# EDGAR Filing Document

**Accession Number:** 0001726548
**File Stem:** 0001193125-26-212635
**Filing Date:** 2026-5
**Character Count:** 241744
**Document Hash:** ba8ddd9752e61f44850a313613747dd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-212635.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001193125-26-212635

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BC Partners Lending Corp
- **CENTRAL INDEX KEY:** 0001726548

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01269
- **FILM NUMBER:** 26955378

**BUSINESS ADDRESS:**
- **STREET 1:** 650 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-891-2880

**MAIL ADDRESS:**
- **STREET 1:** 650 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

?xml version='1.0' encoding='ASCII'? 10-Q

[p

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM** 10-Q

**(Mark One)** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** March 31**,** 2026

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**Commission file number:** 814-01269

BC Partners Lending Corporation

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| Maryland | &nbsp;&nbsp;82-4654271 |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | &nbsp;&nbsp;(I.R.S. Employer<br>Identification No.) |
| 650 Madison Avenue**,** **3**<sup>rd</sup> **Floor**<br>New York**,** New York | 10022 |
| (Address of Principal Executive Offices) | &nbsp;&nbsp;(Zip Code) |

---

**(**212**)** 891-2880

(Registrant's Telephone Number, Including Area Code)

**<u>Not Applicable</u>**

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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

<u>Title of each class</u> <u>Trading Symbol(s).</u> <u>Name of each exchange on which registered</u> <br> None N/A N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer  | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company  | ☐ |
|  |  | 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 5, 2026, the registrant had 5,260,445 shares of common stock outstanding.

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Page** |
| [**<u>PART I</u>**](#part_i) | [<u>FINANCIAL INFORMATION</u>](#part_i) | &nbsp;&nbsp;3 |
| Item 1. | [<u>Consolidated Financial Statements</u>](#part_i) | &nbsp;&nbsp;3 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#consolidated_statements_assets_liabiliti) | &nbsp;&nbsp;3 |
|  | [<u>Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)</u>](#consolidated_statements_operations) | 4 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_changes) | 5 |
|  | [<u>Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)</u>](#statement_of_cash_flows) | 6 |
|  | [<u>Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#soi) | 7 |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_to_financial_statement) | &nbsp;&nbsp;14 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#management_discussion) | &nbsp;&nbsp;32 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#quant_qual_disclosure) | &nbsp;&nbsp;44 |
| Item 4. | [<u>Controls and Procedures</u>](#controls_and_procedures) | &nbsp;&nbsp;45 |
| [**<u>PART II</u>**](#part_ii) | [<u>OTHER INFORMATION</u>](#part_ii) | &nbsp;&nbsp;46 |
| Item 1. | [<u>Legal Proceedings</u>](#legal_proceedings) | &nbsp;&nbsp;46 |
| Item 1A. | [<u>Risk Factors</u>](#risk_factors) | &nbsp;&nbsp;46 |
| Item 2. | <u>Unregistered Sales of Equity Securities and Use of Proceeds</u> | &nbsp;&nbsp;46 |
| Item 3. | <u>Defaults Upon Senior Securities</u> | &nbsp;&nbsp;46 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#mine_safety_disclosures) | &nbsp;&nbsp;46 |
| Item 5. | [<u>Other Information</u>](#other_name) | &nbsp;&nbsp;46 |
| Item 6. | [<u>Exhibits</u>](#exhibits) | &nbsp;&nbsp;47 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | &nbsp;&nbsp;48 |

---

------

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This report on Form 10-Q (the "Quarterly Report") contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about BC Partners Lending Corporation (the "Company," "we," "us," or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such an economic downturn could disproportionately impact the companies which we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•such an economic downturn could also impact availability and pricing of our financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•geopolitical instability and volatility in the global markets caused by events such as the deterioration in the bilateral relationship between the U.S. and China, the conflict between Russia and Ukraine, and conflict in the Middle East;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•economic and political stability in the United States and international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition with other entities and our affiliates for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the speculative and illiquid nature of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of BC Partners Advisors L.P. (the "Adviser") to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to qualify and maintain our qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and as a business development company ("BDC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of legal, tax and regulatory changes on us and our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other risks, uncertainties and other factors we identify elsewhere in this Quarterly Report and under "Item 1A. Risk Factors".

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in this Quarterly Report on Form 10-Q and our most recent Annual Report on Form 10-K. You should not place undue reliance on these forward-looking statements which apply only as of the date of this Quarterly Report. Moreover, we undertake no obligation to revise or to update any of the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.

------

**Part I - Financial Information**

**Item 1. Consolidated Financial Statements.**

**BC Partners Lending Corporation**

**Consolidated Statements of Assets and Liabilities**

**(dollars in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, <br>2026** | **December 31, <br>2025** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;Non-control/non-affiliate investments (amortized cost of $202,452 and $191,256, respectively) | $191466 | $183206 |
| &nbsp;&nbsp;Non-control affiliate investments (amortized cost of $7,692 and $7,699, respectively) | 7643 | 7676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments at fair value (amortized cost of $210,144 and $198,955, respectively) | $199109 | $190882 |
| Derivatives, at fair value (cost of $0 and $0, respectively) |  |  |
| Cash and cash equivalents | 2090 | 512 |
| Restricted cash | 3940 | 9858 |
| Interest and dividends receivable | 1602 | 2038 |
| Prepaid expenses and other assets | 269 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $207010 | $203560 |
| **Liabilities** |  |  |
| Credit facility (net of deferred financing costs of $1,664 and $1,361, respectively) | $104336 | $98639 |
| Due to affiliate | 64 | 57 |
| Management fees payable | 985 | 493 |
| Incentive fees payable | 781 | 375 |
| Interest expense payable | 395 | 468 |
| Directors' fees payable | 50 | 50 |
| Accounts payable and other liabilities | 396 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $107007 | $100274 |
| Commitments and contingencies (Note 9) |  |  |
| **Net Assets** |  |  |
| Common stock, $0.001 par value, 1,000,000,000 shares authorized; 5,260,445 and 5,240,672 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | $5 | $5 |
| Capital in excess of par | 117638 | 117257 |
| Total distributable (loss) earnings | (17640) | (13976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | 100003 | 103286 |
| **Total liabilities and net assets** | $207010 | $203560 |
| **Net asset value per share** | $19.01 | $19.71 |

---

See notes to consolidated financial statements.

------

**BC Partners Lending Corporation**

**Consolidated Statements of Operations**

**(dollars in thousands, except share and per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Investment income:** |  |  |
| Interest income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | $5199 | $3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-control affiliate investments | 154 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 5353 | 4126 |
| Fee and other income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-control/non-affiliate investments | 96 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-control affiliate investments | 31 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee and other income | 127 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 5480 | 4171 |
| **Operating expenses:** |  |  |
| Management fees | 492 | 340 |
| Incentive fees | 406 | 290 |
| Administrative fees | 169 | 151 |
| Interest and debt expenses | 1632 | 1381 |
| Audit fees | 60 | 60 |
| Legal fees | 110 | 120 |
| Professional fees | 120 | 81 |
| Directors' fees | 50 | 38 |
| Other expenses | 115 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses before expense support** | 3154 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 3154 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 2326 | 1662 |
| **Realized and unrealized gain (loss):** |  |  |
| Net realized gain (loss) on investment transactions |  |  |
| &nbsp;&nbsp;Non-control/non-affiliate investments | (829) | 58 |
| &nbsp;&nbsp;Non-control affiliate investments | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (827) | 58 |
| Net change in unrealized appreciation (depreciation) on |  |  |
| &nbsp;&nbsp;Non-control/non-affiliate investments | (2936) | (1309) |
| &nbsp;&nbsp;Non-control affiliate investments | (26) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (2962) | (1291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss)** | (3789) | (1233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $(1463) | $429 |
| Net increase (decrease) in net assets resulting from operations per share — basic and diluted | $(0.28) | $0.13 |
| Weighted average shares outstanding — basic and diluted | 5243714 | 3372440 |

---

See notes to consolidated financial statements.

------

**BC Partners Lending Corporation**

**Consolidated Statements of Changes in Net Assets**

**(dollars in thousands, except share and per share data)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Number of shares** | **Par Value** | **Capital in excess of par** | **Total distributable (loss) earnings** | **Total net assets** |
| **Balance as of December 31, 2025** | 5240672 | $5 | $117257 | $(13976) | $103286 |
| Net investment income |  |  |  | 2326 | 2326 |
| Net realized loss on investments |  |  |  | (827) | (827) |
| Net change in unrealized depreciation on investments and derivatives |  |  |  | (2962) | (2962) |
| Distributions declared and payable to stockholders |  |  |  | (2201) | (2201) |
| Stock issued in connection with dividend reinvestment plan | 19773 | 0 | 381 |  | 381 |
| **Balance as of March 31, 2026** | 5260445 | $5 | $117638 | $(17640) | $100003 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Number of shares** | **Par Value** | **Capital in excess of par** | **Total distributable<br>earnings** | **Total net assets** |
| **Balance as of December 31, 2024** | 3372206 | $3 | $79411 | $(9477) | $69937 |
| Net investment income |  |  |  | 1662 | 1662 |
| Net realized gain on investments |  |  |  | 58 | 58 |
| Net change in unrealized depreciation on investments and derivatives |  |  |  | (1291) | (1291) |
| Distributions declared and payable to stockholders |  |  |  | (1754) | (1754) |
| Stock issued in connection with dividend reinvestment plan | 21267 | 0 | 430 |  | 430 |
| **Balances as of March 31, 2025** | 3393473 | $3 | $79841 | $(10802) | $69042 |

---

See notes to consolidated financial statements.

------

**BC Partners Lending Corporation**

**Consolidated Statements of Cash Flows**

**(dollars in thousands, except share and per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $(1463) | $429 |
| Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investments | 827 | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 2962 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount on investments | (579) | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 97 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | (351) | (447) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments of investments | 17030 | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (28116) | (14472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends receivable | 436 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 1 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for unsettled trades |  | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliate | 7 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 492 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable | 406 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense payable | (73) | (597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees payable |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 204 | 411 |
| **Net cash used in operating activities** | $(8120) | $(6636) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholder distributions paid | (1820) | (1324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings from credit facility | 6000 | 77000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of credit facility |  | (73000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (400) | (949) |
| **Net cash provided by financing activities** | 3780 | 1727 |
| Net increase (decrease) in restricted and unrestricted cash | (4340) | (4909) |
| Cash and restricted cash at beginning of period | 10370 | 13423 |
| Cash and restricted cash at end of period | $6030 | $8514 |
| **Reconciliation of cash and restricted cash** |  |  |
| Cash | 2090 | 1131 |
| Restricted cash | 3940 | 7383 |
| Total cash and restricted cash | $6030 | $8514 |
| **Supplemental information:** |  |  |
| Interest paid during the period | $1462 | $732 |
| **Supplemental disclosure of non-cash information:** |  |  |
| Reinvestment of dividends | $381 | $430 |
| Financing costs payable | $- | $346 |

---

See notes to consolidated financial statements.

------

**BC Partners Lending Corporation Consolidated Schedule of Investments March 31, 2026** 

**(dollars in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment (1) (2) (3) (16)** | **Industry (18)** | **Interest Rate** | **Reference Rate and Spread (4)** | **Floor** | **Maturity** | **Par / Shares** | **Amortized Cost (11) (12)** | **Fair<br>Value** | **Footnotes** |
| **Senior Secured Loan -191.3%** |  |  |  |  |  |  |  |  |  |
| 13 Scents Inc. | Personal Care Products | 10.43% | S + 6.75% | 0.00% | 3/31/2031 | 4000 | $3920 | $3920 | (8) |
| 13 Scents Inc. | Personal Care Products | 10.43% | S + 6.75% | 0.00% | 3/31/2031 | - | (11) | (11) | (7)(8)(15) |
| Accordion Partners LLC | Professional Services | 8.68% | S + 5.00% | 1.00% | 11/17/2031 | - | (4) | - | (7)(15) |
| Accordion Partners LLC | Professional Services | 8.68% | S + 5.00% | 0.00% | 11/15/2031 | 1024 | 1022 | 1024 | (8) |
| Accordion Partners LLC | Professional Services | 8.68% | S + 5.00% | 1.00% | 11/17/2031 | 5035 | 5025 | 5031 | (8) |
| Accurate Background LLC | IT Services | 9.68% | S + 6.00% | 1.00% | 3/26/2029 | 983 | 972 | 982 | (8) |
| Accurate Background LLC | IT Services | 9.68% | S + 6.00% | 1.00% | 3/26/2029 | 2863 | 2737 | 2862 | (8) |
| Accurate Background LLC | IT Services | 9.68% | S + 6.00% | 0.00% | 3/26/2029 | 483 | 460 | 482 | (8) |
| Advantage Capital Holdings LLC | Financial Services | 13.00% | NA | 0.00% | 4/14/2027 | 4796 | 4796 | 4694 | (8)(14) |
| ALCV Purchaser, Inc. | Automobiles | 10.41% | S + 6.75% | 1.00% | 4/15/2028 | 1938 | 1927 | 1924 | (8) |
| AMCP PET HOLDINGS, INC. | Consumer Staples Distribution & Retail | 10.68% | S + 7.00% | 1.00% | 10/5/2026 | 527 | 526 | 394 | (8) |
| AMCP PET HOLDINGS, INC. | Consumer Staples Distribution & Retail | 10.68% | S + 7.00% | 1.00% | 10/5/2026 | 1935 | 1931 | 1446 | (8) |
| American Academy Holdings | Health Care Providers & Services | 13.43% | S + 9.75%, 5.25% PIK | 1.00% | 6/30/2027 | 1056 | 1050 | 1116 | (8) |
| American Academy Holdings | Health Care Providers & Services | 15.00% | NA | 0.00% | 3/1/2028 | 2498 | 2480 | 2470 | (8) |
| American Academy Holdings | Health Care Providers & Services | 13.43% | S + 9.75% | 1.00% | 6/30/2027 | 209 | 210 | 221 | (8) |
| Ancile Solutions, Inc. | Software | 13.68% | S + 10.00% | 1.00% | 6/11/2026 | 1631 | 1629 | 1668 | (8) |
| Beta Plus Technologies, Inc | Financial Services | 7.91% | S + 4.25% | 0.00% | 7/1/2027 | - | - | (15) | (7)(10) |
| Beta Plus Technologies, Inc | Financial Services | 9.41% | S + 5.75% | 0.00% | 6/29/2029 | 4639 | 4512 | 4505 | (8) |
| CB Buyer Inc. | Diversified Consumer Services | 8.93% | S + 5.25% | 0.00% | 7/1/2031 | 4836 | 4791 | 4788 | (8) |
| CJ Foods Inc | Food Products | 8.68% | S + 5.00% | 1.00% | 10/2/2030 | 7099 | 7015 | 5861 | (8) |
| Datalink, LLC | Health Care Technology | 10.00% | NA | 0.00% | 2/7/2033 | - | - | (29) | (7)(8)(19) |
| Datalink, LLC | Health Care Technology | 10.00% | NA | 0.00% | 2/7/2033 | 1015 | 933 | 771 | (8)(19) |
| DCERT Buyer, Inc | Software | 9.43% | S + 5.75% | 1.00% | 7/30/2030 | - | (2) | (4) | (7)(8)(15) |
| DCERT Buyer, Inc | Software | 9.43% | S + 5.75% | 1.00% | 7/30/2030 | 1763 | 1739 | 1708 | (8) |
| Denali Intermediate Holdings | Software | 9.18% | S + 5.50% | 1.00% | 8/26/2032 | - | (5) | (3) | (7)(15) |
| Denali Intermediate Holdings | Software | 9.18% | S + 5.50% | 1.00% | 8/26/2032 | 5077 | 5032 | 5045 | (8) |
| Distinguished LLC | Insurance | 9.18% | S + 5.50% | 1.00% | 10/9/2029 | 4677 | 4630 | 4666 | (8) |
| DRI Holdings Inc | Software | 8.91% | S + 5.25% | 0.50% | 12/21/2028 | 4815 | 4630 | 4668 | (8) |
| Emerald International | Electronic Equipment, Instruments & Components | 10.93% | S + 7.25% | 1.00% | 2/28/2029 | 99 | 98 | 98 | (8) |
| Florida Food Products, LLC | Food Products | 9.18% | S + 5.50% | 2.00% | 10/15/2030 | 1227 | 1205 | 1214 | (8) |
| Florida Food Products, LLC | Food Products | 9.18% | S + 5.50% | 2.00% | 10/15/2030 | 179 | 176 | 177 | (8) |
| Florida Food Products, LLC | Food Products | 9.18% | S + 5.50% | 1.00% | 10/15/2030 | 797 | 536 | 585 | (8) |
| Florida Food Products, LLC | Food Products | 9.18% | S + 5.50% | 2.00% | 10/15/2030 | 1024 | 1005 | 1013 | (8) |
| Florida Food Products, LLC | Food Products | 9.18% | S + 5.50% | 1.00% | 10/15/2030 | 2895 | 1947 | 2126 | (8) |
| HR Pharmaceuticals Inc. | Health Care Equipment & Supplies | 9.68% | S + 6.00% | 0.00% | 1/29/2031 | 3466 | 3399 | 3396 | (8) |
| HR Pharmaceuticals Inc. | Health Care Equipment & Supplies | 9.68% | S + 6.00% | 0.00% | 1/29/2031 | - | (11) | (11) | (7)(8)(15) |
| HR Pharmaceuticals Inc. | Health Care Equipment & Supplies | 9.68% | S + 6.00% | 0.00% | 1/29/2031 | 43 | 35 | 34 | (7)(8) |
| Inmar Intelligence | Commercial Services & Supplies | 8.18% | S + 4.50% | 1.00% | 10/30/2031 | 4465 | 4455 | 4396 | (8) |
| Ivanti Software Inc | Software | 9.43% | S + 5.75% | 1.00% | 6/1/2029 | 366 | 351 | 366 | (8) |
| Ivanti Software Inc | Software | 10.93% | S + 7.25% | 1.00% | 6/1/2029 | 4040 | 3996 | 1424 | (8) |
| Ivanti Software Inc | Software | 8.43% | S + 4.75% | 1.00% | 6/1/2029 | 997 | 908 | 676 | (8) |
| KL Charlie Acquisition | Financial Services | 8.66% | S + 5.00% | 1.00% | 12/30/2026 | 1224 | 1219 | 1224 | (8) |
| KL Charlie Acquisition | Financial Services | 8.66% | S + 5.00% | 1.00% | 12/30/2026 | 932 | 928 | 932 | (8) |
| LeadVenture Inc | Software | 8.43% | S + 4.75% | 1.00% | 6/23/2032 | 362 | 356 | 342 | (7)(8) |
| LeadVenture Inc | Software | 8.43% | S + 4.75% | 1.00% | 6/23/2032 | 20 | 14 | 10 | (7)(8) |
| LeadVenture Inc | Software | 8.43% | S + 4.75% | 1.00% | 6/23/2032 | 4643 | 4580 | 4537 | (8) |
| MAG DS CORP. | Aerospace & Defense | 9.18% | S + 5.50% | 1.00% | 4/1/2027 | 2680 | 2654 | 2676 | (8) |
| Metrc, Inc | Software | 7.68% | S + 4.00% | 1.00% | 9/30/2031 | - | (17) | (9) | (7)(15) |
| Metrc, Inc | Software | 7.68% | S + 4.00% | 1.00% | 9/30/2031 | - | (55) | (28) | (7)(15) |
| Metrc, Inc | Software | 9.18% | S + 5.50% | 1.00% | 9/30/2031 | 2354 | 2248 | 2301 | (8) |
| MHH Holdings III, LLC | Health Care Providers & Services | 8.68% | S + 5.00% | 1.00% | 10/16/2032 | 210 | 208 | 210 | (8) |
| MHH Holdings III, LLC | Health Care Providers & Services | 8.68% | S + 5.00% | 1.00% | 12/31/2027 | 3149 | 3149 | 3141 | (8) |

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**BC Partners Lending Corporation Consolidated Schedule of Investments March 31, 2026** 

------

**(dollars in thousands)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment (1) (2) (3) (16)** | **Industry (18)** | **Interest Rate** | **Reference Rate and Spread (4)** | **Floor** | **Maturity** | **Par / Shares** | **Amortized Cost (11) (12)** | **Fair<br>Value** | **Footnotes** |
| **Senior Secured Loan - 191.3% (continued)** |  |  |  |  |  |  |  |  |  |
| Money Transfer Acquisition, Inc | Financial Services | 11.91% | S + 8.25% | 1.00% | 12/14/2027 | 3257 | $3227 | $3241 | (8)(10) |
| Monroe Engineering Group | Electronic Equipment, Instruments & Components | 8.43% | S + 4.75% | 0.00% | 12/20/2028 | 1948 | 1917 | 1941 | (8) |
| Monroe Engineering Group | Electronic Equipment, Instruments & Components | 8.41% | S + 4.75% | 0.00% | 12/20/2028 | 1940 | 1908 | 1933 | (8) |
| Morae Global Inc | IT Services | 11.68% | S + 8.00% | 2.00% | 10/31/2028 | - | (54) | (118) | (7)(15) |
| Morae Global Inc | IT Services | 11.68% | S + 8.00% | 2.00% | 10/31/2028 | 1671 | 1598 | 1629 | (8) |
| Morae Global Inc | IT Services | 11.68% | S + 8.00% | 1.00% | 10/31/2028 | 233 | 232 | 226 | (7)(8) |
| Morae Global Inc | IT Services | 11.68% | S + 8.00% | 1.00% | 10/31/2028 | 2886 | 2843 | 2814 | (8) |
| MSM Acquisitions, Inc. | Software | 9.68% | S + 6.00% | 1.00% | 12/9/2026 | 1175 | 1175 | 962 | (8) |
| MSM Acquisitions, Inc. | Software | 9.68% | S + 6.00% | 1.00% | 12/9/2026 | 2817 | 2817 | 2306 | (8) |
| NAVIGA INC. | Software | 10.68% | S + 7.00% | 1.00% | 9/30/2026 | 2253 | 2177 | 1393 | (8)(9)(19) |
| NAVIGA INC. | Software | 10.68% | S + 7.00% | 1.00% | 9/30/2026 | 2122 | 2048 | 1313 | (8)(9)(19) |
| NAVIGA INC. | Software | 10.68% | S + 7.00% | 0.00% | 9/30/2026 | 235 | 227 | 145 | (8)(9)(19) |
| Neptune Bidco | Interactive Media & Services | 8.68% | S + 5.00% | 0.00% | 2/3/2033 | 3566 | 3549 | 3409 | (8) |
| Newbury Franklin Industrials LLC | Trading Companies & Distributors | 10.68% | S + 7.00% | 0.00% | 12/11/2029 | 361 | 354 | 350 | (7) |
| Newbury Franklin Industrials LLC | Trading Companies & Distributors | 10.68% | S + 7.00% | 1.00% | 12/11/2029 | 2684 | 2632 | 2645 | (8) |
| PhyNet Dermatology LLC | Health Care Providers & Services | 10.18% | S + 6.50% | 0.75% | 10/20/2029 | 2322 | 2292 | 2270 | (8) |
| PMA Parent Holdings LLC | Capital Markets | 8.43% | S + 4.75% | 1.00% | 1/31/2031 | - | (3) | (4) | (7)(8)(15) |
| PMA Parent Holdings LLC | Capital Markets | 8.43% | S + 4.75% | 1.00% | 1/31/2031 | 4582 | 4557 | 4542 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.66% | S + 6.00% | 1.00% | 10/31/2027 | 1025 | 1021 | 893 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.66% | S + 6.00% | 0.00% | 10/31/2027 | 28 | 28 | 24 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.66% | S + 6.00% | 1.00% | 10/31/2027 | 1047 | 1043 | 912 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.66% | S + 6.00% | 1.00% | 10/31/2027 | 1919 | 1909 | 1671 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.66% | S + 6.00% | 0.00% | 10/31/2027 | 103 | 103 | 90 | (8) |
| Premier Radiology LLC | Health Care Providers & Services | 8.18% | S + 4.50% | 0.00% | 6/9/2028 | 1457 | 1443 | 1442 | (8) |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.18% | S + 8.50% | 2.00% | 5/31/2029 | 468 | 464 | 411 | (7)(8)(17) |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.18% | S + 8.50% | 2.00% | 5/31/2029 | - | (2) | (15) | (7)(8)(15)(17)(18) |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.18% | S + 8.50% | 2.00% | 5/31/2029 | 1365 | 1346 | 1244 | (8)(17) |
| Project Castle T/L | Machinery | 9.18% | S + 5.50% | 1.00% | 6/29/2029 | 1865 | 1743 | 1016 | (8) |
| Project Leopard Holdings Company Inc | Software | 8.91% | S + 5.25% | 1.00% | 7/20/2029 | 3870 | 3717 | 2434 | (8) |
| Radiology Partners | Health Care Providers & Services | 8.18% | S + 4.50% | 1.00% | 6/25/2032 | 5970 | 5917 | 5888 | (8) |
| Riddell, Inc | Leisure Products | 9.66% | S + 6.00% | 1.00% | 3/29/2029 | 3339 | 3287 | 3339 | (8)(17) |
| Russell Investments | Financial Services | 8.68% | S + 5.00% | 0.00% | 12/29/2032 | 3010 | 2966 | 2965 | (8) |
| SePRO Corporation | Chemicals | 9.18% | S + 5.50% | 1.00% | 7/26/2030 | 210 | 209 | 207 | (7) |
| SePRO Corporation | Chemicals | 8.93% | S + 5.25% | 1.00% | 7/26/2030 | 1741 | 1714 | 1715 | (8) |
| SeQuel Response LLC | Insurance | 9.68% | S + 6.00% | 1.25% | 5/21/2029 | - | (1) | (1) | (7)(15) |
| SeQuel Response LLC | Insurance | 9.68% | S + 6.00% | 1.25% | 5/21/2029 | 1671 | 1647 | 1654 | (8) |
| Shepherd Intermediate LLC | Health Care Providers & Services | 10.93% | S + 7.25% | 1.00% | 7/10/2030 | - | (8) | - | (7)(8)(15) |
| Shepherd Intermediate LLC | Health Care Providers & Services | 10.93% | S + 7.25% | 1.00% | 7/10/2030 | - | (11) | - | (7)(8)(15) |
| Shepherd Intermediate LLC | Health Care Providers & Services | 10.93% | S + 7.25% | 1.00% | 7/10/2030 | 2823 | 2772 | 2823 | (8) |
| Solve Industrial Motion Group LLC | Industrial Conglomerates | 8.41% | S + 4.75% | 1.00% | 6/30/2027 | 4988 | 4951 | 4946 | (8) |
| Solve Industrial Motion Group LLC | Industrial Conglomerates | 8.16% | S + 4.50% | 1.00% | 6/29/2027 | 998 | 987 | 990 | (8) |
| Spark Buyer LLC | Electrical Equipment | 8.93% | S + 5.25% | 0.00% | 10/15/2031 | - | (6) | (109) | (7)(15) |
| Spark Buyer LLC | Electrical Equipment | 8.93% | S + 5.25% | 1.00% | 10/15/2031 | 3527 | 3498 | 3258 | (8) |
| Spinrite Inc. | Leisure Products | 11.18% | S + 7.50% | 0.50% | 12/5/2030 | 66 | 59 | 59 | (7)(8) |
| Spinrite Inc. | Leisure Products | 11.18% | S + 7.50% | 0.50% | 12/5/2030 | 2297 | 2254 | 2253 | (8) |
| STG Distribution LLC | Transportation Infrastructure | 10.16% | S + 6.50% | 1.00% | 10/3/2029 | 848 | 560 | 17 | (8)(19) |
| STG Distribution LLC | Transportation Infrastructure | 10.76% | S + 7.10% | 1.00% | 10/3/2029 | 632 | 246 | - | (8)(13)(19) |
| Symplr Software Inc | Health Care Technology | 8.16% | S + 4.50% | 0.75% | 12/22/2027 | 1088 | 1087 | 772 | (8) |
| Synaemedia Americas Holdings, Inc | Interactive Media & Services | 9.93% | S + 6.25% | 1.00% | 12/5/2028 | 1320 | 1318 | 1320 | (8) |
| Tactical Air Support, Inc | Aerospace & Defense | 11.18% | S + 7.50% | 1.00% | 12/22/2028 | - | - | (8) | (7)(8) |
| Tactical Air Support, Inc | Aerospace & Defense | 11.18% | S + 7.50% | 1.00% | 12/22/2028 | 550 | 542 | 542 | (8) |
| Tactical Air Support, Inc | Aerospace & Defense | 11.18% | S + 7.50% | 1.00% | 12/22/2028 | 3171 | 3124 | 3125 | (8) |
| Tactical Air Support, Inc | Aerospace & Defense | 11.18% | S + 7.50% | 1.00% | 12/22/2028 | 529 | 529 | 521 | (8) |

---

**BC Partners Lending Corporation Consolidated Schedule of Investments March 31, 2026** 

**(dollars in thousands)**

**(Unaudited)**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment (1) (2) (3) (16)** | **Industry (18)** | **Interest Rate** | **Reference Rate and Spread (4)** | **Floor** | **Maturity** | **Par / Shares** | **Amortized Cost (11) (12)** | **Fair<br>Value** | **Footnotes** |
| **Senior Secured Loan - 191.3% (continued)** |  |  |  |  |  |  |  |  |  |
| Tank Holding Corp | Tech, Hardware, Storage & Peripherals | 9.43% | S + 5.75% | 1.00% | 3/31/2028 | 3832 | $3743 | $3442 | (8) |
| Tank Holding Corp | Tech, Hardware, Storage & Peripherals | 9.68% | S + 6.00% | 0.75% | 3/31/2028 | 679 | 669 | 611 | (8) |
| Tank Holding Corp DDTL | Tech, Hardware, Storage & Peripherals | 9.68% | S + 6.00% | 0.75% | 3/31/2028 | 294 | 292 | 265 | (5)(7) |
| Tank Holding Corp Revolver | Tech, Hardware, Storage & Peripherals | 9.43% | S + 5.75% | 1.00% | 3/31/2028 | - | (1) | (7) | (5)(7)(15) |
| Validity Inc | Software | 8.93% | S + 5.25% | 0.50% | 4/12/2032 | 5955 | 5849 | 5848 | (8) |
| VBC Spine Opco LLC | Health Care Providers & Services | 10.18% | S + 6.50% | 1.00% | 6/13/2028 | 868 | 861 | 860 | (8) |
| VBC Spine Opco LLC | Health Care Providers & Services | 10.18% | S + 6.50% | 1.00% | 6/13/2028 | 209 | 207 | 204 | (7)(8) |
| VBC Spine Opco LLC | Health Care Providers & Services | 10.18% | S + 6.50% | 1.00% | 6/13/2028 | 2496 | 2474 | 2471 | (8) |
| Wealth Enhancement Group | Financial Services | 8.18% | S + 4.50% | 1.00% | 10/2/2028 | 5979 | 5980 | 5978 | (8) |
| Wildland Ventures Intermediate Inc. | Enviornmental Services | 8.93% | S + 5.25% | 1.00% | 2/21/2032 | 2895 | 2895 | 2895 | (8) |
| Wildland Ventures Intermediate Inc. | Enviornmental Services | 8.93% | S + 5.25% | 1.00% | 2/21/2032 | 297 | 297 | 297 | (7)(8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | $202547 | $191273 |  |
| **Unsecured Note - 0.1%** |  |  |  |  |  |  |  |  |  |
| Delta DX Purchaser, Inc | Financial Services | 15.00% | NA | 0.00% | 6/14/2028 | 103 | 103 | 103 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | $103 | $103 |  |
| **Equity/Other - 7.7%** |  |  |  |  |  |  |  |  |  |
| Advantage Capital Holdings LLC | Financial Services |  |  |  |  | 0 | - | 1000 | (6)(8)(9)(13) |
| AIP Capital Limited | Financial Services |  |  |  |  | 0 | 12 | 12 | (8)(9) |
| American Academy Holdings Common | Health Care Providers & Services |  |  |  |  | 0 | - | 157 | (6)(8)(9)(13) |
| American Academy Holdings Preferred | Health Care Providers & Services |  |  |  |  | 45 | - | 75 | (6)(8)(13) |
| Aperture Dodge 18 | Financial Services |  |  |  |  | 518 | 518 | 343 | (6)(8)(9)(13) |
| Datalink, LLC | Health Care Technology |  |  |  |  | 2 | 786 | 485 | (6)(8)(9)(13) |
| BGPT Maverick, LP | Communications Equipment |  |  |  |  | 1020 | 1020 | 1209 | (6)(8)(13) |
| Great Lakes II Funding LLC | Financial Services |  |  |  |  | 73 | 73 | 66 | (6)(9)(13)(17) |
| Green Park M-1 Series | Commercial Services & Supplies |  |  |  |  | 1 | 439 | 443 | (6)(9)(13)(17) |
| GreenPark Infrastructure A Series | Commercial Services & Supplies |  |  |  |  | 0 | 100 | 105 | (6)(9)(13)(17) |
| HR Pharmaceuticals Inc. | Health Care Equipment & Supplies | 14.00% | NA | 0.00% |  | 1 | 500 | 500 | (6)(9) |
| Lucky Bucks | Hotels, Restaurants & Leisure |  |  |  |  | 67 | 996 | 199 | (6)(9) |
| Middle West Spirits | Beverages |  |  |  |  | 0 | 4 | 13 | (8)(9) |
| Middle West Spirits | Beverages | 10.00% | NA | 0.00% |  | 235 | 237 | 272 | (8) |
| Morae Global Inc | IT Services |  |  |  |  | 1 | 122 | 60 | (8)(9) |
| Morae Global Inc | IT Services |  |  |  |  | 0 | 78 | 27 | (8)(9) |
| Phoenix Aviation | Aerospace & Defense |  |  |  |  | 0 | 137 | 118 | (8)(17) |
| Phoenix Aviation | Aerospace & Defense |  |  |  |  | 463 | 393 | 393 | (8)(17) |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.50% | NA | 0.00% |  | 310 | 250 | 148 | (6)(9)(13)(17) |
| Princeton Medspa Partners LLC - Warrant | Diversified Consumer Services |  |  |  |  | - | - | 1 | (6)(9)(13)(17) |
| Riddell, Inc | Leisure Products | 10.00% | NA | 0.00% |  | 1218 | 1205 | 1390 | (17) |
| VBC Spine Opco LLC | Health Care Providers & Services | 14.00% | NA | 0.00% |  | 500 | 495 | 495 | (6)(9) |
| VBC Spine Opco LLC | Health Care Providers & Services |  |  |  |  | 79 | 129 | 222 | (6)(9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity/Other** |  |  |  |  |  |  | $7494 | $7733 |  |
| **Derivatives - 0.0%** |  |  |  |  |  |  |  |  |  |
| Princeton Medspa Partners LLC | Professional Services |  |  |  | 11/30/2029 | 250 | - | - | (6)(9)(13)(17) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives** |  |  |  |  |  |  | $- | $- |  |
| **Total Investments** <sup>(13)</sup> **-199.1%** |  |  |  |  |  |  | $210144 | $199109 |  |

---

(1)All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the "1940 Act"), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.

(2)All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company unless otherwise noted.

(3)Except as otherwise noted, certain of the Company's portfolio company investments are subject to legal restrictions on sales.

(4)Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to Secured Overnight Financing Rate ("SOFR" or "S") or alternate base rate (commonly known as the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. As of March 31, 2026, rates for 3 months and 1 month S ("SOFR") are 3.68% and 3.66%.

(5)Other than the investments noted by this footnote, the fair value of each of the Company's investments is determined in good faith using significant unobservable inputs by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company's board of directors (the "Board").

(6)Ownership of equity investments may occur through a wholly-owned, consolidated taxable subsidiary.

(7)All or a portion of this commitment was unfunded on March 31, 2026.

(8)Security, or a portion thereof, is held through Great Lakes BCPL Funding Ltd., a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the debt financing facility at Great Lakes BCPL Funding Ltd. (See Note 5 in the accompanying consolidated financial statements).

(9)Non-income producing investment.

(10)The date disclosed represents the commitment period of the unfunded term loan.

(11)The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, on debt investments using the effective interest method.

(12)As of March 31, 2026, the estimated cost basis of investments for U.S. federal tax purposes was $(11,035), resulting in estimated gross unrealized appreciation and depreciation of $2,752 and $(13,787), respectively.

(13)Investments the Company has determined are not qualifying assets under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying

------

assets represent at least 70% of total assets. Non-qualifying assets represented 1.5% of total assets as of March 31, 2026.

(14)Investment bears interest at 12% per year with such interest to be paid, at the election of the borrower in cash or paid-in kind ("PIK") interest. To the extent that any portion of interest is in the form of PIK interest, the interest rate is increased to 13% with a minimum of 5% of the total interest in the form of cash interest (i.e., 5% cash interest and 8% PIK interest).

(15)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(16)Percentages are based on the net assets.

(17)Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company's outstanding voting securities or is under common control with such portfolio company.

(18)The presentation of the consolidated schedule of investments for the three months ended March 31, 2026 utilizes industry classifications aligned with Global Industry Classification Standard ("GICS") Level 3.

(19)Loan or debt security is on non-accrual status and therefore is considered non-income producing. Beginning during the quarter ended June 30, 2025, the Company recognized interest

income to the extent that it is received in cash on its loans to NAVIGA, Inc.

See notes to consolidated financial statements.

------

**BC Partners Lending Corporation**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(dollars in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment (1) (2) (3) (16)** | **Industry (18)** | **Interest Rate** | **Reference Rate and Spread (4)** | **Floor** | **Maturity** | **Par / Shares** | **Amortized Cost (11) (12)** | **Fair<br>Value** | **Footnotes** |
| **Senior Secured Loan -178.8%** |  |  |  |  |  |  |  |  |  |
| Accordion Partners LLC | Professional Services | 8.65% | S + 5.00% | 1.00% | 11/15/2031 | 521 | $519 | $521 | (8) |
| Accordion Partners LLC | Professional Services | 8.65% | S + 5.00% | 1.00% | 11/17/2031 | 503 | 501 | 503 | (8) |
| Accordion Partners LLC | Professional Services | 8.65% | S + 5.00% | 1.00% | 11/17/2031 | - | (5) | - | (7)(15) |
| Accordion Partners LLC | Professional Services | 8.65% | S + 5.00% | 1.00% | 11/17/2031 | 5035 | 5025 | 5035 | (8) |
| Accurate Background LLC | IT Services | 9.65% | S + 6.00% | 1.00% | 3/26/2029 | 985 | 974 | 985 | (8) |
| Accurate Background LLC | IT Services | 9.65% | S + 6.00% | 1.00% | 3/26/2029 | 2871 | 2735 | 2871 | (8) |
| Accurate Background LLC | IT Services | 9.65% | S + 6.00% | 0.00% | 3/26/2029 | 484 | 459 | 484 | (8) |
| Advantage Capital Holdings LLC | Financial Services | 13.00% | NA | 0.00% | 4/14/2027 | 4837 | 4837 | 4704 | (8)(14) |
| ALCV Purchaser, Inc. | Automobiles | 10.44% | S + 6.75% | 1.00% | 4/15/2026 | 1958 | 1957 | 1957 | (8) |
| AMCP PET HOLDINGS, INC. | Consumer Staples Distribution & Retail | 10.65% | S + 7.00%, 3% PIK | 1.00% | 1/4/2028 | 523 | 521 | 459 | (8) |
| AMCP PET HOLDINGS, INC. | Consumer Staples Distribution & Retail | 10.65% | S + 7.00%, 3% PIK | 1.00% | 1/4/2028 | 1921 | 1915 | 1685 | (8) |
| American Academy Holdings | Health Care Providers & Services | 13.40% | S + 9.75%, 5.25% PIK | 1.00% | 6/30/2027 | 207 | 208 | 219 | (8) |
| American Academy Holdings | Health Care Providers & Services | 13.40% | S + 9.75%, 5.25% PIK | 1.00% | 6/30/2027 | 1045 | 1038 | 1106 | (8) |
| American Academy Holdings | Health Care Providers & Services | 15.00% | NA | 0.00% | 3/1/2028 | 2412 | 2392 | 2375 | (8) |
| Ancile Solutions, Inc. | Software | 13.65% | S + 10.00% | 1.00% | 6/11/2026 | 1640 | 1635 | 1640 | (8) |
| Beta Plus Technologies, Inc | Financial Services | 7.94% | S + 4.25% | 0.00% | 7/1/2027 | 158 | 158 | 150 | (7)(10) |
| Beta Plus Technologies, Inc | Financial Services | 9.44% | S + 5.75% | 0.00% | 6/29/2029 | 4651 | 4514 | 4514 | (8) |
| CJ Foods Inc | Food Products | 8.65% | S + 5.00% | 1.00% | 10/2/2030 | 7118 | 7026 | 5577 | (8) |
| Datalink, LLC | Health Care Technology | 9.94% | S + 6.25% | 1.00% | 11/23/2026 | 3018 | 3001 | 1822 | (8)(19) |
| DCERT Buyer, Inc | Software | 9.40% | S + 5.75% | 1.00% | 7/30/2030 | - | (2) | - | (7)(8)(15) |
| DCERT Buyer, Inc | Software | 9.40% | S + 5.75% | 1.00% | 7/30/2030 | 1768 | 1742 | 1768 | (8) |
| Denali Intermediate Holdings | Software | 9.15% | S + 5.50% | 1.00% | 8/26/2032 | - | (5) | (5) | (7)(15) |
| Denali Intermediate Holdings | Software | 9.15% | S + 5.50% | 1.00% | 8/26/2032 | 5090 | 5042 | 5041 | (8) |
| Distinguished LLC | Insurance | 9.15% | S + 5.50% | 1.00% | 10/9/2029 | 4690 | 4638 | 4684 | (8) |
| DRI Holdings Inc | Software | 8.94% | S + 5.25% | 0.50% | 12/21/2028 | 4827 | 4627 | 4758 | (8) |
| Emerald International | Electronic Equipment, Instruments & Components | 10.90% | S + 7.25% | 1.00% | 2/28/2029 | 99 | 98 | 98 | (8) |
| Florida Food Products, LLC | Food Products | 9.15% | S + 5.50% | 2.00% | 10/15/2030 | 1227 | 1204 | 1222 | (8) |
| Florida Food Products, LLC | Food Products | 9.15% | S + 5.50% | 2.00% | 10/15/2030 | 179 | 176 | 179 | (8) |
| Florida Food Products, LLC | Food Products | 9.15% | S + 5.50% | 1.00% | 10/15/2030 | 793 | 523 | 567 | (8) |
| Florida Food Products, LLC | Food Products | 9.15% | S + 5.50% | 2.00% | 10/15/2030 | 1024 | 1004 | 1020 | (8) |
| Florida Food Products, LLC | Food Products | 9.04% | S + 5.50% | 1.00% | 10/15/2030 | 2880 | 1900 | 2060 | (8) |
| Inmar Intelligence | Commercial Services & Supplies | 8.15% | S + 4.50% | 1.00% | 10/30/2031 | 4476 | 4465 | 4431 | (8) |
| Ivanti Software Inc | Software | 9.40% | S + 5.75% | 1.00% | 6/1/2029 | 367 | 351 | 379 | (8) |
| Ivanti Software Inc | Software | 10.90% | S + 7.25% | 1.00% | 6/1/2029 | 4040 | 3993 | 1689 | (8) |
| Ivanti Software Inc | Software | 8.40% | S + 4.75% | 1.00% | 6/1/2029 | 999 | 904 | 835 | (8) |
| KL Charlie Acquisition | Financial Services | 8.69% | S + 5.00% | 1.00% | 12/30/2026 | 1227 | 1220 | 1227 | (8) |
| KL Charlie Acquisition | Financial Services | 8.69% | S + 5.00% | 1.00% | 12/30/2026 | 932 | 927 | 932 | (8) |
| LeadVenture Inc | Software | 8.40% | S + 4.75% | 1.00% | 6/23/2032 | 293 | 286 | 280 | (8) |
| LeadVenture Inc | Software | 8.40% | S + 4.75% | 1.00% | 6/23/2032 | 89 | 83 | 83 | (7)(8) |
| LeadVenture Inc | Software | 8.40% | S + 4.75% | 1.00% | 6/23/2032 | 4655 | 4588 | 4590 | (8) |
| Leonard Valve Company, LLC | Diversified Consumer Services | 8.90% | S + 5.25% | 1.00% | 12/31/2027 | 1975 | 1962 | 1975 | (8) |
| MAG DS CORP. | Aerospace & Defense | 9.15% | S + 5.50% | 1.00% | 4/1/2027 | 2688 | 2654 | 2685 | (8) |
| Metrc, Inc | Software | 7.65% | S + 4.00% | 1.00% | 9/30/2031 | - | (18) | (19) | (7)(15) |
| Metrc, Inc | Software | 7.65% | S + 4.00% | 1.00% | 9/30/2031 |  | (57) | (58) | (7)(15) |
| Metrc, Inc | Software | 9.15% | S + 5.50% | 1.00% | 9/30/2031 | 2360 | 2250 | 2249 | (8) |
| MHH Holdings III, LLC | Health Care Providers & Services | 8.65% | S + 5.00% | 1.00% | 12/31/2027 | 211 | 209 | 209 | (8) |
| MHH Holdings III, LLC | Health Care Providers & Services | 8.65% | S + 5.00% | 1.00% | 12/31/2027 | 3157 | 3157 | 3132 | (8) |
| Middle West Spirits LLC | Beverages | 9.90% | S + 6.25% | 1.00% | 4/23/2030 | - | (9) | (10) | (7)(8)(15) |
| Middle West Spirits LLC | Beverages | 9.90% | S + 6.25% | 1.00% | 4/23/2030 | 1684 | 1654 | 1652 | (8) |
| Money Transfer Acquisition, Inc | Financial Services | 11.94% | S + 8.25% | 1.00% | 12/14/2027 | 3300 | 3264 | 3284 | (8)(10) |
| Monroe Engineering Group | Electronic Equipment, Instruments & Components | 8.40% | S + 4.75% | 0.00% | 12/20/2028 | 1953 | 1919 | 1953 | (8) |
| Monroe Engineering Group | Electronic Equipment, Instruments & Components | 8.44% | S + 4.75% | 0.00% | 12/20/2028 | 1945 | 1910 | 1945 | (8) |
| Morae Global Inc | IT Services | 11.65% | S + 8.00% | 2.00% | 10/31/2028 | - | (59) | (16) | (7)(15) |
| Morae Global Inc | IT Services | 11.65% | S + 8.00% | 2.00% | 10/31/2028 | 1677 | 1597 | 1656 | (8) |
| Morae Global Inc | IT Services | 11.65% | S + 8.00% | 1.00% | 10/31/2028 | 233 | 231 | 230 | (8) |
| Morae Global Inc | IT Services | 11.65% | S + 8.00% | 1.00% | 10/31/2028 | 2899 | 2837 | 2862 | (8) |
| MSM Acquisitions, Inc. | Software | 9.65% | S + 6.00% | 1.00% | 12/9/2026 | 1178 | 1178 | 1006 | (8) |
| MSM Acquisitions, Inc. | Software | 9.65% | S + 6.00% | 1.00% | 12/9/2026 | 2824 | 2824 | 2411 | (8) |
| NAVIGA INC. | Software | 10.65% | S + 7.00% | 1.00% | 9/30/2026 | 2265 | 2151 | 1574 | (8)(9)(19) |
| NAVIGA INC. | Software | 10.65% | S + 7.00% | 1.00% | 9/30/2026 | 2134 | 2023 | 1483 | (8)(9)(19) |
| NAVIGA INC. | Software | 10.65% | S + 7.00% | 0.00% | 9/30/2026 | 236 | 224 | 164 | (8)(9)(19) |
| Neptune Bidco US Inc | Interactive Media & Services | 8.69% | S + 5.00% | 0.00% | 4/11/2029 | 6865 | 6377 | 6804 | (8) |
| Newbury Franklin Industrials LLC | Trading Companies & Distributors | 10.65% | S + 7.00% | 0.00% | 12/11/2029 | 362 | 354 | 349 | (7) |
| Newbury Franklin Industrials LLC | Trading Companies & Distributors | 10.65% | S + 7.00% | 1.00% | 12/11/2029 | 3178 | 3113 | 3124 | (8) |
| PhyNet Dermatology LLC | Health Care Providers & Services | 10.15% | S + 6.50% | 0.75% | 10/20/2029 | 2288 | 2256 | 2237 | (8) |
| PMA Parent Holdings LLC | Capital Markets | 8.40% | S + 4.75% | 1.00% | 1/31/2031 |  | (3) | (4) | (7)(8)(15) |
| PMA Parent Holdings LLC | Capital Markets | 8.40% | S + 4.75% | 1.00% | 1/31/2031 | 4582 | 4555 | 4540 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.69% | S + 6.00% | 1.00% | 10/29/2027 | 1093 | 1092 | 917 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.69% | S + 6.00% | 0.00% | 10/29/2027 | 30 | 30 | 25 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.69% | S + 6.00% | 1.00% | 10/29/2027 | 1116 | 1115 | 936 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.69% | S + 6.00% | 1.00% | 10/29/2027 | 2045 | 2044 | 1716 | (8) |
| Premier Imaging, LLC | Health Care Equipment & Supplies | 9.69% | S + 6.00% | 0.00% | 10/29/2027 | 110 | 110 | 92 | (8) |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.15% | S + 8.50% | 2.00% | 5/31/2029 | 469 | 465 | 425 | (8)(17) |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment (1) (2) (3) (16)** | **Industry** | **Interest Rate** | **Reference Rate and Spread (4)** | **Floor** | **Maturity** | **Par / Shares** | **Amortized Cost (11) (12)** | **Fair<br>Value** | **Footnotes** |
| **Senior Secured Loan - 178.8% (continued)** |  |  |  |  |  |  |  |  |  |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.15% | S + 8.50% | 2.00% | 5/31/2029 | - | $(2) | $(12) | (7)(8)(15)(17)(18) |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.15% | S + 8.50% | 2.00% | 5/31/2029 | 1369 | 1348 | 1275 | (8)(17) |
| Project Castle T/L | Machinery | 9.15% | S + 5.50% | 1.00% | 6/29/2029 | 1870 | 1739 | 1217 | (8) |
| Project Leopard Holdings Company Inc | Software | 8.94% | S + 5.25% | 1.00% | 7/20/2029 | 3880 | 3716 | 3357 | (8) |
| Radiology Partners | Health Care Providers & Services | 8.15% | S + 4.50% | 1.00% | 6/25/2032 | 5985 | 5928 | 5982 | (8) |
| Riddell, Inc | Leisure Products | 9.69% | S + 6.00% | 1.00% | 3/29/2029 | 3384 | 3327 | 3385 | (8)(17) |
| SePRO Corporation | Chemicals | 9.15% | S + 5.50% | 1.00% | 7/26/2030 | - | (2) | (4) | (7)(15) |
| SePRO Corporation | Chemicals | 8.90% | S + 5.25% | 1.00% | 7/26/2030 | 1745 | 1717 | 1717 | (8) |
| SeQuel Response LLC | Insurance | 9.65% | S + 6.00% | 1.25% | 5/21/2029 | - | (1) | (1) | (7)(15) |
| SeQuel Response LLC | Insurance | 9.65% | S + 6.00% | 1.25% | 5/21/2029 | 1675 | 1650 | 1659 | (8) |
| Shepherd Intermediate LLC | Health Care Providers & Services | 10.90% | S + 7.25% | 1.00% | 7/10/2030 | - | (9) | (3) | (7)(8)(15) |
| Shepherd Intermediate LLC | Health Care Providers & Services | 10.90% | S + 7.25% | 1.00% | 7/10/2030 | - | (12) | (2) | (7)(8)(15) |
| Shepherd Intermediate LLC | Health Care Providers & Services | 10.90% | S + 7.25% | 1.00% | 7/10/2030 | 2961 | 2904 | 2953 | (8) |
| Solve Industrial Motion Group LLC | Industrial Conglomerates | 8.44% | S + 4.75% | 1.00% | 6/30/2027 | 5000 | 4955 | 4954 | (8) |
| Solve Industrial Motion Group LLC | Industrial Conglomerates | 8.19% | S + 4.50% | 1.00% | 6/29/2027 | 1000 | 987 | 991 | (8) |
| Spark Buyer LLC | Electrical Equipment | 8.90% | S + 5.25% | 0.00% | 10/15/2031 | - | (6) | (104) | (7)(15) |
| Spark Buyer LLC | Electrical Equipment | 8.90% | S + 5.25% | 1.00% | 10/15/2031 | 3536 | 3506 | 3280 | (8) |
| Spinrite Inc. | Leisure Products | 11.15% | S + 7.50% | 0.50% | 12/5/2030 | - | (6) | (7) | (7)(8)(15) |
| Spinrite Inc. | Leisure Products | 11.15% | S + 7.50% | 0.50% | 12/5/2030 | 2297 | 2252 | 2251 | (8) |
| STG Distribution LLC | Transportation Infrastructure | 10.19% | S + 6.50% | 1.00% | 10/3/2029 | 834 | 533 | 244 | (8)(19) |
| STG Distribution LLC | Transportation Infrastructure | 10.79% | S + 7.10% | 1.00% | 10/3/2029 | 622 | 221 | 27 | (8)(13)(19) |
| Symplr Software Inc | Health Care Technology | 8.19% | S + 4.50% | 0.75% | 12/22/2027 | 1091 | 1090 | 929 | (8) |
| Synaemedia Americas Holdings, Inc | Interactive Media & Services | 9.90% | S + 6.25% | 1.00% | 12/5/2028 | 3314 | 3309 | 3314 | (8) |
| Tactical Air Support, Inc | Aerospace & Defense | 11.15% | S + 7.50% | 1.00% | 12/22/2028 | - |  | (5) | (7)(8) |
| Tactical Air Support, Inc | Aerospace & Defense | 11.15% | S + 7.50% | 1.00% | 12/22/2028 | 557 | 548 | 552 | (8) |
| Tactical Air Support, Inc | Aerospace & Defense | 11.15% | S + 7.50% | 1.00% | 12/22/2028 | 3214 | 3161 | 3187 | (8) |
| Tactical Air Support, Inc. | Aerospace & Defense | 11.15% | S + 7.50% | 1.00% | 12/22/2028 | 536 | 536 | 531 | (8) |
| Tank Holding Corp | Tech, Hardware, Storage & Peripherals | 9.40% | S + 5.75% | 1.00% | 3/31/2028 | 3842 | 3741 | 3547 | (8) |
| Tank Holding Corp | Tech, Hardware, Storage & Peripherals | 9.65% | S + 6.00% | 0.75% | 3/31/2028 | 681 | 670 | 628 | (8) |
| Tank Holding Corp DDTL | Tech, Hardware, Storage & Peripherals | 9.65% | S + 6.00% | 0.75% | 3/31/2028 | 295 | 293 | 272 | (5)(7) |
| Tank Holding Corp Revolver | Tech, Hardware, Storage & Peripherals | 9.40% | S + 5.75% | 1.00% | 3/31/2028 | - | (2) | (5) | (5)(7)(15) |
| Validity Inc | Software | 8.90% | S + 5.25% | 0.50% | 4/12/2032 | 5970 | 5858 | 5932 | (8) |
| VBC Spine Opco LLC | Health Care Providers & Services | 10.15% | S + 6.50% | 1.00% | 6/13/2028 | 871 | 862 | 871 | (7)(8) |
| VBC Spine Opco LLC | Health Care Providers & Services | 10.15% | S + 6.50% | 1.00% | 6/13/2028 | 323 | 321 | 322 | (7)(8) |
| VBC Spine Opco LLC | Health Care Providers & Services | 10.15% | S + 6.50% | 1.00% | 6/13/2028 | 1500 | 1475 | 1500 | (8) |
| TA/WEG Holdings, LLC | Financial Services | 8.15% | S + 4.50% | 1.00% | 10/2/2028 | 5995 | 5995 | 5995 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Loan** | $193185 | $184702 |  |
| **Unsecured Note - 0.1%** |  |  |  |  |  |  |  |  |  |
| Delta DX Purchaser, Inc | Financial Services | 15.00% | NA | 0.00% | 6/14/2028 | 103 | 103 | 103 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Unsecured Note** | $103 | $103 |  |
| **Equity/Other - 5.9%** |  |  |  |  |  |  |  |  |  |
| Advantage Capital Holdings LLC | Financial Services |  |  |  |  | 0 | $— | $822 | (6)(8)(9)(13) |
| AIP Capital Limited | Financial Services |  |  |  |  | 0 | 12 | 12 | (8)(9) |
| American Academy Holdings Common | Health Care Providers & Services |  |  |  |  | 0 |  | 141 | (6)(8)(9)(13) |
| American Academy Holdings Preferred | Health Care Providers & Services |  |  |  |  | 45 |  | 88 | (6)(8)(13) |
| Aperture Dodge 18 | Financial Services |  |  |  |  | 516 | 516 | 323 | (6)(8)(9)(13) |
| BGPT Maverick, LP | Communications Equipment |  |  |  |  | 1020 | 1020 | 1116 | (6)(8)(13) |
| Great Lakes II Funding LLC | Financial Services |  |  |  |  | 73 | 73 | 69 | (6)(9)(13)(17) |
| Green Park M-1 Series | Commercial Services & Supplies |  |  |  |  | 1 | 439 | 439 | (6)(9)(13)(17) |
| GreenPark Infrastructure A Series | Commercial Services & Supplies |  |  |  |  | 0 | 100 | 100 | (6)(9)(13)(17) |
| Lucky Bucks | Hotels, Restaurants & Leisure |  |  |  |  | 67 | 996 | 258 | (6)(9) |
| Middle West Spirits | Beverages |  |  |  |  | 0 | 4 | 15 | (8)(9) |
| Middle West Spirits | Beverages | 10.00% | NA | 0.00% |  | 235 | 230 | 268 | (8) |
| Morae Global Inc | IT Services |  |  |  |  | 1 | 122 | 188 | (8)(9) |
| Morae Global Inc | IT Services |  |  |  |  | 0 | 78 | 86 | (8)(9) |
| Phoenix Aviation | Aerospace & Defense |  |  |  |  | 0 | 137 | 86 | (8) |
| Phoenix Aviation | Aerospace & Defense |  |  |  |  | 455 | 385 | 401 | (8) |
| Princeton Medspa Partners LLC | Diversified Consumer Services | 12.50% | NA | 0.00% |  | 301 | 250 | 169 | (6)(9)(13)(17) |
| Princeton Medspa Partners LLC - Warrant | Diversified Consumer Services |  |  |  |  | 0 |  | 3 | (6)(9)(13)(17) |
| Riddell, Inc | Leisure Products | 10.00% | NA | 0.00% |  | 1189 | 1176 | 1337 | (17) |
| VBC Spine Opco LLC | Health Care Providers & Services |  |  |  |  | 79 | 129 | 156 | (6)(9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity/Other** |  |  |  |  |  |  | $5667 | $6077 |  |
| **Derivatives - 0.0%** |  |  |  |  |  |  |  |  |  |
| Princeton Medspa Partners LLC | Diversified Consumer Services |  |  |  | 11/30/2029 | 250 |  |  | (6)(9)(13)(17) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives** |  |  |  |  |  |  | $- | $- |  |
| **Total Investments** <sup>(13)</sup> **- 184.8%** |  |  |  |  |  |  | $198955 | $190882 |  |

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(1)All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the "1940 Act"), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.

(2)All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company unless otherwise noted.

(3)Except as otherwise noted, certain of the Company's portfolio company investments are subject to legal restrictions on sales.

(4)Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to Secured Overnight Financing Rate ("SOFR" or "S") or alternate base rate (commonly known as the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. As of December 31, 2025, rates for 3 months and 1 month S ("SOFR") are 3.65% and 3.69%.

(5)Other than the investments noted by this footnote, the fair value of each of the Company's investments is determined in good faith using significant unobservable inputs by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company's board of directors (the "Board").

(6)Ownership of equity investments may occur through a wholly-owned, consolidated taxable subsidiary.

(7)All or a portion of this commitment was unfunded on December 31, 2025.

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(8)Security, or a portion thereof, is held through Great Lakes BCPL Funding Ltd., a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the debt financing facility at Great Lakes BCPL Funding Ltd. (See Note 5 in the accompanying consolidated financial statements).

(9)Non-income producing investment.

(10)The date disclosed represents the commitment period of the unfunded term loan.

(11)The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, on debt investments using the effective interest method.

(12)As of December 31, 2025, the estimated cost basis of investments for U.S. federal tax purposes was $198,710, resulting in estimated gross unrealized appreciation and depreciation of $3,272 and ($11,100), respectively.

(13)Investments the Company has determined are not qualifying assets under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 1.2% of total assets as of December 31, 2025.

(14)Investment bears interest at 12% per year with such interest to be paid, at the election of the borrower in cash or paid-in kind ("PIK") interest. To the extent that any portion of interest is in the form of PIK interest, the interest rate is increased to 13% with a minimum of 5% of the total interest in the form of cash interest (i.e., 5% cash interest and 8% PIK interest).

(15)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(16)Percentages are based on the net assets.

(17)Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company's outstanding voting securities or is under common control with such portfolio company.

(18)The presentation of the Consolidated Schedule of Investments for the year ended December 31, 2025 has been conformed to current year presentation to align industry classifications to Global Industry Classification Standard ("GICS") Level 3.

(19)Loan or debt security is on non-accrual status and therefore is considered non-income producing. Beginning during the quarter ended June 30, 2025, the Company recognized interest

income to the extent that it is received in cash on its loans to NAVIGA, Inc.

See notes to consolidated financial statements

------

**BC Partners Lending Corporation** 

**Notes to Consolidated Financ** **ial Statements (Unaudited)**

**(in thousands, except share and per share data, percentages and as otherwise indicated;**

**for example, with the word "million" or otherwise)**

**Note 1. Organization**

BC Partners Lending Corporation ("BCPL" or the "Company") is a Maryland corporation formed on December 22, 2017. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and the Company will take advantage of the extended transition period for complying with certain new or revised accounting standards provided for emerging growth companies in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act").

The Company's investment objective is to make investments that generate current income and, to a lesser extent, capital appreciation. The Company intends to invest primarily in private middle-market companies in the form of secured debt, unsecured debt, other debt and/or equity securities. In addition, to a lesser extent, the Company may invest in securities of public companies and in structured products.

The Company was formed primarily to invest in the U.S. middle-market credit sector. On October 25, 2019, the Company formed a wholly-owned, special-purpose, bankruptcy-remote subsidiary, Great Lakes BCPL Funding Ltd. ("BCPL Funding"), a Cayman Islands exempted company, which holds certain of the Company's portfolio loan investments that are used as collateral for the debt financing facility at BCPL Funding. On January 28, 2020, the Company formed a wholly-owned, bankruptcy-remote subsidiary, BCPL Sub Holdings LLC, a Delaware limited liability company, which holds the Company's equity investment.

The Company is managed by BC Partners Advisors L.P. (the "Adviser"), an affiliate of BC Partners LLP ("BC Partners"). BC Partners Management LLC (the "Administrator"), also an affiliate of BC Partners, provides administrative services necessary for the Company to operate.

The Company conducts private offerings (each, a "Private Offering") of its common stock to accredited investors in reliance on exemptions from the registration requirements of the Securities Act. At the closing of each Private Offering, each investor makes a capital commitment (a "Capital Commitment") to purchase shares of the Company's common stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase shares of the Company's common stock up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. The Company's initial Private Offering closed on September 26, 2019 (the "Initial Closing Date").

In April 2020, the Company submitted to the SEC an application for exemptive relief intended, if granted, to provide investors with liquidity options with respect to their investments in shares of the Company's common stock. In August 2022, the SEC Staff informed the Company that it did not intend to grant the Company's application at the current time, and the Company withdrew its application. The Company's board of directors (the "Board") continues to consider alternative means of liquidity for the Company's stockholders, including potentially listing the shares of the Company on a national securities exchange or commencing periodic repurchase or tender offers in the future (a "Liquidity Action").

The Company will wind down its operations within ten years after the after the Initial Closing Date, unless the Board and/or stockholders determine to take a Liquidity Action.

The Company's fiscal year ends on December 31.

------

**Note 2. Significant Accounting Policies**

*Basis of Presentation*

The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on March 5, 2026. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein. The Company is an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements.

*Use of Estimates* 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

*Consolidation* 

In accordance with U.S. GAAP guidance on consolidation, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

*Segments* 

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

*Cash and Cash Equivalents* 

Cash and cash equivalents include short-term, highly liquid investments, readily convertible to known amounts of cash, with an original maturity of three months or less in accounts such as demand deposit account and certain overnight investment sweep accounts. The Company records cash and cash equivalents at cost, which approximates fair value.

*Restricted Cash*

Restricted cash consists of deposits pledged as collateral held at BCPL Funding. Cash is held at BCPL. Cash and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law.

*Investments* 

Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized.

Investments for which market quotations are available are typically valued at those market quotations. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.

Debt that is not publicly traded but for which there are external pricing sources available as of the valuation date is valued using independent broker-dealer, market maker quotations or independent pricing services. The valuation committee, comprised of members of the Adviser, (the "Valuation Committee") subjects these quotes to various criteria including, but not limited to, the number and quality of quotes, the deviation among the quotes and information derived from analyzing the Company's own transactions in such investments throughout the reporting period. Generally, such investments are categorized in level 2 of the fair value hierarchy, unless the Valuation Committee determines that the quality, quantity or deviation among quotes warrants significant adjustment to the inputs utilized.

------

The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5.

Investments that are not publicly traded or whose market prices are not readily available, as is expected to be the case for substantially all of the Company's investments, are valued at fair value as determined in good faith by the Adviser, based on, among other things, input of independent third-party valuation firm(s).

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the investment professionals responsible for the portfolio investment in conjunction with the Company's portfolio management team. The Company utilizes an independent valuation firm to provide valuation on each material illiquid security at least once every trailing 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary valuations are reviewed and discussed with management of the Adviser and investment professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser will review the valuations and determine the fair value of each investment. Valuations that are not based on readily available market quotations will be valued in good faith based on, among other things, the input of, where applicable, third parties.

As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisal, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in liquidation or restructuring.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible to the Company.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Significant inputs that are unobservable for an asset or liability.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments for which no external pricing sources are available as of the valuation date are included in level 3 of the fair value hierarchy.

------

*Derivatives*

The Company may enter into derivative contracts primarily to manage credit risk. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives. The Company generally records a realized gain or loss on the expiration, termination, or settlement of a derivative contract. The periodic payments for the securities Swap and Option Agreement (excluding collateral) are included as a realized gain or loss. The Company values derivative contracts using various pricing models that take into account the terms of the contract (including notional amount and contract maturity) and observable and unobservable inputs such as interest rates and changes in fair value of the reference asset.

*Revenue Recognition*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management's judgment.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

*Payment-in-Kind Interest*

Payment-in-kind ("PIK") interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company's tax treatment as a RIC, this non-cash source of income may be required to be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.

*Deferred Financing Costs*

Origination and other expenses related to the Company's borrowings are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument. Unamortized deferred financing costs are presented as a direct deduction to the respective debt instrument. There were no new financing costs related to the Company's borrowings during the three months ended March 31, 2026.

*Earnings per Share* 

Basic earnings per share is calculated by dividing net income or loss attributable to common stockholders by the weighted average number of common stock outstanding during the period.

*Income Taxes* 

The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. So long as the Company maintains its tax treatment as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as distributions. Any tax liability related to income earned and distributed by the Company represents obligations of the Company's stockholders and will not be reflected in the consolidated financial statements of the Company.

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To qualify for and maintain status as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its "investment company taxable income" (which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses) and net tax-exempt income for that year. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and net capital gains for preceding years that were not distributed during such years and on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% nondeductible U.S. federal excise tax on this income.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company's consolidated financial statements. The Company's major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

*Distributions to Common Stockholders*

Distributions to the Company's stockholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains.

The Company has adopted an "opt out" dividend reinvestment plan ("DRP") for its stockholders. As a result, if the Company makes a cash distribution, its stockholders will have their cash distributions reinvested in additional shares of the Company's common stock, including fractional shares as necessary, unless they specifically "opt out" of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating stockholders will be reinvested in additional shares of the Company's common stock at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared.

The Company may distribute taxable distributions that are payable in cash or shares of its common stock, at the election of each shareholder. In accordance with certain applicable U.S. Treasury regulations and published guidance issued by the Internal Revenue Service, a publicly offered RIC may treat a distribution of its own stock as fulfilling the RIC distribution requirements if each shareholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation that the aggregate amount of cash available to be distributed to all shareholders must be at least 20.0% of the aggregate declared distribution. If too many shareholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any shareholder electing to receive cash receive less than 20.0% of its entire distribution in cash. If these and certain other requirements are met for U.S. federal income tax purposes, the amount of the distribution paid in stock will be equal to the amount of cash that could have been received instead of stock. Taxable shareholders receiving such distributions will be required to include the amount of the distribution as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain distribution) to the extent of the Company's current or accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. shareholder sells the stock it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company's stock at the time of the sale. Furthermore, with respect to non-U.S. shareholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in common stock. The current published guidance that allows certain stock distributions of a RIC to fulfill the RIC's own distribution requirements applies only to publicly offered RICs. The Company believes that it currently does not qualify as a publicly offered RIC, although the Company may qualify as a publicly offered RIC for future years.

------

*Recent Accounting Pronouncements*

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning in the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

**Note 3. Related Party Transactions**

*Administration Agreement* 

On April 23, 2018, the Company entered into an Administration Agreement (the "Administration Agreement") with the Administrator. Under the terms of the Administration Agreement, the Administrator will perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company, which includes office facilities, equipment, bookkeeping and recordkeeping services and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Administration Agreement.

The Company will reimburse the Administrator for services performed under the terms of the Administration Agreement. In addition, pursuant to the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to affiliates or third-parties and the Company pays or reimburses the Administrator for certain expenses incurred by any such affiliates or third-parties for work done on its behalf.

The Administration Agreement had an initial term of two years from its effective date and will remain in effect from year-to-year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company's Board who are not parties to the Administration Agreement or "interested persons" of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Administration Agreement was most recently approved on November 5, 2025. The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Administrator.

No person who is an officer, director or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator (or its affiliates) to the Company's Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company).

For the three months ended March 31, 2026 and 2025 the Company incurred administrative fees of $0.2 million and $0.2 million, respectively.

*Investment Advisory Agreement* 

On April 23, 2018, the Company entered into an Investment Advisory Agreement with the Adviser which was amended and restated on November 7, 2018 and further amended on July 9, 2019 (as amended, the "Investment Advisory Agreement"). On November 5, 2025, the Board unanimously approved the renewal of the Investment Advisory Agreement for a period of twelve months commencing on November 6, 2025. The amendments were each approved at the time by the Company's sole stockholder. Under the terms of the Investment Advisory Agreement, the Adviser will be responsible for managing the Company's business and activities, including sourcing investment opportunities, conducting research, performing due diligence on potential investments, structuring its investments, monitoring its portfolio companies and providing managerial assistance to portfolio companies.

Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees.

The base management fee is payable quarterly in arrears at an annual rate of 1.00% (1.50% if an exchange listing occurs) of the Company's average gross assets, excluding cash and cash equivalents but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters. The management fee for any partial month or quarter will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant month or quarter.

For the three months ended March 31, 2026 and 2025 the Company incurred management fees of $0.5 million and $0.3 million, respectively.

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The incentive fee consists of two parts, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The first component, the income incentive fee, payable at the end of each quarter in arrears, equals 100% of the pre-incentive fee net investment income in excess of a 1.50% quarterly preferred return but less than 1.76% (1.818% if an exchange listing occurs), the upper level breakpoint, and 15% (17.50% if an exchange listing occurs) of the amount of pre-incentive fee net investment income that exceeds 1.76% (1.818% if an exchange listing occurs) in any calendar quarter. For purposes of determining whether pre-incentive fee net investment income exceeds the hurdle rate, pre-incentive fee net investment income is expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The second component, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 15.0% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. The Company accrues, but does not pay, a capital gains incentive fee with respect to unrealized capital appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

For the three months ended March 31, 2026 and 2025, the Company incurred incentive fees of $0.4 million and $0.3 million respectively.

The Investment Advisory Agreement was initially in effect for a period of two years from its effective date and will remain in effect from year-to-year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company's Board who are not parties to the Investment Advisory Agreement or "interested persons" of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice and, in certain circumstances, upon 120 days' written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser.

*Co-investment Exemptive Relief* 

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On April 10, 2023, superseding a prior exemptive order granted on October 23, 2018, the SEC issued an order granting an application for exemptive relief to us and certain of our affiliates to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Adviser or its affiliates, including business development companies, registered closed-end funds, private funds, certain proprietary accounts of the Investment Adviser or its affiliates, and any future funds that are advised by the Adviser or its affiliated investment advisers. Under the terms of the exemptive order, in order for the Company to participate in a co-investment transaction a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching with respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company's stockholders and is consistent with the Company's investment objectives and strategies and certain criteria established by the Board.

*Organization and Offering Costs*

Under the Investment Advisory Agreement and the Administrative Agreement, the Company, either directly or through reimbursements to the Adviser or its affiliates, is responsible for its organization and portfolio offering costs in an amount up to 1.50% of total capital commitments. Prior to the Company's commencement of operations, the Adviser funded the Company's organization and offering costs in the amount of $1.4 million. The Company will have no responsibility for such costs until the Adviser submits such costs, or a portion thereof, for reimbursement, subject to a cap of 1.50% of the Company's total commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the three months ended March 31, 2026 and 2025 the Company accrued organization and offering costs of zero and zero respectively.

*Potential Conflicts of Interest*

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may or may not be in the Company's best interests or in the best interest of the Company's stockholders. The Company's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

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**Note 4. Investments and Fair Value Measurements**

The following table summarizes the composition of the Company's investment portfolio at amortized cost and fair value as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized** | **Percentage of** | **Fair** | **Percentage of** |
|  | **Cost** | **Portfolio** | **Value** | **Portfolio** |
| Senior Secured Loan | $202547 | 96.4% | $191273 | 96.0% |
| Equity/Other | 7494 | 3.6% | 7733 | 3.9% |
| Unsecured Note | 103 | 0.0% | 103 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $210144 | 100.0% | $199109 | 100.0% |

---

The following table summarizes the composition of the Company's investment portfolio at amortized cost and fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized** | **Percentage of** | **Fair** | **Percentage of** |
|  | **Cost** | **Portfolio** | **Value** | **Portfolio** |
| Senior Secured Loan | $193185 | 97.1% | $184702 | 96.7% |
| Equity/Other | 5667 | 2.8% | 6077 | 3.2% |
| Unsecured Note | 103 | 0.1% | 103 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $198955 | 100.0% | $190882 | 100.0% |

---

Generally, under the 1940 Act, the Company would be presumed to "control" a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an "affiliated person" of a portfolio company if it owned 5% or more of its voting securities. As of March 31, 2026 and December 31, 2025, the Company did not control any of its portfolio companies, each as defined in the 1940 Act.

------

The following tables summarize the industry and geographic composition of the Company's investment portfolio based on amortized cost and fair value as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized** | **Percentage of** | **Fair** | **Percentage of** |
| **Industry Classification (1)** | **Cost** | **Portfolio** | **Value** | **Portfolio** |
| Aerospace & Defense | $7379 | 3.5% | $7367 | 3.7% |
| Automobiles | 1927 | 0.9% | 1924 | 1.0% |
| Beverages | 241 | 0.1% | 285 | 0.1% |
| Capital Markets | 4554 | 2.2% | 4538 | 2.3% |
| Chemicals | 1923 | 0.9% | 1922 | 1.0% |
| Commercial Services & Supplies | 4994 | 2.4% | 4944 | 2.5% |
| Communications Equipment | 1020 | 0.5% | 1209 | 0.6% |
| Consumer Staples Distribution & Retail | 2457 | 1.2% | 1840 | 0.9% |
| Diversified Consumer Services | 6849 | 3.3% | 6577 | 3.3% |
| Electrical Equipment | 3492 | 1.7% | 3149 | 1.6% |
| Electronic Equipment, Instruments & Components | 3923 | 1.9% | 3972 | 2.0% |
| Enviornmental Services | 3192 | 1.5% | 3192 | 1.6% |
| Financial Services | 24334 | 11.5% | 25048 | 12.5% |
| Food Products | 11884 | 5.7% | 10976 | 5.5% |
| Health Care Equipment & Supplies | 8027 | 3.8% | 7509 | 3.8% |
| Health Care Providers & Services | 23668 | 11.3% | 24065 | 12.1% |
| Health Care Technology | 2806 | 1.3% | 1999 | 1.0% |
| Hotels, Restaurants & Leisure | 996 | 0.5% | 199 | 0.1% |
| Industrial Conglomerates | 5938 | 2.8% | 5936 | 3.0% |
| Insurance | 6276 | 3.0% | 6319 | 3.2% |
| Interactive Media & Services | 4867 | 2.3% | 4729 | 2.4% |
| IT Services | 8988 | 4.3% | 8964 | 4.5% |
| Leisure Products | 6805 | 3.2% | 7041 | 3.5% |
| Machinery | 1743 | 0.8% | 1016 | 0.5% |
| Personal Care Products | 3909 | 1.9% | 3909 | 2.0% |
| Professional Services | 6043 | 2.9% | 6055 | 3.0% |
| Software | 43414 | 20.6% | 37102 | 18.6% |
| Tech, Hardware, Storage & Peripherals | 4703 | 2.2% | 4311 | 2.2% |
| Trading Companies & Distributors | 2986 | 1.4% | 2995 | 1.5% |
| Transportation Infrastructure | 806 | 0.4% | 17 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $210144 | 100.0% | $199109 | 100.0% |

---

(1)The presentation of this table for the three months ended March 31, 2026 has been conformed to current year presentation to align industry classifications to Global Industry Classification Standard ("GICS") Level 3.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized** | **Percentage of** | **Fair** | **Percentage of** |
|  | **Cost** | **Portfolio** | **Value** | **Portfolio** |
| United States | $210144 | 100.0% | $199109 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $210144 | 100.0% | $199109 | 100.0% |

---

------

The following tables summarize the industry and geographic composition of the Company's investment portfolio based on amortized cost and fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized** | **Percentage of** | **Fair** | **Percentage of** |
| **Industry Classification (1)** | **Cost** | **Portfolio** | **Value** | **Portfolio** |
| Aerospace & Defense | $7421 | 3.7% | $7437 | 3.9% |
| Automobiles | 1957 | 1.0% | 1957 | 1.0% |
| Beverages | 1879 | 0.9% | 1925 | 1.0% |
| Capital Markets | 4552 | 2.3% | 4536 | 2.4% |
| Chemicals | 1715 | 0.9% | 1713 | 0.9% |
| Commercial Services & Supplies | 5004 | 2.5% | 4970 | 2.6% |
| Communications Equipment | 1020 | 0.5% | 1116 | 0.6% |
| Diversified Consumer Services | 4023 | 2.0% | 3835 | 2.0% |
| Financial Services | 21619 | 10.9% | 22135 | 11.6% |
| Electrical Equipment | 3500 | 1.8% | 3176 | 1.7% |
| Electronic Equipment, Instruments & Components | 3927 | 2.0% | 3996 | 2.1% |
| Consumer Staples Distribution & Retail | 2436 | 1.2% | 2144 | 1.1% |
| Food Products | 11833 | 5.9% | 10625 | 5.6% |
| Health Care Equipment & Supplies | 4391 | 2.2% | 3686 | 1.9% |
| Health Care Providers & Services | 20858 | 10.5% | 21286 | 11.3% |
| Health Care Technology | 4091 | 2.1% | 2751 | 1.4% |
| Hotels, Restaurants & Leisure | 996 | 0.5% | 258 | 0.1% |
| Industrial Conglomerates | 5942 | 3.0% | 5945 | 3.1% |
| Insurance | 6287 | 3.2% | 6342 | 3.3% |
| Interactive Media & Services | 9686 | 4.9% | 10118 | 5.3% |
| IT Services | 8974 | 4.5% | 9346 | 4.9% |
| Leisure Products | 6749 | 3.4% | 6966 | 3.6% |
| Machinery | 1739 | 0.9% | 1217 | 0.6% |
| Professional Services | 6040 | 3.0% | 6059 | 3.2% |
| Software | 43393 | 21.7% | 39157 | 20.6% |
| Tech, Hardware, Storage & Peripherals | 4702 | 2.4% | 4442 | 2.3% |
| Trading Companies & Distributors | 3467 | 1.7% | 3473 | 1.8% |
| Transportation Infrastructure | 754 | 0.4% | 271 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $198955 | 100.0% | $190882 | 100.0% |

---

(1)The presentation of this table for the year ended December 31, 2025 has been conformed to current year presentation to align industry classifications to Global Industry Classification

Standard ("GICS") Level 3.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized** | **Percentage of** | **Fair** | **Percentage of** |
|  | **Cost** | **Portfolio** | **Value** | **Portfolio** |
| United States | $198955 | 100.0% | $190882 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $198955 | 100.0% | $190882 | 100.0% |

---

------

The following table details investments in affiliates at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($ in thousands)** | **Type of Investment** | **Industry** | **Affiliate Fair Value as of December 31, 2025** | **Gross Additions** <sup>(5)</sup> | **Gross Reductions** <sup>(5)</sup> | **Net Change in Unrealized Gain/(Loss)** | **Net Realized Gain (Loss)** | **Affiliate Fair Value as of March 31, 2026** | **Affiliate Investment Income** |
| Great Lakes II Funding LLC <sup>(1)(3)(4)</sup> | Equity/Other | Financial Services | $69 | $— | $— | $(3) | $— | $66 | $2 |
| Green Park M-1 Series <sup>(1)(2)(3)(4)</sup> | Equity/Other | Industrials | 439 |  |  | 4 |  | 443 |  |
| GreenPark Infrastructure A Series <sup>(1)(2)(3)</sup> | Equity/Other | Industrials | 100 |  |  | 5 |  | 105 |  |
| Phoenix Aviation | Equity/Other | Aerospace & Defense | 487 | 7 |  | 17 |  | 511 | 8 |
| Princeton Medspa Partners LLC <sup>(1)(2)(3)</sup> | Senior Secured Loans | Professional Services | 1688 | 2 | (5) | (45) |  | 1640 | 59 |
| Princeton Medspa Partners LLC - Preferred <sup>(1)(2)(3)</sup> | Equity/Other | Professional Services | 169 |  |  | (21) |  | 148 |  |
| Princeton Medspa Partners LLC - Put Option <sup>(1)(2)(3)</sup> | Derivatives | Professional Services |  |  |  |  |  |  |  |
| Princeton Medspa Partners LLC - Warrant <sup>(1)(2)(3)</sup> | Equity/Other | Professional Services | 3 |  | (3) |  | 1 | 1 |  |
| EBSC Holdings LLC (Riddell, Inc) <sup>(1)(2)</sup> | Equity/Other | Leisure Products | 1337 | 30 |  | 23 |  | 1390 | 29 |
| Riddell, Inc <sup>(1)(2)(3)(4)</sup> | Senior Secured Loan | Leisure Products | 3384 | 4 | (45) | (5) | 1 | 3339 | 87 |
| **Total Non-controlled affiliates** |  |  | $**7676** | $**43** | $**(53)** | $**(25)** | $**2** | $**7643** | $**185** |

---

(1)Fair value of this investment was determined using significant unobservable inputs.

(2)Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company's outstanding voting securities or is under common control with such portfolio company.

(4)Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 11 for additional information on the Company's commitments and contingencies.

(5)Additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. Reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

The following table details investments in affiliates at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **($ in thousands)** | **Type of Investment** | **Industry** | **Affiliate Fair Value as of December 31, 2024** | **Gross Additions (5)** | **Gross Reductions (5)** | **Net Change in Unrealized Gain/(Loss)** | **Net Realized Gain (Loss)** | **Affiliate Fair Value as of December 31, 2025** | **Affiliate Investment Income** |
| Great Lakes II Funding LLC (1)(3)(4) | Equity/Other | Financial Services | $83 | $84 | $(90) | $(4) | $(4) | $69 | $4 |
| Green Park M-1 Series (1)(2)(3)(4) | Equity/Other | Industrials | 440 |  |  | (1) |  | 439 |  |
| GreenPark Infrastructure A Series (1)(2)(3) | Equity/Other | Industrials | 100 |  |  |  |  | 100 |  |
| Phoenix Aviation | Equity/Other | Aerospace & Defense |  | 523 |  | (36) |  | 487 | 38 |
| Princeton Medspa Partners LLC (1)(2)(3) | Senior Secured Loans | Professional Services | 1392 | 476 | (170) | (16) | 6 | 1688 | 213 |
| Princeton Medspa Partners LLC - Preferred (1)(2)(3) | Equity/Other | Professional Services | 215 |  |  | (46) |  | 169 | 3 |
| Princeton Medspa Partners LLC - Put Option (1)(2)(3) | Derivatives | Professional Services |  |  |  |  |  |  |  |
| Princeton Medspa Partners LLC - Warrant (1)(2)(3) | Equity/Other | Professional Services | 7 |  |  | (4) |  | 3 |  |
| EBSC Holdings LLC (Riddell, Inc) (1)(2) | Equity/Other | Leisure Products | 1187 | 112 |  | 38 |  | 1337 | 112 |
| Riddell, Inc (1)(2)(3)(4) | Senior Secured Loan | Leisure Products | 3568 | 16 | (184) | (18) | 2 | 3384 | 385 |
| **Total Non-controlled affiliates** |  |  | $**6992** | $**1211** | $**(444)** | $**(87)** | $**4** | $**7676** | $**755** |

---

(1)Fair value of this investment was determined using significant unobservable inputs.

(2)Qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.

(3)Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company's outstanding voting securities or is under common control with such portfolio company.

(4)Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company's commitments and contingencies.

(5)Additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or

------

more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. Reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

The following table summarizes the fair value hierarchy of the Company's investment portfolio as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |  |
|  | **Level 1** | **Level 2** | **Level 3** | **NAV** | **Total** |
| Senior Secured Loan | $— | $— | $191273 | $— | $191273 |
| Equity/Other |  |  | 7667 | 66 | 7733 |
| Unsecured Note |  |  | 103 |  | 103 |
| Total | $— | $— | $199043 | $66 | $199109 |

---

The following table summarizes the fair value hierarchy of the Company's investment portfolio as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |  |
|  | **Level 1** | **Level 2** | **Level 3** | **NAV** | **Total** |
| Senior Secured Loan | $— | $— | $184702 | $— | $184702 |
| Equity/Other |  |  | 6008 | 69 | 6077 |
| Unsecured Note |  |  | 103 |  | 103 |
| Total | $— | $— | $190813 | $69 | $190882 |

---

The following is a reconciliation of the Company's investment portfolio for which level 3 inputs were used in determining fair value for the three months ended March 31, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Senior Secured<br>Loan** | **Structured<br>Note** | **Unsecured Note** | **Equity/other** | **Total<br>Investments** | **Forward<br>Contracts** |
| Balance as of January 1, 2026 | $184702 | $— | $103 | $6008 | $190813 | $— |
| Purchases of investments | 26290 |  |  | 1825 | 28115 |  |
| Proceeds from principal repayments and sales of investments | (17029) |  |  |  | (17029) |  |
| Payment in-kind interest income | 351 |  |  |  | 351 |  |
| Net accretion of discounts | 578 |  |  |  | 578 |  |
| Net change in unrealized appreciation (depreciation) on investments | (2792) |  |  | (166) | (2958) |  |
| Net realized gain (loss) on investments | (827) |  |  |  | (827) |  |
| Transfers into level 3 |  |  |  |  |  |  |
| Transfers out of level 3 |  |  |  |  |  |  |
| Balance as of March 31, 2026 | $191273 | $— | $103 | $7667 | $199043 | $— |
| Net change in unrealized appreciation (depreciation) on Level 3 investments still held | $(3920) | $— | $— | $(349) | $(4269) | $— |

---

The following is a reconciliation of the Company's investment portfolio for which level 3 inputs were used in determining fair value for the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Senior Secured<br>Loan** | **Structured<br>Note** | **Unsecured Note** | **Equity/other** | **Total<br>Investments** | **Forward<br>Contracts** |
| Balance as of January 1, 2025 | $125304 | $— | $88 | $4055 | $129447 | $— |
| Purchases of investments | 14445 |  |  | 27 | 14472 |  |
| Proceeds from principal repayments and sales of investments | (4023) |  |  | (2) | (4025) |  |
| Payment in-kind interest income | 447 |  |  |  | 447 |  |
| Net accretion of discounts (amortization of premiums) | 273 |  |  |  | 273 |  |
| Net change in unrealized appreciation (depreciation) on investments | (1345) |  |  | 54 | (1291) |  |
| Net realized loss on investments | 58 |  |  |  | 58 |  |
| Transfers into level 3 |  |  |  |  |  |  |
| Transfers out of level 3 |  |  |  |  |  |  |
| Balance as of March 31, 2025 | $135159 | $— | $88 | $4134 | $139381 | $— |
| Net change in unrealized appreciation (depreciation) on Level 3 investments still held | $(3733) | $— | $— | $(285) | $(4018) | $— |

---

------

The valuation techniques and significant unobservable inputs used in the valuation of level 3 investments as of March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation<br>Technique/<br>Methodology** <sup>(1)</sup> | **Unobservable<br>Input** | **Range<br>(Weighted<br>Average)** |
| Equity/Other | $1000 | Enterprise Valuation | Book Value Multiple | 0.9x |
| Equity/Other | 3381 | Enterprise Valuation | EBITDA Multiple | 1.3x-17.3x (5.3x) |
| Equity/Other | 2130 | Discounted Cash Flows | Market Yield | 10.5%-19.2% (13.5%) |
| Equity/Other | 149 | Market | Option Purchase Price | $408 |
| Equity/Other | 1007 | Market | Broker/Dealer Quotes | N/A |
| Senior Secured Loan | 129449 | Discounted Cash Flows | Market Yield | 2.0% - 19.2% (10.4%) |
| Senior Secured Loan | 14927 | Recent Transaction | Transaction Price | $98-$100 ($98.6) |
| Senior Secured Loan | 38616 | Market | Broker/Dealer Quotes | N/A |
| Senior Secured Loan | 8281 | Enterprise Valuation | EBITDA Multiple | 7x-10.3x (8.7x) |
| Unsecured Note | 103 | Discounted Cash Flows | Market Yield | 16.1% |
| Derivatives |  | Option Pricing Model | Stock Price<br>Time to Exit (years)<br>Volatility | $0.56<br>3.92<br>58.9% |
|  | $199043 |  |  |  |

---

(1)There have been no changes in valuation techniques that have had a material impact on the valuation of financial instruments as of March 31, 2026.

The valuation techniques and significant unobservable inputs used in the valuation of level 3 investments as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** | **Quantitative Information About Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation<br>Technique/<br>Methodology** <sup>(1)</sup> | **Unobservable<br>Input** | **Range<br>(Weighted<br>Average)** |
| Equity/Other | $1848 | Enterprise Valuation | Book Value Multiple | 0.7x-1.7x (1.0x) |
| Equity/Other | 3620 | Enterprise Valuation | EBITDA Multiple | 6.5x-17.5x (9.5x) |
| Equity/Other | 356 | Discounted Cash Flows | Market Yield | 18.2%-19.8% (19.4%) |
| Equity/Other | 12 | Market | Option Purchase Price | $408 |
| Equity/Other | 172 | Option Pricing Model | Stock Price<br>Time to Exit (years)<br>Volatility | $0.56<br>3.92<br>58.9% |
| Senior Secured Loan | 117810 | Discounted Cash Flows | Market Yield | 5.0% - 17.0% (10.2%) |
| Senior Secured Loan | 2244 | Recent Transaction | Transaction Price | $98 |
| Senior Secured Loan | 54415 | Market | Broker/Dealer Quotes | N/A |
| Senior Secured Loan | 9051 | Enterprise Valuation | EBITDA Multiple | 6.0x-9.8x (8.0x) |
| Senior Secured Loan | 911 | Enterprise Valuation | Revenue Multiple | 2.5x |
| Senior Secured Loan | 271 | Option Pricing Model | Stock Price<br>Time to Exit (years)<br>Volatility | $491<br>1<br>49% |
| Unsecured Note | 103 | Discounted Cash Flows | Market Yield | 15.3% |
| Derivatives |  | Option Pricing Model | Stock Price<br>Time to Exit (years)<br>Volatility | $0.56<br>3.92<br>58.9% |
|  | $190813 |  |  |  |

---

(1) There have been no changes in valuation techniques that have had a material impact on the valuation of financial instruments as of December 31, 2025.

------

As of March 31, 2026, the Company's open derivatives were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Counterparty** | **Settlement Date** | **Par** | **Unrealized Appreciation** |
| Princeton Medspa Partners LLC - Put option | Princeton Medspa Partners LLC | 5/31/2029 | 250 | $— |
|  |  |  |  | $**—** |

---

The Company may sell any of the referenced securities in whole or in part to any third-party prior to the settlement date of the derivative contracts without consent of the counterparty. Upon such sale to a third-party, the Company and counterparty shall have no further obligations in respect of that specific amount of referenced security sold.

**Note 5. Borrowings**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% (or 150% if certain conditions are met) after such borrowing. Our Board and initial stockholder have approved our ability to utilize the increased leverage limit, which requires asset coverage of at least 150%. As of March 31, 2026 and December 31, 2025, the Company's asset coverage was 194.3% and 203.3%, respectively.

On December 16, 2019, the Company, through BCPL Funding, entered into a debt financing facility with UBS AG, London Branch ("UBS"), pursuant to which up to $50.0 million will be made available to the Company (the "Facility"). On March 12, 2021, the Facility was amended (the "Second A&R Facility"), pursuant to which the amount made available to the Company was increased from $50.0 million to $75.0 million.

Pursuant to the Facility, the Company sold certain loans in its portfolio to BCPL Funding (the "Initial Loans"), in consideration for certain Class A Notes (the "Class A Notes") issued by BCPL Funding. The Initial Loans secure the obligations of BCPL Funding under the Class A Notes, issued pursuant to an indenture between BCPL Funding and U.S. Bank National Association, as trustee (the "Indenture"). On March 12, 2021, in connection with the Second A&R Facility, BCPL Funding entered into a Supplemental Indenture with the trustee (the "Second A&R Indenture"). The Second A&R Indenture expands the asset eligibility criteria and allows for the issuance of additional Class A Notes. Pursuant to the Second A&R Indenture, BCPL Funding issued additional Class A Notes which were purchased by the Company pursuant to a Subscription Agreement between the Company and BCPL Funding, dated as of March 12, 2021. The obligations of BCPL Funding under the additional Class A Notes are secured by the Portfolio Assets to be sold by the Company to BCPL Funding from time to time pursuant to the A&R Issuer Sale and Contribution Agreement. Principal on the Class A Notes will be due and payable at maturity on December 16, 2029. The Class A Notes do not provide for interest payments. The Indenture contains events of default customary for similar transactions, including: (a) the failure to make principal payments on the Class A Notes at their stated maturity or redemption date or to make payments with respect to expenses due under the Indenture within three business days of when due; (b) an event of default occurs under the Repurchase Agreement (defined below); and (c) BCPL Funding is required to register as an investment company under the 1940 Act.

In connection with the Second A&R Facility, the Company has entered into a Fifth Amended and Restated Confirmation with UBS, dated as of August 25, 2023 (the "Fifth A&R Confirmation"). The Fifth A&R Confirmation is in respect of a repurchase transaction with UBS, which supplements, forms part of, and is subject to the SIFMA/ICMA Global Master Repurchase Agreement (2011 version), dated as of December 12, 2019 and amended on August 14, 2020 (including any annexes thereto, the "GMRA," and such GMRA, as supplemented and evidenced by the Fifth A&R Confirmation, the "Repurchase Agreement"). Pursuant to the Repurchase Agreement, UBS purchased the Class A Notes held by the Company for an aggregate purchase price not to exceed $110.0 million, in connection with the purchase by UBS of the increased funded outstanding principal amount of the Class A Notes held by the Company. Such increases in the purchase price under the Repurchase Agreement are conditioned upon the satisfaction of certain criteria with respect to the characteristics and total value of the Portfolio Assets held by BCPL Funding, and composition of the Portfolio Assets, in each case as set forth in the Second A&R Indenture, among others, which criteria are customary for similar transactions. The scheduled Repurchase Date under the Fifth A&R Confirmation was December 19, 2024. On December 5, 2024 under the Sixth A&R Confirmation the Scheduled Repurchase Date was extended to January 21, 2025, and on January 10, 2025 under the Seventh A&R Confirmation the Scheduled Repurchase Date was extended to February 14, 2025. The financing fee under the Facility is equal to Term SOFR plus a spread of 2.91161% per year for the relevant period. Pursuant to the Repurchase Agreement, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other requirements customary for similar transactions. In addition to customary events of default included in similar transactions, the Repurchase Agreement also contains the following events of default, among others: (a) the failure to pay the repurchase price upon the applicable payment dates; (b) the failure to make a voluntary contribution of cash to BCPL Funding if the settlement for the commitment the Company made for the voluntary contribution of Portfolio Assets under the Contribution Agreement does not occur, each within the periods as set forth in the Repurchase Agreement, caused by negative changes in the value or composition of the Portfolio Assets that result in a failure to satisfy the criteria with respect thereto set forth in the Indenture; (c) the occurrence of an act by the Company that constitutes fraud or criminal negligence in respect of its investment activity pursuant to the Collateral Management Agreement; and (d) any officer or employee of the Company who has direct responsibility for the management of the Portfolio Assets is indicted for any act constituting fraud or criminal negligence in respect of investment activity and such person fails to be removed from such person's managing the Portfolio Assets within the period as set forth in the Collateral Management Agreement.

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On February 14, 2025, BCPL Funding, a Cayman Islands exempted company with limited liability and wholly owned subsidiary of the Company, entered into the Revolving Credit Facility with DB. The maximum commitment amount under the Revolving Credit Facility is $100,000,000, with the ability to increase to $200,000,000 prior to the third-month anniversary of the effective date of the Revolving Credit Facility. On May 12, 2025, the Company increased the commitment amount under the Revolving Credit Facility to $125,000,000. Proceeds of the borrowings under the Revolving Credit Facility may be used, among other things, to (i) pay off existing indebtedness under BCPL Funding's repurchase facility with UBS AG, London Branch, (ii) fund portfolio investments and (iii) make advances under revolving loans where BCPL Funding is a lender. Borrowings under the Revolving Credit Facility accrue interest at a rate per annum equal to three-month term SOFR, plus an applicable margin of (x) prior to the end of the Revolving Period (as defined below), 2.10% per annum and (y) from and after the end of the Revolving Period, 2.30% per annum. BCPL Funding pays a commitment fee of 0.25% per annum on the average daily unused amount of the commitments under the Revolving Credit Facility, depending on the percentage of unused commitments under the Revolving Credit Facility, and certain other fees as agreed between BCPL Funding and DB.

The period during BCPL Funding may make borrowings under the Revolving Credit Facility expires on February 14, 2028 (the "Revolving Period"), and the Revolving Credit Facility will mature and all amounts outstanding must be repaid by February 14, 2030.

The Company had provided a make-whole guarantee to the lender in the event that the pledged assets were insufficient to satisfy the repayment of the Facility.

Debt obligations consisted of the following as of March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Total<br>Aggregate<br>Borrowing<br>Capacity** | **Total<br>Principal<br>Outstanding** | **Less<br>Deferred<br>Financing<br>Costs** | **Amount per<br>Consolidated<br>Statements of<br>Assets and<br>Liabilities** |
| Credit Facility | $125000 | $106000 | $(1664) | $104336 |
| **Total Debt** | $125000 | $106000 | $(1664) | $104336 |

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Debt obligations consisted of the following as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Total<br>Aggregate<br>Borrowing<br>Capacity** | **Total<br>Principal<br>Outstanding** | **Less<br>Deferred<br>Financing<br>Costs** | **Amount per<br>Consolidated<br>Statements of<br>Assets and<br>Liabilities** |
| Credit Facility | $125000 | $100000 | $(1361) | $98639 |
| **Total Debt** | $125000 | $100000 | $(1361) | $98639 |

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Given the nature of the Facility, which can repaid at any time, the Company concluded that the outstanding principal balance of the Facility approximates fair value. The fair value of the Facility would be categorized as Level 3.

For the three months ended March 31, 2026 and 2025 the components of interest expense were as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest expense | $1535 | $1329 |
| Amortization of deferred financing and debt issuance costs | 97 | 52 |
| **Total Interest Expense** | $1632 | $1381 |
| Average debt outstanding | 100067 | 75044 |
| Weighted average interest rate | 6.5% | 7.4% |

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**Note 6. Share Transactions**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Company is authorized to issue 1,000,000,000 shares of common stock at $0.001 par value per share.

On April 10, 2018, the Company issued 4,000 shares of common stock to an affiliate of the Adviser for aggregate proceeds of $100,000.

The Company has entered into subscription agreements (the "Subscription Agreements") with investors, including the Adviser and its affiliates, providing for the private placement of shares of the Company's common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase shares of the Company's common stock up to the amount of their respective capital commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors with a minimum of 10 business days prior notice. As of March 31, 2026 and December 31, 2025, the Company had received capital commitments totaling $110.2 million and $110.2 million, respectively.

There were no capital drawdowns during the three months ended March 31, 2026 and 2025.

*Distributions*

The Company may fund its cash distributions to stockholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, distributions paid to the Company on account of preferred and common equity investments in portfolio companies and expense reimbursements from the Adviser, which are subject to recoupment. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company's distributions may exceed its taxable earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a stockholder's investment rather than a return of earnings or gains derived from the Company's investment activities.

The following tables summarizes the distribution declarations for the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount<br>Per Share** | **Distributions<br>Declared** |
| March 4, 2026 | March 11, 2026 | March 18, 2026 | $0.42 | $2201 |
| **Total distributions declared** |  |  | $0.42 | $2201 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Amount<br>Per Share** | **Distributions<br>Declared** |
| March 12, 2025 | March 17, 2025 | March 31, 2025 | $0.52 | $1754 |
| **Total distributions declared** |  |  | $0.52 | $1754 |

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With respect to distributions, we have adopted an "opt out" dividend reinvestment plan ("DRP") for common stockholders. As a result, in the event of a declared distribution, each shareholder that has not "opted out" of the DRP will have their distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following tables reflect the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares** |
| March 4, 2026 | March 11, 2026 | March 18, 2026 | 19773 |
| **Total shares issued** |  |  | 19773 |

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares** |
| March 12, 2025 | March 17, 2025 | March 31, 2025 | 21267 |
| **Total shares issued** |  |  | 21267 |

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**Note 7. Earnings Per Share**

The following table sets forth the computation of basic and diluted earnings per common stock for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Increase in net assets resulting from operations per share - basic and diluted | $(1463) | $429 |
| Weighted average shares of common stock outstanding - basic and diluted | 5243714 | 3372440 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $(0.28) | $0.13 |

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**Note 8. Financial Highlights**

The following is a schedule of financial highlights for the three months ended March 31, 2026, and 2025:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Per share data:** |  |  |
| Net asset value, beginning of period | $19.71 | $20.74 |
| Results of operations: |  |  |
| &nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.44 | 0.49 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) <sup>(6)</sup> | (0.72) | (0.36) |
| Net increase (decrease) in net assets resulting from operations <sup>(1)</sup> | (0.28) | 0.13 |
| Stockholder distributions: <sup>(2)</sup> |  |  |
| &nbsp;&nbsp;Distributions from net investment income | (0.42) | (0.52) |
| Net decrease in net assets resulting from stockholder distributions | (0.42) | (0.52) |
| Net asset value, end of period <sup>(8)</sup> | $19.01 | $20.35 |
| Shares outstanding, end of period | 5260445 | 3393473 |
| Total return based on net asset value <sup>(3)</sup> | -1.5% | 0.6% |
| **Ratio/Supplemental Data:** |  |  |
| Net assets, end of period | $100003 | $69042 |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 10.4% | 10.9% |
| Ratio of total expenses to average net assets <sup>(5)</sup> | 11.3% | 13.3% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 11.3% | 13.3% |
| Average debt outstanding | $100067 | $75044 |
| Portfolio turnover | 8.8% | 3.1% |
| Total amount of senior securities outstanding | $106000 | $77000 |
| Asset coverage per unit <sup>(7)</sup> | $1943 | $1897 |
| Total committed capital, end of period | $110205 | $73940 |
| Ratio of total contributed capital to total committed capital, end of period | 100.0% | 100.0% |

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(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions reflects the actual amount of distributions paid during the period.

(3)Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company's dividend reinvestment plan divided by the beginning net asset value per share. Total return is not annualized.

(4)The computation of average net assets during the period is based on averaging net assets for the period reported and the percentages are annualized.

(5)The computation of average net assets during the period is based on averaging net assets for the period reported and the percentages are annualized.

(6)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company's shares in relation to changes in net asset value during the period.

(7)Asset coverage per unit is the ratio of the carrying value of the Company's consolidated total assets, less liabilities and indebtedness not represented by senior

securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of

indebtedness and is calculated on a consolidated basis.

(8)Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the year or period and certain per share data on shares outstanding as of a year or period end or transaction date.

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**Note 9. Commitments and Contingencies**

The Company enters into contracts that contain a variety of indemnification provisions. The Company's maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company's existing contracts and expects the risk of loss to the Company to be remote.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company's rights under contracts with its portfolio companies. As of March 31, 2026, the Company is not aware of any pending or threatened litigation.

The Adviser and its affiliates have incurred organization and offering costs and operating expenses on behalf of the Company in the amount of approximately $1.4 million and $1.2 million, respectively, from December 22, 2017 (inception) to October 2, 2019 (commencement of operations). The Company will have no responsibility for any organization and offering costs, nor operating expenses funded by the Adviser prior to the commencement of operations until the Adviser submits such costs, or a portion thereof, for reimbursement, subject to a cap of 1.50% of the Company's total commitments for organization and offering costs and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the period from October 2, 2019 (commencement of operations) through March 31, 2026, the Company accrued organization and offering costs of $0.0 million and recognized operating expenses funded by the Adviser prior to the Company's commencement of operations of $1.2 million. As of December 31, 2025, the Company's unexpensed organization and offering costs associated with the commencement of operations have expired and are no longer reimbursable by the Company.

The Company may, from time to time, enter into commitments to fund investments. As of March 31, 2026 and December 31, 2025, the Company had the following outstanding commitments to fund investments in current portfolio companies:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment** | **March 31, 2026** | **December 31, 2025** |
| 13 Scents Inc. | Senior Secured Loan | $571 | $— |
| Accordion Partners LLC | Senior Secured Loan | 928 | 928 |
| Beta Plus Technologies, Inc | Senior Secured Loan | 525 | 368 |
| Datalink, LLC | Senior Secured Loan | 120 |  |
| DCERT Buyer, Inc | Senior Secured Loan | 128 | 128 |
| Denali Intermediate Holdings | Senior Secured Loan | 509 | 509 |
| Great Lakes II Funding LLC | Equity/Other | 23 | 23 |
| HR Pharmaceuticals Inc. | Senior Secured Loan | 1491 |  |
| LeadVenture Inc | Senior Secured Loan | 950 | 951 |
| Metrc, Inc | Senior Secured Loan | 1634 | 1634 |
| Middle West Spirits LLC | Equity/Other |  | 500 |
| Morae Global Inc | Senior Secured Loan | 1344 | 1344 |
| Newbury Franklin Industrials LLC | Senior Secured Loan | 426 | 426 |
| PMA Parent Holdings LLC | Senior Secured Loan | 418 | 418 |
| Princeton Medspa Partners LLC | Senior Secured Loan | 339 | 339 |
| SePRO Corporation | Senior Secured Loan | 42 | 252 |
| SeQuel Response LLC | Senior Secured Loan | 100 | 100 |
| Shepherd Intermediate LLC | Senior Secured Loan | 1592 | 1592 |
| Spark Buyer LLC | Senior Secured Loan | 1429 | 1429 |
| Spinrite Inc. | Senior Secured Loan | 263 | 328 |
| Tactical Air Support, Inc | Senior Secured Loan | 571 | 571 |
| Tank Holding Corp Revolver | Senior Secured Loan | 68 | 68 |
| VBC Spine Opco LLC | Senior Secured Loan | 314 |  |
| Wealth Enhancement Group | Senior Secured Loan | 337 | 337 |
| Wildland Ventures Intermediate Inc. | Senior Secured Loan | 1808 |  |
| **Total Unfunded Portfolio Company Commitments** | **Total Unfunded Portfolio Company Commitments** | $15930 | $12245 |

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The Company maintains sufficient capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund.

**Note 10. Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The Chief Operating Decision Maker ("CODM") is the Company's chief executive officer, and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase in net assets resulting from operations ("net income"). Net income is comprised of total investment income ('segment revenues') and total expenses ('significant segment expenses'), which are considered the key segment

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measures of profit or loss reviewed by the CODM. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company's stockholders, implementing investment policy decisions, strategic initiatives, managing the Company's portfolio, allocating assets, and assessing the performance of the portfolio. As the Company's operations are comprised solely of the Investment Management Segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as "total assets" and the significant segment expenses are listed on the accompanying consolidated statement of operations.

**Note 11. Subsequent Events** 

On May 6, 2026, the Board declared a quarterly distribution of $0.44 per share payable on May 20, 2026 to stockholders of record as of May 13, 2026.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

(amounts in thousands, except share and per share data, percentages and as otherwise indicated; for example, with the word "million" or otherwise)

*The information contained in this section should be read in conjunction with the consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report. This discussion includes forward-looking statements that involve substantial risks and uncertainties and should be read in conjunction with the "Cautionary Statement Regarding Forward-Looking Statements" set forth in this Quarterly Report on Form 10-Q for further information regarding forward-looking statements. Except as otherwise indicated, the terms "we," "us," "our," the "Company" and "BCPL" refer to BC Partners Lending Corporation.*

**Overview**

The Company was incorporated under the laws of the State of Maryland on December 22, 2017. We have elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and as a regulated investment company ("RIC") for U.S. federal income tax purposes, and we intend to qualify annually as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a BDC and a RIC, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in "qualifying assets," source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our investment company taxable income and net tax-exempt income. Qualifying assets include investments in "eligible portfolio companies." Under the relevant Securities and Exchange Commission ("SEC") rules, the term "eligible portfolio company" includes most private companies, whose principal place of business is the United States, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million. These rules also permit us to include as qualifying assets certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. In addition, we will not invest more than 30% of our total assets in companies whose principal place of business is outside the United States. The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and the Company is taking advantage of the extended transition period for complying with certain new or revised accounting standards provided for emerging growth companies in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act").

Our investment objective is to make investments that generate current income and, to a lesser extent, capital appreciation. We intend for our investments primarily to take the form of debt investments, which may include secured debt, unsecured debt, other debt and/or equity in private middle-market companies (we define "middle-market companies" as those with annual earnings before interest, taxes, depreciation and amortization ("EBITDA") between $10 million and $50 million). In addition, to a lesser extent, we may invest in the securities of public companies and in structured products. While our primary focus will be on investments within the United States, we may, on occasion, invest in securities of non-U.S. entities. The first lien term loans may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and/or mezzanine debt ("Junior Debt"). Unitranche loans will expose us to the risks associated with first lien loans and Junior Debt. While there is no specific collateral associated with senior unsecured debt, such positions are senior in payment priority over subordinated debt investments.

Our portfolio may include "covenant-lite" loans which generally refer to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent we invest in "covenant-lite" loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

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We are managed by BC Partners Advisors L.P. (the "Adviser") and supervised by our board of directors (the "Board"), a majority of whom are not "interested persons" of the Company or the Adviser as defined in the 1940 Act. On April 23, 2018, we entered into an Investment Advisory Agreement which was amended and restated on November 7, 2018 and further amended on July 9, 2019 (the "Investment Advisory Agreement") with the Adviser. On November 5, 2025, the Board unanimously approved the renewal of the Investment Advisory Agreement for a period of twelve months, commencing on November 6, 2025. Under the Investment Advisory Agreement, we have agreed to pay the Adviser a base management fee based on average gross assets, excluding cash and cash equivalents but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters and an incentive fee based on our performance. We engaged BC Partners Management LLC (the "Administrator") to act as our administrator. On April 23, 2018, we entered into an Administration Agreement (the "Administration Agreement") with the Administrator. Under the Administration Agreement, we have agreed to reimburse the Administrator for certain services performed to enable us to operate. The Administration Agreement was most recently approved on November 5, 2025.

On October 25, 2019, we formed a wholly-owned subsidiary, Great Lakes BCPL Funding Ltd. ("BCPL Funding"), a Cayman Islands exempted company with limited liability, which holds certain of our portfolio loan investments. On December 16, 2019, and amended on March 12, 2021, we, through BCPL Funding, entered into a debt financing facility, as amended on March 12, 2021; April 8, 2022; October 11, 2022; August 25, 2023; December 5, 2024; and January 10, 2025, pursuant to which up to $110 million is available to us to fund investments and for other general corporate purposes (the "Facility"). The Facility matured on its own terms on February 14, 2025.

On January 28, 2020, we formed a wholly-owned subsidiary, BCPL Sub Holdings LLC, a Delaware limited liability company, which holds our equity investment.

On February 14, 2025, BCPL Funding entered into a revolving credit facility (the "Revolving Credit Facility") with Deutsche Bank AG, New York Branch ("DB"), as facility agent. The maximum commitment amount under the Revolving Credit Facility is $100,000,000, with the ability to increase to $200,000,000. On May 12, 2025, the Company increased the commitment amount under the Revolving Credit Facility to $125,000,000. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources-Debt" below.

*Business Environment and Developments/Outlook*

Inflation has remained elevated in the U.S. and globally, resulting in a tightening of monetary policy in the United States. Inflation may continue in the near to medium-term. Certain of our portfolio companies may be impacted by inflation and elevated interest rates and persistent inflationary pressures could negatively affect our portfolio companies' profit margins. Elevated interest rates may have a negative impact on us and BDCs generally. For example, high interest rates may make it more difficult for our portfolio companies to service their obligations under the debt investments that we hold, and could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Further, to the extent we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, high market interest rates may have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could also reduce our net investment income. The year ended December 31, 2025 and the beginning of 2026 have been characterized by continued volatility in global markets, driven by investor concerns over inflation, rising interest rates, slowing economic growth, political and regulatory uncertainty and geopolitical conditions. Significant market dislocation, particularly in the financial sector, could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

Geopolitical instability also continues to pose risk. In particular, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or the conflicts in Eastern Europe or the Middle East, could lead to disruption, instability and volatility in the global markets. Unfavorable economic conditions would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events may limit our investment originations, and limit our ability to grow and could have a material negative impact on our operating results, financial condition, results of operations and cash flows and the fair values of our debt and equity investments.

We are required to carry our investments at fair value as determined in good faith by the Adviser in its role as "valuation designee" of the Company. Decreases in fair values of our investments are recorded as unrealized depreciation. Depending on market conditions, we could incur substantial losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations.

We have had a decrease to our net asset value per share since December 31, 2025 which is primarily the result of a decrease in the mark to market of our investment portfolio, predominately driven by our liquid portfolio during the period.

We are permitted under the 1940 Act, as a BDC, to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. In addition, our outstanding borrowings contain affirmative and negative covenants and events of default relating to minimum stockholders' equity, minimum obligors' net worth, minimum asset coverage, minimum liquidity and maintenance of RIC and BDC status, as well as cross-default provisions relating to other indebtedness.

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As of March 31, 2026, we are in compliance with our asset coverage requirements under the 1940 Act and we are in compliance with all of the covenants pertaining to all of our borrowings. However, any continued increase in unrealized depreciation of our investment portfolio or further significant reductions in our net asset value increases the risk of breaching the relevant covenants, including those relating to minimum stockholders' equity, minimum obligor net worth, and minimum asset coverage. If we fail to satisfy the respective covenants in our borrowings, or are unable to cure any event of default or obtain a waiver from the lender, it could result in foreclosure by the lenders under the credit facility, which would accelerate our repayment obligations under the facility and thereby have a material adverse effect on our business, liquidity, financial condition, results of operations and ability to pay distributions to our stockholders.

As of March 31, 2026, our Adviser approved the fair value of our investment portfolio in good faith in accordance with our valuation procedures, with input from third-party valuation firms based on information available at the time of approval.

*Subscription Agreement*

We are authorized to issue 1,000,000,000 shares of common stock at $0.001 par value per share.

We have entered into subscription agreements (the "Subscription Agreements") with investors providing for the private placement of shares of our common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase shares of our common stock up to the amount of their respective capital commitment on an as-needed basis each time we deliver a drawdown notice to our investors with a minimum of 10 business days prior notice. Our initial private offering closed on September 26, 2019 (the "Initial Closing Date").

As of March 31, 2026 and December 31, 2025, we had received capital commitments totaling $110.2 million and $110.2 million, respectively.

There were no capital drawdowns during the three months ended March 31, 2026 and 2025.

*Liquidity*

In April 2020, the Company submitted to the SEC an application for exemptive relief intended, if granted, to provide investors with liquidity options with respect to their investments in shares of the Company's common stock. In August 2022, the SEC Staff informed the Company that it did not intend to grant the Company's application at the current time, and the Company withdrew its application. The Board continues to consider alternative means of liquidity for the Company's stockholders, including potentially listing the shares of the Company on a national securities exchange or commencing periodic repurchase or tender offers in the future (a "Liquidity Action").

The Company will wind down its operations within ten years after the Initial Closing Date, unless the Board and/or stockholders determine to take a Liquidity Action.

**Our Investment Framework**

We are a Maryland corporation organized to invest primarily in private middle-market companies in the form of secured debt, unsecured debt, other debt and/or equity securities. Our investment objective is to make investments that generate current income and, to a lesser extent, capital appreciation. We define "middle-market companies" as those with EBITDA between $10 million and $50 million.

As of March 31, 2026 and December 31, 2025, the average investment size in each of our portfolio companies was approximately $3.0 million and $3.1 million, respectively, based on fair value.

**Key Components of Our Results of Operations**

*Investments*

We focus primarily on the direct origination and syndication of loans to middle-market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital generally available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce certain levels of investments through partial sales or syndication to additional investors.

We may invest up to 30% of the investment portfolio in "non-qualifying" opportunistic investments, including investments in high-yield bonds, debt and equity securities of collateralized loan obligation funds, foreign investments, joint ventures, managed funds, partnerships and distressed debt or debt and equity securities of large cap public companies. At March 31, 2026 and December 31, 2025, the total amount of non-qualifying assets as a percentage of total assets was approximately 1.5% and 1.2%, respectively.

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*Revenues*

The principal measure of our financial performance is net increase or decrease in net assets resulting from operations, which includes net investment income or loss, net realized gain or loss on investments, net realized gain or loss on foreign currency, net change in unrealized appreciation or depreciation on investments, and net change in unrealized appreciation or depreciation on foreign currency. Net investment income or loss is the difference between our income from interest, distributions, fees and other investment income and our operating and other expenses. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost, including the respective realized gain or loss on foreign currency for any non-U.S. dollar denominated investment transactions. Net realized gain or loss on foreign currency is the portion of realized gain or loss attributable to foreign currency fluctuations. Net change in unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized appreciation or depreciation on foreign currency for any non-U.S. dollar denominated investments. Net change in unrealized appreciation or depreciation on foreign currency is the net change in the value of receivables or accruals due to the impact of foreign currency fluctuations.

We principally generate revenues in the form of interest income on the debt investments we hold. Our debt investments typically have a term of three to ten years, and bear interest at a floating rate usually determined on the basis of a benchmark, such as the Secured Overnight Financing Rate ("SOFR"), or an alternate base rate, such as the Prime Rate. Interest on debt securities is generally payable quarterly or semi-annually. In addition, some of our investments may provide for PIK interest. Such amounts of accrued PIK interest are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. To a lesser extent, we may also generate revenues in the form of distributions and other distributions on the equity or other securities we anticipate holding. In addition, we may generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees. Any such fees generated in connection with our investments will be recognized when earned.

*Expenses*

Our primary operating expenses include the payment of management and incentive fees, if any, and other expenses under the Investment Advisory Agreement, interest expense from financing arrangements, and other expenses necessary for our operations. The management and incentive fees will compensate the Adviser for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.

We reimburse the Administrator for expenses necessary to perform services related to our administration and operations, including the Adviser's portion of the compensation and related expenses for certain personnel who provide administrative services. Such services include, among other things, clerical, bookkeeping and recordkeeping services, investor relations, performing or overseeing the performance of our corporate operations (which includes being responsible for the financial records that we are required to maintain and preparing reports for our stockholders and reports filed with the SEC), assisting us in calculating the net asset value per share, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our stockholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.

We will also bear all other costs and expenses of our operations, administration and transactions, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of our organization and the offering, subject to a cap of 1.50% of the Company's total capital commitments, and further bound by a time limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of calculating our net asset value, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of effecting any sales and repurchases of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses payable under any dealer manager or placement agent agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•debt service and other costs of borrowings or other financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent directors' fees and expenses including certain travel expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation of the foregoing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to stockholders (including printing and mailing costs), the costs of any stockholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•research and market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fidelity bond, directors' and officers' errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with independent audits, outside legal and consulting costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of winding up our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extraordinary expenses (such as litigation or indemnification); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We and our Administrator have contracted with U.S. Bank N.A. to provide custodial and various accounting and administrative services, including but not limited to, preparing preliminary financial information for review by the Adviser, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing in respect to RIC compliance.

We expect that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

*Leverage*

The amount of leverage we intend to use in any period depends on a number of factors, including cash on-hand available for investing, the cost of financing and general economic and market conditions. Prior to the Small Business Credit Availability Act being signed into law, a BDC generally was not permitted to incur indebtedness unless immediately after such borrowing it has an asset coverage for total borrowings of at least 200%. The Small Business Credit Availability Act, signed into law on March 23, 2018, contains a provision that grants a BDC the option, subject to certain conditions and disclosure obligations, to reduce the asset coverage requirement to 150%. Our Board and initial stockholder have approved the decreased asset coverage ratio.

**Portfolio and Investment Activity**

As of March 31, 2026 we had investments in 67 portfolio companies with an aggregate fair value of $199.1 million. For the three months ended March 31, 2026, we invested $28.1 million in 9 portfolio companies and received principal repayments of $17.0 million. As of March 31, 2026, our portfolio was invested 96.0% in first-lien investments and 4.0% in other investments. As of March 31, 2026, the average investment size in each of our portfolio companies was approximately $3.0 million based on fair value.

As of March 31, 2025 we had investments in 51 portfolio companies with an aggregate fair value of $139.4 million. For the three months ended March 31, 2025, we invested $14.5 million in 5 portfolio companies and sold and received principal repayments of $5.4 million. As of March 31, 2025, our portfolio was invested 96.9% in first-lien investments and 3.1% in other investments. As of March 31, 2025, the average investment size in each of our portfolio companies was approximately $2.7 million based on fair value.

Our investment activity for the three months ended March 31, 2026 and 2025 was as follows (information presented herein is at par value unless otherwise indicated):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Investments made in portfolio companies | $28116 | $14472 |
| Investments sold | (1702) | (4025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment activity before investments repaid | 26414 | 10447 |
| Investments repaid | (15328) | (1413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment activity | $11086 | $9034 |
| Portfolio companies at beginning of period | 62 | 51 |
| New portfolio companies | 6 | 3 |
| Exited portfolio companies | (1) | (3) |
| Portfolio companies at end of period | 67 | 51 |
| Number of investments made in existing portfolio companies | 3 | 2 |
| **Percentage of investment commitments at floating rates** | 95.2% | 93.0% |
| **Percentage of investment commitments at fixed rates** | 4.8% | 7.0% |
| **Weighted average contractual interest rate of investment commitments based on par** | 9.9% | 9.7% |

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As of March 31, 2026 and December 31, 2025, our investments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| Senior Secured Loan | $202547 | $191273 | $193185 | $184702 |
| Equity/Other | 7494 | 7733 | 5667 | 6077 |
| Unsecured Note | 103 | 103 | 103 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $210144 | $199109 | $198955 | $190882 |

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The following table shows the fair value of our performing and non-accrual investments as of March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Performing | $195014 | 97.9% | $185568 | 97.2% |
| Non-accrual | 4095 | 2.1% | 5314 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $199109 | 100.0% | $190882 | 100.0% |

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**Results of Operations**

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

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Investment income | $5480 | $4171 |
| Net expenses | 3154 | 2509 |
| Net investment income | 2326 | 1662 |
| Net realized and unrealized gain (loss) | (3789) | (1233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $(1463) | $429 |
| Net investment income per share | $0.44 | $0.49 |
| Net increase in net assets resulting from operations per share | $(0.28) | $0.13 |

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*Investment Income*

We generate revenue in the form of interest income on the debt securities that we own, distribution income on any common or preferred stock that we own, and fees generated from the structuring of new deals. Our investments in debt securities will typically have loan maturities of three to ten years and bear interest at a fixed or floating rate.

As of March 31, 2026, our portfolio, based on fair value, consisted of 96.0% senior secured loans and 4.0% other investments. As of December 31, 2025, our portfolio, based on fair value, consisted of 96.7% first-lien debt investments and 3.3% other investments. As of March 31, 2026, we had investments in 67 portfolio companies, with an average investment size of approximately $3.0 million based on fair value. As of December 31, 2025, we had investments in 62 portfolio companies, with an average investment size of approximately $3.1 million based on fair value. As of March 31, 2026 and December 31, 2025, the largest single investment in a single portfolio company based on fair value represented 3.0% and 3.6%, respectively, of our total investment portfolio. As of March 31, 2026 and December 31, 2025, 95.2% and 95.2%, respectively, of the debt investments based on fair value in our portfolio were at floating rate.

As of March 31, 2026, all of our loan agreements with portfolio companies as well as our credit facilities either include fallback language to address a LIBOR replacement or such agreements have been amended to no longer utilize LIBOR as a factor in determining the interest rate.

Investment income for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest income | $5353 | $4126 |
| Fee and other income | 127 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | $5480 | $4171 |
| Weighted average contractual interest rate on income producing debt investments at par | 9.9% | 9.7% |
| Weighted average contractual interest rate on income producing debt investments (adjusted for non-accrual and partial non-accrual) at par | 9.6% | 9.4% |

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For the three months ended March 31, 2026 and 2025, we have generated interest income of $5.4 million and $4.1 million respectively. Such revenues represent cash interest earned as well as non-cash portions relating to accretion of discounts. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized.

The level of interest income we receive is generally related to the principal balance of income-producing investments, multiplied by the contractual interest rates of our investments. Fee income is transaction based, and typically consists of amendment and consent fees, prepayment fees, structuring fees and other non-recurring fees. As such, fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees. Any such fees generated will be recognized as earned. We expect the dollar amount of interest and any distribution income that we earn to increase as the size of our investment portfolio increases.

*Expenses*

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

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Management fees | $492 | $340 |
| Incentive fees | 406 | 290 |
| Administrative fees | 169 | 151 |
| Interest and debt expenses | 1632 | 1381 |
| Audit fees | 60 | 60 |
| Legal fees | 110 | 120 |
| Professional fees | 120 | 81 |
| Directors' fees | 50 | 38 |
| Other expenses | 115 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | $3154 | $2509 |

---

Total expenses were $3.2 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively. Management fees were $0.5 million and $0.3 million, for the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026 and 2025, we incurred $1.6 million and $1.4 million, respectively, of interest and debt expenses related to our facility. For the three months ended March 31, 2026 and 2025, legal fees were $0.1 million and $0.1 million, respectively.

We expect our operating expenses related to our ongoing operations to increase in the next several quarters because of the anticipated growth in the size of our asset base. We expect operating expenses as a percentage of our total assets to decrease during periods of asset growth.

*Net Realized and Unrealized Gains or Losses*

Our investments are generally purchased at a discount to par. We sold and received principal repayments of $17.0 million, during the three months ended March 31, 2026, from which we realized net losses totaling $(0.8) million. We sold and received principal repayments of $5.4 million during the three months ended March 31, 2025, from which we realized net gains totaling $0.0 million. We recognized gains on partial principal repayments we received at par value. For the three months ended March 31, 2026 and March 31, 2025, the net change in unrealized appreciation (depreciation) on investments totaled $(2.9) million and $(1.3) million, respectively. The change in unrealized appreciation/depreciation on investments during the three months ended March 31, 2026, was primarily due to the interest rate environment and pressure on the software industry.

*Net Increase in Net Assets Resulting from Operations*

For the three months ended March 31, 2026 and 2025 the net increase (decrease) in net assets resulting from operations was $(1.5) million and $0.4 million or $(0.28) per share and $0.13 per share, respectively.

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**Financial Condition, Liquidity and Capital Resources**

Our liquidity and capital resources are generated from the net proceeds of capital drawdowns of our private placement offerings of shares of our common stock, as well as from proceeds from principal repayments, income earned on investments and cash equivalents, and borrowings from the Facility. We intend to continue to generate cash primarily from future offerings of shares of our common stock, future borrowings and cash flows from operations. We may from time to time enter into additional debt facilities or increase the size of existing facilities to borrow funds to make investments, including before we have fully invested the net proceeds from our private placement offering, to the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board determines that leveraging our portfolio would be in our best interests and the best interests of our stockholders. In accordance with the 1940 Act, with certain limited exceptions, we are allowed to incur borrowings, issue debt securities or issue preferred stock if immediately after the borrowing or issuance our ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2026, our asset coverage ratio was 194.3%. We seek to carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity including our financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation under the 1940 Act and the asset coverage limitation under our credit facility to cover any outstanding unfunded commitments we are required to fund.

The primary uses of cash, including the net proceeds from our issuance and sale of our common stock, are for investments in portfolio companies, repayment of indebtedness, if any, cash distributions to our stockholders, and the cost of operations. Since our inception, the Adviser and its affiliates have incurred organization and offering costs on our behalf in the amount of $1.4 million. All organization and offering costs, and operating expenses prior to our commencement of operations were funded by the Adviser and we will not have responsibility for such costs until the Adviser submits such costs or a portion thereof for reimbursement, subject to a cap of 1.50% of our total capital commitments for organization and offering costs and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the three months ended March 31, 2026 and 2025, the Company accrued organization and offering costs of zero and zero, respectively.

As of March 31, 2026, we had $6.0 million in cash and cash equivalents on hand, plus $19.0 million available to us under our borrowing facility, which is expected to be sufficient for our investing activities and to conduct our operations in the foreseeable future. In the event of a sustained market deterioration, we may need additional liquidity, which would require us to evaluate available alternatives and take appropriate actions.

*Equity* 

We are authorized to issue 1,000,000,000 shares of common stock at $0.001 par value per share. As of March 31, 2026, we had 5,260,445 shares outstanding.

As of March 31, 2026, we had received capital commitments totaling $110.2 million, all of which as been called and funded. On October 2, 2019, pursuant to the Subscription Agreements, we delivered our first capital drawdown notice to investors relating to the issuance of 842,554 common stock for an aggregate offering price of $21.1 million, of which $10.8 million is from the Adviser and its affiliates, executives and employees of the Adviser, and directors of the Company.

There were no capital drawdowns during the three months ended March 31, 2026 and 2025.

*Distributions and Distribution Reinvestment* 

We have elected to be taxed as a RIC under Subchapter M of the Code. To maintain our RIC status, we must distribute on an annual basis at least 90% of our investment company taxable income (i.e. ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) and net tax-exempt income out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we currently intend to distribute during each calendar year an amount at least equal to the sum of (1) 98% of our ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and net capital gains for preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We maintain an "opt out" dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, then stockholders' cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically "opt out" of the dividend reinvestment plan so as to receive cash distributions.

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We may distribute taxable distributions that are payable in part in our common stock. In accordance with certain applicable U.S. Treasury regulations and published guidance issued by the Internal Revenue Service a publicly offered RIC may treat a distribution of its own stock as fulfilling the RIC distribution requirements if each shareholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash available to be distributed to all shareholders must be at least 20.0% of the aggregate declared distribution. If too many shareholders elect to receive cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any shareholder electing to receive cash receive less than 20.0% of its entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the distribution paid in stock will be equal to the amount of cash that could have been received instead of stock. Taxable stockholders receiving such distributions will be required to include the amount of the distributions as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain distribution) to the extent of our current or accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. stockholder sells the stock it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in common stock. The current published guidance that allows certain stock distributions of a RIC to fulfill the RIC's own distribution requirements applies only to publicly offered RICs. The Company believes that it currently does not qualify as a publicly offered RIC, although the Company may qualify as a publicly offered RIC for future years.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings when applicable to us as a business development company under the 1940 Act and due to provisions in future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of our status as a regulated investment company. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

With respect to the distributions paid to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies was treated as taxable income and accordingly, distributed to stockholders.

We declared our first distribution on December 19, 2019. Subject to the Board's discretion and applicable legal restrictions, our Board intends to continue to authorize and declare a quarterly distribution amount per share of our common stock.

As described above, we may be prohibited by the 1940 Act from making distributions on our common stock if, at the time of declaration, our asset coverage, as defined in the 1940 Act, is below 150% (subject to any exemptive relief granted to us by the SEC or no-action relief granted by the SEC to another BDC (or to us if we determine to seek such similar no-action or other relief) permitting the BDC to declare any cash distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act in order to maintain its status as a RIC under the Code). In any such event, we would be prohibited from making distributions required in order to maintain our status as a RIC unless made in accordance with any such exemptive or no-action relief granted by the SEC.

The following tables reflect the distributions declared on shares of our common stock during the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| March 4, 2026 | March 11, 2026 | March 18, 2026 | $0.42 |
| **Total distributions per share** | **Total distributions per share** |  | $0.42 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| March 12, 2025 | March 17, 2025 | March 31, 2025 | $0.52 |
| **Total distributions per share** | **Total distributions per share** |  | $0.52 |

---

With respect to distributions, we have adopted an "opt out" dividend reinvestment plan ("DRP") for common stockholders. As a result, in the event of a declared distribution, each shareholder that has not "opted out" of the DRP will have their distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following tables reflect the common stock issued pursuant to the dividend reinvestment plan during the three months ended March 31, 2026 and 2025:

------

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares** |
| March 4, 2026 | March 11, 2026 | March 18, 2026 | 19773 |
| **Total shares issued** |  |  | 19773 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Shares** |
| March 12, 2025 | March 17, 2025 | March 31, 2025 | 21267 |
| **Total shares issued** |  |  | 21267 |

---

*Debt*

On December 16, 2019, we, through BCPL Funding, entered into a debt financing facility with UBS AG, London Branch ("UBS"), as amended on March 12, 2021; April 8, 2022; October 11, 2022; August 25, 2023; December 5, 2024; and January 10, 2025, pursuant to which the Facility was made available to us. The interest rate applicable to borrowings under the Facility is based on the one month SOFR plus a spread of 291 basis points. The Facility is secured by a security interest in virtually all of our portfolio investments (including cash), subject to certain exceptions. We have provided a make-whole guarantee to the lender in the event that the pledged assets were insufficient to satisfy the repayment of the Facility. The Facility contains covenants and events of default customary for financings of this type. The Facility matured on its own terms on February 14, 2025.

On February 14, 2025, BCPL Funding entered into the Revolving Credit Facility with DB, as facility agent. The maximum commitment amount under the Revolving Credit Facility is $125,000,000. See "Note 5. Borrowings."

**Contractual Obligations**

The following table shows the contractual maturities of our debt obligations as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| **Contractual Obligations** | **Total** | **Less than<br>1 Year** | **1 to 3<br>Years** | **3 to 5<br>Years** | **More than<br>5 Years** |
| Credit Facility | $106000 | $— | $— | $106000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt obligations | $106000 | $— | $— | $106000 | $— |

---

**Related-Party Transactions**

We have entered into certain contracts under which we have future commitments with affiliated or related parties. We entered into an Investment Advisory Agreement with the Adviser to provide us with investment advisory services under which we will pay our Adviser an annual base management fee based on our average gross assets, excluding cash and cash equivalents, and an incentive fee based on our performance. We also entered into an administrative agreement with the Administrator to perform (or oversee, or arrange for, the performance of) the administrative services necessary to enable us to operate and under which we will reimburse the Administrator for administrative expenses incurred on our behalf. See "Note 3. Related Party Transactions – Administration Agreement" and "– Investment Advisory Agreement" for a description of our obligations under these agreements. We also entered into an Expense Support Agreement with the Adviser, the purpose of which is to ensure that no portion of distributions made to our stockholders will be paid from our offering proceeds or borrowings. The Expense Support Agreement expired pursuant to its terms on September 26, 2022, other than with respect to reimbursement payments that the Adviser may be entitled to from the Company pursuant to the Expense Support Agreement, for a period of three years following the last business day of the calendar quarter in which the Adviser reimbursed the Company.

------

**Off-Balance Sheet Arrangements**

*Portfolio Company Commitments*

As of March 31, 2026 and December 31, 2025, we had the following outstanding commitments to fund investments in current portfolio companies:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment** | **March 31, 2026** | **December 31, 2025** |
| 13 Scents Inc. | Senior Secured Loan | $571 | $— |
| Accordion Partners LLC | Senior Secured Loan | 928 | 928 |
| Beta Plus Technologies, Inc | Senior Secured Loan | 525 | 368 |
| Datalink, LLC | Senior Secured Loan | 120 |  |
| DCERT Buyer, Inc | Senior Secured Loan | 128 | 128 |
| Denali Intermediate Holdings | Senior Secured Loan | 509 | 509 |
| Great Lakes II Funding LLC | Equity/Other | 23 | 23 |
| HR Pharmaceuticals Inc. | Senior Secured Loan | 1491 |  |
| LeadVenture Inc | Senior Secured Loan | 950 | 951 |
| Metrc, Inc | Senior Secured Loan | 1634 | 1634 |
| Middle West Spirits LLC | Equity/Other |  | 500 |
| Morae Global Inc | Senior Secured Loan | 1344 | 1344 |
| Newbury Franklin Industrials LLC | Senior Secured Loan | 426 | 426 |
| PMA Parent Holdings LLC | Senior Secured Loan | 418 | 418 |
| Princeton Medspa Partners LLC | Senior Secured Loan | 339 | 339 |
| SePRO Corporation | Senior Secured Loan | 42 | 252 |
| SeQuel Response LLC | Senior Secured Loan | 100 | 100 |
| Shepherd Intermediate LLC | Senior Secured Loan | 1592 | 1592 |
| Spark Buyer LLC | Senior Secured Loan | 1429 | 1429 |
| Spinrite Inc. | Senior Secured Loan | 263 | 328 |
| Tactical Air Support, Inc | Senior Secured Loan | 571 | 571 |
| Tank Holding Corp Revolver | Senior Secured Loan | 68 | 68 |
| VBC Spine Opco LLC | Senior Secured Loan | 314 |  |
| Wealth Enhancement Group | Senior Secured Loan | 337 | 337 |
| Wildland Ventures Intermediate Inc. | Senior Secured Loan | 1808 |  |
| **Total Unfunded Portfolio Company Commitments** | **Total Unfunded Portfolio Company Commitments** | $15930 | $12245 |

---

We maintain sufficient borrowing capacity to cover outstanding unfunded portfolio company commitments that we may be required to fund. We seek to carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity including our financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation under the 1940 Act and the asset coverage limitation under our credit facility to cover any outstanding unfunded commitments we are required to fund.

**Recent Developments**

On May 6, 2026, the Board declared a quarterly distribution of $0.44 per share payable on May 20, 2026 to stockholders of record as of May 13, 2026.

**Critical Accounting Estimates**

The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated statements of assets and liabilities. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Critical accounting policies are those that require the application of management's most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. For further discussion of our Significant Accounting Policies, see "Note 2. Significant Accounting Policies."

*Investments at Fair Value*

Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized.

------

Investments for which market quotations are available are typically valued at those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.

Debt that is not publicly traded but for which there are external pricing sources available as of the valuation date is valued using independent broker-dealer, market maker quotations or independent pricing services. The valuation committee comprised of members of the Adviser, (the "Valuation Committee") subjects these quotes to various criteria including, but not limited to, the number and quality of quotes, the deviation among the quotes and information derived from analyzing the Company's transactions in such investments throughout the reporting period. Generally, such investments are categorized in level 2 of the fair value hierarchy, unless the Valuation Committee determines that the quality, quantity or deviation among quotes warrants significant adjustment to the inputs utilized.

The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5.

Investments that are not publicly traded or whose market prices are not readily available, as is expected to be the case for substantially all of the Company's investments, are valued at fair value as determined in good faith by the Adviser, based on, among other things, input of independent third-party valuation firm(s).

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among other, provided by the investment professionals responsible for the portfolio investment in conjunction with the Company's portfolio management team. The Company utilizes an independent valuation firm to provide valuation on each material illiquid security at least once every trailing 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary valuations are reviewed and discussed with management of the Adviser and investment professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser will review the valuations and determine the fair value of each investment. Valuations that are not based on readily available market quotations will be valued in good faith based on, among other things, where applicable, third party valuation specialists.

As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisal, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in liquidation or restructuring.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible to the Company.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

------

Level 3: Significant inputs that are unobservable for an asset or liability.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments for which no external pricing sources are available as of the valuation date are included in level 3 of the fair value hierarchy.

*Revenue Recognition*

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, we will not accrue PIK interest if management determines that the PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, and market discount are capitalized and then we amortize such amounts as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We further record prepayment premiums on loans and debt securities as interest income when we receive such amounts.

*Income Taxes*

We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually, as a RIC under the Code. To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements, and make minimum distributions to stockholders. We may be subject to a 4% nondeductible U.S. federal excise tax on undistributed income. See "Note 2. Significant Accounting Policies – Income Taxes."

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including valuation risk, interest rate risk, and currency risk. Changes in interest rate may affect both our cost of funding and our interest income from portfolio investments and cash and cash equivalents. Generally, a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. However, for those variable rate investments we may hold that provide for an interest rate floor, our interest income will not decrease below a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the upper level breakpoint of the pre-incentive fee net investment income incentive fee, and may result in a substantial increase in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our increased pre-incentive fee net investment income. Conversely, a decline in the general level of interest rates, including the current environment, can be expected to lead to lower interest rates applicable to any variable rate investments we may hold and to increases in the value of any fixed rate investments we may hold. Such a decrease would make it more difficult for us to meet or exceed the hurdle rate applicable to the upper level breakpoint of the pre-incentive fee net investment income incentive fee, and may result in a substantial decrease in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our decreased pre-incentive fee net investment income.

In addition, we borrow funds in order to make additional investments. Our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we will be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we or any future subsidiaries have debt outstanding or financing arrangements in effect, our interest expense will increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

We invest primarily in illiquid debt of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by our Adviser based on, among other things, input of independent third-party valuation firm(s) engaged by the Adviser, and in accordance with our valuation policy. There is no single technique for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If, in the future, we are required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

------

*Valuation Risk*

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser as valuation designee, subject to the oversight of the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

*Interest Rate Risk*

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2026, 95.2% of the debt investments based on fair value in our portfolio were at floating rates indexed to SOFR or Prime, as was our outstanding debt. As of March 31, 2026, none of our variable rate securities were yielding interest at a rate equal to the established interest rate floor.

The following table shows the estimated annualized impact on net investment income based on hypothetical base rate changes in interest rates on our loan portfolio and outstanding debt as of March 31, 2026, assuming there are no changes in our investment and borrowing structure.

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| | | | |
|:---|:---|:---|:---|
| **Basis Point Change** | **Increase (Decrease) in Interest Income** | **(Increase) Decrease in Interest Expense** | **Increase (decrease) in Net Investment Income** |
| Up 300 basis points | $5977 | $(3180) | $2797 |
| Up 200 basis points | 3985 | (2120) | 1865 |
| Up 100 basis points | 1992 | (1060) | 932 |
| Down 100 basis points | (1992) | 1060 | (932) |
| Down 200 basis points | (3966) | 2120 | (1846) |
| Down 300 basis points | (5423) | 3180 | (2243) |

---

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

*Currency Risk*

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. As of March 31, 2026, we had no assets or liabilities denominated in currencies other than U.S. dollars.

**Item 4. Controls and Procedures.**

*Evaluation of disclosure controls and procedures*

As required by Rule 13a-15(b) under the 1934 Act, we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act) as of March 31, 2026. Based on the foregoing evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level that we would meet our disclosure obligations.

**Changes in internal control over financial reporting.**

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) under the 1934 Act) that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

We and our subsidiaries are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or our subsidiaries. From time to time, we or our subsidiaries may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors.**

There have been no material changes from the risk factors described in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

Refer to "Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 6. Share Transactions" in this quarterly report on Form 10-Q for issuances of our shares during the quarter. Such issuances were part of a private offering pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D thereunder.

**Item 3. Defaults Upon Senior Securities.**

Not applicable.

**Item 4. Mine Safety Disclosures.** 

None.

**Item 5. Other Information.** 

None.

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**Item 6. Exhibits.**

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description of Document** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Form 10 filed on April 23, 2018)</u>](https://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to Form 10 filed on April 23, 2018)</u>](https://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex32.htm) |
| 10.1 | [<u>Loan Financing and Servicing Agreement, dated February 14, 2025, by and among Great Lakes BCPL Funding Ltd., as borrower, BC Partners Lending Corporation, as equity holder and as servicer, the lenders from time to time party thereto, the agents for each lender group from time to time party thereto, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as collateral custodian, and Deutsche Bank AG, New York Branch, as facility agent (incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed on February 20, 2025).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001726548/000119312525030826/d921411d8k.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](bcpl-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](bcpl-ex31_2.htm) |
| 32.1\* | [<u>Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](bcpl-ex32_1.htm) |
| 32.2\* | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](bcpl-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

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**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, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **BC Partners Lending Corporation** | **BC Partners Lending Corporation** |
| Date: May 7, 2026 | By: | /s/ Edward Goldthorpe |
|  | Name: | Edward Goldthorpe |
|  | Title: | *Chief Executive Officer*<br>*(Principal Executive Officer)*<br>|
| Date: May 7, 2026 | By: | /s/ James Piekarski |
|  | Name: | James Piekarski |
|  | Title: | *Chief Financial Officer*<br>*(Principal Financial and Accounting Officer)* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Edward Goldthorpe<br>Edward Goldthorpe | Chief Executive Officer and President and Chairman of the <br>Board of Directors <br>*(Principal Executive Officer)*  | May 7, 2026 |
| /s/ James Piekarski<br>James Piekarski | Chief Financial Officer<br>*(Principal Financial and Accounting Officer)* | May 7, 2026<br>|
| /s/ Alexander Duka<br>Alexander Duka | Director  | May 7, 2026<br>|
| /s/ George Grunebaum<br>George Grunebaum | Director  | May 7, 2026 |
| /s/ Joe Morea | Director | May 7, 2026 |
| Joe Morea | Director | May 7, 2026 |
| /s/ Robert Warshauer<br>Robert Warshauer | Director  | May 7, 2026 |

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## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

**PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED** 

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Edward Goldthorpe, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BC Partners Lending Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2026

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| |
|:---|
| /s/ Edward Goldthorpe |
| Edward Goldthorpe |
| *Chief Executive Officer* |

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## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

**PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED** 

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, James Piekarski, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BC Partners Lending Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2026

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| |
|:---|
| /s/ James Piekarski |
| James Piekarski |
| *Chief Financial Officer* |

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## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED** 

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of BC Partners Lending Corporation (the "Company") for the three months ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Edward Goldthorpe, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 7, 2026

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| |
|:---|
| /s/ Edward Goldthorpe |
| Edward Goldthorpe |
| *Chief Executive Officer* |

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## Exhibit 32.2

**Exhibit 32.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED** 

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Quarterly Report on Form 10-Q of BC Partners Lending Corporation (the "Company") for the three months ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Piekarski, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 7, 2026

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| |
|:---|
| /s/ James Piekarski |
| James Piekarski |
| *Chief Financial Officer* |

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