# EDGAR Filing Document

**Accession Number:** 0001794041
**File Stem:** 0001133228-26-003386
**Filing Date:** 2026-3
**Character Count:** 313765
**Document Hash:** 44185750948a007634ea9778651e2eae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003386.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003386

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin BSP Private Credit Fund
- **CENTRAL INDEX KEY:** 0001794041

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23492
- **FILM NUMBER:** 26736121

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-588-6770

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23492</u>**

**<u>Franklin BSP Private Credit Fund</u>**

(Exact name of registrant as specified in charter)

**<u>1 Madison Avenue, Suite 1600</u>**

**<u>New York, New York 10010</u>**<br> (Address of principal executive offices) (Zip code)

**<u>Franklin BSP Private Credit Fund</u>**

**<u>1 Madison Avenue, Suite 1600</u>**

**<u>New York, New York 10010</u>**<br> (Name and address of agent for service)

**<u>(212) 588-6770</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>December 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ![](bsp_white-22652.jpg)<br>

Annual Report December 31, 2025<br>

## FRANKLIN BSP<br>

## PRIVATE CREDIT FUND <br>
![](bottombanner16979_new.jpg)<br>

------

---

| | |
|:---|:---|
| **What's inside**  |  |
| [Report of independent registered public accounting firm](#report) | [III](#report) |
| [Shareholder letter](#letter) | [IV](#letter) |
| [Performance data (unaudited)](#per) | [1](#per) |
| [Consolidated schedule of investments](#soi) | [3](#soi) |
| [Consolidated statement of assets and liabilities](#sal) | [15](#sal) |
| [Consolidated statement of operations](#sop) | [16](#sop) |
| [Consolidated statements of changes in net assets](#scna) | [17](#scna) |
| [Consolidated statement of cash flows](#scf) | [18](#scf) |
| [Consolidated financial highlights](#fihi) | [19](#fihi) |
| [Notes to consolidated financial statements](#notes) | [21](#notes) |
| [Expense examples (unaudited)](#expense) | [42](#expense) |
| [Additional information (unaudited)](#add) | [44](#add) |

---

II Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

#### **TABLE OF CONTENTS**
Report of independent registered public accounting firm <br>

#### To the Shareholders and the Board of Trustees of Franklin BSP Private Credit Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Franklin BSP Private Credit Fund (the "Fund"), including the schedule of investments, as of December 31, 2025, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from October 3, 2022 (commencement of operations) through December 31, 2022 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for the each of the two years in the period then ended and its financial highlights for each of the three years in the period then ended and for the period from October 3, 2022 (commencement of operations) through December 31, 2022, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Fund's auditor since 2021.

New York, NY <br>

February 27, 2026

Franklin BSP Private Credit Fund 2025 Annual Report III

------

#### **TABLE OF CONTENTS**
Shareholder letter<br>

#### Dear Shareholder,
We are pleased to announce Q4 2025 results for the Franklin BSP Private Credit Fund ("FBSPX" or the "Fund"), for the period ending December 31, 2025. The Fund was launched in Q4 2022 and has grown to $176.45 million in managed assets. The Fund generated 2.59% net total return through December 31, 2025, bringing since inception net performance to 9.29%. As of year-end, the Fund held over 200 investments diversified across 21 sectors and with 73% of the portfolio comprised of floating-rate instruments. Please find below an update on portfolio positioning and our market outlook.

#### Investment Philosophy:
The Fund offers broad exposure across various credit focused strategies utilizing BSP's extensive experience deploying capital through multiple business cycles. The Fund seeks to generate attractive risk-adjusted returns with consistent current income by investing primarily in private credit investments, including directly originated loans to middle market companies in the U.S. (typically with annual EBITDA of between $25-$100 million), commercial real estate, special situations, and structured credit. Investors are able to gain direct exposure to a balanced portfolio of potentially higher yielding alternative credit, targeting attractive opportunities across the credit spectrum.

BSP's multi-strategy credit experience provides the Fund with flexibility to invest across the capital structure with a dynamic approach to asset allocation in order to take advantage of the best risk adjusted returns. FBSPX has a core allocation to direct lending, a dedicated liquidity allocation with exposure primarily to high yield bonds and broadly syndicated leveraged loans, and an opportunistic allocation designed to nimbly capitalize on attractive themes including special situations, commercial real estate, and structured credit.

#### Portfolio Update and Market Outlook:
The defining story of 2025 has been the strength of the U.S. economy. Despite headwinds ranging from trade tariffs and immigration restrictions to the longest U.S. government shutdown in history, growth consistently exceeded expectations.

The year began with a shift from post-election optimism in 2024 to a more sobering reality. Uncertainty peaked on April 2nd with the formal announcement of sweeping tariffs, triggering a sharp but brief selloff. However, as it became clear that these tariffs were a negotiating tool rather than a permanent shift toward protectionism, risk assets staged a rapid recovery. While public markets experienced early-year turbulence, private credit and other illiquid assets remained largely insulated, highlighting their structural resilience.

As the year progressed, fears of tariff-induced inflation proved largely unfounded. Much of the cost burden was absorbed within supply chains, allowing the Federal Reserve to maintain a path toward lower rates. The primary casualty of this year's uncertainty was the M&A market, as many sponsors delayed transactions. However, as trade agreements with key partners were reached in the third quarter, momentum began to return. Deal pipelines are now reopening,

IV Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

#### **TABLE OF CONTENTS**
Shareholder letter (cont'd)<br>

supported by lower borrowing costs and improved policy visibility. Both equity and fixed-income markets delivered robust total returns for the year, fueled by a combination of resilient corporate earnings growth and expectations of rate cuts.

With respect to the Fund, we actively repositioned the portfolio over the course of the year in response to evolving market conditions and improving opportunity sets across strategies. We rotated out of tactical credit and liquid high-yield bonds, reducing exposure from nearly 50% at the start of the year to approximately 7%, reflecting our view that relative value in these areas has become less compelling as spreads compressed.<br>

Concurrently, we continued to increase the Fund's exposure to direct lending as the M&A environment showed meaningful signs of improvement. We also increased allocations to convertible bonds, where we are particularly constructive on opportunities tied to artificial intelligence and technology-enabled growth themes, which we believe offer attractive asymmetric return profiles.<br>

In addition, we grew the Fund's exposure to commercial real estate to nearly 10% from 3% at the start of the year, selectively deploying capital into interesting opportunities. Finally, we maintain high conviction in the asset-based finance space, where we continue to see a robust pipeline of opportunities supported by strong collateral coverage and attractive risk-adjusted returns.<br>

Collectively, these portfolio adjustments are intended to position the Fund for resilience and adaptability amid an evolving macroeconomic backdrop. We will continue to rebalance dynamically to identify compelling relative-value opportunities across asset classes and remain focused on delivering attractive risk-adjusted returns for our investors. On behalf of everyone at Benefit Street Partners, thank you for your continued partnership and trust. Please do not hesitate to reach out to our team with any questions.

Sincerely,

![](richbyrne_signature.jpg)<br>

Richard J. Byrne<br>

Chief Executive Officer and President

Franklin BSP Private Credit Fund 2025 Annual Report V

------

Performance data (unaudited) <br>

**Total return based on a $10,000 investment** <br>

![](efp22652_line-graph1.jpg)<br>

This chart assumes an initial gross investment of $10,000 made on October 3, 2022 (commencement of operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the repurchase of fund shares. In the absence of fee waivers and reimbursements, returns for the Fund would have been lower. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when repurchased, may be worth more or less than the original cost.

The **Morningstar LSTA US Leveraged Loan Index** is designed to deliver comprehensive, precise coverage of the US leveraged loan market.

The **Intercontinental Exchange (ICE) Bank of America (BofA) US High Yield Index** tracks the performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market.

**Average annual total returns (for periods ended December 31, 2025)** <br>

---

| | | |
|:---|:---|:---|
|  | 1-year period <br>ended 12/31/2025 | Since Inception <br>(10/3/2022)  |
| Franklin BSP Private Credit Fund - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.74%  |
| Franklin BSP Private Credit Fund - Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29%  |
| LSTA US Leveraged Loan Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48%  |
| ICE BofA US High Yield Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.41% |

---

Franklin BSP Private Credit Fund 2025 Annual Report 1

------

Performance data (unaudited)(cont'd) <br>

**Investment Breakdown (%) as a percent of total investments** <br>

The below table represents the composition of the Fund's investments as of December 31, 2025. The Fund is actively managed. As a result, the composition of the Fund's investments is subject to change at any time.

---

| | |
|:---|:---|
|  | 12/31/2025 |
| Senior Secured First Lien Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.5% |
| Senior Secured Second Lien Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| Subordinated Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.0% |
| Collateralized Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5% |
| Equity/Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6% |

---

2 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated schedule of investments <br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Collateralized Securities — 6.4%** | **Collateralized Securities — 6.4%** | **Collateralized Securities — 6.4%** | **Collateralized Securities — 6.4%** | **Collateralized Securities — 6.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**CLO Debt — 6.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Generate CLO, Ltd. 23-11A D2RA <sup>(c)(d)(e)</sup> | Capital Markets | S + 4.85% (8.73%), 10/20/2037 | $2000000 | &nbsp;&nbsp;&nbsp;$2000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners Short Duration 22-1A DR <sup>(c)(d)(e)</sup> | Capital Markets | S + 4.60% (8.46%), 7/25/2033 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1500000  |
| &nbsp;&nbsp;&nbsp;&nbsp;HalseyPoint CLO II, Ltd. 20-2A D2R <sup>(c)(d)(e)</sup> | Capital Markets | S + 5.00% (8.88%), 7/20/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996800  |
| &nbsp;&nbsp;&nbsp;&nbsp;Navesink CLO, Ltd. 23-1A DJR <sup>(c)(d)(e)</sup> | Capital Markets | S + 5.60% (9.46%), 7/25/2033 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1250000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniti Fiber ABS Issuer, LLC 25-2A C <sup>(c)</sup> | Diversified Telecommunication Services | 7.83%, 1/20/2056 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2016015  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total CLO Debt (Cost $7,740,000)** |  |  |  | &nbsp;&nbsp;&nbsp;**$7762815**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Securities (Cost $7,740,000)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Securities (Cost $7,740,000)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Securities (Cost $7,740,000)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Securities (Cost $7,740,000)** | &nbsp;&nbsp;&nbsp;**$7762815**  |
| **Senior Secured First Lien Debt — 102.1%** | **Senior Secured First Lien Debt — 102.1%** | **Senior Secured First Lien Debt — 102.1%** | **Senior Secured First Lien Debt — 102.1%** | **Senior Secured First Lien Debt — 102.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans — 100.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;188 West St. James Owner, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 6.50% (10.35%), 11/9/2026 | $3765093 | &nbsp;&nbsp;&nbsp;$3752593  |
| &nbsp;&nbsp;&nbsp;&nbsp;188 West St. James Owner, LLC <sup>(e)(f)</sup> | Real Estate Management & Development | 14.00%, 11/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12377)  |
| &nbsp;&nbsp;&nbsp;&nbsp;300 Pressler Street Owner, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 6.00% (10.00%), 4/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp;845674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804174  |
| &nbsp;&nbsp;&nbsp;&nbsp;628 Summit Ave, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 5.05% (8.81%), 10/9/2027 | 2354918 | &nbsp;&nbsp;&nbsp;&nbsp;2348318  |
| &nbsp;&nbsp;&nbsp;&nbsp;84 East Avenue Owner, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 5.76% (9.52%), 1/9/2027 | 2682340 | &nbsp;&nbsp;&nbsp;&nbsp;2679039  |
| &nbsp;&nbsp;&nbsp;&nbsp;84 East Avenue Owner, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 10.46% (14.22%), 1/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp;388745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388267  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accel International Holdings, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 4.50% (8.22%), 4/26/2032 | 1462000 | &nbsp;&nbsp;&nbsp;&nbsp;1455421  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accel International Holdings, LLC <sup>(d)(e)(f)</sup> | Electrical Equipment | S + 4.50%, 4/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1129) |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

Franklin BSP Private Credit Fund 2025 Annual Report 3

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC <sup>(d)(e)</sup> | Software | S + 6.76% (10.42%), 3.38% PIK, 5/8/2030 | $1859247 | &nbsp;&nbsp;&nbsp;$1859247  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC <sup>(d)(e)(f)</sup> | Software | S + 6.76%, 3.38% PIK, 5/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adelaide Borrower, LLC <sup>(d)(e)(f)</sup> | Software | S + 6.25% (9.98%), 5/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp;46440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46440  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allied Benefit Systems Intermediate, LLC <sup>(d)(e)</sup> | Health Care Providers & Services | S + 5.00% (8.73%), 10/31/2030 | 3891836 | &nbsp;&nbsp;&nbsp;&nbsp;3891835  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC <sup>(d)(e)</sup> | Food Products | S + 5.00% (8.74%), 6/10/2031 | 2123678 | &nbsp;&nbsp;&nbsp;&nbsp;2123678  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC <sup>(d)(e)(f)</sup> | Food Products | S + 5.00%, 6/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amylu Borrower Sub, LLC <sup>(d)(e)(f)</sup> | Food Products | S + 5.00%, 6/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC <sup>(d)(e)</sup> | Trading Companies & Distributors | S + 5.25% (8.92%), 1/31/2032 | 2350260 | &nbsp;&nbsp;&nbsp;&nbsp;2350260  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC <sup>(d)(e)(f)</sup> | Trading Companies & Distributors | S + 5.25% (9.09%), 1/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;166145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166145  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arctic Holdco, LLC <sup>(d)(e)(f)</sup> | Trading Companies & Distributors | S + 5.25% (8.92%), 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;32400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32400  |
| &nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. <sup>(d)(e)</sup> | Aerospace & Defense | S + 5.25% (9.07%), 10/29/2030 | 2988418 | &nbsp;&nbsp;&nbsp;&nbsp;2988417  |
| &nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. <sup>(d)(e)</sup> | Aerospace & Defense | S + 5.25% (9.12%), 10/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Armada Parent, Inc. <sup>(d)(e)(f)</sup> | Aerospace & Defense | S + 5.25%, 10/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. <sup>(d)(e)</sup> | Software | S + 4.15% (7.82%), 7/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. <sup>(d)(e)(f)</sup> | Software | S + 4.15%, 7/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Artifact Bidco, Inc. <sup>(d)(e)(f)</sup> | Software | S + 4.15%, 7/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. <sup>(d)(e)</sup> | Software | S + 4.50% (8.17%), 7/14/2031 | 1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1185000  |
| &nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. <sup>(d)(e)</sup> | Software | S + 4.50% (8.24%), 7/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564000  |
| &nbsp;&nbsp;&nbsp;&nbsp;AuditBoard, Inc. <sup>(d)(e)(f)</sup> | Software | S + 4.50%, 7/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

4 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Axiom Global, Inc. <sup>(d)(e)</sup> | Professional Services | S + 4.50% (8.44%), 10/2/2028 | $1379000 | &nbsp;&nbsp;&nbsp;$1379000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. <sup>(d)(e)</sup> | Software | S + 6.00% (9.72%), 3/19/2031 | 1171875 | &nbsp;&nbsp;&nbsp;&nbsp;1171875  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. <sup>(d)(e)</sup> | Software | S + 6.00% (9.72%), 3/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;515625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515625  |
| &nbsp;&nbsp;&nbsp;&nbsp;Azurite Intermediate Holdings, Inc. <sup>(d)(e)(f)</sup> | Software | S + 6.00%, 3/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC <sup>(d)(e)</sup> | Financial Services | S + 4.50% (8.24%), 11/18/2031 | 2413760 | &nbsp;&nbsp;&nbsp;&nbsp;2413759  |
| &nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC <sup>(d)(e)(f)</sup> | Financial Services | S + 4.50% (8.17%), 11/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;266532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266532  |
| &nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC <sup>(d)(e)(f)</sup> | Financial Services | S + 4.50%, 11/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. <sup>(d)(e)</sup> | Commercial Services & Supplies | S + 5.00% (8.67%), 7/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;778150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778150  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. <sup>(d)(e)</sup> | Commercial Services & Supplies | S + 4.75% (8.42%), 7/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;243413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243413  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. <sup>(d)(e)</sup> | Commercial Services & Supplies | S + 4.75% (8.68%), 7/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;223440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223440  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | S + 4.75% (8.42%), 7/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bingo Group Buyer, Inc. <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | S + 4.75%, 7/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC <sup>(d)(e)</sup> | Financial Services | S + 4.25% (7.92%), 11/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;642148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642148  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC <sup>(d)(e)(f)</sup> | Financial Services | S + 4.25% (7.92%), 11/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;87897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87897  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carr, Riggs & Ingram Capital, LLC <sup>(d)(e)(f)</sup> | Financial Services | S + 4.25%, 11/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. <sup>(d)(e)</sup> | Wireless Telecommunication Services | S + 5.00% (8.67%), 5/13/2032 | 2807963 | &nbsp;&nbsp;&nbsp;&nbsp;2807962  |
| &nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. <sup>(d)(e)(f)</sup> | Wireless Telecommunication Services | S + 5.00%, 5/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cliffwater, LLC <sup>(d)(e)</sup> | Financial Services | S + 4.75% (8.47%), 4/22/2032 | 1614798 | &nbsp;&nbsp;&nbsp;&nbsp;1614798  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cliffwater, LLC <sup>(d)(e)(f)</sup> | Financial Services | S + 4.75%, 4/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

Franklin BSP Private Credit Fund 2025 Annual Report 5

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC <sup>(d)(e)</sup> | Commercial Services & Supplies | S + 5.00% (8.72%), 9/10/2031 | &nbsp;&nbsp;$891000 | &nbsp;&nbsp;&nbsp;&nbsp;$885119  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | S + 5.00% (8.78%), 9/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;39900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36601  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coalesce Merlin Purchaser, LLC <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | S + 5.00%, 9/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1650)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cold Spring Brewing, Co. <sup>(d)(e)</sup> | Beverages | S + 4.75% (8.49%), 12/10/2030 | 1051844 | &nbsp;&nbsp;&nbsp;&nbsp;1051844  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corfin Industries, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 5.25% (9.07%), 12/27/2027 | 1116563 | &nbsp;&nbsp;&nbsp;&nbsp;1116563  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC <sup>(d)(e)</sup> | Consumer Staples Distribution & Retail | S + 6.00% (9.67%), 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;984900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984900  |
| &nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. <sup>(d)(e)</sup> | Software | S + 6.50% (10.36%), 1/22/2031 | 1142000 | &nbsp;&nbsp;&nbsp;&nbsp;1136290  |
| &nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, Inc. <sup>(d)(e)(f)</sup> | Software | S + 6.50%, 1/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC <sup>(d)(e)</sup> | Professional Services | S + 4.50% (8.17%), 12/31/2031 | 1428000 | &nbsp;&nbsp;&nbsp;&nbsp;1428000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC <sup>(d)(e)(f)</sup> | Professional Services | S + 4.50%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Power Engineers, LLC <sup>(d)(e)(f)</sup> | Professional Services | S + 4.50%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electro-Methods, LP <sup>(d)(e)</sup> | Machinery | S + 4.75% (8.62%), 2/23/2032 | 1761150 | &nbsp;&nbsp;&nbsp;&nbsp;1761150  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electro-Methods, LP <sup>(d)(e)(f)</sup> | Machinery | S + 4.75%, 2/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 6.00% (9.67%), 10/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;339940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339940  |
| &nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 6.00% (9.67%), 10/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;72335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72335  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Traders Holding, LLC <sup>(d)(e)</sup> | Capital Markets | S + 5.00% (8.84%), 10/29/2031 | 2675295 | &nbsp;&nbsp;&nbsp;&nbsp;2636236  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow Traders Holding, LLC <sup>(d)(e)(f)</sup> | Capital Markets | S + 5.00%, 10/29/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14673)  |
| &nbsp;&nbsp;&nbsp;&nbsp;FloWorks International, LLC <sup>(d)(e)</sup> | Machinery | S + 4.75% (8.57%), 11/26/2031 | 2014775 | &nbsp;&nbsp;&nbsp;&nbsp;2014775  |
| &nbsp;&nbsp;&nbsp;&nbsp;FloWorks International, LLC <sup>(d)(e)</sup> | Machinery | S + 4.75% (8.57%), 11/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254000  |
| &nbsp;&nbsp;&nbsp;&nbsp;FNZ Group Entities, Ltd. <sup>(d)</sup> | Financial Services | S + 5.00% (8.90%), 11/5/2031 | 1488750 | &nbsp;&nbsp;&nbsp;&nbsp;1168669  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

6 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hallandale Oasis 2019, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 8.30% (12.06%), 8/9/2026 | $2948933 | &nbsp;&nbsp;&nbsp;$2935621  |
| &nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc. <sup>(d)(e)(f)</sup> | Insurance | S + 4.50%, 6/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highway 16A Apartments, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 4.00% (7.76%), 2/9/2028 | 1211731 | &nbsp;&nbsp;&nbsp;&nbsp;1192347  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hometown Food, Co. <sup>(d)(e)</sup> | Food Products | S + 4.50% (8.28%), 12/3/2030 | 1067650 | &nbsp;&nbsp;&nbsp;&nbsp;1058254  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC <sup>(d)(e)</sup> | Ground Transportation | S + 6.25% (9.97%), 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;963585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950191  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC <sup>(d)(e)(f)</sup> | Ground Transportation | S + 6.25%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1015)  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICAT Intermediate Holdings, LLC <sup>(d)(e)(f)</sup> | Ground Transportation | S + 6.25% (9.97%), 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;120750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114036  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. <sup>(d)(e)</sup> | Machinery | S + 5.00% (8.67%), 6/30/2032 | 2276295 | &nbsp;&nbsp;&nbsp;&nbsp;2255124  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. <sup>(d)(e)(f)</sup> | Machinery | S + 5.00%, 6/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3897)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ideal Tridon Holdings, Inc. <sup>(d)(e)(f)</sup> | Machinery | S + 5.00% (8.72%), 6/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;46533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43287  |
| &nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. <sup>(d)(e)</sup> | Software | S + 4.50% (8.22%), 1/12/2032 | 1331310 | &nbsp;&nbsp;&nbsp;&nbsp;1325585  |
| &nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. <sup>(d)(e)(f)</sup> | Software | S + 4.50%, 1/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600)  |
| &nbsp;&nbsp;&nbsp;&nbsp;InhabitIQ, Inc. <sup>(d)(e)(f)</sup> | Software | S + 4.50%, 1/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(998)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. <sup>(d)(e)</sup> | Commercial Services & Supplies | S + 5.00% (8.74%), 3/6/2032 | 1671600 | &nbsp;&nbsp;&nbsp;&nbsp;1649534  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | S + 5.00%, 3/6/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3696)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Global Services, Inc. <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | P + 4.00% (10.75%), 3/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79842  |
| &nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 5.00% (8.82%), 6/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp;150987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150987  |
| &nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 5.00% (8.82%), 6/28/2029 | 1019057 | &nbsp;&nbsp;&nbsp;&nbsp;1019057  |
| &nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 5.00% (8.82%), 6/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp;878827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878827  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

Franklin BSP Private Credit Fund 2025 Annual Report 7

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;IW Buyer, LLC <sup>(d)(e)(f)</sup> | Electrical Equipment | S + 5.00% (8.82%), 6/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp;$82896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82896  |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. <sup>(d)(e)</sup> | Professional Services | S + 4.50% (8.32%), 12/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;44566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44566  |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. <sup>(d)(e)(f)</sup> | Professional Services | S + 4.50% (8.32%), 12/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;569672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569672  |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowledge Pro Buyer, Inc. <sup>(d)(e)(f)</sup> | Professional Services | S + 4.50%, 12/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC <sup>(d)(e)</sup> | Diversified Telecommunication Services | S + 5.25% (8.97%), 3/31/2031 | 1213000 | &nbsp;&nbsp;&nbsp;&nbsp;1197110  |
| &nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC <sup>(d)(e)</sup> | Diversified Telecommunication Services | S + 5.25% (8.97%), 3/31/2031 | 1197000 | &nbsp;&nbsp;&nbsp;&nbsp;1186347  |
| &nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC <sup>(d)(e)(f)</sup> | Diversified Telecommunication Services | S + 5.25% (8.97%), 3/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;261484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250676  |
| &nbsp;&nbsp;&nbsp;&nbsp;Last Dance Intermediate II, LLC <sup>(d)(e)(f)</sup> | Diversified Telecommunication Services | S + 5.25%, 3/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2778)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. <sup>(d)(e)(g)</sup> | Software | S + 5.00% (8.72%), 2.50% PIK, 4/10/2030 | 1159305 | &nbsp;&nbsp;&nbsp;&nbsp;1144466  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. <sup>(d)(e)(f)(g)</sup> | Software | S + 5.00%, 2.50% PIK, 4/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7872)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lighthouse Intelligence, Ltd. <sup>(d)(e)(f)(g)</sup> | Software | S + 5.00%, 2.50% PIK, 4/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5619)  |
| &nbsp;&nbsp;&nbsp;&nbsp;LSF12 Donnelly Bidco, LLC <sup>(d)(e)</sup> | Machinery | S + 6.50% (10.22%), 10/2/2029 | 1099688 | &nbsp;&nbsp;&nbsp;&nbsp;1099688  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandrake Bidco, Inc. <sup>(d)(e)</sup> | Machinery | S + 4.50% (8.34%), 8/20/2031 | 2843280 | &nbsp;&nbsp;&nbsp;&nbsp;2843280  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mandrake Bidco, Inc. <sup>(d)(e)(f)</sup> | Machinery | S + 4.50%, 8/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Megavolt Borrower, LLC <sup>(d)(e)</sup> | Construction & Engineering | S + 4.75% (8.42%), 2/13/2032 | 1892490 | &nbsp;&nbsp;&nbsp;&nbsp;1892490  |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC <sup>(d)(e)</sup> | Software | S + 4.75% (8.75%), 2/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;273129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273129  |
| &nbsp;&nbsp;&nbsp;&nbsp;MRI Software, LLC <sup>(d)(e)</sup> | Software | S + 4.75% (8.42%), 2/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;843553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839335  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

8 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc. <sup>(d)</sup> | Interactive Media & Services | S + 5.00% (9.01%), 4/11/2029 | $1232310 | &nbsp;&nbsp;&nbsp;$1217215  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. <sup>(d)</sup> | Oil, Gas & Consumable Fuels | S + 5.50% (9.24%), 10/30/2028 | 3967522 | &nbsp;&nbsp;&nbsp;&nbsp;1618749  |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC <sup>(d)(e)</sup> | Health Care Providers & Services | S + 6.00% (9.72%), 11/15/2030 | 1697360 | &nbsp;&nbsp;&nbsp;&nbsp;1615887  |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers, LLC <sup>(d)(e)(f)</sup> | Health Care Providers & Services | S + 6.00% (9.84%), 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11752  |
| &nbsp;&nbsp;&nbsp;&nbsp;PREF Montabella PropCo, LLC & PREF Dominion PropCo, LLC <sup>(d)(e)</sup> | Real Estate Management & Development | S + 3.25% (7.01%), 2/9/2027 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC <sup>(d)(e)</sup> | Chemicals | S + 5.25% (9.17%), 4/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC <sup>(d)(e)</sup> | Chemicals | S + 5.25% (9.17%), 4/30/2031 | 2299523 | &nbsp;&nbsp;&nbsp;&nbsp;2299523  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reagent Chemical and Research, LLC <sup>(d)(e)(f)</sup> | Chemicals | S + 5.25%, 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rialto Management Group, LLC <sup>(d)(e)</sup> | Financial Services | S + 5.00% (8.72%), 12/5/2030 | 1032262 | &nbsp;&nbsp;&nbsp;&nbsp;1032262  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rialto Management Group, LLC <sup>(d)(e)(f)</sup> | Financial Services | S + 5.00%, 12/5/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco, Ltd. <sup>(d)(e)(g)</sup> | Trading Companies & Distributors | S + 5.25% (9.09%), 12/3/2031 | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;1259205  |
| &nbsp;&nbsp;&nbsp;&nbsp;Saturn Sound Bidco, Ltd. <sup>(d)(e)(f)(g)</sup> | Trading Companies & Distributors | S + 5.25%, 12/3/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1963)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Serrano Parent, LLC <sup>(d)(e)</sup> | Software | S + 6.50% (10.36%), 5/12/2030 | 3135000 | &nbsp;&nbsp;&nbsp;&nbsp;2915550  |
| &nbsp;&nbsp;&nbsp;&nbsp;Serrano Parent, LLC <sup>(d)(e)(f)</sup> | Software | S + 6.50%, 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22610)  |
| &nbsp;&nbsp;&nbsp;&nbsp;SitusAMC Holdings Corp. <sup>(d)(e)</sup> | Financial Services | S + 5.50% (9.17%), 5/14/2031 | 2807963 | &nbsp;&nbsp;&nbsp;&nbsp;2807962  |
| &nbsp;&nbsp;&nbsp;&nbsp;Skywater Technology Foundry, Inc. <sup>(d)(e)(f)</sup> | Semiconductors & Semiconductor Equipment | S + 4.25% (8.12%), 6/30/2030 | 2394486 | &nbsp;&nbsp;&nbsp;&nbsp;2346360  |
| &nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC <sup>(d)(e)</sup> | Commercial Services & Supplies | S + 5.25% (8.85%), 12/15/2031 | 1177589 | &nbsp;&nbsp;&nbsp;&nbsp;1177589  |
| &nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | S + 4.75% (8.63%), 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;47685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47685  |
| &nbsp;&nbsp;&nbsp;&nbsp;TEI Intermediate, LLC <sup>(d)(e)(f)</sup> | Commercial Services & Supplies | S + 4.75% (8.61%), 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;43959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43959  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

Franklin BSP Private Credit Fund 2025 Annual Report 9

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Truck Hero, Inc. <sup>(d)</sup> | Automobile Components | S + 5.00% (8.83%), 1/31/2028 | &nbsp;&nbsp;$986212 | &nbsp;&nbsp;&nbsp;&nbsp;$760863  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 4.25% (8.09%), 8/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp;530640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530640  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC <sup>(d)(e)</sup> | Electrical Equipment | S + 4.25% (8.09%), 8/6/2031 | 1256310 | &nbsp;&nbsp;&nbsp;&nbsp;1256310  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC <sup>(d)(e)(f)</sup> | Electrical Equipment | S + 4.25% (8.09%), 8/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp;149748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149748  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trystar, LLC <sup>(d)(e)(f)</sup> | Electrical Equipment | S + 4.25%, 8/6/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vaco Holdings, LLC <sup>(d)</sup> | Professional Services | S + 5.00% (8.82%), 1/22/2029 | 2466024 | &nbsp;&nbsp;&nbsp;&nbsp;2003151  |
| &nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. <sup>(d)(e)</sup> | Software | S + 6.25% (9.92%), 3.38% PIK, 8/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;826000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. <sup>(d)(e)</sup> | Software | S + 6.25% (9.92%), 3.38% PIK, 8/23/2031 | 1080543 | &nbsp;&nbsp;&nbsp;&nbsp;1080543  |
| &nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. <sup>(d)(e)(f)</sup> | Software | S + 6.25%, 3.38% PIK, 8/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. <sup>(d)(e)(f)</sup> | Software | S + 6.25% (9.92%), <br>3.38% PIK, 8/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;23893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23893  |
| &nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corp. <sup>(d)(e)(f)</sup> | Software | S + 6.25%, 3.38% PIK, 8/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC <sup>(d)(e)</sup> | Construction Materials | S + 6.50% (10.32%), 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;315013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303042  |
| &nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC <sup>(d)(e)</sup> | Construction Materials | S + 6.50% (10.32%), 9/1/2029 | 4048968 | &nbsp;&nbsp;&nbsp;&nbsp;3895108  |
| &nbsp;&nbsp;&nbsp;&nbsp;Volunteer AcquisitionCo, LLC <sup>(d)(e)(f)</sup> | Construction Materials | S + 6.50%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24244)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. <sup>(d)(e)</sup> | Construction & Engineering | S + 4.50% (8.17%), 9/19/2031 | 2294950 | &nbsp;&nbsp;&nbsp;&nbsp;2294950  |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. <sup>(d)(e)(f)</sup> | Construction & Engineering | S + 4.50% (8.17%), 9/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;226596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226596  |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Professional Services, Inc. <sup>(d)(e)(f)</sup> | Construction & Engineering | S + 4.50%, 9/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;WHK Waterfront Urban Renewal, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 5.50% (9.55%), 7/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp;298349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261149  |
| &nbsp;&nbsp;&nbsp;&nbsp;WIN Holdings III Corp. <sup>(d)(e)</sup> | Diversified Consumer Services | S + 5.00% (8.85%), 7/16/2028 | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;1130000  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

10 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  | **Senior Secured First Lien Debt — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp. | Interactive Media & Services | 9.50%, 10/26/2029 | $2993622 | &nbsp;&nbsp;&nbsp;$2980780  |
| &nbsp;&nbsp;&nbsp;&nbsp;X.AI Corp. | Software | 12.50%, 6/28/2030 | 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;2086595  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. <sup>(d)(e)</sup> | Software | S + 5.00% (8.69%), 11/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;541235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541235  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. <sup>(d)(e)(f)</sup> | Software | S + 5.00% (8.69%), 11/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;41245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41245  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. <sup>(d)(e)</sup> | Software | S + 5.00% (9.00%), 11/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45551  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zendesk, Inc. <sup>(d)(e)(f)</sup> | Software | S + 5.00%, 11/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $123,730,140)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $123,730,140)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $123,730,140)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $123,730,140)** | **$121985846**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 1.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brightline East, LLC <sup>(c)</sup> | Ground Transportation | 11.00%, 1/31/2030 | $6000000 | &nbsp;&nbsp;&nbsp;$1694535  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $4,786,015)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $4,786,015)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $4,786,015)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $4,786,015)** | &nbsp;&nbsp;&nbsp;**$1694535**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured First Lien Debt (Cost $128,516,155)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured First Lien Debt (Cost $128,516,155)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured First Lien Debt (Cost $128,516,155)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured First Lien Debt (Cost $128,516,155)** | **$123680381**  |
| **Senior Secured Second Lien Debt — 6.3%** | **Senior Secured Second Lien Debt — 6.3%** | **Senior Secured Second Lien Debt — 6.3%** | **Senior Secured Second Lien Debt — 6.3%** | **Senior Secured Second Lien Debt — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans — 6.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corelogic, Inc. <sup>(d)</sup> | IT Services | S + 6.50% (10.33%), 6/4/2029 | $1500000 | &nbsp;&nbsp;&nbsp;$1508745  |
| &nbsp;&nbsp;&nbsp;&nbsp;IDERA, Inc. <sup>(d)(e)</sup> | Software | S + 6.75% (10.75%), 3/2/2029 | 1844512 | &nbsp;&nbsp;&nbsp;&nbsp;1660061  |
| &nbsp;&nbsp;&nbsp;&nbsp;MH Sub I, LLC <sup>(d)</sup> | IT Services | S + 6.25% (10.09%), 2/23/2029 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1040413  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp. <sup>(d)</sup> | Communications Equipment | S + 7.75% (11.67%), 2/1/2029 | 3025000 | &nbsp;&nbsp;&nbsp;&nbsp;2368968  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings, LLC <sup>(d)(e)</sup> | Textiles, Apparel & luxury goods | S + 8.75% (12.58%), 3/11/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;**$7578187**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Second Lien Debt (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Second Lien Debt (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Second Lien Debt (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Second Lien Debt (Cost $7,516,558)** | &nbsp;&nbsp;&nbsp;**$7578187**  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

Franklin BSP Private Credit Fund 2025 Annual Report 11

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Subordinated Debt — 20.0%** | **Subordinated Debt — 20.0%** | **Subordinated Debt — 20.0%** | **Subordinated Debt — 20.0%** | **Subordinated Debt — 20.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Bank Loans — 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;300 Pressler Street Member, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 15.25% (19.25%), 4/9/2028 | &nbsp;&nbsp;$163230 | &nbsp;&nbsp;&nbsp;&nbsp;$155218  |
| &nbsp;&nbsp;&nbsp;&nbsp;WHK Waterfront Mezz, LLC <sup>(d)(e)(f)</sup> | Real Estate Management & Development | S + 11.90% (15.95%), 7/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp;748583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740796  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $880,285)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $880,285)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $880,285)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Bank Loans (Cost $880,285)** | &nbsp;&nbsp;&nbsp;&nbsp;**$896014**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Commercial Paper — 1.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Digital Holdings, LP <sup>(c)(e)(g)(j)</sup> | Capital Markets | 7.00%, 3/11/2026 | $2000000 | &nbsp;&nbsp;&nbsp;$1973000  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $1,973,167)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $1,973,167)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $1,973,167)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Paper (Cost $1,973,167)** | &nbsp;&nbsp;&nbsp;**$1973000**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Convertible Bonds — 17.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. <sup>(c)(g)</sup> | Broadline Retail | 0.00%, 9/15/2032 | $1000000 | &nbsp;&nbsp;&nbsp;$1031853  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. <sup>(c)</sup> | Electrical Equipment | 0.00%, 11/15/2030 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1309227  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. | Capital Markets | 0.25%, 4/1/2030 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1540058  |
| &nbsp;&nbsp;&nbsp;&nbsp;Echostar Corp. | Media | 3.88% PIK, 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;1207280  |
| &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Digital Holdings, LP <sup>(c)(g)</sup> | Capital Markets | 2.50%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630773  |
| &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Digital Holdings, LP <sup>(c)(g)</sup> | Capital Markets | 0.50%, 5/1/2031 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1142318  |
| &nbsp;&nbsp;&nbsp;&nbsp;IREN, Ltd. <sup>(c)</sup> | Software | 0.00%, 7/1/2031 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1119030  |
| &nbsp;&nbsp;&nbsp;&nbsp;IREN, Ltd. <sup>(c)</sup> | Software | 1.00%, 6/1/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936989  |
| &nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | Passenger Airlines | 2.50%, 9/1/2029 | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3152514  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lucid Group, Inc. <sup>(c)</sup> | Automobiles | 5.00%, 4/1/2030 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1756169  |
| &nbsp;&nbsp;&nbsp;&nbsp;MARA Holdings, Inc. <sup>(c)</sup> | Software | 0.00%, 8/1/2032 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684439  |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. <sup>(c)</sup> | Metals & Mining | 3.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;1448850  |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | Oil, Gas & Consumable Fuels | 3.63%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483167  |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. <sup>(c)</sup> | Oil, Gas & Consumable Fuels | 3.63%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239547  |
| &nbsp;&nbsp;&nbsp;&nbsp;Riot Platforms, Inc. | Software | 0.75%, 1/15/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1133805  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. | Financial Services | 0.50%, 8/1/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964615  |
| &nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc. | Software | 0.63%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632275  |
| &nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc. <sup>(c)</sup> | Software | 0.00%, 3/1/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863913  |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>(c)</sup> | Software | 0.00%, 5/1/2032 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1081551  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Bonds (Cost $25,088,824)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Bonds (Cost $25,088,824)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Bonds (Cost $25,088,824)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Bonds (Cost $25,088,824)** | **$21358373**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Subordinated Debt (Cost $27,942,276)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Subordinated Debt (Cost $27,942,276)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Subordinated Debt (Cost $27,942,276)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Subordinated Debt (Cost $27,942,276)** | **$24227387**  |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

12 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company <sup>(a)</sup> | Industry | Investment Coupon <br>Rate/Maturity <sup>(b)</sup> | Principal/ <br>Numbers <br>of Shares | Fair <br>Value  |
| **Equity/Other — 8.0%** | **Equity/Other — 8.0%** | **Equity/Other — 8.0%** | **Equity/Other — 8.0%** | **Equity/Other — 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Common Stock — 0.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BSP Equipment Financing, <br>LLC <sup>(c)(e)(f)(h)(i)</sup> | Financial Services |  | &nbsp;&nbsp;790501 | &nbsp;&nbsp;&nbsp;&nbsp;$790501  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $790,501)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $790,501)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $790,501)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $790,501)** | &nbsp;&nbsp;&nbsp;&nbsp;**$790501**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock - Convertible — 6.3%** | &nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock - Convertible — 6.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CCI Buyer, Inc. <sup>(c)(e)</sup> | Wireless Telecommunication Services | 12.00% PIK, 5/6/2050 | &nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;$2065959  |
| &nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency, Inc. <sup>(c)(e)</sup> | Insurance | 10.50%, 11/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514170  |
| &nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | Electric Utilities | 6.00%, 12/1/2027 | &nbsp;&nbsp;123705 | &nbsp;&nbsp;&nbsp;&nbsp;5071906  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock — Convertible (Cost $8,122,357)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock — Convertible (Cost $8,122,357)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock — Convertible (Cost $8,122,357)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock — Convertible (Cost $8,122,357)** | &nbsp;&nbsp;&nbsp;**$7652035**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stock - 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae | Financial Services |  | &nbsp;&nbsp;83240 | &nbsp;&nbsp;&nbsp;$1267745 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock (Cost $574,783)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock (Cost $574,783)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock (Cost $574,783)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock (Cost $574,783)** | &nbsp;&nbsp;&nbsp;**$1267745**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity/Other (Cost $9,487,641)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity/Other (Cost $9,487,641)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity/Other (Cost $9,487,641)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity/Other (Cost $9,487,641)** | &nbsp;&nbsp;&nbsp;**$9710281**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments — 142.8% (Cost $181,202,630)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments — 142.8% (Cost $181,202,630)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments — 142.8% (Cost $181,202,630)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments — 142.8% (Cost $181,202,630)** | **$172959051**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets — (42.8%) | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets — (42.8%) | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets — (42.8%) | &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets — (42.8%) | &nbsp;&nbsp;(51862382)  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets — 100.0%** |  |  |  | **$121096669** |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup><br> Unless otherwise indicated, all investments in the consolidated schedule of investments are non-affiliated, non-controlled investments.

<sup>(b)</sup> The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Fund has provided the spread over the relevant reference rate and the current interest rate in effect at December 31, 2025. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For funded floating rate securities, the all-in rate is disclosed within parentheses.

<sup>(c)</sup> Security may be subject to legal restrictions on sales. The aggregate value of these securities at December 31, 2025 was $27,045,639 which represented 22.3% of net assets.

<sup>(d)</sup><br> Variable rate security. Actual reference rates may vary based on the reset date of the security.

<sup>(e)</sup><br> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Adviser acting through its Valuation Committee.

<sup>(f)</sup> Position or portion thereof includes an unfunded commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. The negative fair value, if applicable, is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Please refer to Note 8 for additional details. 

<sup>(g)</sup><br> Substantially all of our investments are domiciled in the United States. Certain investments also have international operations.

The accompanying notes are an integral part of these consolidated financial statements.<br>

Franklin BSP Private Credit Fund 2025 Annual Report 13

------

Consolidated schedule of investments (cont'd)<br>

December 31, 2025 <br>

**Franklin BSP Private Credit Fund**<br>

<sup>(h)</sup> The provisions of the 1940 Act classify investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a fund is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio company's outstanding voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's outstanding voting securities. The Fund classifies this investment as "affiliated."

<sup>(i)</sup><br> The Fund's investment is held through the consolidated subsidiary, FBSPX Equipment Finance Holdings LLC.

<sup>(j)</sup><br> This investment was funded using cryptocurrency stablecoin (USDC), and proceeds from this investment are expected to be received in USDC.

The following table presents additional information regarding restricted securities:

---

| | | |
|:---|:---|:---|
| Portfolio Company | Acquisition Date | Cost  |
| Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;09/29/2025 | $1143636  |
| Bloom Energy Corp. | &nbsp;&nbsp;&nbsp;10/31/2025 | &nbsp;&nbsp;&nbsp;1466137  |
| Brightline East, LLC | &nbsp;&nbsp;&nbsp;04/25/2024 | &nbsp;&nbsp;&nbsp;4786015  |
| BSP Equipment Financing, LLC | &nbsp;&nbsp;&nbsp;11/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;790501  |
| CCI Buyer, Inc. | &nbsp;&nbsp;&nbsp;05/13/2025 | &nbsp;&nbsp;&nbsp;2069019  |
| Galaxy Digital Holdings, LP | &nbsp;&nbsp;&nbsp;10/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;909803  |
| Galaxy Digital Holdings, LP | &nbsp;&nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;&nbsp;1470188  |
| Galaxy Digital Holdings, LP | &nbsp;&nbsp;&nbsp;12/10/2025 | &nbsp;&nbsp;&nbsp;1973167  |
| Generate CLO, Ltd. 23-11A D2RA | &nbsp;&nbsp;&nbsp;09/06/2024 | &nbsp;&nbsp;&nbsp;2000000  |
| Golub Capital Partners Short Duration 22-1A DR | &nbsp;&nbsp;&nbsp;06/07/2024 | &nbsp;&nbsp;&nbsp;1500000  |
| HalseyPoint CLO II, Ltd. 20-2A D2R | &nbsp;&nbsp;&nbsp;06/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;990000  |
| Higginbotham Insurance Agency, Inc. | &nbsp;&nbsp;&nbsp;12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;514170  |
| IREN, Ltd. | &nbsp;&nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;&nbsp;1288930  |
| IREN, Ltd. | &nbsp;&nbsp;&nbsp;12/03/2025 | &nbsp;&nbsp;&nbsp;1002479  |
| Lucid Group, Inc. | &nbsp;&nbsp;&nbsp;07/21/2025 | &nbsp;&nbsp;&nbsp;2792524  |
| MARA Holdings, Inc. | &nbsp;&nbsp;&nbsp;10/06/2025 | &nbsp;&nbsp;&nbsp;1047183  |
| Strategy, Inc. | &nbsp;&nbsp;&nbsp;02/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;960359  |
| MP Materials Corp. | &nbsp;&nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;&nbsp;1840747  |
| Navesink CLO, Ltd. 23-1A DJR | &nbsp;&nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;&nbsp;1250000  |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;251453  |
| Terawulf, Inc. | &nbsp;&nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;&nbsp;1181626  |
| Uniti Fiber ABS Issuer, LLC 25-2A C | &nbsp;&nbsp;&nbsp;10/09/2025 | &nbsp;&nbsp;&nbsp;2000000  |
|  |  | **$33227937** |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

14 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated statement of assets and liabilities<br>

As of December 31, 2025<br>

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate Investments, at fair value (cost $790,501)  | &nbsp;&nbsp;&nbsp;&nbsp;$790501  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Affiliated Investments, at fair value (cost $180,412,129) | 172168550  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value (cost $181,202,630)  | 172959051  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;1567570  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;4094482  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;2582578  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796565  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Assets*** | ***182026245***  |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (net of deferred financing costs of $149,902) | &nbsp;&nbsp;&nbsp;55350098  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;2344965  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | &nbsp;&nbsp;&nbsp;&nbsp;1967767  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280913  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76176  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Liabilities*** | &nbsp;&nbsp;&nbsp;***60929576***  |
| ***Net Assets*** | ***$121096669***  |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock | $128722700  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;(7626031)  |
| **Net Assets** | **$121096669**  |
| **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$5113131  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (par value $0.001 per share, unlimited shares authorized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527364  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.70  |
| **Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $115983538  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (par value $0.001 per share, unlimited shares authorized) | &nbsp;&nbsp;&nbsp;11947912  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.71 |

---

The accompanying notes are an integral part of these consolidated financial statements. <br>

Franklin BSP Private Credit Fund 2025 Annual Report 15

------

Consolidated statement of operations<br>

Year Ended December 31, 2025 <br>

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income from non-affiliated investments  | $18030986  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Investment Income*** | &nbsp;&nbsp;***18030986***  |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and debt fees  | &nbsp;&nbsp;&nbsp;&nbsp;3224321  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees on income (See Note 4)  | &nbsp;&nbsp;&nbsp;&nbsp;1562538  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees (See Note 4)  | &nbsp;&nbsp;&nbsp;&nbsp;1703771  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659256  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting and administration fees (see Note 4)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891678  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157508  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class A (See Note 4)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29399  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Expenses before Adviser Waivers/Reimbursements*** | &nbsp;&nbsp;&nbsp;&nbsp;***8783471***  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/reimbursed by Adviser (See Note 4)  | &nbsp;&nbsp;&nbsp;(1692580)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Net Expenses*** | &nbsp;&nbsp;&nbsp;&nbsp;***7090891***  |
| ***Net investment income*** | &nbsp;&nbsp;***10940095***  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on non-affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;3799658  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on non-affiliated investments | (11184168)  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** | &nbsp;&nbsp;&nbsp;**(7384510)**  |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;**$3555585** |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

16 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated statements of changes in net assets <br>

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>December 31, <br>2025 | Year Ended <br>December 31, <br>2024  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income  | $10940095 | &nbsp;&nbsp;&nbsp;$8608153  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments  | &nbsp;&nbsp;&nbsp;&nbsp;3799658 | &nbsp;&nbsp;&nbsp;&nbsp;3380063  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments  | &nbsp;&nbsp;(11184168) | &nbsp;&nbsp;&nbsp;&nbsp;2045632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Change in Net Assets Resulting from Operations*** | &nbsp;&nbsp;&nbsp;&nbsp;***3555585*** | &nbsp;&nbsp;&nbsp;***14033848***  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions – Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201693)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions – Advisor Class  | &nbsp;&nbsp;(15348624) | &nbsp;&nbsp;(10228254)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Change in Net Assets Resulting from Distributions to Shareholders*** | &nbsp;&nbsp;***(15992908)*** | &nbsp;&nbsp;***(10429947)***  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold – Advisor Class  | &nbsp;&nbsp;&nbsp;27011415 | &nbsp;&nbsp;&nbsp;71110914  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold – Class A  | &nbsp;&nbsp;&nbsp;&nbsp;1190775 | &nbsp;&nbsp;&nbsp;&nbsp;4667458  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions – Advisor Class  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301092  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions – Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167763  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed from repurchase offers – Advisor Class  | &nbsp;&nbsp;(26791985) | &nbsp;&nbsp;&nbsp;&nbsp;(2668741)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed from repurchase offers – Class A  | &nbsp;&nbsp;&nbsp;&nbsp;(1159005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Change in Net Assets from Capital Share Transactions*** | &nbsp;&nbsp;&nbsp;&nbsp;***1256616*** | &nbsp;&nbsp;&nbsp;***73578486***  |
| ***Total Change in Net Assets*** | &nbsp;&nbsp;***(11180707)*** | &nbsp;&nbsp;&nbsp;***77182387***  |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period  | 132277376 | &nbsp;&nbsp;&nbsp;55094989  |
| &nbsp;&nbsp;&nbsp;&nbsp;**End of period**  | **$121096669** | **$132277376** |

---

The accompanying notes are an integral part of these consolidated financial statements. <br>

Franklin BSP Private Credit Fund 2025 Annual Report 17

------

Consolidated statement of cash flows<br>

Year Ended December 31, 2025 <br>

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;$3555585  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;&nbsp;7384510  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount and amortization of premium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(719201)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (186380840)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments of investments | &nbsp;&nbsp;189166094  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;(10578060)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;3424758  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381391)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65977)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907243  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | &nbsp;&nbsp;&nbsp;&nbsp;1562538  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Net Cash Provided by Operating Activities*** | &nbsp;&nbsp;&nbsp;&nbsp;***8027264***  |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued, net of change in receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;29206108  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt | &nbsp;&nbsp;&nbsp;&nbsp;94900000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on debt | &nbsp;&nbsp;&nbsp;(89900000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178184)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for shares redeemed from repurchase offers | &nbsp;&nbsp;&nbsp;(27950990)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash distributions to shareholders | &nbsp;&nbsp;&nbsp;(14987492)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Net Cash Used in Financing Activities*** | &nbsp;&nbsp;&nbsp;&nbsp;***(8910558)***  |
| **Net Change in Cash** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(883294)**  |
| Cash and cash equivalents, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;2450864  |
| Cash and cash equivalents, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$1567570  |
| **Supplemental Information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested during the year | &nbsp;&nbsp;&nbsp;&nbsp;$1005416  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid during the year | &nbsp;&nbsp;&nbsp;&nbsp;$3092575  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes, including excise tax, paid during the year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The accompanying notes are an integral part of these consolidated financial statements.<br>

18 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Consolidated financial highlights<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Year Ended  | For the Year Ended  | For the Year Ended  | For the Period <br>Ended <br>December 31, <br>2022<sup>(1)</sup>  |
|  | December 31, <br>2025 | December 31, <br>2024 | December 31, <br>2023 | For the Period <br>Ended <br>December 31, <br>2022<sup>(1)</sup>  |
| Franklin BSP Private Credit Fund — Class A | Franklin BSP Private Credit Fund — Class A |  |  |  |
| **Per Share Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, beginning of fiscal period | &nbsp;&nbsp;&nbsp;&nbsp;$10.69 | &nbsp;&nbsp;&nbsp;&nbsp;$10.30 | &nbsp;&nbsp;&nbsp;&nbsp;$10.07 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00  |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total from investment operations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  |
| **Less distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total distributions to shareholders*** | &nbsp;&nbsp;&nbsp;&nbsp;***(1.21)*** | &nbsp;&nbsp;&nbsp;&nbsp;***(1.07)*** | &nbsp;&nbsp;&nbsp;&nbsp;***(0.83)*** | &nbsp;&nbsp;&nbsp;&nbsp;***(0.03)***  |
| **Net Asset Value, end of fiscal period** | &nbsp;&nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;&nbsp;&nbsp;$10.69 | &nbsp;&nbsp;&nbsp;&nbsp;$10.30 | &nbsp;&nbsp;&nbsp;&nbsp;$10.07  |
| ***Total investment return<sup>(3)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;***2.08%*** | &nbsp;&nbsp;&nbsp;&nbsp;***14.85%*** | &nbsp;&nbsp;&nbsp;&nbsp;***10.84%*** | &nbsp;&nbsp;&nbsp;&nbsp;***1.00%<sup>(4)</sup>***  |
| **Supplemental Data and Ratios** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5113 | &nbsp;&nbsp;&nbsp;&nbsp;$5068 | &nbsp;&nbsp;&nbsp;&nbsp;$192 | &nbsp;&nbsp;&nbsp;&nbsp;$101  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (Before Expenses Waived/Reimbursed) | &nbsp;&nbsp;&nbsp;&nbsp;6.93%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.70%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.51%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.37%<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (After Expenses Waived/Reimbursed) | &nbsp;&nbsp;&nbsp;&nbsp;5.69%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.68%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.90%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.75%<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets (Before Expenses Waived/Reimbursed) | &nbsp;&nbsp;&nbsp;&nbsp;6.31%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.06%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.01%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.32%)<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets (After Expenses Reimbursement/Recoupment) | &nbsp;&nbsp;&nbsp;&nbsp;7.55%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.08%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.62%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;85.42% | &nbsp;&nbsp;&nbsp;&nbsp;88.39% | &nbsp;&nbsp;&nbsp;&nbsp;144.79% | &nbsp;&nbsp;&nbsp;&nbsp;42.17%<sup>(4)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on October 3, 2022. Investment operations commenced on October 4, 2022. Amounts annualized, as denoted, are based on the date investment operations commenced.

<sup>(2)</sup> <br> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(3)</sup> Total return represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming the reinvestment of all dividends and distributions). This does not include the effect of any sales charge.

<sup>(4)</sup> <br> Not annualized.

<sup>(5)</sup> <br> Annualized.

<sup>(6)</sup> Includes expenses directly related to the interest costs and structuring costs for borrowing and lines of credit, taxes, litigation and extraordinary expenses, incentive fees, and any distribution and shareholder servicing fees not covered by the Fund's expense limitation agreement. 

The accompanying notes are an integral part of these consolidated financial statements. <br>

Franklin BSP Private Credit Fund 2025 Annual Report 19

------

Consolidated financial highlights (cont'd)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Year Ended  | For the Year Ended  | For the Year Ended  | For the Period <br>Ended <br>December 31, <br>2022<sup>(1)</sup>  |
|  | December 31, <br>2025 | December 31, <br>2024 | December 31, <br>2023  | For the Period <br>Ended <br>December 31, <br>2022<sup>(1)</sup>  |
| Franklin BSP Private Credit Fund — Advisor Class | Franklin BSP Private Credit Fund — Advisor Class |  |  |  |
| **Per Share Data** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, beginning of fiscal period | &nbsp;&nbsp;&nbsp;$10.70 | &nbsp;&nbsp;&nbsp;$10.31 | &nbsp;&nbsp;&nbsp;&nbsp;$10.07 | &nbsp;&nbsp;&nbsp;&nbsp;$10.00  |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total from investment operations*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| **Less distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total distributions to shareholders*** | &nbsp;&nbsp;&nbsp;&nbsp;***(1.26)*** | &nbsp;&nbsp;&nbsp;&nbsp;***(1.11)*** | &nbsp;&nbsp;&nbsp;&nbsp;***(0.88)*** | &nbsp;&nbsp;&nbsp;&nbsp;***(0.04)***  |
| **Net Asset Value, end of fiscal period** | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;$10.70 | &nbsp;&nbsp;&nbsp;&nbsp;$10.31 | &nbsp;&nbsp;&nbsp;&nbsp;$10.07  |
| ***Total investment return<sup>(3)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.59%*** | &nbsp;&nbsp;&nbsp;&nbsp;***15.34%*** | &nbsp;&nbsp;&nbsp;&nbsp;***11.48%*** | &nbsp;&nbsp;&nbsp;&nbsp;***1.12%<sup>(4)</sup>***  |
| **Supplemental Data and Ratios** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | &nbsp;&nbsp;&nbsp;$115984 | &nbsp;&nbsp;&nbsp;$127209 | &nbsp;&nbsp;&nbsp;&nbsp;$54903 | &nbsp;&nbsp;&nbsp;&nbsp;$25104  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (Before Expenses Waived/Reimbursed) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.68%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.87%<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (After Expenses Waived/Reimbursed) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.42%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.25%<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets (Before Expenses Waived/Reimbursed) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.91%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(5.82%)<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average Net Assets (After Expenses Reimbursement/Recoupment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.05%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.17%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>(5)(6)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;&nbsp;&nbsp;85.42% | &nbsp;&nbsp;&nbsp;&nbsp;88.39% | &nbsp;&nbsp;&nbsp;&nbsp;144.79% | &nbsp;&nbsp;&nbsp;&nbsp;42.17%<sup>(4)</sup> |

---

<sup>(1)</sup> The Fund commenced operations on October 3, 2022. Investment operations commenced on October 4, 2022. Amounts annualized, as denoted, are based on the date investment operations commenced.

<sup>(2)</sup> <br> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(3)</sup> Total return represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming the reinvestment of all dividends and distributions). 

<sup>(4)</sup> <br> Not annualized.

<sup>(5)</sup> <br> Annualized.

<sup>(6)</sup> Includes expenses directly related to the interest costs and structuring costs for borrowing and lines of credit, taxes, litigation and extraordinary expenses, incentive fees, and any distribution and shareholder servicing fees not covered by the Fund's expense limitation agreement. 

The accompanying notes are an integral part of these consolidated financial statements. <br>

20 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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Notes to consolidated financial statements<br>

1. Organization

Franklin BSP Private Credit Fund (the "Fund") is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that continuously issues shares. The Fund is offering two classes of shares of the Fund: Advisor Class, with no sales load or distribution and shareholder servicing fee, and Class A shares, which may charge a sales load of up to 2.00% of the investor's subscription and may charge an annual distribution and shareholder servicing fee of up to 0.50% of Class A net assets per year. Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reimbursements if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class. The Fund's investment activities are managed by Benefit Street Partners L.L.C ("BSP", or the "Adviser"), and supervised by the Fund's Board of Trustees ("Board" or "Board of Trustees"), a majority of whom are not interested persons (as defined in the 1940 Act) of the Adviser and its affiliates. The Fund consolidates FBSPX Equipment Finance Holdings LLC. All intercompany transactions and balances have been eliminated in consolidation.

The Fund is an "interval fund" pursuant to which, subject to applicable law, it will conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding shares of beneficial interest ("Shares") at a price equal to net asset value ("NAV"). Under normal market conditions, the Fund will offer to repurchase 5% of its outstanding shares at NAV on a quarterly basis. It is also possible that a repurchase offer may be oversubscribed, with the result that Fund shareholders ("Shareholders") may only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to try to provide liquidity to Shareholders, the Shares should be considered illiquid.

The Fund's investment objective is to generate attractive risk-adjusted returns with consistent current income. The Fund defines 'risk-adjusted returns' as the generation of realized and unrealized gains on a Shareholder's investment relative to the risk associated with the risk profile of the Fund's investments. The Fund seeks to achieve its investment objective by investing in private credit investments in middle market companies in the United States. The investment portfolio will primarily consist of private credit investments, which include privately offered secured debt (including senior secured, unitranche and second-lien debt) and unsecured debt (including senior unsecured and subordinated debt) across directly originated corporate loans, broadly syndicated corporate loans and high yield corporate bonds.

2. Summary of significant accounting policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its consolidated financial statements. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The consolidated financial statements reflect all adjustments, both normal and recurring, which, in the opinion of management, are necessary for the fair presentation of the Fund's results of operations and financial condition for the periods presented. The Fund is an investment company and accordingly applies specific accounting and financial reporting requirements under Financial Accounting Standards Codification ("ASC") Topic 946, *Financial Services-Investment Companies*.

Franklin BSP Private Credit Fund 2025 Annual Report 21

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Notes to consolidated financial statements (cont'd)<br>

#### Cash and Cash Equivalents
Cash and cash equivalents include short-term, liquid investments in a money market deposit account. Cash and cash equivalents are carried at cost, which approximates fair value.

#### Segment Reporting
The Fund operates through a single operating and reporting segment with an investment objective to generate attractive risk-adjusted returns with consistent current income. The CODM is comprised of the Fund's Chief Executive Officer and Chief Financial Officer and the CODM assesses the performance and makes operating decisions of the Fund based on the Fund's net increase in net assets resulting from operations ("net income") as disclosed on the Fund's Statement of Operations. The evaluation of this key metric is used in determining the allocation of resources and the amount of distributions to the Fund's shareholders. As the Fund's operations consist of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as total assets and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

#### Investment valuation and fair value measurement
The Board has delegated to the Adviser as valuation designee (the "Valuation Designee") the responsibility of determining the fair value of the Fund's investment portfolio, subject to oversight of the Board, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Fund's investment portfolio, subject to oversight of the Board. The Board has delegated day-to-day responsibility for implementing the portfolio valuation process set forth in the Fund's valuation policy to Fund management, which is comprised of officers and employees of the Adviser, and has authorized the Adviser to utilize the independent third-party pricing services and independent third-party valuation services that have been approved by the Board.

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Fund may also obtain quotes with respect to certain of the Fund's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Fund determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined to be readily available, the Fund uses the quote obtained.

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Fund management may take into account in fair value pricing the Fund's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial

22 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

With respect to investments for which market quotations are not readily available, the Valuation Designee undertakes a multi-step valuation process, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;• Each portfolio company or investment will be valued by the Valuation Designee, with assistance from one or more independent valuation firms;

&nbsp;&nbsp;&nbsp;&nbsp;• The independent valuation firm(s) conduct independent appraisals and make an independent assessment of the value of each investment; and

&nbsp;&nbsp;&nbsp;&nbsp;• The Valuation Designee, under the supervision of the Board, determines the fair value of each investment, in good faith, based on the input of independent valuation firms (to the extent applicable) and the Valuation Designee's own analysis. The Valuation Designee has also established a Valuation Committee to assist the Valuation Designee in carrying out its designated responsibilities, subject to oversight of the Board.

Bank loans, including syndicated loans, are valued by using readily available market quotations or another commercially reasonable method selected by an independent, third-party pricing service that has been approved by the Board, or, if such independent, third-party valuations are not available, by using broker quotations.

Corporate bonds and certain other domestic debt securities are valued at the last reported bid prices supplied by an independent, third-party pricing service that has been approved by the Board. If the last reported bid price is not readily available or is otherwise deemed to be unreliable by the Valuation Committee, then such securities are valued at fair value pursuant to procedures adopted by the Board.

For investments in collateralized securities, the Valuation Designee models both the assets and liabilities of each Collateralized Security's capital structure. The model uses a waterfall engine to store the collateral data, generate cash flows from the assets, and distribute the cash flows to the liability structure based on the contractual priority of payments. The cash flows are discounted using rates that incorporate risk factors such as default risk, interest rate risk, downgrade risk, and credit spread risk, among others. In addition, the Valuation Designee considers broker quotations and/or comparable trade activity, which are considered as inputs to determining fair value when available.

If they are traded on the valuation date, equity securities, including preferred securities, that are listed or traded on a national exchange will be valued at the last quoted sale price. If securities are listed on more than one exchange, and if the securities are traded on the valuation date, they will be valued at the last quoted sale price on the exchange on which the security is principally traded. If there is no sale of the security on the valuation date, or such price is not readily available, the Fund will value the security at the last reported sale price, unless the Valuation Committee believes such price no longer represents the fair market value, in which case the security is valued pursuant to procedures adopted by the Board. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, seller or purchaser or to the market for a particular security cause current market quotations not to reflect the fair value of the security. Examples of these events could include situations in which

Franklin BSP Private Credit Fund 2025 Annual Report 23

------

Notes to consolidated financial statements (cont'd)<br>

material events are announced after the close of the market on which a security is primarily traded, a security trades infrequently causing a quoted purchase or sale price to become stale, or a security's trading has been halted or suspended.

Generally, trading in U.S. government securities and money market instruments is substantially completed each day at various times prior to the close of business on the New York Stock Exchange ("NYSE"). The values of such securities used in computing the NAV of the Fund's Shares are determined as of such times.

NAV per Share will be determined daily by the Adviser on each day the NYSE is open for trading or at such other times as the Board may determine. NAV per Share is determined on a class-specific basis, by dividing the total value of the Fund's net assets attributable to the applicable class by the total number of Shares of such class outstanding. The Fund's net assets are determined by subtracting any liabilities (including borrowings for investment purposes) from the total value of its portfolio investments and other assets.

The Fund's fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820, Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Fund determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 Inputs: Quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 Inputs: Inputs other than quoted prices included in Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 Inputs: Unobservable inputs that reflect the entity's own assumptions about the assumptions the market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent

24 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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Notes to consolidated financial statements (cont'd)<br>

sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser's perceived risk of that instrument.

The following table presents fair value measurements of investments, by major class, as of December 31, 2025, according to the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION<sup>1</sup> | (Level 1) | (Level 2) | (Level 3) | Total  |
| **Franklin BSP Private Credit Fund**<br>|  |  |  |  |
| **Investments** |  |  |  |  |
| Collateralized Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $2016015 | &nbsp;&nbsp;&nbsp;$5746800 | &nbsp;&nbsp;&nbsp;$7762815  |
| Total Collateralized Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2016015 | &nbsp;&nbsp;&nbsp;&nbsp;5746800 | &nbsp;&nbsp;&nbsp;&nbsp;7762815  |
| Senior Secured First Lien Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11836022 | 110149824 | 121985846  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1694535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1694535  |
| Total Senior Secured First Lien Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 13530557 | 110149824 | 123680381  |
| Senior Secured Second Lien Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4918126 | &nbsp;&nbsp;&nbsp;&nbsp;2660061 | &nbsp;&nbsp;&nbsp;&nbsp;7578187  |
| Total Senior Secured Second Lien Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4918126 | &nbsp;&nbsp;&nbsp;&nbsp;2660061 | &nbsp;&nbsp;&nbsp;&nbsp;7578187  |
| Subordinated Debt |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896014  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1973000 | &nbsp;&nbsp;&nbsp;&nbsp;1973000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 21358373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21358373  |
| Total Subordinated Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 21358373 | &nbsp;&nbsp;&nbsp;&nbsp;2869014 | &nbsp;&nbsp;&nbsp;24227387  |
| Equity/Other |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790501  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock - Convertible | 5071906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2580129 | &nbsp;&nbsp;&nbsp;&nbsp;7652035  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock | 1267745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1267745  |
| Total Equity/Other | 6339651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3370630 | &nbsp;&nbsp;&nbsp;&nbsp;9710281  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | **$6339651** | **$41823071** | **$124796329** | **$172959051** |

---

<sup>(1)</sup> <br> For further security characteristics, see the Consolidated Schedule of Investments.

Franklin BSP Private Credit Fund 2025 Annual Report 25

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Notes to consolidated financial statements (cont'd)<br>

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs during the year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Collateralized<br>Securities | Senior<br>Secured<br>First Lien<br>Debt | Senior<br>Secured<br>Second<br>Lien Debt | Subordinated<br>Debt | Equity/<br>Other  |
| Beginning Balance - January 1, 2025 | $10261316 | $60059711 | &nbsp;&nbsp;$483983 | &nbsp;&nbsp;$369513 | &nbsp;&nbsp;$514170  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions | &nbsp;&nbsp;&nbsp;3751929 | &nbsp;&nbsp;&nbsp;71621429 | 1070771 | &nbsp;&nbsp;2877525 | 2859520  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dispositions | &nbsp;&nbsp;(8306848) | &nbsp;&nbsp;(23122277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(384783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;271372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(230969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301087 | &nbsp;&nbsp;&nbsp;&nbsp;105307 | &nbsp;&nbsp;&nbsp;&nbsp;11714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3060)  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers in/(out) of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1379000 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Ending Balance - December 31, 2025 | **$5746800** | **$110149824** | **$2660061** | &nbsp;&nbsp;**$2869014** | **$3370630** |

---

For the year ended December 31, 2025, the change in unrealized appreciation (depreciation) on positions still held in the Fund as of December 31, 2025 was $(128,990) for Collateralized Securities, $459,705 for Senior Secured First Lien Debt, $151,442 for Senior Secured Second Lien Debt, $11,714 for Subordinated Debt, and $(3,060) for Equity/Other.

#### Significant unobservable inputs
The following table summarizes the significant unobservable inputs used to value the Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Range  | Range  |  |
| Asset Category  | Fair Value  | Primary Valuation <br>Technique  | Unobservable <br>Inputs  | Minimum  | Maximum  | Weighted <br>Average<sup>(a)</sup>  |
| Collateralized Securities  | &nbsp;&nbsp;&nbsp;5746800  | Yield Analysis  | Discount Margin  | 4.60%  | 5.60%  | 4.98%  |
| Senior Secured First Lien Debt  | 14294202  | Yield Analysis  | Discount Margin  | 3.20%  | 8.15%  | 5.64%  |
| Senior Secured First Lien Debt <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12377)  | Yield Analysis  | Discount Rate  | 13.40%  | 13.40%  | 13.40%  |
| Senior Secured First Lien Debt <sup>(c)</sup>  | 90179130  | Yield Analysis  | Market Yield  | 8.00%  | 12.67%  | 9.28%  |
| Senior Secured First Lien Debt <sup>(b)(c)</sup>  | &nbsp;&nbsp;&nbsp;5688869  | N/A  | N/A  | N/A  | N/A  | N/A  |
| Senior Secured Second Lien Debt  | &nbsp;&nbsp;&nbsp;2660061  | Yield Analysis  | Market Yield  | 13.34%  | 14.92%  | 14.33%  |
| Subordinated Debt  | &nbsp;&nbsp;&nbsp;&nbsp;896014  | Yield Analysis  | Discount Margin  | 12.05%  | 15.43%  | 12.64%  |
| Subordinated Debt <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;1973000  | N/A  | N/A  | N/A  | N/A  | N/A  |
| Equity/Other  | &nbsp;&nbsp;&nbsp;2580129  | Yield Analysis  | Market Yield  | 11.59%  | 13.37%  | 13.02%  |
| Equity/Other <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;790501  | N/A  | N/A  | N/A  | N/A  | N/A  |
|  | **124796329**  |  |  |  |  |  |

---

26 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

<sup>(a)</sup><br> Weighted averages are calculated based on fair value of investments. <br>

<sup>(b)</sup><br> Investment(s) valued based on recent or pending transactions expected to close after the valuation date

<sup>(c)</sup> Includes the fair value of any unfunded delayed draw term loan commitment (DDTL) and unfunded revolver term loan commitment. Unfunded commitments are recorded at fair value; as of the valuation date this results in a negative amount. 

There were no significant changes in valuation approach or technique as of December 31, 2025.

#### Use of estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

#### Indemnifications
In the ordinary course of its business, the Fund may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Fund. Based on its history and experience, management feels that the likelihood of such an event is remote.

#### Federal income taxes
The Fund has elected to be treated for federal income tax purposes as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The Fund intends to make sufficient distributions to maintain its ability to be taxed as a RIC each year. The Fund may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts.

#### Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740)," which updates annual income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Fund has adopted ASU 2023-09 and concluded that the application of this guidance did not have a material impact on the Fund's consolidated financial statements.

#### Distributions to shareholders
The Fund intends to distribute to its shareholders any net investment income monthly and any net realized long- or short-term capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. The Fund may periodically make reclassifications among certain of its capital accounts as a result of the characterization of certain income and realized gains determined annually in accordance with federal tax regulations that may differ from U.S. GAAP.

Franklin BSP Private Credit Fund 2025 Annual Report 27

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

#### Foreign securities and currency transactions
The Fund's books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e. market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange.

The Fund does not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

#### Security transactions and investment income
Investment transactions are recorded on the trade date. Dividend income, less any foreign tax withheld, is recognized on the ex-dividend date and interest income is recognized on an accrual basis, including amortization/accretion of premiums or discounts. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method.

#### Restricted securities
The Fund may invest a substantial portion of its assets in securities that are restricted, but eligible for purchase and sale by certain qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933, as amended, as well as other restricted securities. Restricted securities may be resold in transactions that are exempt from registration under federal securities laws or if the securities are publicly registered. Restricted securities may be deemed illiquid.

3. Federal tax matters

Provisions for federal income taxes or excise taxes have not been made because the Fund has elected to be taxed as a RIC and intends to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Code applicable to RICs. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income to shareholders for tax purposes. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. The reclassifications have no effect on net assets or NAV per share.

For the fiscal year ended December 31, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Fund's net assets as follows:

---

| | | |
|:---|:---|:---|
|  | Total <br>Distributable <br>Earnings  | Paid In <br>Capital  |
| 2025  | &nbsp;&nbsp;&nbsp;&nbsp;$—  | $— |

---

28 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

As of December 31, 2025, unrealized appreciation and depreciation based on tax cost of investments was as follows:

---

| | |
|:---|:---|
|  | For the year ended <br>December 31, 2025  |
| Tax cost of investments | &nbsp;&nbsp;&nbsp;&nbsp;$181228095  |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;2712544  |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(10981588)  |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(8269044)  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609267  |
| Undistributed long-term gain (capital loss carryover) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33746  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643013  |
| Total accumulated gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(7626031) |

---

The tax character of distributions paid during the years ended December 31, 2025 and December 31, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Ordinary <br>Income  | Long-Term <br>Capital Gain  | Total  |
| 2025  | $15978562  | &nbsp;&nbsp;$14346  | $15992908  |
| 2024  | $10261200  | &nbsp;&nbsp;$168747  | $10429947 |

---

As of December 31, 2025, the Fund did not have any short-term or long-term capital loss carryforwards.

There is no tax liability from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2025, or for any other tax years which are open for examination. As of December 31, 2025, the open tax years include the year ended December 31, 2022 through the year ended December 31, 2025. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year, the Fund did not incur any interest or penalties.

4. Related party transactions

#### Investment advisory agreement
The Fund is managed by BSP, a Delaware limited liability company, pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser oversees the management of the Fund's activities and is responsible for making investment decisions with respect to the Fund's portfolio.

As compensation for its services, the Fund pays the Adviser a management fee, computed daily and paid monthly in arrears at an annual rate of 1.25% of the Fund's average daily net assets. On March 28, 2024 and extending through April 30, 2025, the Adviser and the Fund entered into a fee waiver agreement, pursuant to which the Adviser agreed to waive the management fee. Commencing on September 20, 2025, and extending through March 31, 2026, the Adviser and the Fund have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Adviser agreed to waive a portion of the management fee such that the management

Franklin BSP Private Credit Fund 2025 Annual Report 29

------

#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

fee payable by the Fund will equal an annual rate of 0.625% of the Fund's average daily net asset value. The Adviser may, in its sole discretion and at any time, elect to extend, terminate or modify its temporary waiver upon written notice to the Fund. If the Fee Waiver Agreement is terminated before the end of any month, the management fee waiver for the part of the month before such termination shall be prorated. The Fee Waiver Agreement shall terminate automatically in the event of the termination of the Investment Advisory Agreement. The Adviser will not recoup any waived management fees under the Fee Waiver Agreement.

In addition to the asset based fee above, the Fund shall pay to the Adviser an incentive fee calculated and payable quarterly in arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and which is subject to a hurdle rate, expressed as a rate of return on the Fund's net assets, equal to 1.50% per quarter (or an annualized hurdle rate of 6.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income, income generated from original issue discounts, payment-in-kind income, and any other income earned or accrued during the calendar quarter, minus the Fund's operating expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee) for the quarter. For purposes of computing the Fund's pre-incentive fee net investment income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. As a result, the Fund's pre-incentive fee net investment income includes net interest, if any, associated with a derivative or swap, which is the difference between (a) the interest income and transaction fees related to the reference assets and (b) all interest and other expenses paid by the Fund to the derivative or swap counterparty. Net assets mean the total assets of the Fund minus the Fund's liabilities. For purposes of the Incentive Fee, net assets are calculated for the relevant quarter as the weighted average of the net asset value of the Fund as of the first business day of each month therein. The weighted average net asset value shall be calculated for each month by multiplying the net asset value as of the beginning of the first business day of the month times the number of days in that month, divided by the number of days in the applicable calendar quarter. The calculation of the incentive fee on income for each quarter is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee on income is payable to the Adviser in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the preferred return rate of 1.50%, or 6.00% annualized (the "Preferred Return"), on net assets;

&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the preferred return but is less than or equal to 1.71425% in any calendar quarter (6.86% annualized) is payable to the Adviser. This portion of the Fund's incentive fee on income is referred to as the "catch up" and is intended to provide the Adviser with an incentive fee of 12.5% on all of the Fund's Pre-Incentive Fee Net Investment Income when the Fund's Pre-Incentive Fee Net Investment Income reaches 1.71425% (6.86% annualized) in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;• For any quarter in which our Pre-Incentive Fee Net Investment Income exceeds 1.71425% (6.86% annualized), the incentive fee on income equals 12.5% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved.

30 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Notes to consolidated financial statements (cont'd)<br>

For the year ended December 31, 2025, the Adviser earned a management fee of $1,703,771, of which $796,528 were waived, and $1,562,538 incentive fees from the Fund. As of December 31, 2025, $1,967,767 of incentive fees were payable to the Adviser and are included in the Consolidated Statement of Assets and Liabilities. As of December 31, 2025, $907,243 of management fees were payable to the Adviser.

#### Expense limitation agreement
The Adviser and the Fund have entered into the Fourth Amended and Restated Expense Limitation Agreement. Subject to this agreement, the Adviser has agreed to reimburse the Fund's initial organizational and offering costs as well as its operating expenses (excluding expenses directly related to the interest costs and structuring costs for borrowing and line(s) of credit, taxes, litigation or extraordinary expenses not incurred in the ordinary course of the Fund's business, incentive fees, or any distribution or shareholder servicing fees) solely to the extent necessary to limit the total annual operating expenses of the Fund to 2.25% of the Fund's net asset value at each quarter end. On September 20, 2025, the Adviser and the Fund entered into the Fee Waiver Agreement, which reduces the annual operating expenses of the Fund from 2.25% to 1.625% of the Fund's net asset value at each quarter end. The Adviser shall be permitted to recoup in later periods Fund expenses that the Adviser has paid or otherwise borne to the extent that the expenses for the Fund fall below the annual limitation rate in effect at the time of the actual waiver/reimbursement and to the extent that they do not cause the Fund to exceed the annual rate in effect at the time of recoupment. Under the expense limitation agreement the Adviser is not permitted to recoup such expenses beyond three years from when the applicable expense payment was made. During the year ended December 31, 2025, the Adviser waived $796,528 and reimbursed $896,052 of eligible Fund expenses, which is disclosed in the Consolidated Statement of Operations. As of December 31, 2025, the maximum available recoupment by the Adviser is $3,214,721. The Fund has assessed the likelihood that a recoupment will be paid by the Fund in accordance with the provisions of ASC 450, Contingencies. Based on this assessment, it has been determined that the recoupment is not probable or estimable as of December 31, 2025, and as such, an accrual has not been made on the Consolidated Statement of Assets and Liabilities.

#### Custodian, administrator, and transfer agent
The custodian to the Fund is U.S. Bank, N.A. The administrators to the Fund are U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, an affiliate of U.S. Bank, N.A., and BSP. The transfer agent to the Fund is SS&C Technologies, Inc.

#### Distribution agreement
Franklin Distributors, LLC (the "Distributor") serves as the Fund's distributor. The Distributor is an affiliate of BSP.

In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted a Distribution and Shareholder Servicing Plan ("Distribution Plan") for each Share class. The Distribution Plan permits the Fund to compensate the Distributor through an annual fee of 0.50% per year, payable quarterly on average daily net assets attributable to Class A Shares. The Distribution Plan also permits a sales load of up to 2.0% on purchases of Class A Shares and a contingent deferred sales charge of up to 1.0%. Advisor Class Shares will not be charged an annual fee and will not incur sales charges. For the year ended December 31, 2025, Class A incurred distribution fees of $29,399, of which $2,414 is unpaid as of December 31, 2025.

Franklin BSP Private Credit Fund 2025 Annual Report 31

------

#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

#### Related parties
Certain officers of the Fund are also officers of the Adviser. Such officers are paid no fees by the Fund for serving as officers of the Fund. For the year ended December 31, 2025, the Fund incurred Trustee fees of $157,508, of which $0 is unpaid, as of December 31, 2025.

5. Organization & offering costs

Organizational costs consist of costs incurred to establish the Fund and enable it legally to do business. Organizational costs of $272,811 have been incurred inception to date by the Fund, and paid by the Adviser, subject to recoupment. Offering costs include state registration fees and legal fees regarding the preparation of the initial registration statement. Organizational costs are expensed as incurred. Offering costs are accounted for as deferred costs until operations begin and are then amortized to expense over twelve months on a straight-line basis. Offering costs of $478,204 have been incurred inception to date by the Fund, and advanced by the Adviser. The total amount of the offering costs has been amortized by the Fund as of December 31, 2025.

6. Investment transactions

For the year ended December 31, 2025, aggregate purchases and sales of securities (excluding short-term securities) by the Fund were $186,380,840 and $188,167,354, respectively. The Fund did not have any purchases or sales of long-term U.S. government securities during the year ended December 31, 2025.

7. Capital share transactions

---

| | | |
|:---|:---|:---|
| Franklin BSP Private Credit Fund - Class A | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024  |
| Shares sold | &nbsp;&nbsp;&nbsp;111897 | &nbsp;&nbsp;&nbsp;&nbsp;439808  |
| Shares issued to holders in reinvestment of dividends | &nbsp;&nbsp;&nbsp;52893 | &nbsp;&nbsp;&nbsp;&nbsp;15893  |
| Shares redeemed from repurchase offers | &nbsp;&nbsp;&nbsp;(111736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net increase (decrease) in shares** | &nbsp;&nbsp;&nbsp;**53054** | &nbsp;&nbsp;&nbsp;&nbsp;**455701**  |
| **Shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year (period) | &nbsp;&nbsp;&nbsp;474310 | &nbsp;&nbsp;&nbsp;&nbsp;18609  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year (period) | &nbsp;&nbsp;&nbsp;**527364** | &nbsp;&nbsp;&nbsp;&nbsp;**474310** |

---

---

| | | |
|:---|:---|:---|
| Franklin BSP Private Credit Fund - Advisor Class | Year Ended<br>December 31,<br>2025 | Year Ended<br>December 31,<br>2024  |
| Shares sold | &nbsp;&nbsp;2564696 | &nbsp;&nbsp;6784096  |
| Shares issued to holders in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;45953 | &nbsp;&nbsp;&nbsp;&nbsp;28563  |
| Shares redeemed from repurchase offers | &nbsp;&nbsp;(2549966) | &nbsp;&nbsp;&nbsp;(252704)  |
| **Net increase (decrease) in shares** | &nbsp;&nbsp;&nbsp;&nbsp;**60683** | &nbsp;&nbsp;**6559955**  |
| **Shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year (period) | &nbsp;&nbsp;11887229 | &nbsp;&nbsp;5327274  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year (period) | &nbsp;&nbsp;**11947912** | &nbsp;&nbsp;**11887229** |

---

32 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

The shares repurchased were done so in accordance with Section 23(c) of the 1940 Act as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Repurchase<br>Request Deadline | Repurchase Offer<br>Amount (Shares) | Repurchase Offer<br>Amount ($) | Shares<br>Tendered | Amount<br>Tendered  |
| March 24, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670890 | &nbsp;&nbsp;&nbsp;&nbsp;$7157855 | 670890 | $7157855  |
| June 23, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673752 | &nbsp;&nbsp;&nbsp;&nbsp;$7087667 | 673752 | $7087667  |
| September 23, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667884 | &nbsp;&nbsp;&nbsp;&nbsp;$7052796 | 667884 | $7052796  |
| December 22, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649175 | &nbsp;&nbsp;&nbsp;&nbsp;$6652672 | 649175 | $6652672 |

---

8. Commitments and Contingencies

In the ordinary course of business, the Fund may enter into future funding commitments. As of December 31, 2025, the Fund had unfunded commitments on delayed draw term loans of $25,386,740, unfunded commitments on revolver term loans of $11,887,463, and unfunded commitments on equity/other investments of $1,194,499. The Fund maintains sufficient cash on hand and available borrowings to fund such unfunded commitments.

As of December 31, 2025, the Fund had the following funding commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company Name | Investment Type | Commitment <br>Type  | Total <br>Commitment  | Remaining <br>Commitment  |
| 188 West St. James Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | $1237748 | $1237748  |
| 188 West St. James Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;1234907  |
| 300 Pressler Street Member, LLC | Subordinated Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;965251 | &nbsp;&nbsp;&nbsp;&nbsp;802021  |
| 300 Pressler Street Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;4154326  |
| 628 Summit Ave, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;645082  |
| 84 East Avenue Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;434783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46038  |
| 84 East Avenue Owner, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;317660  |
| Accel International Holdings, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;251000  |
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;258000 | &nbsp;&nbsp;&nbsp;&nbsp;211560  |
| Adelaide Borrower, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;&nbsp;412000  |
| Amylu Borrower Sub, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;426000 | &nbsp;&nbsp;&nbsp;&nbsp;426000  |
| Amylu Borrower Sub, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;365000  |
| Arctic Holdco, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;268745 | &nbsp;&nbsp;&nbsp;&nbsp;102600  |
| Arctic Holdco, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;147600  |
| Armada Parent, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;356000  |
| Artifact Bidco, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;139000 | &nbsp;&nbsp;&nbsp;&nbsp;139000  |
| Artifact Bidco, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;194000  |
| AuditBoard, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;226000  |
| Azurite Intermediate Holdings, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;187500 | &nbsp;&nbsp;&nbsp;&nbsp;187500  |
| Big Apple Advisory, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;1169000 | &nbsp;&nbsp;&nbsp;&nbsp;902468  |
| Big Apple Advisory, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;327000  |
| Bingo Group Buyer, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91142  |
| Bingo Group Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;493000 | &nbsp;&nbsp;&nbsp;&nbsp;493000  |

---

Franklin BSP Private Credit Fund 2025 Annual Report 33

------

Notes to consolidated financial statements (cont'd)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company Name | Investment Type | Commitment <br>Type  | Total <br>Commitment  | Remaining <br>Commitment  |
| BSP Equipment Financing, LLC | Equity/Other | Equity/Other | $1985000  | $1194499  |
| Carr, Riggs & Ingram Capital, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;327431 | &nbsp;&nbsp;&nbsp;&nbsp;239534  |
| Carr, Riggs & Ingram Capital, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;150000  |
| CCI Buyer, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;164000  |
| Cliffwater, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;154000  |
| Coalesce Merlin Purchaser, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;499900 | &nbsp;&nbsp;&nbsp;&nbsp;460000  |
| Coalesce Merlin Purchaser, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;250000  |
| Einstein Parent, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;118000  |
| Electric Power Engineers, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;272000  |
| Electric Power Engineers, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;680000  |
| Electro-Methods, LP | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;425000  |
| Flow Traders Holding, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;1005000  |
| Hallandale Oasis 2019, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;4294118 | &nbsp;&nbsp;&nbsp;1345185  |
| Higginbotham Insurance Agency, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;280737 | &nbsp;&nbsp;&nbsp;&nbsp;280737  |
| Highway 16A Apartments, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;3230769 | &nbsp;&nbsp;&nbsp;2019038  |
| ICAT Intermediate Holdings, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000  |
| ICAT Intermediate Holdings, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp;&nbsp;&nbsp;362250  |
| Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp;302467  |
| Ideal Tridon Holdings, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;419000  |
| InhabitIQ, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;232000  |
| InhabitIQ, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp;372000  |
| Integrated Global Services, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;231000  |
| Integrated Global Services, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;280000  |
| IW Buyer, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;290135 | &nbsp;&nbsp;&nbsp;&nbsp;207239  |
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;180000  |
| Knowledge Pro Buyer, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;898172 | &nbsp;&nbsp;&nbsp;&nbsp;328500  |
| Last Dance Intermediate II, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp;703516  |
| Last Dance Intermediate II, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp;248000  |
| Lighthouse Intelligence, Ltd. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;439000 | &nbsp;&nbsp;&nbsp;&nbsp;439000  |
| Lighthouse Intelligence, Ltd. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;615000  |
| Mandrake Bidco, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp;517000  |
| PetVet Care Centers, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;203400  |
| Reagent Chemical and Research, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;387000  |
| Rialto Management Group, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000  |
| Saturn Sound Bidco, Ltd. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;231000  |
| Serrano Parent, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;323000  |
| Skywater Technology Foundry, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;4297000 | &nbsp;&nbsp;&nbsp;1902514  |
| TEI Intermediate, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp;326315  |
| TEI Intermediate, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp;115041  |

---

34 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Notes to consolidated financial statements (cont'd)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio Company Name | Investment Type | Commitment <br>Type  | Total <br>Commitment  | Remaining <br>Commitment  |
| Trystar, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;$322000 | &nbsp;&nbsp;&nbsp;&nbsp;$322000  |
| Trystar, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;644248 | &nbsp;&nbsp;&nbsp;&nbsp;494500  |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp;203000  |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;150010 | &nbsp;&nbsp;&nbsp;&nbsp;150010  |
| Varicent Intermediate Holdings Corp. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;223000  |
| Volunteer AcquisitionCo, LLC | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;638000 | &nbsp;&nbsp;&nbsp;&nbsp;638000  |
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;671282 | &nbsp;&nbsp;&nbsp;&nbsp;444686  |
| Westwood Professional Services, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp;349000  |
| WHK Waterfront Mezz, LLC | Subordinated Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;1527000 | &nbsp;&nbsp;&nbsp;&nbsp;778417  |
| WHK Waterfront Urban Renewal, LLC | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;3701651  |
| Zendesk, Inc. | Senior Secured First Lien Debt | Revolver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000  |
| Zendesk, Inc. | Senior Secured First Lien Debt | Delayed Draw | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45551  |
|  |  |  | **$59359380** | **$38468702** |

---

9. Risk factors (Investment risks)

#### First and second lien senior secured loans
When we make senior secured loans, we will generally take a security interest in the available assets of these portfolio companies, including the equity interests of their subsidiaries. We expect this security interest to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing loans may decrease in value over time or lose its entire value, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. Also, in some circumstances, lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Finally, applicable bankruptcy laws may adversely impact the timing and methods used by us to liquidate collateral securing loans, which could adversely affect the collectability of such loans. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or at all, or that we will be able to collect on the loan should we be forced to enforce remedies.

#### Mezzanine debt
Mezzanine debt investments will generally be subordinated to senior loans and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal which could lead to the loss of the entire investment.

These investments may involve additional risks that could adversely affect investment returns. To the extent interest payments associated with such debt are deferred, including in order to pay amounts owed under senior loans, such debt may be subject to greater fluctuations in

Franklin BSP Private Credit Fund 2025 Annual Report 35

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

valuations, and such debt could subject us and Shareholders to non-cash income. Since we will not receive any principal repayments prior to the maturity of some of the mezzanine debt investments, such investments will be of greater risk than amortizing loans.

#### Payment-in-kind ("PIK") interest risk
The Fund may hold investments that result in PIK interest. PIK creates the risk that incentive fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while the Adviser will be under no obligation to reimburse the Fund for these fees. PIK interest has the effect of generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the Adviser. Similarly, all things being equal, the deferral associated with PIK interest also increases the loan-to-value ratio at a compounding rate. The market prices of PIK securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality. Because PIK interest results in an increase in the size of the PIK securities held, the Fund's exposure to potential losses increases when a security pays PIK interest.

More generally, investing in private companies involves a number of significant risks, including that they may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with the investment; have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and changing market conditions, as well as general economic downturns; are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us; generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, the executive officers and trustees and employees of the Advisor may, in the ordinary course of business, be named as defendants in litigation arising from investments in the portfolio companies; and may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

#### CLO securities risk
CLOs issue securities in tranches with different payment characteristics and different credit ratings. The rated tranches of securities issued by CLOs ("CLO Securities") are generally assigned credit ratings by one or more nationally recognized statistical rating organizations. The subordinated (or residual) tranches do not receive ratings. Below investment grade tranches of CLO Securities typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior tranches of the CLO.

The riskiest portion of the capital structure of a CLO is the subordinated (or residual) tranche, which bears the bulk of defaults from the loans in the CLO and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CLO typically has higher ratings and lower yields than the underlying securities and can be rated investment grade. Despite the

36 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

protection from the subordinated tranche, CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CLO Securities as a class. The risks of an investment in a CLO depend largely on the collateral and the tranche of the CLO in which the Fund invests.

The CLOs in which the Fund invests may have issued and sold debt tranches that will rank senior to the tranches in which the Fund invests. By their terms, such more senior tranches may entitle the holders to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments with respect to the tranches in which the Fund invests.

Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a CLO, holders of more senior tranches would typically be entitled to receive payment in full before the Fund receives any distribution. After repaying such senior creditors, such CLO may not have any remaining assets to use for repaying its obligation to the Fund. In the case of tranches ranking equally with the tranches in which the Fund invests, the Fund would have to share on an equal basis any distributions with other creditors holding such securities in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant CLO. Therefore, the Fund may not receive back the full amount of its investment in a CLO. The transaction documents relating to the issuance of CLO Securities may impose eligibility criteria on the assets of the CLO, restrict the ability of the CLO's investment manager to trade investments and impose certain portfolio-wide asset quality requirements. These criteria, restrictions and requirements may limit the ability of the CLO's investment manager to maximize returns on the CLO Securities. In addition, other parties involved in CLOs, such as third-party credit enhancers and investors in the rated tranches, may impose requirements that have an adverse effect on the returns of the various tranches of CLO Securities. Furthermore, CLO Securities issuance transaction documents generally contain provisions that, in the event that certain tests are not met (generally interest coverage and over-collateralization tests at varying levels in the capital structure), proceeds that would otherwise be distributed to holders of a junior tranche must be diverted to pay down the senior tranches until such tests are satisfied. Failure (or increased likelihood of failure) of a CLO to make timely payments on a particular tranche will have an adverse effect on the liquidity and market value of such tranche.

Payments to holders of CLO Securities may be subject to deferral. If cash flows generated by the underlying assets are insufficient to make all current and, if applicable, deferred payments on CLO Securities, no other assets will be available for payment of the deficiency and, following realization of the underlying assets, the obligations of the Borrower of the related CLO Securities to pay such deficiency will be extinguished.

The market value of CLO Securities may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets. Furthermore, the leveraged nature of each subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. Finally, CLO Securities are limited recourse and may not be paid in full and may be subject to up to 100% loss.

Franklin BSP Private Credit Fund 2025 Annual Report 37

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Notes to consolidated financial statements (cont'd)<br>

#### Covenant-lite loans risk
Some of the loans in which the Fund may invest may be "covenant-lite" loans. "Covenant-lite" loans refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent the Fund invests in "covenant-lite" loans, the Fund may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

#### Market risks
The success of the Fund's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), trade barriers, currency exchange controls, disease outbreaks, pandemics, and national and international political, environmental and socioeconomic circumstances (including wars, terrorist acts or security operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China, ongoing conflict between Russia and Ukraine and the Israel-Hamas war, could lead to disruption, instability and volatility in the global markets. Unfavorable economic conditions also would be expected to increase funding costs, limit access to the capital markets, or result in a decision by lenders not to extend credit to us.

#### Inflation risk
Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely increase, which would tend to further reduce returns to shareholders.

#### Interest rate risk
General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on the Fund's investments and investment opportunities and, accordingly, may have a material adverse effect on the Fund's rate of return on invested capital, the Fund's net investment income and the Fund's NAV.

The Fund is exposed to medium to long-term spread duration securities. Longer spread duration securities have a greater adverse price impact to increases in interest rates.

The Adviser regularly measures exposure to interest rate risk. Interest rate risk is assessed on an ongoing basis by comparing the Fund's interest rate sensitive assets to its interest rate sensitive liabilities. Based on that review, the Adviser determines whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

38 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

#### Regulatory risk
Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund, affect the value of its investments and limit the Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. In addition to exposing the Fund to potential new costs and expenses, additional regulation or changes to existing regulation may also require changes to the Fund's investment practices.

#### Credit risk
Credit risk relates to the ability of the borrower under an instrument to make interest and principal payments as they become due. The Fund's investments in loans and other debt instruments are subject to risk of missing an interest and/or principal payment.

#### Credit spread risk
Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent years, the U.S. capital markets experienced extreme volatility and disruption, which increased the spread between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Central banks and governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits of these financial institutions from the market may reintroduce temporary illiquidity. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on the Fund's business, financial condition, results of operations and cash flows.

#### Prepayment risk
Prepayment risk relates to the early repayment of principal on a loan or debt security. Loans are generally callable at any time, and certain loans may be callable at any time at no premium to par. Having the loan or other debt instrument called early may have the effect of reducing the Fund's actual investment income below its expected investment income if the capital returned cannot be invested in transactions with equal or greater yields.

#### Volatility risk
Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

#### Cybersecurity risk
Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Adviser faces various security threats on a regular basis, including ongoing cyber security threats to and attacks on its information technology infrastructure that are intended to gain access to its proprietary information, destroy data, or disable, degrade, or sabotage its systems. These security threats could originate from a wide variety of sources, including unknown third parties outside of the Adviser. Although the Adviser is not currently aware that it has been subject to

Franklin BSP Private Credit Fund 2025 Annual Report 39

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these threats will be sufficient to prevent disruptions to its systems.

10. Credit Facility

The Fund obtains leverage through a credit facility (the "Facility") U.S. Bank, N.A. has made available pursuant to separate Loan and Security Agreements for temporary or extraordinary purposes. On March 31, 2025, the Facility entered its 3rd amendment and extended maturity to July 1, 2025. On July 1, 2025, the Facility entered its 4th amendment and extended maturity to December 31, 2025. On December 30, 2025, the Facility entered its 5th amendment and extended maturity to December 31, 2026. The Facility, when drawn, is secured by the Fund's assets and has a maximum withdrawal capacity of $60,000,000. Borrowings under the Facility bear interest at the Term SOFR Rate plus an applicable spread; prior to December 30, 2025, the spread was 1.95% and effective December 30, 2025, the spread was reduced to 1.80%. The Facility also requires the Fund to pay a commitment fee on the unused portion of the revolving commitment equal to 0.25% per annum. During the year ended December 31, 2025 the Fund's average borrowing was $49,618,904. This borrowing resulted in interest expenses of $3,152,256 at a weighted average interest rate of 6.27% and is included in the Consolidated Statement of Operations. For the year ended December 31, 2025, the Fund incurred $72,065 in unused commitment fees, which is included in the Consolidated Statement of Operations.

#### Senior Securities
Information about the Fund's senior securities is shown in the following table.

---

| | | |
|:---|:---|:---|
|  | For the Year Ended <br>December 31, 2025 | For the Year Ended <br>December 31, 2024  |
| Credit Facility Total Amount Outstanding (000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50500  |
| Asset Coverage Per $1,000 of Credit Facility Outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3619 |

---

<sup>(a)</sup> Calculated by subtracting the consolidated total liabilities (excluding the indebtedness represented by the Facility) from the Fund's total assets and dividing by the total amount outstanding on the Facility. The Asset Coverage ratio is then multiplied by $1,000 to determine the "Asset Coverage Per $1,000 of Credit Facility Outstanding." 

11. Schedules of Investments and Advances to Affiliates

Transactions related to investments in affiliated companies, as defined by the Investment Company Act, by virtue of the Fund owning at least 5% of the voting securities of the issuer, for the year ended December 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Portfolio <br>Company <sup>(1)</sup>  | Type of <br>Asset  | Industry  | Beginning <br>Fair Value at <br>December 31, <br>2024  | Purchases <br>at Cost  | Proceeds <br>from <br>Sales  | Dividend <br>Income  | Realized <br>Gain/(Loss)  | Change in <br>Unrealized <br>Gain (Loss)  | Fair Value at <br>December 31, <br>2025 |
| **Affiliate Investments**  | **Affiliate Investments**  |  |  |  |  |  |  |  |  |
| BSP Equipment Financing, LLC  | Equity/<br>Other  | Financial <br>Services  | $—  | $790501  | $—  | $—  | $—  | $—  | $790501 |
| **Total Affiliate Investments**  | **Total Affiliate Investments**  |  | **$—**  | **$790501**  | **$—**  | **$—**  | **$—**  | **$—**  | **$790501** |

---

<sup>(1)</sup> The principal amount and ownership detail are shown in the Consolidated Schedule of Investments. 

40 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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#### **TABLE OF CONTENTS**
Notes to consolidated financial statements (cont'd)<br>

12. Subsequent events

The Fund has evaluated subsequent events through the date the consolidated financial statements were issued.

The Fund's credit facility (as defined in Note 10) entered it's 6th amendment on February 26, 2026, extending the Facility's maturity to March 1, 2027. No other subsequent events have occurred that would require adjustment to, or disclosure in, the consolidated financial statements.

Franklin BSP Private Credit Fund 2025 Annual Report 41

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Expense examples (unaudited)<br>

As a shareholder of the Franklin BSP Private Credit Fund, you incur ongoing costs, including investment advisory fees, distribution and/or shareholder servicing fees, and other Fund expenses, which are indirectly paid by shareholders. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2025, through December 31, 2025.

#### Actual Expenses
The first line on each table below provides information about actual account values and actual expenses. However, the table does not include shareholder-specific fees, such as the $15.00 fee charged for wire redemptions by the Fund's transfer agent. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

#### Hypothetical Example For Comparison Purposes
The second line on each table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios for each share class of the Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), repurchase fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relevant total cost of owning different funds.

#### Franklin BSP Private Credit Fund — Class A

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br>Account <br>Value <br>July 1, 2025  | Ending <br>Account <br>Value <br>December 31, 2025  | Expenses Paid <br>During Period\* <br>July 1, 2025 – <br>December 31, 2025  |
| Actual  | $1000.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1075.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.14  |
| Hypothetical (5% annual return before expenses)  | $1000.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$995.19  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.94 |

---

\* Expenses are equal to the share class's annualized six-month expense ratio of 5.95%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the partial year period. 

42 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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#### **TABLE OF CONTENTS**
Expense examples (unaudited) (cont'd)<br>

#### Franklin BSP Private Credit Fund — Advisor Class

---

| | | | |
|:---|:---|:---|:---|
|  | Beginning <br>Account <br>Value <br>July 1, 2025  | Ending <br>Account <br>Value <br>December 31, 2025  | Expenses Paid <br>During Period\* <br>July 1, 2025 – <br>December 31, 2025  |
| Actual  | $1000.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1080.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.61  |
| Hypothetical (5% annual return before expenses)  | $1000.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$997.70  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.48 |

---

\* Expenses are equal to the share class's annualized six-month expense ratio of 5.46%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the partial year period.

Franklin BSP Private Credit Fund 2025 Annual Report 43

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#### **TABLE OF CONTENTS**
Additional information (unaudited) <br>

1. Board Approval of the Continuation of the Investment Management Agreement

At a meeting of the Board held on August 7, 2025, the Board, including a majority of the trustees who are not "interested persons" (as that term is defined in the 1940 Act) of the Fund or the Adviser, considered and approved the continuation of the Investment Advisory Agreement between the Fund and the Adviser.

The Board relied upon the advice of legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each factor considered. The Board's conclusions were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each trustee might have afforded different weight to the various factors in reaching his or her conclusions with respect to the approval of the Investment Advisory Agreement.

**Nature, Extent and Quality of Services. The Board evaluated the Adviser's current staffing, the education and experience of their personnel, their compliance programs, policies, and procedures, organizational structure and the financial condition of the Adviser. The Board noted that Franklin Resources, Inc. ("Franklin") fully acquired the Adviser in 2019 and further noted the Adviser's access to the additional resources, infrastructure, and experience of Franklin. The Board discussed the education and experience of key personnel supporting the Fund, noting the depth of experience in the private credit and leveraged finance markets and the extensive network of relationships with financial sponsors. The Board noted the compensation philosophy of the Adviser and their commitment to attract and retain quality personnel. The Board reviewed the quality of the Adviser's compliance infrastructure and the compliance and risk management programs and policies, noting additional roles taken on by the Adviser with respect to the Fund, including as Valuation Designee pursuant to Rule 2a-5 under the 1940 Act. The Board noted that the business of the Adviser has not changed since the Board's last approval of the Investment Advisory Agreement and no material changes are anticipated over the next year. After reviewing the foregoing information and other information provided to the Board, including the Adviser's Form ADV, the Board concluded that the nature, extent, and quality of the services provided by the Adviser to the Fund were satisfactory.** 

**Performance. The Board reviewed the performance of the Fund in view of its stated investment objective and investment strategy along with other funds advised by the Adviser and its affiliates. When reviewing the Fund's performance against its peers and other benchmarks, the Board considered the strategies and investment objectives of each of the peer funds. The Board noted that performance of the Fund overall has been in-line with expectations. After reviewing the Fund's performance, and other factors, the Board concluded that it was satisfied with the performance of the Fund.** 

**Fees and Expenses. The Board evaluated the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of the management and incentive fee payments. The Board then compared the fees and expenses of the Fund (including the management and incentive fees) to other peer funds comparable in terms of the type of fund, the nature of its investment strategy, its style of investment management and the** 

44 Franklin BSP Private Credit Fund 2025 Annual Report<br>

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Additional information (unaudited)(cont'd) <br>

size of the Fund, among other factors. The Board noted that the management fee of the Fund was lower than the median of the peer group funds. The Board noted that many peer group funds do not pay an incentive fee, but compared to those that do, the incentive fee is lower and the annualized hurdle rate of 6.0% is in-line with those peer group funds. The Board noted that the Fund's expense ratio is lower than the median of the peer group funds as is the Fund's long-term expense ratio target. The Board considered the expertise of the Adviser and the specialized knowledge required to manage the Fund. The Board concluded that the fees were reasonable in light of the services provided by the Adviser.

**Profitability. The Board received an analysis of the profitability of the Adviser in providing services to the Fund, as well as a description of the methodology by which the Adviser calculates that profitability. The Board noted that the profit did not appear unreasonable in light of the services provided and concluded that the Adviser's profitability was not excessive.** 

**Economies of Scale. The Board received information concerning whether the Adviser would realize economies of scale if assets grow. The Board noted that the Fund's strategy focuses heavily on originated credit, which is a more cost-intensive investment strategy that does not result in the same economies of scale as more liquid strategies that mainly trade investments instead of originating investments. The Board determined that to the extent economies of scale may be realized by the Adviser, the benefits of such economies of scale would be shared with the Fund and its shareholders as the Fund grows.** 

**Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Investment Advisory Agreement, and as assisted by the advice of legal counsel, the Board determined that the continuation of the Investment Advisory Agreement was in the best interest of the Fund and its shareholders.** 

2. Disclosure Regarding Fund Trustees and Officers

#### MANAGEMENT OF THE FUND
The Fund's business and affairs are managed under the direction of the Board. The Board currently consists of six members, five of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act. The Fund refers to these individuals as its independent trustees. The Board annually elects the Fund's officers, who serve at the discretion of the Board. The Board maintains an audit committee and a nominating and governance committee and may establish additional committees from time to time, as necessary.

#### Board of Trustees and Executive Officers
*<u>Trustees</u>* 

Information regarding the members of the Board is set forth below. The Trustees have been divided into two groups — Interested Trustees and Independent Trustees. As set forth in the Fund's declaration of trust, each Trustee's term of office shall continue until his or her death, resignation, or removal.

Franklin BSP Private Credit Fund 2025 Annual Report 45

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#### **TABLE OF CONTENTS**
Additional information (unaudited)(cont'd) <br>

#### Information about Trustees and Officers

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name, Address<sup>1</sup> and Year of Birth  | Position(s) Held with the Fund  | Term of Office and Length <br>of Time Served<sup>4</sup>  | Principal Occupation(s) During Past <br>5 Years  | Number of Portfolios in Fund Complex Overseen by Trustee<sup>2</sup>  | Other Directorships Held by Trustee |
| &nbsp;&nbsp;**Interested Trustees<sup>3</sup>**  | &nbsp;&nbsp;**Interested Trustees<sup>3</sup>**  | &nbsp;&nbsp;**Interested Trustees<sup>3</sup>**  | &nbsp;&nbsp;**Interested Trustees<sup>3</sup>**  | &nbsp;&nbsp;**Interested Trustees<sup>3</sup>**  | &nbsp;&nbsp;**Interested Trustees<sup>3</sup>**  |
| Richard J. Byrne <br>1961  | Trustee  | Indefinite Length - Since Inception  | President of Benefit Street Partners L.L.C.  | 3  | Interested Director of Franklin BSP Capital Corporation, Franklin BSP Realty Trust, Inc., Benefit Street Partners Multifamily Trust, Inc., Interested Trustee of Franklin BSP Real Estate Credit BDC and Director of Wynn Resorts, Limited and New York Road Runners. |
| &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  | &nbsp;&nbsp;**Independent Trustees**  |
| Lee F.<br>Hillman <br>1955  | Trustee  | Indefinite Length - Since Inception  | President of Liberation Advisory Group  | 3  | Director of Benefit Street Partners Multifamily Trust, Inc., Franklin BSP Capital Corporation, Distribution Solutions Group, Inc. (formerly Lawson Products, Inc.) and Trustee of Franklin BSP Real Estate Credit BDC. |
| Ronald J. Kramer <br>1958  | Trustee  | Indefinite Length - Since Inception  | Chief Executive Officer of Griffon Corporation  | 2  | Director of Griffon Corporation, Franklin BSP Capital Corporation and Douglas Elliman, Inc. |
| Leslie D. Michelson 1951  | Trustee  | Indefinite Length - Since Inception  | Chief Executive Officer of Private Health Management  | 3  | Director of Franklin BSP Capital Corporation, Healthcare Trust, Inc., and American Finance Trust, Inc and Trustee of Franklin BSP Real Estate Credit BDC. |
| Edward G. Rendell <br>1944  | Trustee  | Indefinite Length - Since Inception  | Retired  | 2  | Director of Global Net Lease, Inc., American Finance Trust, Inc., Franklin BSP Capital Corporation, Healthcare Trust, Inc., Philadelphia250, Museum of the American Revolution and Rendell Center for Civics and Civic Education. |
| Dennis M. Schaney <br>1957  | Trustee  | Indefinite Length - Since Inception  | Retired  | 2  | Director of Franklin BSP Capital Corporation. |

---

<sup>1</sup> The address of each Trustee is care of the Secretary of the Fund at 1 Madison Avenue, Suite 1600, New York, NY 10010.

<sup>2</sup> The Fund Complex includes Franklin BSP Capital Corporation, Franklin BSP Real Estate Credit BDC and Franklin BSP Private Credit Fund and is defined as two or more registered investment companies that (a) hold themselves out to investors as related companies for purposes of investment and investor services; or (b) have a common investment adviser or have an investment adviser that is an affiliated person of any of the other registered investment companies.

46 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

#### **TABLE OF CONTENTS**
Additional information (unaudited)(cont'd) <br>

<sup>3</sup><br> "Interested person," as defined in the 1940 Act, of the Fund. Richard J. Byrne is an interested person of the Fund due to his affiliation with the Advisor.

<sup>4</sup> The Fund was incepted on October 3, 2022.

**Executive Officers** <br>

---

| | | | |
|:---|:---|:---|:---|
| Name, Address<sup>1</sup><br>and Year of Birth  | Position(s)<br>Held with the Trust  | Term of Office and<br>Length of Time Served<sup>2</sup>  | Principal Occupation(s) During Past 5 Years |
| Richard J. Byrne <br>1961  | Chief Executive Officer and President  | Indefinite Length - Since Inception  | President of Benefit Street Partners L.L.C. |
| Nina K. Baryski 1984  | Chief Financial Officer and Treasurer  | Indefinite Length - Since Inception  | Managing Director and Fund Controller at Benefit Street Partners L.L.C.; Chief Financial Officer of Franklin BSP Capital Corporation |
| Kaitlin <br>Curry <br>1985<sup>3</sup>  | Secretary  | Indefinite Length - Since January 2025  | Executive Director and Associate Regulatory Counsel at Benefit Street Partners LLC; Secretary of Franklin BSP Capital Corporation  |
| Eric <br>Smith <br>1984<sup>4</sup>  | Chief Compliance Officer  | Indefinite Length - Since June 2025  | Senior Principal Consultant at ACA Global; Chief Compliance Officer of Franklin BSP Capital Corporation |

---

<sup>1</sup> The address of each officer is care of the Secretary of the Fund at 1 Madison Avenue, Suite 1600, New York, NY 10010.

<sup>2</sup> The Fund was incepted on October 3, 2022.

<sup>3</sup> Effective January 2025, Kaitlin Curry replaced Michael Frick as Secretary.

<sup>4</sup> Effective June 2025, Eric Smith replaced George Talarico as Chief Compliance Officer.

Our prospectus and statement of additional information includes additional information about our trustees and officers and is available, without charge, upon request by calling 1.855.609.3680.

3. Shareholder Notification of Federal Tax Status

For the fiscal year ended December 31, 2025, certain distributions paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of distributions declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
|  | Percentage  |
| Franklin BSP Private Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |

---

The percentage of dividends declared from ordinary income designated as qualified interest income for the year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | Percentage  |
| Franklin BSP Private Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.52% |

---

Franklin BSP Private Credit Fund 2025 Annual Report 47

------

Additional information (unaudited)(cont'd) <br>

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | Percentage  |
| Franklin BSP Private Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
|  | Percentage  |
| Franklin BSP Private Credit Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.64% |

---

Shareholders should not use the above information to prepare their tax returns. Shareholders are advised to consult their own tax advisors with respect to the tax consequences of their investment in the Fund.

4. Distribution Policy

The Fund's distribution policy is to make monthly distributions of its net investment income after payment of the Fund's operating expenses. The Fund's distributions may exceed its earnings, and portions of the distributions that it makes may therefore be a return of the money that Shareholders originally invested and represent a return of capital for tax purposes. All distributions will be paid at the discretion of the Board and may depend on the Fund's earnings, the Fund's net investment income, the Fund's financial condition, maintenance of the Fund and the Fund's RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant from time to time. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

5. Availability of Quarterly Portfolio Holdings Schedules

The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's filings on Part F of Form N-PORT are available without charge on the SEC's website, www.sec.gov, or upon request by calling 1.855.609.3680.

6. Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.855.609.3680 and on the SEC's website, www.sec.gov. The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month year ended June 30. The information is available without charge, upon request by calling 1.855.609.3680 and on the SEC's website, www.sec.gov.

48 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

Additional information (unaudited)(cont'd) <br>

7. Distribution Reinvestment Plan

The Fund operates its distribution reinvestment plan ("DRP") administered by SS&C Technologies, Inc. ("SS&C"). Pursuant to the plan, the Fund's Distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of shares of the Fund.

Shareholders automatically participate in the DRP, unless and until an election is made to withdraw from the plan on behalf of such participating shareholder. A shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the DRP at any time by written instructions to that effect to SS&C. Shareholders who elect not to participate in the DRP will receive all distributions in cash paid to the shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by SS&C at least one (1) business day prior to the record date of the Distribution or the shareholder will receive such Distribution in shares through the DRP. Under the DRP, the Fund's Distributions to Shareholders are automatically reinvested in full and fractional shares as described below.

When the Fund declares a Distribution, SS&C, on the shareholder's behalf, will receive additional authorized shares from the Fund either newly issued or repurchased from Shareholders by the Fund and held as treasury stock. The number of shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution by the Fund's NAV per share.

SS&C will maintain all shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. SS&C will hold shares in the account of the Shareholders in non-certificated form in the name of the participant, and each shareholder's proxy, if any, will include those shares purchased pursuant to the DRP. Each participant, nevertheless, has the right to request certificates for whole and fractional shares owned. The Fund will issue certificates in its sole discretion. SS&C will distribute all proxy solicitation materials, if any, to participating Shareholders. <br>

In the case of Shareholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating under the DRP, SS&C will administer the DRP on the basis of the number of shares certified from time to time by the record shareholder as representing the total amount of shares registered in the shareholder's name and held for the account of beneficial owners participating under the DRP. <br>

Neither SS&C nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRP, nor shall they have any duties, responsibilities, or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws. <br>

Franklin BSP Private Credit Fund 2025 Annual Report 49

------

Additional information (unaudited)(cont'd) <br>

The automatic reinvestment of Distributions will not relieve participants of any federal, state, or local income tax that may be payable (or required to be withheld) on such Distributions. See "Tax Aspects." <br>

The Fund reserves the right to amend or terminate the DRP. There is no direct service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right to amend the DRP to include a service charge payable by the participants. <br>

All correspondence concerning the DRP should be directed to SS&C at Franklin BSP Private Credit Fund c/o SS&C Technologies, Inc. P.O. Box 219433 Kansas City, MO 64121-9433. Certain transactions can be performed by calling the toll-free number 833-260-3565.

50 Franklin BSP Private Credit Fund 2025 Annual Report<br>

------

#### Franklin BSP Private Credit Fund<br>
Benefit Street Partners LLC<br>

1 Madison Avenue, Suite 1600<br>

New York, New York 10010

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, and the applicable rules thereunder, that from time to time the Fund may purchase shares of its stock.<br>

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund.<br>

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month year ended December 31st of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.<br>

Quarterly performance, semi-annual and annual reports, current net asset value, and other information regarding the Fund may be found on Franklin Templeton's website, which can be accessed at www.franklintempleton.com. Any reference to Franklin Templeton's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate Franklin Templeton's website in this report.<br>

This report is transmitted to the shareholders of Franklin BSP Private Credit Fund for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.<br>

**Investors should consider the Fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.** 

------

#### **TABLE OF CONTENTS**
<u>Investment Adviser</u> <br>

Benefit Street Partners LLC <br>

1 Madison Avenue, Suite 1600<br>

New York, NY 10010

<u>Independent Registered Public Accounting Firm</u> <br>

Ernst & Young LLP<br>

One Manhattan West <br>

New York, NY 10001

<u>Legal Counsel</u> <br>

Simpson Thacher & Bartlett LLP <br>

900 G Street, N.W. <br>

Washington, D.C. 20001

<u>Custodian</u><br>

U.S. Bank, N.A.<br>

Two Liberty Place <br>

S. 16th Street, Suite 2000 <br>

Philadelphia, PA 19102

<u>Transfer Agent, Dividend Disbursing Agent, and Registrar</u> <br>

SS&C Technologies, Inc. <br>

330 West 9th Street <br>

Kansas City, Missouri 64105

<u>Administrator</u><br>

U.S. Bancorp Fund Services, LLC,<br>

doing business as U.S. Bank Global Fund Services <br>

615 East Michigan Street<br>

Milwaukee, WI 53202

![](bsp_white-22652x1.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Lee J. Hillman is the "audit committee financial expert" and is considered to be "not interested" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" provided by the principal accountant were tax compliance, tax advice, and tax planning, including review of the Fund's tax returns, asset diversification and income testing, excise taxes, and fiscal year end income calculations. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $143500 | $153475 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $14398 | $12490 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre approve all audit and non audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) No services described in paragraphs (b) through (d) of Item 4 of this report were approved or required to be approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) During the audit of the registrant's financial statements, substantially all of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant, the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the last two years.

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | $14398 | $12490 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) Not applicable

(i) Not applicable

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

 

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Not applicable to closed-end investment companies.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 1(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

**BENEFIT STREET PARTNERS LLC**

**Proxy Voting PolicIes AND PROCEDURES**

The Fund has delegated its proxy voting responsibility to its investment adviser, Benefit Street Partners L.L.C. ("BSP"). The proxy voting policies and procedures of BSP are attached hereto as Exhibit 99.19(a)(6).

The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June 30 Form N-PX not later than August 31 of each year.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Information is presented as of March 9, 2026.

**<u>(a)(1) Investment Team</u>**

**Saahil Mahajan, *Managing Director and Portfolio Manager.*** Saahil Mahajan is a managing director with Benefit Street Partners and is based in our West Palm Beach office. Prior to joining BSP in 2012, Mr. Mahajan was a principal at Oak Hill Advisors, where he had responsibility for the firm's chemicals and financials investments. Previously, Mr. Mahajan worked for Peter J. Solomon Company as an analyst in its mergers and acquisitions group. Mr. Mahajan received a Bachelor of Science from the Wharton School of the University of Pennsylvania. In addition, Mr. Mahajan is a CFA charterholder. Mr. Mahajan has served as portfolio manager to the registrant since October, 2022.

**Anant Kumar, *Managing Director and Portfolio Manager.*** Anant Kumar is Head of Research and a managing director with Benefit Street Partners and is based in our West Palm Beach office. Prior to joining BSP in 2015, Mr. Kumar worked in the capital markets advisory group at Lazard Frères and the leveraged finance group at Deutsche Bank. Mr. Kumar received a Master of Business Administration from the University of Chicago, a Master of Science from Stanford University, and a Bachelor of Engineering from Visvesvaraya Technological University in India. Mr. Kumar has served as portfolio manager to the registrant since October, 2022.

**<u>(a)(2) Other Accounts Managed by Portfolio Managers</u>**

Information is provided as of December 31, 2025.

The portfolio managers primarily responsible for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of December 31, 2025: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Number of**<br> **Accounts<br> Subject to a<br> performance<br> Fee** | **Assets Subject<br> to a<br> Performance Fee<br> (in millions)** |
| **Saahil Mahajan** |  |  |  |  |
| Registered Investment Companies | 2 | $4460.3 | 1 | $4253.1 |
| Other Pooled Investment Vehicles | 38 | $10657.1 | 24 | $6204.5 |
| Other Accounts | 0 | $0 | 0 | $0 |
| **Anant Kumar** |  |  |  |  |
| Registered Investment Companies | 3 | $857.6 | 0 | $0 |
| Other Pooled Investment Vehicles | 2 | $257.1 | 0 | $0 |
| Other Accounts | 0 | $0 | 0 | $0 |

---

**Material Conflicts of Interest**

**<u>(a)(3) Compensation of Portfolio Managers</u>**

The Advisor's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The portfolio managers may receive, all or some combination of, salary, an annual bonus and interests in the carried interest in certain of BSP's funds.

**Base compensation**

Generally, when portfolio managers receive base compensation it is based on their individual seniority and their position within the firm.

**Discretionary compensation**

In addition to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation may be based on individual seniority and contribution.

**<u>(a)(4) Securities Ownership of Portfolio Managers</u>**

The following table shows the dollar range of equity securities in the Fund beneficially owned by each of the portfolio managers as of December 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Manager** | **Aggregate Dollar Range of Equity<br> Securities in the Fund<sup>(1)</sup>** |
| Saahil Mahajan |  |
| Anant Kumar | $500001 - $1000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Dollar ranges are as follows: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, $100,001 – $500,000, $500,001 – $1,000,000 or Over $1,000,000.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

No changes have occurred.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective and are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is appropriately recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, including ensuring that information required to be disclosed by the Registrant in the reports it files or submit on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

The registrant did not engage in securities lending activities during the fiscal year reported on this Form N-CSR.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](fbsppcf-efp22652_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Not Applicable*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.](fbsppcf-efp22652_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Not Applicable.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(6) The proxy voting policies and procedures of BSP are attached hereto in response to Item 12 of Form N-CSR as Exhibit 99.19(a)(6).](fbsppcf-efp22652_ex9919a6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](fbsppcf-efp22652_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Franklin BSP Private Credit Fund</u> 

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Richard Byrne |
|  | Richard Byrne, Chief Executive Officer and President |

---

Date <u>March 9, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Richard Byrne |
|  | Richard Byrne, Chief Executive Officer and President |

---

Date <u>March 9, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Nina Baryski |
|  | Nina Baryski, Chief Financial Officer and Treasurer |

---

Date <u>March 9, 2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE ETH**

FRANKLIN BSP PRIVATE CREDIT FUND

CODE OF BUSINESS CONDUCT AND ETHICS

November 2023

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| INTRODUCTION | 1 |
| CODE OF ETHICS | 3 |
| &nbsp;&nbsp;&nbsp;Scope of the Code of Ethics | 3 |
| &nbsp;&nbsp;&nbsp;Definitions | 3 |
| &nbsp;&nbsp;&nbsp;Standards of Conduct | 6 |
| &nbsp;&nbsp;&nbsp;Prohibited Transactions | 6 |
| &nbsp;&nbsp;&nbsp;Management of the Restricted List | 7 |
| &nbsp;&nbsp;&nbsp;Procedures to Implement the Code of Ethics | 8 |
| &nbsp;&nbsp;&nbsp;Reporting Requirements | 8 |
| &nbsp;&nbsp;&nbsp;Pre-Clearance Reports | 8 |
| &nbsp;&nbsp;&nbsp;Initial Holdings Reports | 9 |
| &nbsp;&nbsp;&nbsp;Quarterly Transaction Reports | 9 |
| &nbsp;&nbsp;&nbsp;Annual Holdings Reports | 10 |
| &nbsp;&nbsp;&nbsp;Annual Certification of Compliance | 10 |
| STATEMENT ON THE PROHIBITION OF INSIDER TRADING | 11 |
| &nbsp;&nbsp;&nbsp;Summary of FBPCF's Business Activities | 11 |
| &nbsp;&nbsp;&nbsp;Background | 11 |
| &nbsp;&nbsp;&nbsp;Policy | 12 |
| &nbsp;&nbsp;&nbsp;Who is an Insider? | 12 |
| &nbsp;&nbsp;&nbsp;What is Material Information? | 13 |
| &nbsp;&nbsp;&nbsp;What is Non-public Information? | 13 |
| &nbsp;&nbsp;&nbsp;Bases for Liability | 13 |
| &nbsp;&nbsp;&nbsp;Penalties for Insider Trading | 14 |
| &nbsp;&nbsp;&nbsp;Controlling the Flow of Sensitive Information | 14 |
| ADMINISTRATION OF THE CODE | 15 |
| SANCTIONS FOR CODE VIOLATIONS | 16 |
| APPLICATION/WAIVERS | 16 |
| RECORDS | 16 |
| REVISIONS AND AMENDMENTS | 17 |
| **<u>Appendices</u>** |  |
| Code Acknowledgment Form | A-1 |
| Pre-Clearance Form | B-1 |
| Initial Holdings Form | C-1 |
| Quarterly Pre-Clearance Form | D-1 |
| Annual Holdings Form | E-1 |
| Certification of Rebuttal of Access Presumption | F-1 |

---

**<u>INTRODUCTION</u>**

Ethics are important to Franklin BSP Private Credit Fund ("***FBPCF***", "***our***", "***us***", ***or*** "***we***") and to its management. FBPCF is committed to the highest ethical standards and to conducting its business with the highest level of integrity.

All officers, trustees and employees of FBPCF are responsible for maintaining this level of integrity and for complying with the policies contained in this Code of Business Conduct and Ethics (the "***Code***"). If you have a question or concern about what is proper conduct for you or anyone else, please raise these concerns with FBPCF's Chief Compliance Officer, or follow the procedures outlined in applicable sections of this Code.

This Code has been adopted by the Board of Trustees of FBPCF (the "***Board***") in accordance with Rule 17j-l(c) under the Investment Company Act of 1940 (the "***1940 Act***"). Rule 17j-l generally describes fraudulent or manipulative practices with respect to purchases or sales of securities held or to be acquired by registered investment companies if effected by Access Persons (as defined herein) of such companies.

Benefit Street Partners L.L.C. (together with its affiliated management company Benefit Street Partners L.L.C.) in its capacity as external advisor to FBPCF, will ensure that processes are in place to assist the FBPCF in complying with its various statutory and regulatory obligations, including as set forth in FBPCF's Code of Ethics.

**<u>PURPOSE OF THE CODE</u>**

This Code is intended to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• help you recognize ethical issues and take the appropriate steps to resolve these issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deter ethical violations to avoid any abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain confidentiality of our business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist you in complying with applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assist you in reporting any unethical or illegal conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reaffirm and promote our commitment to a corporate culture that values honesty, integrity and accountability.

Further, it is the policy of FBPCF that no affiliated person of our organization shall, in connection with the purchase or sale, directly or indirectly, by such person of any security held or to be acquired by FBPCF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice to defraud us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any untrue statement of a material fact or omit to state to us a material fact in order to make the statement made, in light
of the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practices with respect to our business activities.

All employees, as a condition of employment or continued employment, will acknowledge annually, in writing, that they have received a copy of this Code, read it, and understand that the Code contains our expectations regarding their conduct.

**<u>CODE OF ETHICS</u>**

The employees specified in the following discussion will be subject to the provisions of the Code.

**<u>Scope of the Code of Ethics</u>**

In order to prevent Access Persons, as defined below, from engaging in any of these prohibited acts, practices or courses of business, the Board of Trustees of FBPCF has adopted this Code. This Code covers all persons who are Access Persons of FBPCF, as that term is defined in Rule 17j-1 under the 1940 Act. To the extent that any such individuals are subject to compliance with the Code of Ethics of FBPCF's investment adviser whose code has also been established pursuant to Rule 17j-1, compliance by such individuals with the provisions of the code of such investment adviser shall constitute compliance with this Code.

**<u>Definitions</u>**

**Access Person**. "Access Person" means any trustee, officer, general partner or Advisory Person of FBPCF or Benefit Street Partners L.L.C. ("FBPCF Adviser"). An Access Person shall not include any person who the CCO determines to be a Non-Access Covered Person. The CCO maintains records of the status of all relevant persons under the Code, and will inform each such person about that person's status as necessary.

**Advisory Person**. "Advisory Person" of FBPCF means: (i) any trustee, officer, general partner or employee of FBPCF, FBPCF Adviser or of any company in a control relationship to FBPCF or FBPCF Adviser, who, in connection with his or her regular duties, makes, participates in, or obtains information regarding the purchase or sale of a Covered Security by FBPCF, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to FBPCF who obtains information concerning recommendations made to FBPCF with regard to the purchase or sale of a Covered Security.

**Automatic Investment Plan**. "Automatic Investment Plan" refers to any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan.

**Beneficial Interest**. "Beneficial Interest" includes any entity, person, trust, or account with respect to which an Access Person exercises investment discretion or provides investment advice. A beneficial interest shall be presumed to include all accounts in the name of or for the benefit of the Access Person, his or her spouse, dependent children, or any person living with him or her or to whom he or she contributed economic support.

**Beneficial Ownership**. "Beneficial Ownership" shall be determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), except that the determination of direct or indirect Beneficial Ownership shall apply to all securities, and not just equity securities, that an Access Person has or acquires. Rule 16a-1(a)(2) provides that the term "beneficial owner" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect pecuniary interest in any equity security. Therefore, an Access Person may be deemed to have Beneficial Ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements. These provisions are far-reaching and Access Persons should consult internal or external counsel if they have any questions as to whether a particular person or entity is implicated.

**Blackout Period**. "Blackout Period" shall mean that timeframe in which FBPCF or an Access Person, or Disinterested Trustee with knowledge of FBPCF's trading activity, may not engage in trading in an issue, or its related securities, appearing on the FBPCF Restricted List as described below.

**Control**. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security**. "Covered Security" means a security as defined in Section 2(a)(36) of the 1940 Act. References to a Covered Security in this Code (e.g., a prohibition or requirement applicable to the purchase or sale of a Covered Security) shall be deemed to refer to and to include any warrant for, option in, or security immediately convertible into that Covered Security, and shall also include any instrument that has an investment return or value that is based, in whole or in part, on that Covered Security. A security that is otherwise a "Covered Security" under this definition is excluded therefrom, however, if it falls into one of the following categories: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by unaffiliated registered open-end investment companies (i.e., mutual funds). Otherwise qualifying exchange traded funds structured as unit investment trusts or open-end funds are considered "Covered Securities."

**Disinterested Trustee**. "Disinterested Trustee" means a trustee of FBPCF who is not an "interested person" of FBPCF within the meaning of Section 2(a)(19) of the 1940 Act.

**Initial Public Offering**. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, as amended (the "***Securities Act***"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**Limited Offering**. "Limited Offering" means an offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act.

**Non-Access Covered Persons**. Certain FBPCF personnel, including but not limited to those who are also officers or trustees of FBPCF affiliates, are presumed to be Access Persons for purposes of the Rules because providing investment advice is the primary business of FBPCF Adviser and certain FBPCF Adviser affiliates. However, such persons often do not have actual access to investment or portfolio information or participate in the recommendation process. Where the CCO has determined that the relevant trustee, officer, or employee: (1) does not meet the definition of "Advisory Person;" (2) does not otherwise have access to nonpublic information with respect to client holdings or transactions or FBPCF Adviser securities recommendations; and (3) is not involved in the recommendation process, the CCO may determine to treat such person as a "Non-Access Covered Person" for purposes of this Code. Non-Access Covered Persons must, prior to being so designated and at least once per calendar year thereafter certify to the CCO, in the form attached as Appendix F as to the relevant facts and circumstances that formed the basis of the CCO's above-described determination.

**Purchase or Sale of a Covered Security**. "Purchase or Sale of a Covered Security" is broad and includes, among other things, the writing of an option to purchase or sell a covered security, or the use of a derivative product to take a position in a Covered Security.

**Restricted List**. The Restricted List identifies those securities which FBPCF or its Access Persons may not trade due to some restriction under the securities laws whereby FBPCF or its Access Persons may be deemed to possess material non-public information about the issuer of such securities.

**Supervised Person**. A "Supervised Person" means any partner, officer, trustee (or other person occupying a similar status or performing similar functions), or employee of FBPCF Adviser.

**<u>Standards of Conduct</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Access Person, Supervised Person or Disinterested Trustee shall engage, directly or indirectly, in any business transaction or arrangement for personal profit that is not in the best interests of FBPCF or its shareholders; nor shall he or she make use of any confidential information gained by reason of his or her employment by or affiliation with FBPCF, FBPCF Adviser or any of its affiliates, in order to derive a personal profit for himself or herself or for any Beneficial Interest, in violation of the fiduciary duty owed to FBPCF and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any Access Person recommending or authorizing the purchase or sale of a Covered Security by FBPCF shall, at the time of such recommendation or authorization, disclose any Beneficial Interest in, or Beneficial Ownership of, such Covered Security or the issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No Access Person, Supervised Person or Disinterested Trustee shall dispense any information concerning securities holdings or securities transactions of FBPCF to anyone outside FBPCF without obtaining prior written approval from our Chief Compliance Officer, or such person or persons as these individuals may designate to act on their behalf. Notwithstanding the preceding sentence, such Access Person may dispense such information without obtaining prior written approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when such information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between FBPCF and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when such information is reported to trustees of FBPCF; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the ordinary course of his or her duties on behalf of FBPCF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All personal securities transactions should be conducted consistent with this Code and in such manner as to avoid actual or potential conflicts of interest, the appearance of a conflict of interest, or any abuse of an individual's position of trust and responsibility within FBPCF.

**<u>Prohibited Transactions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General Prohibition**. No Access Person shall purchase or sell, directly or indirectly, any Covered Security (including any security
issued by the issuer of such Covered Security) in which he or she has, or by reason of such transaction acquires, any direct or indirect
Beneficial Ownership and which such Access Person knows or should have known at the time of such purchase or sale is being considered
or which has been considered within the last 15 calendar days for purchase or sale by FBPCF, or is held in FBPCF's portfolio
or which has been held within the last 15 calendar days unless such Access Person shall have obtained prior written approval for such
purpose from our Chief Compliance Officer. An Access Person who becomes aware that FBPCF is considering the purchase or sale of any
Covered Security must immediately notify our Chief Compliance Officer of any interest that such Access Person may have in any applicable
outstanding Covered Security (including any security issued by the issuer of such Covered Security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Access Person shall similarly notify our Chief Compliance Officer of any other interest or connection that such Access Person might
have in or with such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Once an Access Person becomes aware that FBPCF is considering the purchase or sale of a Covered Security in its portfolio, such
Access Person may not engage in any transaction in such Covered Security (including any security issued by the issuer of such Covered
Security) within 15 days of the latest time when such consideration was taking place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The foregoing notifications or permission may be provided verbally, but should be confirmed in writing as soon and with as much detail
as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Securities Appearing on the Portfolio and Pipeline Reports and Restricted List**. The holdings of the FBPCF's portfolio are detailed in the Portfolio Report. Access Persons will also receive, as frequently as necessary, the names of those entities that are being considered for investment by FBPCF's portfolio in the Pipeline Report. Access Persons are required to review these reports and the Restricted List prior to engaging in any securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Initial Public Offerings and Limited Offerings**. Advisory Persons of FBPCF must obtain approval from the CCO before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Securities under Review**. No Access Person shall execute a securities transaction in any security issued by an entity that FBPCF owns in its portfolio or is considering for purchase or sale unless such Access Person shall have obtained prior written approval for such purpose from our Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Blackout Period**. No Access Person may trade in the securities of any issuer appearing on the Restricted List until notified that the entity name no longer appears on the Restricted List. Access Persons are also prohibited from trading in the names appearing on the Pipeline and Portfolio Reports (as discussed above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Company Acquisition of Shares in Companies that Access Persons Hold Through Limited Offerings**. Advisory Persons who have been authorized to acquire securities in a Limited Offering must disclose that investment to our Chief Compliance Officer when they are involved in FBPCF's subsequent consideration of an investment in the issuer, and FBPCF's decision to purchase such securities must be independently reviewed by Investment Personnel with no personal interest in that issuer.

**<u>Management of the Restricted List</u>**

FBPCF Adviser shall through its Chief Investment Officer (or his or her designee), create and maintain a list of issuers, companies and other entities as to which FBPCF Adviser or its service providers have received material, non-public information (the "Restricted List"). Should an Access Person learn of material non-public information concerning the issuer of any security that information must be provided to the Chief Investment Officer (or his or her designee), so that the issuer can be included on the Restricted List. The Chief Investment Officer will note the nature of the information learned, the time the information was learned and the other persons in possession of this information, and will maintain this information in a log. Upon the receipt of such information, the Chief Investment Officer will revise and circulate the Restricted List to all Access Persons.

FBPCF Adviser is directed to advise FBPCF when it has obtained information that causes it to be restricted from trading in the securities of any of the names appearing in the FBPCF's portfolio. This information will be provided to our Chief Investment Officer who will add the name(s) to the Restricted List and electronically circulate the revised list to Access Persons.

The contents of the Restricted List are highly confidential and must not be disclosed to any person or entity outside of FBPCF Adviser absent approval of the Chief Compliance Officer or the Chief Executive Officer.

**<u>Procedures to Implement the Code of Ethics</u>**

The following reporting procedures have been established to assist Access Persons in avoiding a violation of this Code, and to assist FBPCF and FBPCF Adviser in preventing, detecting and imposing sanctions for violations of this Code. Every Access Person must follow these procedures. Questions regarding these procedures should be directed to our Chief Compliance Officer.

All Access Persons are subject to the reporting requirements set forth in the next section except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected for, and Covered Security (including any security issued by the issuer of such Covered Security) held in, any
account over which the Access Person has no direct or indirect influence or control; or

**<u>Reporting Requirements</u>**

Each Supervised Person is required to certify that he or she has received, read and understands all aspects of the Code and recognizes that he or she is subject to the provisions and principles detailed therein. In addition, our Chief Compliance Officer or his designee shall notify each Access Person of his or her obligation to file an initial holdings report, quarterly transaction reports, and annual holdings reports, as described below.

**<u>Pre-Clearance Reports</u>**

Advisory Persons of FBPCF Adviser must obtain approval from FBPCF Adviser's Chief Compliance Officer or his designee prior to purchasing securities in a Limited Offering or an Initial Public Offering.

Pre-clearance of trades in securities issued by companies whose names appear on the Pipeline and Portfolio Reports is required of all Access Persons.

The pre-clearance form shall include the name of the reporting Person, the date, the name of the broker who will execute the transaction, the name of the security, quantity, whether the transaction is a purchase or sale, total anticipated dollar value and any pertinent instructions, i.e., GTC, limit, etc. There will also be a line for approval or disapproval along with space for comments and the date.

If FBPCF Adviser's Chief Compliance Officer or his designee does not approve the transaction the reason for denial will be provided on the pre-clearance form.

**<u>Initial Holdings Reports</u>**

Each Access Person must, no later than 10 days after the person becomes an Access Person, submit to our Chief Compliance Officer or other designated person a report of any securities the Access Person currently has a direct or indirect Beneficial Ownership in. The information provided must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. The report must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and type of the security and, as applicable, the exchange ticker symbol or CUSIP number, the number of shares held for each
security, and the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the
Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Access Person submits the report.

**<u>Quarterly Transaction Reports</u>**

Each Access Person must, no later than 30 days after the end of each calendar quarter, submit to our Chief Compliance Officer or other designated person a report of the Access Person's transactions involving a Covered Security (including any security issued by the issuer of such Covered Security) in which the Access Person had, or as a result of the transaction acquired, any direct or indirect Beneficial Ownership. The report must cover all transactions occurring during the calendar quarter most recently ending. The report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and, as applicable, the exchange ticker symbol or CUSIP number, of each reportable security in which they hold direct or
indirect Beneficial Ownership, the interest rate and maturity date of each reportable security involved, the number of shares of each
reportable security involved, and the principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Access Person submits the report.

**<u>Annual Holdings Reports</u>**

Each Access Person must submit, to our Chief Compliance Officer or other designated person, an annual holdings report reflecting holdings as of a date no more than 45 days before the report is submitted. The Annual Holdings Report must be submitted at least once every 12 month period, on a date to be designated by FBPCF. Our Chief Compliance Officer or his designee will notify every Access Person of the date. Each report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title and, as applicable, the exchange ticker symbol or CUSIP number, of each reportable security in which they hold direct or
indirect Beneficial Ownership, the interest rate and maturity date of each reportable security involved, the number of shares of each
reportable security involved, and the principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the
Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Access Person submits the report.

**<u>Reporting Exemptions</u>**

Disinterested Trustees need not make initial or annual holdings reports under the Code. Disinterested Trustees must file a quarterly holdings report only if the Disinterested Trustee knew or, in the ordinary course of fulfilling his or her official duties as a Disinterested Trustee, should have known that during the 15-day period immediately before or after the Disinterested Trustee's transaction in a Covered Security, FBPCF purchased or sold the Covered Security, or FBPCF or FBPCF Adviser considered purchasing or selling the Covered Security for FBPCF.

An Access Person of FBPCF Adviser need not make a Quarterly Transaction Report if all of the information in the report would duplicate information required to be recorded pursuant to Rules 204-2(a)(13) under the Investment Advisers Act of 1940, as amended.

Transactions effected through an Automatic Investment Plan need not be included in Quarterly Transaction Reports.

**<u>Annual Certification of Compliance</u>**

All Access Person must annually certify through a written acknowledgment that (1) they have read, understood and agree to abide by this Code; (2) they have complied with all applicable requirements of this Code; and (3) they have reported all transactions and holdings that they are required to report under this Code.

**<u>STATEMENT ON THE PROHIBITION OF INSIDER TRADING</u>**

Failure by you to recognize the importance of safeguarding information and using information appropriately is greatly detrimental both to your future and to FBPCF's. The information provided below should provide a useful guide about what constitutes insider trading and material inside information.

**<u>Summary of FBPCF's Business Activities</u>**

FBPCF is an externally managed, non-diversified, closed-end management investment company that has elected to operate as an interval fund under the Investment Company Act of 1940, as amended (the "1940 Act"). FBPCF offers shareholders access to private debt with a focus on first lien secured loans, second lien secured loans, and, to a lesser extent, subordinated loans or mezzanine debt. Generally, these loans are made to private companies that have not issued any public securities. In rare instances, however, there may be securities available in the marketplace for issuers in which FBPCF holds a loan position.

Certain data sources may make information available to FBPCF that has not been fully disseminated in the marketplace. Where FBPCF or its investment adviser receives such information, our Chief Investment Officer will update the Restricted List.

In the event that any Access Persons comes into possession of information that is not publicly available, either through your work with us or outside of the workplace, you will be required to adhere to the Statement on the Prohibition of Insider Trading (the "**Statement**") as described in the following pages. You will also be subject to certain reporting requirements in connection with complying with FBPCF's Code.

**<u>Background</u>**

The securities laws and the rules and regulations of the self-regulatory organizations are designed to assure that the securities markets are fair and honest, that material information regarding a company is publicly available, and that a security's price and volume are determined by the free interplay of economic forces. The anti-fraud rules of the federal securities laws prohibit, in connection with the purchase or sale of a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making an untrue statement of a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• omitting to state a material fact necessary to make the statements made not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in acts, practices or courses of business which would be fraudulent or deceptive.

Violation of these provisions is a crime that may result in imprisonment and can have other very serious repercussions for both FBPCF and the employee. Violators may be censured by the government or self-regulatory organizations, suspended, barred from the securities business or fined. In addition, violations may result in liability under the Federal Securities Laws, including the Insider Trading Sanctions Act of 1984 ("*ITSA*") and the Insider Trading and Securities Fraud Enforcement Act of 1988 ("*ITSFEA*"). FBPCF Adviser's actions with respect to any violations will be swift and forceful.

In this connection, a violation of the FBPCF's policies and procedures regarding confidential information, disclosure and the use of confidential information may result in dismissal, suspension without pay, loss of pay or bonus, loss of severance benefits, demotion or other sanctions, whether or not the violation of FBPCF policy or procedure also constituted a violation of law. Trading while in possession of or tipping on the basis of non-public information could also result in civil or criminal liability which could lead to imprisonment, fines and/or a requirement of disgorgement of any profits realized, and as a result of the violation, to an injunction prohibiting the violator from being employed in the securities industry. FBPCF may initiate or cooperate in proceedings resulting in such penalties.

**<u>Policy</u>**

No person to whom the Statement applies, including officers, trustees or employees of FBPCF, may trade, either personally or on behalf of others, while in possession of material nonpublic information, nor may any officer, trustee or employee communicate material non-public information to others in violation of the law. This conduct is referred to as "insider trading". Any questions regarding this policy and procedure should be directed to our Chief Compliance Officer.

While the law concerning insider trading is not rigid, it generally is understood to prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading by an "insider" while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading by a non-insider while in possession of material non-public information where the information either was disclosed to the
non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• communicating material non-public information to others.

The elements of a claim for insider trading and the penalties for unlawful conduct are described below.

**<u>Who is an Insider?</u>**

The concept of an "insider" is broad. It includes officers, trustees and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, by way of example, attorneys, accountants, consultants, bank lending officers and employees of such organizations. According to the Supreme Court, a company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

**<u>What is Material Information?</u>**

Trading on information is not a basis for liability unless the information is material. Information generally is considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or if the information is reasonably certain to have a substantial effect on the price of a company's securities. Information that should be considered material includes, but is not limited to: dividend changes, earnings estimates not previously disseminated, material changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

Material information does not have to relate to a company's business. For example, <u>Carpenter v. United States</u> 108 S. Ct. 316 (1987), the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a <u>Wall Street Journal</u> reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether or not those reports would be favorable.

Any questions that you may have as to whether information is material must be addressed with our Chief Compliance Officer before acting in any way on such information.

**<u>What is Non-public Information?</u>**

Information is non-public until it has been effectively communicated to the market place. One must be able to point to some fact to show that the information is public. For example, information found in a report filed with the SEC, or appearing in Reuters, Bloomberg or a Dow Jones publication or in any other publication of general circulation would, generally, be considered public. In certain instances, information disseminated to certain segments of the investment community may be deemed "public." For example, research communicated through institutional information dissemination services such as First Call. The amount of time since the information was first disseminated ordinarily is a factor regarding whether information is considered public.

**<u>Bases for Liability</u>**

Described below are circumstances under which a person or entity may be deemed to have traded on inside information, and prohibitions applicable, in particular to investment advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Fiduciary Duty Theory.</u> In 1980 the Supreme Court found that there is no general duty to disclose before trading on material non-public information, but that such a duty arises where there is a fiduciary relationship between the parties to the transaction. In such case, one party has a right to expect that the other party will not disclose any material non-public information and will refrain from trading. <u>Chiarella v. U.S.</u> 445 U.S. 22 (1980).

Insiders such as employees of an issuer are ordinarily considered to have a fiduciary duty to the issuer and its shareholders. In <u>Dirks v. SEC</u><u>,</u> 463 U.S. 646 (1983), the Supreme Court stated alternative theories by which such fiduciary duties are imposed on non-insiders: they can enter into a confidential relationship with the company such as, among others, attorneys and accountants ("***temporary insiders***") or they can acquire a fiduciary duty to the company's shareholders as "tippees" if they are aware or should have been aware that they have been given confidential information by an insider or temporary insider who has violated his fiduciary duty to the company's shareholders.

In the "tippee" situation, a breach of duty occurs only if the insider or temporary insider personally benefits, directly or indirectly, from the disclosure. The benefit does not have to be of a financial nature, but can be a gift, a reputational benefit that will translate into future earnings, or even evidence of a relationship that suggests a quid pro quo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Misappropriation Theory.</u> Another basis for insider trading liability is the "misappropriation" theory, where liability is established when trading occurs on material nonpublic information that was stolen or misappropriated from another person. In <u>Carpenter v. United States</u><u>,</u> the Court found that a columnist defrauded <u>The Wall Street Journal</u> by communicating information prior to its publication to another person who used the information to trade in the securities markets. It should be noted that the misappropriation theory can be used to reach a variety of individuals not previously thought to be encompassed under the fiduciary duty theory.

**<u>Penalties for Insider Trading</u>**

Penalties for trading on or communicating material non-public information are severe, both for individuals involved in such conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil injunction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• treble damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person
actually benefited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained
or loss avoided.

**<u>Controlling the Flow of Sensitive Information</u>**

The following procedures have been established to assist the officers, trustees and employees of FBPCF in controlling the flow of sensitive information so as to avoid the possibility of trading on material non-public information either on behalf of FBPCF or for themselves and to assist FBPCF and its supervisory personnel in surveilling for, and otherwise preventing and detecting, insider trading. Every officer, trustee and employee of FBPCF must follow these procedures or risk serious sanctions by one or more regulatory authorities and/or FBPCF, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures you should consult our Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Identifying Inside Information.</u> Before trading for yourself or others in the securities of a company about which you have what you believe to be inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the information non-public? To whom has this information been provided? Has the information been effectively communicated to the
marketplace? To what extent, for how long, and by what means has the information been disseminated? If information is not public, it normally
may not be used in connection with effecting securities transactions; however, if you have any doubts whatsoever as to whether the information
is public, you must ask our Chief Compliance Officer prior to trading on, or communicating (except in accordance with the procedures and
requirements herein) such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is the information material? Is this information that an investor would consider important in making his or her investment decision?
Is this information that would substantially affect the market price of the securities if generally disclosed?

If, after consideration of the above, you believe that the information may be material and non-public, or if you have questions in that regard, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the matter immediately to our Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the securities on behalf of yourself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the information inside or outside of FBPCF, other than to our Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After our Chief Compliance Officer has reviewed the issue, you will be instructed to continue the prohibitions against trading and
communication, or you will be allowed to communicate the information and/or trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restricting Access to Material Non-public Information.</u> Information in your possession that you identify as material and non-public may not be communicated to anyone, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer files containing material non-public information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Personal Security Trading.</u> All officers, trustees and employees must trade in accordance with the provisions of the Code as well as the Statement in order to assist FBPCF with monitoring for violations of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Restricted List.</u> As defined in the Code, FBPCF's Chief Investment Officer will maintain a Restricted List. Disclosure outside of FBPCF as to what issuers and/or securities are on the Restricted List could therefore constitute tipping and is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Supervision/Investigation.</u> Should our Chief Compliance Officer learn, through regular review of personal trading documents, or from some other source, that a violation of this Code is suspected, our Chief Compliance Officer shall alert the Chief Executive Officer of FBPCF. Together these parties will determine who should conduct further investigation, if they determine one is necessary.

**<u>ADMINISTRATION OF THE CODE</u>**

Our Chief Compliance Officer has overall responsibility for administering the Code and reporting on the administration of and compliance with the Code and related matters to our Board and the Audit Committee of the Board (the "***Audit Committee***").

Our Chief Compliance Officer shall review reports to determine whether any transactions recorded therein constitute violations of the Code. Before making any determination that a violation has been committed by person subject to the Code, such person shall be given an opportunity to supply additional explanatory material. Our Chief Compliance Officer shall maintain copies of the reports as required by Rule 17j-1(f) under the 1940 Act.

No less frequently than annually our Chief Compliance Officer must furnish to the Board and Audit Committee, and the Board and/or Audit Committee must consider, a written report that describes any issues arising under the Code or its procedures since the last report to the Board, including but not limited to, information about material violations of the Code or its procedures and any sanctions imposed in response to material violations. This report should also certify that FBPCF has adopted procedures reasonably designed to prevent persons subject to the Code from violating the Code.

**<u>SANCTIONS FOR CODE VIOLATIONS</u>**

All violations of the Code will result in appropriate corrective action, up to and including dismissal. If the violation involves potentially criminal activity, the individual or individuals in question will be reported, as warranted, to the appropriate authorities.

**<u>APPLICATION/WAIVERS</u>**

All the trustees, officers and employees of FBPCF and its investment adviser are subject to this Code.

Insofar as other policies or procedures of FBPCF or its investment adviser govern or purport to govern the behavior or activities of all persons who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

**<u>RECORDS</u>**

FBPCF shall maintain records with respect to this Code in the manner and to the extent set forth below, which records may be maintained on microfilm or electronic storage media under the conditions described in Rule 31a-2(f) under the 1940 Act and shall be available for examination by representatives of the Securities and Exchange Commission (the "***SEC***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code that is, or at any time within the past five years has been, in effect shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of this Code and of any action taken as a result of such violation shall be maintained in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

A copy of each report made by an Access Person or duplicate account statement received pursuant to the Code, shall be maintained for a period of not less than five years from the end of the fiscal year in which it is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of each report made to FBPCF's Board shall be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of any decision, and the reasons supporting the decision, to approve the direct or indirect acquisition by an Access Person of Beneficial Ownership in any securities in an Initial Public Offering or a Limited Offering shall be maintained for at least five years after the end of the fiscal year in which the approval is granted.

**<u>REVISIONS AND AMENDMENTS</u>**

This Code may be revised, changed or amended at any time by our Board of Trustees and any material changes must be approved by the Board and a majority of the Disinterested Trustees. Prior to any such approval, the Board must receive a certification from the Fund that it has adopted procedures as are reasonably necessary to prevent access persons from violating the Code. Following any material revisions or updates, an updated version of this Code will be distributed to you, and will supersede the prior version of this Code effective upon distribution. We may ask you to sign an acknowledgement confirming that you have read and understood the revised version of the Code, and that you agree to comply with the provisions.

**<u>APPENDIX A</u>**

**Franklin BSP Private Credit Fund<br> (the "Company")**

**Acknowledgment Regarding**

**Code of Business Conduct and Ethics**

*This acknowledgment is to be signed and returned to our Chief Compliance Officer and will be retained as part of your permanent personnel file*

I have received a copy of the Company's Code of Business Conduct and Ethics (the "Code"), read it, and understand that the Code contains the expectations of the Company regarding employee conduct and ethical behavior. I agree to observe the policies and procedures contained in the Code and have been advised that, if I have any questions or concerns relating to such policies or procedures, I understand that I have an obligation to report to the Chief Compliance Officer, any suspected violations of the Code of which I am aware. I also understand that the Code is issued for informational purposes and that it is not intended to create, nor does it represent, a contract of employment.

---

| |
|:---|
| Employee's Name (Printed) |
| Employee's Signature |
| Date |

---

*The failure to read and/or sign this acknowledgment in no way relieves you of your responsibility to comply with the Company's Code of Business Conduct, Ethics and Statement on the Prohibition of Insider Trading.*

**<u>APPENDIX B</u>**

**Franklin BSP Private Credit Fund<br> or<br> Benefit Street Partners L.L.C.<br> (collectively, the "Company")**

**PRE-CLEARANCE FORM**

Use this form to request pre-clearance of a transaction to purchase a Limited Offering, Initial Public Offering or to purchase or sell a security issued by an issuer appearing on the Portfolio or Pipeline Reports. Please submit this form, together with a copy of the Limited Offering documentation to the Chief Compliance Officer at least five (5) business days before the planned investment.

---

| | |
|:---|:---|
| **Employee Name:** | **Date:** |
| **Issuer/Investment Name:** |  |
| **Terms of Purchase (price, purchaser – individual, joint, entity, etc.):** | **Terms of Purchase (price, purchaser – individual, joint, entity, etc.):** |
| **Proposed Transaction Date:** |  |
| **How did you learn about this opportunity?** | **How did you learn about this opportunity?** |
| **Related to a Portfolio or Pipeline security?** | **Related to a Portfolio or Pipeline security?** |
| **Approved:** | **Date:** |
| **Not Approved:** | **Date:** |
| **Comments:** |  |

---

**<u>APPENDIX C</u>**

**Franklin BSP Private Credit Fund<br> or<br> Benefit Street Partners L.L.C.<br> (collectively, the "Company")**

**INITIAL HOLDINGS REPORT**

**As of**

To: Chief Compliance Officer

A. <u>Securities Holdings</u>. I have listed below (or attached hereto a listing) all of my Securities Holdings held by me or Beneficial Owners as defined by the Company's Code of Ethics.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Title of Security** | **CUSIP Number** | **Interest**<br> **Rate**<br> **and**<br> **Maturity<br> Date (If**<br> **Applicable)** | **Date of Transaction** | **Number <br> of <br> Shares <br> or <br> Principal <br> Amount** | **Dollar <br> Amount of <br> Transaction** | **Nature of**<br> **Transaction**<br> **(Purchase,**<br> **Sale,**<br> **Other) Price** | **Broker/Dealer <br> or <br> Bank <br> Through <br> Whom <br> Effected** |

---

B. <u>Brokerage Accounts</u>. I, or a Beneficial Owner, have established the following accounts in which securities for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Date:   Signature:  

<br> Print Name:  

**<u>APPENDIX D</u>**

**Franklin BSP Private Credit Fund<br> or<br> Benefit Street Partners L.L.C.<br> (collectively, the "Company")**

**QUARTERLY TRANSACTION REPORT**

**** <br> For the Calendar ______ Quarter Ended: To: Chief<br> Compliance Officer

A. <u>Securities Transactions</u>. During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Company:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Title of Security** | **CUSIP Number** | **Interest Rate and Maturity Date (If**<br> **Applicable)** | **Date of Transaction** | **Number <br> of <br> Shares <br> or <br> Principal <br> Amount** | **Dollar <br> Amount of <br> Transaction** | **Nature of**<br> **Transaction**<br> **(Purchase,**<br> **Sale,**<br> **Other) Price** | **Broker/Dealer <br> or <br> Bank <br> Through <br> Whom <br> Effected** |

---

B. <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities were held during the quarter for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u> <u>Date Account Was Established</u>

C. <u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature:  

<br> Print Name:  

**<u>APPENDIX E</u>**

**Franklin BSP Private Credit Fund<br> or<br> Benefit Street Partners L.L.C.<br> (collectively, the "Company")** 

**ANNUAL HOLDINGS REPORT<br> As of December 31, 20__**

To: Chief Compliance Officer

As of December 31, 20__, I had direct or beneficial ownership interest in the securities listed below which are required to be reported pursuant to Rule 17j-1 under the Investment Company Act of 1940:

A. <u>Securities Holdings</u>. I have listed below (or attached hereto a listing) all of my Securities Holdings held by me or Beneficial Owners as defined by the Company's Code of Ethics.

---

| | | |
|:---|:---|:---|
|  |  | **Number of Shares or** |
| **Title of Security** | **CUSIP Number** | **Principal Amount** |

---

B. As of December 31, 20___, I maintained accounts with brokers, dealers, and banks listed below in which securities were held for my direct or indirect benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Brokerage Accounts.</u> I, or a Beneficial Owner, have established the following accounts in which securities for my direct or indirect benefit:

---

| | |
|:---|:---|
| <u>Name of Broker, Dealer or Bank</u> | <u>Date Account Was Established</u>\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. |  |

---

This report (i) excludes securities and accounts over which I had no direct or indirect influence or control;(ii) excludes securities not required to be reported (for example, direct obligations of the U.S. Government, shares of registered investment companies etc.); and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities accounts listed above.

---

| | |
|:---|:---|
| **Date:** | **Signature:** |

---

**Print Name:**

**\*Note: If account was established before 20___, you can state that it was established before 20___.**

**<u>APPENDIX F</u>**

**CERTIFICATION OF REBUTTAL OF ACCESS PRESUMPTION**

I, ___________, do hereby certify and affirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I serve as [***position with Company***] and am also [***position with Company Affiliate***]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) During the immediate prior calendar year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) I have not, with respect to the Company, obtained information regarding the Company's purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) I have not, with respect to the Company, made, participated in, or obtained information about, the purchase or sale of a Covered Security or related recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) my regular functions and duties have not related to such recommendations, purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I have not been involved in making securities recommendations to the Company nor have I obtained information about such any such recommendations which are nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) I do not have, and will not accept, access to nonpublic information regarding the portfolio holdings of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) I am aware of and have complied with all provisions of the Code that are relevant to me and with any policies and procedures of the Company and its affiliates relevant to the control of sensitive information about Client accounts or FBPCF Adviser recommendations to which I may be subject. I further agree to continue to comply with all such policies and procedures, as they may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If any of the representations set forth in 2(a) through (f) above ceases to be true, I will inform the CCO, promptly and, unless otherwise notified by the CCO, I will comply with relevant Code requirements applicable to Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I recognize that I am providing this certification in order to allow the CCO to consider my designation as a Non-Access Covered Person. I have read, understand and agree to abide by the Code and, in particular, those provisions of the Code relevant to Non-Access Covered Persons.

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Richard Byrne, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Franklin BSP Private Credit Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ Richard Byrne |
|  |  | Richard Byrne |
|  |  | Chief Executive Officer and President |

---

**<u>CERTIFICATIONS</u>**

I, Nina Baryski, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Franklin BSP Private Credit Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 9, 2026 | /s/ Nina Baryski |
|  |  | Nina Baryski |
|  |  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.19

**Exhibit 99.19(a)(6)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XXVII. PROXY VOTING AND OTHER VOTING OR CONSENT/ACTION POLICIES AND PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Introduction/General Principles** 

In accordance with the Firm's fiduciary duty to vote proxies and consents and otherwise make determinations in the best interests of the Firm's Clients, including but not limited to Rule 206(4)-6 under the Advisers Act, the overriding principle of the Firm's proxy and/or other voting (and similar actions and determinations) is to maximize the financial interests of its Clients. For avoidance of doubt, these Proxy Voting and Other Voting or Consent/Action Policies and Procedures applies to any proxy and any other shareholder or beneficial owner vote, consent, action or similar determination, including a vote, consent or action with respect to a private company that does not involve a public proxy and certain consents or other actions relating to debt or other instruments, such as waivers of covenant breaches or amendments to governing documents (all of which are referred to herein as "Voting, Consent and/or Action Matters").

It is the policy of the Firm in Voting, Consent and/or Action Matters to consider and vote or otherwise act with respect to each proposal with the objective of maximizing investment returns for Clients on a Client-by-Client basis. These guidelines address a broad range of issues, including, for example, board size and composition, executive compensation, anti-takeover proposals, capital structure proposals and social responsibility issues and are meant to be general voting, consent and action parameters on issues that arise most frequently. The Firm may, however, vote, consent and/or act in a manner that is contrary to the following general guidelines if it believes that it would be in Clients' best interest to do so, and the Firm makes such determination on a Client-by-Client basis.

The Chief Compliance Officer has the responsibility to administer these Proxy Voting and Other Voting or Consent/Action Policies and Procedures and to monitor Voting, Consent and/or Action Matters for any conflicts of interest, regardless of whether they are actual or perceived. For example, the Firm or its Supervised Persons may take positions outside of the Clients through one or more proprietary accounts or funds or personal accounts and, therefore, situations may arise where there would be a conflict between maximizing investment returns for one or more Clients and the Firm's or a Supervised Person's interests. In addition, Clients may invest in different layers of the capital structure of a portfolio company, issuer or borrower (for example, a certain Client (i) may own debt of a portfolio company, issuer or borrower while another Client may own equity in the same portfolio company, issuer or borrower, (ii) may own debt of a portfolio company, issuer or borrower while another Client may own a different tranche or other class or issue of debt of the same portfolio company, issuer or borrower, and/or (iii) may own equity of a portfolio company, issuer or borrower while another Client may own a different equity security of the same portfolio company, issuer or borrower). Furthermore, a Client may participate in debt originated to finance the acquisition by other Clients of an equity or other interest in an issuer or borrower. To the extent a work out, reorganization or other major corporate event occurs with respect to any such portfolio company, issuer or borrower, conflicts may exist between or among the Clients invested in such portfolio company, issuer or borrower.

All Voting, Consent and/or Action Matters will require a mandatory conflicts of interest review by the Chief Compliance Officer in accordance with these Proxy Voting and Other Voting or Consent/Action Policies and Procedures, which will include consideration of whether (i) the Firm, (ii) any investment professional or other person within the Firm recommending how to vote, (iii) only one Client or multiple Clients of the Firm, and/or (iv) the Firm's affiliates and their clients has an interest in the Voting, Consent and/or Action Matters that may present a conflict of interest. As noted above, in all such cases, maximizing investment returns for Clients on a Client-by-Client basis is paramount. As such, the Firm may cast different votes or consents or otherwise act in a different manner on behalf of different Clients with respect to the same portfolio company, issuer or borrower.

The Portfolio Manager responsible for any Voting, Consent and/or Action Matter will be responsible for notifying the Chief Compliance Officer in advance of any vote, consent and/or action in a timely manner and must receive advance approval from the Chief Compliance Officer before voting, consenting and/or acting with respect to any such Voting, Consent and/or Action Matter. If at any time any investment professional becomes aware of any potential or actual conflict of interest or perceived conflict of interest regarding any particular Voting, Consent and/or Action Matter, he or she should contact the Chief Compliance Officer. If any investment professional is pressured or lobbied either from within or outside of the Firm with respect to any particular Voting, Consent and/or Action Matters, he or she should contact the Chief Compliance Officer.

If the Chief Compliance Officer determines that an actual or perceived conflict of interest may exist, he shall notify the Chief Operating Officer who will review and evaluate the Voting, Consent and/or Action Matters proposal and the circumstances surrounding the conflict to determine the vote, consent or action, which will be in the best interest of the Clients, in each case on a Client-by-Client basis. In addition, where the Chief Operating Officer deems appropriate, the Firm may utilize (i) separate deal teams, separate outside counsel and other information barriers, internal screens and ethical walls to protect the interests of each Client and (ii) unaffiliated third parties (including without limitation advisory committees and/or independent directors) to help resolve conflicts and/or approve of the Voting, Consent and/or Action Matter. Subject to the organizational and offerings documents of any given Client, the Chief Operating Officer shall have the power to retain independent fiduciaries, consultants, or professionals to assist with Voting, Consent and/or Action Matters and/or to delegate voting, consent or action powers to such fiduciaries, consultants or professionals.

If the Chief Compliance Officer determines that an actual or perceived conflict of interest may exist between maximizing investment returns for one or more Clients and the Firm's or a Supervised Person's interests, the Firm or its Supervised Persons will vote, consent or act with respect to securities or other instruments held in a proprietary account or fund or in a personal account in the best interests of the Clients on a Client-by-Client basis or otherwise abstain from voting, consenting or acting in a manner that is contrary to the best interests of the Clients on a Client-by-Client basis with respect to such securities or other instruments.

In addition, the Firm will maintain all Voting, Consent and/or Action Matters records as described further below. The Firm's Proxy Voting and Other Voting or Consent/Action Policies and Procedures will be reviewed and, as necessary, updated periodically by the Chief Compliance Officer to address new or revised voting, consent or action issues.

Please note that although the Voting, Consent and/or Action Matters process (particularly with respect to proxy voting) is well established in the U.S., Voting, Consent and/or Action Matters with respect to foreign companies may involve a number of logistical problems that have a detrimental effect on the Firm's ability to vote, consent or act. The logistical problems include language barriers, untimely or inadequate notice of shareholder meetings, restrictions on a foreigner's ability to exercise votes, and requirements to vote, consent or act in person. Such Voting, Consent and/or Action Matters are handled on a best-efforts basis given the above logistical problems.

The Firm will make copies of these Proxy Voting and Other Voting or Consent/Action Policies and Procedures available upon request to Clients and, when the Client is a Fund, to the investors in that Fund.

Supervised Persons who receive a Voting, Consent and/or Action Matters proposal will consult with the Portfolio Manager responsible for the investment in the security or other instrument to which the Voting, Consent and/or Action Matters proposal relates or as otherwise directed by the Chief Compliance Officer. The Portfolio Manager is responsible for making sure the Voting, Consent and/or Action Matters is acted upon in a timely manner (including without limitation an affirmative decision to abstain from voting, consenting or acting).

Subject to potential exceptions applicable to Voting, Consent, and/or Action Matters involving the securities of ERISA Clients (which are governed by Section XXVIII (ERISA Matters)), the Portfolio Manager is not required to vote, consent or act with respect to a Voting, Consent and/or Action Matter if the cost of voting, consenting or acting due to special translation, delivery or other facts and circumstances would outweigh the benefit of voting, consenting or acting for one or more Clients. The Portfolio Manager is also not required to vote, consent or act with respect to a Voting, Consent and/or Action Matter if the Portfolio Manager believes the proposal is not adverse to the best interest of any Clients, or, if adverse, the outcome of the Voting, Consent and/or Action Matter is not in doubt. Notwithstanding the foregoing, the decision not to exercise voting power over certain Voting, Consent, and/or Action Matters may be reportable on Form N-PX, as discussed in Section XXX (Regulatory Reporting Requirements).

Any questions with regard to voting, consenting or acting (or abstaining from voting, consenting or acting) with respect to Voting, Consent and/or Action Matters should be referred to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Guidelines

The following represents a guideline for each of the principal policy issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Routine Proposals

Routine proposals include such issues as the approval of auditors, and election of directors. Generally, these proposals will be voted consistent with the recommendation of management. As a matter of policy, it is the Firm's intention to hold corporate officers accountable for actions, either on the basis of specific actions taken as an individual, or as part of a committee, that conflict with the goal of maximizing shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Routine Proposals

Non-routine proposals include issues that could have a long-term impact on the way a corporation or other entity handles certain matters. Examples of these proposals include (a) restructuring efforts, (b) changes to the number of directors, (c) name changes, (d) mergers & acquisitions (or equivalent actions,) and (e) changes in the issuance of common or preferred stock, stock options plans, etc. Again, these proposals will be analyzed with a goal of maximizing shareholder value and the interests of the Firm's Clients on a Client-by-Client basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Corporate Governance Proposal

This category includes poison pills, golden parachutes, cumulative voting, classified boards, limitations of officer and director liabilities, etc. Generally speaking, these are issues proposed by an entrenched management looking to maximize their own best interests at the expense of shareholders at large. As such, these proposals will usually generate negative responses from the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Social Issues

These proposals range from divestment from geographical or industrial representation to environmental or other matters, either internal or external. The Firm will consider voting, consenting or acting for issues that have redeeming social merit that neither compromises the company's competitive position within an industry, nor adversely impacts the goal of maximizing shareholder value and the interests of the Firm's Clients on a Client-by-Client basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Other Proposals

These proposals, excluding those referenced above, usually deal with subjects such as compensation, employee hiring, and corporate governance issues. These cannot be generalized other than to say that they reflect personal points of view, and typically fall into the category of micro-management, an area that the Firm tends to avoid. These proposals will be viewed in the light of voting, consenting or acting in a manner that the Firm believes maximizes shareholder/investor value and the interests of the Firm's Clients on a Client-by-Client basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Conflicts and Split Voting

If a Portfolio Manager (or his or her designee) determines that a material conflict may exist between a Client's interests and the Firm's interest or between two or more Clients' interests, the Portfolio Manager (or his or her designee) shall inform the Chief Compliance Officer of such material conflict. The Chief Compliance Officer shall determine the appropriate course of action in consultation with the Chief Operating Officer, as described above. In addition, where the Chief Operating Officer deems appropriate, separate deal teams, separate outside counsel and other information barriers, internal screens and ethical walls, as well as unaffiliated third parties (including without limitation advisory committees and/or independent directors) may be used to help resolve conflicts and make decisions to protect the interests of each Client. The Firm or its Supervised Persons will vote, consent or act with respect to securities or other instruments held in a proprietary account or fund or in a personal account in the best interests of the Clients on a Client-by-Client basis or otherwise abstain from voting, consenting or acting in a manner that is contrary to the best interests of the Clients on a Client-by-Client basis with respect to such securities or other instruments. In all such cases, maximizing investment returns for Clients on a Client-by-Client basis is paramount.

Situations may arise in which more than one Client invests in different parts of the capital structure of the same company. In those situations, two or more Clients may be invested in strategies having different investment objectives, investment styles, economic positions or portfolio managers. As a result, the Firm may cast different votes or consents or take other different actions on behalf of different Clients. In each case, the Firm will determine the vote, consent or action that the Firm believes is in the best interests of each Client, without regard to the interests of any other Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Conflict Management Procedures With Respect to Investments in Certain Real Estate Development Projects

As noted herein, in accordance with the Firm's fiduciary duty pursuant to the Advisers Act and otherwise under law to invest, act, and otherwise make determinations in accordance with what the Firm believes to be in the best interests of each of the Firm's Clients, the Firm has adopted and implements procedures to ensure that it serves the interests of each Client, on a Client-by-Client basis, at all times (*i.e*., the Firm will at all times act in a manner that it believes to be in the best interests of each Client without regard to the interests of any other Client, or any other affiliate of the Firm).

Also as noted in herein, situations may arise in which more than one Client (or other affiliate of the Firm) may invest in different parts or different layers of the capital structure of a portfolio company, issuer, borrower or other entity. For example, a Client (i) may own debt of a portfolio company, issuer, borrower or other entity while another Client may own equity in the same portfolio company, issuer, borrower or other entity, (ii) may own debt of a portfolio company, issuer, borrower or other entity while another Client may own a different tranche or other class or issue of debt of the same portfolio company, issuer, borrower or other entity, and/or (iii) may own equity of a portfolio company, issuer, borrower or other entity while another Client may own a different equity security of the same portfolio company, issuer, borrower or other entity. As a result, whether at the time of making such investment, or at the time that any vote, consent or other action is required with respect to such investment (such as, for example, at the time of a work-out, reorganization or other major corporate event with respect to any such portfolio company, issuer, borrower or other entity), conflicts may exist between or among the Clients (or other Firm affiliates) investing in or invested in such portfolio company, issuer, borrower or other entity.

Specifically and not in limitation of the procedures set forth elsewhere in this Manual, in order avoid potential conflicts between Clients or other Firm affiliates within the same issuer or borrower's capital structure with regard to certain real estate project development transactions and related real estate project financings (collectively, the "Real Estate Development Projects"), whenever it is reasonably practical to do so in connection with the limited liability companies, limited partnerships, joint ventures, special purpose vehicles and/or other entities formed with respect to the investments made by the Firm on behalf of its Clients in such Real Estate Development Projects (such entities, the "Real Estate Development Project Investment Entities"),

if more than one Client or other Firm affiliate has an interest in such Real Estate Development Project that may be in conflict with the interest of another Client or other Firm affiliate in such Real Estate Development Project, the Firm shall seek to have at least one of the Real Estate Development Project Investment Entities managed and controlled by an entity that is not in any manner affiliated with the Firm (an "Independent Party") in order to ensure that, notwithstanding the economic interests in the Real Estate Development Project Investment Entity held by a Client or other Firm affiliate, the Independent Party manages and controls the Real Estate Development Project Investment Entity to ensure the separate management and control of the interests in the Real Estate Development Project held from time to time by Clients and/or other affiliates of the Firm.

In order to implement the foregoing, the Firm and/or its affiliates (1) whenever it is reasonably practical in connection with the formation and documentation of Real Estate Development Project Investment Entities, shall seek to have the limited partnership agreement, limited liability company operating agreement, joint venture agreement and/or other governance document of such Real Estate Development Project Investment Entity (the "Governance Documents") provide that, if any other Client or other affiliate of the Firm has an interest in such Real Estate Development Project, (i) such Independent Party shall serve as the general partner, managing member, or other similar capacity of such Real Estate Development Project Investment Entity and such Independent Party shall exercise all management and control authority with respect thereto in accordance with such Governance Documents, and (ii) in the event that the Firm or any Client or other Firm affiliate has the right pursuant to such Governance Documents to remove such Independent Party as the general partner, managing member or other similar capacity from such role with respect to the Real Estate Development Project Investment Entity, the Firm, the Client or other Firm affiliate may only to so if, not later than thirty (30) days after such removal, the Firm, the Client or other Firm affiliate designates another Independent Party to serve in such capacity (and during such up to thirty (30) day period, the Firm, the Client and/or other Firm affiliate does not exercise any management or control rights with respect to the Real Estate Development Project Investment Entity that relate to the Real Estate Development Project if such exercise of such management or control rights is, or reasonably could be interpreted to be, either not in the best interests of the Real Estate Development Project Investment Entity with respect to the Real Estate Development Project or adverse to the interests in the Real Estate Development Project of any other Client or affiliate of the Firm) and/or (2) whenever the Firm or its affiliates do not include the foregoing conflict protections in the Governance Documents of such Real Estate Development Project Investment Entity, the Firm and its affiliates shall nonetheless, as a matter of internal policy and procedures, act in a manner in full compliance with the provisions set forth in clause (1) of this paragraph.

The paramount conceptual and implementation requirement of the foregoing compliance procedures are to ensure that, in situations where a conflict exists, or could reasonably be interpreted to exist, between Clients or other affiliates of the Firm with respect to Real Estate Development Projects, the Firm and its affiliates shall eliminate (or substantially mitigate) any such conflicts by having an Independent Party exercise all decision making authority with respect to the interests of one of the Clients or other affiliates of the Firm with respect to such Real Estate Development Project through the establishment of a Real Estate Development Project Investment Entity managed and controlled by such Independent Party. This will ensure that, both at the time of such investment and in the event that any decision or other action must be made or determined

with respect to the interests in the Real Estate Development Project, the Firm and its affiliates are not placed in the position of having to manage competing and conflicting interests of its Clients or other affiliates, and the Firm may then act in the best interests of the Client or other affiliates for which the Firm has management and/or control rights with respect to the Real Estate Development Project while the Independent Party exercises separate and independent management and control rights with respect to the Real Estate Development Project through the Real Estate Development Project Investment Entity, including with respect to Real Estate Development Project Investment Entities in which another Client or other affiliate of the Firm may have an economic interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Recordkeeping

In accordance with the Firm's Record Policies, the Firm must retain copies of (i) these Proxy Voting and Other Voting or Consent/Action Policies and Procedures and all amendments thereto; (ii) Voting, Consent and/or Action Matters proposals received regarding Client securities and instruments; (iii) records of votes, consents or actions taken on behalf of Clients; (iv) records of Client requests for Voting, Consent and/or Action Matters information and a copy of any written response by the Firm to any (written or oral) Client request for such information; (v) any documents prepared by the Firm that were material to making a decision on how to vote, consent or act; and (vi) records relating to Voting, Consent and/or Action Matters concerning situations with material conflicts of interest. The information should be retained by the relevant Portfolio Manager and copies sent to the Chief Compliance Officer.

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Franklin BSP Private Credit Fund, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Franklin BSP Private Credit Fund for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Franklin BSP Private Credit Fund for the stated period.

---

| | |
|:---|:---|
| /s/ Richard Byrne | /s/ Nina Baryski |
| Richard Byrne | Nina Baryski |
| Chief Executive Officer and President | Chief Financial Officer and Treasurer |
| Franklin BSP Private Credit Fund | Franklin BSP Private Credit Fund |
| Dated: March 9, 2026 |  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Franklin BSP Private Credit Fund for purposes of Section 18 of the Securities Exchange Act of 1934.