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(Revolver 2022) Media: Broadcasting & Subscription Interest Rate 14.09% Reference Rate and Spread SOFR + 9.50%, 3.00% PIK, Floor 1.00% Maturity 06/30/242024-12-310001372807bcic:AccountingStandardUpdate201104Memberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310001372807us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001372807bcic:LRFCAcquisitionMember2025-07-152025-07-150001372807bcic:FirstLienDebtMemberbcic:BradshawInternationalParentCorpMember2024-12-310001372807bcic:FirstLienDebtMember2024-12-310001372807us-gaap:FairValueInputsLevel2Memberbcic:FirstLienDebtMemberbcic:AccountingStandardUpdate201104Member2024-12-310001372807us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2025-10-012025-11-040001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Energy: Electricity2024-12-310001372807bcic:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberbcic:SecondLienDebtMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt RN Enterprises, LLC Healthcare & Pharmaceuticals Interest Rate 8.83% Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 10/17/312025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units LB NewHoldCo LLC Hotel, Gaming & Leisure2025-09-300001372807us-gaap:CollateralizedLoanObligationsMemberbcic:CloFundSecuritiesMember2025-09-300001372807bcic:JointVenturesMemberbcic:AccountingStandardUpdate201104Member2025-09-300001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcic:JointVenturesMemberus-gaap:MeasurementInputDefaultRateMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Leopard Holdings, Inc. 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High Tech Industries Interest Rate 12.12% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 12/01/282024-12-3100013728072024-04-012024-06-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CCMG Buyer, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals Interest Rate 9.90% Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 05/08/302024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberbcic:FirstLienDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001372807us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC IntermediateCo 2, LLC (Peak Technologies) Services: Business Interest Rate 9.59% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 07/22/272024-12-310001372807us-gaap:RetainedEarningsMember2024-01-012024-03-310001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining One2025-09-300001372807bcic:AccountingStandardUpdate201104Memberus-gaap:EquitySecuritiesMember2025-09-300001372807Call option, HDNet Holdco LLC2025-09-300001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Member2024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:FirstLienDebtMemberbcic:AccountingStandardUpdate201104Member2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Class A Warrant Media: Broadcasting & Subscription2025-09-300001372807bcic:LRFCAcquisitionMemberbcic:TwoThousandAndThirtyTwoConvertibleNotesMember2022-04-010001372807bcic:CapitalEquipmentMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001372807bcic:FirstLienDebtMemberbcic:FortisPaymentSystemsLLCMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 11.61% Reference Rate and Spread SOFR + 6.75%, 0.50% PIK Maturity 11/23/27 Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 11.61% Reference Rate and Spread SOFR + 6.75%, 0.50% PIK Floor 1.00% Maturity 11/23/272025-09-300001372807bcic:ChairOfNominatingAndCorporateGovernanceCommitteeMember2025-01-012025-09-300001372807bcic:FiscalTwoThousandTwentyOneMember2025-09-300001372807bcic:OneMTermSOFRMemberbcic:KeyBankCreditFacilityMember2025-07-152025-07-150001372807bcic:HealthcarePharmaceuticalsMember2025-09-300001372807Put option, Advantage Capital Holdings LLC2024-12-310001372807Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Type of Investment Common Stock and Membership Units Industry Classification Services: Business2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:MeasurementInputAverageEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberbcic:FirstLienDebtMemberbcic:MeasurementInputAverageEbitdaMultipleMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc. Healthcare & Pharmaceuticals Interest Rate 8.91% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Confluence Technologies, Inc. Services: Business Interest Rate 10.98% Reference Rate and Spread SOFR + 6.50% Floor 0.50% Maturity 7/23/292024-12-310001372807bcic:FiscalTwoThousandSixteenMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 13.05% Reference Rate and Spread SOFR + 8.75% Floor 0.75% Maturity 12/26/282025-09-300001372807bcic:ChairOfAuditCommitteeMember2025-01-012025-09-3000013728072025-07-012025-09-300001372807us-gaap:RetainedEarningsMember2025-03-310001372807bcic:TwoThousandAndTwentySixNotesMember2025-07-150001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Roscoe Investors,LLC - Class A Healthcare & Pharmaceuticals2025-09-300001372807bcic:F3CJointVentureMember2025-09-300001372807Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Type of Investment Common Stock and Membership Units Industry Classification Energy: Electricity2024-12-310001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2023-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Class B Warrant Media: Broadcasting & Subscription2024-12-310001372807us-gaap:InvestmentAffiliatedIssuerControlledMemberbcic:AssetManagerAffiliatesMember2024-12-310001372807us-gaap:RetainedEarningsMember2025-06-300001372807us-gaap:CollateralizedLoanObligationsMember2025-01-012025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:FirstLienDebtMemberbcic:EnterpriseMarketValueValuationTechniqueMember2025-09-300001372807us-gaap:CommonStockMemberbcic:OhaiAcquisitionMember2019-12-180001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Taylor Precision Products, Inc. - Series C Consumer goods: Durable2025-09-300001372807us-gaap:CommonStockMember2024-06-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC Banking, Finance, Insurance & Real Estate Interest Rate 8.79% Reference Rate and Spread SOFR + 4.50% Floor 1.00% Maturity 10/02/282025-09-300001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Member2025-06-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) Healthcare & Pharmaceuticals Interest Rate 12.79% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/282024-12-310001372807bcic:JointVenturesMember2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Money Transfer Acquisition Inc. Finance Interest Rate 12.71% Reference Rate and Spread SOFR + 8.25% Floor 1.00% Maturity 12/14/272024-12-3100013728072019-03-290001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units South Street securities Holdings,Inc – Warrant Banking, Finance, Insurance & Real Estate2024-12-310001372807bcic:FourPointEightSevenFiveNotesDue2026Member2024-06-300001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Memberus-gaap:PrivatePlacementMember2021-06-232021-06-230001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC Healthcare & Pharmaceuticals Interest Rate 11.08% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 12/26/282024-12-310001372807us-gaap:RevolvingCreditFacilityMemberbcic:SeptemberThirtyTwoThousandTwentyFiveMember2025-09-300001372807bcic:FourPointEightSevenFiveNotesDue2026Member2024-07-012024-09-300001372807bcic:GarsAcquisitionMember2020-10-280001372807Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Type of Investment Common Stock and Membership Units Industry Classification Energy: Electricity2024-01-012024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:FirstLienDebtMembersrt:MaximumMemberbcic:MeasurementInputEBITDAMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Swift Aggregator LLC (formerly GA Communications, Inc.) Media: Broadcasting & Subscription2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MSM Acquisitions, Inc. Services: Business Interest Rate 12.70% Reference Rate and Spread SOFR + 6.00%, 2.50% PIK Floor 1.00% Maturity 12/09/262025-09-300001372807bcic:TelecommunicationsMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Dcert Buyer, Inc. High Tech Industries Interest Rate 11.16% Reference Rate and Spread SOFR + 7.00% Maturity 02/16/292025-09-300001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class B Automotive2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Luminii LLC Construction & Building Interest Rate 11.94% Reference Rate and Spread SOFR + 7.35% Floor 1.00% Maturity 4/11/252024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMembersrt:MinimumMemberbcic:MeasurementInputRecoveryRateMember2024-12-310001372807bcic:AccountingStandardUpdate201104Memberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Term Loan A2) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 12.26% Reference Rate and Spread SOFR + 8.00%, 12.26% PIK Floor 1.00% Maturity 02/06/312025-09-300001372807Non-controlled affiliated investments Westshore Ram, LLC Type of Investment Preferred Stock and Units Industry Classification Finance2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units ATP Oil & Gas Corporation Energy: Oil & Gas2024-12-310001372807Investments in Controlled Afilliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. (Revolver) Consumer goods: Durable Interest Rate 9.99% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/262025-09-300001372807Debt Securitiessrt:MaximumMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation (Revolver) High Tech Industries Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 06/09/292024-12-310001372807bcic:EnergyElectricityMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Fusion Connect, Inc. - Warrant Telecommunications2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Lifescan Global Corporation Healthcare & Pharmaceuticals Interest Rate 11.12% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 12/31/262024-12-310001372807Controlled investments KCAP Freedom 3, LLC Type of Investment Joint Ventures Industry Classification Joint Venture2023-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberbcic:AccountingStandardUpdate201104Member2025-09-300001372807us-gaap:SubsequentEventMemberbcic:FourPointEightSevenFiveNotesDue2026Member2025-10-142025-10-140001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Symplr Software, Inc Healthcare & Pharmaceuticals Interest Rate 9.19% Reference Rate and Spread SOFR + 4.50% Floor 0.75% Maturity 12/22/272024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units VTX Holdings LLC - Series C High Tech Industries2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MSM Acquisitions, Inc Services: Business Interest Rate 10.51% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 12/09/262024-12-310001372807Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Type of Investment Joint Ventures Industry Classification Joint Venture2023-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks Holdings LLC Hotel, Gaming & Leisure Maturity 05/29/282024-12-310001372807Non-controlled affiliated investments V12 Holdings, Inc. Type of Investment Second Lien/Senior Secured Debt Industry Classification Services: Business2025-01-012025-09-300001372807bcic:ConstructionAndBuildingMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputPrepaymentRateMember2025-09-300001372807us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Non-controlled affiliated investments JMP Credit Advisors CLO IV LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities One2025-01-012025-09-300001372807us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units BLST Operating Company, LLC - Class A Retail2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Taoglas Group Holdings Limited (Revolver) High Tech Industries Interest Rate 11.38% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 02/28/292025-09-300001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units Princeton Medspa Partners, LLC Services: Consumer Interest Rate 12.50% PIK2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:FirstLienDebtMembersrt:MinimumMemberbcic:MeasurementInputAverageRevenueMultipleMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Fusion Parent, LLC (fka Franchise Group Inc.) Consumer Services2025-09-300001372807us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Revolver) IT Consulting & Other Services Interest Rate 12.45% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/31/282025-09-300001372807bcic:RiddellIncMemberbcic:FirstLienDebtMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:SeptemberThirtyTwoThousandTwentyFiveMemberbcic:FourPointEightSevenFiveNotesDue2026Member2025-09-300001372807us-gaap:CommonStockMember2025-06-300001372807Non-controlled affiliated investments BMP Slappey Holdco, LLC Type of Investment Preferred Stock and Units Industry Classification Telecommunications2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units LB NewHoldCo LLC Hotel, Gaming & Leisure2024-12-310001372807bcic:FirstLienDebtMember2024-09-300001372807Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt American Clinical Solutions, LLC Healthcare Interest Rate 11.00% Reference Rate and Spread SOFR + 7.00%, 4.00% PIK Floor 1.00% Maturity 06/30/262025-09-300001372807bcic:TwoThousandAndTwentySixNotesMember2024-03-280001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Fortis Payment Systems, LLC Diversified Financial Services Interest Rate 9.68% Reference Rate and Spread SOFR + 5.25% Floor 1.00% Maturity 02/13/262024-12-310001372807us-gaap:CommonStockMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001372807bcic:ConsumerGoodsDurableMember2025-09-300001372807Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Type of Investment Preferred Stock and Units Industry Classification Energy: Electricity2023-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. (Term Loan A) Media: Broadcasting & Subscription Interest Rate 9.18% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 10/11/282025-09-300001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberbcic:JointVenturesMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMember2024-12-310001372807bcic:TwoThousandTwentySixNotesMember2025-07-152025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation High Tech Industries Interest Rate 8.95% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 06/09/292025-09-300001372807us-gaap:RevolvingCreditFacilityMember2022-06-300001372807bcic:ServicesConsumerMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt VTX Intermediate Holdings, Inc. High Tech Industries Interest Rate 12.50% PIK Floor 2.00% Maturity 12/12/302024-12-310001372807bcic:GlprfLlcMember2022-04-2800013728072024-01-012024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare & Pharmaceuticals Interest Rate 10.82% Reference Rate and Spread SOFR + 6.50% Floor 2.00% Maturity 06/14/282025-09-300001372807us-gaap:InvestmentAffiliatedIssuerControlledMemberbcic:JointVenturesMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:DerivativeMemberbcic:MeasurementInputAverageEbitdaMultipleMember2024-12-310001372807bcic:FiscalTwoThousandTwentyMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Fusion Connect, Inc. Telecommunications2024-12-310001372807Non-controlled affiliated investments JMP Credit Advisors CLO V LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities One2024-01-012024-12-310001372807bcic:DentiveLlcOneMemberbcic:FirstLienDebtMember2024-12-310001372807Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Type of Investment Common Stock and Membership Units Industry Classification Energy: Electricity2023-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate2024-12-310001372807Non-controlled affiliated investments Sierra Hamilton Holdings Corporation Type of Investment Common Stock and Membership Units Industry Classification Energy: Oil and Gas2025-09-300001372807Non-controlled affiliated investments JMP Credit Advisors CLO IV LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities One2024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberbcic:SecondLienDebtMember2025-09-300001372807bcic:TwoThousandAndThirtyTwoConvertibleNotesMember2025-07-152025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Carestream Health Holdings, Inc. Healthcare & Pharmaceuticals2025-09-300001372807us-gaap:CallOptionMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:FirstLienDebtMembersrt:MaximumMemberbcic:MeasurementInputAverageRevenueMultipleMember2024-12-310001372807us-gaap:DerivativeMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:JointVenturesMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputPrepaymentRateMember2025-09-300001372807Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining2023-12-310001372807bcic:MarchThirtyOneTwoThousandTwentyFiveMember2025-09-300001372807bcic:FirstLienDebtMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AIDC IntermediateCo 2, LLC (Peak Technologies) Services: Business Interest Rate 9.66% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 07/22/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Epic Staffing Group Services: Business Interest Rate 10.29% Reference Rate and Spread SOFR + 6.00% Floor 0.50% Maturity 06/28/292025-09-300001372807us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberbcic:FirstLienDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units Princeton Medspa Partners, LLC – Warrant Services: Consumer2024-12-310001372807Non-controlled affiliated investments MMI Holdings, LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Healthcare & Pharmaceuticals2025-09-300001372807us-gaap:PutOptionMember2025-09-300001372807bcic:BookValueMultipleMemberus-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:EquitySecuritiesMember2024-12-310001372807bcic:SevenPointThreeSevenFivePercentNotesDueTwoThousandNineteenMember2015-01-012015-12-310001372807Non-controlled affiliated investments EBSC Holdings LLC (Riddell, Inc.) 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Consumer goods: Durable Interest Rate 13.29% Reference Rate and Spread SOFR + 9.00%, 6.00% PIK Maturity 12/31/262025-09-300001372807Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V LTD CLO Fund Securities Maturity 07/17/302024-12-310001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC - Warrant Type of Investment Common Stock and Membership Units Industry Classification Healthcare & Pharmaceuticals2024-12-310001372807bcic:KeyBankCreditFacilityMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate Interest Rate 13.00% Reference Rate and Spread 13.00%, 5.00% PIK Maturity 04/14/272024-12-310001372807us-gaap:CommonStockMember2024-07-012024-09-300001372807us-gaap:SubsequentEventMemberbcic:FourPointEightSevenFiveNotesDue2026Member2025-10-140001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Red Range Intermediate Inc. Capital Equipment Interest Rate 12.69% Reference Rate and Spread SOFR + 8.00% Floor 1.00% Maturity 10/01/292024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberbcic:JointVenturesMembersrt:MaximumMemberus-gaap:MeasurementInputPrepaymentRateMember2024-12-310001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberbcic:JointVenturesMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. Machinery (Non-Agrclt/Constr/Electr) Interest Rate 9.75% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 08/06/292025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Orthopaedic (ITC) Buyer, Healthcare & Pharmaceuticals Interest Rate 10.60% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/31/282025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberbcic:FirstLienDebtMemberbcic:MeasurementInputRecoveryPercentageMember2025-09-300001372807us-gaap:RetainedEarningsMember2025-04-012025-06-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberbcic:FirstLienDebtMember2024-12-310001372807us-gaap:RevolvingCreditFacilityMember2019-12-310001372807bcic:DerivativesMember2025-09-300001372807us-gaap:CommonStockMember2025-09-300001372807Investments in Controlled Afilliated Portfolio Companies Joint Ventures KCAP Freedom 3 LLC Joint Venture2024-12-310001372807Investments in Controlled Afilliated Portfolio Companies Asset Manager Affiliates Asset Management Company Asset Management Company2024-12-310001372807us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberbcic:SecondLienDebtMember2024-12-310001372807bcic:LuminiiLlcMemberbcic:FirstLienDebtMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Warrant for CS Media: Broadcasting & Subscription2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc. Consumer goods: Durable2025-09-300001372807Non-controlled affiliated investments JMP Credit Advisors CLO V LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities One2024-12-310001372807us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:DerivativeMember2024-12-310001372807bcic:DerivativesMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001372807bcic:JmpCreditAdvisorsCloVLtdMemberus-gaap:CollateralizedLoanObligationsMemberbcic:CloFundSecuritiesMember2024-12-310001372807us-gaap:CollateralizedLoanObligationsMember2024-01-012024-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC - Term Loan B High Tech Industries Maturity 06/21/262025-09-300001372807bcic:CloFundSecuritiesIndustryMember2024-12-310001372807bcic:MachineryMember2024-12-310001372807us-gaap:InvestmentAffiliatedIssuerControlledMemberbcic:JointVenturesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt One Stop Mailing LLC Transportation: Consumer Interest Rate 10.53% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 04/29/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Idera, Inc. High Tech Industries Interest Rate 11.20% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 02/04/292025-09-300001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Memberus-gaap:PrivatePlacementMember2021-06-230001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. Media: Broadcasting & Subscription Interest Rate 9.43% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/292025-09-300001372807us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001372807bcic:NetwrixCorporationOneMemberbcic:FirstLienDebtMember2025-09-300001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberbcic:JointVenturesMembersrt:MinimumMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dentive, LLC (Revolver) Healthcare & Pharmaceuticals Interest Rate 11.08% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 12/23/282024-12-310001372807Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Reference Rate and Spread 8.00% Maturity 01/01/252025-09-300001372807bcic:FirstLienDebtMemberbcic:IdcInfusionServicesMember2025-09-300001372807srt:MaximumMember2025-01-012025-09-3000013728072024-03-310001372807bcic:RenewedStockRepurchaseProgramMember2024-03-110001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcic:JointVenturesMemberbcic:MeasurementInputRecoveryRateMember2024-12-310001372807bcic:SeptemberThirtyTwoThousandTwentyFiveMemberbcic:TwoThousandAndThirtyTwoConvertibleNotesMember2025-09-300001372807bcic:FirstLienDebtMemberbcic:DentiveLLCMember2025-09-300001372807bcic:BeverageFoodAndTobaccoMember2025-09-300001372807bcic:CommonStockAndMembershipUnitsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:BookValueMultipleMemberbcic:EnterpriseValueValuationTechniqueMembersrt:MinimumMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Appfire Technologies, LLC High Tech Industries Interest Rate 9.33% Reference Rate and Spread SOFR + 5.00% , Floor 1.00% Maturity 03/09/282024-12-310001372807bcic:HotelGamingLeisureMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Idera, Inc. High Tech Industries Interest Rate 11.47% Reference Rate and Spread SOFR + 6.75% Floor 0.75% Maturity 02/04/292024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:JointVenturesMemberus-gaap:IncomeApproachValuationTechniqueMemberbcic:MeasurementInputRecoveryRateMember2025-09-300001372807Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt PMP OPCO, LLC (Princeton Medspa Partners, LLC) Services: Consumer Interest Rate 12.86% Reference Rate and Spread SOFR + 8.50% Floor 2.00% Maturity 05/31/292024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc Banking, Finance, Insurance & Real Estate Interest Rate 9.00% Maturity 09/20/272024-12-310001372807bcic:FinanceMember2024-12-310001372807bcic:TwoThousandAndThirtyTwoConvertibleNotesMember2025-07-150001372807us-gaap:FairValueInputsLevel2Memberbcic:AccountingStandardUpdate201104Member2025-09-300001372807bcic:GarrisonCapitalEquityHoldingsIiLlcMember2024-01-012024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Epilog Partners LP (Care Connectors Medical Group) Healthcare & Pharmaceuticals2025-09-300001372807us-gaap:CommonStockMemberbcic:LRFCAcquisitionMember2025-07-152025-07-150001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units Kleen-Tech Acquisition, LLC Services: Business2025-09-300001372807us-gaap:SubordinatedDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. Machinery (Non-Agrclt/Constr/Electr) Interest Rate 10.03% Reference Rate and Spread SOFR + 5.50%, Floor 1.00% Maturity 08/06/292024-12-310001372807Non-controlled affiliated investments Burgaflex Holdings, LLC Type of Investment Common Stock and Membership Units Industry Classification Automotive2025-09-300001372807us-gaap:SubsequentEventMember2025-10-102025-10-100001372807us-gaap:EquitySecuritiesMember2023-12-310001372807us-gaap:UnsecuredDebtMemberbcic:SixPointOneTwoFiveNotesDue2022Member2019-12-310001372807bcic:TwoThousandEighteenTwoSecuredNotesMemberbcic:TwoThousandEighteenTwoSecuredNotesClassA1RRNotesMember2019-07-180001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PMA Parent Holdings LLC (Revolver) Finance Reference Rate and Spread SOFR + 5.50% Floor 0.75% Maturity 01/31/312025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberbcic:AccountingStandardUpdate201104Member2024-12-310001372807bcic:LRFCAcquisitionMemberbcic:O2025Q2DividendsMember2025-05-062025-05-060001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. (Term Loan c) Media: Broadcasting & Subscription Floor 1.00% Maturity 11/15/272025-09-3000013728072024-01-012024-09-300001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC - Put Option Type of Investment Derivatives Industry Classification Healthcare & Pharmaceuticals2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:AccountingStandardUpdate201104Memberbcic:DerivativesMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2024-12-310001372807us-gaap:PrivatePlacementMemberbcic:FourPointEightSevenFiveNotesDue2026Member2021-04-300001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2024-07-012024-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units VTX Holdings LLC - Series C High Tech Industries2025-09-300001372807bcic:FirstLienDebtMemberbcic:ShepherdParentHoldingsLLCMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. Consumer goods: Durable Interest Rate 13.96% Reference Rate and Spread SOFR + 9.36%, 1.00% PIK Maturity 6/30/252024-12-310001372807bcic:DentiveLlcOneMemberbcic:FirstLienDebtMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:MaximumMemberbcic:MeasurementInputEBITDAMemberus-gaap:EquitySecuritiesMember2025-09-300001372807bcic:AdministrationAgreementMember2025-07-012025-09-3000013728072024-01-012024-03-310001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining One2024-12-310001372807Put option, Advantage Capital Holdings LLC2025-09-300001372807us-gaap:ConvertibleDebtSecuritiesMemberbcic:TwoThousandAndThirtyTwoConvertibleNotesMember2025-01-012025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Neptune Bidco US Inc. Media: Broadcasting & Subscription Interest Rate 9.76% Reference Rate and Spread SOFR + 5.00% Floor 0.50% Maturity 04/11/292024-12-310001372807bcic:Freedom3AndGreatLakesJointVentureMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Cenexel Clinical Research, Inc. 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Beverage, Food and Tobacco Interest Rate 11.46% Reference Rate and Spread SOFR + 7.00%, 3.00% PIK Floor 1.00% Maturity 01/04/282025-09-300001372807Controlled investments ProAir Holdco, LLC Type of Investment Common Stock and Membership Units Industry Classification Capital Equipment2025-01-012025-09-300001372807bcic:JuneThirtyTwoThousandTwentyFiveMember2025-09-300001372807Non-controlled affiliated investments Riddell, Inc. 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Aerospace and Defense Interest Rate 9.60% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 04/01/272025-09-300001372807bcic:FiscalTwoThousandTwentyThreeMember2025-09-300001372807Non-controlled affiliated investments MMI Holdings, LLC Type of Investment Preferred Stock and Units Industry Classification Healthcare & Pharmaceuticals2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 9.94% Reference Rate and Spread SOFR + 5.25% Floor 0.50% Maturity 07/20/292024-12-310001372807Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt Riddell, Inc. Consumer goods: Durable Interest Rate 10.15% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/29/292025-09-300001372807bcic:FourPointEightSevenFiveNotesDue2026Member2021-06-230001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Hollander Intermediate LLC Consumer goods: Durable Interest Rate 13.22% Reference Rate and Spread SOFR + 8.75%, 10.58% PIK Floor 2.00% Maturity 09/19/262024-12-3100013728072021-01-012021-03-310001372807bcic:SevenPointThreeSevenFivePercentNotesDueTwoThousandNineteenMember2025-09-300001372807Non-controlled affiliated investments BMP Slappey Investment II Type of Investment Preferred Stock and Units Industry Classification Telecommunications2024-01-012024-12-310001372807Non-controlled affiliated investments BMP Slappey Holdco, LLC Type of Investment Preferred Stock and Units Industry Classification Telecommunications2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Metrc Inc. High Tech Industries Interest Rate 9.50% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 09/30/312025-09-300001372807Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Type of Investment Joint Ventures Industry Classification Joint Venture2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Maturity 11/23/262025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CCMG Buyer, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals Interest Rate 9.66% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 05/08/302025-09-300001372807us-gaap:CollateralizedLoanObligationsMemberbcic:AccountingStandardUpdate201104Member2024-12-310001372807us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcic:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-3100013728072025-04-012025-06-300001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining2025-09-300001372807bcic:NetwrixCorporationOneMemberbcic:FirstLienDebtMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC (Revolver) Banking, Finance, Insurance & Real Estate Reference Rate and Spread SOFR + 4.50% Floor 1.00% Maturity 10/02/282025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2018-1 Ltd CLO Fund Securities Maturity 10/27/312025-09-300001372807Non-controlled affiliated investments BMP Slappey Holdco, LLC Type of Investment Preferred Stock and Units Industry Classification Telecommunications2023-12-310001372807Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining2024-01-012024-12-310001372807bcic:PmpOpcoLlcPrincetonMedspaPartnersLlcOneMemberbcic:FirstLienDebtMember2024-12-310001372807bcic:SevenPointThreeSevenFivePercentNotesDueTwoThousandNineteenMember2017-01-012017-12-310001372807bcic:PMPOPCOLLCPrincetonMedspaPartnersLLCMemberbcic:FirstLienDebtMember2024-12-310001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining2024-01-012024-12-310001372807us-gaap:RevolvingCreditFacilityMember2024-12-310001372807Controlled investments Tank Partners Equipment Holdings, LLC Type of Investment Subordinated Debt Industry Classification Energy: Oil & Gas2024-01-012024-12-310001372807bcic:AccountingStandardUpdate201104Memberbcic:DerivativesMember2025-09-300001372807Debt Securitiessrt:MinimumMember2025-09-300001372807us-gaap:CommonStockMemberbcic:GarsAcquisitionMember2020-10-280001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units 4L Ultimate Topco Corporation Services: Business2024-12-310001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining One2024-01-012024-12-310001372807us-gaap:DerivativeMember2024-12-310001372807us-gaap:EquitySecuritiesMember2025-09-300001372807us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001372807bcic:JointVenturesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. Banking, Finance, Insurance & Real Estate Interest Rate 10.08% Reference Rate and Spread SOFR + 5.75% Maturity 07/01/292024-12-310001372807us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcic:MeasurementInputTimeToExitMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-09-300001372807us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:BookValueOfEquityMemberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:EquitySecuritiesMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberbcic:RecentTransactionBidRequiredRateOfReturnMemberbcic:FirstLienDebtMembersrt:MinimumMember2025-09-300001372807bcic:SecondLienDebtMember2024-01-012024-09-300001372807us-gaap:SubsequentEventMemberbcic:SevenPointFiveZeroNotesDue2028Member2025-10-100001372807bcic:Dryden30SeniorLoanFundMemberus-gaap:CollateralizedLoanObligationsMemberbcic:CloFundSecuritiesMember2024-12-310001372807bcic:AccountingStandardUpdate201104Memberbcic:FirstLienDebtMember2024-12-310001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2020-10-280001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Member2023-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver) Healthcare & Pharmaceuticals Interest Rate 12.69% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 06/14/282024-12-310001372807Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Type of Investment Preferred Stock and Units Industry Classification Energy: Electricity2024-12-310001372807bcic:ConsumerGoodsDurableMember2024-12-310001372807us-gaap:CollateralizedMortgageObligationsMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001372807Put option, Epilog Partners LP (Care Connectors Medical Group)2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Reference Rate and Spread SOFR + 5.25% Floor 0.75% Maturity 11/17/312024-12-310001372807bcic:FiscalTwoThousandNineteenMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberbcic:RecentTransactionBidRequiredRateOfReturnMemberbcic:FirstLienDebtMembersrt:MaximumMember2025-09-300001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2024-12-310001372807us-gaap:SubordinatedDebtMember2025-01-012025-09-300001372807bcic:InvestmentsForFederalIncomeTaxPurposeMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Confluence Technologies, Inc. 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Consumer goods: Durable Interest Rate 10.00% PIK Reference Rate and Spread 10.00% PIK2025-09-300001372807bcic:AdvisoryAgreementMember2025-01-012025-09-300001372807Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Type of Investment Common Stock Industry Classification Services: Business2024-12-310001372807bcic:FirstLienDebtMember2023-12-310001372807bcic:DerivativesMember2024-12-310001372807bcic:StockRepurchaseProgramMember2023-03-062023-03-060001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining2023-12-310001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units Westshore RAM, LLC - Class A Finance2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.50% PIK Maturity 3/01/282024-12-310001372807Put option, Epilog Partners LP (Care Connectors Medical Group)2025-09-300001372807us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001372807Controlled investments KCAP Freedom 3, LLC Type of Investment Joint Ventures Industry Classification Joint Venture2024-01-012024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Services: Business Interest Rate 10.68% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/272024-12-310001372807us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberbcic:MeasurementInputAverageEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Memberus-gaap:PrivatePlacementMember2021-04-300001372807us-gaap:CommonStockMember2024-01-012024-03-310001372807Controlled investments ProAir, LLC Type of Investment Subordinated Debt Industry Classification Capital Equipment2025-01-012025-09-300001372807bcic:VbcSpineOpcoLlcDxtxPainAndSpineLlcOneMemberbcic:FirstLienDebtMember2024-12-310001372807bcic:TwoThousandEighteenTwoSecuredNotesMemberbcic:TwoThousandEighteenTwoSecuredNotesClassA1RRNotesMember2022-11-182022-11-180001372807Non-controlled affiliated investments American Clinical Solutions, LLC Type of Investment First Lien/Senior Secured Debt Industry Classification Healthcare & Pharmaceuticals2025-01-012025-09-300001372807us-gaap:RetainedEarningsMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.50% PIK Reference Rate and Spread 14.50%, PIK Maturity 03/01/282025-09-300001372807us-gaap:CollateralizedLoanObligationsMemberbcic:JmpCreditAdvisorsCloIvLtdMemberbcic:CloFundSecuritiesMember2024-12-310001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC - Warrant Type of Investment Common Stock and Membership Units Industry Classification Healthcare & Pharmaceuticals2024-01-012024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:MinimumMemberbcic:FirstLienDebtMemberbcic:MeasurementInputAverageEbitdaMultipleMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accordion Partners LLC (Revolver) Finance Floor 0.75% Maturity 11/17/312025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMemberbcic:SeptemberThirtyTwoThousandTwentyFiveMember2025-09-300001372807us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001372807us-gaap:FairValueInputsLevel3Memberbcic:MeasurementInputRequiredRateOfReturnMemberus-gaap:SubordinatedDebtMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberbcic:AccountingStandardUpdate201104Member2024-12-310001372807us-gaap:RevolvingCreditFacilityMember2020-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Everyware Global, Inc. 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High Tech Industries Interest Rate 12.34% Reference Rate and Spread SOFR + 7.75% Floor 0.50% Maturity 07/20/302024-12-310001372807us-gaap:InvestmentAffiliatedIssuerControlledMember2024-07-012024-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Live Comfortably Inc. Consumer goods: Durable2025-09-300001372807bcic:VBCSpineOpcoLLCDxTxPainAndSpineLLCMemberbcic:FirstLienDebtMember2024-12-310001372807us-gaap:SubordinatedDebtMember2023-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberbcic:MeasurementInputAverageRevenueMultipleMember2024-12-310001372807bcic:PMAParentHoldingsLLCMemberbcic:FirstLienDebtMember2025-09-300001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC Type of Investment Preferred Stock and Units Industry Classification Services: Consumer2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:FirstLienDebtMemberbcic:MeasurementInputAverageEbitdaMultipleMembersrt:MaximumMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:FirstLienDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare & Pharmaceuticals2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Synamedia Americas Holdings, Inc. Interactive Media & Services Interest Rate 12.11% Reference Rate and Spread SOFR + 7.75% Floor 1.00% Maturity 12/05/282024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units World Business Lenders, LLC Banking, Finance, Insurance & Real Estate2025-09-300001372807us-gaap:AdditionalPaidInCapitalMember2024-03-310001372807bcic:SevenPointThreeSevenFivePercentNotesDueTwoThousandNineteenMember2016-01-012016-12-310001372807us-gaap:RevolvingCreditFacilityMemberbcic:GlprfLlcMember2024-07-232024-07-230001372807bcic:SixPointOneTwoFiveNotesDue2022Member2018-01-012018-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Global Integrated Flooring Systems Inc. (Revolver) Consumer goods: Durable Interest Rate 13.72% Reference Rate and Spread SOFR + 9.36%, 1.00% PIK Maturity 6/30/252024-12-310001372807us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC Services: Business Interest Rate 10.67% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 11/23/272024-12-310001372807bcic:O2025Q4DividendsMemberus-gaap:SubsequentEventMemberbcic:BaseDistributionMember2025-11-062025-11-060001372807bcic:TransportationConsumerMember2024-12-310001372807us-gaap:RevolvingCreditFacilityMember2019-12-180001372807us-gaap:CollateralizedLoanObligationsMemberbcic:CatamaranClo20181LtdMemberbcic:CloFundSecuritiesMember2024-12-310001372807us-gaap:CollateralizedLoanObligationsMember2025-09-300001372807Call option, HDNet Holdco LLC2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:AccountingStandardUpdate201104Member2025-09-300001372807bcic:NonControlledAffiliatedAndControlledInvestmentsMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Term Loan A1) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 10.75% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 02/06/312025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:SeptemberThirtyTwoThousandTwentyFiveMemberbcic:TwoThousandAndTwentySixNotesMember2025-09-300001372807us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberbcic:SecondLienDebtMember2024-12-310001372807bcic:AdministrationAgreementMember2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Fusion Buyer, LLC (fka Franchise Group Inc. ) Consumer Services Interest Rate 12.10% Reference Rate and Spread SOFR + 8.00% Maturity 06/06/302025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Warrant for CS Media: Broadcasting & Subscription2025-09-300001372807us-gaap:CommonStockMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Radius Aerospace, Inc. 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(Revolver) Beverage, Food and Tobacco Interest Rate 11.80% Reference Rate and Spread SOFR + 7.00% 3.00% PIK Floor 1.00% Maturity 10/06/262024-12-310001372807us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2025-11-040001372807us-gaap:InvestmentAffiliatedIssuerMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt DeltaDx Limited, LP (Money Transfer Acquisition Inc.)Finance Interest Rate 15.00% PIK Maturity 06/30/282024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units 4L Ultimate Topco Corporation Services: Business2025-09-300001372807bcic:TwoThousandEighteenTwoSecuredNotesMemberus-gaap:CollateralizedLoanObligationsMemberbcic:GarsAcquisitionMember2020-10-280001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Controlled investments KCAP Freedom 3, LLC Type of Investment Joint Ventures Industry Classification Joint Venture2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Freedom Electronics, LLC High Tech Industries2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberbcic:FirstLienDebtMemberbcic:MeasurementInputEBITDAMember2025-09-300001372807Investments in Affiliate Portfolio Companies Joint Ventures Series A-Great Lakes Funding II LLC Joint Venture2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Advantage Capital Holdings LLC - Class A Units Banking, Finance, Insurance & Real Estate2025-09-300001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2021-12-310001372807Non-controlled affiliated investments Northeast Metal Works LLC - Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining2024-12-310001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputPrepaymentRateMember2024-12-310001372807us-gaap:RevolvingCreditFacilityMember2025-03-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2024-12-3100013728072024-12-310001372807bcic:ConstructionAndBuildingMember2025-09-300001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberbcic:JointVenturesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Dodge Data & Analytics LLC (Second Out) Construction & Building Interest Rate 9.13% Reference Rate and Spread SOFR + 4.75% Floor 0.50% Maturity 02/28/292025-09-300001372807bcic:TwoThousandEighteenTwoSecuredNotesMemberbcic:TwoThousandEighteenTwoSecuredNotesClassA1RRNotesMember2019-07-182019-07-180001372807bcic:NonControlledAffiliatedAndControlledInvestmentsMember2023-12-310001372807us-gaap:AdditionalPaidInCapitalMember2025-06-300001372807Controlled investments KCAP Freedom 3, LLC Type of Investment Joint Ventures Industry Classification Joint Venture2024-12-310001372807us-gaap:RevolvingCreditFacilityMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Epilog Partners SPV III, LLC (Care Connectors Medical Group) Healthcare & Pharmaceuticals2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Appfire Technologies, LLC High Tech Industries Interest Rate 9.00% Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 03/09/282025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Anthem Sports & Entertainment Inc. 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Capital Equipment Interest Rate 5.00% Maturity 10/29/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Newbury Franklin Industrials, LLC Consumer goods: Durable Interest Rate 11.40% Reference Rate and Spread SOFR + 7.00% Floor 2.00% Maturity 12/11/292024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PVHC Holding Corp Containers, Packaging and Glass Interest Rate 11.18% Reference Rate and Spread SOFR + 6.75%, 0.75% PIK Floor 2.50% Maturity 02/17/272024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Class A Warrant Media: Broadcasting & Subscription2024-12-310001372807bcic:SixPointOneTwoFiveNotesDue2022Member2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt H.W. Lochner, Inc. 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(Revolver) Consumer goods: Durable Interest Rate 13.16% Reference Rate and Spread SOFR + 9.00%, 6.00% PIK Maturity 12/31/262025-09-300001372807bcic:AtpOilAndGasCorporationMember2024-12-310001372807us-gaap:AdditionalPaidInCapitalMember2024-12-310001372807us-gaap:SubordinatedDebtMember2024-01-012024-09-300001372807bcic:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:IncomeApproachValuationTechniqueMemberbcic:SecondLienDebtMember2025-09-300001372807Non-controlled affiliated investments BMP Slappey Investment II Type of Investment Preferred Stock and Units Industry Classification Telecommunications2025-09-3000013728072024-07-012024-09-300001372807Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Distribution, LLC (STG Logistics) (Second Out) Transportation: Cargo Interest Rate 12.12% Reference Rate and Spread SOFR + 7.60%, 6.50% PIK Floor 1.50% Maturity 10/03/292024-12-310001372807us-gaap:RetainedEarningsMember2024-06-300001372807us-gaap:FairValueInputsLevel3Memberbcic:MeasurementInputRequiredRateOfReturnMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberbcic:SecondLienDebtMember2025-09-300001372807us-gaap:SubordinatedDebtMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001372807bcic:ConsumerServicesMember2025-09-300001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC - Warrant Type of Investment Common Stock and Membership Units Industry Classification Services: Consumer2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units HDC/HW Holdings, LLC High Tech Industries2025-09-3000013728072024-03-112024-03-110001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ancile Solutions, Inc. 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High Tech Industries Interest Rate 9.12% Reference Rate and Spread SOFR + 4.25% Floor 0.75% Maturity 12/01/272024-12-310001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC - Warrant Type of Investment Common Stock and Membership Units Industry Classification Services: Consumer2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC Banking, Finance, Insurance & Real Estate2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC (Revolver) Services: Business Floor 1.00% Maturity 04/27/242024-12-310001372807us-gaap:AdditionalPaidInCapitalMember2023-12-310001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC - Warrant Type of Investment Common Stock and Membership Units Industry Classification Services: Consumer2025-09-300001372807bcic:KeyBankCreditFacilityMemberbcic:SeptemberThirtyTwoThousandTwentyFiveMember2025-09-300001372807Investments in Affiliate Portfolio Companies Collateralized Loan Obligations JMP Credit Advisors CLO V LTD CLO Fund Securities Maturity 07/17/302025-09-300001372807bcic:MetalsMiningMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Ivanti Software, Inc. High Tech Industries Interest Rate 11.81% Reference Rate and Spread SOFR + 7.25% Floor 0.50% Maturity 06/01/292025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt One Stop Mailing LLC Transportation: Consumer Interest Rate 10.72% Reference Rate and Spread SOFR + 6.25% Floor 1.00% Maturity 04/29/272024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Workplace Holdings LLC (Pomeroy Technologies, LLC) High Tech Industries2024-12-310001372807bcic:SeriesBGreatLakesFundingIILlcMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Roscoe Investors,LLC - Class A Healthcare & Pharmaceuticals2024-12-310001372807us-gaap:CollateralizedLoanObligationsMemberbcic:CloFundSecuritiesMember2024-12-310001372807Non-controlled affiliated investments Riddell, Inc. Type of Investment First Lien/Senior Secured Debt Industry Classification Consumer goods: Durable2024-01-012024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt IDC Infusion Services LLC Healthcare & Pharmaceuticals Interest Rate 10.83% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 07/07/282024-12-310001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Energy: Electricity2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PhyNet Dermatology LLC Healthcare & Pharmaceuticals Interest Rate 10.83% Reference Rate and Spread SOFR + 6.50% Floor 1.00% Maturity 10/20/292025-09-300001372807bcic:SecondLienOrSeniorSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001372807us-gaap:RetainedEarningsMember2024-03-310001372807Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt MMI Holdings, LLC Healthcare & Pharmaceuticals Maturity 12/31/252025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:MeasurementInputTimeToExitMemberbcic:FirstLienDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001372807bcic:GlprfLlcMember2024-04-282024-04-280001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Dcert Buyer, Inc. High Tech Industries Interest Rate 11.36% Reference Rate and Spread SOFR + 7.00% Maturity 02/16/292024-12-310001372807Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series A Type of Investment Preferred Stock and Units Industry Classification Energy: Electricity2025-01-012025-09-300001372807bcic:KeyBankCreditFacilityMember2025-07-152025-09-300001372807bcic:AccountingStandardUpdate201104Memberbcic:JointVenturesMember2024-12-310001372807srt:AffiliatedEntityMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ivanti Software, Inc. - NewCo High Tech Industries Interest Rate 10.05% Reference Rate and Spread SOFR + 5.75% Floor 2.00% Maturity 06/01/292025-09-300001372807bcic:FirstLienDebtMemberbcic:DentiveLLCMember2024-12-310001372807us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001372807us-gaap:InvestmentUnaffiliatedIssuerMemberbcic:FirstLienSeniorSecuredDebtMember2024-12-310001372807us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001372807us-gaap:SubsequentEventMemberbcic:SevenPointFiveZeroNotesDue2028Member2025-10-102025-10-100001372807bcic:TacticalAirSupportIncMemberbcic:FirstLienDebtMember2025-09-300001372807bcic:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Aperture Dodge 18 LLC Banking, Finance, Insurance & Real Estate2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation IT Consulting & Other Services Interest Rate 12.77% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/26/262024-12-310001372807bcic:DerivativesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Project Castle, Inc. Transportation: Cargo Interest Rate 9.72% Reference Rate and Spread SOFR + 5.50% Floor 0.50% Maturity 06/08/292025-09-300001372807Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt Riddell, Inc. Consumer goods: Durable Interest Rate 10.48% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/29/292024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:MeasurementInputExpectedTakeoutPriceMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt BLST Operating Company, LLC Retail Interest Rate 12.89% Reference Rate and Spread SOFR + 1.00%, 12.82% PIK Maturity 01/31/262025-09-300001372807us-gaap:RevolvingCreditFacilityMember2023-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Interest Rate 11.49% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/262024-12-3100013728072024-09-300001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units MMI Holdings, LLC Healthcare & Pharmaceuticals2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation High Tech Industries Interest Rate 9.26% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 06/09/292024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Ohene Holdings B.V. - Warrant High Tech Industries2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC (Revolver) Services: Business Maturity 09/30/20262025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:SubordinatedDebtMember2024-12-310001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2021-03-310001372807us-gaap:CallOptionMember2025-09-300001372807Put option, Princeton Medspa Partners, LLC2025-09-300001372807us-gaap:RevolvingCreditFacilityMember2024-07-232024-07-230001372807bcic:DiversifiedFinancialServicesMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:FirstLienDebtMembersrt:MaximumMemberbcic:MeasurementInputRecoveryPercentageMember2025-09-300001372807us-gaap:CommonStockMember2023-12-310001372807Non-controlled affiliated investments Riddell, Inc. 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Healthcare & Pharmaceuticals2024-12-310001372807bcic:FirstLienDebtMemberbcic:BradshawInternationalParentCorpMember2025-09-300001372807bcic:AccountingStandardUpdate201104Memberbcic:SecondLienDebtMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:AccountingStandardUpdate201104Memberbcic:SecondLienDebtMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Second Lien/Senior Secured Debt Project Leopard Holdings, Inc. High Tech Industries Interest Rate 12.06% Reference Rate and Spread SOFR + 7.75% Floor 0.50% Maturity 07/20/302025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Anthem Sports & Entertainment Inc. - Class B Warrant Media: Broadcasting & Subscription2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. 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Media: Broadcasting & Subscription Interest Rate 13.99% Reference Rate and Spread SOFR + 9.40%, 13.99% PIK Floor 1.00% Maturity 11/15/262024-12-310001372807us-gaap:RetainedEarningsMember2024-07-012024-09-300001372807bcic:OhaiAcquisitionMember2019-12-180001372807us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberbcic:JointVenturesMemberus-gaap:MeasurementInputPrepaymentRateMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt CB MIDCO, LLC Consumer goods: Durable Interest Rate 10.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 09/27/272024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:DerivativeMemberbcic:MeasurementInputAverageEbitdaMultipleMembersrt:MaximumMember2024-12-310001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining One2025-01-012025-09-300001372807bcic:SecondLienSeniorSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001372807bcic:AutomotiveMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Colonnade Intermediate, LLC Services: Business Floor 1.00% Maturity 04/27/242024-12-310001372807us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt South Street Securities Holdings, Inc Banking, Finance, Insurance & Real Estate Interest Rate 9.00% Maturity 09/20/272025-09-300001372807bcic:AccountingStandardUpdate201104Memberbcic:JointVenturesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseMarketValueValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Keg Logistics LLC (Revolver) Services: Business Interest Rate 11.14% Reference Rate and Spread SOFR + 6.75% Floor 1.00% Maturity 11/23/272025-09-3000013728072025-06-300001372807bcic:SeptemberThirtyTwoThousandTwentyFiveMemberbcic:FourPointEightSevenFiveNotesDue2026Member2025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:IncomeApproachValuationTechniqueMemberbcic:MeasurementInputRecoveryRateMember2025-09-300001372807bcic:EnergyOilGasMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. Retail Interest Rate 10.39% Reference Rate and Spread SOFR + 5.45% Floor 0.75% Maturity 03/10/262024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Middle West Spirits, LLC (Revolver) Beverage, Food and Tobacco Reference Rate and Spread SOFR + 6.25% Floor 2.00% Maturity 04/23/302025-09-300001372807us-gaap:CollateralizedLoanObligationsMember2024-12-310001372807Non-controlled affiliated investments GreenPark Infrastructure, LLC - Series M-1 Type of Investment Common Stock and Membership Units Industry Classification Energy: Electricity2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units DxTx Pain and Spine LLC Healthcare & Pharmaceuticals2024-12-310001372807us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001372807bcic:InteractiveMediaAndServicesMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberbcic:MeasurementInputEBITDAMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Shepherd Parent Holdings, LLC (Revolver) Healthcare & Pharmaceuticals Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 07/10/302025-09-300001372807bcic:ContainersPackagingAndGlassMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2025-09-300001372807bcic:BeverageFoodAndTobaccoMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Validity, Inc. High Tech Industries Interest Rate 9.58% Reference Rate and Spread SOFR + 5.25% Maturity 04/12/322025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Workplace Holdings LLC (Pomeroy Technologies, LLC) High Tech Industries2025-09-300001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, LLC Telecommunications2025-09-300001372807bcic:ShepherdParentHoldingsLLCRevolverMemberbcic:FirstLienDebtMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PVHC Holding Corp Containers, Packaging and Glass Interest Rate 10.39% Reference Rate and Spread SOFR + 6.25%, 0.75% PIK Floor 2.50% Maturity 02/17/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2018-1 Ltd. 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Machinery (Non-Agrclt/Constr/Electr)2025-09-300001372807us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001372807bcic:AssetManagerSubsidiariesMember2018-12-312018-12-310001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units Burgaflex Holdings, LLC - Class A Automotive2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt MAG DS Corp. Aerospace and Defense Interest Rate 9.93% Reference Rate and Spread SOFR + 5.50% Floor 1.00% Maturity 04/01/272024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:SubordinatedDebtMembersrt:MinimumMemberbcic:MeasurementInputRecoveryPercentageMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units AAPC Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 18.00% PIK2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2014-1 Ltd. CLO Fund Securities Maturity 04/20/302025-09-300001372807us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDefaultRateMembersrt:MaximumMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Fusion Connect, Inc. Telecommunications2025-09-300001372807bcic:IncentiveFeeWaiverAgreementMembersrt:MaximumMember2025-01-012025-09-300001372807us-gaap:AdditionalPaidInCapitalMember2025-03-310001372807srt:MinimumMemberbcic:ControlledAffiliatedInvestmentsMember2024-12-310001372807bcic:TwoThousandAndThirtyTwoConvertibleNotesMember2025-07-152025-07-150001372807Controlled investments Tank Partners Equipment Holdings, LLC Type of Investment Subordinated Debt Industry Classification Energy: Oil & Gas2023-12-310001372807bcic:BookValueMultipleMemberus-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Morae Global Holdings Inc. - Warrant IT Consulting & Other Services2024-12-310001372807bcic:FirstLienDebtMemberbcic:TaoglasGroupHoldingsLimitedRevolverMember2025-09-300001372807Non-controlled affiliated investments Kleen-Tech Acquisition, LLC Type of Investment Common Stock and Membership Units Industry Classification Services: Business2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PMA Parent Holdings LLC (Revolver) Finance Reference Rate and Spread SOFR + 5.25% Floor 0.75% Maturity 01/31/312024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. (Revolver) Banking, Finance, Insurance & Real Estate Interest Rate 8.49% Reference Rate and Spread SOFR + 4.50% Maturity 07/01/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Datalink, LLC Healthcare & Pharmaceuticals Interest Rate 13.05% Reference Rate and Spread SOFR + 8.75% Floor 0.75% Maturity 12/22/282025-09-300001372807bcic:SecondLienDebtMember2023-12-310001372807bcic:AssetManagementCompanyMember2024-12-310001372807bcic:AutomotiveMember2024-12-310001372807bcic:BankingFinanceInsuranceAndRealEstateMember2025-09-300001372807us-gaap:EquitySecuritiesMember2024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:DerivativesMemberbcic:AccountingStandardUpdate201104Member2025-09-300001372807bcic:DerivativesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:MinimumMemberus-gaap:DerivativeMemberbcic:MeasurementInputAverageEbitdaMultipleMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt TRSO II, Inc. 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Machinery (Non-Agrclt/Constr/Electr)2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Ancile Solutions, Inc. 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Aerospace and Defense Interest Rate 10.48% Reference Rate and Spread SOFR + 6.00%, 10.48% PIK Floor 1.00% Maturity 03/29/272024-12-310001372807bcic:PurchaseAgreementMemberbcic:TwoThousandAndThirtyTwoConvertibleNotesMember2025-07-150001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units FP WRCA Coinvestment Fund VII, Ltd. - Class A Capital Equipment2024-12-310001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units GreenPark Infrastructure, LLC - Series A Energy: Electricity2025-09-300001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units GreenPark Infrastructure, LLC - Series M-1 Energy: Electricity2025-09-300001372807us-gaap:RetainedEarningsMember2024-04-012024-06-300001372807bcic:GarsCommonStockMemberbcic:GarsAcquisitionMember2020-10-280001372807us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputSharePriceMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives Advantage Capital Holdings LLC Banking, Finance, Insurance & Real Estate2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:MinimumMemberus-gaap:EquitySecuritiesMemberbcic:MeasurementInputAverageRevenueMultipleMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Derivatives HDNet Holdco LLC (Anthem) Media: Broadcasting & Subscription2025-09-300001372807bcic:JointVentureMember2024-07-012024-09-300001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC Type of Investment Preferred Stock and Units Industry Classification Services: Consumer2024-12-310001372807us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units AIP Capital, LLC Diversified Financial Services2025-09-300001372807Non-controlled affiliated investments JMP Credit Advisors CLO IV LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities2025-09-3000013728072025-11-030001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2022-12-310001372807us-gaap:UnsecuredDebtMemberbcic:SixPointOneTwoFiveNotesDue2022Member2020-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Resolute Investment Managers, Inc. Finance Maturity 10/30/282025-09-300001372807bcic:ApplicationSoftwareMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Phoenix Aviation Capital, LLC Aerospace and Defense Interest Rate 7.00% PIK2025-09-300001372807bcic:SixPointOneTwoFiveNotesDue2022Member2020-01-012020-12-310001372807us-gaap:EquitySecuritiesMember2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Sundance Holdings Group, LLC Retail Interest Rate 14.23% Reference Rate and Spread SOFR + 9.50%, 1.50% PIK Maturity 06/30/252024-12-310001372807us-gaap:CollateralizedMortgageObligationsMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Subordinated Debt Lucky Bucks Holdings LLC Hotel, Gaming & Leisure Maturity 05/29/282025-09-300001372807bcic:TwoThousandAndThirtyTwoConvertibleNotesMember2024-03-280001372807us-gaap:SubsequentEventMemberbcic:SevenPointSevenFiveNotesDue2030Member2025-10-102025-10-100001372807bcic:FirstLienDebtMemberbcic:TaWegHoldingsLlcOneMember2024-12-310001372807us-gaap:RevolvingCreditFacilityMember2025-01-012025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:AccountingStandardUpdate201104Memberbcic:SecondLienDebtMember2024-12-310001372807Non-controlled affiliated investments BMP Slappey Investment II Type of Investment Preferred Stock and Units Industry Classification Telecommunications2023-12-310001372807Non-controlled affiliated investments PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver) Type of Investment First Lien/Senior Secured Debt Industry Classification Healthcare & Pharmaceuticals2024-12-310001372807Non-controlled affiliated investments Northeast Metal Works LLC - Class O Preferred Type of Investment Preferred Stock and Units Industry Classification Metals & Mining2024-12-310001372807us-gaap:DebtSecuritiesMember2024-01-012024-09-300001372807bcic:IndependentDirectorsMember2025-01-012025-09-300001372807us-gaap:RevolvingCreditFacilityMember2025-06-300001372807bcic:EnergyElectricityMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:DerivativeMemberbcic:MeasurementInputAverageRevenueMultipleMember2024-12-310001372807bcic:TwoThousandEighteenTwoSecuredNotesClassClassBRNotesMember2020-10-280001372807bcic:TwoThousandAndTwentyFiveStockRepurchaseProgramMember2025-03-120001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Netwrix Corporation (Revolver) High Tech Industries Reference Rate and Spread SOFR + 5.00% Floor 0.75% Maturity 06/09/292025-09-300001372807us-gaap:FairValueInputsLevel3Member2025-09-300001372807Non-controlled affiliated investments American Clinical Solutions, LLC Type of Investment Common Stock and Membership Units Industry Classification Healthcare & Pharmaceuticals2025-09-300001372807bcic:FiscalTwoThousandSeventeenMember2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:AccountingStandardUpdate201104Memberus-gaap:EquitySecuritiesMember2025-09-300001372807bcic:TwoThousandAndTwentySixNotesMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Shepherd Parent Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 11.58% Reference Rate and Spread SOFR + 7.25% Floor 1.00% Maturity 07/10/302025-09-300001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units MMI Holdings, LLC Healthcare & Pharmaceuticals2025-09-300001372807bcic:MeasurementInputRequiredRateOfReturnMemberus-gaap:FairValueInputsLevel3Memberbcic:FirstLienDebtMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-09-300001372807us-gaap:FairValueInputsLevel2Memberbcic:AccountingStandardUpdate201104Memberbcic:SecondLienDebtMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Help Systems Holdings, Inc. High Tech Industries Interest Rate 8.06% Reference Rate and Spread SOFR + 3.75% Floor 0.75% Maturity 11/19/262025-09-300001372807bcic:FourPointEightSevenFiveNotesDue2026Member2025-07-012025-09-300001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Member2022-12-310001372807us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001372807bcic:SeriesBGreatLakesFundingIILlcMemberbcic:JointVenturesMember2025-09-300001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units Northeast Metal Works LLC - Class O Preferred Metals & Mining Interest Rate 10.00% PIK2024-12-310001372807bcic:AccordionPartnersLlcMemberbcic:FirstLienDebtMember2025-09-300001372807Non-controlled affiliated investments Northeast Metal Works LLC Type of Investment Second Lien/Senior Secured Debt Industry Classification Metals & Mining2025-01-012025-09-300001372807bcic:KeyBankCreditFacilityMember2025-07-150001372807us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001372807bcic:LRFCAcquisitionMemberbcic:O2025Q3DividendsMember2025-07-142025-07-140001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberbcic:MeasurementInputExpectedTakeoutPriceMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-09-300001372807bcic:FirstLienDebtMember2025-01-012025-09-300001372807us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001372807us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberbcic:JointVenturesMemberbcic:MeasurementInputRecoveryRateMember2024-12-310001372807bcic:CommonStockAndMembershipUnitsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units BMP Slappey Holdco, Telecommunications2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Live Comfortably Inc. Consumer goods: Durable Interest Rate 7.28% Reference Rate and Spread SOFR + 3.00% Floor 2.00% Maturity 09/20/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt HDC/HW Intermediate Holdings, LLC - Term Loan A High Tech Industries Interest Rate 13.34% Reference Rate and Spread SOFR + 9.00% Floor 5.25% Maturity 06/21/262025-09-300001372807bcic:TwoThousandAndThirtyTwoConvertibleNotesMember2025-09-300001372807bcic:MediaBroadcastingSubscriptionMember2024-12-310001372807bcic:TwoThousandEighteenTwoSecuredNotesMember2024-01-012024-12-310001372807Investments in Affiliate Portfolio Companies First Lien/Senior Secured Debt PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver) Services: Consumer Reference Rate and Spread SOFR + 8.50% Floor 2.00% Maturity 05/31/292024-12-310001372807us-gaap:FairValueInputsLevel3Memberbcic:FirstLienDebtMemberus-gaap:MeasurementInputSharePriceMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. Consumer goods: Durable Interest Rate 10.01% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Accurate Background, LLC Services: Business Interest Rate 10.26% Reference Rate and Spread SOFR + 6.00% Floor 1.00% Maturity 03/26/292025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Collateralized Loan Obligations Catamaran CLO 2014-1 Ltd. CLO Fund Securities Interest Rate 136.55% Maturity 4/20/20302024-12-310001372807us-gaap:RevolvingCreditFacilityMemberbcic:GlprfLlcMember2024-07-230001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Bradshaw International Parent Corp. Consumer goods: Durable Interest Rate 10.21% Reference Rate and Spread SOFR + 5.75% Floor 1.00% Maturity 10/21/272024-12-310001372807Non-controlled affiliated investments Princeton Medspa Partners, LLC Type of Investment Preferred Stock and Units Industry Classification Services: Consumer2025-01-012025-09-300001372807us-gaap:AdditionalPaidInCapitalMember2024-09-300001372807bcic:MediaBroadcastingSubscriptionMember2025-09-300001372807bcic:SixPointOneTwoFiveNotesDue2022Member2017-08-142017-12-310001372807us-gaap:RetainedEarningsMember2024-12-3100013728072024-06-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Preferred Stock and Units Middle West Spirits, LLC Beverage, Food and Tobacco Interest Rate 10.00% PIK2025-09-3000013728072025-03-310001372807Investments in Affiliate Portfolio Companies Preferred Stock and Units American Clinical Solutions, LLC - Class A Healthcare & Pharmaceuticals2025-09-300001372807us-gaap:FairValueInputsLevel3Memberbcic:EnterpriseValueValuationTechniqueMemberus-gaap:SubordinatedDebtMembersrt:MaximumMemberbcic:MeasurementInputRecoveryPercentageMember2025-09-300001372807us-gaap:SubordinatedDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt GP Midco, LLC (Beauty by Imagination) Consumer goods: Durable Interest Rate 9.32% Reference Rate and Spread SOFR + 5.00%, Maturity 11/01/302025-09-300001372807bcic:LRFCAcquisitionMemberbcic:TwoThousandAndTwentySixNotesMember2021-10-290001372807Investments in Affiliate Portfolio Companies Second Lien/Senior Secured Debt Northeast Metal Works LLC Metals & Mining Interest Rate 8.00% Reference Rate and Spread 8.00% Maturity 04/05/282025-09-300001372807Non-controlled affiliated investments JMP Credit Advisors CLO IV LTD Type of Investment Collateralized Loan Obligations Industry Classification CLO Fund Securities2024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt AMCP Pet Holdings, Inc. (Revolver) Beverage, Food and Tobacco Interest Rate 11.46% Reference Rate and Spread SOFR + 7.00%, 3.00% PIK Floor 1.00% Maturity 01/04/282025-09-300001372807us-gaap:UnsecuredDebtMemberbcic:FourPointEightSevenFiveNotesDue2026Member2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt VTX Intermediate Holdings, Inc. High Tech Industries Interest Rate 11.65% Reference Rate and Spread SOFR + 7.00%, 1.00% PIK Floor 2.00% Maturity 12/12/292024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Morae Global Corporation (Term Loan B) IT Consulting & Other Services Interest Rate 12.39% Reference Rate and Spread SOFR + 8.00% Floor 2.00% Maturity 10/31/282025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt American Academy Holdings, LLC Healthcare & Pharmaceuticals Interest Rate 14.01% Reference Rate and Spread SOFR + 9.75%, 5.25% PIK Floor 3.25% Maturity 6/30/272025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Franchise Group, Inc. (DIP) Retail Interest Rate 13.55% Reference Rate and Spread SOFR + 9.00% Floor 1.00% Maturity 05/06/252024-12-310001372807Non-controlled affiliated investments EBSC Holdings LLC (Riddell, Inc.) Type of Investment Preferred Stock and Units Industry Classification Consumer goods: Durable2025-09-300001372807Non-controlled affiliated investments Series A-Great Lakes Funding II LLC Type of Investment Joint Ventures Industry Classification Joint Venture2025-01-012025-09-300001372807us-gaap:RevolvingCreditFacilityMember2022-12-310001372807bcic:TwoThousandAndTwentyFiveStockRepurchaseProgramMember2025-03-122025-03-120001372807bcic:RetailIndustryMember2025-09-300001372807Non-controlled affiliated investments EBSC Holdings LLC (Riddell, Inc.) Type of Investment Preferred Stock and Units Industry Classification Consumer goods: Durable2024-01-012024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt PMA Parent Holdings LLC Finance Interest Rate 8.75% Reference Rate and Spread SOFR + 4.75% Floor 0.75% Maturity 01/31/312025-09-300001372807us-gaap:CollateralizedMortgageObligationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001372807Non-controlled affiliated investments Riddell, Inc. Type of Investment First Lien/Senior Secured Debt Industry Classification Consumer goods: Durable2025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies Common Stock and Membership Units Sundance Holdings Group, LLC Retail2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Tactical Air Support, Inc. Aerospace and Defense Interest Rate 13.25% Reference Rate and Spread SOFR + 8.50% Floor 1.00% Maturity 12/22/282024-12-310001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt TA/WEG Holdings, LLC (Revolver) Banking, Finance, Insurance & Real Estate Reference Rate and Spread SOFR + 5.00% Floor 1.00% Maturity 10/02/282024-12-310001372807bcic:AerospaceAndDefenseMember2024-12-310001372807bcic:HighTechIndustriesMember2024-12-310001372807Investments in Affiliate Portfolio Companies Common Stock and Membership Units Sierra Hamilton Holdings Corporation Energy: Oil & Gas2025-09-3000013728072025-01-012025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Newbury Franklin Industrials, LLC Consumer goods: Durable Interest Rate 10.97% Reference Rate and Spread SOFR + 7.00% Floor 2.00% Maturity 12/11/292025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt STG Distribution, LLC (STG Logistics) (Second Out) Transportation: Cargo Interest Rate 11.82% Reference Rate and Spread SOFR + 7.60%, 6.50% PIK Floor 1.50% Maturity 10/03/292025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt Centric Brands Inc. (Term Loan A1) Machinery (Non-Agrclt/Constr/Electr) Interest Rate 11.03% Reference Rate and Spread SOFR + 6.50%, Floor 1.00% Maturity 02/06/312024-12-310001372807bcic:SparkBuyerLLCMemberbcic:FirstLienDebtMember2025-09-300001372807Investments in Non-Control, Non-Affiliate Portfolio Companies First Lien/Senior Secured Debt BetaNXT, Inc. Banking, Finance, Insurance & Real Estate Interest Rate 9.75% Reference Rate and Spread SOFR + 5.75% Maturity 07/01/292025-09-300001372807bcic:AccountingStandardUpdate201104Memberbcic:JointVenturesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310001372807bcic:PmpOpcoLlcPrincetonMedspaPartnersLlcOneMemberbcic:FirstLienDebtMember2025-09-300001372807us-gaap:InvestmentUnaffiliatedIssuerMemberbcic:FirstLienSeniorSecuredDebtMember2025-09-300001372807us-gaap:RevolvingCreditFacilityMember2024-07-230001372807Investments in Controlled Afilliated Portfolio Companies Subordinated Debt ProAir, LLC Capital Equipment2024-12-31bcic:Industryxbrli:pureiso4217:USDxbrli:sharesbcic:NumberOfSharesxbrli:sharesbcic:DebtInvestmentbcic:Segmentbcic:Portfolioiso4217:USDbcic:InvesteeCompanybcic:Member

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended September 30, 2025

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

For the transition period from to

Commission File No. 814-00735

BCP Investment Corporation

(Exact name of Registrant as specified in its charter)

     Delaware

     20-5951150

     (State or other jurisdiction of
Incorporation or organization)

     (I.R.S. Employer
Identification Number)

650 Madison Avenue, 3rd Floor

New York, New York 10022

(Address of principal executive offices)

(212) 891-2880

(Registrant's telephone number, including area code)

Portman Ridge Finance Corporation

(Former name or former address, if changed since last report)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BCIC	The NASDAQ Global Select Market

Indicate by check mark whether the registrant: (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 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 7(a)(2)(B) of the Securities Act. 

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

The number of outstanding shares of common stock of the registrant as of November 3, 2025 was 13,081,251.

TABLE OF CONTENTS


		Page

	Part I. Financial Information

Item 1.	Financial Statements	4

	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024	4

	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)	5

	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited)	7

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	8

	Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024	10

	Consolidated Financial Highlights for the nine months ended September 30, 2025 and 2024 (unaudited)	20

	Notes to Consolidated Financial Statements as of and for the period ended September 30, 2025 (unaudited)	21

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63

Item 4.	Controls and Procedures	64

	Part II. Other Information

Item 1.	Legal Proceedings	65

Item 1A.	Risk Factors	65

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66

Item 3.	Defaults Upon Senior Securities	66

Item 4.	Mine Safety Disclosures	66

Item 5.	Other Information	66

Item 6.	Exhibits	66

Signatures		68

NOTE ABOUT REFERENCES TO BCP INVESTMENT CORPORATION

In this Quarterly Report on Form 10-Q, the “Company”, “BCIC”, “we”, “us” and “our” refer to BCP Investment Corporation and its wholly-owned subsidiaries, unless the context otherwise requires.

NOTE ABOUT FORWARD-LOOKING STATEMENTS

The information contained in this item should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2024, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Quarterly Report, as well as in future oral and written statements by management of the Company, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook, ”believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to originate new investments, 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 Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. 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:

•

our future operating results;

•

our business prospects and the prospects of our existing and prospective portfolio companies;

•

the return or impact of current and future investments;

•

our contractual arrangements and other relationships with third parties;

•

the dependence of our future success on the general economy and its impact on the industries in which we invest;

•

the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives;

•

our expected financings and investments;

•

our ability to operate as a business development company (“BDC”) under the Investment Company Act of 1940 and a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, including the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

•

the adequacy of our available liquidity, cash resources and working capital;

•

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

•

the ability of Sierra Crest Investment Management LLC (the “Adviser”) to locate suitable investments for us to monitor and administer our investments;

•

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

•

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

•

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

•

the impact of a protracted decline in the liquidity of credit markets on our business;

•

the impact of fluctuations in interest rates on our business;

•

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•

our ability to recover unrealized losses;

•

market conditions and our ability to access additional capital;

•

an economic downturn could have a material adverse effect on our portfolio companies’ results of operations and financial condition, which could lead to a loss on some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

•

the timing, form and amount of any dividend distributions;

•

the ability to realize the anticipated benefits of the merger of Logan Ridge Finance Corporation (“LRFC”) with and into us (the “LRFC Acquisition”) on July 15, 2025 pursuant to an Agreement and Plan of Merger (the “LRFC Merger Agreement”), dated January 29, 2025, among us, LRFC, Portman Ridge Merger Sub, Inc., a Maryland corporation and our wholly owned subsidiary (“Merger Sub”) and, solely for the limited purposes set forth therein, the Adviser and Mount Logan Management LLC, a Delaware limited liability company and investment advisor to LRFC; and

•

risks related to certain mergers diverting management’s attention from ongoing business operations.

For a more detailed discussion of factors that could cause our actual results to differ from forward-looking statements contained in this Quarterly Report, please see the discussion in Part II, “Item 1A. Risk Factors” of this Quarterly Report, and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share amounts)


	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
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
COMMITMENTS AND CONTINGENCIES (NOTE 8)
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		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

See accompanying notes to unaudited consolidated financial statements.

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	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:
Non-controlled/non-affiliated investments(1)		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 and 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 and administrative expenses		609			392			1,133			1,331
Total expenses		10,280			9,375			26,131			29,535
Waiver of performance-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 unrealized 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 unrealized 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 (see Note 3)	$	1.88		$	(0.16	)	$	1.84		$	(0.37	)
Weighted average common stock outstanding – Basic (see Note 3)		12,549,643			9,244,033			10,337,858			9,295,008
Net increase (decrease) in net assets per share resulting from operations – Diluted (see Note 3)	$	1.86		$	(0.16	)	$	1.83		$	(0.37	)
Weighted average common stock outstanding – Diluted (see Note 3)		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

See accompanying notes to unaudited consolidated financial statements.

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS - CONTINUED

(in thousands, except share and per share amounts)

(Unaudited)

(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.

See accompanying notes to unaudited consolidated financial statements.

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(1)

(in thousands, except share and per share amounts)

(Unaudited)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2025			2024			2025			2024
Operations:
Net investment income	$	8,848		$	5,802		$	17,745		$	18,505
Net realized gain (loss) on investments		(2,678	)		(11,419	)		(18,691	)		(20,398	)
Net realized gain (loss) from extinguishment of debt		—			(403	)		—			(655	)
Net change in unrealized 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 increase (decrease) in net assets resulting from operations	$	23,630		$	(1,509	)	$	19,030		$	(3,395	)

Stockholder distributions:
Distributions declared	$	(6,464	)	$	(6,382	)	$	(15,756	)	$	(19,237	)
Net decrease in net assets resulting from stockholder distributions	$	(6,464	)	$	(6,382	)	$	(15,756	)	$	(19,237	)

Capital share transactions:
Issuance of common stock for:
Stock issued under dividend reinvestment plan	$	63		$	82		$	191		$	240
Stock repurchases		(250	)		(638	)		(250	)		(3,144	)
Issuance of common shares in connection with the LRFC Acquisition(2)		49,596			—			49,596			—
Net increase (decrease) in net assets resulting from capital share transactions	$	49,409		$	(556	)	$	49,537		$	(2,904	)

Net assets at beginning of period	$	164,729		$	196,429		$	178,493		$	213,518
Net assets at end of period	$	231,304		$	187,982		$	231,304		$	187,982
Net asset value per common share	$	17.55		$	20.36		$	17.55		$	20.36
Common shares outstanding at end of period		13,176,582			9,231,454			13,176,582			9,231,454

(1)

Refer to Note 9 “Stockholders' Equity” for additional information on changes in components of Stockholders’ Equity.

(2)

Refer to Note 11 “LRFC Acquisition” for additional information on the LRFC Acquisition.

See accompanying notes to unaudited consolidated financial statements.

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share amounts)

(Unaudited)


	For the Nine Months Ended September 30,
	2025			2024
OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations	$	19,030		$	(3,395	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operations:
Net realized (gain) loss on investments		18,691			20,398
Net change in unrealized (appreciation) depreciation on investments		(18,250	)		1,384
Tax provision (benefit) on realized and unrealized gains (losses) on investments		(1,726	)		(537	)
Purchases of investments		(42,652	)		(54,084	)
Proceeds from sales and redemptions of investments		76,537			82,206
Net accretion of investments		(6,122	)		(3,454	)
Amortization of debt issuance costs		1,058			909
Net realized (gain) loss on extinguishment of debt		—			655
Payment-in-kind income		(8,912	)		(5,759	)
Cash acquired in LRFC Acquisition		7,085			—
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled trades		—			573
(Increase) decrease in interest receivable		1,797			(382	)
(Increase) decrease in dividend receivable		102			16
(Increase) decrease in other assets		(3,109	)		(330	)
Increase (decrease) in payable for unsettled trades		1,560			(520	)
Increase (decrease) in accrued interest payable		1,056			731
Increase (decrease) in management and incentive fees payable		(947	)		(1,311	)
Increase (decrease) in due to affiliates		(635	)		571
Increase (decrease) in accounts payable and accrued expenses		(3,237	)		(1,263	)
Net cash provided by (used in) operating activities	$	41,326		$	36,408
FINANCING ACTIVITIES:
Debt issuance costs	$	—		$	(852	)
Offering costs		(318	)		—
Stock repurchase program		(250	)		(3,144	)
Distributions to stockholders		(15,565	)		(18,997	)
Repayment of 2018-2 Secured Notes		—			(125,683	)
Repayment of Great Lakes Portman Ridge Funding LLC Revolving Credit Facility		(36,700	)		(10,000	)
Repayment of KeyBank Credit Facility		(25,000	)		—
Borrowings from Great Lakes Portman Ridge Funding LLC Revolving Credit Facility		8,000			77,479
Borrowings from KeyBank Credit Facility		6,000			—
Net cash provided by (used in) financing activities	$	(63,833	)	$	(81,197	)
CHANGE IN CASH AND RESTRICTED CASH	$	(22,507	)	$	(44,789	)
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD		39,953			71,564
CASH AND RESTRICTED CASH, END OF PERIOD	$	17,446		$	26,775
Amounts per consolidated statements of assets and liabilities:
Cash and cash equivalents	$	2,844		$	13,736
Restricted cash		14,602			13,039
Total Cash and Restricted cash	$	17,446		$	26,775
Supplemental Information and non-cash activities:
Cash paid for interest during the period	$	11,921		$	14,570
Reinvestment of distributions during the period	$	191		$	240
Supplemental disclosures of non-cash activities:
LRFC Acquisition(1)
Non-cash assets acquired:
Investments, at fair value	$	174,274		$	—
Interest and dividend receivable		1,601			—
Other assets		1,644			—
Total non-cash assets acquired	$	177,519		$	—
Liabilities assumed:
Debt	$	103,181		$	—
Other liabilities		7,754			—
Total liabilities assumed	$	110,935		$	—
Issuance of common stock in connection with the LRFC Acquisition (net of offering costs of $404)	$	49,596		$	—
Transaction costs	$	3,192		$	—

See accompanying notes to unaudited consolidated financial statements.

BCP INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

(in thousands, except share and per share amounts)

(Unaudited)

(1)

On July 15, 2025, in connection with the LRFC Acquisition, the Company acquired net assets of $73.7 million for total purchase consideration of $52.8 million, of which $49.6 million was stock based, net of offering costs of $0.4 million. The total purchase consideration was inclusive of $3.2 million of transaction costs. Refer to Note 11 “LRFC Acquisition” for additional information on the LRFC Acquisition.

See accompanying notes to unaudited consolidated financial statements.

BCP INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)


Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)	Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
Investments in Non-Control, Non-Affiliate Portfolio Companies - 194.2%
First Lien/Senior Secured Debt - 158.7%
Accordion Partners LLC	Finance	9.01%	SOFR + 5.25%	0.75%	11/17/31		7,208	$	6,872		$	7,185		(13)(20)
Accordion Partners LLC (Revolver)	Finance	—	SOFR + 5.25%	0.75%	11/17/31		—		(8	)		(5	)	(15)(20)
Accurate Background, LLC	Services: Business	10.26%	SOFR + 6.00%	1.00%	03/26/29		8,666		8,022			8,666		(13)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	13.00%	13.00%, 5.00% PIK	—	04/14/27		15,512		15,511			14,968		(13)
AIDC IntermediateCo 2, LLC (Peak Technologies)	Services: Business	9.66%	SOFR + 5.50%	1.00%	07/22/27		5,835		5,274			5,790		(13)
AMCP Pet Holdings, Inc.	Beverage, Food and Tobacco	11.46%	SOFR + 7.00%, 3.00% PIK	1.00%	01/04/28		4,766		4,745			4,638		(13)
AMCP Pet Holdings, Inc. (Revolver)	Beverage, Food and Tobacco	11.46%	SOFR + 7.00%, 3.00% PIK	1.00%	01/04/28		1,038		1,034			1,010
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.01%	SOFR + 9.75%, 5.25% PIK	3.25%	06/30/27		6,864		6,688			7,259		(13)
Ancile Solutions, Inc.	High Tech Industries	14.28%	SOFR + 10.00%	1.00%	06/11/26		5,772		5,748			5,887		(13)
Anthem Sports & Entertainment Inc. (2025 Delayed Draw Term Loan)	Media: Broadcasting & Subscription	9.76%	SOFR + 5.50%, 9.76% PIK	1.00%	11/15/27		1,372		1,372			1,372
Anthem Sports & Entertainment Inc. (Hollywood Suites Delayed Draw Term Loan)	Media: Broadcasting & Subscription	9.76%	SOFR + 5.50%, 9.76% PIK	1.00%	11/15/27		4,253		4,253			4,253
Anthem Sports & Entertainment Inc. (Term Loan B)	Media: Broadcasting & Subscription	10.00% PIK	—	—	11/15/27		9,047		9,047			9,047
Anthem Sports & Entertainment Inc. (Term Loan C)	Media: Broadcasting & Subscription	—	—	—	11/15/27		8,761		935			947		(5)
Appfire Technologies, LLC	High Tech Industries	9.00%	SOFR + 5.00%	1.00%	03/09/28		5,787		5,783			5,776		(13)
BetaNXT, Inc.	Banking, Finance, Insurance & Real Estate	9.75%	SOFR + 5.75%	—	07/01/29		12,870		12,198			12,647		(13)
BetaNXT, Inc. (Revolver)	Banking, Finance, Insurance & Real Estate	8.49%	SOFR + 4.50%	—	07/01/27		1,147		1,115			1,098		(20)
Bradshaw International Parent Corp.	Consumer goods: Durable	10.01%	SOFR + 5.75%	1.00%	10/21/27		974		913			950		(13)
Bradshaw International Parent Corp. (Revolver)	Consumer goods: Durable	9.99%	SOFR + 5.75%	1.00%	10/21/26		154		125			108		(15)(20)
C.P. Converters, Inc.	Chemicals, Plastics and Rubber	11.80% PIK	—	—	12/13/25		11,964		11,963			11,366		(13)
CCMG Buyer, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	9.66%	SOFR + 5.50%	1.00%	05/08/30		3,127		3,097			3,127		(13)
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	Healthcare & Pharmaceuticals	—	SOFR + 5.50%	1.00%	05/08/30		—		(5	)		—		(15)(20)
Centric Brands Inc.	Machinery (Non-Agrclt/Constr/Electr)	9.75%	SOFR + 5.50%	1.00%	08/06/29		3,689		3,689			3,689		(13)
Centric Brands Inc. (Term Loan A1)	Machinery (Non-Agrclt/Constr/Electr)	10.75%	SOFR + 6.50%	1.00%	02/06/31		3,115		3,115			3,115		(13)
Centric Brands Inc. (Term Loan A2)	Machinery (Non-Agrclt/Constr/Electr)	12.25%	SOFR + 8.00%, 12.25% PIK	1.00%	02/06/31		3,798		3,798			3,798
Colonnade Intermediate, LLC	Services: Business	—	—	—	09/30/26		8,368		7,697			5,806		(5)
Colonnade Intermediate, LLC (Revolver)	Services: Business	—	—	—	09/30/26		685		685			476		(5)
Datalink, LLC	Healthcare & Pharmaceuticals	—	—	—	11/23/26		8,261		6,123			5,353		(5)(13)
Dentive, LLC	Healthcare & Pharmaceuticals	13.05%	SOFR + 8.75%	0.75%	12/22/28		4,503		4,233			4,304		(13)(20)
Dentive, LLC (Revolver)	Healthcare & Pharmaceuticals	13.05%	SOFR + 8.75%	0.75%	12/26/28		370		344			353		(20)
Dodge Data & Analytics LLC	Construction & Building	10.63%	SOFR + 6.25%	0.50%	01/31/29		654		648			653		(13)
Dodge Data & Analytics LLC (Second Out)	Construction & Building	9.13%	SOFR + 4.75%	0.50%	02/28/29		907		799			744		(13)
Epic Staffing Group	Services: Business	10.29%	SOFR + 6.00%	0.50%	06/28/29		4,848		3,904			4,430		(13)
Florida Food Products, LLC	Beverage, Food and Tobacco	9.23%	SOFR + 5.00%	0.75%	10/18/28		8,715		7,929			6,045		(13)
Fusion Buyer, LLC (fka Franchise Group Inc.)	Consumer Services	12.10%	SOFR + 8.00%	—	06/06/30		1,384		1,384			1,384		(13)
Global Integrated Flooring Systems Inc.	Consumer goods: Durable	13.29%	SOFR + 9.00%, 6.00% PIK	—	12/31/26		6,333		5,631			4,322
Global Integrated Flooring Systems Inc. (Revolver)	Consumer goods: Durable	13.16%	SOFR + 9.00%, 6.00% PIK	—	12/31/26		52		46			35
GP Midco, LLC (Beauty by Imagination)	Consumer goods: Durable	9.32%	SOFR + 5.00%	—	11/01/30		3,970		3,497			3,944		(13)
HDC/HW Intermediate Holdings, LLC - Term Loan A	High Tech Industries	13.34%	SOFR + 9.00%	5.25%	06/21/26		6,432		6,119			6,432		(20)
HDC/HW Intermediate Holdings, LLC - Term Loan B	High Tech Industries	—	—	—	06/21/26		3,976		940			49		(5)
Help Systems Holdings, Inc.	High Tech Industries	8.06%	SOFR + 3.75%	0.75%	11/19/26		1,938		1,890			1,838		(13)
IDC Infusion Services LLC	Healthcare & Pharmaceuticals	10.37%	SOFR + 6.50%	1.00%	07/07/28		6,658		6,305			6,685		(13)(20)
Ivanti Software, Inc.	High Tech Industries	9.05%	SOFR + 4.75%	0.75%	06/01/29		997		894			833		(13)
Ivanti Software, Inc. - NewCo	High Tech Industries	10.05%	SOFR + 5.75%	2.00%	06/01/29		736		694			759		(13)
Keg Logistics LLC	Services: Business	11.61%	SOFR + 6.75%, 0.50% PIK	1.00%	11/23/27		19,103		18,170			18,807		(13)
Keg Logistics LLC (Revolver)	Services: Business	11.14%	SOFR + 6.75%	1.00%	11/23/27		1,744		1,625			1,718

See accompanying notes to unaudited consolidated financial statements.

BCP INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of September 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)


Investment (2), (4), (12), (14), (23), (24)	Industry	Interest Rate (1)		Reference Rate and Spread (1)	Floor (1)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
Live Comfortably Inc.	Consumer goods: Durable	7.28%		SOFR + 3.00%	2.00%	09/20/27		6,239		6,068			5,441		(13)
MAG DS Corp.	Aerospace and Defense	9.60%		SOFR + 5.50%	1.00%	04/01/27		3,594		3,450			3,592		(13)
Metrc Inc.	High Tech Industries	9.50%		SOFR + 5.50%	1.00%	09/30/31		2,366		2,233			2,233		(13)(20)
Metrc Inc. (Revolver)	High Tech Industries		—	SOFR + 5.50%	1.00%	09/30/31		—		(59	)		(60	)	(20)
Middle West Spirits, LLC	Beverage, Food and Tobacco	10.57%		SOFR + 6.25%	2.00%	04/23/30		6,256		5,776			6,138		(13)
Middle West Spirits, LLC (Revolver)	Beverage, Food and Tobacco	—		SOFR + 6.25%	2.00%	04/23/30		—		(32	)		(35	)	(15)(20)
Money Transfer Acquisition Inc.	Finance	12.51%		SOFR + 8.25%	1.00%	12/14/27		14,301		13,478			14,193		(13)
Morae Global Corporation (Term Loan A)	IT Consulting & Other Services	12.46%		SOFR + 8.00%	2.00%	10/31/28		5,003		4,510			4,870		(13)(20)
Morae Global Corporation (Term Loan B)	IT Consulting & Other Services	12.39%		SOFR + 8.00%	2.00%	10/31/28		2,813		2,543			2,761		(13)
Morae Global Corporation (Revolver)	IT Consulting & Other Services	12.45%		SOFR + 8.00%	2.00%	10/31/28		400		364			391		(20)
MSM Acquisitions, Inc.	Services: Business	12.70%		SOFR + 6.00%, 2.50% PIK	1.00%	12/09/26		10,028		10,013			9,000		(13)
Neptune Bidco US Inc.	Media: Broadcasting & Subscription	9.43%		SOFR + 5.00%	0.50%	04/11/29		5,900		5,353			5,632		(13)
Neptune Bidco US Inc. (Term Loan A)	Media: Broadcasting & Subscription	9.18%		SOFR + 4.75%	0.50%	10/11/28		2,985		2,715			2,847		(13)
Netwrix Corporation	High Tech Industries	8.95%		SOFR + 4.75%	0.75%	06/09/29		4,216		4,203			4,183		(13)
Netwrix Corporation (Revolver)	High Tech Industries		—	SOFR + 5.00%	0.75%	06/09/29		—		(6	)		(9	)	(15)(20)
Newbury Franklin Industrials, LLC	Consumer goods: Durable	10.97%		SOFR + 7.00%	2.00%	12/11/29		7,099		6,680			6,947		(13)(20)
One Stop Mailing LLC	Transportation: Consumer	10.53%		SOFR + 6.25%	1.00%	04/29/27		7,395		7,355			7,395		(13)
Orthopaedic (ITC) Buyer, LLC	Healthcare & Pharmaceuticals	10.60%		SOFR + 6.50%	1.00%	07/31/28		2,316		2,072			2,316		(13)
PMA Parent Holdings LLC	Finance	8.75%		SOFR + 4.75%	0.75%	01/31/31		2,796		2,601			2,768		(13)
PMA Parent Holdings LLC (Revolver)	Finance	—		SOFR + 5.50%	0.75%	01/31/31		—		(2	)		(2	)	(15)(20)
PhyNet Dermatology LLC	Healthcare & Pharmaceuticals	10.83%		SOFR + 6.50%	1.00%	10/20/29		1,766		1,683			1,712		(13)(20)
Pomeroy Technologies, LLC (Super Senior A)	High Tech Industries	6.00% PIK		—	—	11/30/27		1,430		1,430			1,430
Premier Imaging, LLC	Healthcare & Pharmaceuticals	10.26%		SOFR + 6.00%	1.00%	03/31/26		5,929		5,461			5,164		(13)
Project Castle, Inc.	Transportation: Cargo	9.72

BCP Investment Corp 10-Q