Benefit Street Partners, a credit-focused alternative asset management firm and manager of non-traded business development companies, has reported record originations for both the fourth quarter and full-year 2021.
Benefit Street originated a record $2.8 billion of commitments across 41 issuers in the fourth quarter of 2021, resulting in record annual originations of $7.7 billion across 128 issuers for the year. The firm now manages more than $36 billion in assets across private debt, special situations, collateralized loan obligations, liquid loans, and commercial real estate as of November 30, 2021.
The two non-traded BDCs managed by Benefit Street also reported record results.
Franklin BSP Lending Corporation Inc., formerly Business Development Corporation of America, originated more than $700 million of commitments across 34 issuers in the fourth quarter of 2021, resulting in record annual originations of more than $1.5 billion across 103 issuers. The company changed its name earlier this month, as reported by The DI Wire.
Franklin BSP Capital Corporation Inc. originated more than $250 million of commitments across 23 issuers in the fourth quarter of 2021, resulting in originations of approximately $500 million across 63 issuers for the year.
Franklin BSP Lending Corporation oversees a $2.5 billion investment portfolio as of September 30, 2021, primarily consisting of loans to middle-market companies. Franklin Resources (NYSE: BEN) purchased Benefit Street Partners in February 2019. Benefit Street previously acquired all of the outstanding interests of BDCA’s adviser from AR Global in November 2016 by purchasing $10 million of company common stock.
Franklin BSP Capital Corporation had $600 million of investor commitments as of September 30, 2021.