---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-081185"
form_type: "8-K"
ticker: "FRBP"
cik: "0001825248"
company_name: "Franklin BSP Capital Corp"
filed_at: "2023-10-06T23:59:59+00:00"
generated_at: "2026-06-10T03:35:44.981824+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# FBCC to acquire FBLC in all-stock merger; combined assets ~$3.9B, close H1 2024

## Summary
- Exchange ratio based on NAV; illustrative 0.4631 FBCC shares per FBLC share (June 30 NAV).
- Pro forma ownership: 19.2% current FBCC holders, 80.8% current FBLC holders.
- Combined company assets ~$3.9B, net assets ~$2.1B, portfolio ~$3.7B (~97% senior secured).
- Amended advisory agreement raises base fee to 1.50% of gross assets; incentive fees to 17.5%.
- Transaction expected first half 2024, subject to stockholder and regulatory approvals.

## SEC filing metadata
- accession: 0001213900-23-081185
- form_type: 8-K
- ticker: FRBP
- cik: 0001825248
- company_name: Franklin BSP Capital Corp
- filed_at: 2023-10-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1825248/000121390023081185/0001213900-23-081185-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1825248/000121390023081185/ea186277-8k425_franklin.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-081185
- JSON: https://secwatch.observer/filing/0001213900-23-081185.json
- Plain text: https://secwatch.observer/filing/0001213900-23-081185.txt

## Key facts
- Material Agreements
  Franklin BSP Capital Corp entered into Agreement and Plan of Merger with Franklin BSP Lending Corporation, Franklin BSP Merger Sub, Inc., and Franklin BSP Capital Adviser L.L.C. (effective 2023-10-02).
  - Action: entry
  - Agreement: merger
  - Counterparty: Franklin BSP Lending Corporation, Franklin BSP Merger Sub, Inc., and Franklin BSP Capital Adviser L.L.C.
  - Effective: 2023-10-02
  source text: On October 2, 2023, Franklin BSP Capital Corporation, a Delaware corporation (“FBCC”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Franklin BSP Lending Corporation, a Maryland corporation (“FBLC” and together with FBCC, the “Funds” and each a “Fund”), Franklin BSP Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of FBCC (“Merger Sub”), and, solely for the limited purposes set forth therein, Franklin BSP Capital Adviser L.L.C. (“FBCA”), a Delaware limited liability company and the external investment adviser to FBCC.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1825248/000121390023081185/0001213900-23-081185-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.