Bcp Investment CorporationNASDAQ: BCIC

Q4 2025 Earnings Presentation (fb2e62)

· Issued by Bcp Investment Corporation
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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.

      1. 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.

      2. 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

  1. 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.

  2. 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

    1. 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

  1. 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%

  1. 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.

  2. 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

  1. 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.

  2. Shown as % of debt and equity investments at fair market value.

  3. 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

    1. For comparability purposes, portfolio trends metrics exclude short-term investments and derivatives.

    2. Excludes select investments where the metric is not applicable, appropriate or data is unavailable for the underlying statistic analyzed.

    3. Includes assets purchased from affiliate of HCAP's former manager in a separate transaction.

    4. Includes legacy Capitala positions; LRFC assets which were originated by the BC Partners Credit Platform are included in the BC Partners line.

    5. CLO holdings and Joint Ventures are excluded from the investment count.

    6. 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

Lcati@theequitygroup.com

Val Ferraro

(212) 836-9633

Vferraro@theequitygroup.com

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