On July 15, 2025, the Company successfully completed the merger with Logan Ridge Finance Corporation (“LRFC”) with and into the Company, a major milestone which offered scale, further diversification, and increased operational efficiency.

On August 22, 2025, the Company completed rebranding and the name change to “BCP Investment Corporation” (NASDAQ: BCIC).

On October 7, 2025, the Company obtained a BBB- rating from a Nationally Recognized Statistical Rating Organization with respect to the 5.25% fixed-rate convertible notes due 2032 (the “2032 Convertible Notes”) and the 5.25% fixed-rate notes due 2026 (the “2026 Notes”), which resulted in both the 2032 Convertible Notes and 2026 Notes having a fixed interest rate of 5.25% per annum.

On October 15, 2025, the Company issued $35.0 million of 7.50% notes due 2028, and $75.0 million of 7.75% notes due 2030 (together the “2028 and 2030 Notes”), under an effective shelf registration statement, for a total of $110 million.

On November 15, 2025, the Company used the proceeds from the issuance of the 2028 and 2030 Notes to redeem in full the $108.0 million aggregate principal amount outstanding of its 4.875% Notes Due 2026.

On December 12, 2025, the Company completed a tender offer and repurchased 557,960 shares of its common stock at an aggregate cost of approximately $7.6 million.

Total investment income for the fourth quarter of 2025 decreased to $17.5 million, from $18.9 million for the third quarter of 2025.

Core investment income¹, excluding the impact of purchase price accounting, for the fourth quarter of 2025 was $14.2 million, as compared to $15.3 million for the third quarter of 2025.

Net investment income (“NII”) for the fourth quarter of 2025 decreased to $7.4 million ($0.57 per share), as compared to $8.8 million ($0.71 per share) in the third quarter of 2025.

Net asset value (“NAV”), as of December 31, 2025, was $209.2 million ($16.68 per share), as compared to NAV of $231.3 million ($17.55 per share) as of September 30, 2025.

Deployment of approximately $9.6 million and sales and repayments of approximately $40.4 million, resulting in net repayments and sales of approximately $30.8 million.

Total shares repurchased by the Company through the modified “Dutch Auction” tender offer and open market transactions were 677,975, which was accretive to NAV by $0.23 per share. Shares repurchased through the “Tender Offer”, which commenced on November 12, 2025 and expired on December 10, 2025, were 557,960 at an aggregate cost of approximately $7.6 million, which was accretive to NAV by $0.18 per share. Total shares repurchased in open market transactions under the Stock Repurchase Program during the quarter ended December 31, 2025, were 120,015 at an aggregate cost of approximately $1.4 million, which was accretive to NAV by $0.05 per share.

Subsequent to quarter end, announced transition to monthly base distributions beginning in April 2026.

Total investment income for the year ended December 31, 2025 was $61.2 million, as compared to $62.4 million in the year ended December 31, 2024.

Core investment income, excluding the impact of purchase price accounting, for the year ended December 31, 2025 was $54.3 million, as compared to $62.2 million for the year ended December 31, 2024.

Net investment income (“NII”) for the year ended December 31, 2025 was $25.1 million ($2.28 per share), as compared to $24.0 million ($2.59 per share) for the year ended December 31, 2024.

Total Deployment of approximately $52.3 million and sales and repayments of approximately $116.9 million, resulting in net repayments and sales of approximately $64.6 million for the year.

Total shares repurchased by the Company in open market transactions under the Stock Repurchase Program and through the Tender Offer during the year ended December 31, 2025, were 698,548 at an aggregate cost of approximately $9.3 million, which was accretive to NAV by $0.24 per share.

Total stockholder distributions for 2025 amount to $1.97 per share.

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

On March 4, 2026, the Board authorized a renewed stock repurchase program of up to $10 million (the “2026

On March 4, 2026, the Board approved the transition of the Company’s distribution payment schedule from quarterly to monthly, beginning in April 2026. The modification to the distribution policy introduces a stable base distribution, which is anticipated to be sustainable across market cycles, and retains the potential for a quarterly supplemental distribution, which will approximate 50% of the net investment income in excess of the monthly base distributions to account for fluctuations in rates and spreads.

On March 5, 2026, the Company declared a quarterly base distribution of $0.32 per share of common stock. The distribution is payable on March 27, 2026 to stockholders of record at the close of business on March 16, 2026.

On March 5, 2026, the Company declared a regular monthly base distribution of $0.09 per share of common stock for each of April, May and June 2026. The April 2026 distribution is payable on April 30, 2026 to stockholders of record at the close of business on April 15, 2026. The May 2026 distribution is payable on May 29, 2026 to stockholders of record at the close of business on May 15, 2026. The June 2026 distribution is payable on June 30, 2026 to stockholders of record at the close of business on June 15, 2026.

Total investment income for the year ended December 31, 2025, was $61.2 million, of which $55.1 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $62.4 million for the year ended December 31, 2024, of which $52.6 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio.

Core investment income for the year ended December 31, 2025, excluding the impact of purchase discount accretion, was $54.3 million, as compared to core investment income of $62.2 million for the year ended December 31, 2024.

Net investment income (“NII”) for the year ended December 31, 2025, was $25.1 million ($2.28 per share) as compared to $24.0 million ($2.59 per share) for the year ended December 31, 2024.

Net asset value (“NAV”) as of December 31, 2025, was $209.2 million ($16.68 per share), as compared to $178.5 million ($19.41 per share) for the fourth quarter of 2024.

Investment portfolio at fair value as of December 31, 2025, was $501.0 million, comprised of 108 different entities. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $411.6 million at fair value as of December 31, 2025, and was spread across 34 different industries comprised of 74 different portfolio companies with an average par balance per investment of approximately $3.5 million. This compares to a total investment portfolio at fair value as of December 31, 2024, of $405.0 million, comprised of 93 different entities. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled $320.7 million at fair value as of December 31, 2024, spread across 30 different industries (based on alignment to GICS level 3) and comprised of 71 different portfolio companies, with an average par balance per investment of approximately $2.5 million.

Debt investments on non-accrual, as of December 31, 2025, were 13 attributable to 10 portfolio companies, representing 4.0% and 7.1% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to 6 debt investments attributable to 5 portfolio companies, representing 1.7% and 3.4% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of December 31, 2024. For illustrative purposes, if you were to combine the Company’s investment portfolio with LRFC’s as of December 31, 2024, the Company would have had 9 debt investments attributable to 7 portfolio companies on non-accrual status representing 2.6% and 5.0% of the combination of the Company’s and LRFC’s investment portfolio at fair value and amortized cost, respectively, as of December 31, 2024.

Weighted average annualized yield was approximately 12.9% (excluding income from non-accruals and collateralized loan obligations) as of December 31, 2025.

Par value of outstanding borrowings, as of December 31, 2025, was $312.3 million, which compares to $267.5 million from December 31, 2024, with an asset coverage ratio of 167% as compared to 167% as of December 31, 2024. On a net basis, leverage as of December 31, 2025, was 1.4x² compared to 1.3x² as of December 31, 2024.

Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. BCIC believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $12.5 million and $40.0 million of cash and cash equivalents and restricted cash as of December 31, 2025 and December 31, 2024, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC’s financial condition.

Total investment income

Net expenses

Net Investment Income

Net realized gain (loss) on investments

Net change in unrealized gain (loss) on investments

Tax (provision) benefit on realized and unrealized gains (losses) on investments

Net realized and unrealized appreciation (depreciation) on investments, net of taxes

Net realized gain (loss) on extinguishment of debt

Net Increase (Decrease) in Net Assets Resulting from Operations

Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:

Basic:

Diluted:

Net Investment Income Per Common Share:

Basic:

Diluted:

Weighted Average Shares of Common Stock Outstanding — Basic

Weighted Average Shares of Common Stock Outstanding — Diluted

Interest income, excluding CLO income and purchase discount accretion

Purchase discount accretion

PIK income

CLO income

Joint Venture income

Fees and other income

Investment Income

Less: Purchase discount accretion

Core Investment Income

First Lien Debt

Second Lien Debt

Subordinated Debt

Collateralized Loan Obligations

Joint Ventures

Equity

Asset Manager Affiliates⁽¹⁾

Derivatives

Total

Represents the equity investment in the Asset Manager Affiliates.

Cash and Cash Equivalents

Restricted Cash

First Lien Debt

Second Lien Debt

Subordinated Debt

Equity

Collateralized Loan Obligations

Joint Ventures

Derivatives

Total

Increase in interest rate

Decrease in interest rate

ASSETS

Investments at fair value:

Non-controlled/non-affiliated investments (amortized cost of $433,213 and $358,153, respectively)

Non-controlled affiliated investments (amortized cost of $90,294 and $68,858, respectively)

Controlled affiliated investments (amortized cost of $42,332 and $49,421, respectively)

Total Investments at fair value (amortized cost of $565,839 and $476,432, respectively)

Cash and cash equivalents

Restricted cash

Interest receivable

Dividend receivable

Other assets

Total Assets

LIABILITIES

4.875% Notes due 2026 (net of deferred financing costs and original issue discount of $— and $1,017, respectively)

Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $825 and $1,322, respectively)

2026 Notes (net of deferred financing costs and original issue discount of $312 and $—, respectively)

2032 Convertible Notes (net of deferred financing costs and original issue discount of $102 and $—, respectively)

KeyBank Credit Facility (net of deferred financing costs of $904 and $—, respectively)

2028 Notes (net of deferred financing costs and original issue discount of $851 and $—, respectively)

2030 Notes (net of deferred financing costs and original issue discount of $2,423 and $—, respectively)

Management and incentive fees payable

Accounts payable, accrued expenses and other liabilities

Accrued interest payable

Due to affiliates

Total Liabilities

COMMITMENTS AND CONTINGENCIES

NET ASSETS

Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,003,016 issued, and 12,541,858 outstanding at December 31, 2025, and 9,960,785 issued, and 9,198,175 outstanding at December 31, 2024

Capital in excess of par value

Total distributable (loss) earnings

Total Net Assets

Total Liabilities and Net Assets

Net Asset Value Per Common Share

INVESTMENT INCOME

Interest income:

Non-controlled/non-affiliated investments

Non-controlled affiliated investments

Total interest income

Payment-in-kind income:

Non-controlled/non-affiliated investments⁽¹⁾

Non-controlled affiliated investments

Total payment-in-kind income

Dividend income:

Non-controlled affiliated investments

Controlled affiliated investments

Total dividend income

Fees and other income:

Non-controlled/non-affiliated investments

Non-controlled affiliated investments

Total fees and other income

Total investment income

EXPENSES

Management fees

Performance-based incentive fees

Interest and amortization of debt issuance costs

Professional fees

Administrative services expense

Directors’ expense

Other general and administrative expenses

Total expenses

Expense reimbursement

Waiver of performance-based incentive fees

Net expenses

NET INVESTMENT INCOME

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:

Net realized gains (losses) from investment transactions

Non-controlled/non-affiliated investments

Non-controlled affiliated investments

Controlled affiliated investments

Net realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on:

Non-controlled/non-affiliated investments

Non-controlled affiliated investments

Controlled affiliated investments

Derivatives

Net change in unrealized gain (loss) on investments

Tax (provision) benefit on realized and unrealized (gains) losses on investments

Net realized and unrealized appreciation (depreciation) on investments, net of taxes

Realized gains (losses) on extinguishment of debt

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:

Net increase (decrease) in net assets per share resulting from operations – Basic

Weighted average common stock outstanding – Basic

Net increase (decrease) in net assets per share resulting from operations – Diluted

Weighted average common stock outstanding – Diluted

Net Investment Income Per Common Share:

Net investment income - Basic

Net investment income - Diluted

During the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company received $0.1 million, $0.1 million and $0.6 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.