BCP Investment : Q4 2025 Earnings Presentation (fb2e62)

About this update from Bcp Investment Corporation

BCP Investment Corporation Q4 2025 Earnings Presentation March 6, 2026 Quarterly Highlights Fourth Quarter 2025 Key Financial Metrics Core investment income (1) of $14.2 million for the fourth quarter, as compared to $15.3 million for the third quarter of 2025. Net investment income of $7.4 million ($0.57 per share) for the quarter, compared to $8.8 million ($0.71 per share) for the third quarter of 2025. Net asset value (NAV) was $209.2 million ($16.68 per share) , as of 12/31/25 compared to $231.3 million ($17.55 per share) as of 9/30/25. Declared a quarterly base distribution of $0.32 per share of common stock. The distribution is payable on March 27, 2026, to stockholders of record at the close of business on March 16, 2026. Additionally, the Company declared a regular monthly base distribution of $0.09 per share of common stock for each of April, May and June 2026. The April 2026 distribution is payable on April 30, 2026 to stockholders of record at the close of business on April 15, 2026. The May 2026 distribution is payable on May 29, 2026 to stockholders of record at the close of business on May 15, 2026. The June 2026 distribution is payable on June 30, 2026 to stockholders of record at the close of business on June 15, 2026. Portfolio & Investment Activity Liquidity & Capital Resources Investment portfolio at fair value as of 12/31/25, was $501.0 million , comprised of 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. This compares to a total investment portfolio at fair value as of 9/30/25 of $539.7 million, across 116 portfolio companies. Our debt investment portfolio totaled $450.2 million at fair value as of 9/30/25, spread across 34 industries (based on alignment to GICS Level 3) and 79 portfolio companies, with an average par balance per investment of approximately $3.2 million. Deployments of approximately $9.6 million and repayments and sales of approximately $40.4 million, resulting in net repayments and sales of approximately $30.8 million for the fourth quarter. Weighted average annualized yield , excluding income from non-accruals and CLOs, was approximately 12.9% as of 12/31/25. Debt investments on non-accrual as of 12/31/25, were 13 attributable to 10 portfolio companies, representing 4.0% and 7.1% of the Company's investment portfolio at fair value and amortized cost, respectively. This compares to 10 debt investments attributable to 8 portfolio companies representing 3.8% and 6.3% of the portfolio at fair value and amortized cost, respectively, as of 9/30/25. 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 12/31/25, was $312.3 million, which compares to $324.6 million as of 9/30/25, with an asset coverage ratio of total assets to total borrowings of 167% as compared to 171% as of 9/30/2025. On a gross basis, leverage as of 12/31/25 was 1.5x as compared to 1.4x as of 9/30/25. On a net basis, leverage as of 12/31/25, was 1.4x (2) as compared to 1.3x (2) as of 9/30/25. 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 $12.5 million and $17.4 million of cash and cash equivalents and restricted cash as of December 31, 2025 and September 30, 2025, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a Quarterly Highlights Recent 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, 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 October 10, 2025, the Company entered into a note purchase agreement in connection with the issuance and sale of $35.0 million aggregate principal amount of its 7.50% notes due 2028 (the "2028 Notes") and $75.0 million aggregate principal amount of its 7.75% notes due 2030 (the "2030 Notes"), under an effective shelf registration statement. The offering closed and the 2028 Notes and 2030 Notes were issued on October 15, 2025. The proceeds from the issuance of the 2028 Notes and 2030 Notes were used to redeem in full the $108.0 million aggregate principal amount outstanding of its 4.875% Notes Due 2026. Share Repurchases: Between October 1, 2025, and December 31, 2025, the Company repurchased 120,015 shares of its common stock for an aggregate cost of approximately $1.4 million at an average price of $11.64 per share through the 2025 Share Repurchase Program, which was accretive to NAV by $0.05 per share. On December 10, 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. Upcoming Initiatives Beginning in April 2026 : On March 4, 2026, the Board of Directors of the Company authorized the transition of the Company's distribution payment schedule from quarterly to monthly, while retaining the potential for quarterly supplemental distributions. Financial Highlights For the Three Months Ended (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total Investment Income $14,392 $12,118 $12,630 $18,940 $17,464 Less: Purchase discount accretion (25) (16) - (3,618) (3,261) Core investment income (1) 14,367 12,102 12,630 15,322 14,203 Total Expenses 8,853 7,778 8,073 10,280 10,077 Incentive fee waiver - - - (188) - Total Net Expenses 8,853 7,778 8,073 10,092 10,077 Net Investment Income 5,539 4,340 4,557 8,848 7,387 Less: Purchase discount accretion (25) (16) - (3,618) (3,261) Incentive fee addback 4 3 - - - Core net investment income (2) 5,518 4,327 4,557 5,230 4,126 Net realized gain (loss) on investments (10,785) (173) (15,840) (2,678) (2,745) Net change in unrealized appreciation (depreciation) on investments 2,390 (3,903) 6,628 15,525 (11,703) Tax (provision) benefit on realized and unrealized gains (loss) on investments 316 (346) 137 1,935 (115) Net realized gain (loss) from extinguishment of debt - - - - (362) Net increase/(decrease) in core net assets resulting from operations (3) ($2,561) ($95) ($4,518) $20,012 ($10,799) Per Share Core Net Investment Income $0.60 $0.47 $0.50 $0.42 $0.32 Net Realized and Unrealized Gain / (Loss) on Investments ($0.90) ($0.44) ($1.01) $1.02 ($1.11) Net Core Earnings ($0.28) ($0.01) ($0.49) $1.59 ($0.83) Distributions declared $0.69 $0.54 $0.47 $0.49 $0.47 Net Asset Value $19.41 $18.85 $17.89 $17.55 $16.68 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 Companys 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 Repayment Activity 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: $297 95 1,000 900 800 700 600 500 400 300 200 100 - Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 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) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Interest Income: Non-controlled/non-affiliated investments $9,145 $7,300 $8,463 $13,295 $13,146 Non-controlled affiliated investments 1,096 316 324 1,434 1,530 Total interest income 10,241 7,616 8,787 14,729 14,676 Payment-in-kind income: Non-controlled/non-affiliated investments 2,217 2,853 2,354 2,507 2,023 Non-controlled affiliated investments 210 208 95 198 285 Total payment-in-kind income 2,427 3,061 2,449 2,705 2,308 Dividend income: Non-controlled affiliated investments 1,454 1,417 1,213 1,500 197 Total dividend income 1,454 1,417 1,213 1,500 197 Fees and other income: Non-controlled/non-affiliated investments 270 24 98 6 283 Non-controlled affiliated investments - - 83 - - Total fees and other income 270 24 181 6 283 Reported Investment Income $14,392 $12,118 $12,630 $18,940 $17,464 Less: Purchase discount accounting (25) (16) - (3,618) (3,261) Core Investment Income (1) $14,367 $12,102 $12,630 $15,322 $14,203 Reported Net Investment Income $5,539 $4,340 $4,557 $8,848 $7,387 NII Per Share $0.59 $0.47 $0.50 $0.71 $0.57 Core Net Investment Income (2) $5,514 $4,327 $4,557 $5,230 $4,126 NII Per Share $0.60 $0.47 $0.50 $0.42 $0.32 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) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 NAV, Beginning of Period $187,982 $178,493 $173,511 $164,729 $231,304 Net investment income 5,539 4,340 4,557 8,848 7,387 Net realized gain (loss) on investments (10,785) (173) (15,840) (2,678) (2,745) Net change in unrealized appreciation (depreciation) on investments 2,390 (3,903) 6,628 15,525 (11,703) Tax (provision) benefit on realized and unrealized gains (losses) on investments 316 (346) 137 1,935 (115) Net realized gain (loss) from extinguishment of debt - - - - (362) Distributions declared (6,345) (4,967) (4,325) (6,464) (6,141) Stock repurchases (688) - - (250) (9,006) Stock issued under diviend reinvestment plan 84 67 61 63 63 Issuance of common shares (1) - - - 49,596 474 NAV, End of Period $178,493 $173,511 $164,729 $231,304 $209,156 Leverage and Asset Coverage Gross Leverage 1.5x 1.5x 1.6x 1.4x 1.5x Net Leverage (2) 1.3x 1.3x 1.4x 1.3x 1.4x Asset Coverage 167% 168% 165% 171% 167% 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 $12.5 million, $17.4 million, $24.6 million and $23.5 million of cash and cash equivalents and restricted cash as of December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively. However, the net leverage 8 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 connection with such U.S. GAAP measures BCIC Portfolio Composition As of December 31, 2025 Key Statistics Diversification by Borrower (3) Key Statistics Total Investments at Fair Value $501.0 million Weighted Average Annualized Yield on Investments (1) 12.9% Number of Debt + Equity Portfolio Companies 97 Number of Industries 41 Average Debt Position Size $3.5 Non-Accrual Investments (Cost / Fair Value) 7.1% / 4.0% Borrower 1 4.6% 4.5% 4.3% Top 5 Borrowers 21.1% Asset Mix (2) Borrower 2 Borrower 3 Borrower 4 Borrower 5 Next 6-10 Investments Next 11-25 Investments Remainder Industry Diversification (3) 38.1% 26.0% 4.0% 3.7% 14.9% 5.6% 8.7% 9.4% 76.3% First Lien Debt Second 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 10.2% as of 12/31/25. Shown as % of debt and equity investments at fair market value. As of December 31, 2025. Figures shown do not include CLO Funds, Joint Ventures, and Derivatives. Software 13.9% 27.0% 13.5% 3.3% 3.5% 3.6% 4.2% 5.2% 5.8% 11.8% 8.2% Health Care Providers & Services Financial Services IT Services Diversified Consumer Services Commercial Services & Supplies Interactive Media & Services Leisure Products Media Aerospace & Defense Other Portfolio Trends (1)(2) As of December 31, 2025 As of (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Portfolio Sourcing (at Fair Value): BC Partners $317,588 $326,614 $322,989 $425,230 $391,331 Legacy KCAP 20,291 18,917 16,814 14,028 13,925 Legacy OHAI 0 0 0 0 0 Legacy GARS 58,123 52,744 48,831 50,484 47,947 Legacy HCAP (3) 9,019 8,148 6,475 6,680 6,720 Legacy LRFC (4) - - - 43,279 41,052 Portfolio Summary: Total portfolio, at fair value $405,021 $406,423 $395,109 $539,701 $500,975 Total number of debt portfolio companies / Total number of investments (5) 71 / 180 72 / 180 69 / 185 79 / 213 74 / 205 Weighted Avg EBITDA of debt portfolio companies (8) $112,400 $129,902 $134,507 $137,956 $139,606 Average size of debt portfolio company investment $2,508 $2,648 $2,646 $3,186 $3,481 Weighted avg first lien / total leverage ratio (net) of debt portfolio (8) 5.0x / 5.8x 5.1x / 5.8x 5.1x / 5.9x 5.2x / 5.8x 5.3x / 6.0x Portfolio Yields and Spreads: Weighted average annualized yield on debt investments (6) 11.3% 11.0% 10.7% 13.8% 12.9% Average Spread to SOFR 739 bps 735 bps 714 bps 673 bps 670 bps Portfolio Activity: Beginning balance $428,978 $405,021 $406,423 $395,109 $539,701 Purchases / draws (7) 26,764 20,361 14,191 170,949 16,303 Exits / repayments (43,489) (15,660) (17,049) (43,828) (44,774) Gains / (losses) / accretion (7,232) (3,299) (8,456) 17,471 (10,255) Ending Balance $405,021 $406,423 $395,109 $539,701 $500,975 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 10.2% as of 12/31/25, compared to 10.3% as of 9/30/25. Credit Quality As of December 31, 2025 As of December 31, 2025, thirteen of the Company's debt investments, attributable to ten portfolio companies, were on non-accrual status and represented 4.0% and 7.1% of the Company's investment portfolio at fair value and amortized cost, respectively. As of (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Investments Credit Quality - Internal Rating (1) Performing 92.4% 92.1% 93.8% 94.6% 92.7% Underperforming 7.6% 7.9% 6.2% 5.4% 7.3% Investments on Non-Accrual Status Number of Non-Accrual Investments 6 6 6 10 13 Non-Accrual Investments at Cost $16,313 $22,799 $22,344 $37,198 $40,399 Non-Accrual Investments as a % of Total Cost 3.4% 4.7% 4.8% 6.3% 7.1% Non-Accrual Investments at Fair Value $6,869 $10,740 $8,439 $20,757 $19,997 Non-Accrual Investments as a % of Total Fair Value 1.7% 2.6% 2.1% 3.8% 4.0% (1) Based on fair market value as of the end of the respective period. Portfolio Composition (1) As of December 31, 2025 As of Investment Portfolio (1) (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 First Lien Debt $289,957 $294,379 $291,071 $386,403 $344,126 Second Lien Debt 28,996 28,724 30,276 38,994 42,183 Subordinated Debt 1,740 1,740 1,750 24,832 25,339 Equity Securities 24,762 26,218 23,919 40,793 39,193 Collateralized Loan Obligations 5,193 4,639 3,263 2,179 1,789 Joint Ventures 54,153 50,491 44,634 46,301 48,165 Derivatives 220 232 196 199 180 Ending Balance $405,021 $406,423 $395,109 $539,701 $500,975 As of Investment Portfolio (% of total) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 First Lien Debt 71.6% 72.4% 73.7% 71.6% 68.7% Second Lien Debt 7.2% 7.1% 7.7% 7.2% 8.4% Subordinated Debt 0.4% 0.4% 0.4% 4.6% 5.1% Equity Securities 6.1% 6.5% 6.1% 7.6% 7.8% Collateralized Loan Obligations 1.3% 1.1% 0.8% 0.4% 0.4% Joint Ventures 13.4% 12.4% 11.3% 8.6% 9.6% Derivatives 0.1% 0.1% 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. Does not include activity in short-term investments. Appendix Consolidated Statements of Assets and Liabilities As of December 31, 2025 and December 31, 2024 As of (Dollar amounts in thousands) December 31, 2025 December 31, 2024 ASSETS Non-controlled/non-affiliated investments (amortized cost of $433,213 and $358,153, respectively) $409,735 $327,622 Non-controlled affiliated investments (amortized cost of $90,294 and $68,858, respectively) 80,585 64,384 Controlled affiliated investments (amortized cost of $42,332 and $49,421, respectively) 10,655 13,015 Total Investments at fair value (amortized cost of $565,839 and $476,432, respectively) $500,975 $405,021 Cash and cash equivalents 3,721 17,532 Restricted cash 8,782 22,421 Interest receivable 5,793 6,088 Dividend receivable 845 1,367 Other assets 3,525 1,205 Total Assets $523,641 $453,634 LIABILITIES 4.875% Notes due 2026 (net of deferred financing costs and original issue discount of $- and $1,017, respectively) - 106,983 Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $825 and $1,322, respectively) 106,804 158,157 2026 Notes (net of deferred financing costs and original issue discount of $312 and $-, respectively) 49,688 - 2032 Convertible Notes (net of deferred financing costs and original issue discount of $102 and $-, respectively) 1,898 - KeyBank Credit Facility (net of deferred financing costs of $904 and $-, respectively) 41,765 - 2028 Notes (net of deferred financing costs and original issue discount of $851 and $-, respectively) 34,149 - 2030 Notes (net of deferred financing costs and original issue discount of $2,423 and $-, respectively) 72,577 - Management and incentive fees payable 1,865 2,713 Accounts payable, accrued expenses and other liabilities 1,714 3,007 Accrued interest payable 4,025 3,646 Due to affiliates - 635 Total Liabilities $314,485 $275,141 NET ASSETS Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,003,016 issued, and 12,541,858 outstanding at December 31, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024 125 92 Capital in excess of par value 811,111 714,331 Total distributable (loss) earnings (602,080) (535,930) Total Net Assets $209,156 $178,493 Total Liabilities and Net Assets $523,641 $453,634 NET ASSET VALUE PER COMMON SHARE $16.68 $19.41 15 Consolidated Statements of Operations For the Year Ended December 31, (Dollar amounts in thousands) 2025 2024 2023 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments Non-controlled affiliated investments $42,204 3,604 $45,036 1,859 $55,675 2,728 Total interest income $45,808 $46,895 $58,403 Payment-in-kind income: Non-controlled/non-affiliated investments Non-controlled affiliated investments 9,737 786 7,472 714 6,662 406 Total payment-in-kind income $10,523 $8,186 $7,068 Dividend income Non-controlled affiliated investments Controlled affiliated investments 4,327 - 6,576 - 6,764 2,184 Total dividend income $4,327 $6,576 $8,948 Fees and other income Non-controlled/non-affiliated investments Non-controlled affiliated investments 411 83 775 - 1,882 14 Total fees and other income $494 $775 $1,896 Total Investment Income $61,152 $62,432 $76,315 EXPENSES Management fees Performance-based incentive fees Interest and amortization of debt issuance costs Professional fees Administrative services expense Directors' expense Other general & administrative expenses $6,584 2,975 20,602 2,053 2,010 550 1,434 $6,559 5,012 20,782 1,873 1,771 610 1,781 $7,452 7,374 25,306 1,999 2,377 630 1,713 Total Expenses $36,208 $38,388 $46,851 Expense reimbursement Waiver of performace-based incentive fees - (188) - - (5,309) - Net Expenses $36,020 $38,388 $41,542 Net Investment Income $25,132 $24,044 $34,773 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS Net realized gains (losses) from investment transactions: Non-controlled/non-affiliated investments Non-controlled affiliated investments Controlled affiliated investments (15,478) 234 (6,192) (23,205) (1,334) (6,644) (26,334) (399) (33) Net realized gain (loss) on investments ($21,436) ($31,183) ($26,766) Net change in unrealzied appreciation (depreciation) on investments: Non-controlled/non-affiliated investments Non-controlled affiliated investments Controlled affiliated investments Derivatives 7,093 (5,235) 4,729 (40) (2,446) (4,085) 7,317 220 6,696 980 (4,354) - Net change in unrealzied appreciation (depreciation) on investments $6,547 $1,006 $3,322 Tax (provision) benefit on realized and unrealized gains (losses) on investments 1,611 853 414 Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments, net of taxes (13,278) (29,324) (23,030) Net realized gains (losses) on extinguishment of debt (362) (655) (362) Net increase (decrease) in net assets resulting from operations 11,492 (5,935) 11,381 Net increase (decrease) in net assets resulting from operations per common share: Net increase (decrease) in net assets per share resulting from operations - Basic $1.04 ($0.64) $1.20 Weighted average common stock outstanding - Basic 11,001,571 9,272,809 9,509,396 Net increase (decrease) in net assets per share resulting from operations - $1.04 ($0.64) $1.20 Weighted average common stock outstanding - Diluted Net investment income per common share: 11,096,227 9,272,809 9,509,396 Net investment income (loss) - Basic $2.28 $2.59 $3.66 Net investment income (loss) - Diluted $2.27 $2.59 $3.66 Financing Profile Overview of Balance Sheet Financing Facilities As of December 31, 2025 Principal Amount Committed (in mm) Principal Amount Outstanding (in mm) Interest Rate Maturity Date Great Lakes Credit Facility $200.0 $107.6 Floating / SOFR + 2.50% August 2027 2026 Notes $50.0 $50.0 Fixed / 5.25% October 2026 2032 Convertible Notes $15.0 $2.0 Fixed / 5.25% April 2032 KeyBank Credit Facility $75.0 $42.7 Floating / SOFR + 2.80% August 2029 2028 Notes $35.0 $35.0 Fixed / 7.50% October 2028 2030 Notes $75.0 $75.0 Fixed / 7.75% October 2030 Total / Weighted Average $450.0 $312.3 6.90% - Fixed vs. Floating Rate Undrawn Borrowing Capacity Under Revolving Credit Facilities (in mm) Cash & Cash Equivalents (in mm) 48% 52% 55% $124.7 45% $3.7 30% 70% $8.8 $150.3 $162.0 Fixed Rate Floating Rate Undrawn Drawn Unrestricted Cash Restricted Cash Historical Dividend Yield Dividends & Dividend Yield Based on NAV Per Share for Respective Quarter 13.0% 13.6% 11.2% 11.7% 12.2% 12.2% 12.1% 12.2% 11.1% 11.0% 11.3% 10.2% 10.0% 8.9% 9.0% 9.2% 8.4% 8.3% 8.7% 8.8% 6.8% 7.1% 8.2% 8.2% 8.3% 7.7% $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 $0.60 $0.60 $0.60 $0.62 $0.63 $0.63 $0.63 $0.47 $0.47 $0.47 $0.47 $0.32 $0.60 Q4'19 Q1'20 Q2'20 Q3'20 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 Base Dividend Supplemental Dividend Dividend Yield 8/5/2019 8/12/2019 8/29/2019 Base $0.60 Historical Dividend Information Declaration Date Record Date Paym entDate D ividend Type D ividend PerShare 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 11/6/2025 11/17/2025 11/25/2025 Base $0.47 8/7/2025 8/18/2025 8/29/2025 Base $0.47 8/7/2025 8/18/2025 8/29/2025 Supplem ental $0.02 5/8/2025 5/19/2025 5/29/2025 Base $0.47 3/13/2025 3/24/2025 3/31/2025 Base $0.47 3/13/2025 3/24/2025 3/31/2025 Supplem ental $0.07 11/7/2024 11/19/2024 11/29/2024 Base $0.69 8/8/2024 8/22/2024 8/30/2024 Base $0.69 5/8/2024 5/21/2024 5/31/2024 Base $0.69 3/13/2024 3/25/2024 4/2/2024 Base $0.69 11/8/2023 11/20/2023 11/30/2023 Base $0.69 8/9/2023 8/22/2023 8/31/2023 Base $0.69 5/10/2023 5/22/2023 5/31/2023 Base $0.69 Declaration Date Record Date Paym entDate D ividend Type D ividend PerShare 3/9/2023 3/20/2023 3/31/2023 Base $0.68 11/8/2022 11/24/2022 12/13/2022 Base $0.67 8/9/2022 8/16/2022 9/2/2022 Base $0.63 5/10/2022 5/24/2022 6/7/2022 Base $0.63 3/10/2022 3/21/2022 3/30/2022 Base $0.63 11/3/2021 11/15/2021 11/30/2021 Base $0.62 1for10 Reverse Stock SplitEffective 8/26/21 8/4/2021 8/17/2021 8/31/2021 Base $0.60 5/6/2021 5/19/2021 6/1/2021 Base $0.60 2/12/2021 2/22/2021 3/2/2021 Base $0.60 10/16/2020 10/26/2020 11/27/2020 Base $0.60 8/5/2020 8/17/2020 8/28/2020 Base $0.60 3/17/2020 5/7/2020 5/27/2020 Base $0.60 2/5/2020 2/18/2020 2/28/2020 Base $0.60 11/5/2019 11/15/2019 11/29/2019 Base $0.60 Corporate Information 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 [email protected] Val Ferraro (212) 836-9633 [email protected] Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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