March 6, 2026
Quarterly Highlights
Fourth Quarter 2025
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 ResourcesInvestment 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 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, 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 ActivityOver 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% |
4.6% 4.5%
4.3%
Top 5 Borrowers
21.1%
Asset Mix(2)
Borrower 2Borrower 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 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 10.2% 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.
Software13.9%
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 & SuppliesInteractive 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 RateUndrawn 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 Yield8/5/2019 8/12/2019 8/29/2019 Base $0.60
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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