# EDGAR Filing Document

**Accession Number:** 0001726548
**File Stem:** 0001193125-26-134993
**Filing Date:** 2026-3
**Character Count:** 31144
**Document Hash:** b4b20b47cf74a365b34f6c694ab9657f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-134993.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001193125-26-134993

**CONFORMED SUBMISSION TYPE**: N-14 8C/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**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:** N-14 8C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294601
- **FILM NUMBER:** 26823593

**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

**As filed with the Securities and Exchange Commission on March 31, 2026** 

**Registration No. 333-294601** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-14** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**Pre-Effective Amendment No. 1** 

**Post-Effective Amendment No.** 

(*Check appropriate box or boxes*)

## BC Partners Lending Corporation
**(Exact Name of Registrant as Specified in Charter)** 

**650 Madison Avenue** 

**3rd Floor** 

**New York, NY 10022** 

**(Address of Principal Executive Offices)** 

**(212) 891-2880** 

**(Area Code and Telephone Number)** 

**Edward Goldthorpe** 

**BC Partners Lending Corporation** 

**650 Madison Avenue** 

**3rd Floor** 

**New York, NY 10022** 

**(Name and Address of Agent for Service)** 

***Copies to:***

Rajib Chanda, Esq.

Jonathan L. Corsico, Esq.

Steven Grigoriou, Esq.

Simpson Thacher & Bartlett LLP

900 G Street, N.W.

Washington, DC 20001

Telephone: (202) 636-5500

Fax: (202) 636-5502

**Approximate Date of Proposed Public Offering:** As soon as practicable after this registration statement becomes effective and upon completion of the transactions described in the enclosed document.

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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**EXPLANATORY NOTE** 

The purpose of this Pre-Effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-14, is to revise the exhibit list and file additional exhibits. Accordingly, this Pre-Effective Amendment No. 1 consists only of the facing page, this explanatory note and Part C of the Registration Statement. The proxy statement/prospectus are unchanged and have been omitted.

**PART C** 

**OTHER INFORMATION** 

**Item 15. Indemnification.** 

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. BCPL's charter contains such a provision which eliminates directors' and officers' liability, subject to the limitations of Maryland law and the requirements of the 1940 Act.

Under the Investment Advisory Agreement, BC Partners Advisors, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with BC Partners Advisors, including without limitation its managing member, will not be liable to BCPL for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting criminal conduct, gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that BC Partners Advisors owes to us under the Investment Advisory Agreement. In addition, as part of the Investment Advisory Agreement, BCPL has agreed to indemnify BC Partners Advisors and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with BC Partners Advisors, including without limitation its general partner, and the Administrator from and against any damages, liabilities, costs and expenses, including reasonable legal fees and other expenses reasonably incurred, in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of BC Partners Advisors' duties or obligations under this Agreement or otherwise as an investment adviser of the Company, except where attributable to criminal conduct, gross negligence, willful misfeasance, bad faith or reckless disregard of such person's duties under the Investment Advisory Agreement.

Maryland law requires a corporation (unless its charter provides otherwise, which BCPL's charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity against reasonable expenses actually incurred in the proceeding in which the director or officer was successful. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities unless it is established that (1) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty; (2) the director or officer actually received an improper personal benefit in money, property or services; or (3) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. Under Maryland law, a Maryland corporation also may not indemnify for an adverse judgment in a suit by or on behalf of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received, unless in either case a court orders indemnification,

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and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

BCPL has entered into indemnification agreements with each of its directors and officers. The indemnification agreements are intended to provide BCPL's directors and officers the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that, subject to the limitations of Maryland law and the 1940 Act, BCPL shall indemnify the director who is a party to the agreement including the advancement of legal expenses, if, by reason of his or her corporate status, such director is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding.

Insofar as indemnification for liability arising under the Securities Act may be permitted to directors, officers and controlling persons of BCPL pursuant to the foregoing provisions or otherwise, BCPL has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by BCPL of expenses incurred or paid by a director, officer or controlling person of BCPL in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, BCPL will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 16. Exhibits.** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| (1) | [Articles of Amendment and Restatement of the Registrant (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Registrant's Form 10 filed on April 23, 2018)](http://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex31.htm) |
| (2) | [Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Registrant's Form 10 filed on April 23, 2018)](http://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex32.htm) |
| (3) | Not Applicable |
| (4) | [Agreement and Plan of Merger, by and among the Registrant, Alternative Credit Income Fund, BCPL Merger Sub, Inc., Sierra Crest Investment Management LLC (for the limited purposes set forth herein) and BC Partners Advisors (for the limited purposes set forth herein), dated as of February 24, 2026 (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K filed on February 25, 2026)](http://www.sec.gov/Archives/edgar/data/1726548/000119312526068384/d105620dex21.htm) |
| (5)(a) | [Form of Subscription Agreement of the Registrant (incorporated by reference to Exhibit 4.1 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex41_283.htm) |
| (5)(b) | [Indenture, dated as of December 16, 2019, by and between Great Lakes BCPL Funding Ltd. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex43_147.htm) |
| (5)(c) | [Rule 144A Global Class A Notes and Regulation S Global Class A Notes (incorporated by reference to Exhibit 4.4 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex44_281.htm) |
| (5)(d) | [Supplemental Indenture, dated as of March 12, 2021, by and among Great Lakes BCPL Funding Ltd. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on March 16, 2021)](http://www.sec.gov/Archives/edgar/data/1726548/000119312521083014/d103734dex41.htm) |

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| (5)(e) | [Second Amended and Restated Indenture, dated as of March 12, 2021, between Great Lakes BCPL Funding Ltd. and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed on March 16, 2021)](http://www.sec.gov/Archives/edgar/data/1726548/000119312521083014/d103734dex42.htm) |
| (5)(f) | [Exhibits to Second Amended and Restated Indenture, dated as of March 12, 2021 between Great Lakes BCPL Funding Ltd. and U.S. Bank National Association (incorporated by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K filed on March 16, 2021)](http://www.sec.gov/Archives/edgar/data/1726548/000119312521083014/d103734dex43.htm) |
| (5)(g) | [Rule 144A Global Note Representing Class A Notes Due 2029 (incorporated by reference to Exhibit 4.4 to the Registrant's Current Report on Form 8-K filed on March 16, 2021)](http://www.sec.gov/Archives/edgar/data/1726548/000119312521083014/d103734dex44.htm) |
| (5)(h) | [Regulation S Global Note Representing Class A Notes Due 2029 (incorporated by reference to Exhibit 4.5 to the Registrant's Current Report on Form 8-K filed on March 16, 2021)](http://www.sec.gov/Archives/edgar/data/1726548/000119312521083014/d103734dex45.htm) |
| (6)(a) | [Amended and Restated Investment Advisory Agreement by and between the Registrant and BC Partners Advisors, dated November 7, 2018 (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018)](http://www.sec.gov/Archives/edgar/data/1726548/000119312518320844/d598706dex101.htm) |
| (6)(b) | [First Amendment to Amended and Restated Investment Advisory Agreement dated as of July 9, 2019, by and between the Registrant and BC Partners Advisors (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on July 10, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000119312519191917/d64480dex101.htm) |
| (7) | Not Applicable |
| (8) | Not Applicable |
| (9) | [Account Control Agreement dated as of December 16, 2019 between Great Lakes BCPL Funding Ltd. and U.S. Bank National Association as trustee and custodian (incorporated by reference to Exhibit 10.13 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex1013_137.htm) |
| (10) | Not Applicable |
| (11) | [Opinion of Venable LLP\*](http://www.sec.gov/Archives/edgar/data/1726548/000119312526124285/d115975dex9911.htm) |
| (12) | [Opinion of Simpson Thacher & Bartlett, LLP\*\*](d144472dex9912.htm) |
| (13)(a) | [Administration Agreement of the Registrant (incorporated by reference to Exhibit 10.2 to Amendment No. 1 to Form 10 filed on April 23, 2018)](http://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex102.htm) |
| (13)(b) | [Dividend Reinvestment Plan of the Registrant (incorporated by reference to Exhibit 10.3 to Amendment No. 1 to the Registrant's Form 10 filed on April 23, 2018)](http://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex103.htm) |
| (13)(c) | [Form of Indemnification Agreement of the Registrant (incorporated by reference to Exhibit 10.4 to Amendment No. 1 to the Registrant's Form 10 filed on April 23, 2018)](http://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex104.htm) |
| (13)(d) | [Transfer Agency Agreement of the Registrant (incorporated by reference to Exhibit 10.6 to Amendment No. 1 to the Registrant's Form 10 filed on April 23, 2018)](http://www.sec.gov/Archives/edgar/data/1726548/000119312518126964/d528317dex106.htm) |
| (13)(e) | [Letter Agreement by and between the Registrant and BC Partners Advisors, dated August 20, 2019 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on August 23, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000119312519227990/d789197dex101.htm) |
| (13)(f) | [Expense Support and Conditional Reimbursement Agreement by and between the Registrant and BC Partners Advisors, dated August 20, 2019 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed on August 23, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000119312519227990/d789197dex102.htm) |
| (13)(g) | [Master Participation and Assignment Agreement, dated as of December 16, 2019, between Great Lakes BCPL Funding Ltd. and the Registrant (incorporated by reference to Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex108_278.htm) |

---

------

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| (13)(h) | [Subscription Agreement, dated as of December 16, 2019, between Great Lakes BCPL Funding Ltd. and the Registrant (incorporated by reference to Exhibit 10.9 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex109_143.htm) |
| (13)(i) | [SIFMA/ICMA Global Master Repurchase Agreement (2011 version), by and between UBS AG, London Branch and the Registrant, dated December 12, 2019, together with the related Annexes thereto, and the Confirmation thereto, dated as of December 16, 2019 (incorporated by reference to Exhibit 10.10 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex1010_282.htm) |
| (13)(j) | [Fifth Amended and Restated Confirmation in respect of the SIFMA/ICMA Global Master Repurchase Agreement, by and between UBS AG, London Branch and the Registrant, dated August 25, 2023 (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on August 30, 2023)](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001726548/000119312523224937/d538947d8k.htm) |
| (13)(k) | [Collateral Management Agreement, dated as of December 16, 2019, between Great Lakes BCPL Funding Ltd. and the Registrant (incorporated by reference to Exhibit 10.11 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex1011_139.htm) |
| (13)(l) | [Collateral Administration Agreement, dated as of December 16, 2019, between Great Lakes BCPL Funding Ltd., the Registrant and U.S. Bank National Association as administrator (incorporated by reference to Exhibit 10.12 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex1012_138.htm) |
| (13)(m) | [Issuer Sale and Contribution Agreement, dated as of December 16, 2019, between Great Lakes BCPL Funding Ltd., the Registrant and U.S. Bank National Association as trustee (incorporated by reference to Exhibit 10.14 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex1014_136.htm) |
| (13)(n) | [Letter Agreement regarding Appointment of Valuation Agent, dated as of December 16, 2019, between Great Lakes BCPL Funding Ltd., the Registrant and UBS AG, London Branch (incorporated by reference to Exhibit 10.15 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2019)](http://www.sec.gov/Archives/edgar/data/1726548/000156459020009003/bcpl-ex1015_135.htm) |
| (13)(o) | [Fund of Funds Agreement, dated as of March 3, 2023, between First Trust Alternative Opportunities Fund and the Registrant (incorporated by reference to Exhibit 10.17 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2022)](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1726548/000095017023007057/bcpl-20221231.htm) |
| (13)(p) | [Loan Financing and Servicing Agreement, dated February 14, 2025, by and among Great Lakes BCPL Funding Ltd., the Registrant, 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, U.S. Bank National Association and Deutsche Bank AG, New York Branch (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 20, 2025)](http://www.sec.gov/Archives/edgar/data/1726548/000119312525030826/d921411dex101.htm) |
| (14)(a) | [Consent of Deloitte & Touche LLP (BC Partners Lending Corporation)\*](http://www.sec.gov/Archives/edgar/data/1726548/000119312526124285/d115975dex9914a.htm) |
| (14)(b) | [Consent of Deloitte & Touche LLP (Alternative Credit Income Fund)\*](http://www.sec.gov/Archives/edgar/data/1726548/000119312526124285/d115975dex9914b.htm) |
| (15) | Not applicable |
| (16) | [Power of Attorney\*](http://www.sec.gov/Archives/edgar/data/1726548/000119312526124285/d115975dex9916.htm) |
| (17)(a) | [Form of ACIF Proxy Card\*](http://www.sec.gov/Archives/edgar/data/1726548/000119312526124285/d115975dex9917a.htm) |
| (17)(b) | [Consent of Lucid Capital Markets, LLC\*](http://www.sec.gov/Archives/edgar/data/1726548/000119312526124285/d115975dex9917b.htm) |
| (18) | [Filing Fee Table\*](http://www.sec.gov/Archives/edgar/data/1726548/000119312526124285/d115975dexfilingfees.htm) |

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\*Previously filed as an exhibit to the Registration Statement on Form N-14, filed on March 25, 2026.

\*\*Filed herewith.

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**Item 17. Undertakings.** 

(1) The undersigned registrant agrees that prior to any public reoffering of the securities registered through the
use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for
by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be
filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new
registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed on behalf of the registrant, in New York, New York on the 31st day of March, 2026.

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| | |
|:---|:---|
|  **BC PARTNERS LENDING CORPORATION** | **BC PARTNERS LENDING CORPORATION** |
|  By: | /s/ Edward Goldthorpe |
| Name: | Edward Goldthorpe |
| Title: | President and Chief Executive Officer |

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As required by the Securities Act of 1933, this registration statement has been signed below by the following persons 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<br> Chairman of the Board of Directors<br> (Principal Executive Officer) | March 31, 2026 |
| /s/ James Piekarski<br> James Piekarski | Chief Financial Officer<br> (Principal Financial and Principal<br> Accounting Officer) | March 31, 2026 |
| /s/ Alexander Duka\*<br> Alexander Duka | Independent Director | March 31, 2026 |
| /s/ Robert Warshauer\*<br> Robert Warshauer | Independent Director | March 31, 2026 |
| /s/ George Grunebaum\*<br> George Grunebaum | Independent Director | March 31, 2026 |
| /s/ Joseph Morea\*<br> Joseph Morea | Independent Director | March 31, 2026 |

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| | |
|:---|:---|
| \*By: | /s/ James Piekarski |
| Name: | James Piekarski |
| Title: | Attorney-in-fact |

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The original power of attorney authorizing James Piekarski to execute this Registration Statement, and any amendments thereto, for each director of the Registrant on whose behalf this Registration Statement is filed have been executed and incorporated by reference herein as Exhibit 16.

## Ex-99.(12)

**Exhibit (12)** 

Simpson Thacher & Bartlett LLP

425 LEXINGTON AVENUE

NEW YORK, NY 10017-3954

TELEPHONE: +1-212-455-2000

FACSIMILE: +1-212-455-2502

March 31, 2026

BC Partners Lending Corporation

650 Madison Avenue

New York, New York 10022

Alternative Credit Income Fund

650 Madison Avenue

New York, New York 10022

To the Addressees Stated Above:

We have acted as tax counsel to BC Partners Lending Corporation, a Maryland corporation ("<u>BCPL</u>"), and Alternative Credit Income Fund, a Delaware statutory trust ("<u>ACIF</u>"), in connection with certain transactions pursuant to which, among other things, BCPL Merger Sub, Inc., a Delaware corporation and a wholly owned direct subsidiary of BCPL ("<u>BCPL Merger Sub</u>"), will merge with and into ACIF (the "<u>First Merger</u>"), with ACIF continuing as the surviving company and as a wholly-owned direct subsidiary of BCPL, immediately after which ACIF will merge with and into BCPL (the "<u>Second Merger</u>" and, together with the First Merger, the "<u>Mergers</u>"), with BCPL continuing as the surviving company, subject to the terms and conditions set forth in the Agreement and Plan of Merger, dated as of February 26, 2026, by and among BCPL, BCPL Merger Sub, ACIF, Sierra Crest Investment Management LLC, a Delaware limited liability company and the investment adviser to ACIF, and BC Partners Advisors L.P., a Delaware limited partnership and the investment adviser to BCPL, (the "<u>Merger Agreement</u>"). The time at which the First Merger becomes effective pursuant to Section 1.3 of the Merger Agreement is hereafter referred to as the "<u>Effective Time</u>" and the time at which the Second Merger becomes effective pursuant to Section 1.7 of the Merger Agreement is hereafter referred to as the "<u>Second Effective Time</u>" (collectively, the "<u>Effective Times</u>"). For purposes of this opinion, capitalized terms used and not otherwise defined herein shall have the meaning ascribed thereto in the Merger Agreement.

This opinion is being delivered in connection with the filing of the registration statement on Form N-14 (the "<u>Registration Statement</u>") on the date hereof by BCPL, including the joint proxy statement/prospectus constituting a part thereof (the "<u>Proxy Statement/Prospectus</u>"), with the Securities and Exchange Commission under the Securities Act of 1933, as amended, pursuant to the terms of the Merger Agreements.

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BC Partners Lending Corporation et al. -2- March 31, 2026

We have examined the Merger Agreement, the Registration Statement and the representation letters of BCPL and ACIF delivered to us in connection with this opinion (the "<u>Representation Letters</u>"). In addition, we have examined, and have relied as to matters of fact upon, originals, or duplicates or certified or conformed copies, of such records, agreements, documents and other instruments and such certificates or comparable documents of public officials and of officers and representatives of BCPL and ACIF (and their respective investment advisers) and have made such other and further investigations as we have deemed relevant and necessary in connection with the opinion hereinafter set forth. In such examination, we have assumed the accuracy of the factual matters described in the Registration Statement.

In rendering the opinion set forth below, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies, and the authenticity of the originals of such latter documents.

In rendering such opinion, we have further assumed, with your permission, that (i) the Mergers will be effected in accordance with the Merger Agreement, (ii) the statements concerning the Mergers set forth in the Merger Agreement and the Registration Statement are true, complete and correct and will remain true, complete and correct at all times up to and including the Effective Times, (iii) the representations made by BCPL and ACIF in their respective Representation Letters are true, complete and correct and will remain true, complete and correct at all times up to and including the Effective Time, and (iv) any representations made in the Merger Agreement or the Representation Letters "to the knowledge of", or based on the belief of BCPL and ACIF, are true, complete and correct and will remain true, complete and correct at all times up to and including the Effective Times, in each case, without such qualification. We have also assumed that each of BCPL and ACIF has complied with, and, if applicable, will continue to comply with, their respective covenants contained in the Merger Agreement at all times.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein and therein, we are of the opinion that under U.S. federal income tax law the Merger will be treated as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and we confirm that the disclosure contained in the Registration Statement under the heading "Certain Material U.S. Federal Income Tax Considerations" insofar as they purport to constitute summaries of certain provisions of U.S. federal income tax law and regulations or legal conclusions with respect thereto, constitutes accurate summaries of such matters in all material respects.

We express our opinion herein only as to those matters specifically set forth above and no opinion should be inferred as to the tax consequences of the Mergers under any state, local or foreign law, or with respect to other areas of U.S. federal taxation. We do not express any opinion herein concerning any law other than U.S. federal income tax law.

Our opinion is based on the Internal Revenue Code of 1986, as amended, United States Treasury regulations, administrative interpretations and judicial precedents as of the date hereof. If there is any subsequent change in the applicable law or regulations, or if there are subsequently any new applicable administrative or judicial interpretations of the law or regulations, or if there are any changes in the facts or circumstances surrounding the Mergers, the opinion expressed herein may become inapplicable.

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BC Partners Lending Corporation et al. -3- March 31, 2026

We hereby consent to the filing of this opinion letter as Exhibit 12 to the Registration Statement and to the references to our firm name in the Proxy Statement/Prospectus under the caption "Certain Material U.S. Federal Income Tax Considerations".

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|  Very truly yours, |
|  /s/ Simpson Thacher & Bartlett LLP |
|  SIMPSON THACHER & BARTLETT LLP |

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