May 8, 2026
Quarterly Highlights
First Quarter 2026
Core investment income(1) of $14.8 million for the first quarter, as compared to $14.2 million for the fourth quarter of 2025.
Net investment income of $6.9 million ($0.55 per share) for the quarter, compared to $7.4 million ($0.57 per share) for the fourth quarter of 2025.
Net asset value (NAV) was $193.0 million ($15.60 per share), as of 3/31/26 compared to $209.2 million ($16.68 per share) as of 12/31/25.
Declared a supplemental distribution of $0.03 per share bringing the total second quarter distributions to $0.30 per share and a third quarter 2026 base distribution of $0.27 per share, or a monthly base distribution of $0.09 per share of common stock for each of July, August and September 2026. The supplemental distribution is payable on 5/29/26 to stockholders of record at the close of business on 5/18/26. The July 2026 distribution is payable on 7/31/26 to stockholders of record at the close of business on 7/15/26. The August 2026 distribution is payable on 8/31/26 to stockholders of record at the close of business on 8/14/26. The September 2026 distribution is payable on 9/30/26 to stockholders of record at the close of business on 9/15/26.
Portfolio & Investment Activity Liquidity & Capital ResourcesInvestment portfolio at fair value as of 3/31/26, was $476.9 million, comprised of 108 portfolio companies. Our debt investment portfolio totaled $384.1 million at fair value as of 3/31/26, spread across 33 industries and 72 portfolio companies with an average par balance per investment of approximately $3.3 million. This compares to a total investment portfolio at fair value as of 12/31/25 of $501.0 million, across 108 portfolio companies. Our debt investment portfolio totaled $411.6 million at fair value as of 12/31/25, spread across 34 industries and 74 portfolio companies, with an average par balance per investment of approximately $3.5 million. Approximately 70% of BCIC's Q1'26 unrealized depreciation was concentrated in software and software-exposed investments. The majority of this unrealized depreciation reflects broad sector dislocation and market-driven valuation pressure rather than fundamental credit deterioration. 96% of BCIC's software exposure is in mission-critical, structurally protected portfolio companies.
Deployments of approximately $13.3 million and repayments and sales of approximately $28.3 million, resulting in net repayments and sales of approximately $15.0 million for the first quarter.
Weighted average annualized yield, excluding income from non-accruals and CLOs, was approximately 12.8% as of 3/31/26.
Debt investments on non-accrual as of 3/31/26, were 12 attributable to 9 portfolio companies, representing 2.6% and 6.2% of the Company's investment portfolio at fair value and amortized cost, respectively. This compares to 13 debt investments attributable to 10 portfolio companies representing 4.0% and 7.1% of the portfolio at fair value and amortized cost, respectively, as of 12/31/25. However, for a subset of the non-accrual population, the Company continues to recognize interest income on a cash basis (i.e., only when cash payments are actually received).
Par value of outstanding borrowings, as of 3/31/26, was $342.2 million, which compares to $312.3 million as of 12/31/25, with an asset coverage ratio under Section 18(h) of the Investment Company Act of 1940 of 156% as of 3/31/26 compared to 167% as of 12/31/2025. On a gross basis, leverage as of 3/31/26 was 1.8x as compared to 1.5x as of 12/31/25. On a net basis, leverage as of 3/31/26 was 1.5x(2) as compared to 1.4x(2) as of 12/31/25. The quarter over quarter increase primarily reflected the timing of our March issuance of $50.0 million of 7.50% notes due 2029 ahead of the April 27th partial redemption of LRFC 2026 notes for $40.0 million, which temporarily elevated quarter-end borrowings.
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP ("GAAP"), less the impact of purchase price discount accounting in connection with the Garrison Capital Inc. ("GARS"), Harvest Capital Credit Corporation ("HCAP"), and Logan Ridge Finance Corporation ("LRFC") mergers. The Company believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing BCP Investment Corporation's financial performance.
Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. BCP Investment Corp. believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company's financial condition net of $58.0 million and $12.5 million of cash and cash equivalents and restricted cash as of March 31, 2026 and December 31, 2025, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement
Quarterly HighlightsRecent Milestones & Upcoming Initiatives
Recently Completed Milestones
Merger and Rebranding:
On July 15, 2025, the Company closed its merger with Logan Ridge Finance Corporation ("LRFC Acquisition") and, following a rebrand in August, began operating as BCP Investment Corporation, continuing to trade on Nasdaq under the ticker "BCIC," marking a major milestone in scale, diversification, and operational efficiency.
Rate Step-Down:
On October 7, 2025, the Company obtained a BBB- rating from a Nationally Recognized Statistical Rating Organization with respect to the 5.25% fixed-rate convertible notes due 2032 (the "2032 Convertible Notes") and the 5.25% fixed-rate notes due 2026 (the "LRFC 2026 Notes") which resulted in both the 2032 Convertible Notes and 2026 Notes, having a fixed interest rate of 5.25% per annum.
Note Offering:
On March 20, 2026, the Company entered into a note purchase agreement in connection with the issuance and sale of $50.0 million aggregate principal amount of its 7.50% notes due 2029 (the "2029 Notes"), under an effective shelf registration statement. The offering closed and the 2029 Notes were issued on March 24, 2026. The proceeds from the issuance of the 2029 Notes were used to partially redeem $40.0 million aggregate principal amount outstanding of its 2026 Notes on April 27, 2026.
Share Repurchase Program and Tender Offer:
On December 12, 2025, the Company, its management, the Adviser, and the Company's affiliates completed a modified "Dutch Auction" Tender Offer. The Company purchased 557,960 shares of its common stock for an aggregate cost of approximately $7.6 million at an average price of $13.63 per share, which was accretive to NAV by $0.18 per share.
On March 4, 2026, BCIC's Board of Directors authorized a renewed stock repurchase program of up to $10 million for the period from March 4, 2026, to March
31, 2027.
Between January 1, 2026, and March 31, 2026, the Company repurchased 172,159 shares of its common stock for an aggregate cost of approximately $2.1 million at an average price of $11.97 per share through the 2026 Share Repurchase Program, which was accretive to NAV by $0.07 per share.
Monthly Distribution Structure:
On March 4, 2026, the Board of Directors of Company authorized the transition of the Company's distribution payment schedule from quarterly to monthly, while retaining the potential for quarterly supplemental distributions.
Approximately 70% of the first quarter's 2026 unrealized depreciation on the portfolio was concentrated in software and software-exposed investments. The majority of this unrealized depreciation reflects broad sector dislocation and market-driven valuation pressure rather than fundamental credit deterioration. 96% of BCIC's software exposure is in mission-critical, structurally protected portfolio companies.
For the Three Months Ended | |||||
(Dollar amounts in thousands) | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 |
Total Investment Income | $12,118 | $12,630 | $18,940 | $17,464 | $17,598 |
Less: Purchase discount accretion | (16) | - | (3,618) | (3,261) | (2,776) |
Core investment income(1) | 12,102 | 12,630 | 15,322 | 14,203 | 14,822 |
Total Expenses | 7,778 | 8,073 | 10,280 | 10,077 | 10,708 |
Incentive fee waiver | - | - | (188) | - | - |
Total Net Expenses | 7,778 | 8,073 | 10,092 | 10,077 | 10,708 |
Net Investment Income | 4,340 | 4,557 | 8,848 | 7,387 | 6,890 |
Less: Purchase discount accretion | (16) | - | (3,618) | (3,261) | (2,776) |
Incentive fee addback | 3 | - | - | - | - |
Core net investment income(2) | 4,327 | 4,557 | 5,230 | 4,126 | 4,114 |
Net realized gain (loss) on investments | (173) | (15,840) | (2,678) | (2,745) | (2,022) |
Net change in unrealized appreciation (depreciation) on investments | (3,903) | 6,628 | 15,525 | (11,703) | (14,638) |
Tax (provision) benefit on realized and unrealized gains (loss) on investments | (346) | 137 | 1,935 | (115) | (403) |
Net realized gain (loss) on extinguishment of debt | - | - | - | (362) | - |
Net increase/(decrease) in Core net assets resulting from operations(3) | ($95) | ($4,518) | $20,012 | ($10,799) | ($12,949) |
Per Share | |||||
Core Net Investment Income | $0.47 | $0.50 | $0.42 | $0.32 | $0.33 |
Net Realized and Unrealized Gain / (Loss) on Investments | ($0.44) | ($1.01) | $1.02 | ($1.11) | ($1.34) |
Net Core Earnings | ($0.01) | ($0.49) | $1.59 | ($0.83) | ($1.04) |
Distributions Paid | $0.54 | $0.47 | $0.49 | $0.47 | $0.32 |
Net Asset Value | $18.85 | $17.89 | $17.55 | $16.68 | $15.60 |
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the GARS, HCAP, and LRFC mergers. BCP Investment Corporation believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing the Company's financial performance.
Core net investment income represents reported total net investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the GARS, HCAP, and LRFC mergers. This measure also reflects the effect of merger-related accretion on expenses-specifically, the add-back of incentive fees associated with the removal of purchase discounts. The Company believes presenting core net investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total net investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core net investment income should be reviewed only in
Over the last three years, BCIC has experienced an average of ~$0.3 million in income related to repayment / prepayment activity.
Core Paydown Income(1) By Quarter (in Thousands)Quarterly Average: $334
$790
1,000
900
800
700
600
500
400
300
200
100
-
Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26
Core Paydown Income is a non-GAAP financial measure defined as accelerated accretion of discount on debt investments resulting from repayment or prepayment events (excluding accelerated accretion of purchase discount, which is included in total investment income under GAAP). Management presents Core Paydown Income separately to enable investors to assess the impact of portfolio repayment and turnover activity on total investment income in a given period, as these amounts are episodic and event-driven rather than recurring components of coupon income. Core Paydown Income should not be viewed as a substitute for any GAAP measure of investment income. The calculation may not be comparable to similarly titled measures of other companies.
Core Earnings Analysis
For the Three Months Ended | |||||
(Dollar amounts in thousands) | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 |
Interest Income: | |||||
Non-controlled/non-affiliated investments | $7,300 | $8,463 | $13,295 | $13,146 | $11,344 |
Non-controlled affiliated investments | 316 | 324 | 1,434 | 1,530 | 1,474 |
Total interest income | 7,616 | 8,787 | 14,729 | 14,676 | 12,818 |
Payment-in-kind income: | |||||
Non-controlled/non-affiliated investments | 2,853 | 2,354 | 2,507 | 2,023 | 3,129 |
Non-controlled affiliated investments | 208 | 95 | 198 | 285 | 293 |
Total payment-in-kind income | 3,061 | 2,449 | 2,705 | 2,308 | 3,422 |
Dividend income: Non-controlled affiliated investments | 1,417 | 1,213 | 1,500 | 197 | 1,047 |
Total dividend income | 1,417 | 1,213 | 1,500 | 197 | 1,047 |
Fees and other income: | |||||
Non-controlled/non-affiliated investments | 24 | 98 | 6 | 283 | 237 |
Non-controlled affiliated investments | - | 83 | - | - | 74 |
Total fees and other income | 24 | 181 | 6 | 283 | 311 |
Reported Investment Income | $12,118 | $12,630 | $18,940 | $17,464 | $17,598 |
Less: Purchase discount accounting | (16) | - | (3,618) | (3,261) | (2,776) |
Core Investment Income(1) | $12,102 | $12,630 | $15,322 | $14,203 | $14,822 |
Reported Net Investment Income | $4,340 | $4,557 | $8,848 | $7,387 | $6,890 |
NII Per Share | $0.47 | $0.50 | $0.71 | $0.57 | $0.55 |
Core Net Investment Income(2) | $4,327 | $4,557 | $5,230 | $4,126 | $4,114 |
NII Per Share | $0.47 | $0.50 | $0.42 | $0.32 | $0.33 |
Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase price discount accounting in connection with the GARS, HCAP, and LRFC mergers. BCP Investment Corporation believes presenting core investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing the Company's financial performance.
Net Asset Value Roll Forward
For the Three Months Ended | |||||
(Dollar amounts in thousands) | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 |
NAV, Beginning of Period | $178,493 | $173,511 | $164,729 | $231,304 | $209,156 |
Net Investment Income | 4,340 | 4,557 | 8,848 | 7,382 | 6,890 |
Realized Gains (Losses) from Investment transactions | (173) | (15,840) | (2,678) | (2,745) | (2,022) |
Net change in unrealized appreciation (depreciation) on investments | (3,903) | 6,628 | 15,525 | (11,261) | (14,638) |
Tax (provision) benefit on realized and unrealized gains (losses) on investments | (346) | 137 | 1,935 | (115) | (403) |
Realized Gains (Losses) from extinguishments of debt | - | - | - | (362) | - |
Net Decrease in Assets Resulting from Distributions | (4,967) | (4,325) | (6,464) | (6,141) | (3,958) |
Stock Repurchases | - | - | (250) | (9,006) | (2,064) |
Distribution Reinvestment Plan | 67 | 61 | 63 | 63 | 44 |
Issuance of common shares(1) | - | - | 49,596 | 474 | - |
NAV, End of Period | $173,511 | $164,729 | $231,304 | $209,156 | $193,005 |
Leverage and Asset Coverage | |||||
Gross Leverage | 1.5x | 1.6x | 1.4x | 1.5x | 1.8x |
Net Leverage(2) | 1.3x | 1.4x | 1.3x | 1.4x | 1.5x |
Asset Coverage | 168% | 165% | 171% | 167% | 156% |
Issuance of common shares were in connection with the LRFC Acquisition in the period ended September 30, 2025. Issuance of common shares were in connection with the conversion of a portion of the 2032 Convertible Notes in the period ended December 31, 2025.
Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. BCP Investment Corp. believes presenting a net leverage ratio is useful and appropriate supplemental disclosure
because it reflects the Company's financial condition net of $58.0 million, $12.5 million, $17.4 million, $24.6 million and $23.5 million of cash and cash equivalents and restricted cash as of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025,
8 respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in
BCIC Portfolio Composition
As of March 31, 2026
Key Statistics
Diversification by Borrower(3)
4.9% 4.9%
Top 5 Borrowers
Key Statistics | |
Total Investments at Fair Value | $476.9 million |
Weighted Average Annualized Yield on Investments(1) | 12.8% |
Number of Debt + Equity Portfolio Companies | 105 |
Number of Industries | 41 |
Average Debt Position Size | $3.3 |
Non-Accrual Investments (Cost / Fair Value) | 6.2% / 2.6% |
Borrower 2
4.5%
3.9%
21.8%
Borrower 3Borrower 4
Borrower 5
Next 6-10 Investments
Next 11-25 Investments
Remainder
38.0%
25.1%
15.0%
3.7%
Asset Mix(2) Industry Diversification(3)
5.7%
10.6%
9.0%
74.7%
First Lien DebtSecond Lien Debt
Equity Securities
Subordinated Debt
9
Calculated based on the Debt Securities Portfolio excluding income from non-accruals and collateralized loan obligations. Excluding the impact of the purchase discount from the LRFC Acquisition, the weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 10.1% as of 3/31/26.
Shown as % of debt and equity investments at fair market value.
As of March 31, 2026. Figures shown do not include CLO Funds, Joint Ventures, and Derivatives.
Health Care Providers & Services15.3%
25.6%
13.4%
3.3%
3.4%
3.7%
3.8%
5.4%
5.8%
12.3%
8.0%
Software
Financial Services
IT Services
Diversified Consumer Services
Commercial Services & Supplies
Leisure Products
Textiles, Apparel & Luxury Goods
Aerospace & Defense
Media
OtherAs of
(Dollar amounts in thousands)
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
Portfolio Sourcing (at Fair Value):
BC Partners
$326,614
$322,989
$425,230
$391,331
$373,138
Legacy KCAP
18,917
16,814
14,028
13,925
12,638
Legacy OHAI
0
0
0
0
0
Legacy GARS
52,744
48,831
50,484
47,947
42,581
Legacy HCAP(3)
8,148
6,475
6,680
6,720
6,615
Legacy LRFC(4)
-
-
43,279
41,052
41,916
Portfolio Summary:
Total portfolio, at fair value
$406,423
$395,109
$539,701
$500,975
$476,888
Total number of debt portfolio companies / Total number of investments(5)
72 / 180
69 / 185
79 / 213
74 / 205
72 / 208
Weighted Avg EBITDA of debt portfolio companies(8)
$129,902
$134,507
$137,956
$139,606
$68,362
Average size of debt portfolio company investment
$2,648
$2,646
$3,186
$3,481
$3,324
Weighted avg first lien / total leverage ratio (net) of debt portfolio(8)
5.1x / 5.8x
5.1x / 5.9x
5.2x / 5.8x
5.3x / 6.0x
5.6x / 6.2x
Portfolio Yields and Spreads:
Weighted average yield on debt investments at par value(6)
11.0%
10.7%
13.8%
12.9%
12.8%
Average Spread to SOFR
735 bps
714 bps
673 bps
670 bps
650 bps
Portfolio Activity:
Beginning balance
$405,021
$406,423
$395,109
$539,701
$500,975
Purchases / draws(7)
20,361
14,191
170,949
16,303
16,161
Exits / repayments
(15,660)
(17,049)
(43,828)
(44,774)
(28,322)
Gains / (losses) / accretion
(3,299)
(8,456)
17,471
(10,255)
(11,926)
Ending Balance
$406,423
$395,109
$539,701
$500,975
$476,888
For comparability purposes, portfolio trends metrics exclude short-term investments and derivatives.
Excludes select investments where the metric is not applicable, appropriate or data is unavailable for the underlying statistic analyzed.
Includes assets purchased from affiliate of HCAP's former manager in a separate transaction.
Includes legacy Capitala positions; LRFC assets which were originated by the BC Partners Credit Platform are included in the BC Partners line.
CLO holdings and Joint Ventures are excluded from the investment count.
Represents the weighted average annualized yield on debt investments (excluding income from non-accruals and collateralized loan obligations). Excluding the impact of the purchase discount from the LRFC Acquisition, the weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 10.1% as of 3/31/26, compared to 10.2% as of 12/31/25.
As of March 31, 2026, twelve of the Company's debt investments, attributable to nine portfolio companies, were on non-accrual status and
represented 2.6% and 6.2% of the Company's investment portfolio at fair value and amortized cost, respectively.
As of | |||||
(Dollar amounts in thousands) | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 |
Investments Credit Quality - Internal Rating(1) | |||||
Performing | 92.1% | 93.8% | 94.6% | 92.7% | 92.8% |
Underperforming | 7.9% | 6.2% | 5.4% | 7.3% | 7.2% |
Investments on Non-Accrual Status | |||||
Number of Non-Accrual Investments | 6 | 6 | 10 | 13 | 12 |
Non-Accrual Investments at Cost | $22,799 | $22,344 | $37,198 | $40,399 | $34,417 |
Non-Accrual Investments as a % of Total Cost | 4.7% | 4.8% | 6.3% | 7.1% | 6.2% |
Non-Accrual Investments at Fair Value | $10,740 | $8,439 | $20,757 | $19,997 | $12,279 |
Non-Accrual Investments as a % of Total Fair Value | 2.6% | 2.1% | 3.8% | 4.0% | 2.6% |
(1) Based on fair market value as of the end of the respective period.
As of | |||||
Investment Portfolio(1) (Dollar amounts in thousands) | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 |
First Lien Debt | $294,379 | $291,071 | $386,403 | $344,126 | $321,125 |
Second Lien Debt | 28,724 | 30,276 | 38,994 | 42,183 | 38,495 |
Subordinated Debt | 1,740 | 1,750 | 24,832 | 25,339 | 24,467 |
Equity Securities | 26,218 | 23,919 | 40,793 | 39,193 | 45,949 |
Collateralized Loan Obligations | 4,639 | 3,263 | 2,179 | 1,789 | 1,690 |
Joint Ventures | 50,491 | 44,634 | 46,301 | 48,165 | 44,967 |
Derivatives | 232 | 196 | 199 | 180 | 195 |
Ending Balance | $406,423 | $395,109 | $539,701 | $500,975 | $476,888 |
As of | |||||
Investment Portfolio (% of total) | March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 |
First Lien Debt | 72.4% | 73.7% | 71.6% | 68.7% | 67.4% |
Second Lien Debt | 7.1% | 7.7% | 7.2% | 8.4% | 8.1% |
Subordinated Debt | 0.4% | 0.4% | 4.6% | 5.1% | 5.1% |
Equity Securities | 6.5% | 6.1% | 7.6% | 7.8% | 9.6% |
Collateralized Loan Obligations | 1.1% | 0.8% | 0.4% | 0.4% | 0.4% |
Joint Ventures | 12.4% | 11.3% | 8.6% | 9.6% | 9.4% |
Derivatives | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
(1) At fair value at the end of the respective period.
Appendix
Consolidated Statements of Assets and Liabilities
As of March 31, 2026 and December 31, 2025
As of | ||
(Dollar amounts in thousands) | March 31, 2026 | December 31, 2025 |
ASSETS | (Unaudited) | |
Non-controlled/non-affiliated investments (amortized cost of $414,774 and $433,213, respectively) | $380,573 | $409,735 |
Non-controlled affiliated investments (amortized cost of $99,398 and $90,294, respectively) | 87,371 | 80,585 |
Controlled affiliated investments (amortized cost of $42,218 and $42,332, respectively) | 8,944 | 10,655 |
Total Investments at fair value (amortized cost of $556,390 and $565,839, respectively) | $476,888 | $500,975 |
Cash and cash equivalents | 51,824 | 3,721 |
Restricted cash | 6,209 | 8,782 |
Interest receivable | 3,791 | 5,793 |
Receivable for unsettled trades | 1,570 | - |
Dividend receivable | 803 | 845 |
Other assets | 2,828 | 3,525 |
Total Assets | $543,913 | $523,641 |
LIABILITIES | ||
2026 Notes (net of deferred financing costs and original issue discount of $217 and $312, respectively) | 49,783 | 49,688 |
2028 Notes (net of deferred financing costs and original issue discount of $782 and $851, respectively) | 34,218 | 34,149 |
2029 Notes (net of deferred financing costs of $881 and $-, respectively) | 49,119 | - |
2030 Notes (net of deferred financing costs and original issue discount of $2,318 and $2,423, respectively) | 72,682 | 72,577 |
2032 Convertible Notes (net of deferred financing costs and original issue discount of $99 and $102, respectively) | 1,901 | 1,898 |
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $700 and $825, respectively) | 79,309 | 106,804 |
KeyBank Credit Facility (net of deferred financing costs of $843 and $904, respectively) | 49,391 | 41,765 |
Management and incentive fees payable | 4,443 | 1,865 |
Accounts payable, accrued expenses and other liabilities | 3,653 | 1,714 |
Accrued interest payable | 6,409 | 4,025 |
Total Liabilities | $350,908 | $314,485 |
NET ASSETS | ||
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,009,104 issued, and 12,375,787 outstanding as of March 31, 2026, and 14,003,016 issued, and 12,541,858 outstanding as of December 31, 2025 | 124 | 125 |
Capital in excess of par value | 809,092 | 811,111 |
Total distributable (loss) earnings | (616,211) | (602,080) |
Total Net Assets | $193,005 | $209,156 |
Total Liabilities and Net Assets | $543,913 | $523,641 |
NET ASSET VALUE PER COMMON SHARE | $15.60 | $16.68 |
Consolidated Statements of Operations
For the Three Months Ended March 31, | ||
(Dollar amounts in thousands) | 2026 | 2025 |
INVESTMENT INCOME | (Unaudited) | (Unaudited) |
Interest income: Non-controlled/non-affiliated investments Non-controlled affiliated investments | $11,344 1,474 | $7,300 316 |
Total interest income | $12,818 | $7,616 |
Payment-in-kind income: Non-controlled/non-affiliated investments Non-controlled affiliated investments | 3,129 293 | 2,853 208 |
Total payment-in-kind income | $3,422 | $3,061 |
Dividend income Non-controlled affiliated investments | 1,047 | 1,417 |
Total dividend income | $1,047 | $1,417 |
Fees and other income Non-controlled/non-affiliated investments Non-controlled affiliated investments | 237 74 | 24 - |
Total fees and other income | $311 | $24 |
Total Investment Income | $17,598 | $12,118 |
EXPENSES | ||
Management fees Performance-based incentive fees Interest & amortization of debt issuance costs Professional fees Administrative services expense Directors' expense Other general & administrative expenses | $1,705 873 5,837 913 543 123 714 | $1,466 920 4,298 452 411 144 87 |
Total Expenses | $10,708 | $7,778 |
Net Investment Income | $6,890 | $4,340 |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | ||
Net realized gains (losses) from investment transactions: Non-controlled/non-affiliated investments Non-controlled affiliated investments | (2,022) - | (81) (92) |
Net realized gain (loss) on investments | ($2,022) | ($173) |
Net change in unrealized appreciation (depreciation) on investments: Non-controlled/non-affiliated investments Non-controlled affiliated investments Controlled affiliated investments Derivatives | (10,738) (2,318) (1,597) 15 | (1,501) (1,140) (1,274) 12 |
Net change in unrealized appreciation (depreciation) on investments | ($14,638) | ($3,903) |
Tax (provision) benefit on realized and unrealized gains (losses) on investments | (403) | (346) |
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments, net of taxes | (17,063) | (4,422) |
Net increase (decrease) in net assets resulting from operations | (10,173) | (82) |
Net increase (decrease) in net assets resulting from operations per common share: | ||
Net increase (decrease) in net assets per share resulting from operations - Basic and Diluted | ($0.82) | ($0.01) |
Weighted average common stock outstanding - Basic and Diluted Net investment income per common share: | 12,435,534 | 9,198,223 |
Net investment income (loss) - Basic and Diluted | $0.55 | $0.47 |
As of March 31, 2026 | Principal Amount Committed (in Principal Amount Outstanding (in mm) mm) | Interest Rate | Maturity Date | |
2026 Notes | $50.0 | $50.0 | Fixed / 5.25% | October 2026 |
2028 Notes | 35.0 | 35.0 | Fixed / 7.50% | October 2028 |
2029 Notes | 50.0 | 50.0 | Fixed / 7.50% | September 2029 |
2030 Notes | 75.0 | 75.0 | Fixed / 7.75% | October 2030 |
2032 Convertible Notes | 15.0 | 2.0 | Fixed / 5.25% | April 2032 |
Great Lakes Credit Facility | 125.0 | 80.0 | Floating / SOFR + 2.50% | August 2027 |
KeyBank Credit Facility | 75.0 | 50.2 | Floating / SOFR + 2.80% | August 2029 |
Total / Weighted Average | $425.0 | $342.2 | 6.70% |
Fixed vs. Floating Rate
Undrawn Borrowing Capacity Under
Revolving Credit Facilities (in mm)
Cash & Cash Equivalents (in mm)
$6.2
38%
62%
11%
89%
35%
$69.8
65%
$51.8
Fixed Rate Floating RateUndrawn Drawn
Unrestricted Cash Restricted Cash
13.0% 13.6% 13.5%
12.1% 12.1% 12.1%
12.2%
12.7% 12.2%
11.8%
10.8%
11.3%
10.5%
10.1%
9.2%
9.8%
8.4% 8.3%
8.2%
8.2%
8.2%
8.5%
8.6%
$0.07
$0.02
$0.67
$0.68
$0.6G $0.6G $0.6G $0.6G $0.6G $0.6G $0.6G
$0.60 $0.60 $0.60
$0.60
$0.62
$0.63
$0.63 $0.63
$0.03
$0.47 $0.47 $0.47 $0.47
$0.32
$0.27
Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Base Dividend Supplemental Dividend LTM Dividend Yield2026 Dividend Payment Schedule
Declaration Date | Record Date | Payment Date | Distribution Type | Distribution Per Share |
5/7/2026 | 9/15/2026 | 9/30/2026 | Base | $0.09 |
5/7/2026 | 8/14/2026 | 8/31/2026 | Base | $0.09 |
5/7/2026 | 7/15/2026 | 7/31/2026 | Base | $0.09 |
5/7/2026 | 5/18/2026 | 5/29/2026 | Supplemental | $0.03 |
3/5/2026 | 6/15/2026 | 6/30/2026 | Base | $0.09 |
3/5/2026 | 5/15/2026 | 5/29/2026 | Base | $0.09 |
3/5/2026 | 4/15/2026 | 4/30/2026 | Base | $0.09 |
3/5/2026 | 3/16/2026 | 3/27/2026 | Base | $0.32 |
Historical Dividend Payments
Period
Base Dividend Per Share
Supplemental Distribution
Per Share Total Distribution Per Share
Full Year 2025 $1.88 $0.09 $1.97
Full Year 2024 $2.76 - $2.76
Full Year 2023 $2.75 - $2.75
Full Year 2022 $2.56 - $2.56
Full Year 2021(1) $2.42 - $2.42
Full Year 2020 $2.40 - $2.40
Full Year 2019(2) $1.20 - $1.20
The Company executed a 1 for 10 Reverse Stock Split which became effective 8/26/21
The dividend per share amounts for 2019 reflect two quarterly base distributions
Board of Directors Senior Management Research Coverage
Ted Goldthorpe
Interested Director and Chairman of the Board
Patrick Schafer
Interested Director
Robert Warshauer Independent Director
Alex Duka Independent Director
George Grunebaum
Ted Goldthorpe
Chief Executive Officer
Brandon Satoren
Chief Financial Officer
Patrick Schafer
Chief Investment Officer
David Held
Chief Compliance Officer
Paul Johnson
Keefe Bruyette & Woods
Erik Zwick
Lucid Capital Markets
Chris Nolan Ladenburg Thalmann
Mitchel Penn Oppenheimer & Co.
Independent Director Transfer Agent
Jennifer Kwon Chou Independent Director
Dean Kehler
Independent Director
Joseph Morea Independent Director
Common Stock Nasdaq: BCIC
Corporate Headquarters
650 Madison Avenue - 3rd Floor New York, NY 10022 USA
Equiniti Trust Company, LLC
Independent Audit Firm
Deloitte & Touche LLP
Investor Relations
The Equity Group, Inc.
Lena Cati
(212) 836-9611
Lcati@theequitygroup.com
Val Ferraro
(212) 836-9633
Vferraro@theequitygroup.com
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