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Form 8-K

sec.gov

8-K — BCP Investment Corp

Accession: 0001193125-26-215068

Filed: 2026-05-08

Period: 2026-05-07

CIK: 0001372807

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d150865d8k.htm (Primary)

EX-99.1 (d150865dex991.htm)

EX-99.2 (d150865dex992.htm)

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8-K

8-K (Primary)

Filename: d150865d8k.htm · Sequence: 1

8-K

BCP Investment Corp NASDAQ false 0001372807 0001372807 2026-05-07 2026-05-07

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): May 7, 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 May 7, 2026, BCP Investment Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 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 May 8, 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 May 7, 2026

99.2

Investor Presentation, dated May 8, 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: May 8, 2026

EX-99.1

EX-99.1

Filename: d150865dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

BCP Investment Corporation Announces First Quarter 2026 Financial Results

Total Investment Income of $17.6 Million and Core Investment Income1 of $14.8 Million

Announces Third Quarter 2026 Base Distribution of $0.27 Per Share, and Second Quarter Supplemental Cash Distribution of $0.03

Per Share

NEW YORK, May 7, 2026 – BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or “the

Company”) announced today its financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

Total investment income for the first quarter of 2026 increased to $17.6 million, from

$17.5 million for the fourth quarter of 2025.

Core investment income, excluding the impact of purchase price accounting, for the first quarter of 2026

increased to $14.8 million, as compared to $14.2 million for the fourth quarter of 2025.

Net investment income (“NII”) for the first quarter of 2026 was $6.9 million ($0.55 per

share), as compared to $7.4 million ($0.57 per share) in the fourth quarter of 2025.

Net asset value (“NAV”), as of March 31, 2026, was $193.0 million ($15.60 per

share), as compared to NAV of $209.2 million ($16.68 per share) as of December 31, 2025. Approximately 40% of the quarter’s unrealized markdowns were attributable to investments classified as “Software” in our

Consolidated Schedule of Investments, and approximately 70% when including software-exposed names.

Non-accruals declined to 2.6% of the investment portfolio at fair

value (6.2% at amortized cost) as of March 31, 2026, compared to 4.0% (7.1% at amortized cost) as of December 31, 2025, with non-accrual investments decreasing to 12 across 9 portfolio companies from

13 across 10 portfolio companies.

Deployment of approximately $13.3 million and repayments and sales of approximately

$28.3 million, resulting in net repayments and sales of approximately $15.0 million.

Total shares repurchased in open market transactions under the 2026 Stock Repurchase Program during the

quarter ended March 31, 2026 were 172,159, at an aggregate cost of approximately $2.1 million, which was accretive to NAV by $0.07 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 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.

Subsequent Events

On April 27, 2026, the Company redeemed $40.0 million aggregate principal amount of its 2026 Notes. In

connection with this redemption, the Company had notified U.S. Bank Trust Company, National Association (the “Trustee”), on March 27, 2026 of its election to redeem such notes pursuant to the terms of the Base Indenture, the Fourth

Supplemental Indenture and the Fifth Supplemental Indenture.

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

to stockholders of record as of April 15, 2026.

On May 7, 2026, the Company declared a regular monthly base distribution of $0.09 per share of common stock

for each of July, August and September 2026. The July 2026 distribution is payable on July 31, 2026 to stockholders of record at the close of business on July 15, 2026. The August 2026 distribution is payable on August 31, 2026 to

stockholders of record at the close of business on August 14, 2026. The September 2026 distribution is payable on September 30, 2026 to stockholders of record at the close of business on September 15, 2026.

On May 7, 2026, the Company declared a supplemental cash distribution of $0.03 per share of common stock.

The supplemental cash distribution is payable on May 29, 2026 to stockholders of record at the close of business on May 18, 2026.

Management Commentary

Ted Goldthorpe, Chief Executive

Officer of BCP Investment Corporation, stated, “Having completed a transformational year in 2025, we entered 2026 with strong footing and have executed on most of the shareholder-friendly initiatives we outlined in our merger with Logan

Ridge Finance Corporation. During the quarter, we delivered increases in total investment income and core investment income as compared to both the prior quarter and the first quarter of 2025, and generated net investment income that exceeded our

base distribution. We also continued to repurchase shares under our program, which was accretive to NAV by $0.07 per share.

Net asset value declined

during the quarter, driven primarily by unrealized markdowns in the portfolio. Approximately 40% of the quarter’s unrealized markdowns were attributable to investments classified as “Software” in our Consolidated Schedule of

Investments, and approximately 70% when including software-exposed names. The majority of these markdowns reflect broad sector dislocation and market-driven valuation pressure rather than fundamental credit deterioration in these portfolio

companies. Importantly, underlying credit performance remained relatively stable, with non-accruals declining as a percentage of the portfolio, and most of our software exposure in mission-critical,

vertically-specialized businesses that we believe are well-positioned to weather the current AI-driven uncertainty.

We remain disciplined in our deployment across the lower middle market, prioritizing credit quality, and downside protection. We continue to see more

attractive opportunities in smaller and more complex transactions where structure and selectivity are critical, and we are actively managing and repositioning the portfolio in response to evolving market conditions.

We are pleased that our Board has approved a total third quarter distribution of $0.27 per share, to be paid

in monthly installments of $0.09 per share, and a supplemental cash distribution of $0.03 per share for the second quarter, bringing total distributions declared in the second quarter to $0.30 per share. These actions reflect our earnings profile

and our ongoing commitment to returning value to shareholders.

As we look ahead, we remain focused on active portfolio management, disciplined

underwriting and prudent capital allocation, with the goal of delivering sustainable, long-term value creation for our shareholders.”

Selected

Financial Highlights

Total investment income for the quarter ended March 31, 2026, was $17.6 million, of which

$16.0 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income

of $12.1 million for the quarter ended March 31, 2025, of which $10.3 million was attributable to interest income, inclusive of payment-in-kind income,

from the Debt Securities Portfolio.

Core investment income for the quarter ended March 31, 2026, excluding the impact of purchase

discount accretion, was $14.8 million, as compared to core investment income of $12.1 million for the quarter ended March 31, 2025.

Net investment income (“NII”) for the quarter ended March 31, 2026, was $6.9 million

($0.55 per share), as compared to $4.3 million ($0.47 per share) for the quarter ended March 31, 2025.

Investment portfolio at fair value as of March 31, 2026, was $476.9 million, comprised of 108

different entities. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $384.1 million at fair value as of March 31, 2026, and was spread across 33 different industries comprised

of 72 different portfolio companies with an average par balance per investment of approximately $3.3 million. This compares to a total investment portfolio at fair value as of December 31, 2025, of $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, spread across 34 different industries and comprised

of 74 different portfolio companies, with an average par balance per investment of approximately $3.5 million.

Debt investments on non-accrual, as of March 31, 2026, were

12 attributable to 9 portfolio companies, representing 2.6% and 6.2% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to 13 debt investments attributable to 10 portfolio companies,

representing 4.0% and 7.1% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of December 31, 2025.

Weighted average annualized yield was approximately 12.8% (excluding income from non-accruals and collateralized loan obligations) as of March 31, 2026.

Par value of outstanding borrowings, as of March 31, 2026, was $342.2 million, which compares to

$312.3 million from December 31, 2025, with an asset coverage ratio of 156% as compared to 167% as of December 31, 2025. On a net basis, leverage as of March 31, 2026, was

1.5x2 compared to 1.4x2 as of 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. BCIC believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of

$58.0 million and $12.5 million of cash and cash equivalents and restricted cash as of March 31, 2026 and December 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 in analyzing BCIC’s financial condition.

Results of Operations

Operating results for the three months ended March 31, 2026, and March 31, 2025, were as follows:

For the Three Months Ended March 31,

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

2026

2025

Total investment income

$

17,598

$

12,118

Total expenses

10,708

7,778

Net Investment Income

6,890

4,340

Net realized gain (loss) on investments

(2,022

)

(173

)

Net change in unrealized gain (loss) on investments

(14,638

)

(3,903

)

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

(403

)

(346

)

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

(17,063

)

(4,422

)

Net Increase (Decrease) in Net Assets Resulting from Operations

$

(10,173

)

$

(82

)

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

Basic and Diluted:

$

(0.82

)

($

0.01

)

Net Investment Income Per Common Share:

Basic and Diluted

$

0.55

$

0.47

Weighted Average Shares of Common Stock Outstanding — Basic and Diluted

12,435,534

9,198,223

Investment Income

The

composition of our investment income for the three months ended March 31, 2026, and March 31, 2025, was as follows:

For the Three Months Ended March 31,

($ in thousands)

2026

2025

Interest income, excluding CLO income and purchase discount accretion

$

10,042

$

7,522

Purchase discount accretion

2,776

16

Payment-in-kind

income

3,422

3,061

CLO income

78

Dividend income from Joint Ventures

1,047

1,417

Fees and other income

311

24

Investment Income

$

17,598

$

12,118

Less: Purchase discount accretion

$

(2,776

)

$

(16

)

Core Investment Income

$

14,822

$

12,102

Fair Value of Investments

The composition of our investment portfolio as of March 31, 2026 and December 31, 2025 at cost and fair value was as follows:

($ in thousands)

March 31, 2026

December 31, 2025

Security Type

Cost/Amortized

Cost

Fair Value

Fair Value

Percentage of

Total

Portfolio

Cost/Amortized

Cost

Fair Value

Fair Value

Percentage of

Total

Portfolio

First Lien Debt

$

348,092

$

321,125

67.4

%

$

360,556

$

344,126

68.7

%

Second Lien Debt

48,588

38,495

8.1

%

49,777

42,183

8.4

%

Subordinated Debt

27,975

24,467

5.1

%

27,487

25,339

5.1

%

Collateralized Loan Obligations

1,381

1,690

0.4

%

1,381

1,789

0.4

%

Joint Ventures

64,289

44,967

9.4

%

64,403

48,165

9.6

%

Equity

48,243

45,949

9.6

%

44,413

39,193

7.8

%

Asset Manager Affiliates(1)

17,791

17,791

Derivatives

31

195

0.0

%

31

180

0.0

%

Total

$

556,390

$

476,888

100.0

%

$

565,839

$

500,975

100.0

%

(1)

Represents the equity investment in the Asset Manager Affiliates.

Liquidity and Capital Resources

As of March 31, 2026, the Company had approximately $342.2 million (par value) of outstanding borrowings at a current weighted average interest rate

of 6.7%, of which $212.0 million par value had a fixed rate and $130.2 million par value had a floating rate.

As of March 31, 2026, and

December 31, 2025, the fair value of investments and cash were as follows:

($ in thousands) Security Type

March 31, 2026

December 31, 2025

Cash and Cash Equivalents

$

51,824

$

3,721

Restricted Cash

6,209

8,782

First Lien Debt

321,125

344,126

Second Lien Debt

38,495

42,183

Subordinated Debt

24,467

25,339

Equity

45,949

39,193

Collateralized Loan Obligations

1,690

1,789

Joint Ventures

44,967

48,165

Derivatives

195

180

Total

$

534,921

$

513,478

As of March 31, 2026, the Company had unrestricted cash of $51.8 million and restricted cash of $6.2 million.

This compares to unrestricted cash of $3.7 million and restricted cash of $8.8 million as of December 31, 2025. As of March 31, 2026, the Company had $45.0 million of available borrowing capacity under the Great Lakes

Portman Ridge Funding LLC Revolving Credit Facility and $24.8 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 March 31, 2026, approximately 85.6% of our Debt Securities Portfolio at par value were floating rate with a spread to an interest rate index such

as SOFR or the prime rate. 92.8% 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 our debt associated with our fixed rate borrowings would remain the same, while

the interest rate on borrowings under the revolving credit

facilities 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)

1%

2%

3%

Increase in interest rate

$

2,183

$

4,395

$

6,644

Decrease in interest rate

$

(2,118

)

$

(3,961

)

$

(4,775

)

Conference Call and Webcast

We will hold a conference call on Friday, May 8, 2026, at 10:00 am Eastern Time to discuss our first 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 5154961.

A replay of this conference call will be available shortly after the live call through May 15, 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/dqoafvww.

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; 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 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@bcpinvestmentcorporation.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

March 31, 2026

(Unaudited)

December 31, 2025

ASSETS

Investments at fair value:

Non-controlled/non-affiliated

investments (amortized cost of $414,774 and $433,213, respectively)

$

380,573

$

409,735

Non-controlled affiliated investments (amortized cost of

$99,398 and $90,294, respectively)

87,371

80,585

Controlled affiliated investments (amortized cost of $42,218 and $42,332, respectively)

8,944

10,655

Total Investments at fair value (amortized cost of $556,390 and $565,839, respectively)

$

476,888

$

500,975

Cash and cash equivalents

51,824

3,721

Restricted cash

6,209

8,782

Interest receivable

3,791

5,793

Receivable for unsettled trades

1,570

Dividend receivable

803

845

Other assets

2,828

3,525

Total Assets

$

543,913

$

523,641

LIABILITIES

2026 Notes (net of deferred financing costs and original issue discount of $217 and $312,

respectively)

$

49,783

$

49,688

2028 Notes (net of deferred financing costs and original issue discount of $782 and $851,

respectively)

34,218

34,149

2029 Notes (net of deferred financing costs of $881 and $—, respectively)

49,119

2030 Notes (net of deferred financing costs and original issue discount of $2,318 and $2,423,

respectively)

72,682

72,577

2032 Convertible Notes (net of deferred financing costs and original issue discount of $99 and

$102, respectively)

1,901

1,898

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

of $700 and $825, respectively)

79,309

106,804

KeyBank Credit Facility (net of deferred financing costs of $843 and $904, respectively)

49,391

41,765

Management and incentive fees payable

4,443

1,865

Accounts payable, accrued expenses and other liabilities

3,653

1,714

Accrued interest payable

6,409

4,025

Total Liabilities

$

350,908

$

314,485

COMMITMENTS AND CONTINGENCIES

NET ASSETS

Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,009,104 issued,

and 12,375,787 outstanding at March 31, 2026, and 14,003,016 issued, and 12,541,858 outstanding at December 31, 2025

$

124

$

125

Capital in excess of par value

809,092

811,111

Total distributable (loss) earnings

(616,211

)

(602,080

)

Total Net Assets

$

193,005

$

209,156

Total Liabilities and Net Assets

$

543,913

$

523,641

Net Asset Value Per Common Share

$

15.60

$

16.68

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended March 31,

2026

2025

INVESTMENT INCOME

Interest income:

Non-controlled/non-affiliated

investments

$

11,344

$

7,300

Non-controlled affiliated investments

1,474

316

Total interest income

12,818

7,616

Payment-in-kind

income:

Non-controlled/non-affiliated

investments(1)

3,129

2,853

Non-controlled affiliated investments

293

208

Total

payment-in-kind income

3,422

3,061

Dividend income:

Non-controlled affiliated investments

1,047

1,417

Total dividend income

1,047

1,417

Fees and other income:

Non-controlled/non-affiliated

investments

237

24

Non-controlled affiliated investments

74

Total fees and other income

311

24

Total investment income

$

17,598

$

12,118

EXPENSES

Management fees

1,705

1,466

Performance-based incentive fees

873

920

Interest and amortization of debt issuance costs

5,837

4,298

Professional fees

913

452

Administrative services expense

543

411

Directors’ expense

123

144

Other general and administrative expenses

714

87

Total expenses

$

10,708

$

7,778

NET INVESTMENT INCOME

$

6,890

$

4,340

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

Net realized gains (losses) from investment transactions

Non-controlled/non-affiliated

investments

$

(2,022

)

$

(81

)

Non-controlled affiliated investments

(92

)

Net realized gain (loss) on investments

(2,022

)

(173

)

Net change in unrealized appreciation (depreciation) on:

Non-controlled/non-affiliated

investments

(10,738

)

(1,501

)

Non-controlled affiliated investments

(2,318

)

(1,140

)

Controlled affiliated investments

(1,597

)

(1,274

)

Derivatives

15

12

Net change in unrealized gain (loss) on investments

(14,638

)

(3,903

)

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

(403

)

(346

)

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

(17,063

)

(4,422

)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

(10,173

)

$

(82

)

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

Basic and Diluted:

$

(0.82

)

$

(0.01

)

Net Investment Income Per Common Share:

Basic and Diluted:

$

0.55

$

0.47

Weighted Average Shares of Common Stock Outstanding — Basic and Diluted

12,435,534

9,198,223

(1)

During the three months ended March 31, 2026 and 2025, the Company received $0.6 million and

$0.2 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

EX-99.2

EX-99.2

Filename: d150865dex992.htm · Sequence: 3

EX-99.2

BCP Investment Corporation Q1 2026

Earnings Presentation May 8, 2026 Exhibit 99.2

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.

Quarterly Highlights First Quarter

2026 Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP (“GAAP”), less the impact of purchase price discount accounting in

connection with the Garrison Capital Inc. (“GARS”), Harvest Capital Credit Corporation (“HCAP”), and Logan Ridge Finance Corporation (“LRFC”) mergers. The Company believes presenting core investment income and the

related per share amount is useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP

measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures

in analyzing BCP Investment Corporation’s financial performance. Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV.

BCP Investment Corp. believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $58.0 million and $12.5 million of cash and cash equivalents and

restricted cash as of March 31, 2026 and December 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 in analyzing BCP Investment Corporation’s financial condition. Key Financial Metrics Core investment

income(1) of $14.8 million for the first quarter, as compared to $14.2 million for the fourth quarter of 2025. Net investment income of $6.9 million ($0.55 per share) for the quarter, compared to $7.4 million ($0.57 per share) for the fourth quarter

of 2025. Net asset value (NAV) was $193.0 million ($15.60 per share), as of 3/31/26 compared to $209.2 million ($16.68 per share) as of 12/31/25. Declared a supplemental distribution of $0.03 per share bringing the total second quarter distributions

to $0.30 per share and a third quarter 2026 base distribution of $0.27 per share, or a monthly base distribution of $0.09 per share of common stock for each of July, August and September 2026. The supplemental distribution is payable on 5/29/26 to

stockholders of record at the close of business on 5/18/26. The July 2026 distribution is payable on 7/31/26 to stockholders of record at the close of business on 7/15/26. The August 2026 distribution is payable on 8/31/26 to stockholders of record

at the close of business on 8/14/26. The September 2026 distribution is payable on 9/30/26 to stockholders of record at the close of business on 9/15/26. Portfolio & Investment Activity Investment portfolio at fair value as of 3/31/26, was

$476.9 million, comprised of 108 portfolio companies. Our debt investment portfolio totaled $384.1 million at fair value as of 3/31/26, spread across 33 industries and 72 portfolio companies with an average par balance per investment of

approximately $3.3 million. This compares to a total investment portfolio at fair value as of 12/31/25 of $501.0 million, across 108 portfolio companies. Our debt investment portfolio totaled $411.6 million at fair value as of 12/31/25, spread

across 34 industries and 74 portfolio companies, with an average par balance per investment of approximately $3.5 million. Approximately 70% of BCIC’s Q1'26 unrealized depreciation was concentrated in software and software-exposed investments.

The majority of this unrealized depreciation reflects broad sector dislocation and market-driven valuation pressure rather than fundamental credit deterioration. 96% of BCIC's software exposure is in mission-critical, structurally protected

portfolio companies. Deployments of approximately $13.3 million and repayments and sales of approximately $28.3 million, resulting in net repayments and sales of approximately $15.0 million for the first quarter. Weighted average annualized yield,

excluding income from non-accruals and CLOs, was approximately 12.8% as of 3/31/26. Debt investments on non-accrual as of 3/31/26, were 12 attributable to 9 portfolio companies, representing 2.6% and 6.2% of the Company's investment portfolio at

fair value and amortized cost, respectively. This compares to 13 debt investments attributable to 10 portfolio companies representing 4.0% and 7.1% of the portfolio at fair value and amortized cost, respectively, as of 12/31/25. However, for a

subset of the non-accrual population, the Company continues to recognize interest income on a cash basis (i.e., only when cash payments are actually received). Liquidity & Capital Resources Par value of outstanding borrowings, as of 3/31/26, was

$342.2 million, which compares to $312.3 million as of 12/31/25, with an asset coverage ratio under Section 18(h) of the Investment Company Act of 1940 of 156% as of 3/31/26 compared to 167% as of 12/31/2025. On a gross basis, leverage as of 3/31/26

was 1.8x as compared to 1.5x as of 12/31/25. On a net basis, leverage as of 3/31/26 was 1.5x(2) as compared to 1.4x(2) as of 12/31/25. The quarter over quarter increase primarily reflected the timing of our March issuance of $50.0 million of 7.50%

notes due 2029 ahead of the April 27th partial redemption of LRFC 2026 notes for $40.0 million, which temporarily elevated quarter-end borrowings.

Quarterly Highlights Recent Milestones

& Upcoming Initiatives Recently Completed Milestones Merger and Rebranding: On July 15, 2025, the Company closed its merger with Logan Ridge Finance Corporation (“LRFC Acquisition”) and, following a rebrand in August, began operating

as BCP Investment Corporation, continuing to trade on Nasdaq under the ticker “BCIC,” marking a major milestone in scale, diversification, and operational efficiency. Rate Step-Down: On October 7, 2025, 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 “LRFC 2026 Notes”) which

resulted in both the 2032 Convertible Notes and 2026 Notes, having a fixed interest rate of 5.25% per annum. Note Offering: On March 20, 2026, the Company entered into a note purchase agreement in connection with the issuance and sale of $50.0

million aggregate principal amount of its 7.50% notes due 2029 (the “2029 Notes”), under an effective shelf registration statement. The offering closed and the 2029 Notes were issued on March 24, 2026. The proceeds from the issuance of

the 2029 Notes were used to partially redeem $40.0 million aggregate principal amount outstanding of its 2026 Notes on April 27, 2026. Share Repurchase Program and Tender Offer: On December 12, 2025, the Company, its management, the Adviser, and the

Company’s affiliates completed a modified “Dutch Auction” Tender Offer. The Company purchased 557,960 shares of its common stock for an aggregate cost of approximately $7.6 million at an average price of $13.63 per share, which was

accretive to NAV by $0.18 per share. On March 4, 2026, BCIC’s Board of Directors authorized a renewed stock repurchase program of up to $10 million for the period from March 4, 2026, to March 31, 2027. Between January 1, 2026, and March 31,

2026, the Company repurchased 172,159 shares of its common stock for an aggregate cost of approximately $2.1 million at an average price of $11.97 per share through the 2026 Share Repurchase Program, which was accretive to NAV by $0.07 per share.

Monthly Distribution Structure: On March 4, 2026, the Board of Directors of Company authorized the transition of the Company’s distribution payment schedule from quarterly to monthly, while retaining the potential for quarterly supplemental

distributions.

Financial Highlights 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. 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. 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, purchase discount accretion, and net realized gain (loss) on extinguishment of debt.

For the Three Months Ended (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Total Investment Income $12,118 $12,630 $18,940 $17,464 $17,598 Less: Purchase discount accretion (16)

— (3,618) (3,261) (2,776) Core investment income(1) 12,102 12,630 15,322 14,203 14,822 Total Expenses 7,778 8,073 10,280 10,077 10,708 Incentive fee waiver — — (188) — — Total Net Expenses 7,778 8,073 10,092 10,077

10,708 Net Investment Income 4,340 4,557 8,848 7,387 6,890 Less: Purchase discount accretion (16) — (3,618) (3,261) (2,776) Incentive fee addback 3 — — — — Core net investment income(2) 4,327 4,557 5,230 4,126 4,114 Net

realized gain (loss) on investments (173) (15,840) (2,678) (2,745) (2,022) Net change in unrealized appreciation (depreciation) on investments (3,903) 6,628 15,525 (11,703) (14,638) Tax (provision) benefit on realized and unrealized gains (loss) on

investments (346) 137 1,935 (115) (403) Net realized gain (loss) on extinguishment of debt — — — (362) — Add: Purchase discount accretion 13 — 3,618 3,261 2,776 Net increase/(decrease) in Core net assets resulting from

operations(3) ($82) ($4,518) $23,630 ($7,538) ($10,173)             Per Share           Core Net Investment Income $0.47 $0.50 $0.42 $0.32 $0.33 Net Realized and Unrealized Gain / (Loss) on

Investments ($0.44) ($1.01) $1.02 ($1.11) ($1.34) Net Core Earnings ($0.01) ($0.49) $1.59 ($0.83) ($1.04) Distributions Paid $0.54 $0.47 $0.49 $0.47 $0.32 Net Asset Value $18.85 $17.89 $17.55 $16.68 $15.60 Approximately 70% of the first quarter's

2026 unrealized depreciation on the portfolio was concentrated in software and software-exposed investments. The majority of this unrealized depreciation reflects broad sector dislocation and market-driven valuation pressure rather than fundamental

credit deterioration. 96% of BCIC's software exposure is in mission-critical, structurally protected portfolio companies.

Repayment Activity Over the last three

years, BCIC has experienced an average of ~$0.3 million in income related to repayment / prepayment activity. Core Paydown Income(1) By Quarter (in Thousands) Quarterly Average: $334 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. $790

Core Earnings Analysis 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. 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.   For the Three Months Ended (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March

31, 2026 Interest Income:           Non-controlled/non-affiliated investments $7,300 $8,463 $13,295 $13,146 $11,344 Non-controlled affiliated investments 316 324 1,434 1,530 1,474 Total interest income 7,616 8,787 14,729

14,676 12,818 Payment-in-kind income:           Non-controlled/non-affiliated investments 2,853 2,354 2,507 2,023 3,129 Non-controlled affiliated investments 208 95 198 285 293 Total payment-in-kind income 3,061 2,449 2,705

2,308 3,422 Dividend income:           Non-controlled affiliated investments 1,417 1,213 1,500 197 1,047 Total dividend income 1,417 1,213 1,500 197 1,047 Fees and other income:

Non-controlled/non-affiliated investments 24 98 6 283 237 Non-controlled affiliated investments — 83 — — 74 Total fees and other income 24 181 6 283 311 Reported Investment Income $12,118 $12,630 $18,940 $17,464 $17,598

Less: Purchase discount accounting (16) — (3,618) (3,261) (2,776) Core Investment Income(1) $12,102 $12,630 $15,322 $14,203 $14,822             Reported   Net Investment

Income $4,340 $4,557 $8,848 $7,387 $6,890 NII Per Share $0.47 $0.50 $0.71 $0.57 $0.55 Core           Net Investment Income(2) $4,327 $4,557 $5,230 $4,126 $4,114 NII Per Share $0.47 $0.50 $0.42 $0.32 $0.33

For the Three Months Ended

(Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 NAV, Beginning of Period $178,493 $173,511 $164,729 $231,304 $209,156 Net Investment Income 4,340 4,557 8,848 7,382 6,890 Realized Gains

(Losses) from Investment transactions (173) (15,840) (2,678) (2,745) (2,022) Net change in unrealized appreciation (depreciation) on investments (3,903) 6,628 15,525 (11,261) (14,638) Tax (provision) benefit on realized and unrealized gains (losses)

on investments (346) 137 1,935 (115) (403) Realized Gains (Losses) from extinguishments of debt — — — (362) — Net Decrease in Assets Resulting from Distributions (4,967) (4,325) (6,464) (6,141) (3,958) Stock Repurchases

— — (250) (9,006) (2,064) Distribution Reinvestment Plan 67 61 63 63 44 Issuance of common shares(1) — — 49,596 474 — NAV, End of Period $173,511 $164,729 $231,304 $209,156 $193,005 Leverage and Asset Coverage

Gross Leverage 1.5x 1.6x 1.4x 1.5x 1.8x Net Leverage(2) 1.3x 1.4x 1.3x 1.4x 1.5x Asset Coverage 168% 165% 171% 167% 156% Net Asset Value Roll Forward Issuance of common shares were in connection with the LRFC Acquisition

in the period ended September 30, 2025. Issuance of common shares were in connection with the conversion of a portion of the 2032 Convertible Notes in the period ended December 31, 2025. Net leverage is calculated as the ratio between (A) debt,

excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. BCP Investment Corp. believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects

the Company’s financial condition net of $58.0 million, $12.5 million, $17.4 million, $24.6 million and $23.5 million of cash and cash equivalents and restricted cash as of March 31, 2026, 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 in analyzing BCP Investment Corp’s financial condition.

BCIC Portfolio Composition As of March

31, 2026 Key Statistics Total Investments at Fair Value $476.9 million Weighted Average Annualized Yield on Investments(1) 12.8% Number of Debt + Equity Portfolio Companies 105 Number of Industries 41 Average Debt Position Size $3.3 Non-Accrual

Investments (Cost / Fair Value) 6.2% / 2.6% Key Statistics Diversification by Borrower(3) Asset Mix(2) Industry Diversification(3) Top 5 Borrowers 21.8% Calculated based on the Debt Securities Portfolio excluding income from non-accruals and

collateralized loan obligations. Excluding the impact of the purchase discount from the LRFC Acquisition, the weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 10.1% as of

3/31/26. Shown as % of debt and equity investments at fair market value. As of March 31, 2026. Figures shown do not include CLO Funds, Joint Ventures, and Derivatives.

Portfolio Trends(1)(2) As of March

31, 2026 For comparability purposes, portfolio trends metrics exclude short-term investments and derivatives. Excludes select investments where the metric is not applicable, appropriate or data is unavailable for the underlying statistic analyzed.

Includes assets purchased from affiliate of HCAP’s former manager in a separate transaction. Includes legacy Capitala positions; LRFC assets which were originated by the BC Partners Credit Platform are included in the BC Partners line. CLO

holdings and Joint Ventures are excluded from the investment count. Represents the weighted average annualized yield on debt investments (excluding income from non-accruals and collateralized loan obligations). Excluding the impact of the purchase

discount from the LRFC Acquisition, the weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 10.1% as of 3/31/26, compared to 10.2% as of 12/31/25. Includes assets acquired in

connection with the LRFC Acquisition for the quarter ended September 30, 2025. Includes portfolio company information for liquid investments as of March 31, 2026. Excluding liquid investments, the weighted average EBITDA of the illiquid debt

portfolio companies is approximately $53.5 million, and the weighted average first lien / total leverage ratio (net) of debt portfolio is approximately 5.5x/6.1x.   As of (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30,

2025 December 31, 2025 March 31, 2026 Portfolio Sourcing (at Fair Value):           BC Partners $326,614 $322,989 $425,230 $391,331 $373,138 Legacy KCAP 18,917 16,814 14,028 13,925 12,638 Legacy OHAI 0 0 0 0 0 Legacy GARS

52,744 48,831 50,484 47,947 42,581 Legacy HCAP(3) 8,148 6,475 6,680 6,720 6,615 Legacy LRFC(4) — — 43,279 41,052 41,916 Portfolio Summary:           Total portfolio, at fair value $406,423 $395,109 $539,701

$500,975 $476,888 Total number of debt portfolio companies / Total number of investments(5) 72 / 180 69 / 185  79 / 213 74 / 205 72 / 208 Weighted Avg EBITDA of debt portfolio companies(8) $129,902 $134,507 $137,956 $139,606 $68,362 Average

size of debt portfolio company investment $2,648  $2,646  $3,186 $3,481 $3,324 Weighted avg first lien / total leverage ratio (net) of debt portfolio(8) 5.1x / 5.8x 5.1x / 5.9x 5.2x / 5.8x 5.3x / 6.0x 5.6x / 6.2x Portfolio Yields and

Spreads:   Weighted average yield on debt investments at par value(6) 11.0% 10.7% 13.8% 12.9% 12.8% Average Spread to SOFR 735 bps  714 bps 673 bps 670 bps 650 bps Portfolio Activity:           Beginning balance

$405,021 $406,423 $395,109 $539,701 $500,975 Purchases / draws(7) 20,361 14,191 170,949 16,303 16,161 Exits / repayments (15,660) (17,049) (43,828) (44,774) (28,322) Gains / (losses) / accretion (3,299) (8,456) 17,471 (10,255) (11,926) Ending

Balance $406,423 $395,109 $539,701 $500,975 $476,888

Credit Quality As of March 31, 2026

Based on fair market value as of the end of the respective period. As of March 31, 2026, twelve of the Company’s debt investments, attributable to nine portfolio companies, were on non-accrual status and represented 2.6% and 6.2% of the

Company’s investment portfolio at fair value and amortized cost, respectively.   As of (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Investments Credit Quality –

Internal Rating(1)           Performing 92.1%  93.8% 94.6% 92.7% 92.8% Underperforming 7.9%  6.2% 5.4% 7.3% 7.2% Investments on Non-Accrual Status           Number of Non-Accrual

Investments 6 6 10 13 12 Non-Accrual Investments at Cost $22,799  $22,344 $37,198 $40,399 $34,417 Non-Accrual Investments as a % of Total Cost 4.7%  4.8% 6.3% 7.1% 6.2% Non-Accrual Investments at Fair Value $10,740  $8,439 $20,757

$19,997 $12,279 Non-Accrual Investments as a % of Total Fair Value 2.6%  2.1% 3.8% 4.0% 2.6%

Portfolio Composition(1) As of

March 31, 2026 At fair value at the end of the respective period.   As of Investment Portfolio(1) (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 First Lien Debt $294,379 $291,071

$386,403 $344,126 $321,125 Second Lien Debt 28,724 30,276 38,994 42,183 38,495 Subordinated Debt 1,740 1,750 24,832 25,339 24,467 Equity Securities 26,218 23,919 40,793 39,193 45,949 Collateralized Loan Obligations 4,639 3,263 2,179 1,789 1,690

Joint Ventures 50,491 44,634 46,301 48,165 44,967 Derivatives 232 196 199 180 195 Ending Balance $406,423 $395,109 $539,701 $500,975 $476,888   As of Investment Portfolio (% of total) March 31, 2025 June 30, 2025 September 30, 2025 December 31,

2025 March 31, 2026 First Lien Debt 72.4% 73.7% 71.6% 68.7% 67.4% Second Lien Debt 7.1% 7.7% 7.2% 8.4% 8.1% Subordinated Debt 0.4% 0.4% 4.6% 5.1% 5.1% Equity Securities 6.5% 6.1% 7.6% 7.8% 9.6% Collateralized Loan Obligations 1.1% 0.8% 0.4% 0.4%

0.4% Joint Ventures 12.4% 11.3% 8.6% 9.6% 9.4% Derivatives 0.1% 0.0% 0.0% 0.0% 0.0% Total 100.0% 100.0% 100.0% 100.0% 100.0%

Appendix

Consolidated Statements of Assets

and Liabilities As of March 31, 2026 and December 31, 2025   As of (Dollar amounts in thousands) March 31, 2026 December 31, 2025 ASSETS (Unaudited)   Non-controlled/non-affiliated investments (amortized cost of $414,774 and $433,213,

respectively) $380,573 $409,735 Non-controlled affiliated investments (amortized cost of $99,398 and $90,294, respectively) 87,371 80,585 Controlled affiliated investments (amortized cost of $42,218 and $42,332, respectively) 8,944 10,655 Total

Investments at fair value (amortized cost of $556,390 and $565,839, respectively) $476,888 $500,975 Cash and cash equivalents 51,824 3,721 Restricted cash 6,209 8,782 Interest receivable 3,791 5,793 Receivable for unsettled trades 1,570 —

Dividend receivable 803 845 Other assets 2,828 3,525 Total Assets $543,913 $523,641 LIABILITIES     2026 Notes (net of deferred financing costs and original issue discount of $217 and $312, respectively) 49,783 49,688 2028 Notes (net of

deferred financing costs and original issue discount of $782 and $851, respectively) 34,218 34,149 2029 Notes (net of deferred financing costs of $881 and $—, respectively) 49,119 — 2030 Notes (net of deferred financing costs and

original issue discount of $2,318 and $2,423, respectively) 72,682 72,577 2032 Convertible Notes (net of deferred financing costs and original issue discount of $99 and $102, respectively) 1,901 1,898 Great Lakes Portman Ridge Funding LLC Revolving

Credit Facility (net of deferred financing costs of $700 and $825, respectively) 79,309 106,804 KeyBank Credit Facility (net of deferred financing costs of $843 and $904, respectively) 49,391 41,765 Management and incentive fees payable 4,443 1,865

Accounts payable, accrued expenses and other liabilities 3,653 1,714 Accrued interest payable 6,409 4,025 Total Liabilities $350,908 $314,485 NET ASSETS     Common stock, par value $0.01 per share, 20,000,000 common shares authorized;

14,009,104 issued, and 12,375,787 outstanding as of March 31, 2026, and 14,003,016 issued, and 12,541,858 outstanding as of December 31, 2025 124 125 Capital in excess of par value 809,092 811,111 Total distributable (loss) earnings

(616,211) (602,080) Total Net Assets $193,005 $209,156 Total Liabilities and Net Assets $543,913 $523,641 NET ASSET VALUE PER COMMON SHARE $15.60 $16.68

Consolidated Statements of

Operations   For the Three Months Ended March 31, (Dollar amounts in thousands) 2026 2025 INVESTMENT INCOME (Unaudited) (Unaudited) Interest income:     Non-controlled/non-affiliated investments $11,344 $7,300 Non-controlled

affiliated investments 1,474 316 Total interest income $12,818 $7,616 Payment-in-kind income:     Non-controlled/non-affiliated investments 3,129 2,853 Non-controlled affiliated investments 293 208 Total payment-in-kind income $3,422

$3,061 Dividend income     Non-controlled affiliated investments 1,047 1,417 Total dividend income $1,047 $1,417 Fees and other income     Non-controlled/non-affiliated investments 237 24 Non-controlled affiliated investments 74

— Total fees and other income $311 $24 Total Investment Income $17,598 $12,118 EXPENSES     Management fees $1,705 $1,466 Performance-based incentive fees 873 920 Interest & amortization of debt issuance costs 5,837 4,298

Professional fees 913 452 Administrative services expense 543 411 Directors' expense 123 144 Other general & administrative expenses 714 87 Total Expenses $10,708 $7,778 Net Investment Income $6,890 $4,340 REALIZED AND UNREALIZED GAINS (LOSSES)

ON INVESTMENTS     Net realized gains (losses) from investment transactions:     Non-controlled/non-affiliated investments (2,022) (81) Non-controlled affiliated investments — (92) Net realized gain (loss) on investments

($2,022) ($173) Net change in unrealized appreciation (depreciation) on investments:     Non-controlled/non-affiliated investments (10,738) (1,501) Non-controlled affiliated investments (2,318) (1,140) Controlled affiliated investments

(1,597) (1,274) Derivatives 15 12 Net change in unrealized appreciation (depreciation) on investments ($14,638) ($3,903) Tax (provision) benefit on realized and unrealized gains (losses) on investments (403) (346) Net realized gain (loss) and change

in unrealized appreciation (depreciation) on investments, net of taxes (17,063) (4,422) Net increase (decrease) in net assets resulting from operations (10,173) (82) Net increase (decrease) in net assets resulting from operations per common share:

Net increase (decrease) in net assets per share resulting from operations - Basic and Diluted ($0.82) ($0.01) Weighted average common stock outstanding - Basic and Diluted 12,435,534 9,198,223 Net investment income per common share:

Net investment income (loss) - Basic and Diluted $0.55 $0.47

Overview of Balance Sheet Financing

Facilities $69.8 $51.8 $6.2 As of March 31, 2026 Principal Amount Committed (in mm) Principal Amount Outstanding (in mm) Interest Rate Maturity Date 2026 Notes $50.0 $50.0 Fixed / 5.25% October 2026 2028 Notes 35.0 35.0 Fixed / 7.50% October 2028

2029 Notes 50.0 50.0 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 Great Lakes Credit Facility 125.0 80.0 Floating / SOFR + 2.50% August 2027 KeyBank Credit

Facility 75.0 50.2 Floating / SOFR + 2.80% August 2029 Total / Weighted Average $425.0 $342.2 6.70%   Financing Profile

Historical Dividend Yield (LTM)

Dividends & LTM Dividend Yield on Beginning-of-Quarter NAV Per Share

Distribution Information

Declaration Date Record Date Payment Date Distribution Type Distribution Per Share 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 Period Base Dividend Per Share Supplemental Distribution Per Share Total

Distribution Per Share Full Year 2025 $1.88 $0.09 $1.97 Full Year 2024 $2.76 - $2.76 Full Year 2023 $2.75 - $2.75 Full Year 2022 $2.56 - $2.56 Full Year 2021(1) $2.42 - $2.42 Full Year 2020 $2.40 - $2.40 Full Year 2019(2) $1.20 - $1.20 Historical

Dividend Payments 2026 Dividend Payment Schedule The Company executed a 1 for 10 Reverse Stock Split which became effective 8/26/21 The dividend per share amounts for 2019 reflect two quarterly base distributions

Corporate Information Board of

Directors Senior Management Research Coverage Ted Goldthorpe Interested Director and Chairman of the Board Ted Goldthorpe Chief Executive Officer Paul Johnson Keefe Bruyette & Woods Patrick Schafer Interested Director Brandon Satoren Chief

Financial Officer Erik Zwick Lucid Capital Markets Robert Warshauer Independent Director Patrick Schafer Chief Investment Officer Chris Nolan Ladenburg Thalmann Alex Duka Independent Director David Held Chief Compliance Officer Mitchel Penn

Oppenheimer & Co. George Grunebaum Independent Director Transfer Agent Jennifer Kwon Chou Independent Director Common Stock Nasdaq: BCIC Equiniti Trust Company, LLC Dean Kehler Independent Director Independent Audit Firm Deloitte & Touche

LLP Joseph Morea Independent Director Corporate Headquarters 650 Madison Avenue - 3rd Floor New York, NY 10022 USA Investor Relations The Equity Group, Inc. Lena Cati (212) 836-9611 Lcati@theequitygroup.com Val Ferraro (212) 836-9633

Vferraro@theequitygroup.com

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