BCP Investment : Q1 2026 Earnings Presentation (47bc4c)

Published: 2026-05-08 07:21:08 ET BCIC

Published on 05/08/2026 at 07:21 am EDT

May 8, 2026

First Quarter 2026

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.

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).

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.

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

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.

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.

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

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)

Net increase/(decrease) in Core net assets resulting from operations(3)

($95)

($4,518)

$20,012

($10,799)

($12,949)

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

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

Over the last three years, BCIC has experienced an average of ~$0.3 million in income related to repayment / prepayment activity.

Quarterly Average: $334

$790

1,000

900

800

700

600

500

400

300

200

100

Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26

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.

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

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

283

237

Non-controlled affiliated investments

Total fees and other income

181

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

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%

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.

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,

8 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

As of March 31, 2026

Key Statistics

Diversification by Borrower(3)

4.9% 4.9%

Top 5 Borrowers

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

Average Debt Position Size

$3.3

Non-Accrual Investments (Cost / Fair Value)

6.2% / 2.6%

4.5%

3.9%

21.8%

38.0%

25.1%

15.0%

3.7%

Asset Mix(2) Industry Diversification(3)

5.7%

10.6%

9.0%

74.7%

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.

15.3%

25.6%

13.4%

3.3%

3.4%

3.7%

3.8%

5.4%

5.8%

12.3%

8.0%

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

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

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.

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

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%

(1) Based on fair market value as of 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%

4.6%

5.1%

Equity Securities

6.5%

6.1%

7.6%

7.8%

9.6%

Collateralized Loan Obligations

1.1%

0.8%

0.4%

Joint Ventures

12.4%

11.3%

8.6%

9.6%

9.4%

Derivatives

0.1%

0.0%

Total

100.0%

(1) At fair value at the end of the respective period.

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

For the Three Months Ended March 31,

(Dollar amounts in thousands)

2026

2025

INVESTMENT INCOME

(Unaudited)

Interest income:

Non-controlled/non-affiliated investments Non-controlled affiliated investments

$11,344 1,474

$7,300 316

Total interest income

$12,818

$7,616

Payment-in-kind income:

Non-controlled/non-affiliated investments Non-controlled affiliated investments

3,129

293

2,853

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 Non-controlled affiliated investments

237

Total fees and other income

$311

$24

Total Investment Income

$17,598

$12,118

EXPENSES

Management fees

Performance-based incentive fees

Interest & amortization of debt issuance costs Professional fees

Administrative services expense Directors' expense

Other general & administrative expenses

$1,705 873

5,837

913

543

123

714

$1,466 920

4,298

452

411

144

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 Non-controlled affiliated investments

(2,022)

(81)

(92)

Net realized gain (loss) on investments

($2,022)

($173)

Net change in unrealized appreciation (depreciation) on investments:

Non-controlled/non-affiliated investments Non-controlled affiliated investments Controlled affiliated investments

Derivatives

(10,738)

(2,318)

(1,597)

(1,501)

(1,140)

(1,274)

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

Net investment income per common share:

12,435,534

9,198,223

Net investment income (loss) - Basic and Diluted

$0.55

$0.47

As of March 31, 2026

Principal Amount Committed (in Principal Amount Outstanding (in

mm) mm)

Interest Rate

Maturity Date

2026 Notes

$50.0

Fixed / 5.25%

October 2026

2028 Notes

35.0

Fixed / 7.50%

October 2028

2029 Notes

50.0

Fixed / 7.50%

September 2029

2030 Notes

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%

Fixed vs. Floating Rate

Undrawn Borrowing Capacity Under

Revolving Credit Facilities (in mm)

Cash & Cash Equivalents (in mm)

$6.2

38%

62%

11%

89%

35%

$69.8

65%

$51.8

13.0% 13.6% 13.5%

12.1% 12.1% 12.1%

12.2%

12.7% 12.2%

11.8%

10.8%

11.3%

10.5%

10.1%

9.2%

9.8%

8.4% 8.3%

8.2%

8.5%

8.6%

$0.07

$0.02

$0.67

$0.68

$0.6G $0.6G $0.6G $0.6G $0.6G $0.6G $0.6G

$0.60 $0.60 $0.60

$0.60

$0.62

$0.63

$0.63 $0.63

$0.03

$0.47 $0.47 $0.47 $0.47

$0.32

$0.27

Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26

2026 Dividend Payment Schedule

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

Historical Dividend Payments

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

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

Board of Directors Senior Management Research Coverage

Ted Goldthorpe

Interested Director and Chairman of the Board

Patrick Schafer

Interested Director

Robert Warshauer Independent Director

Alex Duka Independent Director

George Grunebaum

Ted Goldthorpe

Chief Executive Officer

Brandon Satoren

Chief Financial Officer

Patrick Schafer

Chief Investment Officer

David Held

Chief Compliance Officer

Paul Johnson

Keefe Bruyette & Woods

Erik Zwick

Lucid Capital Markets

Chris Nolan Ladenburg Thalmann

Mitchel Penn Oppenheimer & Co.

Independent Director Transfer Agent

Jennifer Kwon Chou Independent Director

Dean Kehler

Independent Director

Joseph Morea Independent Director

Common Stock Nasdaq: BCIC

Corporate Headquarters

650 Madison Avenue - 3rd Floor New York, NY 10022 USA

Equiniti Trust Company, LLC

Independent Audit Firm

Deloitte & Touche LLP

Investor Relations

The Equity Group, Inc.

Lena Cati

(212) 836-9611

[email protected]

Val Ferraro

(212) 836-9633

[email protected]

Disclaimer

BCP Investment Corporation published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 11:20 UTC.