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32023-06-300001490927Green Energy Partners/Stonewall, LLC, Utilities2023-06-300001490927Higginbotham Insurance Agency, Inc., Financials 12023-06-300001490927Higginbotham Insurance Agency, Inc., Financials2023-06-300001490927Hospice Care Buyer, Inc., Healthcare 42023-06-300001490927Hospice Care Buyer, Inc., Healthcare 32023-06-300001490927Hospice Care Buyer, Inc., Healthcare 22023-06-300001490927Hospice Care Buyer, Inc., Healthcare 12023-06-300001490927Hospice Care Buyer, Inc., Healthcare 2023-06-300001490927ICR Operations, LLC, Business Services 12023-06-300001490927ICR Operations, LLC, Business Services 22023-06-300001490927Ideal Tridon Holdings, Inc., Industrials 12023-06-300001490927Ideal Tridon Holdings, Inc. , Industrials 22023-06-300001490927IG Investments Holdings, LLC, Business Services 12023-06-300001490927IG Investments Holdings, LLC, Business Services 22023-06-300001490927Indigo Buyer, Inc., Paper & Packaging 12023-06-300001490927Indigo Buyer, Inc., Paper & Packaging 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Senior Loan Fund, LLC, Diversified Investment Vehicles2023-06-300001490927First Eagle Greenway Fund II, LLC, Diversified Investment Vehicles2023-06-300001490927Foresight Energy Operating, LLC, Energy 22023-06-300001490927HemaSource, Inc., Healthcare2023-06-300001490927Integrated Efficiency Solutions, Inc., Industrials 22023-06-300001490927Integrated Efficiency Solutions, Inc., Industrials 32023-06-300001490927Internap Corp., Business Services2023-06-300001490927Jakks Pacific, Inc. , Consumer2023-06-300001490927Kahala Ireland OpCo Designated Activity Company, Transportation2023-06-300001490927Kahala Ireland OpCo Designated Activity Company, Transportation 12023-06-300001490927Kahala US OpCo, LLC, Transportation2023-06-300001490927KidKraft, Inc., Consumer 12023-06-300001490927Lakeview Health Holdings, Inc., Healthcare 42023-06-300001490927McDonald Worley, P.C., Business Services 12023-06-300001490927MCS Acquisition Corp., Business Services 12023-06-300001490927MCS Acquisition Corp., 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BC, Ltd., Software/Services 12022-12-3100014909271236904 BC, Ltd., Software/Services 22022-12-310001490927Absolute Software Corp., Software/Services2022-12-310001490927ADCS Clinics Intermediate Holdings, LLC, Healthcare 12022-12-310001490927ADCS Clinics Intermediate Holdings, LLC, Healthcare 22022-12-310001490927Alera Group Intermediate Holdings, Inc, Financials 12022-12-310001490927Alera Group Intermediate Holdings, Inc., Financials 22022-12-310001490927Arch Global Precision, LLC , Industrials 12022-12-310001490927Arch Global Precision, LLC, Industrials 22022-12-310001490927Arctic Holdco, LLC, Paper & Packaging 12022-12-310001490927Arctic Holdco, LLC , Paper & Packaging 22022-12-310001490927Armada Parent, Inc., Industrials 22022-12-310001490927Armada Parent, Inc. , Industrials 22022-12-310001490927Avalara, Inc., Software/Services2022-12-310001490927Aveanna Healthcare, LLC2022-12-310001490927Aventine Holdings, LLC, Media/Entertainment 12022-12-310001490927Aventine Holdings, LLC, Media/Entertainment 22022-12-310001490927Aventine Holdings, LLC , Media/Entertainment 32022-12-310001490927Axiom Global, Inc, Business Services2022-12-310001490927BCPE Oceandrive Buyer, Inc., Healthcare 12022-12-310001490927BCPE Oceandrive Buyer, Inc., Healthcare 22022-12-310001490927BCPE Oceandrive Buyer, Inc., Healthcare 32022-12-310001490927BCPE Oceandrive Buyer, Inc., Healthcare 42022-12-310001490927Black Mountain Sand, LLC, Energy 12022-12-310001490927Capstone Logistics, Transportation 12022-12-310001490927Capstone Logistics, Transportation 22022-12-310001490927CHA Holdings, Inc., Business Services2022-12-310001490927Cold Spring Brewing, Co., Food & Beverage2022-12-310001490927Communication Technology Intermediate, LLC, Business Services 12022-12-310001490927Communication Technology Intermediate, LLC, Business Services 22022-12-310001490927Communication Technology Intermediate, LLC, Business Services 32022-12-310001490927Corfin Industries, LLC, Industrials 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12022-12-310001490927Higginbotham Insurance Agency, Inc., Financials 22022-12-310001490927Hospice Care Buyer, Inc., Healthcare 12022-12-310001490927Hospice Care Buyer, Inc., Healthcare 22022-12-310001490927Hospice Care Buyer, Inc., Healthcare 32022-12-310001490927Hospice Care Buyer, Inc., Healthcare 42022-12-310001490927Hospice Care Buyer, Inc., Healthcare 52022-12-310001490927ICR Operations, LLC, Business Services 12022-12-310001490927ICR Operations, LLC, Business Services 22022-12-310001490927Ideal Tridon Holdings, Inc. , Industrials 12022-12-310001490927Ideal Tridon Holdings, Inc. , Industrials 22022-12-310001490927Ideal Tridon Holdings, Inc. , Industrials 32022-12-310001490927IG Investments Holdings, LLC, Business Services 12022-12-310001490927IG Investments Holdings, LLC, Business Services 22022-12-310001490927IG Investments Holdings, LLC, Business Services 32022-12-310001490927Indigo Buyer, Inc., Paper & Packaging 12022-12-310001490927Indigo Buyer, Inc., Paper & Packaging 22022-12-310001490927Integrated Efficiency Solutions, Inc., Industrials 12022-12-310001490927Integrated Global Services, Inc., Industrials2022-12-310001490927Internap Corp., Business Services2022-12-310001490927International Cruise & Excursions, Inc., Business Services2022-12-310001490927IQN Holding Corp., Software/Services 12022-12-310001490927IQN Holding Corp., Software/Services 22022-12-310001490927K2 Intelligence Holdings, Inc., Business Services2022-12-310001490927KidKraft, Inc. (c), Consumer2022-12-310001490927Kissner Milling Co., Ltd., Industrials 12022-12-310001490927Knowledge Pro Buyer, Inc., Business Services 12022-12-310001490927Knowledge Pro Buyer, Inc., Business Services 22022-12-310001490927Labrie Environmental Group, LLC, Industrials2022-12-310001490927Lakeland Tours, LLC, Education 12022-12-310001490927Lakeland Tours, LLC, Education 22022-12-310001490927Lakeview Health Holdings, Inc., Healthcare 12022-12-310001490927Lakeview Health Holdings, Inc., Healthcare 22022-12-310001490927Lakeview Health Holdings, Inc., Healthcare 32022-12-310001490927LightSquared, LP, Telecom2022-12-310001490927Manna Pro Products, LLC, Consumer2022-12-310001490927Manna Pro Products, LLC, Consumer 12022-12-310001490927Manna Pro Products, LLC, Consumer 22022-12-310001490927McDonald Worley, P.C., Business Services 12022-12-310001490927MCS Acquisition Corp., Business Services 12022-12-310001490927Medical Depot Holdings, Inc., Healthcare 12022-12-310001490927Medical Depot Holdings, Inc., Healthcare 22022-12-310001490927Medical Depot Holdings, Inc., Healthcare 32022-12-310001490927Medical Depot Holdings, Inc., Healthcare 42022-12-310001490927MGTF Radio Company, LLC, Media/Entertainment2022-12-310001490927Midwest Can Company, LLC, Paper & Packaging2022-12-310001490927Miller Environmental Group, Inc., Business Services 12022-12-310001490927Miller Environmental Group, Inc., Business Services 22022-12-310001490927Mirra-Primeaccess Holdings, LLC, Healthcare 12022-12-310001490927Mirra-Primeaccess Holdings, LLC, Healthcare 22022-12-310001490927Monumental RSN, LLC, Media/Entertainment2022-12-310001490927Muth Mirror Systems, LLC, Technology 12022-12-310001490927Muth Mirror Systems, LLC, Technology 22022-12-310001490927New Star Metals, Inc., Industrials2022-12-310001490927NTM Acquisition Corp., Media/Entertainment2022-12-310001490927Odessa Technologies, Inc., Software/Services2022-12-310001490927ORG GC Holdings, LLC, Business Services 12022-12-310001490927Pie Buyer, Inc., Food & Beverage 12022-12-310001490927Pie Buyer, Inc., Food & Beverage 22022-12-310001490927Pie Buyer, Inc., Food & Beverage 32022-12-310001490927Pie Buyer, Inc., Food & Beverage 42022-12-310001490927PlayPower, Inc., Industrials2022-12-310001490927Pluralsight, LLC, Software/Services 12022-12-310001490927Pluralsight, LLC, Software/Services 22022-12-310001490927Pluralsight, LLC, Software/Services 32022-12-310001490927Point Broadband Acquisition, LLC, Telecom 12022-12-310001490927Point Broadband Acquisition, LLC, Telecom 22022-12-310001490927Premier Global Services, Inc., Telecom 12022-12-310001490927Premier Global Services, Inc., Telecom 22022-12-310001490927PSKW, LLC, Healthcare2022-12-310001490927Questex, Inc., Media/Entertainment2022-12-310001490927Reddy Ice Corp., Food & Beverage 12022-12-310001490927Reddy Ice Corp., Food & Beverage 22022-12-310001490927Reddy Ice Corp., Food & Beverage 32022-12-310001490927Reddy Ice Corp., Food & Beverage 42022-12-310001490927Relativity 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Solutions, LLC, Business Services 22022-12-310001490927Subsea Global Solutions, LLC, Business Services 32022-12-310001490927SunMed Group Holdings, LLC, Healthcare 12022-12-310001490927SunMed Group Holdings, LLC, Healthcare 22022-12-310001490927Tax Defense Network, LLC, Consumer 12022-12-310001490927Tax Defense Network, LLC, Consumer 22022-12-310001490927Tax Defense Network, LLC, Consumer 32022-12-310001490927The NPD Group, LP, Business Services 12022-12-310001490927The NPD Group, LP, Business Services 22022-12-310001490927Therapy Brands Holdings, LLC, Healthcare 12022-12-310001490927Trinity Air Consultants Holdings Corp., Business Services 12022-12-310001490927Trinity Air Consultants Holdings Corp., Business Services 22022-12-310001490927Triple Lift, Inc., Software/Services 12022-12-310001490927Triple Lift, Inc., Software/Services 22022-12-310001490927University of St. Augustine Acquisition Corp., Education2022-12-310001490927Urban One, Inc., Media/Entertainment 12022-12-310001490927US Oral Surgery Management Holdco, LLC, Healthcare 12022-12-310001490927US Oral Surgery Management Holdco, LLC, Healthcare 22022-12-310001490927US Salt Investors, LLC, Chemicals2022-12-310001490927Vantage Mobility International, LLC, Transportation 12022-12-310001490927Vantage Mobility International, LLC, Transportation 22022-12-310001490927Vensure Employer Services, Inc., Business Services2022-12-310001490927Victors CCC Buyer, LLC, Business Services2022-12-310001490927West Coast Dental Services, Inc., Healthcare 12022-12-310001490927West Coast Dental Services, Inc., Healthcare 22022-12-310001490927Westwood Professional Services, Inc., Business Services 12022-12-310001490927Westwood Professional Services, Inc., Business Services 22022-12-310001490927WHCG Purchaser III, Inc., Healthcare 12022-12-310001490927WHCG Purchaser III, Inc., Healthcare 22022-12-310001490927WHCG Purchaser III, Inc., Healthcare 32022-12-310001490927WIN Holdings III Corp., Consumer 12022-12-310001490927WMK, LLC, Business Services 12022-12-310001490927WMK, LLC, Business Services 22022-12-310001490927WMK, LLC, Business Services 32022-12-310001490927WMK, LLC, Business Services 42022-12-310001490927WMK, LLC, Business Services 52022-12-310001490927WMK, LLC, Business Services 62022-12-310001490927WMK, LLC, Business Services 72022-12-310001490927Zendesk, Inc., Software/Services2022-12-310001490927fblc:DebtSecuritiesSeniorSecuredSecondLienMember2022-12-310001490927Accentcare, Inc., Healthcare 12022-12-310001490927Anchor Glass Container Corp., Paper & Packaging2022-12-310001490927Aruba Investments Holdings, LLC, Chemicals2022-12-310001490927Astro AB Merger Sub, Inc., Financials 12022-12-310001490927Carlisle FoodService Products, Inc., Consumer2022-12-310001490927CommerceHub, Inc., Technology 12022-12-310001490927Corelogic, Inc., Business Services 12022-12-310001490927HAH Group Holding Company, LLC, Healthcare2022-12-310001490927Integrated Efficiency Solutions, Inc., Industrials 2022-12-310001490927Mercury Merger Sub, Inc., Business Services2022-12-310001490927ORG GC Holdings, LLC, Business Services 22022-12-310001490927PetVet Care Centers, LLC, Healthcare2022-12-310001490927Project Boost Purchaser, LLC, Business Services2022-12-310001490927Proofpoint, Inc., Software/Services 12022-12-310001490927QuickBase, Inc., Technology2022-12-310001490927RealPage, Inc. , Software/Services2022-12-310001490927Recess Holdings, Inc., Industrials2022-12-310001490927SSH Group Holdings, Inc., Education 12022-12-310001490927Therapy Brands Holdings, LLC, Healthcare 22022-12-310001490927Travelpro Products, Inc., Consumer 12022-12-310001490927Travelpro Products, Inc., Consumer 22022-12-310001490927USIC Holdings, Inc., Business Services2022-12-310001490927Vantage Mobility International, LLC, Transportation 32022-12-310001490927Vantage Mobility International, LLC, Transportation 42022-12-310001490927Victory Buyer, LLC, Industrials2022-12-310001490927us-gaap:SubordinatedDebtMember2022-12-310001490927Del Real, LLC, Food & Beverage 12022-12-310001490927Post Road Equipment Finance, LLC, Financials 12022-12-310001490927Post Road Equipment Finance, LLC, Financials 22022-12-310001490927Siena Capital Finance, LLC, Financials 12022-12-310001490927us-gaap:CollateralizedSecuritiesMember2022-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A FR, Diversified Investment Vehicles2022-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA F, Diversified Investment Vehicles2022-12-310001490927Whitehorse, Ltd. 2014-1A E, Diversified Investment Vehicles2022-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A SUB, Diversified Investment Vehicles2022-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB, Diversified Investment Vehicles2022-12-310001490927OFSI Fund, Ltd. 2014-6A Side Letter, Diversified Investment Vehicles2022-12-310001490927Whitehorse, Ltd. 2014-1A Side Letter, Diversified Investment Vehicles2022-12-310001490927Whitehorse, Ltd. 2014-1A SUB, Diversified Investment Vehicles2022-12-310001490927fblc:EquityAndOtherMember2022-12-310001490927Aden & Anais Holdings, Inc., Retail2022-12-310001490927Baker Hill Acquisition, LLC, Financials2022-12-310001490927Black Mountain Sand, LLC, Energy 22022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Media/Entertainment 12022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Media/Entertainment 22022-12-310001490927Clover Technologies Group, LLC, Industrials 12022-12-310001490927Clover Technologies Group, LLC, Industrials 22022-12-310001490927CRS-SPV, Inc., Industrials 22022-12-310001490927Danish CRJ, Ltd., Transportation2022-12-310001490927Del Real, LLC, Food & Beverage 22022-12-310001490927Dyno Acquiror, Inc. , Consumer2022-12-310001490927FBLC Senior Loan Fund, LLC, Diversified Investment Vehicles2022-12-310001490927First Eagle Greenway Fund II, LLC, Diversified Investment 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Partnership 16A ER22023-06-300001490927Marble Point CLO, Ltd. 20-1A E2023-06-300001490927Medalist Partners Corporate Finance CLO, Ltd. 21-1A D2023-06-300001490927Northwoods Capital, Ltd. 17-15A ER2023-06-300001490927Ocean Trails CLO 22-12A E2023-06-300001490927OCP CLO, Ltd. 14-5A DR2023-06-300001490927OZLM, Ltd. 16-15A DR2023-06-300001490927Palmer Square CLO, Ltd. 21-4A F2023-06-300001490927Regatta II Funding, LP 13-2A DR22023-06-300001490927Saranac CLO, Ltd. 20-8A E2023-06-300001490927Sculptor CLO, Ltd. 27A E2023-06-300001490927Sound Point CLO, Ltd. 17-1A E2023-06-300001490927Sound Point CLO, Ltd. 17-2A E2023-06-300001490927Sound Point CLO, Ltd. 18-3A D2023-06-300001490927Symphony CLO, Ltd. 2012-9A ER22023-06-300001490927Trimaran CAVU 2021-2A, Ltd. 21-2A E2023-06-300001490927Trysail CLO, Ltd. 21-1A E2023-06-300001490927Venture CDO, Ltd. 16-23A ER22023-06-300001490927Venture CDO, Ltd. 16-25A E2023-06-300001490927Venture CDO, Ltd. 20-39A E2023-06-300001490927Venture CLO 43, Ltd. 21-43A E2023-06-300001490927Wind River CLO, Ltd. 14-2A FR2023-06-300001490927Zais CLO 13, Ltd. 19-13A D12023-06-300001490927fblc:FBLCSeniorLoanFundLLCMemberus-gaap:CollateralizedSecuritiesMember2023-06-300001490927Avaya Holdings Corp. 2023-06-300001490927Avaya Holdings Corp. 12023-06-300001490927fblc:EquityAndOtherMemberfblc:FBLCSeniorLoanFundLLCMember2023-06-300001490927fblc:FBLCSeniorLoanFundLLCMemberfblc:DebtSecuritiesDelayedDrawTermLoanMember2023-06-300001490927Accentcare, Inc., Healthcare 22022-12-310001490927Access Cig, LLC, Business Services2022-12-310001490927Acrisure, LLC, Financials2022-12-310001490927Adtalem Global Education, Inc., Education 12022-12-310001490927Adtalem Global Education, Inc., Education 22022-12-310001490927Advisor Group, Inc., Financials2022-12-310001490927Alchemy US Holdco 1, LLC, Industrials2022-12-310001490927Allegiant Travel, Co., Transportation2022-12-310001490927Altice Financing, SA, Telecom2022-12-310001490927Alvogen Pharma US, Inc., Healthcare2022-12-310001490927Amentum Government Services Holdings, LLC, Industrials 12022-12-310001490927Amentum Government Services Holdings, LLC, Industrials 22022-12-310001490927American Airlines Inc/AAdvantage Loyalty IP, Ltd., Transportation2022-12-310001490927American Rock Salt Company, LLC, Chemicals 12022-12-310001490927AmWINS Group, Inc., Financials2022-12-310001490927AP Gaming I, LLC, Gaming/Lodging2022-12-310001490927Apollo Commercial Real Estate Finance, Inc., Financials2022-12-310001490927AppLovin Corp., Media/Entertainment2022-12-310001490927Artera Services, LLC, Utilities2022-12-310001490927Ascensus Holidngs, Inc., Business Services2022-12-310001490927Astoria Energy, LLC, Utilities2022-12-310001490927Astro AB Merger Sub, Inc., Financials 22022-12-310001490927Asurion, LLC, Business Services 12022-12-310001490927Athenahealth, Inc., Healthcare2022-12-310001490927Athletico Management, LLC, Healthcare2022-12-310001490927Avaya Holdings Corp., Technology2022-12-310001490927Aveanna Healthcare, LLC, Healthcare2022-12-310001490927Bally's Corp., Gaming/Lodging2022-12-310001490927BCP Renaissance, LLC, Energy2022-12-310001490927Bella Holding Company, LLC, Healthcare2022-12-310001490927Blackstone CQP Holdco, LP, Industrials2022-12-310001490927BMC Software Finance, Inc., Technology2022-12-310001490927Bomgar Corp., Technology2022-12-310001490927Cablevision Lightpath, LLC, Telecom2022-12-310001490927CDK Global, Inc., Software/Services2022-12-310001490927CLP Health Services, Inc., Healthcare2022-12-310001490927Cnt Holdings I Corp., Consumer2022-12-310001490927CommerceHub, Inc., Technology 22022-12-310001490927Community Care Health Network, LLC, Healthcare2022-12-310001490927Compass Power Generation, LLC, Utilities2022-12-310001490927Connect Finco SARL, Telecom2022-12-310001490927Connectwise, LLC, Software/Services2022-12-310001490927Conservice Midco, LLC, Business Services2022-12-310001490927Conterra Ultra Broadband, LLC, Telecom2022-12-310001490927Corelogic, Inc., Business Services 22022-12-310001490927Directv Financing, LLC, Media/Entertainment2022-12-310001490927Dish Dbs Corp., Cable 12022-12-310001490927Dish Dbs Corp., Cable 22022-12-310001490927Division Holding Corp., Business Services2022-12-310001490927Dynasty Acquisition Co., Inc., Industrials 12022-12-310001490927Dynasty Acquisition Co., Inc., Industrials 22022-12-310001490927Echo Global Logistics, Inc., Transportation2022-12-310001490927Edelman Financial Services, LLC, Financials 12022-12-310001490927Edgewater Generation, LLC, Utilities2022-12-310001490927Flex Acquisition Company, Inc., Paper & Packaging2022-12-310001490927Florida Food Products, LLC, Food & Beverage2022-12-310001490927Foley Products Co, LLC, Industrials2022-12-310001490927Frontier Communications Corp., Telecom 12022-12-310001490927Frontier Communications Corp., Telecom 22022-12-310001490927Geon Performance Solutions, LLC, Chemicals2022-12-310001490927Gordian Medical, Inc., Healthcare2022-12-310001490927Greeneden U.S. Holdings I, LLC, Software/Services2022-12-310001490927GVC Holdings Gibraltar, Ltd., Gaming/Lodging2022-12-310001490927HAH Group Holding Company, LLC, Healthcare 12022-12-310001490927HAH Group Holding Company, LLC, Healthcare 22022-12-310001490927Hamilton Projects Acquiror, LLC, Utilities2022-12-310001490927Heartland Dental, LLC, Healthcare2022-12-310001490927Hertz Corp., Transportation 12022-12-310001490927Hertz Corp., Transportation 22022-12-310001490927HireRight, Inc., Business Services2022-12-310001490927Hudson River Trading, LLC, Financials2022-12-310001490927ICP Industrial, Inc., Chemicals2022-12-310001490927IDERA, Inc., Technology 12022-12-310001490927Ineos Us Finance, LLC, Chemicals2022-12-310001490927Intelsat Jackson Holdings, SA, Telecom2022-12-310001490927Jack Ohio Finance, LLC, Gaming/Lodging2022-12-310001490927Jane Street Group, LLC, Financials2022-12-310001490927Jump Financial, LLC, Financials2022-12-310001490927Kissner Milling Co., Ltd., Industrials 22022-12-310001490927LABL, Inc., Paper & Packaging2022-12-310001490927Lightstone Holdco, LLC, Utilities 12022-12-310001490927Lightstone Holdco, LLC, Utilities 22022-12-310001490927Liquid Tech Solutions Holdings, LLC, Industrials2022-12-310001490927Luxembourg Investment Co., 428 SARL, Chemicals2022-12-310001490927Madison IAQ, LLC, Industrials2022-12-310001490927Medallion Midland Acquisition, LP, Energy2022-12-310001490927MH Sub I, LLC, Business Services2022-12-310001490927Michael Baker International, LLC, Industrials2022-12-310001490927Monitronics International, Inc., Business Services2022-12-310001490927MPH Acquisition Holdings, LLC, Healthcare 12022-12-310001490927MPH Acquisition Holdings, LLC, Healthcare 22022-12-310001490927MYOB US Borrower, LLC, Business Services2022-12-310001490927Naked Juice, LLC, Food & Beverage2022-12-310001490927National Mentor Holdings, Inc., Healthcare 12022-12-310001490927National Mentor Holdings, Inc., Healthcare 22022-12-310001490927Nexus Buyer, LLC, Business Services2022-12-310001490927Nouryon Finance B.V., Chemicals2022-12-310001490927Novae, LLC, Industrials2022-12-310001490927Pathway Vet Alliance, LLC, Healthcare2022-12-310001490927Paysafe Finance, PLC, Software/Services2022-12-310001490927Peraton Corp., Industrials2022-12-310001490927PG&E Corp., Utilities2022-12-310001490927Polaris Newco, LLC, Business Services2022-12-310001490927Power Stop, LLC, Transportation2022-12-310001490927Project Accelerate Parent, LLC, Technology2022-12-310001490927Proofpoint, Inc., Software/Services 22022-12-310001490927Protective Industrial Products, Inc., Industrials2022-12-310001490927Pug, LLC, Technology2022-12-310001490927Quikrete Holdings, Inc., Industrials2022-12-310001490927Regionalcare Hospital Partners Holdings, Inc., Healthcare 12022-12-310001490927Regionalcare Hospital Partners Holdings, Inc., Healthcare 22022-12-310001490927Renaissance Learning, Inc., Software/Services2022-12-310001490927RXB Holdings, Inc., Healthcare2022-12-310001490927S&S Holdings, LLC, Consumer2022-12-310001490927Safe Fleet Holdings, LLC, Industrials2022-12-310001490927Safety Products/JHC Acquisition Corp., Industrials 12022-12-310001490927Safety Products/JHC Acquisition Corp., Industrials 22022-12-310001490927Schenectady International Group, Inc., Chemicals2022-12-310001490927SCIH Salt Holdings, Inc., Industrials 22022-12-310001490927SFR Group, SA, Telecom2022-12-310001490927Sierra Acquisition, Inc., Food & Beverage2022-12-310001490927Sophia, LP, Software/Services2022-12-310001490927SSH Group Holdings, Inc., Education 22022-12-310001490927Staples, Inc., Business Services2022-12-310001490927Team Health Holdings, Inc., Healthcare2022-12-310001490927Tecta America Corp., Industrials 12022-12-310001490927Tenet Healthcare Corp., Healthcare2022-12-310001490927The Dun & Bradstreet Corp., Business Services2022-12-310001490927Traverse Midstream Partners, LLC, Energy2022-12-310001490927Triton Water Holdings, Inc., Food & Beverage2022-12-310001490927Truck Hero, Inc., Transportation2022-12-310001490927United Airlines, Inc., Transportation 12022-12-310001490927United Airlines, Inc., Transportation 22022-12-310001490927University Support Services, LLC, Education2022-12-310001490927Urban One, Inc., Media/Entertainment 22022-12-310001490927Venga Finance Sarl, Telecom2022-12-310001490927Veritext Corp., Business Services2022-12-310001490927Vyaire Medical, Inc., Healthcare2022-12-310001490927WaterBridge Midstream Operating, LLC, Energy2022-12-310001490927Watlow Electric Manufacturing Co., Industrials2022-12-310001490927Western Dental Services, Inc., Healthcare 12022-12-310001490927Western Dental Services, Inc., Healthcare 22022-12-310001490927Wilsonart, LLC, Consumer2022-12-310001490927WMG Acquisition Corp., Media/Entertainment2022-12-310001490927WMG Holdings, Inc., Business Services2022-12-310001490927YI, LLC, Healthcare2022-12-310001490927fblc:FBLCSeniorLoanFundLLCMemberfblc:DebtSecuritiesSeniorSecuredFirstLienMember2022-12-310001490927American Rock Salt Company, LLC, Chemicals 22022-12-310001490927Asurion, LLC, Business Services 22022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Media/Entertainment2022-12-310001490927Edelman Financial Services, LLC, Financials 22022-12-310001490927IDERA, Inc., Technology 22022-12-310001490927Tecta America Corp., Industrials 22022-12-310001490927fblc:FBLCSeniorLoanFundLLCMemberfblc:DebtSecuritiesSeniorSecuredSecondLienMember2022-12-310001490927AIG CLO, Ltd. 21-1A F, Diversified Investment Vehicles2022-12-310001490927Battalion CLO, Ltd. 21-17A F, Diversified Investment Vehicles2022-12-310001490927Carlyle GMS CLO, 16-3A FRR, Diversified Investment Vehicles2022-12-310001490927Covenant Credit Partners CLO, Ltd. 17 1A E, Diversified Investment Vehicles2022-12-310001490927Eaton Vance CDO, Ltd. 15-1A FR, Diversified Investment Vehicles2022-12-310001490927Elevation CLO, Ltd. 13-1A D2, Diversified Investment Vehicles2022-12-310001490927Fortress Credit BSL, Ltd. 22-1A E, Diversified Investment Vehicles2022-12-310001490927Great Lakes CLO, Ltd. 21-6A E , Diversified Investment Vehicles2022-12-310001490927Greywolf CLO, Ltd. 20-3RA ER, Diversified Investment Vehicles2022-12-310001490927Hayfin Kingsland XI, Ltd. 19-2A ER, Diversified Investment Vehicles2022-12-310001490927Highbridge Loan Management, Ltd. 11A-17 E, Diversified Investment Vehicles2022-12-310001490927Jamestown CLO, Ltd. 22-18A E, Diversified Investment Vehicles2022-12-310001490927KKR Financial CLO, Ltd. 15 FR, Diversified Investment Vehicles2022-12-310001490927LCM, Ltd. Partnership 16A ER2 , Diversified Investment Vehicles2022-12-310001490927Marble Point CLO, Ltd. 20-1A E, Diversified Investment Vehicles2022-12-310001490927Medalist Partners Corporate Finance CLO, Ltd. 21-1A D, Diversified Investment Vehicles2022-12-310001490927Northwoods Capital, Ltd. 17-15A ER, Diversified Investment Vehicles2022-12-310001490927Ocean Trails CLO 22-12A E, Diversified Investment Vehicles2022-12-310001490927OCP CLO, Ltd. 14-5A DR, Diversified Investment Vehicles2022-12-310001490927OZLM, Ltd. 16-15A DR, Diversified Investment Vehicles2022-12-310001490927Palmer Square CLO, Ltd. 21-4A F, Diversified Investment Vehicles2022-12-310001490927Regatta II Funding, LP 13-2A DR2, Diversified Investment Vehicles2022-12-310001490927Saranac CLO, Ltd. 20-8A E, Diversified Investment Vehicles2022-12-310001490927Sculptor CLO, Ltd. 27A E, Diversified Investment Vehicles2022-12-310001490927Sound Point CLO, Ltd. 17-1A E, Diversified Investment Vehicles2022-12-310001490927Sound Point CLO, Ltd. 17-2A E Diversified Investment Vehicles2022-12-310001490927Sound Point CLO, Ltd. 18-3A D, Diversified Investment Vehicles2022-12-310001490927Symphony CLO, Ltd. 2012-9A ER2, Diversified Investment Vehicles2022-12-310001490927Trimaran CAVU 2021-2A, Ltd. 21-2A E, Diversified Investment Vehicles2022-12-310001490927Trysail CLO, Ltd. 21-1A E, Diversified Investment Vehicles2022-12-310001490927Venture CDO, Ltd. 16-23A ER2 , Diversified Investment Vehicles2022-12-310001490927Venture CDO, Ltd. 16-25A E, Diversified Investment Vehicles2022-12-310001490927Venture CDO, Ltd. 20-39A E, Diversified Investment Vehicles2022-12-310001490927Venture CLO 43, Ltd. 21-43A E, Diversified Investment Vehicles2022-12-310001490927Wind River CLO, Ltd. 14-2A FR, Diversified Investment Vehicles2022-12-310001490927Zais CLO 13, Ltd. 19-13A D1, Diversified Investment 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Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Arch Global Precision, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Arctic Holdco, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Armada Parent, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Armada Parent, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Avalara, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Capstone Logistics, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Communication Technology Intermediate, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927CRS-SPV, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Dynagrid Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Eliassen Group, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Faraday Buyer, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927FGT Purchaser, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Galway Borrower, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Galway Borrower, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Geosyntec Consultants, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Geosyntec Consultants, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Gogo Intermediate Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927ICR Operations, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Ideal Tridon Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927IG Investments Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Indigo Buyer, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Integrated Global Services, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927IQN Holding Corp., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927IQN Holding Corp., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Knowledge Pro Buyer, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Knowledge Pro Buyer, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Manna Pro Products, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927McDonald Worley, P.C., Senior Secured First Lien Debt, Term loan2023-06-300001490927Medical Management Resource Group, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Midwest Can Company, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Miller Environmental Group, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Mirra-Primeaccess Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Monumental RSN, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Norvax, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Odessa Technologies, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Odessa Technologies, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927ORG GC Holdings, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Pie Buyer, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Pie Buyer, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Pluralsight, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Point Broadband Acquisition, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Post Road Equipment Finance, LLC, Subordinated Debt, Delayed draw term loan2023-06-300001490927Premier Global Services, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Questex, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Reddy Ice Corp., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Relativity Oda, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927REP TEC Intermediate Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927RSC Acquisition, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Saturn SHC Buyer Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927SCIH Salt Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Sherlock Buyer Corp., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Sherlock Buyer Corp., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Simplifi Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927St. Croix Hospice Acquisition Corp., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927SunMed Group Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927The NPD Group, LP, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Trinity Air Consultants Holdings Corp., Senior Secured First Lien Debt, Delayed draw term loan 12023-06-300001490927Trinity Air Consultants Holdings Corp., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Trinity Air Consultants Holdings Corp., Senior Secured First Lien Debt, Delayed draw term loan 22023-06-300001490927Triple Lift, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927University of St. Augustine Acquisition Corp., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927US Salt Investors, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Victors CCC Buyer, LLC, Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Victors CCC Buyer, LLC, Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927West Coast Dental Services, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927West Coast Dental Services, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Westwood Professional Services, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Westwood Professional Services, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927WHCG Purchaser III, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927WIN Holdings III Corp., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927Zendesk, Inc., Senior Secured First Lien Debt, Delayed draw term loan2023-06-300001490927Zendesk, Inc., Senior Secured First Lien Debt, Revolver term loan2023-06-300001490927ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Delayed draw term loan 12022-12-310001490927ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Delayed draw term loan 22022-12-310001490927ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Arch Global Precision, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Arctic Holdco, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Armada Parent, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Armada Parent, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Avalara, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Aventine Holdings, LLC, Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927BCPE Oceandrive Buyer, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Capstone Logistics, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Communication Technology Intermediate, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927CRS-SPV, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Dynagrid Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Eliassen Group, LLC, Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Faraday Buyer, LLC, Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927FGT Purchaser, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Galway Borrower, LLC, Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Galway Borrower, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Geosyntec Consultants, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Geosyntec Consultants, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Gogo Intermediate Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Higginbotham Insurance Agency, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Hospice Care Buyer, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927ICR Operations, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Ideal Tridon Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927IG Investments Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Indigo Buyer, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Indigo Buyer, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Integrated Global Services, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927IQN Holding Corp., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927IQN Holding Corp., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Knowledge Pro Buyer, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Knowledge Pro Buyer, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Manna Pro Products, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927McDonald Worley, P.C., Senior Secured First Lien Debt, Term loan2022-12-310001490927Medical Management Resource Group, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Midwest Can Company, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Miller Environmental Group, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Miller Environmental Group, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Mirra-Primeaccess Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Monumental RSN, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Muth Mirror Systems, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Norvax, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Odessa Technologies, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Odessa Technologies, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927ORG GC Holdings, LLC, Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Pie Buyer, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Pie Buyer, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Pluralsight, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Point Broadband Acquisition, LLC, Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt, Delayed draw term loan2022-12-310001490927Premier Global Services, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Questex, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Reddy Ice Corp., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Relativity Oda, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927REP TEC Intermediate Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Roadsafe Holdings, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927RSC Acquisition, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Saturn SHC Buyer Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927SCIH Salt Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Sherlock Buyer Corp., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Sherlock Buyer Corp., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Simplifi Holdings, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927St. Croix Hospice Acquisition Corp., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Subsea Global Solutions, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927SunMed Group Holdings, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Tap Rock Resources, LLC, Equity/Other, Equity2022-12-310001490927The NPD Group, LP, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Trinity Air Consultants Holdings Corp., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Trinity Air Consultants Holdings Corp., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Triple Lift, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927University of St. Augustine Acquisition Corp., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Delayed draw term loan 12022-12-310001490927US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Delayed draw term loan 22022-12-310001490927US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927US Salt Investors, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Victors CCC Buyer, LLC, Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Victors CCC Buyer, LLC, Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927West Coast Dental Services, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927West Coast Dental Services, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Westwood Professional Services, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Westwood Professional Services, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927WHCG Purchaser III, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927WHCG Purchaser III, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927WIN Holdings III Corp., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927Zendesk, Inc., Senior Secured First Lien Debt, Delayed draw term loan2022-12-310001490927Zendesk, Inc., Senior Secured First Lien Debt, Revolver term loan2022-12-310001490927fblc:SubscriptionAgreementsMember2022-04-012022-05-130001490927fblc:SubscriptionAgreementsMember2023-01-012023-06-300001490927us-gaap:CommonStockMember2022-12-310001490927us-gaap:AdditionalPaidInCapitalMember2022-12-310001490927us-gaap:RetainedEarningsMember2022-12-310001490927us-gaap:RetainedEarningsMember2023-01-012023-03-3100014909272023-01-012023-03-310001490927us-gaap:CommonStockMember2023-01-012023-03-310001490927us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001490927us-gaap:CommonStockMember2023-03-310001490927us-gaap:AdditionalPaidInCapitalMember2023-03-310001490927us-gaap:RetainedEarningsMember2023-03-3100014909272023-03-310001490927us-gaap:RetainedEarningsMember2023-04-012023-06-300001490927us-gaap:CommonStockMember2023-04-012023-06-300001490927us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001490927us-gaap:CommonStockMember2023-06-300001490927us-gaap:AdditionalPaidInCapitalMember2023-06-300001490927us-gaap:RetainedEarningsMember2023-06-300001490927us-gaap:CommonStockMember2021-12-310001490927us-gaap:AdditionalPaidInCapitalMember2021-12-310001490927us-gaap:RetainedEarningsMember2021-12-310001490927us-gaap:RetainedEarningsMember2022-01-012022-03-3100014909272022-01-012022-03-310001490927us-gaap:CommonStockMember2022-01-012022-03-310001490927us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001490927us-gaap:CommonStockMember2022-03-310001490927us-gaap:AdditionalPaidInCapitalMember2022-03-310001490927us-gaap:RetainedEarningsMember2022-03-3100014909272022-03-310001490927us-gaap:RetainedEarningsMember2022-04-012022-06-300001490927us-gaap:CommonStockMember2022-04-012022-06-300001490927us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001490927us-gaap:CommonStockMember2022-06-300001490927us-gaap:AdditionalPaidInCapitalMember2022-06-300001490927us-gaap:RetainedEarningsMember2022-06-3000014909272022-01-012022-12-3100014909272023-02-072023-02-0700014909272022-04-142022-04-1400014909272022-06-032022-06-0300014909272020-06-26fblc:tender_offer00014909272022-02-2400014909272022-02-242022-02-2400014909272023-02-2400014909272023-02-242023-02-240001490927fblc:OrdinaryDividendMember2023-03-082023-03-080001490927fblc:OrdinaryDividendMember2023-04-032023-04-030001490927fblc:SpecialDividendMember2023-03-082023-03-080001490927fblc:SpecialDividendMember2023-04-032023-04-030001490927us-gaap:SubsequentEventMemberfblc:OrdinaryDividendMember2023-07-032023-07-030001490927fblc:OrdinaryDividendMember2023-05-102023-05-100001490927fblc:SpecialDividendMember2023-05-102023-05-100001490927us-gaap:SubsequentEventMemberfblc:SpecialDividendMember2023-07-032023-07-030001490927fblc:OrdinaryDividendMember2022-03-102022-03-100001490927fblc:OrdinaryDividendMember2022-04-052022-04-050001490927fblc:SpecialDividendMember2022-04-052022-04-050001490927fblc:SpecialDividendMember2022-03-102022-03-100001490927fblc:OrdinaryDividendMember2022-07-012022-07-010001490927fblc:OrdinaryDividendMember2022-05-112022-05-110001490927fblc:SpecialDividendMember2022-05-112022-05-110001490927fblc:SpecialDividendMember2022-07-012022-07-010001490927CRS-SPV, Inc., Equity/Other2023-01-012023-06-300001490927CRS-SPV, Inc., Equity/Other2022-12-310001490927CRS-SPV, Inc., Equity/Other2023-06-300001490927CRS-SPV, Inc, Senior Secured First Lien Debt2023-01-012023-06-300001490927CRS-SPV, Inc, Senior Secured First Lien Debt2022-12-310001490927CRS-SPV, Inc, Senior Secured First Lien Debt2023-06-300001490927Danish CRJ, Ltd., Equity/Other2023-01-012023-06-300001490927Danish CRJ, Ltd., Equity/Other2022-12-310001490927Danish CRJ, Ltd., Equity/Other2023-06-300001490927FBLC Senior Loan Fund, LLC, Equity/Other2023-01-012023-06-300001490927FBLC Senior Loan Fund, LLC, Equity/Other2022-12-310001490927FBLC Senior Loan Fund, LLC, Equity/Other2023-06-300001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 22023-01-012023-06-300001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 22022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 22023-06-300001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 2023-01-012023-06-300001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 2022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 2023-06-300001490927Integrated Efficiency Solutions, Inc., Senior Secured Second Lien Debt 2023-01-012023-06-300001490927Integrated Efficiency Solutions, Inc., Senior Secured Second Lien Debt 2022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured Second Lien Debt 2023-06-300001490927Integrated Efficiency Solutions, Inc. , Equity/Other 12023-01-012023-06-300001490927Integrated Efficiency Solutions, Inc. , Equity/Other 12022-12-310001490927Integrated Efficiency Solutions, Inc. , Equity/Other 12023-06-300001490927Integrated Efficiency Solutions, Inc., Equity/Other 22023-01-012023-06-300001490927Integrated Efficiency Solutions, Inc., Equity/Other 22022-12-310001490927Integrated Efficiency Solutions, Inc., Equity/Other 22023-06-300001490927Internap Corp., Equity/Other2023-01-012023-06-300001490927Internap Corp., Equity/Other2022-12-310001490927Internap Corp., Equity/Other2023-06-300001490927Internap Corp., Senior Secured First Lien Debt2023-01-012023-06-300001490927Internap Corp., Senior Secured First Lien Debt2022-12-310001490927Internap Corp., Senior Secured First Lien Debt2023-06-300001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other2023-01-012023-06-300001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other2022-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other2023-06-300001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 12023-01-012023-06-300001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 12022-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 12023-06-300001490927Kahala US OpCo, LLC, Equity/Other2023-01-012023-06-300001490927Kahala US OpCo, LLC, Equity/Other2022-12-310001490927Kahala US OpCo, LLC, Equity/Other2023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 12023-01-012023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 12022-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 12023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 22023-01-012023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 22022-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 22023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 32023-01-012023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 32022-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 32023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 42023-01-012023-06-300001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 42022-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 42023-06-300001490927Lakeview Health Holdings, Inc., Equity/Other2023-01-012023-06-300001490927Lakeview Health Holdings, Inc., Equity/Other2022-12-310001490927Lakeview Health Holdings, Inc., Equity/Other2023-06-300001490927MGTF Holdco, LLC, Equity/Other2023-01-012023-06-300001490927MGTF Holdco, LLC, Equity/Other2022-12-310001490927MGTF Holdco, LLC, Equity/Other2023-06-300001490927MGTF Radio Company, LLC, Senior Secured First Lien Debt2023-01-012023-06-300001490927MGTF Radio Company, LLC, Senior Secured First Lien Debt2022-12-310001490927MGTF Radio Company, LLC, Senior Secured First Lien Debt2023-06-300001490927ORG GC Holdings, LLC, Senior Secured First Lien Debt2023-01-012023-06-300001490927ORG GC Holdings, LLC, Senior Secured First Lien Debt2022-12-310001490927ORG GC Holdings, LLC, Senior Secured First Lien Debt2023-06-300001490927ORG GC Holdings, LLC, Senior Secured Second Lien Debt2023-01-012023-06-300001490927ORG GC Holdings, LLC, Senior Secured Second Lien Debt2022-12-310001490927ORG GC Holdings, LLC, Senior Secured Second Lien Debt2023-06-300001490927ORG GC Holdings, LLC, Equity/Other 12023-01-012023-06-300001490927ORG GC Holdings, LLC, Equity/Other 12022-12-310001490927ORG GC Holdings, LLC, Equity/Other 12023-06-300001490927ORG GC Holdings, LLC, Equity/Other 22023-01-012023-06-300001490927ORG GC Holdings, LLC, Equity/Other 22022-12-310001490927ORG GC Holdings, LLC, Equity/Other 22023-06-300001490927Post Road Equipment Finance, LLC, Subordinated Debt 12023-01-012023-06-300001490927Post Road Equipment Finance, LLC, Subordinated Debt 12022-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt 12023-06-300001490927Post Road Equipment Finance, LLC, Equity/Other2023-01-012023-06-300001490927Post Road Equipment Finance, LLC, Equity/Other2022-12-310001490927Post Road Equipment Finance, LLC, Equity/Other2023-06-300001490927Post Road Equipment Finance, LLC, Subordinated Debt 22023-01-012023-06-300001490927Post Road Equipment Finance, LLC, Subordinated Debt 22022-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt 22023-06-300001490927Post Road Equipment Finance, LLC, Subordinated Debt 32023-01-012023-06-300001490927Post Road Equipment Finance, LLC, Subordinated Debt 32022-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt 32023-06-300001490927Siena Capital Finance, LLC, Subordinated Debt2023-01-012023-06-300001490927Siena Capital Finance, LLC, Subordinated Debt2022-12-310001490927Siena Capital Finance, LLC, Subordinated Debt2023-06-300001490927Siena Capital Finance, LLC, Equity/Other2023-01-012023-06-300001490927Siena Capital Finance, LLC, Equity/Other2022-12-310001490927Siena Capital Finance, LLC, Equity/Other2023-06-300001490927WPNT, LLC, Equity/Other2023-01-012023-06-300001490927WPNT, LLC, Equity/Other2022-12-310001490927WPNT, LLC, Equity/Other2023-06-300001490927Cirque Du Soleil Holding USA Newco, Inc., Equity/Other 12023-01-012023-06-300001490927Cirque Du Soleil Holding USA Newco, Inc., Equity/Other 12022-12-310001490927Cirque Du Soleil Holding USA Newco, Inc., Equity/Other 12023-06-300001490927Cirque Du Soleil Holding USA Newco, Inc., Equity/Other 22023-01-012023-06-300001490927Cirque Du Soleil Holding USA Newco, Inc., Equity/Other 22022-12-310001490927Cirque Du Soleil Holding USA Newco, Inc., Equity/Other 22023-06-300001490927First Eagle Greenway Fund II, LLC, Equity/Other2023-01-012023-06-300001490927First Eagle Greenway Fund II, LLC, Equity/Other2022-12-310001490927First Eagle Greenway Fund II, LLC, Equity/Other2023-06-300001490927Foresight Energy Operating, LLC, Equity/Other2023-01-012023-06-300001490927Foresight Energy Operating, LLC, Equity/Other2022-12-310001490927Foresight Energy Operating, LLC, Equity/Other2023-06-300001490927Foresight Energy Operating, LLC, Senior Secured First Lien Debt2023-01-012023-06-300001490927Foresight Energy Operating, LLC, Senior Secured First Lien Debt2022-12-310001490927Foresight Energy Operating, LLC, Senior Secured First Lien Debt2023-06-300001490927MCS Acquisition Corp., Equity/Other 12023-01-012023-06-300001490927MCS Acquisition Corp., Equity/Other 12022-12-310001490927MCS Acquisition Corp., Equity/Other 12023-06-300001490927MCS Acquisition Corp., Equity/Other 22023-01-012023-06-300001490927MCS Acquisition Corp., Equity/Other 22022-12-310001490927MCS Acquisition Corp., Equity/Other 22023-06-300001490927MCS Acquisition Corp., Senior Secured First Lien Debt2023-01-012023-06-300001490927MCS Acquisition Corp., Senior Secured First Lien Debt2022-12-310001490927MCS Acquisition Corp., Senior Secured First Lien Debt2023-06-300001490927NewStar Arlington Senior Loan Program, LLC 14-1A FR, Collateralized Securities2023-01-012023-06-300001490927NewStar Arlington Senior Loan Program, LLC 14-1A FR, Collateralized Securities2022-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A FR, Collateralized Securities2023-06-300001490927NewStar Arlington Senior Loan Program, LLC 14-1A SUB, Collateralized Securities2023-01-012023-06-300001490927NewStar Arlington Senior Loan Program, LLC 14-1A SUB, Collateralized Securities2022-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A SUB, Collateralized Securities2023-06-300001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA F, Collateralized Securities2023-01-012023-06-300001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA F, Collateralized Securities2022-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA F, Collateralized Securities2023-06-300001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB, Collateralized Securities2023-01-012023-06-300001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB, Collateralized Securities2022-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB, Collateralized Securities2023-06-300001490927PennantPark Credit Opportunities Fund II, LP, Equity/Other2023-01-012023-06-300001490927PennantPark Credit Opportunities Fund II, LP, Equity/Other2022-12-310001490927PennantPark Credit Opportunities Fund II, LP, Equity/Other2023-06-300001490927Tap Rock Resources, LLC, Equity/Other2023-01-012023-06-300001490927Tap Rock Resources, LLC, Equity/Other2022-12-310001490927Tap Rock Resources, LLC, Equity/Other2023-06-300001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 12023-01-012023-06-300001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 12022-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 12023-06-300001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 22023-01-012023-06-300001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 22022-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 22023-06-300001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 32023-01-012023-06-300001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 32022-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 32023-06-300001490927Tax Defense Network, LLC, Equity/Other 12023-01-012023-06-300001490927Tax Defense Network, LLC, Equity/Other 12022-12-310001490927Tax Defense Network, LLC, Equity/Other 12023-06-300001490927Tax Defense Network, LLC, Equity/Other 22023-01-012023-06-300001490927Tax Defense Network, LLC, Equity/Other 22022-12-310001490927Tax Defense Network, LLC, Equity/Other 22023-06-300001490927Tennenbaum Waterman Fund, LP, Equity/Other2023-01-012023-06-300001490927Tennenbaum Waterman Fund, LP, Equity/Other2022-12-310001490927Tennenbaum Waterman Fund, LP, Equity/Other2023-06-300001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 12023-01-012023-06-300001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 12022-12-310001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 12023-06-300001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 22023-01-012023-06-300001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 22022-12-310001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 22023-06-300001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 12023-01-012023-06-300001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 12022-12-310001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 12023-06-300001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 22023-01-012023-06-300001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 22022-12-310001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 22023-06-300001490927Vantage Mobility International, LLC, Equity/Other 12023-01-012023-06-300001490927Vantage Mobility International, LLC, Equity/Other 12022-12-310001490927Vantage Mobility International, LLC, Equity/Other 12023-06-300001490927Vantage Mobility International, LLC, Equity/Other 22023-01-012023-06-300001490927Vantage Mobility International, LLC, Equity/Other 22022-12-310001490927Vantage Mobility International, LLC, Equity/Other 22023-06-300001490927Vantage Mobility International, LLC, Equity/Other 32023-01-012023-06-300001490927Vantage Mobility International, LLC, Equity/Other 32022-12-310001490927Vantage Mobility International, LLC, Equity/Other 32023-06-300001490927Whitehorse, Ltd. 2014-1A E, Collateralized Securities2023-01-012023-06-300001490927Whitehorse, Ltd. 2014-1A E, Collateralized Securities2022-12-310001490927Whitehorse, Ltd. 2014-1A E, Collateralized Securities2023-06-300001490927Whitehorse, Ltd. 2014-1A Side Letter, Collateralized Securities2023-01-012023-06-300001490927Whitehorse, Ltd. 2014-1A Side Letter, Collateralized Securities2022-12-310001490927Whitehorse, Ltd. 2014-1A Side Letter, Collateralized Securities2023-06-300001490927Whitehorse, Ltd. 2014-1A SUB, Collateralized Securities2023-01-012023-06-300001490927Whitehorse, Ltd. 2014-1A SUB, Collateralized Securities2022-12-310001490927Whitehorse, Ltd. 2014-1A SUB, Collateralized Securities2023-06-300001490927us-gaap:InvestmentAffiliatedIssuerMember2023-01-012023-06-300001490927us-gaap:InvestmentAffiliatedIssuerMember2022-12-310001490927us-gaap:InvestmentAffiliatedIssuerMember2023-06-300001490927CRS-SPV, Inc., Equity/Other2022-01-012022-12-310001490927CRS-SPV, Inc., Equity/Other2021-12-310001490927CRS-SPV, Inc., Senior Secured First Lien Debt2022-01-012022-12-310001490927CRS-SPV, Inc., Senior Secured First Lien Debt2021-12-310001490927CRS-SPV, Inc., Senior Secured First Lien Debt2022-12-310001490927Danish CRJ, Ltd., Equity/Other2022-01-012022-12-310001490927Danish CRJ, Ltd., Equity/Other2021-12-310001490927FBLC Senior Loan Fund, LLC, Equity/Other2022-01-012022-12-310001490927FBLC Senior Loan Fund, LLC, Equity/Other2021-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 12022-01-012022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 12021-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 12022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 32022-01-012022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 32021-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured First Lien Debt 32022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured Second Lien Debt2022-01-012022-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured Second Lien Debt2021-12-310001490927Integrated Efficiency Solutions, Inc., Senior Secured Second Lien Debt2022-12-310001490927Integrated Efficiency Solutions, Inc., Equity/Other 12022-01-012022-12-310001490927Integrated Efficiency Solutions, Inc., Equity/Other 12021-12-310001490927Integrated Efficiency Solutions, Inc., Equity/Other 12022-12-310001490927Integrated Efficiency Solutions, Inc., Equity/Other 22022-01-012022-12-310001490927Integrated Efficiency Solutions, Inc., Equity/Other 22021-12-310001490927Internap Corp, Equity/Other2022-01-012022-12-310001490927Internap Corp, Equity/Other2021-12-310001490927Internap Corp, Equity/Other2022-12-310001490927Internap Corp., Senior Secured First Lien Debt2022-01-012022-12-310001490927Internap Corp., Senior Secured First Lien Debt2021-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 22022-01-012022-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 22021-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 22022-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 42022-01-012022-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 42021-12-310001490927Kahala Ireland OpCo Designated Activity Company, Equity/Other 42022-12-310001490927Kahala US OpCo, LLC, Equity/Other2022-01-012022-12-310001490927Kahala US OpCo, LLC, Equity/Other2021-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 12022-01-012022-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 12021-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 22022-01-012022-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 22021-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 52022-01-012022-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 52021-12-310001490927Lakeview Health Holdings, Inc., Senior Secured First Lien Debt 52022-12-310001490927Lakeview Health Holdings, Inc., Equity/Other2022-01-012022-12-310001490927Lakeview Health Holdings, Inc., Equity/Other2021-12-310001490927MGTF Holdco, LLC, Equity/Other2022-01-012022-12-310001490927MGTF Holdco, LLC, Equity/Other2021-12-310001490927MGTF Radio Company, LLC, Senior Secured First Lien Debt2022-01-012022-12-310001490927MGTF Radio Company, LLC, Senior Secured First Lien Debt2021-12-310001490927ORG GC Holdings, LLC, Senior Secured First Lien Debt2022-01-012022-12-310001490927ORG GC Holdings, LLC, Senior Secured First Lien Debt2021-12-310001490927ORG GC Holdings, LLC, Senior Secured Second Lien Debt2022-01-012022-12-310001490927ORG GC Holdings, LLC, Senior Secured Second Lien Debt2021-12-310001490927ORG GC Holdings, LLC, Equity/Other 12022-01-012022-12-310001490927ORG GC Holdings, LLC, Equity/Other 12021-12-310001490927ORG GC Holdings, LLC, Equity/Other 22022-01-012022-12-310001490927ORG GC Holdings, LLC, Equity/Other 22021-12-310001490927Park Ave RE Holdings, LLC, Equity/Other2022-01-012022-12-310001490927Park Ave RE Holdings, LLC, Equity/Other2021-12-310001490927Park Ave RE Holdings, LLC, Equity/Other2022-12-310001490927Park Ave RE Holdings, LLC, Subordinated Debt2022-01-012022-12-310001490927Park Ave RE Holdings, LLC, Subordinated Debt2021-12-310001490927Park Ave RE Holdings, LLC, Subordinated Debt2022-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt 12022-01-012022-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt 12021-12-310001490927Post Road Equipment Finance, LLC, Equity/Other2022-01-012022-12-310001490927Post Road Equipment Finance, LLC, Equity/Other2021-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt 22022-01-012022-12-310001490927Post Road Equipment Finance, LLC, Subordinated Debt 22021-12-310001490927Siena Capital Finance, LLC, Subordinated Debt2022-01-012022-12-310001490927Siena Capital Finance, LLC, Subordinated Debt2021-12-310001490927Siena Capital Finance, LLC, Equity/Other2022-01-012022-12-310001490927Siena Capital Finance, LLC, Equity/Other2021-12-310001490927WPNT, LLC, Equity/Other2022-01-012022-12-310001490927WPNT, LLC, Equity/Other2021-12-310001490927us-gaap:InvestmentAffiliatedIssuerControlledMember2022-01-012022-12-310001490927us-gaap:InvestmentAffiliatedIssuerControlledMember2021-12-310001490927Answers Corp, Equity/Other2022-01-012022-12-310001490927Answers Corp, Equity/Other2021-12-310001490927Answers Corp, Equity/Other2022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Senior Secured First Lien Debt2022-01-012022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Senior Secured First Lien Debt2021-12-310001490927CDS U.S. Intermediate Holdings, Inc., Senior Secured First Lien Debt2022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Senior Secured Second Lien Debt2022-01-012022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Senior Secured Second Lien Debt2021-12-310001490927CDS U.S. Intermediate Holdings, Inc., Senior Secured Second Lien Debt2022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Equity/Other 12022-01-012022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Equity/Other 12021-12-310001490927CDS U.S. Intermediate Holdings, Inc., Equity/Other 12022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Equity/Other 22022-01-012022-12-310001490927CDS U.S. Intermediate Holdings, Inc., Equity/Other 22021-12-310001490927CDS U.S. Intermediate Holdings, Inc., Equity/Other 22022-12-310001490927First Eagle Greenway Fund II, LLC, Equity/Other2022-01-012022-12-310001490927First Eagle Greenway Fund II, LLC, Equity/Other2021-12-310001490927Foresight Energy Operating, LLC, Equity/Other2022-01-012022-12-310001490927Foresight Energy Operating, LLC, Equity/Other2021-12-310001490927Foresight Energy Operating, LLC, Senior Secured First Lien Debt2022-01-012022-12-310001490927Foresight Energy Operating, LLC, Senior Secured First Lien Debt2021-12-310001490927Internap Corp, Equity/Other 12022-01-012022-12-310001490927Internap Corp, Equity/Other 12021-12-310001490927Internap Corp, Equity/Other 12022-12-310001490927Internap Corp., Senior Secured First Lien Debt 12022-01-012022-12-310001490927Internap Corp., Senior Secured First Lien Debt 12021-12-310001490927Internap Corp., Senior Secured First Lien Debt 12022-12-310001490927Jakks Pacific, Inc., Equity/Other 12022-01-012022-12-310001490927Jakks Pacific, Inc., Equity/Other 12021-12-310001490927Jakks Pacific, Inc., Equity/Other 12022-12-310001490927Jakks Pacific, Inc., Equity/Other 22022-01-012022-12-310001490927Jakks Pacific, Inc., Equity/Other 22021-12-310001490927Jakks Pacific, Inc., Equity/Other 22022-12-310001490927MCS Acquisition Corp., Equity/Other 12022-01-012022-12-310001490927MCS Acquisition Corp., Equity/Other 12021-12-310001490927MCS Acquisition Corp., Equity/Other 22022-01-012022-12-310001490927MCS Acquisition Corp., Equity/Other 22021-12-310001490927MCS Acquisition Corp., Senior Secured First Lien Debt2022-01-012022-12-310001490927MCS Acquisition Corp., Senior Secured First Lien Debt2021-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A FR, Collateralized Securities2022-01-012022-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A FR, Collateralized Securities2021-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A SUB, Collateralized Securities2022-01-012022-12-310001490927NewStar Arlington Senior Loan Program, LLC 14-1A SUB, Collateralized Securities2021-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA F, Collateralized Securities2022-01-012022-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA F, Collateralized Securities2021-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB, Collateralized Securities2022-01-012022-12-310001490927Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB, Collateralized Securities2021-12-310001490927PennantPark Credit Opportunities Fund II, LP, Equity/Other2022-01-012022-12-310001490927PennantPark Credit Opportunities Fund II, LP, Equity/Other2021-12-310001490927Tap Rock Resources, LLC, Equity/Other2022-01-012022-12-310001490927Tap Rock Resources, LLC, Equity/Other2021-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 12022-01-012022-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 12021-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 22022-01-012022-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 22021-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 32022-01-012022-12-310001490927Tax Defense Network, LLC, Senior Secured First Lien Debt 32021-12-310001490927Tax Defense Network, LLC, Equity/Other 12022-01-012022-12-310001490927Tax Defense Network, LLC, Equity/Other 12021-12-310001490927Tax Defense Network, LLC, Equity/Other 22022-01-012022-12-310001490927Tax Defense Network, LLC, Equity/Other 22021-12-310001490927Team Waste, LLC, Equity/Other2022-01-012022-12-310001490927Team Waste, LLC, Equity/Other2021-12-310001490927Team Waste, LLC, Equity/Other2022-12-310001490927Tennenbaum Waterman Fund, LP, Equity/Other2022-01-012022-12-310001490927Tennenbaum Waterman Fund, LP, Equity/Other2021-12-310001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 12022-01-012022-12-310001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 12021-12-310001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 22022-01-012022-12-310001490927Vantage Mobility International, LLC, Senior Secured First Lien Debt 22021-12-310001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 12022-01-012022-12-310001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 12021-12-310001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 22022-01-012022-12-310001490927Vantage Mobility International, LLC, Senior Secured Second Lien Debt 22021-12-310001490927Vantage Mobility International, LLC, Equity/Other 12022-01-012022-12-310001490927Vantage Mobility International, LLC, Equity/Other 12021-12-310001490927Vantage Mobility International, LLC, Equity/Other 22022-01-012022-12-310001490927Vantage Mobility International, LLC, Equity/Other 22021-12-310001490927Vantage Mobility International, LLC, Equity/Other 32022-01-012022-12-310001490927Vantage Mobility International, LLC, Equity/Other 32021-12-310001490927Whitehorse, Ltd. 2014-1A E, Collateralized Securities2022-01-012022-12-310001490927Whitehorse, Ltd. 2014-1A E, Collateralized Securities2021-12-310001490927Whitehorse, Ltd. 2014-1A Side Letter, Collateralized Securities2022-01-012022-12-310001490927Whitehorse, Ltd. 2014-1A Side Letter, Collateralized Securities2021-12-310001490927Whitehorse, Ltd. 2014-1A SUB, Collateralized Securities2022-01-012022-12-310001490927Whitehorse, Ltd. 2014-1A SUB, Collateralized Securities2021-12-310001490927us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-01-012022-12-310001490927us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001490927us-gaap:InvestmentAffiliatedIssuerMember2022-01-012022-12-310001490927us-gaap:InvestmentAffiliatedIssuerMember2021-12-310001490927fblc:EffectsOfLeverageRiskMember2023-01-012023-06-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 814-00821

FRANKLIN BSP LENDING CORPORATION

(Exact Name of Registrant as Specified in its Charter)


Maryland						27-2614444
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

9 West 57th Street, 49th Floor, Suite 4920 New York, New York						10019
(Address of Principal Executive Office)						(Zip Code)

(212) 588-6770

(Registrant’s Telephone Number, Including Area Code)


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer o						Accelerated filer o

Non-accelerated filer x						Smaller reporting company ☐

						Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

The number of shares of the registrant's common stock, $0.001 par value, outstanding as of August 9, 2023 was 231,759,899.

FRANKLIN BSP LENDING CORPORATION

FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 2023

TABLE OF CONTENTS



			Page
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements			4
Consolidated Statements of Assets and Liabilities as of June 30 , 2023 (Unaudited) and December 31, 2022			4
Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)			5
Consolidated Statements of Changes in Net Assets for the Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)			7
Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)			8
Consolidated Schedules of Investments as of June 3 0 , 2023 (Unaudited) and December 31, 2022			10
Notes to Consolidated Financial Statements (Unaudited)			29
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			84
Item 3. Quantitative and Qualitative Disclosures About Market Risk			101
Item 4. Controls and Procedures			102
PART II - OTHER INFORMATION
Item 1. Legal Proceedings			103
Item 1A. Risk Factors			103
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			104
Item 3. Defaults Upon Senior Securities			104
Item 4. Mine Safety Disclosures			104
Item 5. Other Information			104
Item 6. Exhibits			105
Signatures			106

PART I - FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollars in thousands except share and per share data)


	June 30,		December 31,
	2023		2022
	(Unaudited)
ASSETS
Investments, at fair value:
Control Investments, at fair value (amortized cost of $638,622 and $631,890, respectively)	$	666,794	$	665,915
Affiliate Investments, at fair value (amortized cost of $105,748 and $108,357, respectively)	58,077		59,107
Non-Affiliate Investments, at fair value (amortized cost of $2,230,532 and $2,186,884, respectively)	2,180,868		2,150,122
Investments, at fair value (amortized cost of $2,974,902 and $2,927,131, respectively)	2,905,739		2,875,144
Cash and cash equivalents	59,862		54,852
Interest and dividends receivable	43,650		38,752
Receivable for unsettled trades	3,276		3,752
Prepaid expenses and other assets	9,054		7,378


Total assets	$	3,021,581	$	2,979,878

LIABILITIES
Debt (net of deferred financing costs of $7,947 and $9,665, respectively)	$	1,246,250	$	1,224,187
Stockholder distributions payable	27,798		27,292
Management fees payable	11,324		11,122
Incentive fee on income payable	10,750		9,699
Accounts payable and accrued expenses	27,699		27,616

Interest and debt fees payable	16,054		14,477


Directors' fees payable	171		28

Total liabilities	1,340,046		1,314,421
Commitments and contingencies (Note 7)

NET ASSETS
Preferred stock, $.001 par value, 50,000,000 shares authorized, none issued and outstanding	—		—
Common stock, $.001 par value, 450,000,000 shares authorized; 269,429,703 issued and 231,759,899 outstanding at June 30, 2023, and 262,627,186 issued and 228,658,723 outstanding at December 31, 2022	232		229
Additional paid in capital	2,146,819		2,124,264
Total distributable loss	(465,516)		(459,036)


Total net assets	1,681,535		1,665,457

Total liabilities and net assets	$	3,021,581	$	2,979,878

Net asset value per share	$	7.26	$	7.28

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands except share and per share data)

(Unaudited)


	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Investment income:
From control investments:
Interest income	$	6,078	$	4,571	$	11,851	$	9,157
Dividend income	14,084		15,754		27,213		32,034
Fee and other income	76		74		150		144
Total investment income from control investments	20,238		20,399		39,214		41,335
From affiliate investments:
Interest income	1,111		1,396		2,210		3,277
Dividend income	200		137		333		621

Total investment income from affiliate investments	1,311		1,533		2,543		3,898
From non-affiliate investments:
Interest income	65,484		39,423		127,086		77,982

Fee and other income	2,592		2,042		3,657		3,957
Total investment income from non-affiliate investments	68,076		41,465		130,743		81,939
Interest from cash and cash equivalents	592		20		1,007		21
Total investment income	90,217		63,417		173,507		127,193
Operating expenses:
Management fees	11,264		10,494		22,326		20,997
Incentive fee on income	10,508		7,124		20,094		14,380
Interest and debt fees	21,508		13,393		41,628		25,677
Professional fees	2,442		1,126		3,708		1,979
Other general and administrative	1,304		1,602		3,032		3,009
Administrative services	208		198		406		393

Directors' fees	380		232		628		505


Total expenses	47,614		34,169		91,822		66,940

Income tax expense, including excise tax	568		752		1,307		2,731

Net investment income	42,035		28,496		80,378		57,522

Realized and unrealized gain (loss):
Net realized gain (loss)
Control investments	0		6,840		6		6,841
Affiliate investments	816		392		816		504
Non-Affiliate investments	647		(1,253)		(1,355)		3,654
Net realized gain (loss) on foreign currency transactions	(2)		308		(2)		501
Net realized loss on extinguishment of debt	—		—		—		(1,769)
Total net realized gain (loss)	1,461		6,287		(535)		9,731

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands except share and per share data)

(Unaudited)


	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Net change in unrealized appreciation (depreciation) on investments
Control investments	$	(4,009)	$	(12,179)	$	(5,853)	$	(2,656)
Affiliate investments	(298)		(5,564)		1,579		(4,520)
Non-Affiliate investments	(9,578)		(5,100)		(12,902)		(12,900)
Net change in deferred taxes	30		(107)		(39)		122
Total net change in unrealized appreciation (depreciation) on investments, net of change in deferred taxes	(13,855)		(22,950)		(17,215)		(19,954)

Net change in unrealized appreciation (depreciation) from forward currency exchange contracts	—		214		—		(325)

Net realized and unrealized gain (loss)	(12,394)		(16,449)		(17,750)		(10,548)
Net increase (decrease) in net assets resulting from operations	$	29,641	$	12,047	$	62,628	$	46,974

Per share information - basic and diluted
Net investment income (loss)	$	0.18	$	0.14	$	0.35	$	0.28
Net increase (decrease) in net assets resulting from operations	$	0.13	$	0.06	$	0.27	$	0.23
Weighted average shares outstanding	230,942,821		205,577,018		230,551,373		203,038,687

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(dollars in thousands except share and per share data)

(Unaudited)


	For the six months ended June 30,
	2023		2022
Operations:
Net investment income	$	80,378	$	57,522
Net realized gain (loss) from investments	(533)		10,999
Net realized gain (loss) on foreign currency transactions	(2)		501
Net realized loss on extinguishment of debt	—		(1,769)
Net change in unrealized depreciation on investments	(17,176)		(20,076)
Net change in deferred taxes	(39)		122

Net change in unrealized depreciation from forward currency exchange contracts	—		(325)
Net increase in net assets resulting from operations	62,628		46,974
Stockholder distributions:
Distributions	(69,108)		(61,263)
Net decrease in net assets from stockholder distributions	(69,108)		(61,263)
Capital share transactions:

Issuance of common stock, net of issuance costs	36,324		79,441
Reinvestment of stockholder distributions	13,642		13,630
Repurchases of common stock	(27,408)		(23,571)
Net increase in net assets from capital share transactions	22,558		69,500
Total increase in net assets	16,078		55,211
Net assets at beginning of period	1,665,457		1,509,492
Net assets at end of period	$	1,681,535	$	1,564,703

Net asset value per common share	$	7.26	$	7.42
Common shares outstanding at end of period	231,759,899		210,809,173

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(Unaudited)


	For the six months ended June 30,
	2023		2022
Operating activities:
Net increase in net assets resulting from operations	$	62,628	$	46,974
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Payment-in-kind interest income	(5,806)		(5,472)
Net accretion of discount on investments	(3,979)		(4,326)
Amortization of deferred financing costs	1,718		1,456
Amortization of discount on unsecured notes	532		619
Sales and repayments of investments	110,240		216,780
Purchases of investments	(148,759)		(194,050)
Net realized (gain) loss from investments	533		(10,999)
Net realized (gain) loss on foreign currency transactions	2		(501)
Net realized loss on extinguishment of debt	—		1,769
Net change in unrealized depreciation on investments	17,176		20,076
Net change in unrealized depreciation from forward currency exchange contracts	—		325
(Increase) decrease in operating assets:
Interest and dividends receivable	(4,898)		(8,033)
Receivable for unsettled trades	476		24,243
Prepaid expenses and other assets	(1,676)		2,307
Increase (decrease) in operating liabilities:
Management fees payable	202		50
Incentive fee on income payable	1,051		568
Accounts payable and accrued expenses	83		(5,553)
Payable for unsettled trades	—		(34,199)
Interest and debt fees payable	1,577		(1,995)
Directors' fees payable	143		(93)
Net cash provided by operating activities	31,243		49,946

Financing activities:

Proceeds from issuance of shares of common stock, net	36,324		79,441
Repurchases of common stock	(27,408)		(23,571)
Proceeds from debt	165,825		129,000
Payments on debt	(146,012)		(211,500)
Payments of financing costs	—		(3,918)

Stockholder distributions	(54,960)		(46,225)

Net cash used in financing activities	(26,231)		(76,773)

Net increase (decrease) in cash and cash equivalents	5,012		(26,827)
Effect of foreign currency exchange rates	(2)		501
Cash and cash equivalents, beginning of period	54,852		42,774
Cash and cash equivalents, end of period	$	59,862	$	16,448
Supplemental information:
Interest and non-usage fees paid during the period	$	36,035	$	25,416

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(Unaudited)


	For the six months ended June 30,
	2023		2022
Net taxes, including excise tax, paid during the period	$	2,571	$	1,808
Distributions reinvested during the period	$	13,642	$	13,630

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares		Amortized Cost		Fair Value		% of Net Assets (b)

Senior Secured First Lien Debt - 120.8% (b)
1236904 BC, Ltd. (c) (h)	Software/Services	L+ 7.50% (12.65%), 3/4/2027	$	10,441	$	10,315	$	10,600	0.6	%
1236904 BC, Ltd. (c) (h) (i)	Software/Services	S+ 5.61% (10.72%), 3/4/2027	18,349		17,957		17,743		1.1	%
Absolute Software Corp. (a) (c) (i)	Software/Services	L+ 6.00% (11.19%), 7/1/2027	44,864		44,265		44,864		2.7	%
ADCS Clinics Intermediate Holdings, LLC (c)	Healthcare	S+ 6.50% (11.94%), 5/7/2027	2,780		2,780		2,742		0.2	%
ADCS Clinics Intermediate Holdings, LLC (c) (h)	Healthcare	L+ 6.50% (11.87%), 5/7/2027	13,564		13,390		13,378		0.8	%
Alera Group Intermediate Holdings, Inc. (c)	Financials	S+ 6.50% (11.70%), 10/2/2028	5,861		5,759		5,760		0.3	%
Alera Group Intermediate Holdings, Inc. (c)	Financials	S+ 6.50% (11.70%), 10/2/2028	9,356		9,356		9,194		0.5	%
Arch Global Precision, LLC (c)	Industrials	S+ 4.75% (10.09%), 4/1/2026	2,344		2,344		2,344		0.1	%
Arch Global Precision, LLC (c) (h) (i)	Industrials	L+ 4.75% (10.02%), 4/1/2026	7,441		7,422		7,441		0.5	%
Arctic Holdco, LLC (c)	Paper & Packaging	S+ 6.00% (11.34%), 12/23/2026	915		915		901		0.1	%
Arctic Holdco, LLC (c) (h) (i)	Paper & Packaging	S+ 6.00% (11.34%), 12/23/2026	60,360		59,619		59,455		3.5	%
Armada Parent, Inc. (c)	Industrials	S+ 5.75% (11.11%), 10/29/2027	44,491		43,849		43,775		2.6	%
Armada Parent, Inc. (c)	Industrials	S+ 5.75% (11.11%), 10/29/2027	2,242		2,242		2,205		0.1	%
Avalara, Inc. (c)	Software/Services	S+ 7.25% (12.49%), 10/19/2028	40,296		39,406		39,405		2.3	%
Aventine Holdings, LLC (c)	Media/Entertainment	S+ 6.00% (11.34%) 4.00% PIK, 6/18/2027	10,591		10,591		10,452		0.6	%
Aventine Holdings, LLC (c)	Media/Entertainment	10.25% PIK, 6/18/2027	26,069		25,663		25,508		1.5	%
Aventine Holdings, LLC (c) (i)	Media/Entertainment	S+ 6.00% (11.34%) 4.00% PIK, 6/18/2027	26,754		26,391		26,404		1.6	%
Axiom Global, Inc. (c) (h) (i)	Business Services	S+ 4.75% (9.94%), 10/1/2026	20,211		20,106		20,211		1.2	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (11.46%), 12/30/2026	3,425		3,425		3,308		0.2	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (11.52%) 3.00% PIK, 12/29/2028	1,735		1,735		1,676		0.1	%
BCPE Oceandrive Buyer, Inc. (c) (i)	Healthcare	L+ 6.25% (11.52%) 3.00% PIK, 12/29/2028	3,415		3,415		3,299		0.2	%
BCPE Oceandrive Buyer, Inc. (c) (i)	Healthcare	L+ 6.25% (11.52%) 3.00% PIK, 12/29/2028	20,492		20,132		19,793		1.2	%
Black Mountain Sand, LLC (c)	Energy	L+ 9.00% (14.48%), 6/30/2024	1,641		1,638		1,641		0.1	%
Capstone Logistics (c)	Transportation	S+ 4.75% (9.95%), 11/12/2027	1,110		1,110		1,110		0.1	%
Capstone Logistics (c) (h)	Transportation	S+ 4.75% (9.95%), 11/12/2027	18,917		18,804		18,917		1.1	%
CHA Holdings, Inc. (c) (i)	Business Services	S+ 4.50% (10.00%), 4/10/2025	512		498		512		0.0	%
Cold Spring Brewing, Co. (c) (h) (i)	Food & Beverage	S+ 4.75% (9.30%), 12/19/2025	6,553		6,525		6,554		0.4	%
Communication Technology Intermediate, LLC (c)	Business Services	S+ 5.50% (10.70%), 5/5/2027	205		205		205		0.0	%
Communication Technology Intermediate, LLC (c) (h)	Business Services	S+ 5.50% (10.70%), 5/5/2027	17,800		17,572		17,800		1.1	%
Communication Technology Intermediate, LLC (c) (i)	Business Services	S+ 5.50% (10.70%), 5/5/2027	6,192		6,192		6,192		0.4	%
Corfin Industries, LLC (c)	Industrials	S+ 6.00% (11.38%), 12/27/2027	1,590		1,590		1,590		0.1	%
Corfin Industries, LLC (c)	Industrials	S+ 6.00% (11.38%), 12/27/2027	9,678		9,335		9,679		0.6	%
Corfin Industries, LLC (c) (h) (i)	Industrials	L+ 5.75% (10.99%), 2/5/2026	16,268		16,117		16,268		1.0	%
Cornerstone Chemical, Co.	Chemicals	10.25% PIK, 9/1/2027	14,850		14,600		12,808		0.8	%
CRS-SPV, Inc. (c) (o)	Industrials	S+ 6.00% (11.20%), 3/8/2024	62		62		62		0.0	%
Drilling Info Holdings, Inc. (c) (i)	Business Services	S+ 4.25% (9.45%), 7/30/2025	6,916		6,806		6,916		0.4	%
Dynagrid Holdings, LLC (c) (h)	Utilities	L+ 6.00% (11.54%), 12/18/2025	3,862		3,809		3,862		0.2	%
Dynagrid Holdings, LLC (c) (i)	Utilities	L+ 6.00% (11.54%), 12/18/2025	14,066		13,909		14,066		0.8	%
Eliassen Group, LLC (c)	Business Services	S+ 5.50% (10.69%), 4/14/2028	437		437		433		0.0	%
Eliassen Group, LLC (c) (i)	Business Services	S+ 5.50% (10.84%), 4/14/2028	11,527		11,434		11,426		0.7	%
Faraday Buyer, LLC (c)	Utilities	S+ 7.00% (11.87%), 10/11/2028	26,067		25,378		25,379		1.5	%

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Faraday Buyer, LLC (c)	Utilities	S+ 7.00% (12.04%), 10/11/2028	$	1,949	$	1,949	$	1,898	0.1	%
FGT Purchaser, LLC (c)	Consumer	S+ 5.50% (10.84%), 9/13/2027	836		836		836		0.0	%
FGT Purchaser, LLC (c) (h)	Consumer	S+ 5.50% (10.84%), 9/13/2027	21,123		20,827		21,123		1.3	%
First Eagle Holdings, Inc. (c)	Financials	S+ 6.50% (11.33%), 3/1/2027	15,000		14,638		14,640		0.9	%
Foresight Energy Operating, LLC (c) (p)	Energy	S+ 8.00% (13.34%), 6/30/2027	1,071		1,071		1,071		0.1	%
Galway Borrower, LLC (c) (h)	Financials	S+ 5.25% (10.59%), 9/29/2028	29,622		29,258		29,104		1.7	%
Geosyntec Consultants, Inc. (c)	Business Services	S+ 5.25% (10.35%), 5/18/2029	27,099		26,701		26,701		1.6	%
Geosyntec Consultants, Inc. (c)	Business Services	S+ 5.25% (10.35%), 5/18/2029	6,345		6,345		6,252		0.4	%
Geosyntec Consultants, Inc. (c)	Business Services	S+ 5.25% (10.35%), 5/18/2027	325		325		321		0.0	%
Green Energy Partners/Stonewall, LLC (c)	Utilities	L+ 6.00% (11.54%), 11/12/2026	10,193		10,055		10,194		0.6	%
Higginbotham Insurance Agency, Inc. (c)	Financials	S+ 5.25% (10.50%), 11/25/2026	6,819		6,819		6,819		0.4	%
Higginbotham Insurance Agency, Inc. (c) (h)	Financials	S+ 5.25% (10.45%), 11/25/2026	14,552		14,455		14,552		0.9	%
Hospice Care Buyer, Inc. (c)	Healthcare	S+ 6.50% (11.86%), 12/9/2026	4,507		4,507		4,456		0.3	%
Hospice Care Buyer, Inc. (c)	Healthcare	S+ 6.50% (11.70%), 12/9/2026	2,775		2,775		2,745		0.2	%
Hospice Care Buyer, Inc. (c)	Healthcare	S+ 6.50% (11.84%), 12/9/2026	2,096		2,047		2,072		0.1	%
Hospice Care Buyer, Inc. (c) (h)	Healthcare	S+ 6.50% (11.65%), 12/9/2026	24,189		23,746		23,916		1.4	%
Hospice Care Buyer, Inc. (c) (h)	Healthcare	S+ 6.50% (11.65%), 12/9/2026	17,916		17,650		17,714		1.1	%
ICR Operations, LLC (c)	Business Services	S+ 5.25% (10.64%), 11/22/2028	41,840		41,195		41,074		2.4	%
ICR Operations, LLC (c)	Business Services	S+ 5.25% (10.50%), 11/22/2027	1,931		1,931		1,895		0.1	%
Ideal Tridon Holdings, Inc. (c)	Industrials	S+ 6.75% (11.92%), 4/5/2028	819		819		796		0.0	%
Ideal Tridon Holdings, Inc. (c) (h) (i)	Industrials	S+ 6.75% (11.67%), 4/5/2028	30,651		29,776		29,775		1.8	%
IG Investments Holdings, LLC (c) (h)	Business Services	S+ 6.00% (11.15%), 9/22/2028	17,540		17,278		17,380		1.0	%
IG Investments Holdings, LLC (c) (h)	Business Services	S+ 6.00% (11.15%), 9/22/2028	316		314		313		0.0	%
Indigo Buyer, Inc. (c)	Paper & Packaging	S+ 6.25% (11.51%), 5/23/2028	605		605		595		0.0	%
Indigo Buyer, Inc. (c)	Paper & Packaging	S+ 6.25% (11.51%), 5/23/2028	21,120		20,775		20,756		1.2	%
Indigo Buyer, Inc. (c)	Paper & Packaging	S+ 6.25% (11.39%), 5/23/2028	9,033		9,033		8,877		0.5	%
Indigo Buyer, Inc. (c)	Paper & Packaging	S+ 6.25% (11.63%), 5/23/2028	7,982		7,982		7,844		0.5	%
Integrated Efficiency Solutions, Inc. (c) (o)	Industrials	7.50%, 12/31/2025	1,414		1,414		1,414		0.1	%
Integrated Global Services, Inc. (c) (i)	Industrials	L+ 6.00% (11.32%), 2/4/2026	11,211		11,114		11,211		0.7	%
Internap Corp. (c) (h) (o)	Business Services	L+ 6.50% (11.36%), 5/8/2025	3,983		3,983		1,967		0.1	%
International Cruise & Excursions, Inc. (c) (i)	Business Services	S+ 5.35% (10.45%), 6/6/2025	4,825		4,810		4,603		0.3	%
IQN Holding Corp. (c)	Software/Services	S+ 5.25% (10.36%), 5/2/2028	169		169		168		0.0	%
IQN Holding Corp. (c) (i)	Software/Services	S+ 5.25% (10.38%), 5/2/2029	11,159		11,068		11,068		0.7	%
K2 Intelligence Holdings, Inc. (c) (h) (i)	Business Services	L+ 5.75% (11.29%), 9/23/2024	6,610		6,577		5,982		0.4	%
KidKraft, Inc. (c)	Consumer	S+ 6.00% (11.24%), 6/30/2024	1,060		1,060		956		0.1	%
Kissner Milling Co., Ltd.	Industrials	4.88%, 5/1/2028	2,983		2,983		2,668		0.2	%
Knowledge Pro Buyer, Inc. (c)	Business Services	S+ 5.75% (10.94%), 12/10/2027	2,311		2,311		2,270		0.1	%
Knowledge Pro Buyer, Inc. (c)	Business Services	S+ 5.75% (10.94%), 12/10/2027	607		607		597		0.0	%
Knowledge Pro Buyer, Inc. (c) (i)	Business Services	S+ 5.75% (10.94%), 12/10/2027	24,428		24,066		24,001		1.4	%
Labrie Environmental Group, LLC (a) (c)	Industrials	S+ 5.50% (10.70%), 9/1/2026	22,237		22,002		21,348		1.3	%
Lakeland Tours, LLC (c) (h) (i)	Education	13.25% PIK, 9/25/2027	5,709		4,460		4,282		0.3	%
Lakeview Health Holdings, Inc. (c) (o)	Healthcare	P+ 6.00% (14.25%) PIK, 10/15/2024	641		641		641		0.0	%

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Lakeview Health Holdings, Inc. (c) (o)	Healthcare	P+ 6.00% (14.25%) PIK, 10/15/2024	$	227	$	227	$	227	0.0	%
Lakeview Health Holdings, Inc. (c) (o)	Healthcare	P+ 6.00% (14.25%) PIK, 10/15/2024	130		130		130		0.0	%
Lakeview Health Holdings, Inc. (c) (o) (t)	Healthcare	P+ 4.50% (12.75%) PIK, 10/15/2024	1,837		664		580		0.0	%
Manna Pro Products, LLC (c)	Consumer	S+ 6.00% (11.20%), 12/10/2026	3,976		3,976		3,817		0.2	%
Manna Pro Products, LLC (c)	Consumer	S+ 6.00% (11.20%), 12/10/2026	1,962		1,962		1,883		0.1	%
Manna Pro Products, LLC (c) (i)	Consumer	S+ 6.00% (11.20%), 12/10/2026	24,043		23,697		23,081		1.4	%
Manna Pro Products, LLC (c) (i)	Consumer	S+ 6.00% (11.19%), 12/10/2026	1,895		1,870		1,820		0.1	%
Manna Pro Products, LLC (c) (i)	Consumer	S+ 6.00% (10.84%), 12/10/2026	6,816		6,721		6,543		0.4	%
McDonald Worley, P.C. (c)	Business Services	26.00% PIK, 12/31/2024	15,198		15,198		8,141		0.5	%
MCS Acquisition Corp. (c) (p)	Business Services	L+ 6.00% (11.34%), 10/2/2025	768		768		768		0.0	%
Medical Depot Holdings, Inc. (c)	Healthcare	S+ 10.00% (15.24%) 9.00% PIK, 6/1/2025	3,721		3,672		3,699		0.2	%
Medical Depot Holdings, Inc. (c) (h) (i)	Healthcare	S+ 9.50% (14.08%) 4.00% PIK, 6/1/2025	20,863		20,630		19,273		1.1	%
Medical Management Resource Group, LLC (c)	Healthcare	S+ 5.75% (11.16%), 9/30/2027	6,565		6,565		6,476		0.4	%
Medical Management Resource Group, LLC (c)	Healthcare	S+ 5.75% (10.95%), 9/30/2026	530		530		523		0.0	%
Medical Management Resource Group, LLC (c) (h)	Healthcare	S+ 5.75% (10.95%), 9/30/2027	15,896		15,671		15,681		0.9	%
MGTF Radio Company, LLC (c) (o)	Media/Entertainment	S+ 6.00% (10.81%), 4/1/2024	46,521		46,500		39,380		2.3	%
Midwest Can Company, LLC (c) (h) (i)	Paper & Packaging	S+ 8.00% (13.16%) 2.00% PIK, 3/2/2026	32,231		31,923		32,231		1.9	%
Miller Environmental Group, Inc. (c)	Business Services	L+ 6.50% (12.25%), 3/15/2024	397		397		391		0.0	%
Miller Environmental Group, Inc. (c) (h) (i)	Business Services	L+ 6.50% (11.69%), 3/15/2024	11,171		11,140		11,171		0.7	%
Miller Environmental Group, Inc. (c) (h) (i)	Business Services	L+ 6.50% (11.69%), 3/15/2024	10,218		10,184		10,218		0.6	%
Mirra-Primeaccess Holdings, LLC (c)	Healthcare	S+ 6.50% (11.72%), 7/29/2026	48,580		47,982		48,580		2.9	%
Mirra-Primeaccess Holdings, LLC (c)	Healthcare	S+ 6.50% (11.72%), 7/29/2026	3,914		3,914		3,914		0.2	%
Monumental RSN, LLC (c)	Media/Entertainment	S+ 6.00% (11.09%), 9/20/2027	6,938		6,879		7,007		0.4	%
Muth Mirror Systems, LLC (c)	Technology	L+ 6.75% (11.89%), 4/23/2025	1,299		1,299		1,193		0.1	%
Muth Mirror Systems, LLC (c) (h) (i)	Technology	L+ 6.75% (11.86%), 4/23/2025	14,662		14,573		13,467		0.8	%
New Star Metals, Inc. (c) (h) (i)	Industrials	L+ 5.00% (10.54%), 1/9/2026	32,272		31,983		31,249		1.9	%
NTM Acquisition Corp. (h) (i)	Media/Entertainment	S+ 7.25% (12.30%) 1.00% PIK, 6/7/2024	19,977		19,977		18,978		1.1	%
Odessa Technologies, Inc. (c) (h)	Software/Services	S+ 5.75% (10.94%), 10/19/2027	14,270		14,066		14,018		0.8	%
ORG GC Holdings, LLC (c) (o)	Business Services	L+ 6.50% (11.66%) PIK, 11/29/2026	9,615		9,615		9,615		0.6	%
Pie Buyer, Inc. (c)	Food & Beverage	S+ 5.50% (11.09%), 4/5/2027	6,037		6,037		6,037		0.4	%
Pie Buyer, Inc. (c)	Food & Beverage	S+ 5.50% (11.08%), 4/6/2026	552		552		552		0.0	%
Pie Buyer, Inc. (c)	Food & Beverage	S+ 5.50% (10.87%), 4/5/2027	1,460		1,460		1,460		0.1	%
Pie Buyer, Inc. (c) (i)	Food & Beverage	S+ 5.50% (10.57%), 4/5/2027	2,067		2,036		2,067		0.1	%
Pie Buyer, Inc. (c) (i)	Food & Beverage	S+ 5.50% (11.09%), 4/5/2027	27,892		27,367		27,892		1.7	%
PlayPower, Inc. (c) (h) (i)	Industrials	S+ 5.50% (10.57%), 5/8/2026	23,563		23,418		20,405		1.2	%
Pluralsight, LLC (c)	Software/Services	S+ 8.00% (13.05%), 4/6/2027	801		801		764		0.0	%
Pluralsight, LLC (c) (h)	Software/Services	S+ 8.00% (13.05%), 4/6/2027	18,826		18,590		17,966		1.1	%
Pluralsight, LLC (c) (h)	Software/Services	S+ 8.00% (13.04%), 4/6/2027	6,728		6,640		6,421		0.4	%
Point Broadband Acquisition, LLC (c)	Telecom	S+ 6.00% (11.19%), 10/2/2028	7,059		7,059		7,059		0.4	%

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Point Broadband Acquisition, LLC (c) (h)	Telecom	S+ 6.00% (11.02%), 10/2/2028	$	19,050	$	18,692	$	19,050	1.1	%
Premier Global Services, Inc. (c) (t)	Telecom	P+ 5.50% (13.75%), 6/8/2023	5,024		4,908		—		—	%
Premier Global Services, Inc. (c) (t)	Telecom	P+ 5.50% (13.75%), 4/7/2023	969		969		145		0.0	%
PSKW, LLC (c) (h) (i)	Healthcare	S+ 6.25% (11.45%), 3/9/2026	29,025		28,700		29,025		1.7	%
Questex, Inc. (c) (h) (i)	Media/Entertainment	L+ 5.00% (10.51%), 9/9/2024	15,260		15,199		14,946		0.9	%
Reddy Ice Corp. (c)	Food & Beverage	L+ 6.50% (11.72%), 7/1/2025	1,773		1,766		1,738		0.1	%
Reddy Ice Corp. (c)	Food & Beverage	L+ 6.00% (11.22%), 7/1/2025	1,454		1,454		1,425		0.1	%
Reddy Ice Corp. (c)	Food & Beverage	L+ 6.00% (11.22%), 7/1/2025	4,790		4,790		4,696		0.3	%
Reddy Ice Corp. (c)	Food & Beverage	P+ 5.00% (13.25%), 7/1/2024	493		493		484		0.0	%
Reddy Ice Corp. (c) (h) (i)	Food & Beverage	L+ 6.50% (11.72%), 7/1/2025	18,852		18,664		18,485		1.1	%
Relativity Oda, LLC (c) (i)	Software/Services	S+ 6.50% (11.70%), 5/12/2027	5,426		5,352		5,250		0.3	%
REP TEC Intermediate Holdings, Inc. (c)	Software/Services	S+ 6.50% (11.89%), 6/19/2025	655		655		655		0.0	%
REP TEC Intermediate Holdings, Inc. (c) (h) (i)	Software/Services	S+ 6.50% (11.55%), 6/19/2025	28,348		28,074		28,348		1.7	%
Roadsafe Holdings, Inc. (c)	Industrials	S+ 5.75% (11.14%), 10/19/2027	10,093		10,093		9,928		0.6	%
Roadsafe Holdings, Inc. (c) (i)	Industrials	S+ 5.75% (10.94%), 10/19/2027	7,714		7,611		7,588		0.5	%
RSC Acquisition, Inc. (c)	Financials	S+ 5.50% (10.89%), 10/30/2026	706		706		706		0.0	%
RSC Acquisition, Inc. (c)	Financials	S+ 5.50% (10.91%), 10/30/2026	3,854		3,854		3,854		0.2	%
RSC Acquisition, Inc. (c) (i)	Financials	S+ 5.50% (10.89%), 10/30/2026	15,113		15,100		15,113		0.9	%
Saturn SHC Buyer Holdings, Inc. (c) (h)	Healthcare	S+ 6.00% (11.21%), 11/18/2027	32,824		32,344		32,824		2.0	%
Sherlock Buyer Corp. (c) (i)	Business Services	S+ 5.75% (11.09%), 12/8/2028	10,985		10,814		10,793		0.6	%
Simplifi Holdings, Inc. (c)	Media/Entertainment	S+ 5.50% (10.75%), 10/1/2026	946		946		930		0.1	%
Simplifi Holdings, Inc. (c) (h)	Media/Entertainment	S+ 5.50% (10.64%), 10/1/2027	34,928		34,433		34,345		2.0	%
Skillsoft Corp. (h)	Technology	S+ 5.25% (10.51%), 7/14/2028	1,367		1,352		1,188		0.1	%
St. Croix Hospice Acquisition Corp. (c)	Healthcare	L+ 6.00% (10.70%), 10/30/2026	2,794		2,794		2,794		0.2	%
St. Croix Hospice Acquisition Corp. (c) (i)	Healthcare	L+ 6.00% (11.27%), 10/30/2026	25,291		25,010		25,291		1.5	%
Striper Buyer, LLC (c) (h)	Paper & Packaging	L+ 5.50% (10.65%), 12/30/2026	12,205		12,132		12,205		0.7	%
Subsea Global Solutions, LLC (c)	Business Services	S+ 6.75% (12.14%), 12/31/2023	963		963		963		0.1	%
Subsea Global Solutions, LLC (c)	Business Services	S+ 6.75% (11.89%), 4/19/2024	2,720		2,709		2,720		0.2	%
Subsea Global Solutions, LLC (c) (i)	Business Services	S+ 6.75% (12.14%), 4/19/2024	4,625		4,610		4,625		0.3	%
Subsea Global Solutions, LLC (c) (i)	Business Services	S+ 6.75% (12.14%), 4/19/2024	7,019		7,001		7,019		0.4	%
SunMed Group Holdings, LLC (c) (h)	Healthcare	S+ 5.75% (11.09%), 6/16/2028	8,918		8,808		8,785		0.5	%
Tax Defense Network, LLC (c) (p) (t)	Consumer	L+ 6.00% (11.16%) PIK, 3/31/2023	7,704		3,833		196		0.0	%
Tax Defense Network, LLC (c) (p) (t)	Consumer	10.00% PIK, 3/31/2023	4,481		2,986		4,481		0.3	%
Tax Defense Network, LLC (c) (p) (t)	Consumer	L+ 6.00% (11.16%) PIK, 3/31/2023	42,207		21,646		1,076		0.1	%
The NPD Group, LP (c)	Business Services	S+ 6.25% (11.39%) 2.75% PIK, 12/1/2028	34,527		33,950		33,936		2.0	%
The NPD Group, LP (c)	Business Services	S+ 5.75% (10.92%), 12/1/2027	154		154		151		0.0	%
Therapy Brands Holdings, LLC (c) (h)	Healthcare	L+ 4.00% (9.15%), 5/18/2028	4,305		4,293		4,305		0.3	%
Trinity Air Consultants Holdings Corp. (c)	Business Services	L+ 5.25% (10.69%), 6/29/2027	4,110		4,110		4,048		0.2	%
Trinity Air Consultants Holdings Corp. (c) (h)	Business Services	L+ 5.25% (10.62%), 6/29/2027	20,424		20,152		20,118		1.2	%
Triple Lift, Inc. (c)	Software/Services	S+ 5.25% (10.30%), 5/5/2028	1,265		1,265		1,214		0.1	%
Triple Lift, Inc. (c) (i)	Software/Services	S+ 5.50% (10.87%), 5/5/2028	28,119		27,719		26,994		1.6	%

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
University of St. Augustine Acquisition Corp. (c) (h) (i)	Education	S+ 4.25% (9.50%), 2/2/2026	$	23,157	$	22,943	$	23,157	1.4	%
Urban One, Inc. (a)	Media/Entertainment	7.38%, 2/1/2028	1,561		1,561		1,361		0.1	%
US Oral Surgery Management Holdco, LLC (c)	Healthcare	S+ 6.00% (11.34%), 11/18/2027	4,821		4,821		4,773		0.3	%
US Oral Surgery Management Holdco, LLC (c)	Healthcare	S+ 6.50% (11.94%), 11/18/2027	2,447		2,447		2,423		0.1	%
US Oral Surgery Management Holdco, LLC (c) (h)	Healthcare	L+ 6.00% (11.38%), 11/18/2027	12,173		11,995		12,051		0.7	%
US Salt Investors, LLC (c)	Chemicals	S+ 5.50% (10.89%), 7/19/2028	19,831		19,545		19,460		1.2	%
Vantage Mobility International, LLC (c) (p) (t)	Transportation	P+ 5.00% (13.25%) PIK, 3/21/2024	2,074		251		—		—	%
Vantage Mobility International, LLC (c) (p) (t)	Transportation	P+ 5.00% (13.25%) PIK, 3/21/2024	266		244		—		—	%
Vensure Employer Services, Inc. (c) (i)	Business Services	S+ 4.75% (9.99%), 4/1/2027	11,822		11,767		11,822		0.7	%
Victors CCC Buyer, LLC (c)	Business Services	S+ 5.75% (11.02%), 6/1/2029	16,862		16,577		16,577		1.0	%
Victors CCC Buyer, LLC (c)	Business Services	S+ 5.75% (11.02%), 6/1/2029	477		477		467		0.0	%
West Coast Dental Services, Inc. (c)	Healthcare	S+ 5.50% (10.73%), 7/1/2028	810		810		798		0.0	%
West Coast Dental Services, Inc. (c)	Healthcare	S+ 5.50% (10.69%), 7/1/2028	19,665		19,377		19,378		1.2	%
West Coast Dental Services, Inc. (c)	Healthcare	S+ 5.50% (10.64%), 7/1/2028	679		679		669		0.0	%
Westwood Professional Services, Inc. (c)	Business Services	L+ 6.00% (10.38%), 5/26/2026	2,705		2,705		2,705		0.2	%
Westwood Professional Services, Inc. (c) (i)	Business Services	L+ 6.00% (10.38%), 5/26/2026	8,517		8,418		8,517		0.5	%
WHCG Purchaser III, Inc. (c)	Healthcare	L+ 5.75% (10.91%), 6/22/2028	7,042		7,042		5,165		0.3	%
WHCG Purchaser III, Inc. (c)	Healthcare	L+ 5.75% (10.91%), 6/22/2026	4,213		4,213		3,400		0.2	%
WHCG Purchaser III, Inc. (c) (h)	Healthcare	L+ 5.75% (10.91%), 6/22/2028	28,977		28,565		21,257		1.3	%
WIN Holdings III Corp. (c) (h)	Consumer	S+ 5.25% (10.69%), 7/16/2028	29,785		29,356		29,785		1.8	%
WMK, LLC (c)	Business Services	S+ 5.75% (11.14%), 9/5/2025	336		335		336		0.0	%
WMK, LLC (c)	Business Services	S+ 5.75% (10.95%), 9/5/2024	2,618		2,618		2,618		0.2	%
WMK, LLC (c)	Business Services	S+ 5.75% (11.14%), 9/5/2025	10,735		10,735		10,735		0.6	%
WMK, LLC (c)	Business Services	S+ 5.75% (11.18%), 9/5/2025	7,705		7,459		7,705		0.5	%
WMK, LLC (c) (h) (i)	Business Services	S+ 5.75% (10.89%), 9/5/2025	17,302		17,194		17,302		1.0	%
WMK, LLC (c) (i)	Business Services	S+ 5.75% (11.14%), 9/5/2025	2,437		2,433		2,437		0.2	%
WMK, LLC (c) (i)	Business Services	S+ 5.75% (11.03%), 9/5/2025	3,561		3,500		3,561		0.2	%
Zendesk, Inc. (c)	Software/Services	S+ 7.00% (12.25%) 3.50% PIK, 11/22/2028	43,176		42,406		42,398		2.5	%
Subtotal Senior Secured First Lien Debt					$	2,096,325	$	2,030,744	120.8	%

Senior Secured Second Lien Debt - 11.8% (b)
Accentcare, Inc. (c) (h)	Healthcare	L+ 8.75% (14.23%), 6/21/2027	$	30,152	$	29,742	$	25,026	1.5	%
Anchor Glass Container Corp. (c) (t)	Paper & Packaging	L+ 7.75% (12.99%), 12/7/2024	6,667		5,735		2,003		0.1	%
Aruba Investments Holdings, LLC (c) (i)	Chemicals	L+ 7.75% (12.94%), 11/24/2028	3,759		3,721		3,577		0.2	%
Astro AB Merger Sub, Inc. (a) (c) (h) (t)	Financials	L+ 8.00% (13.27%), 4/30/2025	8,162		8,066		3,510		0.2	%
Carlisle FoodService Products, Inc. (c)	Consumer	S+ 7.75% (12.95%), 3/20/2026	10,719		10,646		10,166		0.6	%
CommerceHub, Inc. (c)	Technology	S+ 7.00% (12.22%), 12/29/2028	12,360		12,317		10,506		0.6	%
Corelogic, Inc.	Business Services	L+ 6.50% (11.75%), 6/4/2029	10,808		10,728		8,672		0.5	%
HAH Group Holding Company, LLC (c) (h)	Healthcare	S+ 8.50% (13.71%), 10/30/2028	12,445		12,237		12,445		0.7	%
Integrated Efficiency Solutions, Inc. (c) (o)	Industrials	10.00% PIK, 12/31/2026	1,668		1,208		659		0.0	%
Mercury Merger Sub, Inc. (c)	Business Services	L+ 6.50% (11.69%), 8/2/2029	13,965		13,876		13,519		0.8	%

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
ORG GC Holdings, LLC (c) (o)	Business Services	18.00% PIK, 11/29/2027	$	4,492	$	4,492	$	4,227	0.3	%
PetVet Care Centers, LLC (h)	Healthcare	L+ 6.25% (11.44%), 2/13/2026	3,539		3,533		3,219		0.2	%
Project Boost Purchaser, LLC (c)	Business Services	S+ 8.00% (13.22%), 5/31/2027	1,848		1,848		1,848		0.1	%
Proofpoint, Inc. (c) (h)	Software/Services	S+ 6.25% (11.47%), 8/31/2029	7,842		7,812		7,502		0.5	%
QuickBase, Inc. (c)	Technology	L+ 8.00% (13.15%), 4/2/2027	7,484		7,414		7,484		0.4	%
RealPage, Inc. (i)	Software/Services	L+ 6.50% (11.65%), 4/23/2029	13,647		13,498		13,181		0.8	%
Recess Holdings, Inc. (c) (h)	Industrials	L+ 7.75% (13.02%), 9/29/2025	16,134		16,055		16,134		1.0	%
SSH Group Holdings, Inc. (c)	Education	L+ 8.25% (13.41%), 7/30/2026	10,122		10,083		10,122		0.6	%
Therapy Brands Holdings, LLC (c) (h)	Healthcare	L+ 6.75% (11.90%), 5/18/2029	4,654		4,630		4,654		0.3	%
Travelpro Products, Inc. (a) (c)	Consumer	13.00%, 2.00% PIK, 11/20/2024	3,013		3,013		3,013		0.2	%
Travelpro Products, Inc. (a) (c) (m)	Consumer	13.00%, 2.00% PIK, 11/20/2024	CAD	3,480	2,698		2,628		0.2	%
USIC Holdings, Inc. (c) (h)	Business Services	L+ 6.50% (11.69%), 5/14/2029	5,798		5,755		5,589		0.3	%
Vantage Mobility International, LLC (c) (p) (t)	Transportation	P+ 5.00% (13.25%) PIK, 3/21/2024	1,286		17		—		—	%
Vantage Mobility International, LLC (c) (p) (t)	Transportation	P+ 5.00% (13.25%) PIK, 3/21/2024	4,174		2,914		—		—	%
Victory Buyer, LLC (c)	Industrials	S+ 7.00% (12.51%), 11/19/2029	31,686		31,427		29,405		1.7	%
Subtotal Senior Secured Second Lien Debt					$	223,465	$	199,089	11.8	%

Subordinated Debt - 8.2% (b)
Post Road Equipment Finance, LLC (c) (o)	Financials	L+ 7.75% (13.01%), 12/31/2028	$	24,000	$	24,000	$	24,000	1.4	%
Post Road Equipment Finance, LLC (c) (o)	Financials	L+ 7.75% (13.01%), 12/31/2028	38,100		37,993		38,099		2.3	%
Post Road Equipment Finance, LLC (c) (o)	Financials	L+ 7.75% (13.01%), 12/31/2028	1,000		1,000		1,000		0.1	%
Siena Capital Finance, LLC (c) (o)	Financials	12.50%, 11/26/2026	74,500		74,500		74,500		4.4	%
Subtotal Subordinated Debt					$	137,493	$	137,599	8.2	%

Collateralized Securities - 1.6% (b)
Collateralized Securities - Debt Investments
NewStar Arlington Senior Loan Program, LLC 14-1A FR (a) (c) (p)	Diversified Investment Vehicles	L+ 11.00% (16.26%), 4/25/2031	$	4,750	$	4,611	$	4,180	0.2	%
Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (a) (c) (p)	Diversified Investment Vehicles	L+ 7.50% (12.75%), 1/20/2027	10,728		10,422		9,228		0.6	%
Whitehorse, Ltd. 2014-1A E (a) (c) (p)	Diversified Investment Vehicles	L+ 4.55% (9.85%) PIK, 5/1/2026	6,454		6,427		5,553		0.3	%
Collateralized Securities - Equity Investments (n)
NewStar Arlington Senior Loan Program, LLC 14-1A SUB (a) (c) (k) (p)	Diversified Investment Vehicles	15.30%, 4/25/2031	$	31,603	$	10,336	$	8,199	0.5	%
Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (a) (c) (k) (p)	Diversified Investment Vehicles	0.00%, 1/20/2027	31,575		6,285		—		—	%
OFSI Fund, Ltd. 2014-6A Side Letter (a) (c)	Diversified Investment Vehicles	0.00%, 3/20/2025	1,970		47		—		—	%
Whitehorse, Ltd. 2014-1A Side Letter (a) (c) (p)	Diversified Investment Vehicles	0.00%, 5/1/2026	1,886		134		—		—	%
Whitehorse, Ltd. 2014-1A SUB (a) (c) (k) (p)	Diversified Investment Vehicles	0.00%, 5/1/2026	36,000		6,965		—		—	%
Subtotal Collateralized Securities					$	45,227	$	27,160	1.6	%

Equity/Other - 30.4% (b) (d)
Baker Hill Acquisition, LLC (c) (e)	Financials		22,653		$	—	$	—	—	%
Black Mountain Sand, LLC (c) (e) (u)	Energy		55,463		—		2,120		0.1	%

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares	Amortized Cost		Fair Value		% of Net Assets (b)
Cirque Du Soleil Holding USA Newco, Inc. (a) (e) (p)	Media/Entertainment		539,708	$	1,224	$	5,639	0.3	%
Cirque Du Soleil Holding USA Newco, Inc. (a) (e) (p)	Media/Entertainment		874,000	437		2,366		0.1	%
Clover Technologies Group, LLC (c) (e)	Industrials		180,274	1,153		52		0.0	%
Clover Technologies Group, LLC (c) (e)	Industrials		2,753	275		1,122		0.1	%
CRS-SPV, Inc. (c) (e) (o)	Industrials		246	2,219		1,559		0.1	%
Danish CRJ, Ltd. (a) (c) (e) (o) (r)	Transportation		5,002	—		—		—	%
Del Real, LLC (c) (e) (u)	Food & Beverage		670,510	382		221		0.0	%
Dyno Acquiror, Inc. (c) (e)	Consumer		134,102	58		21		0.0	%
FBLC Senior Loan Fund, LLC (a) (c) (j) (o)	Diversified Investment Vehicles		304,934	304,934		304,934		18.2	%
First Eagle Greenway Fund II, LLC (a) (e) (p)	Diversified Investment Vehicles		5,329	3,977		413		0.0	%
Foresight Energy Operating, LLC (c) (e) (p) (u)	Energy		158,093	2,087		3,519		0.2	%
HemaSource, Inc. (c) (e) (v)	Healthcare		223,503	168		818		0.0	%
Integrated Efficiency Solutions, Inc. (c) (e) (o) (u)	Industrials		55,991	—		—		—	%
Integrated Efficiency Solutions, Inc. (c) (e) (o) (u)	Industrials		57,427	—		—		—	%
Internap Corp. (c) (e) (o)	Business Services		1,293,189	543		—		—	%
Jakks Pacific, Inc. (c)	Consumer		5,303	242		788		0.0	%
Kahala Ireland OpCo Designated Activity Company (a) (c) (e) (o) (x)	Transportation		3,250,000	—		3,250		0.2	%
Kahala Ireland OpCo Designated Activity Company (a) (c) (o) (x)	Transportation		1	—		1,548		0.1	%
Kahala US OpCo, LLC (a) (c) (e) (o) (w)	Transportation		4,413,472	—		—		—	%
KidKraft, Inc. (c) (e) (u)	Consumer		2,682,257	—		751		0.1	%
Lakeview Health Holdings, Inc. (c) (e) (o)	Healthcare		5,272	—		—		—	%
McDonald Worley, P.C. (c) (e)	Business Services		20,167	20		4,542		0.3	%
MCS Acquisition Corp. (c) (e) (p)	Business Services		31,521	4,103		747		0.0	%
MCS Acquisition Corp. (c) (e) (p)	Business Services		693,977	694		694		0.0	%
MGTF Holdco, LLC (c) (e) (o) (u)	Media/Entertainment		402,000	—		—		—	%
Motor Vehicle Software Corp. (c) (e) (v)	Business Services		223,503	318		308		0.0	%
ORG GC Holdings, LLC (c) (e) (o) (u)	Business Services		93,380	212		—		—	%
ORG GC Holdings, LLC (c) (e) (o) (u)	Business Services		1,771	—		—		—	%
PennantPark Credit Opportunities Fund II, LP (a) (e) (p)	Diversified Investment Vehicles		8,739	751		1,121		0.1	%
Point Broadband Acquisition, LLC (c) (e) (u)	Telecom		2,550,487	2,550		3,407		0.2	%
Post Road Equipment Finance, LLC (c) (o) (u)	Financials		79,479	81,786		81,692		5.0	%
RMP Group, Inc. (c) (e) (u)	Financials		223	164		360		0.0	%
Siena Capital Finance, LLC (c) (o)	Financials		41,789,400	42,499		77,310		4.6	%
Skillsoft Corp. (e) (s)	Technology		248,712	2,636		308		0.0	%
Smile Brands, Inc. (c) (e)	Healthcare		712	—		305		0.0	%
Squan Holding Corp. (c) (e)	Telecom		180,835	—		—		—	%
Tax Defense Network, LLC (c) (e) (p)	Consumer		147,099	425		—		—	%

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)


Portfolio Company (f) (g) (q)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares	Amortized Cost		Fair Value		% of Net Assets (b)
Tax Defense Network, LLC (c) (e) (p)	Consumer		633,382	$	—	$	—	—	%
Tennenbaum Waterman Fund, LP (a) (p)	Diversified Investment Vehicles		10,000	10,000		8,826		0.5	%
Travelpro Products, Inc. (a) (c) (e)	Consumer		447,007	506		791		0.1	%
United Biologics, LLC (c) (e) (u)	Healthcare		39,769	132		—		—	%
United Biologics, LLC (c) (e) (u)	Healthcare		3,155	—		—		—	%
United Biologics, LLC (c) (e) (u)	Healthcare		4,206	31		—		—	%
United Biologics, LLC (c) (e) (u)	Healthcare		99,236	—		—		—	%
United Biologics, LLC (c) (e) (u)	Healthcare		223	35		—		—	%
USASF Holdco, LLC (c) (e) (u)	Financials		10,000	10		—		—	%
USASF Holdco, LLC (c) (e) (u)	Financials		490	490		—		—	%
USASF Holdco, LLC (c) (e) (u)	Financials		139	139		—		—	%
Vantage Mobility International, LLC (c) (e) (p)	Transportation		512,923	—		—		—	%
Vantage Mobility International, LLC (c) (e) (p)	Transportation		4,848,027	3,140		—		—	%
Vantage Mobility International, LLC (c) (e) (p)	Transportation		1,940,977	—		—		—	%
World Business Lenders, LLC (c) (e)	Financials		922,669	3,750		1,615		0.1	%
WPNT, LLC (c) (e) (o) (u)	Media/Entertainment		402,000	—		—		—	%
Wythe Will Tzetzo, LLC (c) (e) (u)	Food & Beverage		22,312	302		—		—	%
YummyEarth, Inc. (c) (e)	Food & Beverage		223	—		—		—	%
Subtotal Equity/Other				$	472,392	$	511,147	30.4	%

TOTAL INVESTMENTS - 172.8% (b)				$	2,974,902	$	2,905,739	172.8	%

_____________

(a)All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Qualifying assets represent 85.6% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

(b)Percentages are based on net assets as of June 30, 2023.

(c)The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

(d)All amounts are in thousands except share amounts.

(e)Non-income producing at June 30, 2023.

(f)The Company has various unfunded commitments to portfolio companies. Please refer to Note 7 - Commitments and Contingencies for details of these unfunded commitments.

(g)Unless otherwise indicated, all of the Company's investments or a portion thereof are pledged as collateral under the JPM Revolver Facility.

(h)The Company's investment or a portion thereof is pledged as collateral under the JPM Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

(i)The Company's investment or a portion thereof is pledged as collateral under the Wells Fargo Credit Facility. Individual investments can be divided into parts which are pledged to separate credit facilities.

(j)The Company's investment falls under the definition of a significant subsidiary, as it exceeded the threshold of at least one of the tests under Rule 4-08(g), or exceeded the threshold of at least one of the tests under Rule 3-09. See Note 3 for summarized financial information.

(k)The Collateralized Securities - subordinated notes are treated as equity investments and are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)

(l)The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate ("SOFR" or "S"), or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over the relevant reference rate and the current interest rate in effect at June 30, 2023. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities the all-in rate is disclosed within parentheses.

(m)The principal amount (par amount) is denominated in Canadian Dollars ("CAD").

(n)For equity investments in Collateralized Securities, the effective yield is presented in place of the investment coupon rate for each investment. Refer to footnote (k) for a further description of an equity investment in a Collateralized Security.

(o)The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Company owns 25% or less of the portfolio company's voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be "controlled" when the Company owns more than 25% of the portfolio company's voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as "controlled".

(p)The provisions of the 1940 Act classify investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Company owns less than 5% of a portfolio company's voting securities and "affiliated" when the Company owns 5% or more of a portfolio company's voting securities. The Company classifies this investment as "affiliated".

(q)Unless otherwise indicated, all investments in the Consolidated Schedules of Investments are non-affiliated, non-controlled investments.

(r)The Company's investment is held through the consolidated subsidiary, Kahala Aviation Holdings, LLC, which owns 49% of the operating company, Danish CRJ LTD.

(s)The investment is not a restricted security. All other securities are restricted securities.

(t)The investment is on non-accrual status as of June 30, 2023.

(u)Investments are held in the taxable wholly-owned, consolidated subsidiary, 54th Street Equity Holdings, Inc.

(v)The investment is held through BSP TCAP Acquisition Holdings LP, which is an affiliated acquisition entity. Due to certain restrictions, such as limits on the number of partners allowable within the equity structures of the newly acquired investments, these investments are still held within the acquisition entity as of June 30, 2023.

(w)The Company's investment is held through the consolidated subsidiaries, Kahala Aviation Holdings, LLC and Kahala Aviation US, Inc., which own 100% of the equity of the operating company, Kahala US OpCo LLC.

(x)The Company's investment is held through the consolidated subsidiary, Kahala Aviation Holdings, LLC, which owns 100% of the equity of the operating company, Kahala Ireland OpCo Designated Activity Company.

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)

June 30, 2023

(Unaudited)

The following table shows the portfolio composition by industry grouping based on fair value at June 30, 2023:


	At June 30, 2023
	Investments at Fair Value		Percentage of Total Portfolio
Business Services	$	446,656	15.4	%
Healthcare	414,228		14.3	%
Financials	401,828		13.8	%
Diversified Investment Vehicles (1)	342,454		11.8	%
Software/Services	288,559		9.9	%
Industrials	268,677		9.2	%
Media/Entertainment	187,316		6.4	%
Paper & Packaging	144,867		5.0	%
Consumer	113,755		3.9	%
Food & Beverage	71,611		2.5	%
Utilities	55,399		1.9	%
Education	37,561		1.3	%
Chemicals	35,845		1.2	%
Technology	34,146		1.2	%
Telecom	29,661		1.0	%
Transportation	24,825		0.9	%
Energy	8,351		0.3	%
Total	$	2,905,739	100.0	%

_____________

(1) Includes FBLC's investment in FBLC Senior Loan Fund, LLC, which represents 10.5% of the fair value of investments as of June 30, 2023.

The accompanying notes are an integral part of these consolidated financial statements.

FRANKLIN BSP LENDING CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands)


December 31, 2022
Portfolio Company (f) (q) (v)	Industry	Investment Coupon Rate / Maturity (l)	Principal / Number of Shares		Amortized Cost		Fair Value		% of Net Assets (b)

Senior Secured First Lien Debt - 119.8% (b)
1236904 BC, Ltd. (c) (h)	Software/Services	L+ 7.50% (11.85%), 3/4/2027	$	10,441	$	10,298	$	10,600	0.6	%
1236904 BC, Ltd. (c) (h) (i)	Software/Services	L+ 5.50% (9.88%), 3/4/2027	18,450		18,003		17,841		1.1	%
Absolute Software Corp. (a) (c) (i)	Software/Services	L+ 6.00% (10.73%), 7/1/2027	45,093		44,417		44,416		2.7	%
ADCS Clinics Intermediate Holdings, LLC (c) (h)	Healthcare	L+ 6.50% (11.43%), 5/7/2027	13,633		13,436		13,379		0.8	%
ADCS Clinics Intermediate Holdings, LLC (c)	Healthcare	L+ 6.50% (11.70%), 5/7/2027	2,794		2,794		2,742		0.2	%
Alera Group Intermediate Holdings, Inc. (c)	Financials	S+ 6.50% (10.92%), 10/2/2028	5,890		5,779		5,779		0.3	%
Alera Group Intermediate Holdings, Inc. (c)	Financials	S+ 6.50% (10.92%), 10/2/2028	6,598		6,598		6,473		0.4	%
Arch Global Precision, LLC (c)	Industrials	L+ 4.75% (8.42%), 4/1/2026	2,356		2,356		2,356		0.1	%
Arch Global Precision, LLC (c) (h) (i)	Industrials	L+ 4.75% (9.17%), 4/1/2026	7,479		7,457		7,479		0.4	%
Arctic Holdco, LLC (c)	Paper & Packaging	S+ 6.00% (10.68%), 12/23/2026	2,439		2,439		2,403		0.1	%
Arctic Holdco, LLC (c) (h) (i)	Paper & Packaging	S+ 6.00% (10.68%), 12/23/2026	60,674		59,823		59,764		3.6	%
Armada Parent, Inc. (c)	Industrials	L+ 5.75% (10.13%), 10/29/2027	44,717		43,998		43,997		2.6	%
Armada Parent, Inc. (c)	Industrials	L+ 5.75% (10.13%), 10/29/2027	2,253		2,253		2,217		0.1	%
Avalara, Inc. (c)	Software/Services	S+ 7.25% (11.83%), 10/19/2028	40,296		39,323		39,321		2.4	%
Aveanna Healthcare, LLC (h)	Healthcare	L+ 3.75% (7.77%), 7/17/2028	910		905		696		0.0	%
Aventine Holdings, LLC (c)	Media/Entertainment	L+ 6.00% (10.38%) 4.00% PIK, 6/18/2027	9,584		9,584		9,459		0.6	%
Aventine Holdings, LLC (c)	Media/Entertainment	10.25% PIK, 6/18/2027	24,798		24,342		24,265		1.5	%
Aventine Holdings, LLC (c) (i)	Media/Entertainment	L+ 6.00% (10.38%) 4.00% PIK, 6/18/2027	26,220		25,811		25,876		1.6	%
Axiom Global, Inc. (c) (h) (i)	Business Services	L+ 4.75% (9.04%), 10/1/2026	20,316		20,195		20,316		1.2	%
BCPE Oceandrive Buyer, Inc. (c) (i)	Healthcare	L+ 6.25% (10.67%), 12/29/2028	3,399		3,399		3,284		0.2	%
BCPE Oceandrive Buyer, Inc. (c) (i)	Healthcare	L+ 6.25% (10.67%), 12/29/2028	20,396		20,003		19,701		1.2	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (10.99%), 12/30/2026	3,425		3,425		3,308		0.2	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (10.67%), 12/29/2028	1,727		1,727		1,668		0.1	%
Black Mountain Sand, LLC (c)	Energy	L+ 9.00% (13.70%), 6/30/2024	8,332		8,310		8,332		0.5	%
Capstone Logistics (c)	Transportation	L+ 4.75% (9.13%), 11/12/2027	1,115		1,115		1,115		0.1	%
Capstone Logistics (c) (h)	Transportation	L+ 4.75% (9.13%), 11/12/2027	19,014		18,882		19,015		1.1	%
CHA Holdings, Inc. (c) (i)	Business Services	L+ 4.50% (9.23%), 4/10/2025	514		496		514		0.0	%
Cold Spring Brewing, Co. (c) (h) (i)	Food & Beverage	S+ 4.75% (9.07%), 12/19/2025	7,008		6,973		7,008		0.4	%
Communication Technology Intermediate, LLC (c) (h)	Business Services	L+ 5.50% (9.88%), 5/5/2027	17,891		17,632		17,891		1.1	%
Communication Technology Intermediate, LLC (c) (i)	Business Services	L+ 5.50% (9.88%), 5/5/2027	6,223		6,223		6,223		0.4	%
Communication Technology Intermediate, LLC (c)	Business Services	L+ 5.50% (9.88%), 5/5/2027	205		205		205		0.0	%
Corfin Industries, LLC (c)	Industrials	L+ 5.75% (9.82%), 12/27/2027	1,602		1,602		1,602		0.1	%
Corfin Industries, LLC (c) (h) (i)	Industrials	L+ 5.75% (9.42%), 2/5/2026	16,394		16,212		16,394		1.0	%
Cornerstone Chemical, Co.	Chemicals	6.75%, 8/15/2024	14,850		14,541

Franklin BSP Lending Corp 10-Q