Franklin BSP Lending Corp. Declares Special Dividend of $0.49 per Common Share

Franklin BSP Lending Corporation (“FBLC”) announced today that its Board of Directors has declared a special dividend of approximately $115 million, or $0.49 per common share, in connection with the previously announced definitive merger agreement entered into by and between FBLC, Franklin BSP Capital Corporation (“FBCC”) and the other parties thereto. The special dividend was paid in cash on January 11, 2024 to common stockholders of record as of January 10, 2024. The special dividend constituted a “tax dividend” permitted by the definitive merger agreement.

As previously announced, on December 19, 2023, FBCC common stockholders approved an amended and restated investment advisory agreement with Franklin BSP Capital Adviser L.L.C. (“FBCA”), FBCC’s external investment adviser, which will become effective upon the closing of the anticipated merger of FBLC with and into FBCC. In addition, on January 5, 2024, FBLC common stockholders approved the merger. Accordingly, all required stockholder approvals for the merger have been received. The merger is tentatively scheduled to close by the end of January, subject to the satisfaction of certain closing conditions.

About BSP

Benefit Street Partners L.L.C. (“BSP”) is a leading credit-focused alternative asset management firm with approximately $76 billion in assets under management as of September 30, 2023. BSP manages assets across a broad range of complementary credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, long-short liquid credit and commercial real estate debt. Based in New York, the BSP platform was established in 2008. BSP is a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.benefitstreetpartners.com.

About Franklin BSP Capital Corporation

FBCC is a non-listed business development company (“BDC”) with a $759 million investment portfolio at fair value as of September 30, 2023. FBCC’s investment portfolio primarily consists of loans to middle-market companies. FBCC has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). FBCC is managed by its investment adviser, FBCA, an affiliate of BSP. For further information, please visit https://benefitstreetpartners.com/our-business/funds/fbcc/. This press release is not an offer to sell any securities issued by FBCC and is not soliciting an offer to buy such securities.

About Franklin BSP Lending Corporation

FBLC is a non-listed BDC with a $2.8 billion investment portfolio at fair value as of September 30, 2023. In January 2022, FBLC changed its name from “Business Development Corporation of America” to “Franklin BSP Lending Corporation.” FBLC’s investment portfolio primarily consists of loans to middle-market companies. FBLC has elected to be regulated as a BDC under the 1940 Act. FBLC is managed by its investment adviser, Franklin BSP Lending Adviser, L.L.C., an affiliate of BSP. For further information, please visit https://benefitstreetpartners.com/our-business/funds/fblc/. This press release is not an offer to sell any securities issued by FBLC and is not soliciting an offer to buy such securities.

Forward-Looking Statements

Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition or the anticipated merger of FBLC with and into FBCC (the “Merger”). The forward-looking statements may include statements as to: future operating results of FBCC and FBLC and distribution projections; business prospects of FBCC and FBLC and the prospects of their portfolio companies; the impact of the investments that FBCC and FBLC expect to make; and the impact and effects of the Merger. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. FBCC and FBLC have based the forward-looking statements included in this press release on information available to them on the date of this press release, and they assume no obligation to update any such forward-looking statements. Although FBCC and FBLC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that FBCC and FBLC in the future may file with the Securities and Exchange Commission.

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