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Managed Fund Since 2025
Alternatives
FBLUX Franklin BSP Lending Fund
- Market opportunity: BSP sees a significant gap between middle market companies' credit needs and their ability top access it.
- BSP edge: Disciplined investment approach and access to "strategic capital" opportunities, including non-sponsor investments that are typically less competitive and may offer better terms.
- Attractive fee and structure: No incentive fee, 1099 tax treatment, daily valuations, monthly distributions, quarterly liquidity.*
Popular Documents
Distribution Rate At NAV
8.05%
As of 06/05/2026
Floating Rate
83.54%
As of 04/30/2026
Annualized Return Since Inception
2.01
As of 04/30/2026
* While the Fund is valued on a daily basis, redemptions are only offered quarterly and intends to make a repurchase offer between 5% - 25% of the outstanding shares at NAV. Under normal market conditions, the Fund currently expects to offer to repurchase 5% of outstanding shares per quarter, subject to approval by the Fund’s Board.
Zero management fees until October 8, 2026** – click for important disclosures
Overview
Fund Facts
Fund description
Franklin BSP Lending Fund provides access to a portfolio anchored in direct lending and seeks to generate consistent income, provide diversification benefits, and lower volatility compared to public credit markets.
- Distribution Rate at NAV
As of 06/05/2026 (Updated Daily) - 8.05%
- Fund Inception Date
- 08/07/2025
- Managed Assets
As of 04/30/2026 (Updated Monthly) - $342.93 Million
- Number of Portfolio Companies
As of 04/30/2026 (Updated Monthly) - 38
- NAV
As of 06/05/2026 (Updated Daily) - $9.96
- Leverage
As of 04/30/2026 (Updated Monthly) - 11.37%
Identifiers
- Ticker
- FBLUX
- Fund Number
- 7193
- CUSIP Code
- 35243L403
Average Annual Total Returns As of 04/30/2026
Class I
- —1 Year
- —3 Years
- —5 Years
- —10 Years
- 2.01%Since Inception
01/29/2026
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.
Top Asset Allocation
As of 04/30/2026 % of Total (Updated Monthly)
Direct Lending & Illiquid Loans77.14% | |
Liquid Securities22.86% |
Learn More about this fund
Access Now
Why Private Credit
Access NowManager and Commentary
About the Team
An alternative credit pioneer that seeks to deliver attractive returns through its relationships, specialist expertise and global reach.
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Managed Fund Since 2025
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Managed Fund Since 2025
Latest Benefit Street Partners Insights
April 15, 2026
Performance
Average Annual Total Returns
As of 04/30/2026
Selected Month April 2026
Class I - With Sales Charge (POP) (%)
Month End
As of 04/30/2026
Class I - Without Sales Charge (NAV) (%)
Month End
As of 04/30/2026
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.
Portfolio
Asset Allocation 9
As of 04/30/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Direct Lending & Illiquid Loans | 77.14% |
Liquid Securities | 22.86% |
Tax Information
Federal ID Number
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Data not currently available.
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Franklin BSP Lending Fund Factsheet | |||
| Flyer - Franklin BSP Lending Fund Repurchase Offer and Distribution Schedule | |||
| Flyer - Why now for Franklin BSP Lending Fund | |||
| Pitchbook - Franklin BSP Lending Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin BSP Lending Fund | |||
| Prospectus - Franklin BSP Lending Fund | |||
| Statement of Aditional Information - Franklin BSP Lending Fund | |||
| Fiscal Q1 Holdings - Franklin BSP Lending Fund | |||
| Fiscal Q3 Holdings- Franklin BSP Lending Fund | |||
| Franklin BSP Lending Fund Quarterly Repurchase Request |
Risks
All investments involve risks, including possible loss of principal. An investment in an interval fund is not suitable for all investors. Unlike closed-end funds, an interval fund's shares are not typically listed on a stock exchange. There is also no secondary market for the fund's shares, and none is expected to develop. An investment in the fund should be considered illiquid. The fund may be able to invest in private securities that are illiquid and thinly traded, which may limit the manager's ability to sell such securities at their fair market value or when necessary to meet the portfolio's liquidity needs. There is no guarantee that an investor will be able to tender all or any of their requested fund shares in a periodic repurchase offer. Shareholders should not expect to be able to sell their shares regardless of how the fund performs. Distributions are not guaranteed and are subject to change. To the extent the fund invests in privately held companies they present certain challenges and involve incremental risks as opposed to investments in public companies, such as dealing with the lack of available information about these companies as well as their general lack of liquidity. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. These and other risks are discussed in the fund’s prospectus.
Important Information
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
The Fund's investment adviser is Benefit Street Partners L.L.C. (BSP). BSP is a wholly owned subsidiary of Franklin Templeton, Inc. that, together with its affiliates operates as Franklin Templeton.
A Private Debt Investment Committee sit alongside the Portfolio Managers and are involved in all aspects of the private debt investment process.