BCP Investment (NASDAQ: BCIC) reports 2025 results, resets NAV and dividends
Rhea-AI Filing Summary
BCP Investment Corporation reported full-year 2025 total investment income of $61.2 million, slightly below 2024, while net investment income rose to $25.1 million from $24.0 million. After realized losses and unrealized gains, net assets from operations increased $11.5 million, reversing a prior-year decline.
Net asset value per share was $16.68 as of December 31, 2025, down from $19.41 a year earlier. The company paid $1.97 per share in 2025 distributions and declared a Q1 2026 distribution of $0.32 per share, then will shift to a $0.09 monthly base distribution from April 2026 with potential quarterly supplements. 2025 was described as transformational, highlighted by the merger with Logan Ridge, a rebranding, new $75 million 7.75% 2030 notes and $35 million 7.50% 2028 notes, and redemption of 4.875% 2026 notes.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition. |
On March 5, 2026, BCP Investment Corporation (the “Company”) issued a press release announcing its financial results for the fiscal year and fiscal quarter ended December 31, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Additionally, on March 6, 2026, the Company made available on its website, https://www.bcpinvestmentcorporation.com/home, a supplemental investor presentation with respect to the earnings release. A copy of the investor presentation is being furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits:
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated March 5, 2026 | |
| 99.2 | Investor Presentation, dated March 6, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BCP INVESTMENT CORPORATION | ||
| By: | /s/ Brandon Satoren | |
| Name: | Brandon Satoren | |
| Title: | Chief Financial Officer | |
Date: March 9, 2026
Exhibit 99.1
FOR IMMEDIATE RELEASE
BCP Investment Corporation Announces Fourth Quarter and Full Year 2025 Financial Results
2025, a Transformational Year Marked by Strategic Steps Designed to Enhance Shareholder Value: the Merger with Logan Ridge, Corporate Rebranding and Completion of a Tender Offer
Announces First Quarter 2026 Quarterly Distribution of $0.32 Per Share; Transition to New Monthly Base Distributions of $0.09 Per Share Beginning April 2026 with the Potential for Quarterly Supplemental Distributions; Total Distributions for 2025 of $1.97 Per Share
NEW YORK, March 5, 2026 – BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or “the Company”) announced today its financial results for the fourth quarter and full year ended December 31, 2025.
Full Year 2025 Milestones
| • | On July 15, 2025, the Company successfully completed the merger with Logan Ridge Finance Corporation (“LRFC”) with and into the Company, a major milestone which offered scale, further diversification, and increased operational efficiency. |
| • | On August 22, 2025, the Company completed rebranding and the name change to “BCP Investment Corporation” (NASDAQ: BCIC). |
| • | On October 7, 2025, the Company obtained a BBB- rating from a Nationally Recognized Statistical Rating Organization with respect to the 5.25% fixed-rate convertible notes due 2032 (the “2032 Convertible Notes”) and the 5.25% fixed-rate notes due 2026 (the “2026 Notes”), which resulted in both the 2032 Convertible Notes and 2026 Notes having a fixed interest rate of 5.25% per annum. |
| • | On October 15, 2025, the Company issued $35.0 million of 7.50% notes due 2028, and $75.0 million of 7.75% notes due 2030 (together the “2028 and 2030 Notes”), under an effective shelf registration statement, for a total of $110 million. |
| • | On November 15, 2025, the Company used the proceeds from the issuance of the 2028 and 2030 Notes to redeem in full the $108.0 million aggregate principal amount outstanding of its 4.875% Notes Due 2026. |
| • | On December 12, 2025, the Company completed a tender offer and repurchased 557,960 shares of its common stock at an aggregate cost of approximately $7.6 million. |
Fourth Quarter 2025 Highlights
| • | Total investment income for the fourth quarter of 2025 decreased to $17.5 million, from $18.9 million for the third quarter of 2025. |
| • | Core investment income1, excluding the impact of purchase price accounting, for the fourth quarter of 2025 was $14.2 million, as compared to $15.3 million for the third quarter of 2025. |
| • | Net investment income (“NII”) for the fourth quarter of 2025 decreased to $7.4 million ($0.57 per share), as compared to $8.8 million ($0.71 per share) in the third quarter of 2025. |
| • | Net asset value (“NAV”), as of December 31, 2025, was $209.2 million ($16.68 per share), as compared to NAV of $231.3 million ($17.55 per share) as of September 30, 2025. |
| • | Deployment of approximately $9.6 million and sales and repayments of approximately $40.4 million, resulting in net repayments and sales of approximately $30.8 million. |
| • | Total shares repurchased by the Company through the modified “Dutch Auction” tender offer and open market transactions were 677,975, which was accretive to NAV by $0.23 per share. Shares repurchased through the “Tender Offer”, which commenced on November 12, 2025 and expired on December 10, 2025, were 557,960 at an aggregate cost of approximately $7.6 million, which was accretive to NAV by $0.18 per share. Total shares repurchased in open market transactions under the Stock Repurchase Program during the quarter ended December 31, 2025, were 120,015 at an aggregate cost of approximately $1.4 million, which was accretive to NAV by $0.05 per share. |
| • | Subsequent to quarter end, announced transition to monthly base distributions beginning in April 2026. |
Full Year 2025 Highlights
| • | Total investment income for the year ended December 31, 2025 was $61.2 million, as compared to $62.4 million in the year ended December 31, 2024. |
| • | Core investment income, excluding the impact of purchase price accounting, for the year ended December 31, 2025 was $54.3 million, as compared to $62.2 million for the year ended December 31, 2024. |
| • | Net investment income (“NII”) for the year ended December 31, 2025 was $25.1 million ($2.28 per share), as compared to $24.0 million ($2.59 per share) for the year ended December 31, 2024. |
| • | Total Deployment of approximately $52.3 million and sales and repayments of approximately $116.9 million, resulting in net repayments and sales of approximately $64.6 million for the year. |
| • | Total shares repurchased by the Company in open market transactions under the Stock Repurchase Program and through the Tender Offer during the year ended December 31, 2025, were 698,548 at an aggregate cost of approximately $9.3 million, which was accretive to NAV by $0.24 per share. |
| • | Total stockholder distributions for 2025 amount to $1.97 per share. |
| 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 discount accretion in connection with the Garrison Capital Inc. (“GARS”), Harvest Capital Credit Corporation (“HCAP”), and LRFC mergers. BCIC believes presenting core investment income and the related per share amount is a 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 BCIC’s financial performance. |
Subsequent Events
| • | On March 4, 2026, the Board authorized a renewed stock repurchase program of up to $10 million (the “2026 |
Stock Repurchase Program”) for an approximately one-year period, effective March 4, 2026 and terminating on March 31, 2027. The terms and conditions of the 2026 Stock Repurchase Program are substantially similar to the prior 2025 Repurchase Program. The 2026 Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share.
| • | On March 4, 2026, the Board approved the transition of the Company’s distribution payment schedule from quarterly to monthly, beginning in April 2026. The modification to the distribution policy introduces a stable base distribution, which is anticipated to be sustainable across market cycles, and retains the potential for a quarterly supplemental distribution, which will approximate 50% of the net investment income in excess of the monthly base distributions to account for fluctuations in rates and spreads. |
| • | On March 5, 2026, the Company 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. |
| • | On March 5, 2026, 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. |
Management Commentary
Ted Goldthorpe, Chief Executive Officer of BCP Investment Corporation, stated, “2025 was a transformational year for the Company. During the year, we successfully completed our merger with LRFC, executed a rebranding and name change, and launched a tender offer – all of which are initiatives designed to enhance shareholder value.
The merger meaningfully strengthened our platform, expanded our scale, and enhanced our portfolio diversification. At the same time, our rebranding better reflects our affiliation with the broader BC Partners Credit Platform and is a representation of our long-term vision as we position the Company for its next phase of growth.
Additionally, consistent with our diligent capital management strategy, during the year we proactively extended and laddered our unsecured debt maturities, issuing $75 million of 7.75% Notes due October 2030 and $35 million of 7.50% Notes due October 2028, while also redeeming our 4.875% Notes due 2026. These actions further diversified our funding base and provided us with enhanced financial flexibility.
The Board also approved the transition of the Company’s base distribution payment schedule from quarterly to monthly beginning in April 2026, while retaining the potential for quarterly supplemental distributions. We believe this change better aligns our distribution schedule with shareholder interests.
Consistent with previous years, on March 4, 2026, the Board authorized a renewed stock repurchase program of up to $10 million for an approximately one-year period.
Looking ahead, while macroeconomic headwinds persist, we believe current market dynamics continue to create compelling opportunities for our disciplined strategy. We anticipate that 2026 will bring increased activity in the M&A market and expect to capitalize on opportunities in our pipeline.
As always, our focus remains on disciplined capital allocation, strong underwriting standards, and delivering attractive, risk-adjusted returns for our shareholders. With a larger, more diversified platform and reinforced balance sheet, we believe we are well positioned to drive long-term value creation and generate sustainable, risk-adjusted returns.”
Selected Financial Highlights for Full Year 2025
| • | Total investment income for the year ended December 31, 2025, was $61.2 million, of which $55.1 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $62.4 million for the year ended December 31, 2024, of which $52.6 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. |
| • | Core investment income for the year ended December 31, 2025, excluding the impact of purchase discount accretion, was $54.3 million, as compared to core investment income of $62.2 million for the year ended December 31, 2024. |
| • | Net investment income (“NII”) for the year ended December 31, 2025, was $25.1 million ($2.28 per share) as compared to $24.0 million ($2.59 per share) for the year ended December 31, 2024. |
| • | Net asset value (“NAV”) as of December 31, 2025, was $209.2 million ($16.68 per share), as compared to $178.5 million ($19.41 per share) for the fourth quarter of 2024. |
| • | Investment portfolio at fair value as of December 31, 2025, was $501.0 million, comprised of 108 different entities. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $411.6 million at fair value as of December 31, 2025, and was spread across 34 different industries comprised of 74 different 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 December 31, 2024, of $405.0 million, comprised of 93 different entities. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $320.7 million at fair value as of December 31, 2024, spread across 30 different industries (based on alignment to GICS level 3) and comprised of 71 different portfolio companies, with an average par balance per investment of approximately $2.5 million. |
| • | Debt investments on non-accrual, as of December 31, 2025, 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 6 debt investments attributable to 5 portfolio companies, representing 1.7% and 3.4% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of December 31, 2024. For illustrative purposes, if you were to combine the Company’s investment portfolio with LRFC’s as of December 31, 2024, the Company would have had 9 debt investments attributable to 7 portfolio companies on non-accrual status representing 2.6% and 5.0% of the combination of the Company’s and LRFC’s investment portfolio at fair value and amortized cost, respectively, as of December 31, 2024. |
| • | Weighted average annualized yield was approximately 12.9% (excluding income from non-accruals and collateralized loan obligations) as of December 31, 2025. |
| • | Par value of outstanding borrowings, as of December 31, 2025, was $312.3 million, which compares to $267.5 million from December 31, 2024, with an asset coverage ratio of 167% as compared to 167% as of December 31, 2024. On a net basis, leverage as of December 31, 2025, was 1.4x2 compared to 1.3x2 as of December 31, 2024. |
| 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. BCIC 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 $40.0 million of cash and cash equivalents and restricted cash as of December 31, 2025 and December 31, 2024, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC’s financial condition. |
Results of Operations
Operating results for the year ended December 31, 2025, and December 31, 2024, were as follows:
| For the Year Ended December 31, |
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| ($ in thousands, except share and per share amounts) | 2025 | 2024 | ||||||
| Total investment income |
$ | 61,152 | $ | 62,432 | ||||
| Net expenses |
36,020 | 38,388 | ||||||
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| Net Investment Income |
25,132 | 24,044 | ||||||
| Net realized gain (loss) on investments |
(21,436 | ) | (31,183 | ) | ||||
| Net change in unrealized gain (loss) on investments |
6,547 | 1,006 | ||||||
| Tax (provision) benefit on realized and unrealized gains (losses) on investments |
1,611 | 853 | ||||||
| Net realized and unrealized appreciation (depreciation) on investments, net of taxes |
(13,278 | ) | (29,324 | ) | ||||
| Net realized gain (loss) on extinguishment of debt |
(362 | ) | (655 | ) | ||||
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| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 11,492 | $ | (5,935 | ) | |||
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| Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: |
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| Basic: |
$ | 1.04 | ($ | 0.64 | ) | |||
| Diluted: |
$ | 1.04 | ($ | 0.64 | ) | |||
| Net Investment Income Per Common Share: |
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| Basic: |
$ | 2.28 | $ | 2.59 | ||||
| Diluted: |
$ | 2.27 | $ | 2.59 | ||||
| Weighted Average Shares of Common Stock Outstanding — Basic |
11,001,571 | 9,272,809 | ||||||
| Weighted Average Shares of Common Stock Outstanding — Diluted |
11,096,227 | 9,272,809 | ||||||
Investment Income
The composition of our investment income for the year ended December 31, 2025, and December 31, 2024, was as follows:
| For the Year Ended December 31, |
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| ($ in thousands) | 2025 | 2024 | ||||||
| Interest income, excluding CLO income and purchase discount accretion |
$ | 38,543 | $ | 45,149 | ||||
| Purchase discount accretion |
6,895 | 235 | ||||||
| PIK income |
10,523 | 8,186 | ||||||
| CLO income |
370 | 1,511 | ||||||
| Joint Venture income |
4,327 | 6,576 | ||||||
| Fees and other income |
494 | 775 | ||||||
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| Investment Income |
$ | 61,152 | $ | 62,432 | ||||
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| Less: Purchase discount accretion |
$ | (6,895 | ) | $ | (235 | ) | ||
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| Core Investment Income |
$ | 54,257 | $ | 62,197 | ||||
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Fair Value of Investments
The composition of our investment portfolio as of December 31, 2025, and December 31, 2024, at cost and fair value was as follows:
| ($ in thousands) | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Security Type | Cost/ Amortized Cost |
Fair Value | Fair Value Percentage of Total Portfolio |
Cost/ Amortized Cost |
Fair Value | Fair Value Percentage of Total Portfolio |
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| First Lien Debt |
$ | 360,556 | $ | 344,126 | 68.7 | % | $ | 311,673 | $ | 289,957 | 71.6 | % | ||||||||||||
| Second Lien Debt |
49,777 | 42,183 | 8.4 | % | 34,892 | 28,996 | 7.2 | % | ||||||||||||||||
| Subordinated Debt |
27,487 | 25,339 | 5.1 | % | 8,059 | 1,740 | 0.4 | % | ||||||||||||||||
| Collateralized Loan Obligations |
1,381 | 1,789 | 0.4 | % | 5,318 | 5,193 | 1.3 | % | ||||||||||||||||
| Joint Ventures |
64,403 | 48,165 | 9.6 | % | 66,747 | 54,153 | 13.4 | % | ||||||||||||||||
| Equity |
44,413 | 39,193 | 7.8 | % | 31,921 | 24,762 | 6.1 | % | ||||||||||||||||
| Asset Manager Affiliates(1) |
17,791 | — | — | 17,791 | — | — | ||||||||||||||||||
| Derivatives |
31 | 180 | 0.0 | % | 31 | 220 | — | |||||||||||||||||
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| Total |
$ | 565,839 | $ | 500,975 | 100.0 | % | $ | 476,432 | $ | 405,021 | 100.0 | % | ||||||||||||
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| (1) | Represents the equity investment in the Asset Manager Affiliates. |
Liquidity and Capital Resources
As of December 31, 2025, the Company had approximately $312.3 million (par value) of outstanding borrowings at a current weighted average interest rate of 6.9%, of which $162.0 million par value had a fixed rate and $150.3 million par value had a floating rate.
As of December 31, 2025, and December 31, 2024, the fair value of investments and cash were as follows:
| ($ in thousands) | ||||||||
| Security Type | December 31, 2025 | December 31, 2024 | ||||||
| Cash and Cash Equivalents |
$ | 3,721 | $ | 17,532 | ||||
| Restricted Cash |
8,782 | 22,421 | ||||||
| First Lien Debt |
344,126 | 289,957 | ||||||
| Second Lien Debt |
42,183 | 28,996 | ||||||
| Subordinated Debt |
25,339 | 1,740 | ||||||
| Equity |
39,193 | 24,762 | ||||||
| Collateralized Loan Obligations |
1,789 | 5,193 | ||||||
| Joint Ventures |
48,165 | 54,153 | ||||||
| Derivatives |
180 | 220 | ||||||
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| Total |
$ | 513,478 | $ | 444,974 | ||||
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As of December 31, 2025, the Company had unrestricted cash of $3.7 million and restricted cash of $8.8 million. This compares to unrestricted cash of $17.5 million and restricted cash of $22.4 million as of December 31, 2024. As of December 31, 2025, the Company had $92.4 million of available borrowing capacity under the JPM Credit Facility and $32.3 million of available borrowing capacity under the KB Credit Facility.
Interest Rate Risk
The Company’s investment income is affected by fluctuations in various interest rates, including SOFR and prime rates.
As of December 31, 2025, approximately 86.8% of our Debt Securities Portfolio at par value were floating rate with a spread to an interest rate index such as SOFR. 89.5% of these floating rate loans contain floors ranging between 0.50% and 5.25%. We generally expect that future portfolio investments will predominately be floating rate investments.
In periods of rising or lowering interest rates, the cost of the portion of debt associated with the 2028 Notes, 2030 Notes, 2032 Convertible Notes and 2026 Notes would remain the same, given that this debt is at a fixed rate, while the interest rate on borrowings under the Great Lakes Portman Ridge Funding LLC Revolving Credit Facility and the KeyBank Credit Facility would fluctuate with changes in interest rates.
Generally, the Company would expect that an increase in the base rate index for floating rate investment assets would increase gross investment income and a decrease in the base rate index for such assets would decrease gross investment income (in either case, such increase/decrease may be limited by interest rate floors/minimums for certain investment assets).
| Impact on net investment income from a change in interest rates at: |
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| ($ in thousands) | 1% | 2% | 3% | |||||||||
| Increase in interest rate |
$ | 2,117 | $ | 4,260 | $ | 6,442 | ||||||
| Decrease in interest rate |
$ | (2,075 | ) | $ | (3,913 | ) | $ | (4,704 | ) | |||
Conference Call and Webcast
We will hold a conference call on Friday, March 6, 2026, at 10:00 am Eastern Time to discuss our fourth quarter and full year 2025 financial results. To access the call, stockholders, prospective stockholders and analysts should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 1063680.
A replay of this conference call will be available shortly after the live call through March 13, 2026.
A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis at https://edge.media-server.com/mmc/p/4t76qqoc. The online archive of the webcast will be available on the Company’s website shortly after the call at www.bcpinvestmentcorporation.com in the Investor Relations section under Events and Presentations.
About BCP Investment Corporation
BCP Investment Corporation (NASDAQ: BCIC) is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act. BCIC’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. BCIC’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.
BCIC’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on BCIC’s website at www.bcpinvestmentcorporation.com.
About BC Partners Advisors L.P. and BC Partners Credit
BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.
Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.
BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of BCP Investment Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations
include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with merger transactions effectuated by the Company; (3) the ability of the Company and/or its adviser to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions, including but not limited to the impact of inflation; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company’s ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions and their impact on the industries in which we invest; (14) the Company’s ability and expectation to complete its tender offer; and (15) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Contacts:
| BCP Investment Corporation |
| 650 Madison Avenue, 3rd floor |
| New York, NY 10022 |
| info@bcpinvestmentcorp.com |
| Brandon Satoren |
| Chief Financial Officer |
| Brandon.Satoren@bcpartners.com |
| (212) 891-2880 |
| The Equity Group Inc. |
| Lena Cati |
| lcati@theequitygroup.com |
| (212) 836-9611 |
| The Equity Group Inc. |
| Val Ferraro |
| vferraro@theequitygroup.com |
| (212) 836-9633 |
BCP INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
| December 31, 2025 | December 31, 2024 | |||||||
| ASSETS |
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| Investments at fair value: |
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|
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 | ||||||
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|
|
|
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| 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 | ||||||
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|
|
|
|
|||||
| Total Assets |
$ | 523,641 | $ | 453,634 | ||||
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|
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| LIABILITIES |
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| 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 | ||||||
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|
|
|
|
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| Total Liabilities |
$ | 314,485 | $ | 275,141 | ||||
| COMMITMENTS AND CONTINGENCIES |
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| NET ASSETS |
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| 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 | ) | ||||
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|
|
|
|||||
| Total Net Assets |
$ | 209,156 | $ | 178,493 | ||||
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|
|
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| Total Liabilities and Net Assets |
$ | 523,641 | $ | 453,634 | ||||
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|
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| Net Asset Value Per Common Share |
$ | 16.68 | $ | 19.41 | ||||
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BCP INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Year Ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| INVESTMENT INCOME |
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| Interest income: |
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|
Non-controlled/non-affiliated investments |
$ | 42,204 | $ | 45,036 | $ | 55,675 | ||||||
| Non-controlled affiliated investments |
3,604 | 1,859 | 2,728 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total interest income |
45,808 | 46,895 | 58,403 | |||||||||
| Payment-in-kind income: |
||||||||||||
|
Non-controlled/non-affiliated investments(1) |
9,737 | 7,472 | 6,662 | |||||||||
| Non-controlled affiliated investments |
786 | 714 | 406 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total payment-in-kind income |
10,523 | 8,186 | 7,068 | |||||||||
| Dividend income: |
||||||||||||
| Non-controlled affiliated investments |
4,327 | 6,576 | 6,764 | |||||||||
| Controlled affiliated investments |
— | — | 2,184 | |||||||||
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|
|
|
|
|
|||||||
| Total dividend income |
4,327 | 6,576 | 8,948 | |||||||||
| Fees and other income: |
||||||||||||
|
Non-controlled/non-affiliated investments |
411 | 775 | 1,882 | |||||||||
| Non-controlled affiliated investments |
83 | — | 14 | |||||||||
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|
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|
|
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| Total fees and other income |
494 | 775 | 1,896 | |||||||||
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|
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| Total investment income |
$ | 61,152 | $ | 62,432 | $ | 76,315 | ||||||
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| EXPENSES |
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| Management fees |
6,584 | 6,559 | 7,452 | |||||||||
| Performance-based incentive fees |
2,975 | 5,012 | 7,374 | |||||||||
| Interest and amortization of debt issuance costs |
20,602 | 20,782 | 25,306 | |||||||||
| Professional fees |
2,053 | 1,873 | 1,999 | |||||||||
| Administrative services expense |
2,010 | 1,771 | 2,377 | |||||||||
| Directors’ expense |
550 | 610 | 630 | |||||||||
| Other general and administrative expenses |
1,434 | 1,781 | 1,713 | |||||||||
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|
|
|
|
|
|
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| Total expenses |
$ | 36,208 | $ | 38,388 | $ | 46,851 | ||||||
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|
|
|
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|
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| Expense reimbursement |
— | — | (5,309 | ) | ||||||||
| Waiver of performance-based incentive fees |
(188 | ) | — | — | ||||||||
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|
|
|
|
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| Net expenses |
36,020 | 38,388 | 41,542 | |||||||||
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|
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| NET INVESTMENT INCOME |
$ | 25,132 | $ | 24,044 | $ | 34,773 | ||||||
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| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: |
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| Net realized gains (losses) from investment transactions |
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|
Non-controlled/non-affiliated investments |
$ | (15,478 | ) | $ | (23,205 | ) | $ | (26,334 | ) | |||
| Non-controlled affiliated investments |
234 | (1,334 | ) | (399 | ) | |||||||
| Controlled affiliated investments |
(6,192 | ) | (6,644 | ) | (33 | ) | ||||||
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|
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|
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| Net realized gain (loss) on investments |
(21,436 | ) | (31,183 | ) | (26,766 | ) | ||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
|
Non-controlled/non-affiliated investments |
7,093 | (2,446 | ) | 6,696 | ||||||||
| Non-controlled affiliated investments |
(5,235 | ) | (4,085 | ) | 980 | |||||||
| Controlled affiliated investments |
4,729 | 7,317 | (4,354 | ) | ||||||||
| Derivatives |
(40 | ) | 220 | — | ||||||||
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|
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| Net change in unrealized gain (loss) on investments |
6,547 | 1,006 | 3,322 | |||||||||
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| Tax (provision) benefit on realized and unrealized (gains) losses on investments |
1,611 | 853 | 414 | |||||||||
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| Net realized and unrealized appreciation (depreciation) on investments, net of taxes |
(13,278 | ) | (29,324 | ) | (23,030 | ) | ||||||
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| Realized gains (losses) on extinguishment of debt |
(362 | ) | (655 | ) | (362 | ) | ||||||
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| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 11,492 | $ | (5,935 | ) | $ | 11,381 | |||||
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| Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: |
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| 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 – Diluted |
$ | 1.04 | $ | (0.64 | ) | $ | 1.20 | |||||
| Weighted average common stock outstanding – Diluted |
11,096,227 | 9,272,809 | 9,509,396 | |||||||||
| Net Investment Income Per Common Share: |
||||||||||||
| Net investment income - Basic |
$ | 2.28 | $ | 2.59 | $ | 3.66 | ||||||
| Net investment income - Diluted |
$ | 2.27 | $ | 2.59 | $ | 3.66 | ||||||
| (1) | During the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company received $0.1 million, $0.1 million and $0.6 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. |
Exhibit 99.2 BCP Investment Corporation Q4 2025 Earnings Presentation March 6, 2026
Important Information Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements. The matters discussed in this presentation, as well as in future oral and written statements by management of BCP Investment Corporation (“BCIC” or the “Company”), that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments, our contractual arrangements and relationships with third parties, the ability of our portfolio companies to achieve their objectives, the ability of the Company’s investment adviser to attract and retain highly talented professionals, our ability to maintain our qualification as a regulated investment company and as a business development company, our compliance with covenants under our borrowing arrangements, and the future liquidity of the Company. We generally identify forward- looking statements by terminology such as may, will, should, expects, plans, anticipates, could, intends, target, projects, “outlook”, contemplates, believes, estimates, predicts, potential or continue or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Forward-looking statements are subject to change at any time based upon economic, market or other conditions. More information on these risks and other potential factors that could affect the Company’s financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is included in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed quarterly report on Form 10-Q and annual report on Form 10-K, as well as in subsequent filings. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this presentation should not be regarded as a representation by us that our plans and objectives will be achieved. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. 2
Quarterly Highlights Fourth Quarter 2025 ( (1 1) ) • • C Co or re e i in nv ve es st tm me en nt t i in nco com me e o of f $ $1 14 4. .2 2 m mi il ll li io on n f fo or r t th he e f fo ou ur rt th h q qu ua ar rt te er r, , a as s c co om mp pa ar red ed t to o $ $1 15 5. .3 3 m mi il ll li io on n fo for r t th he e t th hi ir rd d q qu ua ar rt te er r o of f 2 20 02 25 5. . • • N Ne et t i in nv ve es st tm me en nt t i in nc co om me e o of f $ $7 7. .4 4 m mi il ll li io on n ( ($ $0 0. .5 57 7 p pe er r s sh ha are re) ) fo for r t th he e q qu ua ar rt ter er, , c co om mp pa ar re ed d t to o $ $8 8. .8 8 m mi il ll li io on n ( ($ $0 0. .7 71 1 p per er s sh ha ar re) e) f fo or r t th he e t th hi ir rd d q qu ua ar rt te er r o of f 2 20 02 25 5. . • • N Ne et t a as ss se et t v va al lu ue e ( (NA NAV V) ) w wa as s $ $2 20 09 9. .2 2 m mi il ll li io on n ( ($ $1 16 6. .6 68 8 p pe er s r sh ha are re) ), , a as s o of f 1 12 2/3 /31 1/2 /25 5 c co om mp pa ar red ed t to o $ $2 23 31 1. .3 3 m mi il ll li io on n ( ($ $1 17 7. .5 55 5 p per er s sh ha ar re) e) a as s o of f 9 9/3 /30 0/2 /25 5. . K Ke ey y Fi Fin na an nc ci ia al l • • De Dec cl la are red d a a q qu ua ar rt te er rl ly y b ba as se e d di is st tri rib bu ut ti io on n o of f $ $0 0. .3 32 2 p pe er r s sh ha are re o of f c co om mm mo on n s st to oc ck k. . T Th he e d di is st tr ri ib bu ut ti io on n i is s p pa ay ya ab bl le e o on n Ma Mar rc ch h 2 27 7, , 2 20 02 26 6, , t to o s st to oc ck kh ho ol ld de er rs s o of f r re ec co or rd d a at t t th he e c cl lo os se e o of f b bu us si in ne es ss s o on n Ma Mar rc ch h 1 16 6, , M Me etri tric cs s 2 20 02 26 6. . A Ad dd di it ti io on na al ll ly y, , t th he e C Co om mp pa an ny y d de ec cl la ar re ed d a a r re eg gu ul la ar r m mo on nt th hl ly y b ba as se e d di is st tr ri ib bu ut ti io on n o of f $ $0 0. .0 09 9 p pe er r s sh ha ar re e o of f c co om mm mo on n s st to oc ck k fo for r e ea ac ch h o of f A Ap pr ri il l, , Ma May y a an nd d J Ju un ne e 2 20 02 26 6. . T Th he e A Ap pr ri il l 2 20 02 26 6 d di is st tr ri ib bu ut ti io on n i is s p pa aya yab bl le e o on n A Ap pr ri il l 3 30 0, , 2 20 02 26 6 t to o s st to oc ck kh ho ol ld de er rs s o of f r re ec co or rd d a at t t th he e c cl lo os se e o of f b bu us si in ne es ss s o on n A Ap pr ri il l 1 15 5, , 2 20 02 26 6. . T Th he M e Ma ay y 2 20 02 26 6 d di is st tr ri ib bu ut ti io on n i is s p pa aya yab bl le e o on n M Ma ay y 2 29 9, , 2 20 02 26 6 t to o s st to oc ck kh ho ol ld der ers s o of f r re ec co or rd d a at t t th he e c cl lo os se e o of f b bu us si in ne es ss s o on n M Ma ay y 1 15 5, , 2 20 02 26 6. . T Th he e J Ju un ne e 2 20 02 26 6 d di is st tr ri ib bu ut ti io on n i is s p pa ay ya ab bl le e o on n J Ju un ne e 3 30 0, , 2 20 02 26 6 t to o s st to oc ck kh ho ol ld de er rs s o of f r reco ecor rd d a at t t th he e c cl lo os se e o of f b bu us si in ne es ss s o on n J Ju un ne e 1 15 5, , 2 20 02 26 6. . • • I In nv ve es st tm me en nt t p po or rt tf fo ol li io o a at t f fa ai ir r v va al lu ue e a as s o of f 1 12 2/ /3 31 1/ /2 25 5, , w wa as s $ $5 50 01 1. .0 0 m mi il ll li io on n, , c co om mp pr ri is se ed d o of f 1 10 08 8 p po or rt tfo fol li io o c co om mp pa an ni ies es. . Ou Our r d de eb bt t i in nves vest tm me en nt t p po or rt tfo fol li io o t to ot ta al led ed $ $4 41 11 1. .6 6 m mi il ll li io on n a at t f fa ai ir r va val lu ue e a as s o of f 1 12 2/3 /31 1/2 /25 5, , s sp pr rea ead d a ac cr ro os ss s 3 34 4 i in nd du us st tr ri ies es a an nd d 7 74 4 p po or rt tfo fol li io o c co om mp pa an ni ie es s w wi it th h a an n a aver vera ag ge e p pa ar r b ba al la an nc ce e p pe er r i in nv ve es st tm men ent t o of f a ap pp pr ro ox xi im ma at te el ly y $ $3 3. .5 5 m mi il ll li io on n. . T Th hi is s c co om mp pa ar res es t to o a a t to ot ta al l i in nve ves st tm me en nt t p po or rt tf fo ol li io o a at t fa fai ir r va val lu ue e a as s o of f 9 9/3 /30 0/2 /25 5 o of f $ $5 53 39 9. .7 7 m mi il ll li io on n, , a ac cr ro os ss s 1 11 16 6 p po or rt tfo fol li io o c co om mp pa an ni ie es s. . Ou Our r d de eb bt t i in nves vest tm men ent t p po or rt tfo fol li io o t to ot ta al le ed d $ $4 45 50 0. .2 2 m mi il ll li io on n a at t f fa ai ir r v va al lu ue e a as s o of f 9 9/ /3 30 0/2 /25 5, , s sp pr rea ead d a ac cr ro os ss s 3 34 4 i in nd du us st tr ri ies es ( (b ba as sed ed o on n a al li ig gn nm men ent t t to o G GI ICS CS Le Leve vel l 3 3) ) a an nd d 7 79 9 p po or rt tf fo ol li io o c co om mp pa an ni ie es s, , w wi it th h a an n a aver vera ag ge e p pa ar r b ba al la an nc ce e p pe er r i in nve ves st tm me en nt t o of f a ap pp pr ro ox xi im ma at te el ly y $ $3 3. .2 2 m mi il ll li io on n. . P Po ort rtf fo ol li io o & & • • De Dep pl lo oy ym me en nt ts s o of f a ap pp pr ro ox xi im ma at te el ly y $ $9 9. .6 6 m mi il ll li io on n a an nd d r re ep pa aym yme en nt ts s a an nd d s sa al le es s o of f a ap pp pr ro ox xi im ma at tel ely y $ $4 40 0. .4 4 m mi il ll li io on n, , r re es su ul lt ti in ng g i in n n ne et t r re ep pa ay ym men ent ts s a an nd d s sa al les es o of a f ap pp pr ro ox xi im ma at te el ly y $ $3 30 0. .8 8 m mi il ll li io on n fo for r t th he e fo fou ur rt th h q qu ua ar rt te er r. . In Inv ve es stm tme en nt t • • W We ei ig gh ht te ed d a av ve era rag ge e a an nn nu ua al li iz ze ed d y yi ie el ld d, , e ex xc cl lu ud di in ng g i in nc co om me e f fr ro om m n no on n- -a ac cc cr ru ua al ls s a an nd d CLO CLOs s, , w wa as s a ap pp pr ro ox xi im ma at te el ly y 1 12 2. .9 9% % a as s o of f 1 12 2/3 /31 1/2 /25 5. . Acti Activ vi ity ty • • De Deb bt t i in nv ve es st tm me en nt ts s o on n n no on n-a -acc ccru rua al l a as s o of f 1 12 2/3 /31 1/2 /25 5, , w we er re e 1 13 3 a at tt tr ri ib bu ut ta ab bl le e t to o 1 10 0 p po or rt tf fo ol li io o c co om mp pa an ni ie es s, , r re ep pr re es se en nt ti in ng g 4 4. .0 0% % a an nd d 7 7. .1 1% % o of f t th he e Co Com mp pa an ny y’ ’s s i in nves vest tm men ent t p po or rt tfo fol li io o a at t f fa ai ir r va val lu ue a e an nd d a am mo or rt ti iz ze ed d c co os st t, , r res esp pe ec ct ti ive vel ly y. . T Th hi is s c co om mp pa ar re es s t to o 1 10 0 d de eb bt t i in nves vest tm me en nt ts s a at tt tr ri ib bu ut ta ab bl le e t to o 8 8 p po or rt tf fo ol li io o c co om mp pa an ni ie es s r re ep pr re es sen ent ti in ng g 3 3. .8 8% % a an nd d 6 6. .3 3% % o of f t th he e p po or rt tfo fol li io o a at t f fa ai ir r va val lu ue a e an nd d a am mo or rt ti iz ze ed d c co os st t, , r re es sp pe ec ct ti iv ve el ly, y, a as s o of f 9 9/3 /30 0/2 /25 5. . H Ho ow weve ever r, , fo for r a a s su ub bs se et t o of f t th he e n no on n-a -ac cc cr ru ua al l p po op pu ul la at ti io on n, , t th he e Co Com mp pa an ny y c co on nt ti in nu ues es t to o r reco ecog gn ni iz ze e i in nt te er re es st t i in nc co om me e o on n a a c ca as sh h b ba as si is s ( (i i. .e. e., , o on nl ly y w wh hen en c ca as sh h p pa ay ym men ent ts s a ar re e a ac ct tu ua al ll ly y r recei eceive ved d) ). . L Li iq qu ui id di ity ty & & • • Pa Par r v va al lu ue e o of f o ou ut ts st ta an nd di in ng g b bo orro rrow wi in ng gs s, , a as s o of f 1 12 2/3 /31 1/ /2 25 5, , w wa as s $ $3 31 12 2. .3 3 m mi il ll li io on n, , w wh hi ic ch h c co om mp pa ar res es t to o $ $3 32 24 4. .6 6 m mi il ll li io on n a as s o of f 9 9/3 /30 0/2 /25 5, , w wi it th h a an n a as ss se et t c co ov ve er ra ag ge e r ra at ti io o o of f t to ot ta al l a as ss se et ts s t to o t to ot ta al l b bo or rr ro ow wi in ng gs s ( (2 2) ) o of f 1 16 67 7% % a as s c co om mp pa ar red ed t to o 1 17 71 1% % a as s o of f 9 9/3 /30 0/ /2 20 02 25 5. . O On n a a g gr ro os ss s b ba as si is s, , l le ev ve er ra ag ge e a as s o of f 1 12 2/3 /31 1/2 /25 5 w wa as s 1 1. .5 5x x a as s c co om mp pa ar red ed t to o 1 1. .4 4x x a as s o of f 9 9/ /3 30 0/ /2 25 5. . On On a a n ne et t b ba as si is s, , l leve ever ra ag ge e a as s o of f 1 12 2/ /3 31 1/ /2 25 5, , w wa as s 1 1. .4 4x x a as s C Ca ap pi it ta al l ( (2 2) ) c co om mp pa ar re ed d t to o 1 1. .3 3x x a as s o of f 9 9/3 /30 0/ /2 25 5. . R Re es so ou ur rc ce es s (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 3 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 in analyzing BCP Investment Corporation’s financial condition.
Quarterly Highlights Recent Milestones & Upcoming Initiatives M Me er rg ge er r a and nd R Re eb br ran anding ding: : §§ O On n J Ju ul ly y 1 15 5, , 2 20 02 25 5, , t th he e Co Com mp pa an ny y c cl lo os se ed d i it ts s m me er rg ge er r w wi it th h Lo Log ga an n R Ri id dg ge e F Fi in na an nc ce e C Co or rp po or ra at ti io on n ( (“ “LR LRF FC C A Ac cq qu ui is si it ti io on n” ”) ) a an nd d, , f fo ol ll lo ow wi in ng g a a r re eb br ra an nd d i in n A Au ug gu us st t, , b beg ega an n o op pe er ra at ti in ng g a as s B BC CP P I In nve ves st tm me en nt t Co Cor rp po or ra at ti io on n, , c co on nt ti in nu ui in ng g t to o t tr ra ad de e o on n Na Nas sd da aq q u un nd de er r t th he e t ti ic ck ker er “ “B BCI CIC C, ,” ” m ma ar rk ki in ng g a a m ma aj jo or r m mi il les est to on ne e i in n s sc ca al le e, , d di ive ver rs si if fi ic ca at ti io on n, , a an nd d o op pe er ra at ti io on na al l ef eff fi ic ci ie en nc cy y. . R Ra at te e S Ste tep-D p-Do ow wn: n: §§ O On n Oc Oct to ob be er r 7 7, , 2 20 02 25 5, , o ob bt ta ai in ne ed d a a B BB BB B- - r ra at ti in ng g fr fro om m a a Na Nat ti io on na al ll ly y R Re ec co og gn ni iz ze ed d S St ta at ti is st ti ic ca al l R Ra at ti in ng g Or Org ga an ni iz za at ti io on n w wi it th h r res esp pe ec ct t t to o t th he e 5 5. .2 25 5% % f fi ix xe ed d-r -ra at te e c co on nve ver rt ti ib bl le e n no ot tes es d du ue e 2 20 03 32 2 ( (t th he e “ “2 20 03 32 2 Co Con nver vert ti ib bl le e N No ot te es s” ”) ) a an nd d t th he e 5 5. .2 25 5% % f fi ix xe ed d-r -ra at te e n no ot tes es d du ue e 2 20 02 26 6 ( (t th he e “ “L LR RF FC C 2 20 02 26 6 N No ot te es s”) ”) w wh hi ic ch h r res esu ul lt te ed d i in n b bo ot th h t th he e 2 20 03 32 2 C Co on nve ver rt ti ib bl le e No Not tes es a an nd d 2 20 02 26 6 No Not tes es, , h ha avi vin ng g a a f fi ix xe ed d i in nt ter ere es st t r ra at te e o of f 5 5. .2 25 5% % p per er a an nn nu um m. . R Re ec ce en ntl tly y N Not ote e O Of ff fe er ring ing: : Com Comple plet te ed d §§ O On n Oc Oct to ob be er r 1 10 0, , 2 20 02 25 5, , t th he e Co Com mp pa an ny y e en nt ter ered ed i in nt to o a a n no ot te e p pu ur rc ch ha as se e a ag gr re ee em men ent t i in n c co on nn ne ec ct ti io on n w wi it th h t th he e i is ss su ua an nc ce e a an nd d s sa al le e o of f $ $3 35 5. .0 0 m mi il ll li io on n a ag gg gr rega egat te e p pr ri in nc ci ip pa al l a am mo ou un nt t o of f i it ts s 7 7. .5 50 0% % n no ot te es s d du ue e 2 20 02 28 8 ( (t th he e “2 “20 02 28 8 No Not te es s” ”) ) a an nd d $ $7 75 5. .0 0 m mi il ll li io on n a ag gg gr rega egat te e p pr ri in nc ci ip pa al l a am mo ou un nt t o of f i it ts s 7 7. .7 75 5% % n no ot tes es d du ue e 2 20 03 30 0 ( (t th he e “ “2 20 03 30 0 No Not tes es”) ”), , u un nd de er r a an n ef eff fe ec ct ti ive ve s sh he el lf f r re eg gi is st tr ra at ti io on n s st ta at te em me en nt t. . M Miles ilest to on ne es s T Th he e o off ffe er ri in ng g c cl lo os sed ed a an nd d t th he e 2 20 02 28 8 N No ot te es s a an nd d 2 20 03 30 0 No Not tes es w we er re e i is ss su ue ed d o on n O Oc ct to ob ber er 1 15 5, , 2 20 02 25 5. . T Th he e p pr ro oc ce ee ed ds s f fr ro om m t th he e i is ss su ua an nc ce e o of f t th he e 2 20 02 28 8 No Not te es s a an nd d 2 20 03 30 0 No Not te es s w we er re e u us se ed d t to o r red edee eem m i in n fu ful ll l t th he e $ $1 10 08 8. .0 0 m mi il ll li io on n a ag gg gr re eg ga at te e p pr ri in nc ci ip pa al l a am mo ou un nt t o ou ut ts st ta an nd di in ng g o of f i it ts s 4 4. .8 87 75 5% % No Not te es s D Du ue e 2 20 02 26 6. . S Sha har re e R Re epur purc ch has ase es s: : §§ B Be et tw we een en O Oc ct to ob be er r 1 1, , 2 20 02 25 5, , a an nd d D De ec ce em mb be er r 3 31 1, , 2 20 02 25 5, , t th he e C Co om mp pa an ny y r rep epu ur rc ch ha as sed ed 1 12 20 0, ,0 01 15 5 s sh ha ar re es s o of f i it ts s c co om mm mo on n s st to oc ck k f fo or r a an n a ag gg gr re eg ga at te e c co os st t o of f a ap pp pr ro ox xi im ma at te el ly y $ $1 1. .4 4 m mi il ll li io on n a at t a an n a ave ver ra ag ge e p pr ri ic ce e o of f $ $1 11 1. .6 64 4 p pe er r s sh ha ar re e t th hr ro ou ug gh h t th he e 2 20 02 25 5 S Sh ha ar re e R Re ep pu ur rc ch ha as se e Pr Pro og gr ra am m, , w wh hi ic ch h w wa as s a ac cc cr re et ti iv ve e t to o NAV NAV b by y $ $0 0. .0 05 5 p pe er r s sh ha ar re e. . §§ O On n Dec Dece em mb ber er 1 10 0, , 2 20 02 25 5, , t th he e Co Com mp pa an ny, y, i it ts s m ma an na ag ge em men ent t, , t th he e A Ad dv vi is se er r, , a an nd d t th he e C Co om mp pa an ny y’ ’s s a aff ffi il li ia at tes es c co om mp pl let ete ed d a a m mo od di ifi fie ed d “Du “Dut tc ch h A Au uc ct ti io on n” ” T Te en nd de er r Of Off fer er. . T Th he e Co Com mp pa an ny y p pu ur rc ch ha as se ed d 5 55 57 7, ,9 96 60 0 s sh ha ar re es s o of f i it ts s c co om mm mo on n s st to oc ck k fo for r a an n a ag gg gr re eg ga at te e c co os st t o of f a ap pp pr ro ox xi im ma at te el ly y $ $7 7. .6 6 m mi il ll li io on n a at t a an n a aver vera ag ge e p pr ri ic ce e o of f $ $1 13 3. .6 63 3 p pe er r s sh ha ar re e, , w wh hi ic ch h w wa as s a ac cc cr re et ti ive ve t to o NA NAV V b by y $ $0 0. .1 18 8 p per er s sh ha ar re. e. §§ O On n Ma Mar rc ch h 4 4, , 2 20 02 26 6, , B BCI CIC’ C’s s B Bo oa ar rd d o of f Di Dir rect ecto or rs s a au ut th ho or ri iz ze ed d a a r re en ne ew we ed d s st to oc ck k r re ep pu ur rc ch ha as se e p pr ro og gr ra am m o of f u up p t to o $ $1 10 0 m mi il ll li io on n fo for r t th he e p pe er ri io od d fr fro om m Ma Mar rc ch h 4 4, , 2 20 02 26 6, , t to o Ma Mar rc ch h 3 31 1, , 2 20 02 27 7. . B Be eg gin inning ning i in n A Apr pril il 20 2026 26: : Upc Upcom omin ing g §§ On On Ma Mar rc ch h 4 4, , 2 20 02 26 6, , t th he e B Bo oa ar rd d o of f Di Dir re ec ct to or rs s o of f t th he e C Co om mp pa an ny y a au ut th ho or ri iz ze ed d t th he e t tr ra an ns si it ti io on n o of f t th he e Co Com mp pa an ny y’ ’s s d di is st tr ri ib bu ut ti io on n p pa ay ym men ent t s sc ch he ed du ul le e f fr ro om m q qu ua ar rt ter erl ly y t to o m mo on nt th hl ly y, , w wh hi il le e r re et ta ai in ni in ng g t th he e p po ot te en nt ti ia al l f fo or r q qu ua ar rt ter erl ly y s su up pp pl le em men ent ta al l d di is st tr ri ib bu ut ti io on ns s. . I Initia nitiati tiv ve es s 4
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) (1) Core investment income 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 — — — (2) Core net investment income 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) (3) Net increase/(decrease) in core net assets resulting from operations ($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 5 connection with such U.S. GAAP measures in analyzing the Company’s financial performance. (3) Net increase/(decrease) in core net assets resulting from operations calculates net increase (decrease) in net assets resulting from operations based on core net investment income (refer to footnote 2), net realized gain (loss) on investments, net change in unrealized appreciation (depreciation) on investments, tax (provision) benefit on realized and unrealized gains (loss) on investments, and net realized gain (loss) on extinguishment of debt.
Repayment Activity O Ov ve er r t the he la las st t th thr re ee e y ye ea ar rs s, , B BC CI IC C ha has s e ex xpe peri rie enc nce ed d a an n a av ve er ra ag ge e o of f ~ ~$ $0 0. .3 3 m mi illio llion n in in i inc ncom ome e r re el la at te ed t d to o r re epa pay ym me en nt t / / pr pre epa paym yme en nt t a act ctivit ivity y. . (1) Core Paydown Income By Quarter (in Thousands) 1,000 900 800 700 600 500 400 Quarterly Average: $297 300 200 95 100 - 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.. 6
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) (1) Core Investment Income $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 (2) Net Investment Income $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. 7 (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.
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 (1) — — — 49,596 474 Issuance of common shares 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 (2) 1.3x 1.3x 1.4x 1.3x 1.4x Net Leverage 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 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 8 in analyzing BCP Investment Corp’s financial condition.
BCIC Portfolio Composition As of December 31, 2025 (3) Key Statistics Diversification by Borrower 4.6% 4.5% Top 5 Borrowers Key Statistics 21.1% 4.3% Borrower 1 4.0% Total Investments at Fair Value $501.0 million Borrower 2 3.7% Borrower 3 (1) 38.1% Weighted Average Annualized Yield on Investments 12.9% Borrower 4 Number of Debt + Equity Portfolio Companies 97 Borrower 5 14.9% Number of Industries 41 Next 6-10 Investments Next 11-25 Investments Average Debt Position Size $3.5 Remainder 26.0% Non-Accrual Investments (Cost / Fair Value) 7.1% / 4.0% (2) (3) Asset Mix Industry Diversification Software 5.6% Health Care Providers & Services 13.9% 8.7% Financial Services 27.0% First Lien Debt 9.4% IT Services 13.5% Second Lien Debt Diversified Consumer Services Equity Securities Commercial Services & Supplies 3.3% Subordinated Debt Interactive Media & Services 3.5% 11.8% Leisure Products 3.6% 76.3% 4.2% Media 8.2% 5.2% 5.8% Aerospace & Defense (1) Calculated based on the Debt Securities Portfolio excluding income from non-accruals and collateralized loan obligations. Excluding the impact of the Other 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. 9 (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.
(1)(2) Portfolio Trends 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 (3) Legacy HCAP 9,019 8,148 6,475 6,680 6,720 (4) Legacy LRFC — — — 43,279 41,052 Portfolio Summary: Total portfolio, at fair value $405,021 $406,423 $395,109 $539,701 $500,975 (5) Total number of debt portfolio companies / Total number of investments 71 / 180 72 / 180 69 / 185 79 / 213 74 / 205 (8) Weighted Avg EBITDA of debt portfolio companies $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 (8) Weighted avg first lien / total leverage ratio (net) of debt portfolio 5.0x / 5.8x 5.1x / 5.8x 5.1x / 5.9x 5.2x / 5.8x 5.3x / 6.0x Portfolio Yields and Spreads: (6) Weighted average annualized yield on debt investments 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 (7) Purchases / draws 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. 10 (7) Includes assets acquired in connection with the LRFC Acquisition for the quarter ended September 30, 2025. (8) Includes portfolio company information for liquid investments as of December 31, 2025. Excluding liquid investments, the weighted average EBITDA of the illiquid debt portfolio companies is approximately $56.3 million, and the weighted average first lien / total leverage ratio (net) of debt portfolio is approximately 5.1x/5.7x.
Credit Quality As of December 31, 2025 A As s o of f De Dec ce em mb be er r 3 31 1, , 2 20 02 25 5, , t th hir irt te ee en n o of f t th he e C Co om mp pan any y’ ’s s d de eb bt t in inv ve es st tm me en nt ts s, , a at tt tr rib ibu ut ta ab ble le t to o t te en n p po or rt tf fo oli lio o c co om mp pan ani ie es s, , w we er re e o on n n no on n- -ac acc cr ru ual al s st ta at tu us s an and d r re ep pr re es se en nt te ed d 4 4. .0 0% % an and d 7 7. .1 1% % o of f t th he e C Co om mp pan any y’ ’s s in inv ve es st tm me en nt t p po or rt tf fo oli lio o a at t f fai air r v val alu ue e an and d am amo or rt tiz ize ed d c co os st t, , r re es sp pe ec ct tiv ive ely ly. . As of (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 (1) Investments Credit Quality – Internal Rating 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. 11
(1) Portfolio Composition As of December 31, 2025 As of (1) Investment Portfolio (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. 12
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 12,541,858 125 92 outstanding at December 31, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024 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 14
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 $42,204 $45,036 $55,675 Non-controlled affiliated investments 3,604 1,859 2,728 Total interest income $45,808 $46,895 $58,403 Payment-in-kind income: Non-controlled/non-affiliated investments 9,737 7,472 6,662 Non-controlled affiliated investments 786 714 406 Total payment-in-kind income $10,523 $8,186 $7,068 Dividend income Non-controlled affiliated investments 4,327 6,576 6,764 Controlled affiliated investments — — 2,184 Total dividend income $4,327 $6,576 $8,948 Fees and other income Non-controlled/non-affiliated investments 411 775 1,882 Non-controlled affiliated investments 83 — 14 Total fees and other income $494 $775 $1,896 Total Investment Income $61,152 $62,432 $76,315 EXPENSES Management fees $6,584 $6,559 $7,452 Performance-based incentive fees 2,975 5,012 7,374 Interest and amortization of debt issuance costs 20,602 20,782 25,306 Professional fees 2,053 1,873 1,999 Administrative services expense 2,010 1,771 2,377 Directors' expense 550 610 630 Other general & administrative expenses 1,434 1,781 1,713 Total Expenses $36,208 $38,388 $46,851 Expense reimbursement — — (5,309) Waiver of performace-based incentive fees (188) — — 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 (15,478) (23,205) (26,334) Non-controlled affiliated investments 234 (1,334) (399) Controlled affiliated investments (6,192) (6,644) (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 7,093 (2,446) 6,696 Non-controlled affiliated investments (5,235) (4,085) 980 Controlled affiliated investments 4,729 7,317 (4,354) Derivatives (40) 220 — 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 11,096,227 9,272,809 9,509,396 Net investment income per common share: 15 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 Cash & Cash Equivalents (in mm) Undrawn Borrowing Capacity Under Revolving Credit Facilities (in mm) $3.7 30% 48% 45% $150.3 52% $162.0 $124.7 55% 70% $8.8 Fixed Rate Floating Rate Unrestricted Cash Restricted Cash Undrawn Drawn 16
Historical Dividend Yield Dividends & Dividend Yield Based on NAV Per Share for Respective Quarter 13.6% $0.80 13.0% 12.2% 12.2% 12.2% 12.1% 11.7% 11.3% 11.2% 11.1% 11.0% 10.2% $0.70 10.0% 9.2% 10.0% 8.9% 9.0% 8.8% 8.7% 8.4% 8.3% 8.3% 8.2% 8.2% 7.1% 7.7% 6.8% $0.60 $0.07 $0.50 5.0% $0.02 $0.40 $0.69 $0.69 $0.69 $0.69 $0.69 $0.69 $0.69 $0.68 $0.67 0.0% $0.63 $0.63 $0.63 $0.62 $0.30 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.60 $0.47 $0.47 $0.47 $0.47 $0.20 -5.0% $0.32 $0.10 -10.0% $- 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 17
Historical Dividend Information Declaration Date Record Date Payment Date Dividend Type Dividend Per Share Declaration Date Record Date Payment Date Dividend Type Dividend Per Share 3/5/2026 6/15/2026 6/30/2026 Base $0.09 3/9/2023 3/20/2023 3/31/2023 Base $0.68 3/5/2026 5/15/2026 5/29/2026 Base $0.09 11/8/2022 11/24/2022 12/13/2022 Base $0.67 3/5/2026 4/15/2026 4/30/2026 Base $0.09 8/9/2022 8/16/2022 9/2/2022 Base $0.63 3/5/2026 3/16/2026 3/27/2026 Base $0.32 5/10/2022 5/24/2022 6/7/2022 Base $0.63 11/6/2025 11/17/2025 11/25/2025 Base $0.47 3/10/2022 3/21/2022 3/30/2022 Base $0.63 8/7/2025 8/18/2025 8/29/2025 Base $0.47 11/3/2021 11/15/2021 11/30/2021 Base $0.62 8/7/2025 8/18/2025 8/29/2025 Supplemental $0.02 1 for 10 Reverse Stock Split Effective 8/26/21 5/8/2025 5/19/2025 5/29/2025 Base $0.47 8/4/2021 8/17/2021 8/31/2021 Base $0.60 3/13/2025 3/24/2025 3/31/2025 Base $0.47 5/6/2021 5/19/2021 6/1/2021 Base $0.60 3/13/2025 3/24/2025 3/31/2025 Supplemental $0.07 2/12/2021 2/22/2021 3/2/2021 Base $0.60 11/7/2024 11/19/2024 11/29/2024 Base $0.69 10/16/2020 10/26/2020 11/27/2020 Base $0.60 8/8/2024 8/22/2024 8/30/2024 Base $0.69 8/5/2020 8/17/2020 8/28/2020 Base $0.60 5/8/2024 5/21/2024 5/31/2024 Base $0.69 3/17/2020 5/7/2020 5/27/2020 Base $0.60 3/13/2024 3/25/2024 4/2/2024 Base $0.69 2/5/2020 2/18/2020 2/28/2020 Base $0.60 11/8/2023 11/20/2023 11/30/2023 Base $0.69 11/5/2019 11/15/2019 11/29/2019 Base $0.60 8/9/2023 8/22/2023 8/31/2023 Base $0.69 8/5/2019 8/12/2019 8/29/2019 Base $0.60 5/10/2023 5/22/2023 5/31/2023 Base $0.69 18
Corporate Information Board of Directors Senior Management Research Coverage Ted Goldthorpe Ted Goldthorpe Paul Johnson Interested Director and Chairman of the Board Chief Executive Officer Keefe Bruyette & Woods Patrick Schafer Brandon Satoren Erik Zwick Interested Director Chief Financial Officer Lucid Capital Markets Robert Warshauer Patrick Schafer Chris Nolan Chief Investment Officer Ladenburg Thalmann Independent Director Alex Duka David Held Mitchel Penn Chief Compliance Officer Independent Director Oppenheimer & Co. George Grunebaum Independent Director Transfer Agent Jennifer Kwon Chou Common Stock Equiniti Trust Company, LLC Independent Director Nasdaq: BCIC Dean Kehler Independent Audit Firm Independent Director Deloitte & Touche LLP Joseph Morea Independent Director Investor Relations Corporate Headquarters The Equity Group, Inc. 650 Madison Avenue - 3rd Floor New York, NY 10022 USA Lena Cati (212) 836-9611 Lcati@theequitygroup.com Val Ferraro (212) 836-9633 Vferraro@theequitygroup.com 19
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Filing Exhibits & Attachments
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