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Investor Presentaiton

Risk 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
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