Blair Faulstich
About Blair Faulstich
Blair Faulstich is President of Franklin BSP Capital Corporation (FBCC) since March 2024 and a Managing Director and Head of U.S. Private Debt at Benefit Street Partners (BSP), based in New York . Born in 1970, he previously held senior investment banking roles at Citadel Securities, Merrill Lynch, Deutsche Bank Alex. Brown, and started his career at Arthur Andersen; he holds an MBA from Cornell University and a BA from Principia College . As part of FRBP’s adviser-led process, he serves on the investment committee overseeing origination, underwriting, and portfolio construction, a core lever for execution quality and portfolio outcomes at the BDC . FBCC does not disclose executive-specific TSR or revenue/EBITDA growth metrics in proxies; executive compensation is not paid directly by FBCC, and no CD&A/say‑on‑pay applies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Benefit Street Partners (BSP) | Managing Director; Head of U.S. Private Debt; Investment Committee member | 2011–present | Leads U.S. private debt strategy; investment selection and portfolio governance |
| Citadel Securities | Managing Director; Co-head of Media & Communications Investment Banking | Pre-2011 | Sector origination and execution in media/communications |
| Merrill Lynch | Managing Director, Media & Communications Investment Banking | Prior to Citadel | Leveraged finance and advisory in sector coverage |
| Deutsche Bank Alex. Brown | Various roles, Media Investment Banking | Since 1997 | Credit structuring and capital markets execution in media vertical |
| Arthur Andersen | Various roles | Three years before 1997 | Foundational accounting/financial analysis experience |
External Roles
| Organization | Position | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | FRBP proxies list no public company directorships or committee roles for Faulstich . |
Fixed Compensation
| Component | Status | Notes |
|---|---|---|
| Base salary | Not paid by FRBP | Executives (including Faulstich) are BSP employees; FRBP pays no direct executive compensation . |
| Annual bonus | Not paid by FRBP | No executive compensation program disclosed at FRBP . |
| Director pay | N/A | Faulstich is not listed as a FRBP director; FRBP discloses independent director fees separately . |
FRBP is externally managed; the Compensation Committee’s scope is limited (e.g., annual review of the Administration Agreement and director compensation). No CD&A or say‑on‑pay applies .
Performance Compensation
| Incentive Type | Metric(s) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| RSUs/PSUs (FRBP) | Not applicable | — | — | — | — |
| Stock options (FRBP) | Not applicable | — | — | — | — |
FRBP discloses no executive equity awards, targets, or payouts for Faulstich; compensation is at BSP, not FRBP .
Equity Ownership & Alignment
| Metric | As of Apr 4, 2024 | As of 2025 Record Date |
|---|---|---|
| Shares of Common Stock Beneficially Owned | 105,174 | 105,174 |
| Ownership % of Common Stock | <1% (outstanding 136,328,054) | <1% (outstanding 136,195,754) |
| Preferred Stock Beneficially Owned | — | — |
- Trusts: includes 22,852 shares held by a family trust (spouse as trustee) and 16,464 shares held by an irrevocable family trust (spouse is a trustee) .
- Pledging/Hedging: FRBP has an insider trading policy under its 17j‑1 Code of Ethics; pledging/hedging specifics are not detailed in proxies, and the policy is filed as an exhibit to the FY2024 10‑K .
- Ownership guidelines: No executive stock ownership guidelines disclosed for Faulstich in FRBP proxies .
Employment Terms
| Term | Detail |
|---|---|
| FRBP Role | President (since March 2024); indefinite term |
| Employer | Benefit Street Partners (BSP); not an FRBP employee |
| Contract term/auto-renewal | Not disclosed at FRBP (externally managed structure) |
| Non-compete/non-solicit/garden leave | Not disclosed |
| Severance/change-of-control | Not disclosed for executives; Compensation Committee oversight centers on Administration Agreement renewal |
| Clawbacks/tax gross-ups | Not disclosed for executives; FRBP references Codes of Ethics and insider trading policy |
Performance & Track Record
- Investment committee leadership: Faulstich is a member of the Adviser’s investment committee, which governs sourcing, structuring, due diligence, and approvals for FBCC’s private credit investments; at least 3 of 5 members must approve new investments .
- Role scope: Head of U.S. Private Debt at BSP and President of FBCC indicates senior oversight across origination and portfolio management, key to execution quality within an externally managed BDC model .
Compensation Committee Analysis
- Scope: Reviews the Administration Agreement annually, recommends renewal, oversees director compensation; operates under a written charter available via FRBP’s website .
- Executive compensation model: No FRBP-paid executive compensation program; consequently, no CD&A and no say‑on‑pay vote .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑pay: Not applicable given no FRBP-paid executive compensation .
- Shareholder proposals/votes: Standard proxy items; selling shares below NAV subject to specific approvals and director determinations under the 1940 Act framework .
Investment Implications
- Alignment: Direct share ownership of 105k shares provides some alignment, though the percentage is de minimis; no pledging red flags disclosed .
- Incentive structure: As an externally managed BDC, executive incentives are primarily at the adviser (BSP) rather than FRBP, reducing transparency into pay-for-performance levers at the issuer level .
- Execution risk: Faulstich’s investment committee role and BSP leadership mitigate execution risk through disciplined process, but investor analysis should focus on FRBP portfolio performance, credit discipline, and adviser economics rather than executive pay mechanics .
- Trading signals: Without FRBP-level grants/vesting schedules, insider selling pressure is better inferred from Form 4 activity and aggregate ownership trends; proxies show stable beneficial holdings for Faulstich across 2024–2025 .