#1BENEFIT STREET PARTNER S 3.33 4.50 5.45 6.78 66:37:33 FRANKLIN BSP LENDING CORP 1.40 3.89 932 3.50 2.67 6.57 5.45 3.98 4.50 9.32 3.89 4.50 2.13 4.7° 5.45 2.67 4.50 3.89 Q2 2023 Investor Presentation#2Disclosures FRANKLIN BSP LENDING CORP The information herein relates to Franklin BSP Lending Corporation's (the "Company" or "FBLC") business and financial information as of June 30, 2023 and does not reflect subsequent developments unless otherwise noted. For more information on certain risks and trends effects or potential effects upon FBLC and our portfolio companies, supply chain disruptions and inflation, please see our most recent annual report filed on Form 10-K and subsequent quarterly reports filed on Form 10-Q. This presentation was prepared exclusively for the benefit and use of FBLC investors to whom it is directly addressed and delivered and does not carry any right of publication or disclosure, in whole or in part, to any other party. This presentation is for discussion purposes only. Neither this presentation nor any of its contents may be distributed or used for any other purpose without the prior written consent of Franklin BSP Lending Adviser, L.L.C. ("FBLC Adviser") and is incomplete without reference to, and should be viewed in conjunction with, the oral briefing provided by FBLC Adviser. FBLC Adviser is an affiliate of Benefit Street Partners L.L.C. (collectively with FBLC Adviser "Benefit Street" or "BSP"). The sole purpose of this presentation is to provide investors with an update on FBLC. The description of certain aspects of FBLC in this presentation is a condensed summary only. This summary does not purport to be complete, and no obligation to update or otherwise revise such information is being assumed. This summary is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. This summary is not advice, a recommendation or an offer to enterinto any transaction with FBLC or any of its affiliated funds. The following slides contain summaries of certain financial information about FBLC. The information contained in this presentation is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. We undertake no duty or obligation to publicly update or revise the information contained in this presentation. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of FBLC, or information about the market, as indicative of FBLC's future results. The information contained in this presentation will be superseded by, and is qualified in its entirety by reference to, the FBLC's Annual Report on Form 10-K, which will contain information about FBLC's investment objectives and the tems and conditions of an investment in FBLC, and subsequent quarterly reports filed on Form 10-Q. Investors should consider the investment objectives, risks, and charges and expenses of FBLC carefully before investing. FBLC's Annual Report on Form 10-K contains this and other information about the investment company. You may obtain a copy of the most recent Annual Report by calling 844-785-4393 and/or visiting www.FBLending Corp.com. There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references in this presentation to any of FBLC's past or present investments, portfolio characteristics, or perfomance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the perfomance of these investments. There can be no guarantee that the investment objective of FBLC will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to FBLC's Annual Report on Form 10-K for a more complete list of risk factors. There can be no assurances that future dividends will match or exceed historic ones, or that they will be made at all. It should not be assumed that investments made in the future will be profitable or will equal the performance of investments in this document. Net returns give effect to all fees and expenses. Unless otherwise noted, information included herein is presented as of the date indicated on the cover page and may change at any time without notice. FBLC is subject to certain significant risks relating to its business and investment objective. For more detailed information on risks relating to FBLC, see the latest Form 10-K and subsequent quarterly reports filed on Form 10-Q. On February 1, 2019, Franklin Templeton completed its acquisition of BSP, including BSP's 100% ownership interest in our Adviser (the "FT Transaction"). All investment professionals managing us and our investments, and all members of the BSP's Investment Committee maintained their respective responsibilities afterthe closing of the FT Transaction. AUM refers to the assets under management for funds and separately managed accounts managed by Benefit Street. For private debt funds and other drawdown funds and separately managed accounts, AUM generally represents the sum of the total investments at fair value plus available capital (undrawn commitments plus distributions subject to recall). For hedge funds and non-drawdown funds and separately managed accounts, AUM represents the NAV (net asset value) of each fund or separately managed account. For collateralized loan obligations, AUM represents the total amount of the debt tranches and subordinated notes (equity) at closing. For long-only liquid accounts, AUM represents the gross asset value of the investments managed by BSP. AUM amounts are unaudited. Certain amounts are preliminary and remain subject to change. Benefit Street's private debt/opportunistic credit strategy refers to certain accounts that invest in an opportunistic private debt strategy and are managed by Benefit Street. FBLC has different investment restrictions, risk tolerances, tax approaches, leverage limitations, regulatory and fund structures than that of the accounts comprising the private debt strategy and was invested under different market conditions than the private funds and separately managed accounts comprising the private debt strategy, and as such, the performance and portfolio characteristics of the accounts comprising these strategies should not be considered indicative of FBLC's prospects. Certain information contained in this presentation (including financial information) has been obtained from published and non-published sources. Such infomation has not been independently verified by FBLC, Benefit Street or their affiliates, and FBLC, Benefit Street and their affiliates make no representations concerning and do not assume responsibility for the accuracy of such information. Except where otherwise indicated in this presentation, the information provided is based on matters as it exists as of the date of preparation and not as of any future date. Such information will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of this presentation. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal, ERISA or tax advice or investment recommendations. Investors should also seek advice from their own independent tax, accounting, financial, ERISA, investment and legal advisors to properly assess the merits and risks associated with their investment in light of their own financial condition and other circumstances. Forward Looking Statements and Risk Factors This presentation contains "forward looking statements" that are subject to risks and uncertainties. Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors beyond the control of FBLC, including those listed in the "Risk Factors" section of our filings with the Securities and Exchange Commission ("SEC"). Any such forward-looking statements are made pursuant to the safe harbor provisions. available under applicable securities laws and FBLC assumes no obligation to update or revise any such forward booking statements. FBLC has based these forward-looking statements on its current expectations and projections about future events. FBLC believes that the expectations and assumptions that have been made with respect to these forward-looking statements are reasonable. However, such expectations and assumptions may prove to be incorrect. A number of factors could lead to results that may differ from those expressed or implied by the forward-looking statements. Given this level of uncertainty, investors should not place undue reliance on any forward-looking statements. BENEFIT STREET 1 PAR NERS#3Today's Speakers FRANKLIN BSP LENDING CORP Richard J. Byrne Chief Executive Officer and President of FBLC Mr. Byrne is the President of Benefit Street Partners, a wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN). He also serves as Chairman and Chief Executive Officer of Franklin BSP Lending Corporation, Franklin BSP Capital Corporation, Franklin BSP Realty Trust, Inc. (NYSE: FBRT), and Benefit Street Partners Multifamily Trust. Prior to joining Benefit Street Partners, Mr. Byrne was Chief Executive Officer of Deutsche Bank Securities, Inc. He was also the Co-Head of Global Capital Markets at Deutsche Bank as well as a member of their Global Banking Executive Committee and Global Markets Executive Committee. Before joining Deutsche Bank, Mr. Byrne was Global Co-Head of the Leveraged Finance Group, and Global Head of Credit Research at Merrill Lynch & Co. He was also a perennially top-ranked credit analyst, principally in the Gaming, Lodging & Leisure sector. Mr. Byrne earned an MBA from the Kellogg School of Management at Northwestern University, and a BA from Binghamton University. Mr. Byrne is a member of the Board of Directors of Wynn Resorts, Limited (NASDAQ: WYNN), and New York Road Runners. He is also the Founder and Chief Executive Officer of KASAI Elite Grappling Championships. Nina Baryski Chief Financial Officer and Treasurer of FBLC Nina Baryski serves as Chief Financial Officer of Franklin BSP Lending Corporation, Franklin BSP Capital Corporation, and as a Managing Director with Benefit Street Partners. Prior to joining BSP in 2012, Ms. Baryski worked at Audax Group as a finance manager focusing on financial reporting and fund operations. She began her career at PricewaterhouseCoopers in the investment management practice. Ms. Baryski received a Bachelor of Science in Finance and Accounting from the Stern School of Business at New York University and is a Certified Public Accountant. BENEFIT STREET 2 PAR NERS#4Table of Contents Section I Executive Summary Section II Overview of Adviser Section III Overview of FBLC FRANKLIN BSP LENDING CORP BENEFIT STREET 3 PAR NERS#5Executive Summary BENEFIT STREET P A R T W E R S#6Executive Summary: Financial Summary New Investments FRANKLIN BSP LENDING CORP During Q2, FBLC made approximately $84 million in new investments vs. $72 million of sales and repayments. Net Investment Income Net Investment Income is $42.0 million or $0.18 per share compared to $38.3 million or $0.17 per share during the prior quarter. NAV NAV per share is $7.26 at 6/30, compared to $7.28 per share at 3/31. Leverage Gross leverage as of 6/30 is 0.74x, compared to 0.74x at 3/31. Dividend Quarterly dividend of $0.13/share + a Q2 special dividend of $0.02/share Dividend coverage was 140.1% for the quarter (excluding the special dividend), and 121.4% for the quarter (including the special dividend). Portfolio $2.9 billion total fair value of investments across 146 portfolio companies. ■ Six investments on non-accrual. They represent 1.8% of cost and 0.4% of fair value. Source: SEC filings as of 08/11/2023. Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFITI STREET 5 PAR NERS#7Executive Summary: Financial Results ($ in millions, where applicable) FRANKLIN BSP LENDING CORP 0000 Net Asset Value (NAV) NAV, per share Q2'23 Q1'23 $1,681.5 $1,681.4 $7.26 $7.28 Net Investment income (NII) $42.0 $38.3 NII, per share $0.18 $0.17 Regular Dividend ($) $30.1 $29.9 Regular Dividend, per share ($) $0.13 $0.13 Special Dividend, per share ($) $0.02 $0.02 Dividend Coverage ($) 1 $11.9 $8.4 Dividend Coverage (%)' Total Debt Total Debt/Equity Ratio² 140.1% 128.2% $1,246.3 0.74x $1,236.8 0.74x Fair Value of Investments Number of Portfolio Companies $2,905.7 146 $2,900.6 148 Source: SEC filings as of 08/11/2023. Notes: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. Dividend Coverage calculations exclude the special dividend. 1 2 Debt/Equity Ratio is calculated as total debt over Net Asset Value at the end of the period. BENEFIT STREET 6 PAR NERS#8Executive Summary: FBLC in Review March 2021: Priced $300mm January senior notes due Q4 2021: Originated a record of over $650M in Q4, resulting in record annual originations of over $1.6B Q3 2021: 2021: 2026 at 3.25% Kahala and Park Formed Avenue no longer Joint Venture Received Baa3 in top 5 positions rating from (JV) Moody's FRANKLIN BSP LENDING CORP Dec 2021: FBLC acquires Post Road Equipment Finance, LLC (fka Encina) June 2022 : $495M JPM Revolver Facility established Oct 2022: BSP Launches Franklin BSP Private Credit Fund (FBPCF) Feb 2023: 100% Called on $234.8M Equity Raise Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 January 2021: BSP launches Franklin BSP Capital Corp. (FBCC) Sept 2021: Increase quarterly dividend to $0.13 per share & declares a special dividend of $0.02 per share Jan 2022: BDCA announces name April/May 2022: Equity Raise of $234.8M Nov 2022: BSP acquires Alcentra change to Franklin BSP Lending Corp (FBLC) Source: SEC filings as of 08/11/2023. Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. May 2023: Payoff of $60M unsecured notes BENEFIT STREET 7 PAR NERS#9Executive Summary: Net Asset Value Per Share 2.9% Net Asset Value Per Share FBLC's NAV per share has increased 12.2% since Q1 2020 3.6% 3.5% FRANKLIN BSP LENDING CORP 0.4% 0.3% 0.4% (1.2%) (0.5%) 3.3% (1.4%) 0% (0.3%) $7.43 $7.46 $7.49 $7.51 $7.42 0.8% $7.38 $7.28 $7.28 $7.26 $7.19 $6.95 $6.71 $6.52 $6.47 1Q20 2Q20 Source: SEC filings as of 08/11/2023. 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFIT STREET 8 PAR NERS#10Executive Summary: Purchase and Sale Activity Quarterly Net Investments ($ in millions) ■Originations ■Paydowns/Dispositions Net Funding $200 $150 $174 $142 $134 $100 $50 $55 $30 $- $107 $65 $27 FRANKLIN BSP $84 $(38) $(50) $(67) $(72) $(79) $(100) $(112) $(150) $(200) Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Source: SEC filings as of 08/11/2023. Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. LENDING CORP $12 BENEFITI STREET 9 PAR NERS#11Executive Summary: Market Data ■6/30/2020 ■6/30/2021 ■6/30/2022 ■ 8/9/2023 Morningstar First Lien Spreads Morningstar All Loan Spreads Sources: CaplQ and Bloomberg, as provided by Houlihan Lokey 392bps 401bps FRANKLIN BSP LENDING CORP 547bps 510bps 474bps 568bps 525bps 491bps Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFIT STREET 10 PAR NERS#120.5 0 Dec-19 4.5 5.5 5 Executive Summary: Q2 FBLC Base Rate Trends 6 SOFR at Quarter-Ends LIBOR / SOFR Reach 5% 4 Date 3-Month SOFR 3.5 June 30, 2022 2.12% September 30, 2022 3.59% 3 December 31, 2022 4.59% 2.5 March 31, 2023 4.91% 2 June 30, 2023 5.35% 1.5 1 Jun-20 3 Month LIBOR Dec-20 Jun-21 Dec-21 Current LIBOR: 5.61% Current SOFR: 5.35% Jun-22 3 Month SOFR 3 Month LIBOR Forward Curve Average Floor: 0.875% Dec-22 Jun-23 Source: Bloomberg. Data as of July 24, 2023. Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFIT STREET 11 NERS PAR 3 Month SOFR Forward Curve Dec-23 FRANKLIN BSP LENDING CORP#13Overview of Adviser BENEFIT STREET P A R T W E R S#14Overview of Adviser: BSP Platform Overview ($ in billions, where applicable) Benefit Street Partners ("BSP") is a leading global alternative investment manager with a credit focus. FRANKLIN BSP LENDING CORP $76bn 413 ASSETS UNDER MANAGEMENT1 7 EMPLOYEES² OFFICES² 173 INVESTMENT PROFESSIONALS2 15 YEARS OF CREDIT INVESTING Structured Credit/Multi- Strategy4, $6.8 Commercial Real Estate, $8.3 Liquid High Yield³, $8.2 $76 billion Total AUM 1,2 Private Debt - Direct Lending, $25.2 Special Situations, $3.1 Collateralized Loan Obligations, $24.6 PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. Note: Please see disclaimer at the end of the presentation for additional information. 1 AUM refers to the assets under management for all credit funds and separately managed accounts managed and administered by BSP. AUM amounts are approximations as of June 30, 2023 and are unaudited. Certain amounts are preliminary and remain subject to change. 2 As of June 30, 2023. Includes Franklin Templeton team members who dedicate substantially all their time to BSP / Alcentra products 3 Includes High Yield, Loans, and Multi Credit strategies 4 Excludes assets within multi-credit mandates that the Structured Credit team manages. Approximately $100m of third-party US CLO assets managed as a part of a broader diversified portfolio excluded from Structured Credit assets. BENEFIT STREET 13 NERS#15FRANKLIN BSP LENDING CORP Overview of Adviser: Franklin Templeton's Global Platform • Franklin Templeton offers strong investment capabilities and brand recognition in a wide range of key alternative asset categories As of 06/30/23 $505bn $458bn Specialist Investment Manager Private Debt/ Alternative Real Estate / Hedge Funds Real Assets Private Equity / Venture Capital Credit Fixed Income $148bn Multi-Asset Alcentra Lexington Partners Clarion Partners Benefit Street Partners Equity K2 Advisors $66bn $257bn Money Market Alternatives Total Assets Under Management: $1.43 Trillion¹ Franklin Venture Partners Dedicated Private Markets / Alternative Asset Businesses: $257 Billion AUM Past performance is not an indicator or a guarantee of future performance. As of June 30, 2023, unless otherwise noted. 1. Data as of 06/30/2023. Assets under management represent combined assets of Franklin Templeton, Legg Mason, and subsidiary investment management groups. BENEFIT STREET 14 H PAR NERS#16Overview of FBLC BENEFIT STREET P A R T W E R S#17Overview of FBLC: Trailing 4 Quarters Financial Summary FV of Investments ($ in millions) FRANKLIN BSP LENDING CORP Net investment income ($ in millions) Debt yield! NII per share Dividend per share Special Dividend per share 9.8% 11.3% 11.8% 12.1% $0.14 $0.16 $0.17 $0.18 $0.13 $0.13 $0.13 $0.13 $0.02 $0.02 $0.02 $0.02 $42.0 $2,900.6 $2,905.7 $36.6 $38.3 $2,875.1 $30.9 $2,782.2 Q3 '22 Q4'22 Q1'23 Dividend Coverage (%)³ Q2 '23 Q3'22 Q4'22 140.1% 128.2% 123.7% 108.8% Q1'23 Q2'23 Net Debt/Equity2 0.71x 0.70x 0.70x 0.71x Q3 '22 Q4'22 Q1'23 Q2 '23 Q3'22 Q4'22 Q1'23 Q2'23 Source: SEC filings as of 08/11/2023. Notes: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. 1. Based on fair value and includes annual contractual interest rate of our portfolio investments and the requisite amortization of discounts and fees. Yields presented are debt-only yields and exclude Equity/Other, Collateralized Securities and FBLC Senior Loan Fund. 2. Net Debt/Equity Ratio is calculated as total debt less cash over Net Asset Value at the end of the period. 3. Dividend coverage excludes special dividend. BENEFIT STREET 16 PAR NERS#18Overview of FBLC: Portfolio Snapshot OVERVIEW OF FBLC: PORTFOLIO SNAPSHOT AS OF 30-JUN-23 Source: US Bank. Summations may not total to 100% due to rounding. FBLC DATE 30-Jun-23 FUNDS FBLC 146 Portfolio Companies 76.7% % Senior Secured FBLC is effectively ~96% senior secured per note (1) below 11.9% % of Weighted Average Yield on Current Portfolio FAIR VALUE AND YIELD BY TRANCHE First Lien Joint Venture Equity/Others Second Lig Subordinated CLO 7.1% 10.5% 0.9% 69.9% INDUSTRY DIVERSIFICATION Industry Diversification Business Services Healthcare Financials Diversified lovest Software/Services Industrials Media/Entertainm Paper & Packaging Consumer Food & Beverage 0% All Others 7.8% 3:9 2.5% 15.4% 14.3% 13.8% 11.8% 9.9% 9.2% 6.4% 5.0% 5% 10% 15% % Fair Value $2.9bn Total Investments 93.9% % Floating Rate FRANKLIN BSP LENDING CORP 12.1% % Weighted Average Yield on Debt Investments % FAIR VALUE BY OBLIGOR GROUPS (Top 10) 26.0% (11-20) (21-30) (31-40 (41-50) Others 7.9% 0.5% 10.4% PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. Note: Weighted average yield is based on fair value and includes annual contractual interest rate and amortization of discounts and fees. (1) As of June 30, 2023, if the underlying investments of FBLCSenior Loan Fund were held by us and we were to treat the investments in Siena and Post Road as senior secured first lien investments, given the underlying businesses of those portfolio companies, then our portfolio composition as of June 30, 2023 would be approximately 96% senior secured. 33.1% 13.1% BENEFIT STREET 17 PAR NERS#19Overview of FBLC: Portfolio Metrics SECTION 1 - FBLC SUMMARY RESULTS (PORTFOLIO METRICS) Source: US Bank. Summations may not total to 100% due to rounding. FBLC AS OF DATE 30-Jun-23 COMPARISON DATE 31-Mar-23 FBLC is effectively 89.3% senior secured first lien per note (1) below WEIGHTED AVERAGE YIELD WEIGHTED AVERAGE YIELD 30-Jun-23 First Lien 11.9% First Lien Second Lien 13.7% Senior Secured - Subtotal 12.1% Subordinated 127% Second Lien Senior Secured - Subtotal Subordinated CLO-Debt 15.2% Other Debt Subtotal 13.0% CLO-Debt Other Debt-Subtotal Debt Grand Total 12:3% CLO Equity/Fund Investments/Other Equity 13.3% Debt Grand Total CLO Equity/Fond Investments/Other Equity Joint Venture 9.0% Joint Venture Portfolia -Total 11.9% Partlatio- Total SECURITY TYPE SECURITY TYPE 31-Mar-23 11.6 % 13.644 11.8% 12.596 14.5% 12.8% 11.8% 12 86 9.0% 11.6% First Lien 69.9% First Lien 70.2% Second Lien 6.9% Second Lien 6.9% Senior Secured-Subtotal 76.7% Senior Secured - Subtotal 77.1% Subordinated 4.7% Subordinated. 4.2% Collateralized Securities 0.9% Collateralized Securities 1.0% Equity/Other 7.1% Equity/Other 7.2% Joint Venture 10.5% Joint Venture 10.5% Partfalia Total 100.0% Partfalia Total 100.0% FIXED VS FLOATING Foxed Floating Portfolio - Total VALUATION LEVEL SUMMARY Lovel-1 Level-1 Level-Ill Other Portfolio Total FIXED VS FLOATING 8.1% Fird 93.9% Floating 100.0% Portfolio - Total 0.0% 2.4% 97.2% 0.4% 100.0% VALUATION LEVEL SUMMARY Level-1 Level-11 Level Ill Ottier Portfolio Total Source: SEC filings as of 08/11/2023. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. Note: Weighted average yield is based on fair value and includes annual contractual interest rate and amortization of discounts and fees. (1) As of June 30, 2023, if the underlying investments of FBLCSenior Loan Fund were held by us and we were to treat the investments in Siena and Post Road as senior secured first lien investments, given the underlying businesses of those portfolio companies, then our portfolio composition as of June 30, 2023 would be 89.3% senior secured first lien. 5.8% 94.2% 100.0% 0.0% 1.2% 99.5% 0.3% 100.0% FRANKLIN BSP LENDING CORP BENEFIT STREET 18 PAR NERS#20Overview of FBLC: FBLC Top 10 Positions Source: SEC filings as of 08/11/2023. FBLC Top 10 Positions SECTION III - PORTFOLIO UPDATE (TOP 10 POSITIONS) Source: US Bank FUNDS FBLC AS OF DATE 30-Jun-23 30-Jun-23 COMPARISON DATE 31-Mar-23 IssuerGroup Fair Value % of Total FBLC JV $304.9M Siena Capital Finance $151.8M 10.5% 5.2% Post Road Equipment Finance, LLC $144.8M 5.0% Media NewCo $62.4M 2.1% Novvia Group $60.4M 2.1% Access Healthcare $52.5M 1.8% Care Hospice $50.9M 1.8% IMIA $46.0M 1.6% Absolute Software Corp $44.9M 1.5% MobilityWorks $44.7M 1.5% Top 10 Largest Issuers $963.2M 33.1% Others Total $1,942.5M 66.9% $2,905.7M 100.0% FRANKLIN BSP LENDING CORP Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFIT STREET 19 PAR NERS#21FMV Overview of FBLC: Summary of Non-Accruals. ($ in millions, where applicable) ■ Six investments remain on non-accrual. They represent 0.4% of fair value and 1.8% of cost. Fair Market Value of Non-Accruals FAIR MARKET VALUE OF NON-ACCRUALS FMV-FMV % $50 $40 $30 $20 Amortized Cost of Non-Accruals AMORTIZED COST OF NON-ACCRUALS Cost-Cost % $50 1.6% 1.6% 1.5% 1.5% 1.5% 1.0% FMV % $40 $20 20 Cost $30 FRANKLIN BSP LENDING CORP 1.8% 1.5% 1.0% 0.4% 0.5% 0.4% 0.5% $10 0.3% 0.4% $10 0.3% 93 $10.0 $0 Q2*22 $10.2 Q3'22 $8.2 $8.4 $12.0 $44.7 $44.8 0.0% $44.6 $44.4 $0 Q4'22 Q1'23 Q2'23 Q2 '22 Q3'22 Q4'22 Q1'23 $52.3 Q2 '23 0.0% Source: SEC filings as of 08/11/2023. Notes: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFIT STREET 20 PAR NERS 20 Cost %#22Overview of FBLC: Risk Ratings Overview FRANKLIN BSP LENDING CORP Consistent internal risk rating profile with steady improvement since COVID-19 % of Portfolio at FV 3.0% 2.5% 2.0% 2.3 2.3 1.5% 1.0% 1.8% 1.1% 2.2 2.2 2.5 0.5% 2.4 2.3 2.2 2.2 2.2 2.2 0.3% 2.1 2.1 2.1 2.1 0.3% 2.0% 2.1 0.5% 1.0% 0.4% 0.4% 0.4% 0.3% 0.9% 0.5% 1.3% 0.4% 0.3% 0.0% 0.1% 0.8% 0.7% 2.3% 0.0% 0.0% 2.0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 4 Q4 2021 5 Q1 2022 Q2 2022 Q3 2022 W/A Rating Q4 2022 Q1 2023 Q2 2023 Internal Risk Rating Definition Rating 1 2 3 st Definition Debt investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since the time of investment are favorable. Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. All investments are initially rated a "2". Performing debt investment requiring closer monitoring. Trends and risk factors show some deterioration. Underperforming debt investment. Some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative. 5 Underperforming debt investment with expected loss of interest and some principal. Source: SEC filings as of 08/11/2023. Notes: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFIT STREET 21 PAR NERS#23Overview of FBLC: Financing Sources Corporate Revolver Bank Facilities Unsecured Bonds FRANKLIN BSP LENDING CORP Paid off on 5/30 Unsecured Bonds JPM Corporate Revolver Wells Fargo $300mm Capacity $495mm Capacity $323.2mm Outstanding S+ 1.85% to 1.975% 4 Year Reinvestment Period June 2027 Maturity $225.0mm Outstanding S+2.10% to 2.60% August 2023 Reinvestment Period August 2025 Maturity JPM 2024 Unsecured Bonds 2026 Unsecured Bonds $400mm Capacity $100mm Notes $308.5mm Outstanding S + 3.00% August 2024 Reinvestment Period August 2024 Maturity $100.0mm Outstanding 4.85% Fixed December 15, 2024 Maturity BBB+ (Egan Jones) BBB- (Kroll) $300mm Notes $300.0mm Outstanding 3.25% Fixed March 2026 Maturity Baa3 (Moody's) 2023 Unsecured Bonds $60mm Notes $60.0mm Outstanding 5.375% Fixed May 30, 2023 Maturity BBB+ (Egan Jones) BBB- (Kroll) Source: SEC filings as of 08/11/2023, Bloomberg Note: Amounts outstanding are gross of deferred financing costs. BENEFIT STREET PAR NERS 22#24Overview of FBLC: Board and Management Team Richard J. Byrne Chairman Edward G. Rendell Independent Director Lee S. Hillman FBLC Board of Directors Independent Director Dennis M. Schaney Independent Director Ronald J. Kramer Independent Director FBLC Officers Chief Financial Officer and Treasurer Michael Frick Corporate Secretary Richard J. Byrne Chief Executive Officer and President Nina Baryski Investment Committee FRANKLIN BSP LENDING CORP Represents Independent Director Leslie D. Michelson Independent Director Colleen Corwell Chief Compliance Officer Tom Gahan Chief Executive Officer, Benefit Street Partners Michael Paasche Senior Managing Director, Benefit Street Partners Blair Faulstich Managing Director, Senior PM for Private Debt Saahil Mahajan Managing Director, Senior PM for Private Debt Note: As of 06/30/2023. BENEFIT STREET PAR NERS 23#25Overview of FBLC: FBLC Key Differentiators FBLC Differentiators Fully Integrated Platform Lender of Scale Evaluate Both Sponsor & Non- Sponsor Opportunities Conservative Portfolio Construction Focus on Core to Upper Middle Market Credit Centric Culture FRANKLIN BSP LENDING CORP Note: PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES SIGNIFICANT RISK, INCLUDING LOSS OF THE ENTIRE INVESTMENT. BENEFIT STREET 24 PAR NERS#26Risk Factors The following is a summary of risk factors for Franklin BSP Lending Corporation and investing in its common stock. FRANKLIN BSP LENDING CORP There are significant potential conflicts of interest that could impact our investment returns. The time and resources that individuals and the executive officers of our Adviser devote to us may be diverted, and we may face additional competition due to the fact that neither our Adviser, nor its affiliates, is prohibited from raising money for or managing another entity that makes the same types of investments that we target. Our shares will not be listed on an exchange or quoted through a quotation system for the foreseeable future, if ever. Therefore, you will have limited liquidity and may not receive a full return of your invested capital if you sell your shares. Because we borrow money, the potential for gain or loss on amounts invested in us will be magnified and may increase the risk of investing in US. As a result of certain limitations in our share repurchase program, you will have limited opportunities to sell your shares and, to the extent you are able to sell your shares under the program, you may not be able to recover the amount of your investment in our shares. The amount of any distributions we pay is uncertain. Our distributions to our stockholders may exceed our earnings. Therefore, portions of the distributions that we pay may represent a return of capital to you which will lower your tax basis in your shares and reduce the amount of funds we have for investment in targeted assets. We may not be able to pay you distributions, and our distributions may not grow over time. We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. For more detailed information on risks relating to FBLC and investing in its common stock, see its most recent annual report filed on Form 10-K. Note: Please note that the above factors should not be relied upon as a comprehensive and complete list of all risk factors. Certain schedules may not foot due to rounding. BENEFIT STREET 25 PAR NERS#27■ For account information, including balances and the status of submitted paperwork, please call Investor Relations at (844) 785-4393 FRANKLIN BSP LENDING CORP ■ Financial Advisors may view client accounts, statements and tax forms at www.dstvision.com Shareholders may access their accounts at www.FBLendingCorp.com www.FBLendingCorp.com BENEFIT STREET 26 PAR NERS