A parallel leadership change at Franklin BSP Private Credit Fund installs Maxwell Rudenstein as Treasurer, signaling a coordinated finance-function handoff across the Benefit Street Partners platform.

July 31, 2026

Franklin BSP Capital Corporation has appointed Kathleen Oates as Chief Accounting Officer, serving as principal financial officer and principal accounting officer, effective July 27, 2026. The move coincides with the previously reported departure of Nina Baryski, who had held both designations at the business development company.

Oates, 37, is an Executive Director at Benefit Street Partners, the credit manager affiliated with the BDC’s adviser. She joined BSP in 2020 after working as a senior manager in the asset and wealth management assurance practice at PricewaterhouseCoopers. She holds a Bachelor of Science in finance and accounting from Elon University and is a certified public accountant.

The board disclosed that the selection was not made pursuant to any arrangement or understanding with another person, that no family relationships exist between Oates and any director or executive officer, and that there are no transactions between Oates and the company requiring disclosure under Item 404(a) of Regulation S-K.

Coordinated Transition Across Vehicles

The same date brought a corresponding change at Franklin BSP Private Credit Fund, which offers Class A and Advisor Class shares of beneficial interest. That fund’s board appointed Maxwell Rudenstein as Treasurer, likewise designated principal financial officer and principal accounting officer, and likewise effective concurrently with Baryski’s exit from those roles.

Rudenstein, 37, is a Managing Director at BSP, which he joined in 2016 from a fund administration position at Kaufman Rossin Fund Services. He earned a master’s degree in accounting and bachelor’s degrees in finance and economics from the University of Massachusetts Amherst. The fund amended its statement of additional information to reflect his indefinite term beginning in July 2026.

Context for FBCC Investors

Baryski’s name appeared on two recent disclosures of note to allocators tracking the vehicle:

• Annual results: a portfolio of roughly $4.07 billion and total debt outstanding of about $2.26 billion.
• Warehouse expansion: the April amendment lifting the company’s Wells Fargo facility to $400 million while cutting the spread to 1.95%.

FBCC remains an externally managed, non-traded BDC with no established public market for its common stock. Chief Executive Officer and Chairman Richard J. Byrne executed the current report on the company’s behalf.