Franklin Resources (NYSE: BEN) discloses 74.6% holding in BSP Lending Fund

Rhea-AI Filing Summary

Franklin Resources, Inc. and related reporting persons disclose a large holding in Franklin BSP Lending Fund’s Class I Shares. BSP Fund HoldCo (Debt Strategy) L.P., a wholly owned subsidiary of Franklin Resources, acquired 75,000 Class I Shares for $750,000.00 on January 29, 2026, giving the group beneficial ownership of 74.6% of this share class based on 100,540 shares outstanding as of June 17, 2026.

HoldCo states it acquired the shares for investment and to support the fund’s investment strategy and reports sole voting and dispositive power over the 75,000 shares. Franklin Resources and principal shareholders Charles B. Johnson and Rupert H. Johnson, Jr. reference Rule 13d-3, indicate they may be deemed beneficial owners through the subsidiary, but each disclaims pecuniary interest and beneficial ownership of the reported shares. The filing notes no additional plans regarding control actions and no transactions in the issuer’s securities in the prior 60 days.

Key Figures

Shares owned: 75,000 Class I Shares Ownership percentage: 74.6% Shares outstanding: 100,540 Class I Shares +3 more

6 metrics

Shares owned 75,000 Class I Shares Beneficially owned by BSP Fund HoldCo (Debt Strategy) L.P.

Ownership percentage 74.6% Percent of Class I Shares based on 100,540 outstanding as of June 17, 2026

Shares outstanding 100,540 Class I Shares Outstanding as of June 17, 2026

Purchase price $750,000.00 Total paid for 75,000 Class I Shares on January 29, 2026

Sole voting power 75,000 shares Voting power held by BSP Fund HoldCo (Debt Strategy) L.P.

Sole dispositive power 75,000 shares Dispositive power held by BSP Fund HoldCo (Debt Strategy) L.P.

Key Terms

beneficial owner, Rule 13d-3, Schedule 13G, joint filing agreement, +1 more

5 terms

beneficial owner financial

"may be deemed to be, for purposes of Rule 13d-3 under the Act, the beneficial owners of securities"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Rule 13d-3 regulatory

"for purposes of Rule 13d-3 under the Act, the beneficial owners of securities held"

Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.

Schedule 13G regulatory

"Power of Attorney attached to this Schedule 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

joint filing agreement regulatory

"hereby agree to the joint filing with each other of the attached statement"

pecuniary interest financial

"The Principal Shareholders disclaim any pecuniary interest in any of the Shares reported herein"

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Available on EDGAR 06/18/2026 - 02:45 PM Accepted by SEC EDGAR 06/18/2026 - 09:21 AM Learn about SEC filing dates

FAQ

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

Franklin Resources reports beneficial ownership of 75,000 Class I Shares of Franklin BSP Lending Fund, representing 74.6% of that share class based on 100,540 Class I Shares outstanding as of June 17, 2026.

How much did Franklin Resources (BEN) pay for its Franklin BSP Lending Fund shares?

BSP Fund HoldCo (Debt Strategy) L.P., a Franklin Resources subsidiary, acquired 75,000 Class I Shares on January 29, 2026 for a total purchase price of $750,000.00, using its own working capital to fund the investment.

Who holds voting and dispositive power over the Franklin BSP Lending Fund shares?

BSP Fund HoldCo (Debt Strategy) L.P. reports sole voting and dispositive power over the 75,000 Franklin BSP Lending Fund Class I Shares. Franklin Resources and its principal shareholders report zero direct voting or dispositive power over these specific shares.

Do Franklin Resources insiders claim beneficial ownership of the reported shares?

Charles B. Johnson and Rupert H. Johnson, Jr. may be deemed beneficial owners under Rule 13d-3 due to their stakes in Franklin Resources, but each expressly disclaims pecuniary interest and beneficial ownership in the 75,000 Franklin BSP Lending Fund shares.

What is the purpose of Franklin Resources’ investment in Franklin BSP Lending Fund?

The filing states BSP Fund HoldCo acquired the 75,000 Class I Shares for investment purposes and to support Franklin BSP Lending Fund’s investment strategy. The reporting persons indicate no current plans for actions like mergers, control changes, or additional acquisitions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Franklin BSP Lending Fund

(Name of Issuer)

Class I Shares

(Title of Class of Securities)

35243L403

(CUSIP Number)

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)

06/17/2026

(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): 35243L403

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 75,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 75,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

75,000.00

12

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

13

Percent of class represented by amount in Row (11)

74.6 %

14

Type of Reporting Person (See Instructions)

CO, HC

Comment for Type of Reporting Person:

Percentage represents the current beneficial ownership percentage that Franklin Resources, Inc. and its investment management subsidiaries may be deemed to beneficially own based upon 100,540 Class I Shares of Common Stock outstanding as of June 17, 2026.

SCHEDULE 13D

CUSIP Number(s): 35243L403

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): 35243L403

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): 35243L403

1

Name of reporting person

BSP FUND HOLDCO (DEBT STRATEGY) LP

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 75,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 75,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

75,000.00

12

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

13

Percent of class represented by amount in Row (11)

74.6 %

14

Type of Reporting Person (See Instructions)

PN, OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class I Shares
(b)	Name of Issuer: Franklin BSP Lending Fund
(c)	Address of Issuer's Principal Executive Offices: c/o Franklin Templeton, ONE MADISON AVENUE, 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."), and BSP Fund HoldCo (Debt Strategy) L.P. ("HoldCo"), a Delaware limited partnership), a California corporation (HoldCo, FAV, and together with FRI, C. Johnson and R. Johnson, Jr., the "Reporting Persons"). HoldCo is a 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 HoldCo, 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 HoldCo is to make investments into credit related instruments and vehicles. 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. and HoldCo: Delaware Charles B. Johnson and Rupert H. Johnson, Jr.: USA
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 75,000 Class I shares, ("Shares") on January 29, 2026, using its own working capital, for a purchase price of $750,000.00.
Item 4.	Purpose of Transaction
	Holdco acquired the Shares for investment and to support the Issuer in its investment strategy. Except as described above, Holdco and FRI currently have no 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)	75,000 or 74.6%
(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.: 75,000 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.: 75,000 Shared power to dispose or to direct the disposition of the Shares: 0
(c)	There have been no transactions in the past 60 days.
(d)	Not Applicable
(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. 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 13D BSP FUND HOLDCO (DEBT STRATEGY) L.P By: Franklin Templeton Institutional GP LLC, its general partner By:/s/SHIRLEY HAMBELTON Assistant Secretary of Franklin Templeton Institutional GP LLC Exhibit B: Item 5 Ownership 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. 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, HoldCo, 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:	06/18/2026

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:	06/18/2026

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:	06/18/2026

BSP FUND HOLDCO (DEBT STRATEGY) LP

Signature:	/s/SHIRLEY HAMBELTON
Name/Title:	Shirley Hambelton, Assistant Secretary of Franklin Templeton Institutional GP LLC
Date:	06/18/2026

Comments accompanying signature:

LIMITED POWERS OF ATTORNEY FOR SECTION 13 AND 16 REPORTING OBLIGATIONS FOR CHARLES B. JOHNSON AND RUPERT H, JOHNSON, JR. (incorporated by reference to Schedule 13D filed on February 10, 2026)