Franklin (NYSE: BEN) reports 59.2% stake in BSP Private Credit Fund

Rhea-AI Filing Summary

Franklin Resources and affiliates report a 59.2% beneficial stake in Franklin BSP Private Credit Fund’s Advisor Class Shares. They collectively report beneficial ownership of 7,033,676 Advisor Class Shares out of 11,890,270 outstanding as of May 29, 2026.

The stake is mainly held through BSP Fund HoldCo (Debt Strategy) L.P., which owns 4,955,483 shares, and Franklin Advisers, Inc., which manages 2,078,193 shares for Franklin Global Allocation Fund. HoldCo acquired its position through three subscription agreements between 2021 and 2023 for an aggregate purchase price of $49.9 million, funded from working capital. Charles B. Johnson and Rupert H. Johnson, Jr. report no direct holdings and, together with Franklin Resources and Franklin Advisers, disclaim pecuniary interest in the reported shares.

Key Figures

Beneficial ownership: 7,033,676 Advisor Class Shares Ownership percentage: 59.2% of Advisor Class Shares HoldCo stake: 4,955,483 Advisor Class Shares +4 more

7 metrics

Beneficial ownership 7,033,676 Advisor Class Shares Beneficially owned by Franklin Resources and affiliates

Ownership percentage 59.2% of Advisor Class Shares Based on 11,890,270 shares outstanding as of May 29, 2026

HoldCo stake 4,955,483 Advisor Class Shares Held by BSP Fund HoldCo (Debt Strategy) L.P., 41.7% of class

Franklin Advisers stake 2,078,193 Advisor Class Shares Held for Franklin Global Allocation Fund, 17.5% of class

HoldCo purchase price $49,900,000 Aggregate price for 4,955,483 Advisor Class Shares

Issuer shares outstanding 11,890,270 Advisor Class Shares Shares outstanding as of May 29, 2026

Class A Shares 10,000 Class A Shares, $100,000 Acquired by HoldCo on August 18, 2021

Key Terms

beneficial ownership, Schedule 13D, subscription agreements, working capital, +2 more

6 terms

beneficial ownership financial

"Beneficial ownership by FRI and its affiliates is being reported herein in conformity with the guidelines..."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Schedule 13D regulatory

"The filing person has previously filed a statement on Schedule 13G to report the acquisition..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

subscription agreements financial

"HoldCo entered into subscription agreements with the Issuer on each of August 18, 2021, October 3, 2022, and April 28, 2023."

A subscription agreement is a signed contract in which an investor promises to buy a specified number of a company’s shares or securities under set terms — price, quantity, payment schedule and any conditions. Think of it like a formal deposit and purchase plan for stock: it locks in the sale and the buyer’s obligations and often sets protections or restrictions that affect ownership, dilution and the company’s ability to raise more money, so investors can assess risk and control.

working capital financial

"HoldCo paid for all of such shares from its working capital."

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

Investment Company Act of 1940 regulatory

"including investment companies registered under the Investment Company Act of 1940 and other managed accounts..."

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

informational barriers regulatory

"internal policies and procedures... establish informational barriers that prevent the flow... of information that relates to the voting and investment powers..."

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 35)

FRANKLIN BSP PRIVATE CREDIT FUND

(Name of Issuer)

ADVISOR CLASS SHARES OF BENEFICAL INTEREST

(Title of Class of Securities)

35242N202

(CUSIP Number)

Thomas C. Merchant
One Franklin Parkway,
San Mateo, CA, 94403
800-632-2350

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/29/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 35242N202

1

Name of reporting person

Franklin Resources, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 7,033,676.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 7,033,676.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

7,033,676.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

59.2 %

14

Type of Reporting Person (See Instructions)

CO, HC

Comment for Type of Reporting Person:

1.Consists of 4,955,483 Advisor Class Shares of Beneficial Interest held in a Franklin Resources, Inc.'s subsidiary's corporate account and 2,078,193 held for the benefit of a fund managed by Franklin Advisers, Inc. 2.Percentage represents the current beneficial ownership percentage that Franklin Resources, Inc. and its investment management subsidiaries may be deemed to beneficially own based upon 11,890,270 Advisor Class Shares of Beneficial Interest outstanding as of May 29, 2026.

SCHEDULE 13D

CUSIP Number(s): 35242N202

1

Name of reporting person

Charles B. Johnson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP Number(s): 35242N202

1

Name of reporting person

Rupert H. Johnson, Jr.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP Number(s): 35242N202

1

Name of reporting person

BSP Fund HoldCo (Debt Strategy) L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,955,483.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,955,483.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,955,483.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

41.7 %

14

Type of Reporting Person (See Instructions)

PN, OO

SCHEDULE 13D

CUSIP Number(s): 35242N202

1

Name of reporting person

Franklin Advisers, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 2,078,193.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 2,078,193.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

2,078,193.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.5 %

14

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: ADVISOR CLASS SHARES OF BENEFICAL INTEREST
(b)	Name of Issuer: FRANKLIN BSP PRIVATE CREDIT FUND
(c)	Address of Issuer's Principal Executive Offices: One Madison Avenue, Suite 1600, New York, NEW YORK , 10010.
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed by Franklin Resources, Inc. ("FRI"), a Delaware corporation, Charles B. Johnson ("C. Johnson"), Rupert H. Johnson, Jr. ("R. Johnson, Jr."), BSP Fund HoldCo (Debt Strategy) L.P. ("HoldCo"), a Delaware limited partnership, and Franklin Advisers, Inc. ("FAV"), a California corporation (HoldCo, FAV, and together with FRI, C. Johnson and R. Johnson, Jr., the "Reporting Persons"). HoldCo and FAV are wholly-owned subsidiaries of FRI. C. Johnson and R. Johnson, Jr. are the principal stockholders of FRI. R. Johnson, Jr. is also the Vice Chairman of FRI and C. Johnson is an Executive Consultant to FRI. C. Johnson and R. Johnson, Jr. are citizens of the United States.
(b)	The address of the principal business office of each of the Reporting Persons is One Franklin Parkway, San Mateo, California 94403-1906. The directors and principal executive officers of FRI, HoldCo, and FAV, their present principal occupations, citizenship and business addresses are listed on Exhibit D.
(c)	The principal business of FRI is to act as a holding company for various subsidiaries engaged in the investment management and related services business. The principal business of HoldCo is to make investments into credit related instruments and vehicles. The principal business of FAV is investment management. The principal occupation of each of C. Johnson and R. Johnson, Jr. are listed on Exhibit D.
(d)	During the last five years, none of the Reporting Persons, and to the best knowledge of the Reporting Persons, none of the persons listed on Exhibit D, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons, and to the best knowledge of the Reporting Persons, none of the persons listed on Exhibit D, was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Franklin Resources, Inc. and HoldCo: Delaware Charles B. Johnson and Rupert H. Johnson, Jr.: USA Franklin Advisers, Inc.: California
Item 3.	Source and Amount of Funds or Other Consideration
	The Reporting Persons have invested in the Issuer as follows: HoldCo has acquired a total of 4,955,483 Shares for an aggregate purchase price of $49,900,000, having acquired on August 18, 2021 90,000 Shares, on October 3, 2022 2,400,000 Shares, and on April 28,2023 2,465,483 Shares; in addition, HoldCo acquired on August 18, 2021 a total of 10,000 Class A Shares of Beneficial Interest of the Issuer for an aggregate purchase price of $100,000. HoldCo paid for all of such shares from its working capital. FRI, C. Johnson and R. Johnson, Jr. do not own directly any shares of the Issuer .
Item 4.	Purpose of Transaction
	Holdco acquired the Shares for investment and to support the Issuer in its investment strategy. Franklin Global Allocation Fund acquired the Shares for investment purposes. Except as described above, none of the investment management subsidiaries of FRI, and none of any of the other reporting persons covered by this Schedule 13D, currently has any plans or proposals that relate to or would result in any of the actions described in paragraphs (a) through (j) of the instructions to Item 4 of Schedule 13D, or any present plans or intentions to acquire or dispose of any securities of the Issuer.
Item 5.	Interest in Securities of the Issuer
(a)	7,033,676.00 or 59.2%
(b)	Sole power to vote or to direct the vote of the Shares: Franklin Resources, Inc.: 0 Charles B. Johnson: 0 Rupert H. Johnson, Jr.: 0 BSP Fund HoldCo (Debt Strategy) L.P.: 4,955,483 Franklin Advisers, Inc.: 2,078,193 Shared power to vote or to direct the vote of the Shares: 0 Sole power to dispose or to direct the disposition of the Shares: Franklin Resources, Inc.: 0 Charles B. Johnson: 0 Rupert H. Johnson, Jr.: 0 BSP Fund HoldCo (Debt Strategy) L.P.: 4,955,483 Franklin Advisers, Inc.: 2,078,193 Shared power to dispose or to direct the disposition of the Shares: 0
(d)	The clients of FRI's investment management subsidiaries, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, the securities reported herein. Franklin Global Allocation Fund, an investment company registered under the Investment Company Act of 1940, has an interest in 2,078,193 Shares, or 17.5% of the Shares.
(e)	Not Applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	HoldCo entered into subscription agreements with the Issuer on each of August 18, 2021, October 3, 2022, and April 28, 2023.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Joint Filing Agreement Exhibit B: Item 5 Ownership Exhibit C: Subscription Agreements entered into by HoldCo with the Issuer on each of August 18, 2021, October 3, 2022, and April 28, 2023 (incorporated by reference to Schedule 13D/A No. 20 filed on December 2, 2024) Exhibit D: Principal Executive Officers and Directors of FRI, HoldCo, and FAV (EX-1) EXHIBIT A: JOINT FILING AGREEMENT In accordance with Rule 13d 1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other of the attached statement on Schedule 13D and to all amendments to such statement and that such statement and all amendments to such statement are made on behalf of each of them. IN WITNESS WHEREOF, the undersigned have executed this agreement on the date of the signing of this filing. Franklin Resources, Inc. Charles B. Johnson Rupert H. Johnson, Jr. Franklin Advisers, Inc. By:/s/THOMAS C. MANDIA Thomas C. Mandia Assistant Secretary of Franklin Resources, Inc. Attorney in Fact for Charles B. Johnson pursuant to Power of Attorney Attorney in Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney Assistant Secretary of Franklin Advisers, Inc. BSP FUND HOLDCO (DEBT STRATEGY) L.P. By: Franklin Templeton Institutional GP LLC, its general partner By:/s/SHIRLEY HAMBELTON Shirley Hambelton Assitant Secretary of Franklin Templeton Institutional GP LLC Acknowledgment pursuant to Rule 13d-1(b)(1)(iii) Franklin Fund Allocator Series on behalf of Franklin Global Allocation Fund By:/s/BJORN A. DAVIS Bjorn A. Davis Chief Compliance Officer of Franklin Fund Allocator Series Exhibit B: Item 5 Ownership Benefit Street Partners L.L.C. ("BSP"), a direct wholly-owned subsidiary of FRI, serves as investment Adviser to the Issuer. BSP holds no Shares and no Class A Shares of Beneficial Interest of the Issuer. FRI is filing this report for itself and its affiliates, except as set forth herein. Beneficial ownership by FRI and its affiliates is being reported herein in conformity with the guidelines articulated by the SEC staff in Release No. 34-39538 (January 12, 1998) (the "1998 Release ") relating to organizations, such as FRI, where related entities exercise voting and investment powers over the securities being reported independently from each other. The voting and investment powers held by each of FRI's affiliates whose ownership of securities is disaggregated from that of FRI in accordance with the 1998 Release ("FRI Disaggregated Affiliates") are exercised independently from FRI and from all other investment management subsidiaries of FRI (FRI, its affiliates and the investment management subsidiaries of FRI other than FRI Disaggregated Affiliates are collectively, "FRI Aggregated Affiliates"). Furthermore, internal policies and procedures of, on the one hand, FRI Disaggregated Affiliates, and, on the other hand, FRI, establish informational barriers that prevent the flow among, on the one hand, FRI Disaggregated Affiliates (including preventing the flow between such entities), and, on the other hand, the FRI Aggregated Affiliates, of information that relates to the voting and investment powers over the securities owned by their respective investment management clients. Consequently, FRI Disaggregated Affiliates report the securities over which they hold investment and voting power separately from the FRI Aggregated Affiliates for purposes of Section 13 of the Act. C. Johnson and R. Johnson, Jr. (the "Principal Shareholders") may each own in excess of 10% of FRI's outstanding common stock and are the principal stockholders of FRI (see FRI's Proxy Statement-Stock Ownership of Certain Beneficial Owners). The Principal Shareholders may be deemed to be, for purposes of Rule 13d 3 under the Act, the beneficial owners of securities held by a wholly-owned subsidiary of FRI. FRI, the Principal Shareholders, and FAV disclaim any pecuniary interest in any of the Shares reported herein. In addition, the filing of the Schedule 13D on behalf of FRI and the Principal Shareholders should not be construed as an admission that any of them is, and each disclaims that it or he is, the beneficial owner, as defined in Rule 13d-3, of any of the Shares. FRI, HoldCo, FAV, and the Principal Shareholders believe that they are not a "group" within the meaning of Rule 13d-5 under the Act and that they are not otherwise required to attribute to each other the beneficial ownership of the Shares held by any of them. HoldCo did not acquire more than 5% of the Issuer's outstanding Shares until October 3, 2022.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Franklin Resources, Inc.

Signature:	/s/THOMAS C. MANDIA
Name/Title:	Thomas C. Mandia, Assistant Secretary of Franklin Resources, Inc.
Date:	06/01/2026

Charles B. Johnson

Signature:	/s/THOMAS C. MANDIA
Name/Title:	Thomas C. Mandia, Attorney in Fact for Charles B. Johnson pursuant to Power of Attorney
Date:	06/01/2026

Rupert H. Johnson, Jr.

Signature:	/s/THOMAS C. MANDIA
Name/Title:	Thomas C. Mandia, Attorney in Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
Date:	06/01/2026

BSP Fund HoldCo (Debt Strategy) L.P.

Signature:	/s/SHIRLEY HAMBELTON
Name/Title:	Shirley Hambelton, Assistant Secretary of Franklin Templeton Institutional GP LLC
Date:	06/01/2026

Franklin Advisers, Inc.

Signature:	/s/THOMAS C. MANDIA
Name/Title:	Thomas C. Mandia, Assistant Secretary of Franklin Advisers, Inc.
Date:	06/01/2026

Comments accompanying signature:

LIMITED POWERS OF ATTORNEY FOR SECTION 13 AND 16 REPORTING OBLIGATIONS (incorporated by reference to Schedule 13D/A No. 22 filed on December 23, 2024)

FAQ

What ownership stake does Franklin Resources report in Franklin BSP Private Credit Fund (BEN)?

Franklin Resources and affiliates report beneficial ownership of 7,033,676 Advisor Class Shares, representing 59.2% of the class based on 11,890,270 shares outstanding as of May 29, 2026. This reflects a controlling economic interest in that share class.

How is Franklin Resources’ 7,033,676-share position in Franklin BSP Private Credit Fund structured?

The 7,033,676 Advisor Class Shares consist of 4,955,483 shares held by BSP Fund HoldCo (Debt Strategy) L.P. and 2,078,193 shares held for Franklin Global Allocation Fund via Franklin Advisers, Inc. Each entity has sole voting and dispositive power over its respective holdings.

How much has BSP Fund HoldCo invested in Franklin BSP Private Credit Fund Advisor Class Shares?

BSP Fund HoldCo acquired 4,955,483 Advisor Class Shares for an aggregate purchase price of $49,900,000. Purchases occurred on August 18, 2021, October 3, 2022, and April 28, 2023, funded from HoldCo’s working capital according to the disclosure.

Do Charles B. Johnson and Rupert H. Johnson, Jr. directly own shares of Franklin BSP Private Credit Fund?

The filing states that Charles B. Johnson and Rupert H. Johnson, Jr. do not directly own any shares of the issuer. As principal stockholders of Franklin Resources, Inc., they may be deemed beneficial owners but expressly disclaim pecuniary interest in the reported Advisor Class Shares.

What portion of Franklin BSP Private Credit Fund shares are held for Franklin Global Allocation Fund?

Franklin Global Allocation Fund has an interest in 2,078,193 Advisor Class Shares, representing 17.5% of that class. These shares are held and managed by Franklin Advisers, Inc., which has sole voting and dispositive power over this specific block of shares.

What is the purpose of BSP Fund HoldCo’s investment in Franklin BSP Private Credit Fund?

The filing explains that HoldCo acquired the Advisor Class Shares for investment and to support the issuer in its investment strategy. Franklin Global Allocation Fund also acquired its shares for investment purposes, with no additional plans described regarding control or corporate actions.