Franklin Resources (NYSE: BEN) discloses 38.7% Class I stake in BSP Lending Fund

Rhea-AI Filing Summary

Franklin Resources, Inc. and affiliated entities reported beneficial ownership of 75,000 Class I Shares of Franklin BSP Lending Fund through BSP Fund HoldCo (Debt Strategy) L.P., representing 38.7% of the Class I shares outstanding. HoldCo acquired the 75,000 shares on January 29, 2026 for a total purchase price of $750,000.00, using its own working capital, for investment and to support the fund’s investment strategy. The ownership percentage is based on 193,572 Class I Shares outstanding as of August 6, 2026. The filing states that HoldCo and Franklin Resources currently have no plans or proposals for corporate actions regarding the issuer’s securities beyond this investment and do not have present plans to acquire or dispose of additional securities.

Key Figures

Shares beneficially owned: 75,000 Class I Shares Ownership percentage: 38.7% Shares outstanding: 193,572 Class I Shares +4 more

7 metrics

Shares beneficially owned 75,000 Class I Shares Held by BSP Fund HoldCo (Debt Strategy) L.P. as reported ownership

Ownership percentage 38.7% Percentage of Class I Shares of Franklin BSP Lending Fund

Shares outstanding 193,572 Class I Shares Class I Shares outstanding as of August 6, 2026

Purchase price $750,000.00 Total paid by HoldCo on January 29, 2026 for 75,000 shares

Implied price per share $10.00 per share Derived from $750,000.00 for 75,000 Class I Shares

Transaction date January 29, 2026 Date HoldCo acquired 75,000 Class I Shares

Event date for filing August 6, 2026 Date of event requiring the ownership statement

Key Terms

beneficial owner, Rule 13d-3, pecuniary interest, sole voting power, +2 more

6 terms

beneficial owner regulatory

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

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

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

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.

pecuniary interest financial

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

sole voting power regulatory

"Number of Shares Beneficially Owned by Each Reporting Person With: | 7 | Sole Voting Power 75,000.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power regulatory

"Sole Dispositive Power 75,000.00 10 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

working capital financial

"acquired 75,000 Class I shares ... using its own working capital, for a purchase price"

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/08/2026 - 02:11 PM Accepted by SEC EDGAR 08/07/2026 - 01:24 PM Learn about SEC filing dates

FAQ

What ownership stake in Franklin BSP Lending Fund did BEN report in this Schedule 13D/A?

The filing reports that BSP Fund HoldCo (Debt Strategy) L.P., a subsidiary of Franklin Resources (BEN), beneficially owns 75,000 Class I Shares of Franklin BSP Lending Fund, representing 38.7% of the Class I shares outstanding as of August 6, 2026.

How much did BEN’s subsidiary pay for its Franklin BSP Lending Fund shares?

BSP Fund HoldCo (Debt Strategy) L.P. acquired 75,000 Class I Shares on January 29, 2026 for a total purchase price of $750,000.00, funded with its own working capital, indicating an investment of $10.00 per share into Franklin BSP Lending Fund.

What is the total Class I share count underlying BEN’s 38.7% interest?

The reported 38.7% beneficial ownership is calculated based on 193,572 Class I Shares of Franklin BSP Lending Fund outstanding as of August 6, 2026. BEN’s subsidiary holds 75,000 of these shares, giving it a substantial minority stake in the Class I share class.

Does BEN indicate plans to change its position in Franklin BSP Lending Fund?

The filing states that HoldCo and Franklin Resources acquired the shares for investment and to support the issuer’s strategy and that they currently have no plans or proposals to take the corporate actions listed in Item 4 or to acquire or dispose of additional securities.

Are Franklin executives personally shown as owning the fund’s Class I Shares in this filing?

The document lists Charles B. Johnson and Rupert H. Johnson, Jr. as reporting persons but shows each with 0 shares beneficially owned and 0.0% of the class. They may be deemed owners under Rule 13d-3, but they disclaim pecuniary interest in the reported shares.

How is control over the 75,000 Franklin BSP Lending Fund shares allocated within BEN?

BSP Fund HoldCo (Debt Strategy) L.P. is reported to have 75,000 shares with sole voting and sole dispositive power. Franklin Resources, Charles B. Johnson, and Rupert H. Johnson, Jr. are each shown with 0 voting and dispositive power over these shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 16)

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)

08/06/2026

(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)

38.7 %

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 193,572 Class I Shares of Common Stock outstanding as of August 6, 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)

38.7 %

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 38.7%
(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:	08/07/2026

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:	08/07/2026

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:	08/07/2026

BSP FUND HOLDCO (DEBT STRATEGY) LP

Signature:	/s/SHIRLEY HAMBELTON
Name/Title:	Shirley Hambelton, Assistant Secretary of Franklin Templeton Institutional GP LLC
Date:	08/07/2026

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)