Franklin Resources (NYSE: BEN) funds hold 100% of Franklin BSP Lending Fund Class R6

Rhea-AI Filing Summary

Franklin Resources and affiliates report beneficial ownership of 30,396,832 Class R6 shares, or 100% of Franklin BSP Lending Fund. Most of the position is held through Franklin Advisers-managed funds, with Franklin Advisers reporting 30,386,832 shares and Franklin Resources, Inc. 10,000 shares.

The holdings were built through multiple private, non-exchange transactions, including sizeable purchases in late 2025 and February 2026 at prices around $10.15–$10.18 per share. The stake is held for investment purposes and to support the fund’s strategy, with no stated plans to change control or pursue strategic actions.

Insights

Asset management and ownership disclosure analyst

Franklin Resources discloses a full Class R6 ownership position used across its managed funds.

Franklin Resources, Inc. and Franklin Advisers, Inc. report beneficial ownership of 30,396,832 Class R6 shares, representing 100.0% of Franklin BSP Lending Fund’s Class R6. The position is largely held in Franklin Advisers-managed portfolios and reflects consolidated reporting rather than a new control transaction.

The disclosure details staged purchases, including 21,672,984 shares acquired for about $218,350,000 and additional blocks bought on February 24–26, 2026 at around $10.15 per share. The filing states an investment purpose and explicitly notes an absence of current plans for mergers, restructurings, or other actions listed under Item 4.

The report also attributes meaningful portions of the stake to named mutual funds, such as Franklin Global Allocation Fund with 7,017,508 shares (23.1%) and several Putnam target date funds. Future fund-level reports and updates to beneficial ownership filings may refine how this 100% Class R6 position is allocated across client vehicles.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Franklin BSP Lending Fund

(Name of Issuer)

Class R6 Shares

(Title of Class of Securities)

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

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

02/26/2026

(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).

SCHEDULE 13D

CUSIP Number(s):

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 30,396,832.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 30,396,832.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

30,396,832.00

12

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

13

Percent of class represented by amount in Row (11)

100.0 %

14

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

JOHNSON CHARLES B

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)

0.00 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

JOHNSON RUPERT H 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)

0.00 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

CUSIP Number(s):

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 30,386,832.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 30,386,832.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

30,386,832.00

12

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

13

Percent of class represented by amount in Row (11)

99.97 %

14

Type of Reporting Person (See Instructions)

CO, IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class R6 Shares
(b)	Name of Issuer: Franklin BSP Lending Fund
(c)	Address of Issuer's Principal Executive Offices: C/O FRANKLIN TEMPLETON, 280 PARK AVENUE, New York, NEW YORK , 10017.
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed by Franklin Resources, Inc., a Delaware corporation ("FRI"), Charles B. Johnson ("C. Johnson"), Rupert H. Johnson, Jr. ("R. Johnson, Jr."), and Franklin Advisers, Inc., a California corporation ("FAV", and together with FRI, C. Johnson and R. Johnson, Jr., the "Reporting Persons"). FAV is a direct wholly-owned subsidiary 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 and FAV, their present principal occupations, citizenship and business addresses are listed on Exhibit C.
(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 FAV is investment management. The principal occupation of each of C. Johnson and R. Johnson, Jr. are listed on Exhibit C.
(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 C, 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 C, 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.: 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: BSP Fund Holdco (Debt Strategy) L.P.("Holdco"), a wholly-owned subsidiary of FRI, acquired 10,000 Class R6 shares, ("Shares") on June 6, 2025, using its own working capital, for a purchase price of $100,000.00. FAV is the investment adviser to various funds which acquired a total of 21,672,984 Shares, of which 5,330,000 Shares were acquired on August 7, 2025, 3,282,026 were aquired September 8, 2025, 3,461,918.89 were acquired October 9 ,2025, 4,459,861.25 were acquired November 13, 2025, 3,960,396.04 were acquired December 16, 2025 and 1,178,781.93 were acquired on January 26, 2026. Such Shares were acquired, using their own working capital, for an aggregate purchase price of approximately $218,350,000.
Item 4.	Purpose of Transaction
	Holdco acquired the Shares for investment and to support the Issuer in its investment strategy. The various funds of which FAV is the investment adviser 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)	30,396,832 or 100.0%
(b)	Sole power to vote or to direct the vote of the Shares: Franklin Resources, Inc.: 10,000 Charles B. Johnson: 0 Rupert H. Johnson, Jr.: 0 Franklin Advisers, Inc.: 30,386,832 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.: 10,000 Charles B. Johnson: 0 Rupert H. Johnson, Jr.: 0 Franklin Advisers, Inc.: 30,386,832 Shared power to dispose or to direct the disposition of the Shares: 0
(c)	The purchases of Shares described below were made directly from the Issuer in private non-exchange traded transactions: Date of Transactions Number of Shares Price Per Share in USD 01/26/2026 1,178,782 10.18 02/24/2026 2,904,616 10.15 02/25/2026 2,904,616 10.15 02/26/2026 2,904,616 10.15
(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, a series of Franklin Fund Allocator Series, an investment company registered under the Investment Company Act of 1940, has an interest in 7,017,508 shares, or 23.1%, of the class of securities reported herein. Franklin Conservative Allocation Fund, a series of Franklin Fund Allocator Series, an investment company registered under the Investment Company Act of 1940, has an interest in 2,134,276 shares, or 7.0%, of the class of securities reported herein. Franklin Moderate Allocation Fund, a series of Franklin Fund Allocator Series, an investment company registered under the Investment Company Act of 1940, has an interest in 4,218,700 shares, or 13.9%, of the class of securities reported herein. Franklin Growth Allocation Fund, a series of Franklin Fund Allocator Series, an investment company registered under the Investment Company Act of 1940, has an interest in 3,701,989 shares, or 12.2%, of the class of securities reported herein. Franklin Multi-Asset Growth Fund, a series of Legg Mason Partners Investment Trust, an investment company registered under the Investment Company Act of 1940, has an interest in 2,282,783 shares, or 7.5%, of the class of securities reported herein. Putnam Retirement Advantage Plus Maturity Fund, a series of Putnam Target Date Funds, an investment company registered under the Investment Company Act of 1940, has an interest in 2,484,541 shares, or 8.2%, of the class of securities reported herein. Putnam Retirement Advantage Plus 2030 Fund, a series of Putnam Target Date Funds, an investment company registered under the Investment Company Act of 1940, has an interest in 2,011,067 shares, or 6.6%, of the class of securities reported herein. Putnam Retirement Advantage Plus 2035 Fund, a series of Putnam Target Date Funds, an investment company registered under the Investment Company Act of 1940, has an interest in 1,572,611 shares, or 5.2%, of the class of securities reported herein.
(e)	Not Applicable
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Joint Filing Agreement Exhibit B: Item 5 Ownership Exhibit C: Principal Executive Officers and Directors of FRI 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 attached to this Schedule 13D Attorney in Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney attached to this Schedule 13DAssistant Secretary of Franklin Advisers, Inc. Acknowledgment Franklin Fund Allocator Series on behalf of Franklin Global Allocation Fund, Franklin Conservative Allocation Fund, Franklin Moderate Allocation Fund, Franklin Growth Allocation Fund By:/s/TARA GORMEL Tara Gormel Vice President and Assistant Secretary of Franklin Fund Allocator Series Legg Mason Partners Investment Trust on behalf of Franklin Multi-Asset Growth Fund By:/s/THOMAS C. MANDIA Thomas C. Mandia Senior Vice President of Legg Mason Partners Investment Trust Putnam Target Date Funds on behalf of Putnam Retirement Advantage Plus Maturity Fund, Putnam Retirement Advantage Plus 2030 Fund, and Putnam Retirement Advantage Plus 2035 Fund By:/s/JAMES F. CLARK James F. Clark Vice President and Chief Compliance Officer of Putnam Target Date Funds Exhibit B: Item 5 Ownership FRI is filing this report for itself and its affiliates, except as set forth herein. FRI and its investment management subsidiaries may be deemed to beneficially own the Shares for which such investment management subsidiaries are the investment adviser for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Act"). In addition, FAV may be deemed to beneficially own the Shares in its capacity as the investment adviser to various managed funds holding securities, pursuant to investment management contracts that grant investment and/or voting power to FAV. When an investment management contract (including a sub-advisory agreement) delegates to FAV investment discretion or voting power over the securities held in the investment advisory accounts that are subject to that agreement, FRI treats FAV as having sole investment discretion or voting authority, as the case may be, unless the agreement specifies otherwise. 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 (other than with respect to shares held by Holdco), FAV, and the Principal Shareholders 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, 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.

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:	03/09/2026

JOHNSON CHARLES B

Signature:	/s/THOMAS C. MANDIA
Name/Title:	Attorney in Fact for Charles B. Johnson pursuant to Power of Attorney attached to this Schedule 13G
Date:	03/09/2026

JOHNSON RUPERT H JR

Signature:	/s/THOMAS C. MANDIA
Name/Title:	Attorney in Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney attached to this Schedule13G
Date:	03/09/2026

FRANKLIN ADVISERS INC

Signature:	/s/THOMAS C. MANDIA
Name/Title:	Thomas C. Mandia, Assistant Secretary of Franklin Advisers, Inc.
Date:	03/09/2026

Comments accompanying signature:

LIMITED POWER OF ATTORNEY FOR SECTION 13 AND 16 REPORTING OBLIGATIONS Know all by these presents, that the undersigned hereby makes, constitutes andappoints each of Alison E. Baur, Thomas C. Mandia, Beth McAuley O'Malley, Thomas C. Merchant, Kimberly H.Novotny, Virginia E. Rosas and Navid J. Tofigh each acting individually, as the undersigned's true and lawfulattorney-in-fact, with full power and authority as hereinafter described on behalf of and in the name, place andstead of the undersigned to: 1. prepare, execute, acknowledge, deliver and file Forms ID, Schedules 13D and13G, and Forms 3, 4 and 5 (including any amendments thereto and any related documentation) with the UnitedStates Securities and Exchange Commission and any national securities exchanges relating to FranklinResources, Inc. (FRI) and/or any registered closed-end company to which an affiliate of FRI is an investmentadviser (each, a Reporting Entity), as considered necessary or advisable under Regulation S-T and Sections13(d) and 16(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, asamended from time to time (the Exchange Act); and 2. seek or obtain, as the undersigned's representative and onthe undersigned's behalf, information on transactions in the securities of any Reporting Entity from any person,including brokers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes anysuch person to release any such information to the undersigned and approves and ratifies any such release ofinformation; and 3. perform any and all other acts which in the discretion of such attorney-in-fact are necessary ordesirable for and on behalf of the undersigned in connection with the foregoing. The undersigned acknowledgesthat: 1. this Limited Power of Attorney authorizes, but does not require, each such attorney-in-fact to act in theirdiscretion on information provided to such attorney-in-fact without independent verification of such information; 2.any documents prepared and/or executed by any such attorney-in-fact on behalf of the undersigned pursuant to this Limited Power of Attorney will be in such form and will contain such information and disclosure as such attorney-in-fact, in his or her discretion, deems necessary or desirable; 3. none of FRI, any Reporting Entity nor any of such attorneys-in-fact assumes (i) any liability for the undersigned's responsibility to comply with the requirements of the Exchange Act, (ii) any liability of the undersigned for any failure to comply with such requirements, or (iii) any obligation or liability of the undersigned for profit disgorgement under Section 16(b) of the Exchange Act; and 4. this Limited Power of Attorney does not relieve the undersigned from responsibility for compliance with the undersigned's obligations under the Exchange Act, including without limitation, the reporting requirements under Section 16 of the Exchange Act. The undersigned hereby gives and grants each of the foregoing attorneys-in-fact full power and authority to do and perform all and every act and thing whatsoever requisite, necessary or appropriate to be done in and about the foregoing matters as fully to all intents and purposes as the undersigned might or could do if present, hereby ratifying all that each such attorney- in-fact of, for and on behalf of the undersigned, shall lawfully do or cause to be done by virtue of this Limited Power of Attorney, and indemnifies each of the foregoing attorneys-in-fact against any loss of any nature whatsoever arising in connection therewith. This Limited Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to each such attorney-in-fact. IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney to be executed as of this 11th day of December, 2023. /s/CHARLES B. JOHNSON Signature Charles B. Johnson Print Name LIMITED POWER OF ATTORNEY FOR SECTION 13 AND 16 REPORTING OBLIGATIONS Know all by these presents, that the undersigned hereby makes, constitutes and appoints each of Alison E. Baur, Thomas C. Mandia, Beth McAuley O'Malley, Thomas C. Merchant, Kimberly H. Novotny, Virginia E. Rosas and Navid J. Tofigh each acting individually, as the undersigned's true and lawful attorney-in-fact, with full power and authority as hereinafter described on behalf of and in the name, place and stead of the undersigned to: 1. prepare, execute, acknowledge, deliver and file Forms ID, Schedules 13D and 13G, and Forms 3, 4 and 5 (including any amendments thereto and any related documentation) with the United States Securities and Exchange Commission and any national securities exchanges relating to Franklin Resources, Inc. (FRI) and/or any registered closed-end company to which an affiliate of FRI is an investment adviser (each, a Reporting Entity), as considered necessary or advisable under Regulation S-T and Sections 13(d) and 16(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, as amended from time to time (the Exchange Act); and 2. seek or obtain, as the undersigned's representative and on the undersigned's behalf, information on transactions in the securities of any Reporting Entity from any person, including brokers, employee benefit plan administrators and trustees, and the undersigned hereby authorizes any such person to release any such information to the undersigned and approves and ratifies any such release of information; and 3. perform any and all other acts which in the discretion of such attorney-in-fact are necessary or desirable for and on behalf of the undersigned in connection with the foregoing. The undersigned acknowledges that: 1. this Limited Power of Attorney authorizes, but does not require, each such attorney-in-fact to act in their discretion on information provided to such attorney-in-fact without independent verification of such information; 2. any documents prepared and/or executed by any such attorneyin- fact on behalf of the undersigned pursuant to this Limited Power of Attorney will be in such form and will contain such information and disclosure as such attorney-in-fact, in his or her discretion, deems necessary or desirable; 3. none of FRI, any Reporting Entity nor any of such attorneys-in-fact assumes (i) any liability for the undersigned's responsibility to comply with the requirements of the Exchange Act, (ii) any liability of the undersigned for any failure to comply with such requirements, or (iii) any obligation or liability of the undersigned for profit disgorgement under Section 16(b) of the Exchange Act; and 4. this Limited Power of Attorney does not relieve the undersigned from responsibility for compliance with the undersigned's obligations under the Exchange Act, including without limitation, the reporting requirements under Section 16 of the Exchange Act. The undersigned hereby gives and grants each of the foregoing attorneys-in-fact full power and authority to do and perform all and every act and thing whatsoever requisite, necessary or appropriate to be done in and about the foregoing matters as fully to all intents and purposes as the undersigned might or could do if present, hereby ratifying all that each such attorney- in-fact of, for and on behalf of the undersigned, shall lawfully do or cause to be done by virtue of this Limited Power of Attorney, and indemnifies each of the foregoing attorneys-in-fact against any loss of any nature whatsoever arising in connection therewith. This Limited Power of Attorney shall remain in full force and effect until revoked by the undersigned in a signed writing delivered to each such attorney-in-fact. IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney to be executed as of this 11th day of December, 2023 /s/RUPERT H. JOHNSON, JR. Signature Rupert H. Johnson, Jr. Print Name

FAQ

What stake does Franklin Resources (BEN) report in Franklin BSP Lending Fund Class R6?

Franklin Resources and affiliates report beneficial ownership of 30,396,832 Class R6 shares, representing 100.0% of the class. Franklin Advisers holds 30,386,832 shares and Franklin Resources, Inc. holds 10,000 shares, giving them sole voting and dispositive power over this Class R6 float.

How much did Franklin Resources-related funds invest in Franklin BSP Lending Fund Class R6?

Various Franklin Advisers-managed funds acquired 21,672,984 Class R6 shares for an aggregate purchase price of about $218,350,000. Separately, BSP Fund Holdco (Debt Strategy) L.P., a Franklin subsidiary, bought 10,000 shares for $100,000, all using their own working capital.

Over what period did Franklin entities build their Class R6 position in Franklin BSP Lending Fund?

Franklin entities accumulated Class R6 shares through several transactions from June 6, 2025 through February 26, 2026. Large blocks were purchased on August 7, September 8, October 9, November 13, December 16, 2025, and late February 2026 in private, non-exchange trades.

What prices did Franklin-related funds pay for Franklin BSP Lending Fund Class R6 shares?

Recent transactions in early 2026 show purchases at $10.18 per share on January 26 and $10.15 per share on February 24, 25, and 26, 2026. Earlier purchases in 2025 underpin the overall cost basis for the 30,396,832 Class R6 shares reported.

Why did Franklin Resources and its affiliates acquire Franklin BSP Lending Fund Class R6 shares?

The filing states the shares were acquired for investment purposes, and in Holdco’s case also to support the fund’s investment strategy. It further notes that the reporting persons currently have no plans for transactions like mergers, reorganizations, or other control-related actions.

Which Franklin and Putnam funds hold significant portions of the Franklin BSP Lending Fund Class R6 stake?

Named holders include Franklin Global Allocation Fund with 7,017,508 shares (23.1%), Franklin Moderate Allocation Fund with 4,218,700 shares (13.9%), Franklin Growth Allocation Fund with 3,701,989 shares (12.2%), and several Putnam Retirement Advantage Plus target date funds each holding between 5.2% and 8.2%.