9, 2028
    Creekside Logistics Center Owner, LLC, Industrialdelayed draw term loan lien unstated$10.2M$10.2M
    101c
    		S+365 bpMar 9, 2027
    Camp Kinship Property Owner LLC, Multifamilyunstated lien unstated$10.0M$10.0M
    101c
    		S+295 bpJun 9, 2028
    NYC 2024-3ELV C, Multifamilyunstated lien unstated$8.9M$8.9M
    100c
    		S+284 bpAug 15, 2029
    Olymbec Viscount LLC, Industrialdelayed draw term loan lien unstated$8.4M$8.4M
    101c
    		S+350 bpDec 9, 2026
    Rise Stone Gate, LLC & Artic Investments, LLC, Multifamilydelayed draw term loan lien unstated$7.6M$7.6M
    101c
    		S+325 bpMar 9, 2028
    KSVAB SPE LLC, CSVAB SPE LLC, CLM Columbia Hotel Owner SPE LLC, and TVEH and Associates, Hospitalityunstated lien unstated$7.5M$7.5M
    101c
    		S+425 bpMay 9, 2027
    Dynamic Tampa DE LLC, Hospitalityunstated lien unstated$7.5M$7.5M
    101c
    		S+450 bpMay 9, 2028
    Hallandale Oasis 2019 LLC, Multifamilydelayed draw term loan unsecured or subordinated$6.6M$6.6M
    102c
    		S+830 bpAug 9, 2026
    West 63 Empire Associates LLC (Mezz), Hospitalityunstated lien unstated$6.3M$6.3M
    100c
    		S+1100 bpJan 9, 2026
    GDC White Plains SPE LLC, Mixed Useunstated lien unstated$5.6M$5.6M
    100c
    		16.00%Dec 9, 2025
    WFCM 2025-DWHP C, Hospitalityunstated lien unstated$5.0M$5.0M
    101c
    		S+334 bpApr 15, 2038
    DBGS 2024-SBL D, Industrialunstated lien unstated$5.0M$5.0M
    100c
    		S+354 bpAug 15, 2039
    GSMS 2021-DM AS, Multifamilyunstated lien unstated$5.0M$5.0M
    100c
    		S+139 bpNov 15, 2036
    WHK Waterfront Urban Renewal LLC, Multifamilyunstated lien unstated$3.6M$3.6M
    110c
    		S+550 bpJul 9, 2027
    Admiral's Cove Holdings Mezz LLC, Multifamilyunstated lien unstated$3.2M$3.2M
    101c
    		S+675 bpAug 9, 2026
    50 West BSP Owner LLC, Multifamilydelayed draw term loan unsecured or subordinated$2.6M$2.6M
    101c
    		S+823 bpDec 9, 2026
    WHK Waterfront Urban Renewal LLC, Multifamilyunstated lien unstated$2.5M$2.5M
    107c
    		S+1190 bpJul 9, 2027
    26 W 9th Street LLC, Multifamilydelayed draw term loan unsecured or subordinated$2.3M$2.3M
    100c
    		S+1275 bpAug 9, 2025
    INTEGRA MYST FLORIDA CAPITAL LP, Multifamilyunstated lien unstated$1.8M$1.8M
    101c
    		S+718 bpMar 9, 2027
    300 Pressler Street Owner, LLC, Multifamilyunstated lien unstated$640,000$640,000
    120c
    		S+600 bpApr 9, 2028
    300 Pressler Street Owner, LLC, Multifamilyunstated lien unstated$123,000$123,000
    119c
    		S+1525 bpApr 9, 2028
    Grand Cypress Apartments, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    26 W 9th Street LLCdelayed draw term loan unsecured or subordinatedn/an/a
    Rise Bridgeview, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    6304 Sheriff Road LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    AREIT RE 1505 Exchange LLC & AREIT RE Woodlands LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    Paraiso 256, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    Creekside Logistics Center Owner, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    188 West St James Owner, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    WHK Waterfront Urban Renewal LLC, Senior Mortgagedelayed draw term loan unsecured or subordinatedn/an/a
    SL 418, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    1915 WBP Owner, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    300 Pressler Street Owner, LLCdelayed draw term loan unsecured or subordinatedn/an/a
    50 West BSP Owner LLCdelayed draw term loan unsecured or subordinatedn/an/a
    S2 Pleasantdale LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    GVP TC Wilmer Property Owner, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    Olymbec Viscount LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    WHK Waterfront Urban Renewal LLCdelayed draw term loan unsecured or subordinatedn/an/a
    Insite Orlando Two, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    Hallandale Oasis 2019 LLC, Senior Mortgagedelayed draw term loan unsecured or subordinatedn/an/a
    Blue Suede Hospitality Group, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    50 West BSP Owner LLC, Senior Mortgagedelayed draw term loan unsecured or subordinatedn/an/a
    300 Pressler Street Owner, LLC, Senior Mortgagedelayed draw term loan unsecured or subordinatedn/an/a
    Rise Stone Gate, LLC & Artic Investments, LLC, Senior Mortgagedelayed draw term loan lien unstatedn/an/a
    26 W 9th Street LLC, Senior Mortgagedelayed draw term loan unsecured or subordinatedn/an/a
    Page 1 of 1
    Registration
    Fiscal year end
    1231reported
    Incorporated
    DEreported
    On the SEC BDC report
    2025 to 2025reported
    Filings listed
    5reported10-Q and 10-K since 2022
    Former names
    Franklin BSP Real Estate Credit BDCreported
    Latest schedule
    0002018545-25-000016reported