Form 8-K

8-K — BCP Investment Corp

Accession: 0001193125-26-461047

Filed: 2026-11-13

Period: 2026-11-11

CIK: 0001372807

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d520705d8k.htm (Primary)

EX-99.1 (d520705dex991.htm)

EX-99.2 (d520705dex992.htm)

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8-K

8-K (Primary)

Filename: d520705d8k.htm · Sequence: 1

8-K

BCP Investment Corp false 0001372807 0001372807 2026-11-11 2026-11-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 11, 2026

BCP Investment Corporation

(Exact name of registrant as specified in its charter)

Delaware

814-00735

20-5951150

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

650 Madison Avenue, 3rd Floor

New York, New York

10022

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code): (212) 891-2880

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☒

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.01 per share

BCIC

The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On November 11, 2026, BCP Investment Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2026. 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 November 12, 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 November 11, 2026

99.2

Investor Presentation, dated November 12, 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: November 13, 2026

EX-99.1

Filename: d520705dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

BCP Investment Corporation Announces Third Quarter 2026 Financial Results

Subsequent to Quarter End, Entered into a Merger Agreement to Acquire Investcorp Credit Management BDC, Inc. at 90% of ICMB’s

Closing NAV; Transaction Expected to Be Accretive to BCIC and ICMB Shareholders

Declares Monthly Base Distributions of $0.09

Per Share for January, February, and March 2027

Non-Accrual Debt Investments Decline

to 10, Representing 2.8% of the Portfolio at Fair Value

NEW YORK, November 11, 2026 – BCP Investment Corporation (NASDAQ: BCIC)

(“BCIC” or the “Company”) announced today its financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

•

Total investment income for the third quarter of 2026 was $13.9 million, compared to

$15.2 million for the second quarter of 2026.

•

Core investment income1, excluding the impact

of purchase price accounting, for the third quarter of 2026 was $12.2 million, compared to $12.9 million for the second quarter of 2026.

•

Net investment income (“NII”) for the third quarter of 2026, was $4.6 million ($0.37 per

share), compared to $5.5 million ($0.45 per share) for the second quarter of 2026.

•

Net asset value (“NAV”) as of September 30, 2026 was $162.7 million ($13.13 per share),

compared to $179.5 million ($14.49 per share) as of June 30, 2026.

•

Non-accrual investments decreased to 10 across 7 portfolio

companies from 11 across 7 portfolio companies, representing 2.8% and 6.0% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of September 30, 2026, compared to 3.1% and 5.7%, respectively, as of June 30,

2026. 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 received).

•

Deployment of approximately $3.1 million and repayments and sales of approximately $8.9 million

resulting in net repayments and sales of approximately $5.8 million during the quarter.

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 Logan Ridge

Finance Corporation (“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.

•

The Company issued $10.0 million of 7.50% notes due 2029 on September 2, 2026, as

additional notes under the Sixth Supplemental Indenture pursuant to which the Company previously issued $50.0 million aggregate principal amount of 7.50% notes due 2029 on March 24, 2026. The additional notes are consolidated with and treated

as a single series and have the same terms as to status, redemption and otherwise (other than issue date) as the initial issuance.

•

The Company amended its senior secured revolving credit facility with KeyBank National Association (as

amended, the “KeyBank Credit Facility”) on August 6, 2026, reducing the applicable borrowing spread from 2.80% to 2.50% during the reinvestment period and from 3.20% to 3.00% during the amortization period, extending the

reinvestment period to August 2029 and the maturity date to August 2031, and increasing committed capacity under the KeyBank Credit Facility from $75.0 million to $150.0 million. Borrowings under the KeyBank Credit Facility were used to

repay in full all outstanding advances and other amounts then due under the Company’s revolving credit facility with JPMorgan, and the commitments thereunder were terminated, consolidating the Company’s secured revolving borrowings into

a single facility.

Subsequent Events

•

On September 3, 2026, the Company notified U.S. Bank Trust Company, National Association of its election to

redeem the remaining $10.0 million aggregate principal amount outstanding of its 2026 Notes pursuant to the terms of the Base Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture. On October 3, 2026, the 2026 Notes

were redeemed at par plus accrued interest which resulted in a loss of less than $0.1 million.

•

On October 30, 2026, the Company paid its regular monthly base distribution of $0.09 per share of common

stock to stockholders of record as of October 15, 2026.

•

On November 11, 2026, the Company declared a regular monthly base distribution of $0.09 per share of common

stock for each of January, February, and March 2027. The January 2027 distribution is payable on January 29, 2027, to stockholders of record at the close of business on January 15, 2027. The February 2027 distribution is payable on March 2,

2027, to stockholders of record at the close of business on February 16, 2027. The March 2027 distribution is payable on March 30, 2027, to stockholders of record at the close of business on March 15, 2027.

•

On November 11, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger

Agreement”) with Investcorp Credit Management BDC, Inc., a Maryland corporation (“ICMB”), and Aria Acquisition Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“Acquisition

Sub”). The Merger Agreement provides that (i) Acquisition Sub will merge with and into ICMB (the “First Merger”), with ICMB continuing as the surviving company and as a wholly-owned subsidiary of the Company (the

“Surviving Company”), and (ii) immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into the Company (the “Second Merger” and, together with the First Merger,

the “Mergers”), with the Company continuing as the surviving corporation. ICMB’s board of directors, on the recommendation of its special committee, and the Company’s board of directors have each approved the Merger

Agreement and the transactions contemplated thereby and have declared the Merger Agreement and the transactions contemplated thereby advisable. Subject to the terms and conditions of the Merger Agreement, each outstanding share of ICMB’s

common stock (other than shares held by subsidiaries of ICMB or held, directly or indirectly, by

the Company or Acquisition Sub) will be converted into the right to receive newly-issued shares of the Company’s common stock and, if applicable, cash, without interest, based on aggregate

consideration equal to 90% of ICMB’s adjusted net asset value. The exchange ratio will be based on the parties’ respective adjusted net asset values per share. The stock consideration is capped at 19.99% of the Company’s common

stock outstanding as of November 11, 2026, and the cash consideration is capped at 60% of the aggregate merger consideration, subject to adjustment as provided in the Merger Agreement to preserve the intended economic terms and tax treatment.

Consummation of the Mergers is subject to certain customary closing conditions, including approval by ICMB’s stockholders and the delivery of customary instruments providing for the payoff of ICMB’s outstanding indebtedness.

Management Commentary

Ted

Goldthorpe, Chief Executive Officer of BCP Investment Corporation, stated, “We are pleased to announce our proposed merger with ICMB, which represents another step in the execution of our strategy to pursue consolidation in the BDC space. We

expect the transaction to be accretive for ICMB and BCIC stockholders. We have been proactive in identifying specific opportunities where our Company can benefit from greater scale and cost synergies, and we believe the combined company will benefit

from having lower financing costs, a reduction in public company costs per share and improved trading liquidity in the equity.

During the third quarter,

we continued to actively manage and reposition our portfolio, with an emphasis on credit quality, liquidity and strengthening our overall financial position. We completed the previously announced amendment to our KeyBank Credit Facility, increasing

borrowing capacity to $150 million, reducing the spread by 30 basis points and extending the KeyBank Credit Facility’s revolving period and maturity date by two years. Additionally, during the quarter, we increased our unsecured financing

by issuing an incremental $10 million of our 7.50% notes due 2029, the proceeds of which were then used to redeem the remaining $10 million of our 2026 Notes, further enhancing our capital structure and eliminating all near-term debt

maturities. Together, these actions have derisked near-term refinancing risks and streamlined our debt capital structure.

Net investment income of $0.37

per share for the quarter continued to reflect elevated portfolio repayments. While repayments continued to outpace new deployments, we have remained disciplined in deploying capital and continue to evaluate opportunities that meet our underwriting

criteria.

Net asset value was impacted by unrealized mark-to-market

movements throughout the portfolio, reflecting markdowns across multiple industries during the quarter. We remain closely engaged with these portfolio companies as they navigate the current environment. At the same time, the number of debt

investments on non-accrual declined from 11 to 10 during the quarter, while non-accrual investments at fair value decreased to 2.8% of the portfolio from 3.1% in the

prior quarter.

Looking ahead, our priorities remain centered on actively managing the existing portfolio, maintaining balance sheet flexibility, and

allocating capital where we see the most compelling risk-adjusted returns. Given current trading levels, we expect to favor debt repayment and share repurchases as we receive repayments over new investments in the coming quarters. We believe the

improvements to our financing structure leave us well positioned to manage through the current environment.

Lastly, we are pleased that our Board has approved regular monthly base distributions totaling $0.27 per

share for the first quarter of 2027. We remain committed to providing consistent distributions to our shareholders while managing the portfolio with a long-term perspective.”

Selected Financial Highlights

•

Total investment income for the quarter ended September 30, 2026, was $13.9 million, of which

approximately $12.0 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total

investment income of $18.9 million for the quarter ended September 30, 2025, of which approximately $17.2 million was attributable to interest income, inclusive of

payment-in-kind income, from the Debt Securities Portfolio.

•

Core investment income for the quarter ended September 30, 2026, excluding the impact of purchase

discount accretion, was $12.2 million, compared to $15.3 million for the quarter ended September 30, 2025.

•

NII for the quarter ended September 30, 2026, was $4.6 million ($0.37 per share), compared to

$8.8 million ($0.71 per share) for the quarter ended September 30, 2025.

•

The investment portfolio at fair value as of September 30, 2026, was $434.2 million, comprised

of 105 portfolio companies. The debt investment portfolio, excluding investments in CLO Funds, equities and Joint Ventures, totaled $335.7 million at fair value, across 32 industries and 68 portfolio companies, with an average par balance per

investment of approximately $3.1 million. This compares to a total investment portfolio at fair value as of June 30, 2026, of $452.7 million, comprised of 107 portfolio companies. The Company’s debt investment portfolio, excluding

investments in the CLO Funds, equities and Joint Ventures, totaled $349.7 million at fair value as of June 30, 2026, and was spread across 33 different industries comprised of 71 different portfolio companies with an average par balance

per investment of approximately $3.2 million.

•

Debt investments on non-accrual as of September 30, 2026, totaled

10 attributable to 7 portfolio companies, representing 2.8% and 6.0% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to 11 debt investments attributable to 7 portfolio companies, representing

3.1% and 5.7% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of June 30, 2026. As of September 30, 2026, 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).

•

Weighted average annualized yield was approximately 12.1% (excluding income from non-accruals and collateralized loan obligations) as of September 30, 2026.

•

Par value of outstanding borrowings as of September 30, 2026, was $282.4 million, compared to

$286.1 million as of June 30, 2026. The asset coverage ratio was approximately 157%, compared to 162% as of June 30, 2026. Gross and net leverage as of September 30, 2026, were approximately 1.7x and 1.7x2, compared to 1.6x and 1.6x2, respectively, as of June 30, 2026.

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

$5.9 million and $7.7 million of cash and cash equivalents and restricted cash as of September 30, 2026 and June 30, 2026, 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 three and nine months ended September 30, 2026, and September 30, 2025, were as follows:

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

($ in thousands, except share and per share amounts)

2026

2025

2026

2025

Total investment income

13,890

18,940

46,653

43,688

Net expenses

9,310

10,092

29,665

25,943

Net Investment Income

4,580

8,848

16,988

17,745

Net realized gain (loss) on investments

(8,880

)

(2,678

)

(21,384

)

(18,691

)

Net change in unrealized gain (loss) on investments

(8,465

)

15,525

(27,837

)

18,250

Tax (provision) benefit on realized and unrealized gains (losses) on investments

(190

)

1,935

(409

)

1,726

Net realized and unrealized appreciation (depreciation) on investments, net of taxes

(17,535

)

14,782

(49,630

)

1,285

Realized gains (losses) on extinguishment of debt

(532

)

—

(892

)

—

Net Increase (Decrease) in Net Assets Resulting from Operations

(13,487

)

23,630

(33,534

)

19,030

Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:

Basic:

(1.09

)

1.88

(2.70

)

1.84

Diluted:

(1.09

)

1.86

(2.70

)

1.83

Net Investment Income Per Common Share:

Basic:

0.37

0.71

1.37

1.72

Diluted:

0.37

0.70

1.37

1.71

Weighted Average Shares of Common Stock Outstanding — Basic

12,383,625

12,549,643

12,398,946

10,337,858

Weighted Average Shares of Common Stock Outstanding — Diluted

12,383,625

12,726,646

12,398,946

10,397,936

Investment Income

The

composition of the Company’s investment income for the three and nine months ended September 30, 2026, and September 30, 2025, was as follows:

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

($ in thousands)

2026

2025

2026

2025

Interest income, excluding CLO equity income and purchase discount accretion

8,790

11,032

27,989

27,127

Purchase discount accretion

1,657

3,618

6,660

3,634

Payment-in-kind

income

2,057

2,705

7,840

8,215

CLO income

160

371

Dividend income from Joint Ventures

1,081

1,500

3,470

4,130

Fees and other income

145

534

211

Investment Income

13,890

18,940

46,653

43,688

Less: Purchase discount accretion

(1,657

)

(3,618

)

(6,660

)

(3,634

)

Core Investment Income

12,233

15,322

39,993

40,054

Fair Value of Investments

The composition of the Company’s investment portfolio as of September 30, 2026, and December 31, 2025, at cost and fair value was as follows:

($ in thousands)

September 30, 2026

December 31, 2025

Security Type

Cost/Amortized

Cost

Fair Value

Percentage of

Total

Portfolio

Cost/Amortized

Cost

Fair Value

Percentage of

Total

Portfolio

First Lien Debt

304,260

278,099

64.0

360,556

344,126

68.7

Second Lien Debt

45,023

34,102

7.9

49,777

42,183

8.4

Subordinated Debt

29,440

23,461

5.4

27,487

25,339

5.1

Collateralized Loan

Obligations

16,467

15,684

3.6

1,381

1,789

0.4

Joint Ventures

66,338

45,132

10.4

64,403

48,165

9.6

Equity

47,594

37,446

8.6

44,413

39,193

7.8

Asset Manager Affiliates(1)

17,791

—

17,791

—

Derivatives

319

0.1

180

0.0

Total

526,944

434,243

100.0

565,839

500,975

100.0

(1)

Represents the equity investment in the Asset Manager Affiliates.

Liquidity and Capital Resources

As of September 30,

2026, the Company had approximately $282.4 million (par value) of outstanding borrowings at a current weighted average interest rate of 7.0%, of which approximately $182.0 million par value had a fixed rate and $100.4 million par

value had a floating rate.

As of September 30, 2026, and December 31, 2025, the fair values of investments and cash were as follows:

($ in thousands)

Security Type

September 30, 2026

December 31, 2025

Cash and Cash Equivalents

2,347

3,721

Restricted Cash

3,583

8,782

First Lien Debt

278,099

344,126

Second Lien Debt

34,102

42,183

Subordinated Debt

23,461

25,339

Equity

37,446

39,193

Collateralized Loan Obligations

15,684

1,789

Joint Ventures

45,132

48,165

Derivatives

319

180

Total

440,173

513,478

As of September 30, 2026, the Company had unrestricted cash of $2.3 million and restricted cash of $3.6 million,

compared to $2.5 million and $5.2 million as of June 30, 2026. As of September 30, 2026, the Company had $49.6 million of available borrowing capacity under the KeyBank 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 September 30, 2026, approximately 86.3% of the

Company’s Debt Securities Portfolio at par value was floating rate, with a spread to an interest rate index such as SOFR or the prime rate. Approximately 95.9% of these floating rate loans contain floors ranging between 0.50% and 5.25%. We

generally expect that future portfolio investments will predominantly be floating rate investments.

In periods of rising or declining interest rates, the cost of the portion of the Company’s debt

associated with its fixed rate borrowings would remain the same, while the interest rate on borrowings under 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:

($ in thousands)

Increase in interest rate

2,144

4,287

6,431

Decrease in interest rate

(2,112

)

(4,032

)

(5,324

)

Conference Call and Webcast

We will hold a conference call on Thursday, November 12, 2026, at 8:00 am Eastern Time to discuss our third quarter 2026 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 2135550.

A replay of this conference call will be available shortly after the live call through November 19, 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/ykee8aoy.

The online archive of the webcast will be available on the Company’s website shortly after the call at https://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 of 1940, as amended (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 and private credit 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.

Transaction Advisors

Houlihan Lokey Capital, Inc. is serving as financial advisor to the Special Committee of the Board of Directors of ICMB, Fried Frank Harris Shriver &

Jacobson LLP is serving as the Special Committee’s counsel and Dechert LLP is serving as counsel to ICMB. Simpson Thacher & Bartlett LLP is serving as counsel to BCIC.

About Investcorp Credit Management BDC, Inc.

Investcorp

Credit Management BDC, Inc. (NASDAQ: ICMB) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a

business development company under the Investment Company Act of 1940. ICMB’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity

investments by targeting investment opportunities with favorable risk-adjusted returns. ICMB seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes,

depreciation, and amortization of at least $15 million. ICMB’s investment activities are managed by its investment adviser, CM Investment Partners LLC. To learn more about ICMB, please visit www.icmbdc.com.

Forward-Looking Statements

This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended (the

“Securities Act”), and Section 21E of the Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between ICMB and BCIC pursuant to the Merger

Agreement dated November 11, 2026, by and among ICMB, BCIC, and a wholly-owned subsidiary of BCIC. All statements, other than historical facts, including statements regarding the expected timing of the closing of the proposed transaction; the

ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction such as improved operations, enhanced revenues and cash flow, growth potential, market profile

and financial strength; the competitive ability and position of the combined company following completion of the proposed transaction; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements

concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,”

“expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,”

“predict,” “continue,” “target” or other similar words or expressions. 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 incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such

statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among

others, (1) that one or more closing conditions to the transaction may not be satisfied or waived, on a timely basis or otherwise, including the required approval by the stockholders of ICMB may not be obtained; (2) the risk that the

Mergers or other transactions contemplated by the Merger Agreement may not be completed in the time frame expected by ICMB and BCIC or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction;

(4) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5) uncertainty with respect to the trading levels of shares of the combined company’s common stock on

NASDAQ; (6) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of ICMB and BCIC; (7) the ability of the combined

company to implement its business strategy; (8) difficulties and delays in achieving synergies and cost savings of the combined company; (9) inability to retain and hire key personnel; (10) the occurrence of any event that could give

rise to termination of the Merger Agreement; (11) the risk that stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the contemplated Mergers or result in significant costs of defense,

indemnification and liability; (12) evolving legal, regulatory and tax regimes; (13) changes in laws or regulations or interpretations of current laws and regulations that would impact BCIC’s classification as a business development

company; and (14) changes in general economic and/or industry specific conditions. Some of these factors are enumerated in the filings ICMB and BCIC have made with the SEC, and will be contained in the materials ICMB and BCIC will file with the SEC

in connection with the proposed transactions under the Merger Agreement, including BCIC’s registration statement on Form N-14 (the “Registration Statement”), which will include

ICMB’s proxy statement on Schedule 14A that also constitutes a prospectus of BCIC (the “Proxy Statement/Prospectus”).

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; and (14) 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 it 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.

The inclusion of forward-looking statements should not be regarded as a representation that any plans,

estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, neither ICMB nor BCIC undertakes any obligation to update or revise any

forward-looking statements, whether as a result of new information or development, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Additional Information and Where to Find It

connection with the Mergers, BCIC plans to file with the SEC the Registration Statement that will include the Proxy Statement/Prospectus. After the Registration Statement is declared effective by the SEC, ICMB will mail the Proxy

Statement/Prospectus to its stockholders. The Proxy Statement/Prospectus and Registration Statement will each contain important information about BCIC, ICMB, the Mergers and related matters. STOCKHOLDERS OF ICMB AND BCIC ARE URGED TO READ THE PROXY

STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY

WILL

CONTAIN IMPORTANT INFORMATION ABOUT BCIC, ICMB, THE MERGERS AND RELATED MATTERS. Investors and security

holders will be able to obtain the documentation filed with the SEC free of charge at the SEC’s website, http://www.sec.gov and for documents filed by BCIC, from BCIC’s website at https://www.bcpinvestmentcorporation.com

and for documents filed by ICMB, from ICMB’s website at https://www.icmbdc.com. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is

not a part of, this press release.

Participation in the Solicitation

ICMB, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of ICMB in

connection with the proposed Mergers. Information about the directors and executive officers of ICMB is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed by ICMB

with the SEC on March 31, 2026 and its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on November 10, 2025. Additional information regarding the directors and executive officers of ICMB will be

contained in the Proxy Statement/Prospectus when it becomes available. These documents may be obtained free of charge from the sources indicated above.

No Offer or Solicitation

The information in this

communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction

pursuant to or in connection with the proposals included in the Proxy Statement/Prospectus or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities

shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Contacts:

BCP Investment Corporation

650 Madison Avenue, 3rd floor

New York, NY 10022

info@bcpinvestmentcorporation.com

Brandon Satoren

Chief Financial Officer

Brandon.Satoren@bcpartners.com

(212) 891-2880

The Equity Group Inc.

Lena Cati

lena.cati@theequitygroup.com

(212) 836-9611

The Equity Group Inc.

Val Ferraro

val.ferraro@theequitygroup.com

(212) 836-9633

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2026

December 31, 2025

(Unaudited)

ASSETS

Investments at fair value:

Non-controlled/non-affiliated

investments (amortized cost of $370,767 and $433,213, respectively)

329,550

409,735

Non-controlled affiliated investments (amortized cost of

$114,217 and $90,294, respectively)

97,681

80,585

Controlled affiliated investments (amortized cost of $41,960 and $42,332, respectively)

7,012

10,655

Total Investments at fair value (amortized cost of $526,944 and $565,839, respectively)

434,243

500,975

Cash and cash equivalents

2,347

3,721

Restricted cash

3,583

8,782

Interest receivable

4,436

5,793

Receivable for unsettled trades

1,180

—

Dividend receivable

892

845

Other assets

2,781

3,525

Total Assets

449,462

523,641

LIABILITIES

2026 Notes (net of deferred financing costs and original issue discount of $5 and $312,

respectively)

9,995

49,688

2028 Notes (net of deferred financing costs and original issue discount of $641 and $851,

respectively)

34,359

34,149

2029 Notes (net of deferred financing costs of $1,034 and $—, respectively)

58,966

—

2030 Notes (net of deferred financing costs and original issue discount of $2,104 and $2,423,

respectively)

72,896

72,577

2032 Convertible Notes (net of deferred financing costs and original issue discount of $92 and

$102, respectively)

1,908

1,898

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs

of $— and $825, respectively)

—

106,804

KeyBank Credit Facility (net of deferred financing costs of $1,752 and $904,

respectively)

98,628

41,765

Management and incentive fees payable

1,551

1,865

Accounts payable, accrued expenses and other liabilities

2,280

1,714

Accrued interest payable

6,205

4,025

Total Liabilities

286,788

314,485

COMMITMENTS AND CONTINGENCIES

NET ASSETS

Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,020,769 issued,

and 12,387,452 outstanding as of September 30, 2026, and 14,003,016 issued, and 12,541,858 outstanding as of December 31, 2025

124

125

Capital in excess of par value

809,179

811,111

Total distributable (loss) earnings

(646,629

)

(602,080

)

Total Net Assets

162,674

209,156

Total Liabilities and Net Assets

449,462

523,641

Net Asset Value Per Common Share

13.13

16.68

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2026

2025

2026

2025

INVESTMENT INCOME

Interest income:

Non-controlled/non-affiliated

investments

9,696

13,295

31,784

29,058

Non-controlled affiliated investments

911

1,434

3,025

2,074

Total interest income

10,607

14,729

34,809

31,132

Payment-in-kind

income:

Non-controlled/non-affiliated

investments(1)

1,831

2,507

6,928

7,714

Non-controlled affiliated investments

226

198

912

501

Total

payment-in-kind income

2,057

2,705

7,840

8,215

Dividend income:

Non-controlled affiliated investments

1,081

1,500

3,470

4,130

Total dividend income

1,081

1,500

3,470

4,130

Fees and other income:

Non-controlled/non-affiliated

investments

340

128

Non-controlled affiliated investments

—

194

Total fees and other income

145

534

211

Total investment income

13,890

18,940

46,653

43,688

EXPENSES

Management fees

1,551

1,808

4,885

4,719

Performance-based incentive fees

—

1,069

873

2,956

Interest and amortization of debt issuance costs

5,560

5,514

17,307

14,042

Professional fees

760

621

2,389

1,476

Administrative services expense

652

505

1,760

1,365

Directors’ expense

123

154

369

440

Other general and administrative expenses

664

609

2,082

1,133

Total expenses

9,310

10,280

29,665

26,131

Waiver of performance-based incentive fees

—

(188

)

—

(188

)

Net expenses

9,310

10,092

29,665

25,943

NET INVESTMENT INCOME

4,580

8,848

16,988

17,745

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

Net realized gains (losses) from investment transactions

Non-controlled/non-affiliated

investments

(8,872

)

(1,318

)

(21,268

)

(11,047

)

Non-controlled affiliated investments

)

(1,360

)

(116

)

(1,452

)

Controlled affiliated investments

—

(6,192

)

Net realized gain (loss) on investments

(8,880

)

(2,678

)

(21,384

)

(18,691

)

Net change in unrealized appreciation (depreciation) on:

Non-controlled/non-affiliated

investments

(5,994

)

12,773

(17,878

)

14,662

Non-controlled affiliated investments

(2,654

)

3,114

(6,827

)

(1,042

)

Controlled affiliated investments

(362

)

(3,271

)

4,651

Derivatives

—

139

(21

)

Net change in unrealized gain (loss) on investments

(8,465

)

15,525

(27,837

)

18,250

Tax (provision) benefit on realized and unrealized (gains) losses on investments

(190

)

1,935

(409

)

1,726

Net realized and unrealized appreciation (depreciation) on investments, net of taxes

(17,535

)

14,782

(49,630

)

1,285

Realized gains (losses) on extinguishment of debt

(532

)

—

(892

)

—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

(13,487

)

23,630

(33,534

)

19,030

Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:

Net increase (decrease) in net assets per share resulting from operations – Basic

(1.09

)

1.88

(2.70

)

1.84

Weighted average common stock outstanding – Basic

12,383,625

12,549,643

12,398,946

10,337,858

Net increase (decrease) in net assets per share resulting from operations – Diluted

(1.09

)

1.86

(2.70

)

1.83

Weighted average common stock outstanding – Diluted

12,383,625

12,726,646

12,398,946

10,397,936

Net Investment Income Per Common Share:

Net investment income (loss) — Basic

0.37

0.71

1.37

1.72

Net investment income (loss) — Diluted

0.37

0.70

1.37

1.71

(1)

During the three months ended September 30, 2026 and 2025, the Company received $0.1 million and less than

$0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. During the nine months ended

September 30, 2026 and 2025, the Company received $0.7 million and $0.3 million, respectively, of non-recurring fee income that was paid in-kind and

included in this financial statement line item.

EX-99.2

Filename: d520705dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2 BCP Investment Corporation Q3 2026 Earnings Presentation

November 12, 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. The inclusion of such statements should not be regarded as

a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing

conditions to the proposed agreement and plan of merger (the “Merger Agreement”) between the Company, Investcorp Credit Management BDC, Inc., a Maryland corporation (“ICMB”), and Aria Acquisition Sub, Inc., a Maryland

corporation and a direct wholly-owned subsidiary of the Company may not be satisfied or waived, on a timely basis or otherwise, including the required approval by the stockholders of ICMB may not be obtained; (2) the risk that the Mergers or other

transactions contemplated by the Merger Agreement (the Mergers ) may not be completed in the time frame expected by ICMB and BCIC or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the

expected financial performance of the combined company following completion of the proposed transaction; (5) uncertainty with respect to the trading levels of shares of the combined company’s common stock on NASDAQ; (6) failure to realize the

anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of ICMB and BCIC; (7) the ability of the combined company to implement its business strategy; (8)

difficulties and delays in achieving synergies and cost savings of the combined company; (9) inability to retain and hire key personnel; (10) the occurrence of any event that could give rise to termination of the Merger Agreement; (11) the risk that

stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the contemplated Mergers or result in significant costs of defense, indemnification and liability; (12) evolving legal, regulatory and tax

regimes; (13) changes in laws or regulations or interpretations of current laws and regulations that would impact BCIC’s classification as a business development company; and (14) changes in general economic and/or industry specific

conditions. Some of these factors are enumerated in the filings ICMB and BCIC have made with the Securities and Exchange Commission (the “SEC”), and will be contained in the materials ICMB and BCIC will file with the SEC in connection

with the proposed transactions under the Merger Agreement, including BCIC’s registration statement on Form N-14 (the “Registration Statement”), which will include ICMB’s proxy statement on Schedule 14A that also constitutes a

prospectus of BCIC (the “Proxy Statement/Prospectus”). Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, neither ICMB nor BCIC undertakes any obligation to

update or revise any forward-looking statements, whether as a result of new information or development, future events or otherwise. Readers are cautioned not to place undue reliance on any of these 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 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

Important Information Additional Information and Where to Find It In

WILL CONTAIN IMPORTANT INFORMATION ABOUT BCIC, ICMB, THE MERGERS AND RELATED MATTERS. Investors and security holders will be able to obtain the documentation filed with the SEC free of charge at the SEC's website, http://www.sec.gov and for

documents filed by BCIC, from BCIC's website at https://www.bcpinvestmentcorporation.com and for documents filed by ICMB, from ICMB's website at https://www.icmbdc.com. The information contained on, or that may be accessed through, the websites

referenced in this press release is not incorporated by reference into, and is not a part of, this press release. Participation in the Solicitation ICMB, its directors and certain of its executive officers may be deemed to be participants in the

solicitation of proxies from the stockholders of ICMB in connection with the Mergers. Information about the directors and executive officers of ICMB is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed

by ICMB with the SEC on March 31, 2026 and its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on November 10, 2025. Additional information regarding the directors and executive officers of ICMB will be

contained in the Proxy Statement/Prospectus when it becomes available. These documents may be obtained free of charge from the sources indicated above. No Offer or Solicitation The information in this communication is for informational purposes only

and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposals

included in the Proxy Statement/Prospectus or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus

meeting the requirements of Section 10 of the Securities Act. 3

Quarterly Highlights Third Quarter 2026 • Investment income of

$13.9 million for the third quarter, as compared to $15.2 million for the second quarter of 2026 and $18.9 million for the third quarter of 2025. (1) • Core investment income of $12.2 million for the third quarter, as compared to $12.9 million

for the second quarter of 2026 and $15.3 million for the third quarter of 2025. • Net investment income of $4.6 million ($0.37 per share) for the quarter, compared to $5.5 million ($0.45 per share) for the second quarter of 2026 and $8.8

million ($0.71 per share) for the third Key Financial quarter of 2025. • Net asset value (NAV) was $162.7 million ($13.13 per share), as of 9/30/26 compared to $179.5 million ($14.49 per share) as of 6/30/26 and $209.2 million ($16.68 per

share) as of 12/31/25. Metrics • Declared a regular monthly base distribution of $0.09 per share of common stock for each of January, February and March 2027. The January 2027 distribution is payable on January 29, 2027, to stockholders of

record at the close of business on January 15, 2027. The February 2027 distribution is payable on March 2, 2027, to stockholders of record at the close of business on February 16, 2027. The March 2027 distribution is payable on March 30, 2027, to

stockholders of record at the close of business on March 15, 2027. • Investment portfolio at fair value as of 9/30/26, was $434.2 million, comprised of 105 portfolio companies. Our debt investment portfolio, excluding our investments in the

CLO Funds, equities and Joint Ventures, totaled $335.7 million at fair value as of 9/30/26, spread across 32 industries and 68 portfolio companies with an average par balance per investment of approximately $3.1 million. This compares to a total

investment portfolio at fair value as of 6/30/26 of $452.7 million, across 107 portfolio companies. Our debt investment portfolio totaled $349.7 million at fair value as of Portfolio & 6/30/26, spread across 33 industries and 71 portfolio

companies, with an average par balance per investment of approximately $3.2 million. • Deployments of approximately $3.1 million and repayments and sales of approximately $8.9 million, resulting in net repayments and sales of approximately

$5.8 million for the third quarter. Investment • Weighted average annualized yield, excluding income from non-accruals and CLOs, was approximately 12.1% as of 9/30/26. Activity • Debt investments on non-accrual as of 9/30/26, were 10

attributable to 7 portfolio companies, representing 2.8% and 6.0% of the Company's investment portfolio at fair value and amortized cost, respectively. This compares to 11 debt investments attributable to 7 portfolio companies, representing 3.1% and

5.7% as of June 30, 2026. 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

9/30/26, was $282.4 million, which compares to $286.1 million as of 6/30/26, with an asset coverage ratio of 157% as of 9/30/26 compared to 162% as of (2) (2) 6/30/26. Gross and net leverage as of September 30, 2026, were approximately 1.7x and 1.7x

, compared to 1.6x and 1.6x , respectively, as of June 30, 2026. On August 6, 2026, the Company executed an amendment to increase the KeyBank Credit Facility from $75.0 million to $150.0 million. All outstanding advances and other amounts then due

under the senior secured revolving Liquidity & Capital credit facility with JPMorgan (the “ Revolving Credit Facility”) were repaid in full with proceeds of borrowings under the KeyBank Credit Facility. Following such repayment, the

financing Resources commitments under the Revolving Credit Facility were terminated and the related security interests were released. • Additional 2029 Notes, issued on September 2, 2026, totaled $10.0 million, and were issued on the same

terms as the existing $50.0 million of 7.50% Notes due 2029, bringing total 2029 Notes outstanding to $60.0 million. (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. 4 (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 $5.9 million and $7.7 million of cash and cash equivalents and restricted cash as of September 30, 2026 and June 30, 2026, 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 BCP Investment Corporation’s financial condition.

Quarterly Highlights Recent Milestones & Upcoming Initiatives

Announced Agreement to Acquire ICMB ▪ On November 11, 2026, the Company entered into an agreement to acquire ICMB at 90% of NAV, which is expected to be accretive for ICMB and BCIC shareholders. KeyBank Amendment and JPM Revolving Credit

Facility Repayment & Termination ▪ On August 6, 2026, Capitala Business Lending, LLC ( CBL ), a wholly owned subsidiary of the Company, entered into a Sixth Amendment to its senior secured revolving credit facility with KeyBank National

Association (“KeyBank”). The Sixth Amendment reduces the applicable margin during the reinvestment period from 2.80% to 2.50% per annum and during the amortization period from 3.20% to 3.00% per annum; extends the termination date of the

reinvestment period from August 21, 2027 to August 6, 2029; extends the maturity date from August 21, 2029 to August 6, 2031; increases the facility amount from $75.0 million to $150.0 million; and continues to provide an uncommitted accordion

feature permitting an increase to up to $200.0 million. The Sixth Amendment also amends the borrowing base provisions to permit certain participation interests acquired in connection with Recently the refinancing to be included as eligible

collateral. ▪ Concurrent with the consummation of the Sixth Amendment, Great Lakes Portman Ridge Funding LLC (“GLPRF LLC”), a direct, wholly owned subsidiary Completed of the Company, transferred certain portfolio investment assets

to CBL, and proceeds of borrowings under the amended KeyBank Credit Facility were Milestones used to repay in full all outstanding advances and other amounts then due under the Revolving Credit Facility. Following such repayment, the financing

commitments under the Revolving Credit Facility were terminated and the related security interests were released. Note Offering: ▪ On March 20, 2026, the Company entered into a note purchase agreement for the issuance and sale of $50.0 million

aggregate principal amount of 7.50% notes due 2029 (the “2029 Notes”) under an effective shelf registration statement. The offering closed on March 24, 2026. On April 27, 2026, the Company used the proceeds to redeem $40.0 million of its

2026 Notes at par plus a make-whole premium. On September 2, 2026, the Company issued an additional $10.0 million aggregate principal amount of the 2029 Notes. At September 30, 2026, $60.0 million of the 2029 Notes and $10.0 million of the 2026

Notes were outstanding. ▪ On September 3, 2026, the Company notified the Trustee of its election to redeem the remaining $10.0 million aggregate principal amount outstanding of its 2026 Notes pursuant to the terms of the Base Indenture, the

Fourth Supplemental Indenture and the Fifth Supplemental Indenture. On October 3, 2026, the 2026 Notes were redeemed at par plus accrued interest. 5

Financial Highlights For the Three Months Ended (Dollar amounts in

thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Total Investment Income $18,940 $17,464 $17,598 $15,165 $13,890 Less: Purchase discount accretion (3,618) (3,261) (2,776) (2,227) (1,657) (1) Core

investment income 15,322 14,203 14,822 12,938 12,233 Total Expenses 10,280 10,077 10,708 9,647 9,310 Incentive fee waiver (188) — — — — Total Net Expenses 10,092 10,077 10,708 9,647 9,310 Net Investment Income 8,848 7,387

6,890 5,518 4,580 Less: Purchase discount accretion (3,618) (3,261) (2,776) (2,227) (1,657) (2) Core net investment income 5,230 4,126 4,114 3,291 2,923 Net realized gain (loss) on investments (2,678) (2,745) (2,022) (10,482) (8,880) Net change in

unrealized appreciation (depreciation) on investments 15,525 (11,703) (14,638) (4,734) (8,465) Tax (provision) benefit on realized and unrealized gains (losses) on investments 1,935 (115) (403) 184 (190) Net realized gain (loss) on extinguishment of

debt — (362) — (360) (532) Add: Purchase discount accretion 3,618 3,261 2,776 2,227 1,657 Net increase/(decrease) in net assets resulting from operations $23,630 ($7,538) ($10,173) ($9,874) ($13,487) Per Share Core Net Investment Income

$0.42 $0.32 $0.33 $0.27 $0.24 Net Investment Income $0.71 $0.57 $0.55 $0.45 $0.37 Net Realized and Unrealized Gain / (Loss) on Investments and Extinguishment of Debt $1.02 ($1.14) ($1.34) ($1.26) ($1.44) Net Earnings $1.88 ($0.58) ($0.82) ($0.80)

($1.09) Distributions declared $0.49 $0.47 $0.32 $0.30 $0.27 Net Asset Value $17.55 $16.68 $15.60 $14.49 $13.13 (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. (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 connection with such U.S. GAAP measures in analyzing the Company’s financial performance. 6

Repayment Activity Over the last three years, BCIC has experienced an

average of ~$0.2 million in income related to repayment / prepayment activity. Paydown Income by Quarter ($ in 000s) 1,000 900 800 700 600 500 400 Quarterly Average: $248 300 200 100 $29 - Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25

Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 (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. 7

Core Earnings Analysis For the Three Months Ended (Dollar amounts in

thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Interest Income: Non-controlled/non-affiliated investments $13,295 $13,146 $11,344 $10,744 $9,696 Non-controlled affiliated investments 1,434 1,530 1,474

640 911 Total interest income 14,729 14,676 12,818 11,384 10,607 Payment-in-kind income: Non-controlled/non-affiliated investments 2,507 2,023 3,129 1,968 1,831 Non-controlled affiliated investments 198 285 293 393 226 Total payment-in-kind income

2,705 2,308 3,422 2,361 2,057 Dividend income: Non-controlled affiliated investments 1,500 197 1,047 1,342 1,081 Total dividend income 1,500 197 1,047 1,342 1,081 Fees and other income: Non-controlled/non-affiliated investments 6 283 237 32 71

Non-controlled affiliated investments — — 74 46 74 Total fees and other income 6 283 311 78 145 Reported Investment Income $18,940 $17,464 $17,598 $15,165 $13,890 Less: Purchase discount accounting (3,618) (3,261) (2,776) (2,227) (1,657)

(1) Core Investment Income $15,322 $14,203 $14,822 $12,938 $12,233 Reported Net Investment Income $8,848 $7,387 $6,890 $5,518 $4,580 NII Per Share $0.71 $0.57 $0.55 $0.45 $0.37 Core (2) Net Investment Income $5,230 $4,126 $4,114 $3,291 $2,923 NII

Per Share $0.42 $0.32 $0.33 $0.27 $0.24 (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. (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 8 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 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) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 NAV, Beginning of Period $164,729 $231,304 $209,156 $193,005 $179,462 Net Investment Income 8,848 7,387 6,890 5,518 4,580 (2,678) (2,745) (2,022)

(10,482) (8,880) Realized Gains (Losses) from Investment transactions Net change in unrealized appreciation (depreciation) on investments 15,525 (11,703) (14,638) (4,734) (8,465) 1,935 (115) (403) 184 (190) Tax (provision) benefit on realized and

unrealized gains (losses) on investments Realized Gains (Losses) from extinguishments of debt — (362) — (360) (532) Net Decrease in Assets Resulting from Distributions (6,464) (6,141) (3,958) (3,714) (3,343) Stock Repurchases (250)

(9,006) (2,064) — — Distribution Reinvestment Plan 63 63 44 45 42 (1) Issuance of common shares 49,596 474 — — — NAV, End of Period $231,304 $209,156 $193,005 $179,462 $162,674 Leverage and Asset Coverage Gross Leverage

1.4x 1.5x 1.8x 1.6x 1.7x (2) 1.3x 1.4x 1.5x 1.6x 1.7x Net Leverage Asset Coverage 171% 167% 156% 162% 157% (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 $5.9 million, $7.7

million, $58.0 million, $12.5 million, and $17.4 million of cash and cash equivalents and restricted cash as of September 30, 2026, June 30, 2026, March 31, 2026, 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 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 Corp’s financial condition. 9

BCIC Portfolio Composition As of September 30, 2026 (3) Key Statistics

Diversification by Borrower 6.0% Top 5 Borrowers 5.2% 22.2% Key Statistics Borrower 1 4.3% Total Investments at Fair Value $434.2 million Borrower 2 3.4% (1) Borrower 3 3.3% 37.0% Weighted Average Annualized Yield on Investments 12.1% Borrower 4

Number of Debt + Equity Portfolio Companies 97 Borrower 5 14.0% Number of Industries 40 Next 6-10 Investments Average Debt Position Size $3.1 million Next 11-25 Investments Non-Accrual Investments (Cost / Fair Value) 6.0% / 2.8% Remainder 26.8% (2)

(3) Asset Mix Industry Diversification Health Care Providers & Services 6.3% Software 17.3% 10.1% Financial Services 25.1% First Lien Debt IT Services 9.1% Second Lien Debt Commercial Services & Supplies 14.2% Equity Securities Aerospace

& Defense 2.5% 3.0% Subordinated Debt Media 3.1% Leisure Products 3.7% 11.3% 74.5% Textiles, Apparel & Luxury Goods 3.9% 6.3% 9.6% Food Products (1) Calculated based on the Debt Securities Portfolio excluding income from non-accruals and

collateralized loan obligations. Excluding the impact of the Remainder purchase discount from the LRFC Acquisition, the weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 9.9%

as of 9/30/26. 10 (2) Shown as % of debt and equity investments at fair market value. (3) As of September 30, 2026. Figures shown do not include CLO Funds, Joint Ventures, and Derivatives.

(1)(2) Portfolio Trends As of September 30, 2026 As of (Dollar amounts

in thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Portfolio Sourcing (at Fair Value): BC Partners $425,230 $391,331 $373,138 $349,632 $339,816 Legacy KCAP 14,028 13,925 12,638 9,911 8,911 Legacy OHAI

0 0 0 0 0 Legacy GARS 50,484 47,947 42,581 45,057 40,924 (3) Legacy HCAP 6,680 6,720 6,615 5,563 5,453 (4) Legacy LRFC 43,279 41,052 41,916 42,578 39,139 Portfolio Summary: Total portfolio, at fair value $539,701 $500,975 $476,888 $452,741 $434,243

(5) Total number of debt portfolio companies / Total number of investments 79 / 213 74 / 205 72 / 208 71 / 206 68 / 203 (8) Weighted Avg EBITDA of debt portfolio companies $137,956 $139,606 $68,362 $66,632 $74,176 Average size of debt portfolio

company investment, at fair value $3,186 $3,481 $3,324 $3,171 $3,148 Weighted avg first lien / total leverage ratio (net) of debt portfolio 5.2x / 5.8x 5.3x / 6.0x 5.6x / 6.2x 5.2x / 6.2x 5.2x / 5.5x Portfolio Yields and Spreads: (6) Weighted

average yield on debt investments at par value 13.8% 12.9% 12.8% 12.0% 12.1% Average Spread to SOFR 673 bps 670 bps 650 bps 675 bps 670 bps Portfolio Activity: Beginning balance $395,109 $539,701 $500,975 $476,888 $452,741 (7)(9) Purchases / draws

170,949 16,303 16,161 23,606 5,223 Exits / repayments (43,828) (44,774) (28,322) (34,774) (8,984) Gains / (losses) / accretion 17,471 (10,255) (11,926) (12,979) (14,737) Ending Balance $539,701 $500,975 $476,888 $452,741 $434,243 (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 an 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 9.9% as of 9/30/26, compared to 9.9% as of 6/30/26. (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 September 30, 2026. Excluding liquid investments, the weighted average EBITDA of the

illiquid debt portfolio companies is approximately $60.2 million, and the weighted average first lien / total leverage ratio (net) of debt portfolio is approximately 5.0x/5.3x. As of 11 June 30, 2026, excluding liquid investments, the weighted

average EBITDA of the illiquid debt portfolio companies is approximately $53.9 million, and the weighted average first lien / total leverage ratio (net) of debt portfolio is approximately 5.3x/6.3x. (9) Includes capitalized paid-in-kind interest.

Credit Quality As of September 30, 2026 As of September 30, 2026, ten

of the Company’s debt investments, attributable to seven portfolio companies, were on non-accrual status and represented 2.8% and 6.0% of the Company’s investment portfolio at fair value and amortized cost, respectively. 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). As of (Dollar amounts in thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30,

2026 September 30, 2026 (1) Investment Credit Quality – Internal Rating Performing 94.6% 92.7% 92.8% 92.5% 90.3% Underperforming 5.4% 7.3% 7.2% 7.5% 9.7% Investments on Non-Accrual Status Number of Non-Accrual Investments 10 13 12 11 10

Non-Accrual Investments at Cost $37,198 $40,399 $34,417 $30,361 $31,445 Non-Accrual Investments as a % of Total Cost 6.3% 7.1% 6.2% 5.7% 6.0% Non-Accrual Investments at Fair Value $20,757 $19,997 $12,279 $14,109 $12,225 Non-Accrual Investments as a

% of Total Fair Value 3.8% 4.0% 2.6% 3.1% 2.8% (1) Based on fair market value as of the end of the respective period. 12

(1) Portfolio Composition As of September 30, 2026 As of Investment

Portfolio (Dollar amounts in thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 First Lien Debt $386,403 $344,126 $321,125 $287,110 $278,099 Second Lien Debt 38,994 42,183 38,495 38,056 34,102

Subordinated Debt 24,832 25,339 24,467 24,562 23,461 Equity Securities 40,793 39,193 45,949 42,411 37,446 Collateralized Loan Obligations 2,179 1,789 1,690 15,542 15,684 Joint Ventures 46,301 48,165 44,967 44,833 45,132 Derivatives 199 180 195 227

319 Ending Balance $539,701 $500,975 $476,888 $452,741 $434,243 As of Investment Portfolio (% of total) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 First Lien Debt 71.6% 68.7% 67.4% 63.4% 64.0% Second Lien

Debt 7.2% 8.4% 8.1% 8.4% 7.9% Subordinated Debt 4.6% 5.1% 5.1% 5.4% 5.4% Equity Securities 7.6% 7.8% 9.6% 9.4% 8.6% Collateralized Loan Obligations 0.4% 0.4% 0.4% 3.4% 3.6% Joint Ventures 8.6% 9.6% 9.4% 9.9% 10.4% Derivatives 0.0% 0.0% 0.0% 0.1%

0.1% Total 100.0% 100.0% 100.0% 100.0% 100.0% (1) At fair value at the end of the respective period. 13

Appendix Appendix

Consolidated Statements of Assets and Liabilities As of September 30,

2026 and December 31, 2025 As of (Dollar amounts in thousands) September 30, 2026 December 31, 2025 ASSETS (Unaudited) Non-controlled/non-affiliated investments (amortized cost of $370,767 and $433,213, respectively) $329,550 $409,735 Non-controlled

affiliated investments (amortized cost of $114,217 and $90,294, respectively) 97,681 80,585 Controlled affiliated investments (amortized cost of $41,960 and $42,332, respectively) 7,012 10,655 Total Investments at fair value (amortized cost of

$526,944 and $565,839, respectively) $434,243 $500,975 Cash and cash equivalents 2,347 3,721 3,583 8,782 Restricted cash Interest receivable 4,436 5,793 Receivable for unsettled trades 1,180 — Dividend receivable 892 845 Other assets 2,781

3,525 Total Assets $449,462 $523,641 LIABILITIES 2026 Notes (net of deferred financing costs and original issue discount of $5 and $312, respectively) 9,995 49,688 2028 Notes (net of deferred financing costs and original issue discount of $641 and

$851, respectively) 34,359 34,149 2029 Notes (net of deferred financing costs of $1,034 and $—, respectively) 58,966 — 2030 Notes (net of deferred financing costs and original issue discount of $2,104 and $2,423, respectively) 72,896

72,577 2032 Convertible Notes (net of deferred financing costs and original issue discount of $92 and $102, respectively) 1,908 1,898 Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $— and

$825, respectively) — 106,804 KeyBank Credit Facility (net of deferred financing costs of $1,752 and $904, respectively) 98,628 41,765 Management and incentive fees payable 1,551 1,865 Accounts payable, accrued expenses and other liabilities

2,280 1,714 Accrued interest payable 6,205 4,025 $286,788 $314,485 Total Liabilities NET ASSETS Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,020,769 issued, and 12,387,452 outstanding as of September 30, 2026, and

124 125 14,003,016 issued, and 12,541,858 outstanding as of December 31, 2025 Capital in excess of par value 809,179 811,111 (646,629) (602,080) Total distributable (loss) earnings Total Net Assets $162,674 $209,156 Total Liabilities and Net Assets

$449,462 $523,641 NET ASSET VALUE PER COMMON SHARE $13.13 $16.68 15

Consolidated Statements of Operations For the Three Months Ended

September 30, For the Nine Months Ended September 30, (Dollar amounts in thousands) 2026 2025 2026 2025 INVESTMENT INCOME (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income: Non-controlled/non-affiliated investments $9,696 $13,295

$31,784 $29,058 Non-controlled affiliated investments 911 1,434 3,025 2,074 Total interest income $10,607 $14,729 $34,809 $31,132 Payment-in-kind income: Non-controlled/non-affiliated investments 1,831 2,507 6,928 7,714 Non-controlled affiliated

investments 226 198 912 501 Total payment-in-kind income $2,057 $2,705 $7,840 $8,215 Dividend income Non-controlled affiliated investments 1,081 1,500 3,470 4,130 Total dividend income $1,081 $1,500 $3,470 $4,130 Fees and other income

Non-controlled/non-affiliated investments 71 6 340 128 Non-controlled affiliated investments 74 — 194 83 Total fees and other income $145 $6 $534 $211 Total Investment Income $13,890 $18,940 $46,653 $43,688 EXPENSES Management fees $1,551

$1,808 $4,885 $4,719 Performance-based incentive fees — 1,069 873 2,956 Interest & amortization of debt issuance costs 5,560 5,514 17,307 14,042 760 621 2,389 1,476 Professional fees Administrative services expense 652 505 1,760 1,365

Directors' expense 123 154 369 440 Other general & administrative expenses 664 609 2,082 1,133 Total Expenses $9,310 $10,280 $29,665 $26,131 Waiver of performance-based incentive fees — (188) — (188) Net Expenses $9,310 $10,092

$29,665 $25,943 $4,580 $8,848 $16,988 $17,745 Net Investment Income REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS Net realized gains (losses) from investment transactions: Non-controlled/non-affiliated investments (8,872) (1,318) (21,268)

(11,047) Non-controlled affiliated investments (8) (1,360) (116) (1,452) Controlled affiliated investments — — — (6,192) Net realized gain (loss) on investments ($8,880) ($2,678) ($21,384) ($18,691) Net change in unrealized

appreciation (depreciation) on investments: Non-controlled/non-affiliated investments (5,994) 12,773 (17,878) 14,662 Non-controlled affiliated investments (2,654) 3,114 (6,827) (1,042) Controlled affiliated investments 91 (362) (3,271) 4,651

Derivatives 92 — 139 (21) Net change in unrealized appreciation (depreciation) on investments ($8,465) $15,525 ($27,837) $18,250 Tax (provision) benefit on realized and unrealized gains (losses) on investments (190) 1,935 (409) 1,726 (17,535)

14,782 (49,630) 1,285 Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments, net of taxes Net realized gains (losses) on extinguishment of debt (532) — (892) — Net increase (decrease) in net assets

resulting from operations (13,487) 23,630 (33,534) 19,030 Net increase (decrease) in net assets resulting from operations per common share: Net increase (decrease) in net assets per share resulting from operations - Basic ($1.09) $1.88 ($2.70) $1.84

Weighted average common stock outstanding - Basic 12,383,625 12,549,643 12,398,946 10,337,858 Net increase (decrease) in net assets per share resulting from operations - Diluted ($1.09) $1.86 ($2.70) $1.83 12,383,625 12,726,646 12,398,946 10,397,936

Weighted average common stock outstanding - Diluted Net investment income per common share: 16 Net investment income (loss) - Basic $0.37 $0.71 $1.37 $1.72 Net investment income (loss) - Diluted $0.37 $0.70 $1.37 $1.71

Financing Profile Overview of Balance Sheet Financing Facilities

Principal Amount Committed Principal Amount Outstanding As of September 30, 2026 Interest Rate Maturity Date (in mm) (in mm) (1) 2026 Notes $50.0 $10.0 Fixed / 5.25% October 2026 2028 Notes 35.0 35.0 Fixed / 7.50% October 2028 2029 Notes 60.0 60.0

Fixed / 7.50% September 2029 2030 Notes 75.0 75.0 Fixed / 7.75% October 2030 2032 Convertible Notes 15.0 2.0 Fixed / 5.25% April 2032 (2) KeyBank Credit Facility 150.0 100.4 Floating / SOFR + 2.50% August 2031 Total / Weighted Average $385.0 $282.4

7.00% Fixed vs. Floating Rate Cash & Cash Equivalents (in mm) Undrawn Borrowing Capacity Under the KeyBank Credit Facility (in mm) 36% 33% 40% $5.9 $49.6 60% 64% 67% Fixed Rate Floating Rate Unrestricted Cash Restricted Cash Undrawn Drawn (1) On

September 3, 2026, the Company notified the Trustee of its election to redeem the remaining $10.0 million aggregate principal amount outstanding of its 2026 Notes pursuant to the terms of the Base Indenture, the Fourth Supplemental Indenture and the

Fifth Supplemental Indenture. On October 3, 2026, the 2026 Notes were redeemed at par plus accrued interest. (2) On August 6, 2026, the Company amended its KeyBank Credit Facility, reducing the applicable borrowing spread from 2.80% to 2.50% during

the reinvestment period and from 3.20% to 3.00% during the amortization period, extending the reinvestment period to August 2029 and the maturity date to 17 August 2031, and increasing committed capacity under the facility from $75.0 million to

$150.0 million. Borrowings under the amended KeyBank Credit Facility were used to repay in full all outstanding advances and other amounts then due under the Company’s Revolving Credit Facility with JPMorgan, and the commitments thereunder

were terminated.

Distribution Information 2026 Dividend Payment Schedule Declaration

Date Record Date Payment Date Distribution Type Distribution Per Share 11/5/2026 3/15/2027 3/30/2027 Base $0.09 11/5/2026 2/16/2027 3/2/2027 Base $0.09 11/5/2026 1/15/2027 1/29/2027 Base $0.09 8/6/2026 12/15/2026 12/30/2026 Base $0.09 8/6/2026

11/23/2026 12/4/2026 Base $0.09 8/6/2026 10/15/2026 10/30/2026 Base $0.09 5/7/2026 9/15/2026 9/30/2026 Base $0.09 5/7/2026 8/14/2026 8/31/2026 Base $0.09 5/7/2026 7/15/2026 7/31/2026 Base $0.09 5/7/2026 5/18/2026 5/29/2026 Supplemental $0.03

3/5/2026 6/15/2026 6/30/2026 Base $0.09 3/5/2026 5/15/2026 5/29/2026 Base $0.09 3/5/2026 4/15/2026 4/30/2026 Base $0.09 3/5/2026 3/16/2026 3/27/2026 Base $0.32 Post Merger Historical Dividend Payments Supplemental Distribution Period Base Dividend

Per Share Total Distribution Per Share Per Share YTD 2026 Declared $1.13 $0.03 $1.16 Full Year 2025 $1.88 $0.09 $1.97 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 lena.cati@theequitygroup.com Val Ferraro (212) 836-9633 val.ferraro@theequitygroup.com 19

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