# EDGAR Filing Document

**Accession Number:** 0001372807
**File Stem:** 0001193125-25-272589
**Filing Date:** 2025-11
**Character Count:** 56823
**Document Hash:** 795c1a8d93fcb239925a9ddfafcb27ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-272589.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-272589

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BCP Investment Corp
- **CENTRAL INDEX KEY:** 0001372807

**ORGANIZATION NAME:**
- **EIN:** 205951150
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00735
- **FILM NUMBER:** 251463621

**BUSINESS ADDRESS:**
- **STREET 1:** 650 MADISON AVNUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212.891.2880

**MAIL ADDRESS:**
- **STREET 1:** 650 MADISON AVNUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Portman Ridge Finance Corp
- **DATE OF NAME CHANGE:** 20190401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KCAP Financial, Inc.
- **DATE OF NAME CHANGE:** 20120710

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kohlberg Capital CORP
- **DATE OF NAME CHANGE:** 20061211

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): November 6, 2025

## BCP Investment Corporation

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **814-00735** | **20-5951150** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **650 Madison Avenue, 3rd Floor**<br> **New York, New York** | **10022** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instructions A.2. below):

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

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

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

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

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

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.01 per share BCIC | The NASDAQ Global Select Market |

---

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

Emerging growth company ☐

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

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On November 6, 2025, BCP Investment Corporation (the "Company") issued a press release announcing its financial results for the fiscal quarter ended September 30, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Additionally, on November 7, 2025, the Company made available on its website, https://www.bcpinvestmentcorporation.com/home, a supplemental investor presentation with respect to the earnings release. A copy of the investor presentation is being furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press Release, dated November 6, 2025](d95206dex991.htm) |
| 99.2 | [Investor Presentation, dated November 7, 2025](d95206dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| BCP INVESTMENT CORPORATION | BCP INVESTMENT CORPORATION |
| By: | /s/ Brandon Satoren |
| Name: | Brandon Satoren |
| Title: | Chief Financial Officer |

---

Date: November 7, 2025

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g95206g1108012801417.jpg)

FOR IMMEDIATE RELEASE

**BCP Investment Corporation Announces Third Quarter 2025 Financial Results** 

***Reports 50.0% Increase in Total Investment Income and 94.2% in Net Investment Income***

***Announces Fourth Quarter 2025 Quarterly Base Distribution of $0.47 Per Share***

***Announces the Launch of the $9.0 Million Modified Dutch Auction Tender Offer***

**NEW YORK, November 6, 2025 –** BCP Investment Corporation (NASDAQ: BCIC) ("BCIC" or "the Company") announced today its financial results for the third quarter ended September 30, 2025.

**Milestone** 

• On July 15, 2025, the Company successfully completed the merger with Logan Ridge Finance Corporation
("LRFC") with and into the Company, with the combined company now operating as BCP Investment Corporation. The transaction marked a significant milestone for the Company, providing increased scale, broader portfolio diversification, and
enhanced operating efficiencies.

**Third Quarter 2025 Highlights** 

• **Total investment income** for the third quarter of 2025 increased 50.0% to $18.9 million, from
$12.6 million in the second quarter of 2025.

• **Core investment income** <sup>1</sup>, excluding the impact of
purchase price accounting, for the third quarter of 2025 was $15.3 million, as compared to $12.6 million for the second quarter of 2025.

• **Net investment income ("NII")** for the third quarter of 2025 increased 94.2% to
$8.8 million ($0.71 per share), as compared to $4.6 million ($0.50 per share) in the second quarter of 2025.

• **Net asset value ("NAV")**, as of September 30, 2025, increased 40.4% to $231.3 million
($17.55 per share), as compared to NAV of $164.7 million ($17.89 per share) as of June 30, 2025.

• **Deployments of approximately** $14.2 million and sales and repayments of approximately
$43.8 million, resulting in net repayments and sales of approximately $29.6 million.

<sup>1</sup> Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. ("GARS"), Harvest Capital Credit Corporation ("HCAP"), and LRFC mergers. BCIC believes presenting core investment income and the related per share amount is a useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC's financial performance. 

------

• **Expect that between the tender offer, buybacks, and open market repurchases by management, the investment adviser and its affiliates,** we anticipate total repurchases when combined with management's, the Adviser's and its affiliates' ownership of BCIC's outstanding common stock could approximate 10% of BCIC's outstanding
common stock by year end.

**Subsequent Events** 

• On October 7, 2025, the Company obtained a BBB- rating from a
Nationally Recognized Statistical Rating Organization ("NRSRO") with respect to the 5.25% fixed-rate convertible notes due 2032 (the "2032 Convertible Notes") and the 5.25% fixed-rate notes due 2026 (the "LRFC 2026
Notes"). Starting on October 7, 2025, as a result of the rating, the 2032 Convertible Notes and 2026 Notes have a fixed interest rate of 5.25% per annum.

• On October 10, 2025, the Company entered into a note purchase agreement in connection with the issuance and
sale of $35.0 million aggregate principal amount of its 7.50% notes due 2028 (the "2028 Notes") and $75.0 million aggregate principal amount of its 7.75% notes due 2030 (the "2030 Notes", together with the 2028
Notes, the "Notes"), under an effective shelf registration statement. The offering closed and the Notes were issued on October 15, 2025. The 2028 Notes mature on October 15, 2028 and the 2030 Notes mature on October 15,
2030. Interest on each of the Notes is payable semi-annually on April 30 and October 30 of each year, commencing October 30, 2025.

• On October 14, 2025, the Company notified the trustee, U.S. Bank Trust Company, National Association, of its
election to redeem in full the $108.0 million aggregate principal amount outstanding of its 4.875% Notes Due 2026, with redemption expected on November 13, 2025.

• On November 6, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common
stock. The distribution is payable on November 25, 2025 to stockholders of record at the close of business on November 17, 2025.

• Between October 1, 2025 and November 4, 2025, the Company repurchased 103,690 shares of its common
stock for an aggregate cost of approximately $1.2 million at an average price of $11.62 per share.

• The Company, its management, the Adviser, and the Company's affiliates intend to commence a modified
"Dutch Auction" tender offer (the "Tender Offer") to purchase up to $9.0 million of the Company's common stock. The Company is expected to offer to repurchase at least $7.5 million, with its management, the
Adviser, and the Company's affiliates repurchasing any remaining shares tendered up to $9.0 million. The Tender Offer is expected to commence on or after November 10, 2025 and expire at 11:59 p.m. Eastern time, on or after
December 10, 2025, unless extended. Based on the number of shares tendered and the prices specified by the tendering stockholders, the Company will determine the lowest per-share price that will enable
it, its management, the Adviser, and the Company's affiliates to acquire up to $9.0 million of its common stock. All shares accepted in the Tender Offer will be purchased at the same price even if tendered at a lower price.

**Management Commentary** 

Ted Goldthorpe, Chief Executive Officer of BCP Investment Corporation, stated, "We are pleased to report strong results for the third quarter, our first earnings as a combined company following the completion of our merger with LRFC on July 15, 2025. This milestone marks the beginning of a new chapter for BCIC, as we continue to leverage our expanded scale, broader portfolio diversification, and enhanced operating efficiency to drive long-term value for shareholders.

------

I am also pleased to report meaningful progress on the value creation initiatives we announced in June 2025. Notably, consistent with our previously stated intentions, the Company plans to commence a modified "Dutch Auction" tender offer of approximately $9.0 million. Combined with the daily share repurchases executed by the Company under the buyback program as well as open market purchases by management, the Adviser and its affiliates, we anticipate total repurchases when combined with management's, the Adviser's and its affiliates' ownership of BCIC's outstanding common stock could approximate 10% by year-end. These actions underscore our continued focus on driving shareholder value and narrowing the discount to NAV.

During the quarter, we generated net investment income of $8.8 million, or $0.71 per share, compared to $4.6 million, or $0.50 per share, in the prior quarter. We expect to realize further benefits of our expanded scale and broader investment platform.

Finally, consistent with our long-term approach to capital, we proactively extended and laddered our unsecured debt maturities, issuing $75 million of 7.75% notes due October 2030 and $35 million of 7.50% notes due October 2028, while initiating the redemption of our 4.875% notes due 2026, expected to be completed on or about November 13, 2025. These actions diversify funding, reduce near-term refinancing risk and enhance financial flexibility.

Looking ahead, our focus remains on disciplined capital allocation, maintaining a high-quality portfolio, and delivering attractive, risk-adjusted returns for our shareholders. With a larger, more diversified platform and a stronger balance sheet, we believe we are well positioned to drive continued earnings growth and long-term value creation."

**Selected Financial Highlights** 

• **Total investment income** for the quarter ended September 30, 2025, was $18.9 million, of which
$17.2 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income
of $15.2 million for the quarter ended September 30, 2024, of which $12.7 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio.

• **Core investment income** for the quarter ended September 30, 2025, excluding the impact of purchase
discount accretion, was $15.3 million, as compared to core investment income of $15.2 million for the quarter ended September 30, 2024.

• **Net investment income ("NII")** for the quarter ended September 30, 2025, was
$8.8 million ($0.71 per share) as compared to $5.8 million ($0.63 per share) for the quarter ended September 30, 2024.

• **Net asset value ("NAV")** as of September 30, 2025, was $231.3 million ($17.55 per
share), as compared to $164.7 million ($17.89 per share) for the second quarter of 2025.

------

• **Investment portfolio at fair value** as of September 30, 2025, was $539.7 million, comprised of
116 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $450.2 million at fair value as of September 30, 2025, and was spread across 28 different
industries comprised of 79 different portfolio companies with an average par balance per entity of approximately $3.2 million. This compares to a total investment portfolio at fair value as of June 30, 2025, of $395.1 million,
comprised of 96 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $323.1 million at fair value as of June 30, 2025, spread across 25 different
industries and comprised of 69 different portfolio companies, with an average par balance per entity of approximately $2.6 million.

• **Debt investments on non-accrual**, as of September 30, 2025,
were ten, representing 3.8% and 6.3% of the Company's investment portfolio at fair value and amortized cost, respectively. This compares to six debt investments representing 2.1% and 4.8% of the Company's investment portfolio at fair
value and amortized cost, respectively, as of June 30, 2025. For illustrative purposes, if you were to combine the Company's investment portfolio with LRFC's as of June 30, 2025, the Company would have had nine debt investments
on non-accrual status representing 2.5% and 6.2% of the combination of the Company's and LRFC's investment portfolio at fair value and amortized cost, respectively, as of June 30, 2025.

• **Weighted average annualized yield** was approximately 13.8% (excluding income from non-accruals and collateralized loan obligations) as of September 30, 2025.

• **Par value of outstanding borrowings**, as of September 30, 2025, was $324.6 million, which
compares to $255.4 million from June 30, 2025, with an asset coverage ratio of total assets to total borrowings of 171% as compared to 165% as of June 30, 2025. On a net basis, leverage as of September 30, 2025, was 1.3x<sup>2</sup> compared to 1.4x<sup>2</sup> as of June 30, 2025.

<sup>2</sup> Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. BCIC believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company's financial condition net of $17.4 million, $24.6 million and $23.5 million of cash and cash equivalents and restricted cash as of September 30, 2025, June 30, 2025, and March 31, 2025, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC's financial condition. 

------

**Results of Operations** 

Operating results for the three and nine months ended September 30, 2025, and September 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** |
| **($ in thousands, except share and per share amounts)** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | $18940 | $15177 | $43688 | $48040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | $10092 | 9375 | 25943 | 29535 |
|  **Net Investment Income** | 8848 | 5802 | 17745 | 18505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2678) | (11419) | (18691) | (20398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on investments | 15525 | 4511 | (18691) | (20398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (provision) benefit on realized and unrealized gains (losses) on investments | 1935 |  | 1726 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized appreciation (depreciation) on investments, net of taxes | 14782 | (6908) | 1285 | (21245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on extinguishment of debt |  | (403) |  | (655) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 23630 | (1509) | 19030 | (3395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic: | $1.88 | $(0.16) | $1.84 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted: | $1.86 | $(0.16) | $1.83 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income Per Common Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic: | $0.71 | $0.63 | $1.72 | $1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted: | $0.70 | $0.63 | $1.71 | $1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average Shares of Common Stock Outstanding — Basic | 12549643 | 9244033 | 10337858 | 9295008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average Shares of Common Stock Outstanding — Diluted | 12726646 | 9244033 | 10397936 | 9295008 |

---

**Investment Income** 

The composition of our investment income for the three and nine months ended September 30, 2025, and September 30, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended**<br>**September 30,** | **For the Three Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** |
| **($ in thousands)** | **2025** | **2024** | **2025** | **2024** |
|  Interest income, excluding CLO income and purchase discount accretion | $11032 | $11434 | $30761 | $35109 |
|  Purchase discount accretion | 3618 | 25 | 3634 | 210 |
|  PIK income | 2705 | 1552 | 8215 | 5759 |
|  CLO income | 79 | 254 | 371 | 1335 |
|  JV income | 1500 | 1669 | 4130 | 5122 |
|  Fees and other income | 6 | 243 | 211 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment Income** | $18940 | $15177 | $47322 | $48040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Purchase discount accretion | $(3618) | $(25) | $(3634) | $(210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Investment Income** | $15322 | $15152 | $43688 | $47830 |

---

------

**Fair Value of Investments** 

The composition of our investment portfolio as of September 30, 2025, and December 31, 2024, at cost and fair value was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **($ in thousands)** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Security Type** | **Cost/Amortized<br>Cost** | **Fair Value** | **Fair Value<br>Percentage of<br>Total Portfolio** | **Cost/<br>Amortized<br>Cost** | **Fair Value** | **Fair Value<br>Percentage of<br>Total<br>Portfolio** |
|  First Lien Debt | $396117 | $386403 | 71.6% | $311673 | $289957 | 71.6% |
|  Second Lien Debt | 44507 | 38994 | 7.2% | 34892 | 28996 | 7.2% |
|  Subordinated Debt | 26788 | 24832 | 4.6% | 8059 | 1740 | 0.4% |
|  Collateralized Loan Obligations | 1381 | 2179 | 0.4% | 5318 | 5193 | 1.3% |
|  Joint Ventures | 62020 | 46301 | 8.6% | 66747 | 54153 | 13.4% |
|  Equity | 44227 | 40793 | 7.6% | 31921 | 24762 | 6.1% |
|  Asset Manager Affiliates<sup>(1)</sup> | 17791 |  |  | 17791 |  |  |
|  Derivatives | 31 | 199 | 0.0% | 31 | 220 |  |
|  Total | $592862 | $539701 | 100.0% | $476432 | $405021 | 100.0% |

---

<sup>(1)</sup> Represents the equity investment in the Asset Manager Affiliates.

**Liquidity and Capital Resources** 

As of September 30, 2025, the Company had approximately $324.6 million (par value) of outstanding borrowings at a current weighted average interest rate of 6.1%, of which $160.5 million par value had a fixed rate and $164.1 million par value had a floating rate.

As of September 30, 2025, and December 31, 2024, the fair value of investments and cash were as follows:

---

| | | |
|:---|:---|:---|
| **($ in thousands)** | | |
| **Security Type** |<br>**September 30, 2025** |<br>**December 31, 2024** |
|  Cash and Cash Equivalents | $2844 | $17532 |
|  Restricted Cash | 14602 | 22421 |
|  First Lien Debt | 386403 | 289957 |
|  Second Lien Debt | 38994 | 28996 |
|  Subordinated Debt | 24832 | 1740 |
|  Equity | 40793 | 24762 |
|  Collateralized Loan Obligations | 2179 | 5193 |
|  Asset Manager Affiliates |  |  |
|  Joint Ventures | 46301 | 54153 |
|  Derivatives | 199 | 220 |
|  Total | $557147 | $444974 |

---

As of September 30, 2025, the Company had unrestricted cash of $2.8 million and restricted cash of $14.6 million. This compares to unrestricted cash of $11.2 million and restricted cash of $13.4 million as of June 30, 2025. As of September 30, 2025, the Company had $69.2 million of available borrowing capacity under the JPM Credit Facility and $41.7 million of available borrowing capacity under the KB Credit Facility.

------

**Interest Rate Risk** 

The Company's investment income is affected by fluctuations in various interest rates, including SOFR and prime rates.

As of September 30, 2025, approximately 85.2% of our Debt Securities Portfolio at par value were either floating rate with a spread to an interest rate index such as SOFR. 84.1% of these floating rate loans contain floors ranging between 0.50% and 5.25%. We generally expect that future portfolio investments will predominately be floating rate investments.

In periods of rising or lowering interest rates, the cost of the portion of debt associated with the 7.50% Notes Due 2028, 7.75% Notes Due 2030, 4.875% Notes due 2026, 2032 Convertible Notes and LRFC 2026 Notes would remain the same, given that this debt is at a fixed rate, while the interest rate on borrowings under the Great Lakes Portman Ridge Funding LLC Revolving Credit Facility and the KeyBank Credit Facility would fluctuate with changes in interest rates.

Generally, the Company would expect that an increase in the base rate index for floating rate investment assets would increase gross investment income and a decrease in the base rate index for such assets would decrease gross investment income (in either case, such increase/decrease may be limited by interest rate floors/minimums for certain investment assets).

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| | | | |
|:---|:---|:---|:---|
|  | **Impact on net investment income from<br>a change in interest rates at:** | **Impact on net investment income from<br>a change in interest rates at:** | **Impact on net investment income from<br>a change in interest rates at:** |
| **($ in thousands)** | **1%** | **2%** | **3%** |
|  Increase in interest rate | $2161 | $4369 | $6596 |
|  Decrease in interest rate | $(2142) | $(4209) | $(5742) |

---

**Conference Call and Webcast** 

We will hold a conference call on Friday, November 7, 2025, at 10:00 am Eastern Time to discuss our third quarter 2025 financial results. To access the call, stockholders, prospective stockholders and analysts should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 8901797.

A replay of this conference call will be available shortly after the live call through November 16, 2025.

A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis at <u>https://edge.media-server.com/mmc/p/smghw6d2</u>. The online archive of the webcast will be available on the Company's website shortly after the call at <u>www.bcpinvestmentcorporation.com</u> in the Investor Relations section under Events and Presentations.

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**Certain Information Regarding the Tender Offer** 

The information in this press release describing the Company's Tender Offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of the Company's common stock in the Tender Offer. The Tender Offer will be made only pursuant to the Offer to Purchase and the related materials that the Company expects to file with the Securities and Exchange Commission on November 10, 2025, and will distribute to its stockholders, as they may be amended or supplemented. Stockholders should read such Offer to Purchase and related materials carefully and in their entirety because they contain important information, including the various terms and conditions of the Tender Offer. Stockholders of the Company may obtain a free copy of the Tender Offer statement on Schedule TO, the Offer to Purchase and other documents that the Company will file with the Securities and Exchange Commission from the Securities and Exchange Commission's website at www.sec.gov. Stockholders will also be able obtain a copy of these documents from the Company's website at www.bcpinvestmentcorporation.com. Stockholders are urged to carefully read all of these materials prior to making any decision with respect to the Tender Offer.

**About BCP Investment Corporation** 

BCP Investment Corporation (Nasdaq: BCIC) is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act. BCIC's middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. BCIC's investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.

BCIC's filings with the Securities and Exchange Commission (the "SEC"), earnings releases, press releases and other financial, operational and governance information are available on BCIC's website at <u>www.bcpinvestmentcorporation.com</u>.

**About BC Partners Advisors L.P. and BC Partners Credit** 

BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

Today, BC Partners executives operate across markets as an integrated team through the firm's offices in North America and Europe. For more information, please visit <u>https://www.bcpartners.com/</u>.

BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

**Cautionary Statement Regarding Forward-Looking Statements** 

This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of BCP Investment Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance and include,

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but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "outlook", "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with merger transactions effectuated by the Company; (3) the ability of the Company and/or its adviser to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions, including but not limited to the impact of inflation; (6) the impact of increased competition; (7) business prospects and the prospects of the Company's portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company's ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions and their impact on the industries in which we invest; (14) the Company's ability and expectation to complete its tender offer; and (15) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company's filings with the SEC, including the Company's most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

**<u>Contacts:</u>**

**BCP Investment Corporation** 

650 Madison Avenue, 3rd floor

New York, NY 10022

<u>info@bcpinvestmentcorp.com</u> 

Brandon Satoren

Chief Financial Officer

<u>Brandon.Satoren@bcpartners.com</u> 

(212) 891-2880

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**The Equity Group Inc.** 

Lena Cati

<u>lcati@theequitygroup.com</u> 

(212) 836-9611

**The Equity Group Inc.** 

Val Ferraro

<u>vferraro@theequitygroup.com</u> 

(212) 836-9633

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**BCP INVESTMENT CORPORATION** 

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** 

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| | | |
|:---|:---|:---|
| (in thousands, except share and per share amounts) | **September 30, 2025<br>(Unaudited)** | **December 31,<br>2024** |
|  **ASSETS** |  |  |
|  Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments (amortized cost of $465,407 and $358,153, respectively) | $449517 | $327622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliated investments (amortized cost of $84,981 and $68,858, respectively) | 79465 | 64384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled affiliated investments (amortized cost of $42,474 and $49,421, respectively) | 10719 | 13015 |
|  Total Investments at fair value (amortized cost of $592,862 and $476,432, respectively) | $539701 | $405021 |
|  Cash and cash equivalents | 2844 | 17532 |
|  Restricted cash | 14602 | 22421 |
|  Interest receivable | 5887 | 6088 |
|  Dividend receivable | 1374 | 1367 |
|  Other assets | 3436 | 1205 |
|  **Total Assets** | $567844 | $453634 |
|  **LIABILITIES** |  |  |
|  4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $454 and $1,017, respectively) | $107546 | $106983 |
|  Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $949 and $1,322, respectively) | 129830 | 158157 |
|  2026 Notes (net of deferred financing costs and original issue discount of $420 and $—, respectively) | 49580 |  |
|  2032 Convertible Notes (net of deferred financing costs and original issue discount of $132 and $—, respectively) | 2368 |  |
|  KeyBank Credit Facility (net of deferred financing costs of $967 and $—, respectively) | 32365 |  |
|  Management and incentive fees payable | 2690 | 2713 |
|  Accounts payable, accrued expenses and other liabilities | 2794 | 3007 |
|  Accrued interest payable | 5847 | 3646 |
|  Payable for Unsettled Trades | 3520 |  |
|  Due to affiliates |  | 635 |
|  **Total Liabilities** | $336540 | $275141 |
|  **COMMITMENTS AND CONTINGENCIES** |  |  |
|  **NET ASSETS** |  |  |
|  Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 13,959,765 issued, and 13,176,582 outstanding at September 30, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024 | $132 | $92 |
|  Capital in excess of par value | 763828 | 714331 |
|  Total distributable (loss) earnings | (532656) | (535930) |
|  **Total Net Assets** | $231304 | $178493 |
|  **Total Liabilities and Net Assets** | $567844 | $453634 |
|  Net Asset Value Per Common Share | $17.55 | $19.41 |

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**BCP INVESTMENT CORPORATION** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands, except share and per share amounts) | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **INVESTMENT INCOME** |  |  |  |  |
|  Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | $13295 | $11357 | $29058 | $35891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliated investments | 1434 | 356 | 2074 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income | 14729 | 11713 | 31132 | 36654 |
|  Payment-in-kind income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments<sup>(1)</sup> | 2507 | 1343 | 7714 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliated investments | 198 | 209 | 501 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total payment-in-kind income | 2705 | 1552 | 8215 | 5759 |
|  Dividend income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliated investments | 1500 | 1669 | 4130 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividend income | 1500 | 1669 | 4130 | 5122 |
|  Fees and other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 6 | 243 | 128 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliated investments |  |  | 83 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fees and other income | 6 | 243 | 211 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 18940 | 15177 | 43688 | 48040 |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1808 | 1611 | 4719 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance-based incentive fees | 1069 | 1230 | 2956 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and amortization of debt issuance costs | 5514 | 5120 | 14042 | 16210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 621 | 283 | 1476 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services expense | 505 | 596 | 1365 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' expense | 154 | 143 | 440 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | 609 | 392 | 1133 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 10280 | 9375 | 26131 | 29535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver of performance-based incentive fees | (188) |  | (188) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10092 | 9375 | 25943 | 29535 |
|  **NET INVESTMENT INCOME** | 8848 | 5802 | 17745 | 18505 |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |  |  |
|  Net realized gains (losses) from investment transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | (1318) | (11419) | (11047) | (13754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliated investments | (1360) |  | (1452) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled affiliated investments |  |  | (6192) | (6644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2678) | (11419) | (18691) | (20398) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 12773 | 5430 | 14662 | (5392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled affiliated investments | 3114 | (994) | (1042) | (2909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Controlled affiliated investments | (362) | 75 | 4651 | 6917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives |  |  | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 15525 | 4511 | 18250 | (1384) |
|  Tax (provision) benefit on realized and unrealized gains (losses) on investments | 1935 |  | 1726 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments, net of taxes | 14782 | (6908) | 1285 | (21245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on extinguishment of debt |  | (403) |  | (655) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23630 | $(1509) | $19030 | $(3395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets per share resulting from operations – Basic | $1.88 | $(0.16) | $1.84 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common stock outstanding – Basic | 12549643 | 9244033 | 10337858 | 9295008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets per share resulting from operations – Diluted | $1.86 | $(0.16) | $1.83 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common stock outstanding – Diluted | 12726646 | 9244033 | 10397936 | 9295008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income Per Common Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)—Basic | $0.71 | $0.63 | $1.72 | $1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)—Diluted | $0.70 | $0.63 | $1.71 | $1.99 |

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(1) During the three months ended September 30, 2025 and 2024, the Company received less than
$0.1 million and $—  million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. During
the nine months ended September 30, 2025 and 2024, the Company received $0.3 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

## Exhibit 99.2

![](g95206ex99_2p1g1.jpg)

Exhibit 99.2 BCP Investment Corporation

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![](g95206ex99_2p2g1.jpg)

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![](g95206ex99_2p3g1.jpg)

• • • • • • • • •

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![](g95206ex99_2p4g1.jpg)

▪ ▪ ▪ ▪ ▪ ▪

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![](g95206ex99_2p5g1.jpg)

Fot the Three Months Ended (Dollar amounts in thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Total Investment Income $15,177 $14,392 $12,118 $12,630 $18,940 Less: Purchase discount accretion (25) (25) (16)— (3,618) (1) Core investment income 15,152 14,367 12,102 12,630 15,322 Total Expenses 9,375 8,853 7,778 8,073 10,280 Incentive fee waiver———— (188) Total Net Expenses 9,375 8,853 7,778 8,073 10,092 Net Investment Income 5,802 5,539 4,340 4,557 8,848 Less: Purchase discount accretion (25) (25) (16)— (3,618) Incentive fee addback 4 4 3 0 0 (2) 5,781 5,518 4,327 4,557 5,230 Core net investment income Net realized gain (loss) on investments (11,419) (10,785) (173) (15,840) (2,678) Net change in unrealized appreciation (depreciation) on investments 4,511 2,390 (3,903) 6,628 15,525 Tax (provision) benefit on realized and unrealized gains (loss) on investments— 316 (346) 137 1,935 Net realized gain (loss) on extinguishment of debt (403)———— (3) ($1,530) ($2,561) ($95) ($4,518) $23,630 Net increase/(decrease) in Core net assets resulting from operations Per Share Core Net Investment Income $0.63 $0.60 $0.47 $0.50 $0.42 Net Realized and Unrealized Gain / (Loss) on Investments ($0.75) ($0.90) ($0.44) ($1.01) $1.02 Net Core Earnings ($0.17) ($0.28) ($0.01) ($0.49) $1.88 Distributions declared $0.69 $0.69 $0.54 $0.47 $0.47 Net Asset Value $20.36 $19.41 $18.85 $17.89 $17.55

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![](g95206ex99_2p6g1.jpg)

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![](g95206ex99_2p7g1.jpg)

For the Three Months Ended (Dollar amounts in thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Interest Income: Non-controlled/non-affiliated investments $11,357 $9,145 $7,300 $8,463 $13,295 Non-controlled affiliated investments 356 1,096 316 324 1,434 Total interest income 11,713 10,241 7,616 8,787 14,729 Payment-in-kind income: Non-controlled/non-affiliated investments 1,343 2,217 2,853 2,354 2,507 Non-controlled affiliated investments 209 210 208 95 198 Total payment-in-kind income 1,552 2,427 3,061 2,449 2,705 Dividend income: Non-controlled affiliated investments 1,669 1,454 1,417 1,213 1,500 Total dividend income 1,669 1,454 1,417 1,213 1,500 Fees and other income: Non-controlled/non-affiliated investments 243 270 24 98 6 Non-controlled affiliated investments——— 83— Total fees and other income 243 270 24 181 6 Reported Investment Income $15,177 $14,392 $12,118 $12,630 $18,940 Less: Purchase discount accounting (25) (25) (16)— (3,618) (1) $15,152 $14,367 $12,102 $12,630 $15,322 Core Investment Income Reported Net Investment Income $5,802 $5,539 $4,340 $4,557 $8,848 NII Per Share $0.63 $0.59 $0.47 $0.50 $0.71 Core (2) $5,777 $5,514 $4,324 $4,557 $5,230 Net Investment Income NII Per Share $0.63 $0.60 $0.47 $0.50 $0.42

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![](g95206ex99_2p8g1.jpg)

For the Three Months Ended (Dollar amounts in thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 NAV, Beginning of Period $196,429 $187,982 $178,493 $173,511 $164,729 Net Investment Income 5,802 5,539 4,340 4,557 8,848 Net realized gain (loss) on investments (11,419) (10,785) (173) (15,840) (2,678) Net change in unrealized appreciation (depreciation) on investments 4,511 2,390 (3,903) 6,628 15,525 Tax (provision) benefit on realized and unrealized gains (losses) on investments— 316 (346) 137 1,935 Net realized gain (loss) from extinguishment of debt (403)———— Net decrease in net assets resulting from stockholder distribution (6,382) (6,345) (4,967) (4,325) (6,464) Stock repurchases (638) (688)—— (250) Stock issued under dividend reinvestment plan 82 84 67 61 63 (1) Issuance of common shares———— 49,596 NAV, End of Period $187,982 $178,493 $173,511 $164,729 $231,304 Leverage and Asset Coverage Gross Leverage 1.4x 1.5x 1.5x 1.6x 1.4x (2) 1.3x 1.3x 1.3x 1.4x 1.3x Net Leverage Asset Coverage 170% 167% 168% 165% 171%

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![](g95206ex99_2p9g1.jpg)

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![](g95206ex99_2p10g1.jpg)

As of (Dollar amounts in thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Portfolio Sourcing (at Fair Value): BC Partners $339,747 $317,588 $326,614 $322,989 $388,832 Legacy KCAP $20,788 $20,291 $18,917 $16,814 $14,028 Legacy OHAI $0 $0 $0 $0 $0 Legacy GARS $57,683 $58,123 $52,744 $48,831 $50,484 (3) $10,760 $9,019 $8,148 $6,475 $6,680 Legacy HCAP (4) ———— $43,279 Legacy LRFC Portfolio Summary: Total portfolio, at fair value $428,978 $405,021 $406,423 $329,464 $503,302 (5) 72 / 194 71 / 180 72 / 180 69 / 185 79 / 213 Total number of debt portfolio companies / Total number of investments Weighted Avg EBITDA of debt portfolio companies $111,503 $112,400 $129,902 $134,507 137956 Average size of debt portfolio company investment, at fair value $2,662 $2,508 $2,648 $2,646 $3,186 Weighted avg first lien / total leverage ratio (net) of debt portfolio 5.0x / 5.8x 5.0x / 5.8x 5.1x / 5.8x 5.1x / 5.9x 5.2x / 5.8x Portfolio Yields and Spreads: (6) 11.9% 11.3% 11.0% 10.7% 13.8% Weighted average yield on debt investments at par value Average Spread to SOFR 718 bps 739 bps 735 bps 714 bps 673 bps Portfolio Activity: Beginning balance $444,370 $428,978 $405,021 $406,423 $395,109 (7) 4,543 26,764 20,361 14,191 170,949 Purchases / draws Exits / repayments -14,670 -43,489 -15,660 -17,049 -43,828 Gains / (losses) / accretion -5,265 -7,232 -3,299 -8,456 17,471 Ending Balance $428,978 $405,021 $406,423 $395,109 $539,701

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![](g95206ex99_2p11g1.jpg)

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![](g95206ex99_2p12g1.jpg)

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![](g95206ex99_2p13g1.jpg)

Appendix

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![](g95206ex99_2p14g1.jpg)

For the Three Months Ended September 30, For the Nine Months Ended September 30, (Dollar amounts in thousands) 2025 2024 2025 2024 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments $13,295 $11,357 $29,058 $35,891 Non-controlled affiliated investments 1,434 356 2,074 763 Total interest income $14,729 $11,713 $31,132 $36,654 Payment-in-kind income: (1) Non-controlled/non-affiliated investments 2,507 1,343 7,714 5,255 Non-controlled affiliated investments 198 209 501 504 Total payment-in-kind income $2,705 $1,552 $8,215 $5,759 Dividend income Non-controlled affiliated investments 1,500 1,669 4,130 5,122 Total dividend income $1,500 $1,669 $4,130 $5,122 Fees and other income Non-controlled/non-affiliated investments 6 243 128 505 Non-controlled affiliated investments—— 83 — Total fees and other income $6 $243 $211 $505 Total Investment Income $18,940 $15,177 $43,688 $48,040 EXPENSES Management fees $1,808 $1,611 $4,719 $5,020 Performance-based incentive fees 1,069 1,230 2,956 3,838 Interest & amortization of debt issuance costs 5,514 5,120 14,042 16,210 Professional fees 621 283 1,476 1,357 Administrative services expense 505 596 1,365 1,313 Directors' expense 154 143 440 466 Other general & administrative expenses 609 392 1,133 1,331 Total Expenses $10,280 $9,375 $26,131 $29,535 Waiver of performace-based incentive fees (188)— (188)— Net Expenses $10,092 $9,375 $25,943 $29,535 Net Investment Income $8,848 $5,802 $17,745 $18,505 REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS Net realized gains (losses) from investment transactions: Non-controlled/non-affiliated investments (1,318) (11,419) (11,047) (13,754) Non-controlled affiliated investments (1,360)— (1,452)— Controlled affiliated investments—— (6,192) (6,644) Net realized gain (loss) on investments ($2,678) ($11,419) ($18,691) ($20,398) Net change in unrealzied appreciation (depreciation) on: Non-controlled/non-affiliated investments 12,773 5,430 14,662 (5,392) Non-controlled affiliated investments 3,114 (994) (1,042) (2,909) Controlled affiliated investments (362) 75 4,651 6,917 Derivatives—— (21)— Net change in unrealzied appreciation (depreciation) on investments $15,525 $4,511 $18,250 ($1,384) Tax (provision) benefit on realized and unrealized gains (losses) on investments 1,935 — 1,726 537 Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments, net of taxes $14,782 (6,908) 1,285 (21,245) Net realized gain (loss) on extinguishment of debt— (403)— (655) Net increase (decrease) in net assets resulting from operations $23,630 (1,509) 19,030 (3,395) Net increase (decrease) in net assets resulting from operations per common share: Net increase (decrease) in net assets per share resulting from operations - Basic $1.88 ($0.16) $1.84 ($0.37) Weighted average common stock outstanding - Basic 12,549,643 9,224,033 10,337,858 9,295,008 Net increase (decrease) in net assets per share resulting from operations - $1.86 ($0.16) $1.83 ($0.37) Weighted average common stock outstanding - Diluted 12,726,646 9,244,033 10,397,936 9,295,008 Net investment income per common share: Net investment income (loss) - Basic $0.71 $0.63 $1.72 $1.99 Net investment income (loss) - Diluted $0.70 $0.63 $1.71 $1.99

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As of (Dollar amounts in thousands) September 30, 2025 December 31, 2024 ASSETS (Unaudited) Investments at fair value Non-controlled/non-affiliated investments (amortized cost of $465,407 and $358,153, respectively) $449,517 $327,622 Non-controlled affiliated investments (amortized cost of $84,981 and $68,858, respectively) 79,465 64,384 Controlled affiliated investments (amortized cost of $42,474 and $49,421, respectively) 10,719 13,015 Total Investments at Fair Value (amortized cost of $592,862 and $476,432, respectively) $539,701 $405,021 Cash and cash equivalents 2,844 17,532 Restricted cash 14,602 22,421 Interest receivable 5,887 6,088 Dividend receivable 1,374 1,367 Other assets 3,436 1,205 Total Assets $567,844 $453,634 LIABILITIES 4.875% Notes Due 2026 (net of deferred financing costs and original issue discount of $454 and $1,017, respectively) 107,546 106,983 Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $949 and $1,322, respectively) 129,830 158,157 2026 Notes (net of deferred financing costs and original issue discount of $420 and $-, respectively) 49,580— 2032 Convertible Notes (net of deferred financing costs and original issue discount of $132 and $-, respectively) 2,368— KeyBank Credit Facility (net of deferred financing costs of $967 and $-, respectively) 32,365— Management and incentive fees payable 2,690 2,713 Accounts payable, accrued expenses and other liabilities 2,794 3,007 Accrued interest payable 5,847 3,646 Payable for unsettled trades 3,520— Due to affiliates— 635 Total Liabilities $336,540 $275,141 NET ASSETS Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 13,959,765 issues, and 13,176,582 outstanding 132 92 at September 30, 2025, and 9,960,785 issues, and 9,198,175 outstanding at December 31, 2024 Capital in excess of par value 763,828 714,331 Total distributable (loss) earnings (532,656) (535,930) Total Net Assets $231,304 $178,493 Total Liabilities and Net Assets $567,844 $453,634 NET ASSET VALUE PER COMMON SHARE $17.55 $19.41

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