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

2

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.

3

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.

4

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.

5

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.

6

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.

7

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.

8

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.

9

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.

10

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%		SOFR + 5.50%	0.50%	06/01/29		3,746		3,363			3,092		(13)
Project Leopard Holdings, Inc.	High Tech Industries	9.66%		SOFR + 5.25%	0.50%	07/20/29		5,651		5,437			5,113		(13)
PVHC Holding Corp	Containers, Packaging and Glass	10.39%		SOFR + 6.25%, 0.75% PIK	2.50%	02/17/27		2,725		2,724			2,706		(13)
Radius Aerospace, Inc.	Aerospace and Defense	10.40%		SOFR + 6.25%, 0.25% PIK	1.00%	03/29/27		5,482		5,477			5,448		(13)
STG Distribution, LLC (STG Logistics) (Second Out)	Transportation: Cargo	11.82%		SOFR + 7.60%, 6.50% PIK	1.50%	10/03/29		2,908		1,584			957		(13)
STG Distribution, LLC (STG Logistics) (Third Out)	Transportation: Cargo	11.32%		SOFR + 7.10%, 6.00% PIK	1.50%	10/03/29		2,170		719			121		(13)
Resolute Investment Managers, Inc.	Finance	—		—	—	10/30/28		3,990		3,511			3,638
Riskonnect Parent LLC	Application Software	8.62%		SOFR + 4.75%	0.75%	12/07/28		1,207		1,166			1,207		(13)(20)
Red Range Intermediate Inc.	Capital Equipment	12.40%		SOFR + 8.00%	1.00%	10/01/29		324		324			324
RN Enterprises, LLC	Healthcare & Pharmaceuticals	8.83%		SOFR + 5.00%	0.75%	10/17/31		2,468		2,159			2,468		(13)(20)
CB MIDCO, LLC	Consumer goods: Durable	—		—	—	09/27/27		3,914		3,794			1,374		(5)(13)
Shepherd Parent Holdings, LLC	Healthcare & Pharmaceuticals	11.58%		SOFR + 7.25%	1.00%	07/10/30		2,045		1,850			2,045		(13)(20)
Shepherd Parent Holdings, LLC (Revolver)	Healthcare & Pharmaceuticals	—		SOFR + 7.25%	1.00%	07/10/30		—		—			—		(20)
South Street Securities Holdings, Inc	Banking, Finance, Insurance & Real Estate	9.00%		—	—	09/20/27		3,600		3,306			3,272
Spark Buyer, LLC	Capital Equipment	9.44%		SOFR + 5.25%	0.75%	10/15/31		1,418		1,246			1,324		(13)(20)
Sundance Holdings Group, LLC	Retail	—		—	—	06/30/25		6,753		6,673			95		(5)
Symplr Software, Inc.	Healthcare & Pharmaceuticals	8.91%		SOFR + 4.50%	0.75%	12/22/27		1,640		1,639			1,478		(13)
Synamedia Americas Holdings, Inc.	Interactive Media & Services	10.50%		SOFR + 6.50%	1.00%	12/05/28		14,221		13,388			14,204		(13)
TA/WEG Holdings, LLC	Banking, Finance, Insurance & Real Estate	8.79%		SOFR + 4.50%	1.00%	10/02/28		9,521		9,009			9,493		(13)
TA/WEG Holdings, LLC (Revolver)	Banking, Finance, Insurance & Real Estate	—		SOFR + 4.50%	1.00%	10/02/28		—		(2	)		(3	)	(15)(20)
Tactical Air Support, Inc.	Aerospace and Defense	12.98%		SOFR + 8.50%	1.00%	12/22/28		4,364		4,099			4,321		(20)(13)
Taoglas Group Holdings Limited	High Tech Industries	—		SOFR + 7.25%	1.00%	02/28/29		2,296		2,010			2,199		(7)(13)
Taoglas Group Holdings Limited (Revolver)	High Tech Industries	11.38%		SOFR + 7.25%	1.00%	02/28/29		610		538			583		(7)(13)(20)
Taoglas USA Holdings Inc.	High Tech Industries	11.25%		SOFR + 7.25%	1.00%	02/28/29		1,635		1,614			1,565		(13)
Validity, Inc.	High Tech Industries	9.58%		SOFR + 5.25%	—	04/12/32		1,995		1,730			1,972		(13)
VBC Spine Opco LLC (DxTx Pain and Spine LLC)	Healthcare & Pharmaceuticals	10.82%		SOFR + 6.50%	2.00%	06/14/28		6,538		6,330			6,538		(13)
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	Healthcare & Pharmaceuticals	10.82%		SOFR + 6.50%	2.00%	06/14/28		887		868			887
VTX Intermediate Holdings, Inc.	High Tech Industries	12.30%		SOFR + 8.00%, 1.00% PIK	2.00%	12/12/29		10,323		9,662			10,194		(13)
Total First Lien/Senior Secured Debt										376,948			367,183
Second Lien/Senior Secured Debt - 15.0%
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.50% PIK		—	—	03/01/28		12,880		12,201			12,623
BLST Operating Company, LLC	Retail	12.89%		SOFR + 1.00%, 12.82% PIK	1.50%	01/31/26		1,276		1,137			1,176		(13)(18)
Confluence Technologies, Inc.	Services: Business	10.88%		SOFR + 6.50%, 6.50% PIK	0.50%	07/30/29		4,132		4,116			3,480		(13)
Dcert Buyer, Inc.	High Tech Industries	11.16%		SOFR + 7.00%	—	02/16/29		5,400		5,394			4,928		(13)
Idera, Inc.	High Tech Industries	11.20%		SOFR + 6.75%	0.75%	02/04/29		2,024		2,016			1,986		(13)
Ivanti Software, Inc.	High Tech Industries	11.81%		SOFR + 7.25%	0.50%	06/01/29		9,090		7,628			4,233		(13)

11

BCP INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of September 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)

Project Leopard Holdings, Inc.	High Tech Industries	12.06%	SOFR + 7.75%	0.50%	07/20/30	5,000	4,939	4,525	(13)
VTX Intermediate Holdings, Inc.	High Tech Industries	12.50% PIK	—	—	12/12/30	1,881	1,736	1,814
Total Second Lien/Senior Secured Debt							39,167	34,765

See accompanying notes to unaudited consolidated financial statements.

12

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
Subordinated Debt - 10.7%
DeltaDx Limited, LP (Money Transfer Acquisition Inc.)	Finance	15.00% PIK	—	—	06/14/28		896		857		885
Eastport Holdings, LLC	Services: Business	12.93%	SOFR + 8.50%	1.00%	09/29/27		19,250		17,166		19,250	(13)
Lucky Bucks Holdings LLC	Hotel, Gaming & Leisure	—	—	—	05/29/28		8,762		5,992		1,697	(5)
Tubular Textile Machinery, Inc.	Capital Equipment	5.00%	—	—	10/29/27		5,224		2,773		3,000
Total Subordinated Debt									26,788		24,832
Collateralized Loan Obligations - 0.0%
Catamaran CLO 2014-1 Ltd.	CLO Fund Securities	—	—	—	04/20/30		15,161		—		—	(3)(7)(10)
Catamaran CLO 2018-1 Ltd	CLO Fund Securities	—	—	—	10/27/31		10,000		112		112	(3)(7)(10)
Dryden 30 Senior Loan Fund	CLO Fund Securities	—	—	—	11/01/28		3,250		—		—	(3)(7)(10)
Total Collateralized Loan Obligations									112		112
Preferred Stock and Units - 3.5%
4L Ultimate Topco Corporation	Services: Business	—	—	—	—		321		29		—
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	18.00% PIK	—	—	—		248,474		166		467	(22)(25)
Aperture Dodge 18 LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		5,144,601		4,548		3,118
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,185,909		1,186		1,393	(22)
Middle West Spirits, LLC	Beverage, Food and Tobacco	10.00% PIK	—	—	—		917,452		862		946	(25)
Phoenix Aviation Capital, LLC	Aerospace and Defense	7.00% PIK	—	—	—		1,259,614		1,064		1,115	(22)(25)
Prosper Marketplace	Consumer goods: Durable	—	—	—	—		912,865		279		324	(6)
Taylor Precision Products, Inc. - Series C	Consumer goods: Durable	—	—	—	—		379		667		758
Total Preferred Stock and Units									8,801		8,121
Common Stock and Membership Units - 6.2%
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	—		0.13		264		748	(22)
Advantage Capital Holdings LLC - Class A Units	Banking, Finance, Insurance & Real Estate	—	—	—	—		822		500		1,318	(22)
AIP Capital, LLC	Diversified Financial Services	—	—	—	—		85		35		35	(22)
Anthem Sports & Entertainment Inc. - Class A Warrant	Media: Broadcasting & Subscription	—	—	—	—		510		46		—
Anthem Sports & Entertainment Inc. - Class B Warrant	Media: Broadcasting & Subscription	—	—	—	—		88		—		—
Anthem Sports & Entertainment Inc. - Warrant for CS	Media: Broadcasting & Subscription	—	—	—	—		1,644		—		—
ATP Oil & Gas Corporation	Energy: Oil & Gas	—	—	—	—		0.1		—		—	(11)
BLST Operating Company, LLC - Class A	Retail	—	—	—	—		217,013		555		573	(9)
BGPT Maverick, L.P.	High Tech Industries	—	—	—	—		1,020,408		1,020		1,020
Carestream Health Holdings, Inc.	Healthcare & Pharmaceuticals	—	—	—	—		4,099		53		100
Centric Brands, L.P.	Machinery (Non-Agrclt/Constr/Electr)	—	—	—	—		81,770		746		3,754
DxTx Pain and Spine LLC	Healthcare & Pharmaceuticals	—	—	—	—		217,479		381		361	(22)
Everyware Global, Inc.	Consumer goods: Durable	—	—	—	—		1,085,565		346		553	(16)
FP WRCA Coinvestment Fund VII, Ltd. - Class A	Capital Equipment	—	—	—	—		100		1,500		390	(3)(7)
Freedom Electronics, LLC	High Tech Industries	—	—	—	—		181,818		195		238	(9)
Fusion Connect, Inc.	Telecommunications	—	—	—	—		14		866		—	(13)
Fusion Connect, Inc. - Warrant	Telecommunications	—	—	—	—		811,572		—		—
Fusion Parent, LLC (fka Franchise Group Inc.)	Consumer Services	—	—	—	—		31,189		1,550		1,550
HDC/HW Holdings, LLC	High Tech Industries	—	—	—	—		148,826		—		—
LB NewHoldCo LLC	Hotel, Gaming & Leisure	—	—	—	—		146,589		1,724		724	(13)
Live Comfortably Inc.	Consumer goods: Durable	—	—	—	—		2,846		—		—	(13)
Middle West Spirits, LLC	Beverage, Food and Tobacco	—	—	—	—		91		14		58
Morae Global Holdings Inc. - Warrant	IT Consulting & Other Services	—	—	—	—		1,625		376		475
Ohene Holdings B.V. - Warrant	High Tech Industries	—	—	—	—		4		—		—	(3)(7)
Phoenix Aviation Capital, LLC	Aerospace and Defense	—	—	—	—		4		387		365	(22)
Roscoe Investors, LLC - Class A	Healthcare & Pharmaceuticals	—	—	—	—		10,000		1,000		—
South Street Securities Holdings, Inc - Warrant	Banking, Finance, Insurance & Real Estate	—	—	—	—		4,533		514		615
Sundance Holdings Group, LLC	Retail	—	—	—	—		14,603		—		—
Swift Aggregator LLC (formerly GA Communications, Inc.)	Media: Broadcasting & Subscription	—	—	—	—		1,363,451		1,251		1,420
VTX Holdings LLC - Series C	High Tech Industries	—	—	—	—		882,504		9		8
Workplace Holdings LLC (Pomeroy Technologies, LLC)	High Tech Industries	—	—	—	—		950		228		—
World Business Lenders, LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		49,209		—		—	(7)
Total Common Stock and Membership Units									13,560		14,305
Derivatives - 0.1%(19)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		164		—		199	(7)(22)
Epilog Partners LP (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,166,667		—		—	(7)(22)
HDNet Holdco LLC (Anthem)	Media: Broadcasting & Subscription	—	—	—	—		0.2		31		—	(7)
Total Derivatives									31		199
Total Investments in Non-Control, Non-Affiliate Portfolio Companies									465,407		449,517

See accompanying notes to unaudited consolidated financial statements.

13

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
Investments in Affiliate Portfolio Companies - 34.4%(17)
First Lien/Senior Secured Debt - 8.3%
American Clinical Solutions, LLC	Healthcare & Pharmaceuticals	11.00%	SOFR + 7.00%, 4.00% PIK	1.00%	06/30/26		7,465		4,787			3,934
MMI Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	12/31/25		5,030		4,018			4,572		(5)
PMP OPCO, LLC (Princeton Medspa Partners, LLC)	Services: Consumer	12.70%	SOFR + 8.50%	2.00%	05/31/29		1,498		1,469			1,388		(13)(20)
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	Services: Consumer	—	SOFR + 8.50%	2.00%	05/31/29		—		(3	)		(9	)	(15)(20)
Riddell, Inc.	Consumer goods: Durable	10.15%	SOFR + 6.00%	1.00%	03/29/29		9,369		8,898			9,335		(13)
Total First Lien/Senior Secured Debt									19,169			19,220
Second Lien/Senior Secured Debt - 1.8%
MMI Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	12/31/25		480		340			388		(5)
Northeast Metal Works LLC	Metals & Mining	8.00%	—	—	04/05/28		4,500		4,500			3,457
Northeast Metal Works LLC	Metals & Mining	8.00%	—	—	01/01/25		500		500			384
Total Second Lien/Senior Secured Debt									5,340			4,229
Collateralized Loan Obligations - 0.9%
JMP Credit Advisors CLO IV LTD	CLO Fund Securities	—	—	—	07/17/29		26,298		230			867		(3)(7)(10)
JMP Credit Advisors CLO V LTD	CLO Fund Securities	—	—	—	07/17/30		24,394		1,039			1,200		(3)(7)(10)
Total Collateralized Loan Obligations									1,269			2,067
Joint Ventures - 15.4%
Series B - Great Lakes Funding II LLC	Joint Venture	—	—	—	—		37,337		37,337			35,582		(7)(20)(26)
Total Joint Ventures									37,337			35,582
Preferred Stock and Units - 3.5%
American Clinical Solutions, LLC - Class A	Healthcare & Pharmaceuticals	—	—	—	—		20,566,017		—			—		(9)
BMP Slappey Holdco, LLC	Telecommunications	—	—	—	—		200,000		467			576		(21)
BMP Slappey Investment II	Telecommunications	—	—	—	—		88,946		208			256		(21)
EBSC Holdings LLC (Riddell, Inc.)	Consumer goods: Durable	10.00% PIK	—	—	—		3,478,615		3,459			3,948		(25)
GreenPark Infrastructure, LLC - Series A	Energy: Electricity	—	—	—	—		1,400		676			700		(22)
MMI Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	—		1,000		—			—		(9)
Northeast Metal Works LLC - Preferred	Metals & Mining	—	—	—	—		2,368		—			—		(21)
Northeast Metal Works LLC - Class O Preferred	Metals & Mining	—	—	—	—		5,445,000		5,445			310
Princeton Medspa Partners, LLC	Services: Consumer	12.50% PIK	—	—	—		1,166,616		1,167			787		(22)(25)
Westshore RAM, LLC - Class A	Finance	8.00% PIK	—	—	—		86,000		1,278			1,463		(25)
Total Preferred Stock and Units									12,700			8,040
Common Stock and Membership Units - 4.5%
Burgaflex Holdings, LLC - Class A	Automotive	—	—	—	—		1,253,198		2,656			2,533		(9)
Burgaflex Holdings, LLC - Class B	Automotive	—	—	—	—		1,085,073		1,883			2,051		(9)
GreenPark Infrastructure, LLC - Series M-1	Energy: Electricity	—	—	—	—		8,977		2,969			3,074		(22)
Kleen-Tech Acquisition, LLC	Services: Business	—	—	—	—		250,000		1,264			250		(21)
MMI Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	—		45		—			—		(9)
Princeton Medspa Partners, LLC - Warrant	Services: Consumer	—	—	—	—		0.03		—			18		(22)
Sierra Hamilton Holdings Corporation	Energy: Oil & Gas	—	—	—	—		27,396,364		394			603		(9)
V12 Holdings, Inc.	Services: Business	—	—	—	—		168,750		-			1,798		(27)
Total Common Stock and Membership Units									9,166			10,327
Derivatives - 0.0%(19)
Princeton Medspa Partners, LLC	Services: Consumer	—	—	—	—		1,000,000		—			—		(7)(22)
Total Derivatives									—			—
Total Investments in Affiliate Portfolio Companies									84,981			79,465
Investments in Controlled Afilliated Portfolio Companies - 4.6%(8)
Joint Ventures - 4.6%
KCAP Freedom 3 LLC	Joint Venture	—	—	—	—		27,220		24,683			10,719		(7)
Total Joint Ventures									24,683			10,719
Asset Manager Affiliates - 0.0%
Asset Management Company	Asset Management Company	—	—	—	—		—		17,791			—		(7)
Total Asset Manager Affiliates									17,791			—
Total Investments in Controlled Affiliated Portfolio Companies									42,474			10,719
Total Investments - 233.2%								$	592,862		$	539,701

(1)A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The Borrower may also elect to have multiple interest reset periods for each September 30, 2025 loan. SOFR loans are typically indexed to 12 month, 6 month, 3 month, 2 month or 1 month SOFR rates. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at September 30, 2025. As noted in the table above, 84.1% (based on par) of debt securities with floating rates contain floors which range between 0.50% and 5.25%.

(2)Reflects the fair market value of all investments as of September 30, 2025 as determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the “Board”).

(3)Non-U.S. company or principal place of business outside the U.S.

(4)The aggregate cost of investments for federal income tax purposes is approximately $572.1 million. The aggregate gross unrealized appreciation is approximately $74.1 million, the aggregate gross unrealized depreciation is approximately $106.5 million, and the net unrealized depreciation is approximately $32.4 million.

(5)Loan or debt security is on non-accrual status and therefore is considered non-income producing. Beginning during the quarter ended June 30, 2025, the Company recognized interest income to the extent that it is received in cash on its loans to Colonnade Intermediate, LLC.

14

BCP INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of September 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)

See accompanying notes to unaudited consolidated financial statements.

(6)Held through Garrison Capital Equity Holdings II LLC and net of non-controlling member’s interest of 17.5% pursuant to the Amended and Restated Limited Liability Company Agreement of Garrison Capital Equity Holdings II LLC.

(7)The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2025, qualifying assets represent 90.8% of the Company's total assets and non-qualifying assets represent 9.2% of the Company's total assets.

(8)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

(9)This investment is held by CPTA Master Blocker Inc., one of the Company’s taxable blocker subsidiaries.

(10)CLO Subordinated Investments are entitled to periodic distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s investments less contractual payments to debt holders and fund expenses. The estimated annualized effective yield indicated is based upon a current projection of the amount and timing of these distributions. Such projections are updated on a quarterly basis and the estimated effective yield is adjusted prospectively.

(11)This investment receives a 5% royalty interest on oil being produced on certain fields. All production payments received are being applied to the cost basis and are considered return of capital.

(12)All investments valued using unobservable inputs (Level III), unless otherwise noted.

(13)As of September 30, 2025, all or a portion of this investment is pledged to secure the Company’s debt obligations. The fair value of assets pledged as collateral on the Revolving Credit Facility and the KeyBank Credit Facility as of September 30, 2025 was $251.5 million and $109.2 million, respectively.

(14)The Company's investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, are generally subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act of 1933.

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

(16)This investment is held by the Company's wholly-owned subsidiary Garrison Capital Equity Holdings XI LLC.

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

(18)1.0% of interest rate is payable in cash. The remainder of interest rate payable is either in cash or paid-in-kind at borrower’s election.

(19)Information related to the Company’s derivatives is presented below as of September 30, 2025:

($ in thousands)
Description	Counterparty	Number of shares		Notional amount		Exercise price		Expiration date	Value
Call option	HDNet Holdco LLC	0.2		$	8		0.01	N/A	$	—
Description	Counterparty	Number of shares		Notional amount		Exercise price		Expiration date	Value
Put option	Advantage Capital Holdings LLC		164	$	563		20	N/A	$	199
Put option	Epilog Partners LP (Care Connectors Medical Group)		1,166,667	$	—		—	N/A		—
Put option	Princeton Medspa Partners, LLC		1,000,000	$	1,000		2	N/A		—

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

(21)This investment is owned by HCAP Equity Holdings, LLC, one of the Company’s taxable blocker subsidiaries.

(22)This investment is held by PTMN Sub Holdings LLC, one of the Company’s taxable blocker subsidiaries.

(23)All debt investments are income producing, unless otherwise noted. Equity and warrant investments are non-income producing, unless otherwise noted.

(24)Percentages are based on net assets as of September 30, 2025.

(25)The equity investment is income producing.

(26)The investment is valued at the net asset value (“NAV”) of the underlying fund.

(27)The investment has been exited or sold. The residual value reflects estimated earnout, escrow, or other proceeds expected post-closing.

(++) Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.

See accompanying notes to unaudited consolidated financial statements.

15

BCP INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(in thousands, except share and per share amounts)

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 - 183.5%
First Lien/Senior Secured Debt - 158.1%
Accordion Partners LLC	Finance	9.58%	SOFR + 5.25%	0.75%	11/17/31		4,464	$	4,437		$	4,436		(13)(20)
Accordion Partners LLC (Revolver)	Finance	—	SOFR + 5.25%	0.75%	11/17/31		—		(8	)		(8	)	(15)(20)
Accurate Background, LLC	Services: Business	10.59%	SOFR + 6.00%	1.00%	03/26/29		4,367		4,177			4,329		(13)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	13.00%	13.00%, 5.00% PIK	—	04/14/27		14,754		14,752			13,649		(13)
AIDC IntermediateCo 2, LLC (Peak Technologies)	Services: Business	9.59%	SOFR + 5.25%	1.00%	07/22/27		980		971			979		(13)
AMCP Pet Holdings, Inc.	Beverage, Food and Tobacco	11.74%	SOFR + 7.00%, 3.00% PIK	1.00%	10/06/26		4,875		4,838			4,785		(13)
AMCP Pet Holdings, Inc. (Revolver)	Beverage, Food and Tobacco	11.80%	SOFR + 7.00%, 3.00% PIK	1.00%	10/06/26		1,012		1,006			994
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.22%	SOFR + 9.75%, 5.25% PIK	1.00%	06/30/27		3,934		3,928			3,954		(13)
Ancile Solutions, Inc.	High Tech Industries	14.62%	SOFR + 10.00%	1.00%	06/11/26		6,034		5,985			6,035		(13)
Anthem Sports & Entertainment Inc.	Media: Broadcasting & Subscription	13.99%	SOFR + 9.40%, 13.99% PIK	1.00%	11/15/26		15,070		14,966			9,668		(13)(20)
Anthem Sports & Entertainment Inc. (Revolver)	Media: Broadcasting & Subscription	14.09%	SOFR + 9.50%, 3.00% PIK	1.00%	11/15/26		1,222		1,212			734		(20)
Anthem Sports & Entertainment Inc. (Revolver 2022)	Media: Broadcasting & Subscription	14.09%	SOFR + 9.50%, 3.00% PIK	1.00%	06/30/24		563		563			353
Appfire Technologies, LLC	High Tech Industries	9.33%	SOFR + 5.00%	1.00%	03/09/28		5,832		5,827			5,817		(13)
BetaNXT, Inc.	Banking, Finance, Insurance & Real Estate	10.08%	SOFR + 5.75%	—	07/01/29		12,480		11,958			11,997		(13)
BetaNXT, Inc. (Revolver)	Banking, Finance, Insurance & Real Estate	8.86%	SOFR + 4.50%	—	07/01/27		1,014		1,014			963		(20)
Bradshaw International Parent Corp.	Consumer goods: Durable	10.21%	SOFR + 5.75%	1.00%	10/21/27		491		485			487		(13)
Bradshaw International Parent Corp. (Revolver)	Consumer goods: Durable	—	SOFR + 5.75%	1.00%	10/21/26		—		(23	)		(8	)	(15)(20)
C.P. Converters, Inc.	Chemicals, Plastics and Rubber	13.16%	SOFR + 8.49%, 1.00% PIK	1.00%	12/13/25		10,135		10,135			9,628		(13)
CB MIDCO, LLC	Consumer goods: Durable	10.21%	SOFR + 5.75%	1.00%	09/27/27		3,762		3,745			3,414		(13)
CCMG Buyer, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	9.90%	SOFR + 5.50%	1.00%	05/08/30		3,151		3,116			3,151		(13)
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	Healthcare & Pharmaceuticals	—	SOFR + 5.50%	1.00%	05/08/30		—		(6	)		—		(15)(20)
Cenexel Clinical Research, Inc.	Healthcare & Pharmaceuticals	10.47%	SOFR + 5.75%	1.00%	11/08/28		5,773		5,758			5,765		(13)
Centric Brands Inc.	Machinery (Non-Agrclt/Constr/Electr)	10.03%	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)	11.03%	SOFR + 6.50%	1.00%	02/06/31		3,807		3,807			3,807
Centric Brands Inc. (Term Loan A2)	Machinery (Non-Agrclt/Constr/Electr)	12.53%	SOFR + 8.00%, 12.53% PIK	1.00%	02/06/31		3,463		3,463			3,463
Colonnade Intermediate, LLC	Services: Business	—	—	1.00%	04/27/24		7,167		7,167			5,164		(5)
Colonnade Intermediate, LLC (Revolver)	Services: Business	—	—	1.00%	04/27/24		685		685			494		(5)
Datalink, LLC	Healthcare & Pharmaceuticals	11.49%	SOFR + 6.75%	1.00%	11/23/26		2,640		2,617			2,218		(13)
Dentive, LLC	Healthcare & Pharmaceuticals	11.08%	SOFR + 6.75%	0.75%	12/26/28		2,740		2,695			2,696		(13)(20)
Dentive, LLC (Revolver)	Healthcare & Pharmaceuticals	11.08%	SOFR + 6.75%	0.75%	12/23/28		117		112			114
Dodge Data & Analytics LLC	Construction & Building	10.92%	SOFR + 6.25%	0.50%	01/31/29		657		649			651		(13)
Dodge Data & Analytics LLC (Second Out)	Construction & Building	9.42%	SOFR + 4.75%	0.50%	02/28/29		917		783			779
Florida Food Products, LLC	Beverage, Food and Tobacco	9.52%	SOFR + 5.00%	0.75%	10/18/28		6,823		6,719			5,833		(13)
Fortis Payment Systems, LLC	Diversified Financial Services	9.68%	SOFR + 5.25%	1.00%	02/13/26		3,092		3,058			3,074		(13)(20)
Franchise Group, Inc.	Retail	10.39%	SOFR + 5.45%	0.75%	03/10/26		3,003		2,998			1,783		(13)
Franchise Group, Inc. (DIP)	Retail	13.55%	SOFR + 9.00%	1.00%	05/06/25		594		582			582		(13)
Global Integrated Flooring Systems Inc.	Consumer goods: Durable	13.96%	SOFR + 9.36%, 1.00% PIK	—	06/30/25		6,284		5,588			3,479
Global Integrated Flooring Systems Inc. (Revolver)	Consumer goods: Durable	13.72%	SOFR + 9.36%, 1.00% PIK	—	06/30/25		51		45			28
H.W. Lochner, Inc.	Services: Business	10.99%	SOFR + 6.25%	1.00%	07/02/27		14,513		14,391			14,513		(13)
H-CA II, LLC	Banking, Finance, Insurance & Real Estate	16.00%	—	—	09/01/25		1,724		1,724			1,560
HDC/HW Intermediate Holdings, LLC - Term Loan A	High Tech Industries	8.75%	SOFR + 3.50%, 2.50% PIK	5.25%	06/21/26		5,597		4,958			4,527
HDC/HW Intermediate Holdings, LLC - Term Loan B	High Tech Industries	—	—	—	06/21/26		3,876		940			—		(5)
Help Systems Holdings, Inc.	High Tech Industries	8.69%	SOFR + 4.00%	0.75%	11/19/26		1,954		1,873			1,728		(13)
Hollander Intermediate LLC	Consumer goods: Durable	13.22%	SOFR + 8.75%, 10.58% PIK	2.00%	09/19/26		6,330		5,852			6,235		(13)
IDC Infusion Services LLC	Healthcare & Pharmaceuticals	10.83%	SOFR + 6.50%	1.00%	07/07/28		3,833		3,776			3,853		(13)(20)
Ivanti Software, Inc.	High Tech Industries	9.12%	SOFR + 4.25%	0.75%	12/01/27		977		848			678		(13)
Keg Logistics LLC	Services: Business	10.67%	SOFR + 6.00%	1.00%	11/23/27		11,877		11,791			11,817		(13)
Keg Logistics LLC (Revolver)	Services: Business	10.68%	SOFR + 6.00%	1.00%	11/23/27		872		859			868
Lifescan Global Corporation	Healthcare & Pharmaceuticals	11.12%	SOFR + 6.50%	1.00%	12/31/26		2,165		2,090			758		(13)
Luminii LLC	Construction & Building	11.94%	SOFR + 7.35%	1.00%	04/11/25		5,873		5,873			5,827		(13)
Luminii LLC (Revolver)	Construction & Building	11.94%	SOFR + 7.35%	1.00%	04/11/25		343		343			339		(13)(20)
MAG DS Corp.	Aerospace and Defense	9.93%	SOFR + 5.50%	1.00%	04/01/27		3,624		3,406			3,406		(13)
Money Transfer Acquisition Inc.	Finance	12.71%	SOFR + 8.25%	1.00%	12/14/27		8,574		8,470			8,392		(13)
Morae Global Corporation	IT Consulting & Other Services	12.77%	SOFR + 8.00%	2.00%	10/26/26		2,163		2,077			2,129		(13)
Morae Global Corporation (Revolver)	IT Consulting & Other Services	—	SOFR + 8.00%	2.00%	10/26/26		—		(7	)		(3	)	(15)(20)
MSM Acquisitions, Inc.	Services: Business	10.51%	SOFR + 6.00%	1.00%	12/09/26		9,852		9,826			8,891		(13)
Neptune Bidco US Inc.	Media: Broadcasting & Subscription	9.76%	SOFR + 5.00%	0.50%	04/11/29		2,463		2,277			2,217		(13)
Netwrix Corporation	High Tech Industries	9.26%	SOFR + 4.75%	0.75%	06/09/29		4,248		4,233			4,212		(13)
Netwrix Corporation (Revolver)	High Tech Industries	—	SOFR + 5.00%	0.75%	06/09/29		—		(7	)		(10	)	(15)(20)
Newbury Franklin Industrials, LLC	Consumer goods: Durable	11.40%	SOFR + 7.00%	2.00%	12/11/29		4,013		3,899			3,898		(20)
One Stop Mailing LLC	Transportation: Consumer	10.72%	SOFR + 6.25%	1.00%	04/29/27		7,470		7,410			7,470		(13)
PMA Parent Holdings LLC (Revolver)	Finance	—	SOFR + 5.25%	0.75%	01/31/31		—		(2	)		(2	)	(15)
PMA Parent Holdings LLC	Finance	9.58%	SOFR + 5.25%	0.75%	01/31/31		1,401		1,380			1,379		(20)
PhyNet Dermatology LLC	Healthcare & Pharmaceuticals	11.12%	SOFR + 6.50%	1.00%	10/20/29		1,294		1,267			1,279		(20)
Pomeroy Technologies, LLC (Super Senior A)	High Tech Industries	6.00% PIK	—	—	11/30/27		1,367		1,367			1,367

See accompanying notes to unaudited consolidated financial statements.

16

BCP INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of December 31, 2024

(in thousands, except share and per share amounts)

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
Premier Imaging, LLC	Healthcare & Pharmaceuticals	10.59%	SOFR + 6.00%, 10.59% PIK	1.00%	03/31/26		2,869	$	2,869		$	2,524	(13)
Project Castle, Inc.	Transportation: Cargo	9.76%	SOFR + 5.50%	0.50%	06/08/29		3,020		2,817			2,649	(13)
Project Leopard Holdings, Inc.	High Tech Industries	9.94%	SOFR + 5.25%	0.50%	07/20/29		5,695		5,436			5,126	(13)
PVHC Holding Corp	Containers, Packaging and Glass	11.18%	SOFR + 6.75%, 0.75% PIK	2.50%	02/17/27		2,729		2,728			2,702	(13)
Radius Aerospace, Inc.	Aerospace and Defense	10.48%	SOFR + 6.00%, 10.48% PIK	1.00%	03/29/27		6,066		6,056			6,026	(13)
STG Distribution, LLC (STG Logistics) (Second Out)	Transportation: Cargo	12.12%	SOFR + 7.60%, 6.50% PIK	1.50%	10/03/29		1,777		1,020			997	(13)
STG Distribution, LLC (STG Logistics) (Third Out)	Transportation: Cargo	11.62%	SOFR + 7.10%, 6.00% PIK	1.50%	10/03/29		1,332		386			136	(13)
Riskonnect Parent LLC	Application Software	9.48%	SOFR + 5.00%	—	12/07/28		1,216		1,165			1,166	(20)
Red Range Intermediate Inc.	Capital Equipment	12.69%	SOFR + 8.00%	1.00%	10/01/29		324		324			324	(13)(20)
South Street Securities Holdings, Inc	Banking, Finance, Insurance & Real Estate	9.00%	—	—	09/20/27		3,150		2,865			2,685
Sundance Holdings Group, LLC	Retail	14.23%	SOFR + 9.50%, 1.50% PIK	—	06/30/25		6,667		6,666			4,488
Symplr Software, Inc.	Healthcare & Pharmaceuticals	9.19%	SOFR + 4.50%	0.75%	12/22/27		1,653		1,651			1,517	(13)
Synamedia Americas Holdings, Inc.	Interactive Media & Services	12.11%	SOFR + 7.75%	1.00%	12/05/28		2,610		2,539			2,559	(13)
TA/WEG Holdings, LLC	Banking, Finance, Insurance & Real Estate	9.55%	SOFR + 5.00%	1.00%	10/02/28		5,032		5,053			5,032	(13)
TA/WEG Holdings, LLC (Revolver)	Banking, Finance, Insurance & Real Estate	—	SOFR + 5.00%	1.00%	10/02/28		—		(2	)		—	(15)(20)
Tactical Air Support, Inc.	Aerospace and Defense	13.25%	SOFR + 8.50%	1.00%	12/22/28		1,975		1,941			1,958	(13)(20)
TLE Holdings, LLC	Healthcare, Education and Childcare	9.96%	SOFR + 5.50%	1.00%	06/29/26		6,115		6,114			6,115	(13)
VBC Spine Opco LLC (DxTx Pain and Spine LLC)	Healthcare & Pharmaceuticals	12.79%	SOFR + 8.00%	2.00%	06/14/28		4,600		4,526			4,558	(20)
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	Healthcare & Pharmaceuticals	12.69%	SOFR + 8.00%	2.00%	06/14/28		258		253			255	(20)
VTX Intermediate Holdings, Inc.	High Tech Industries	11.65%	SOFR + 7.00%, 1.00% PIK	2.00%	12/12/29		5,122		5,075			5,074
Total First Lien/Senior Secured Debt									303,889			282,195
Second Lien/Senior Secured Debt - 14.0%
American Academy Holdings, LLC	Healthcare & Pharmaceuticals	14.50% PIK	—	—	03/01/28		6,813		6,742			6,396
Confluence Technologies, Inc.	Services: Business	10.98%	SOFR + 6.50%	0.50%	07/23/29		4,000		3,981			3,301	(13)
Dcert Buyer, Inc.	High Tech Industries	11.36%	SOFR + 7.00%	—	02/16/29		5,400		5,393			4,558	(13)
Idera, Inc.	High Tech Industries	11.47%	SOFR + 6.75%	0.75%	02/04/29		2,024		2,014			1,992	(13)
Ivanti Software, Inc.	High Tech Industries	12.12%	SOFR + 7.25%	0.50%	12/01/28		6,000		5,972			3,458	(13)
Project Leopard Holdings, Inc.	High Tech Industries	12.34%	SOFR + 7.75%	0.50%	07/20/30		5,000		4,929			4,488
VTX Intermediate Holdings, Inc.	High Tech Industries	12.50% PIK	—	2.00%	12/12/30		878		861			860
Total Second Lien/Senior Secured Debt									29,892			25,053
Subordinated Debt - 1.0%
DeltaDx Limited, LP (Money Transfer Acquisition Inc.)	Finance	15.00% PIK	—	—	06/30/28		538		538			528
Lucky Bucks Holdings LLC	Hotel, Gaming & Leisure	—	—	—	05/29/28		6,258		5,565			1,212	(5)
TRSO II, Inc.	Energy: Oil & Gas	—	—	—	01/24/25		26		25			—	(5)
Total Subordinated Debt									6,128			1,740
Collateralized Loan Obligations - 1.7%
Catamaran CLO 2014-1 Ltd.	CLO Fund Securities	136.55%	—	—	04/20/30		15,161		126			261	(3)(7)(10)
Catamaran CLO 2018-1 Ltd	CLO Fund Securities	3.86%	—	—	10/27/31		10,000		3,063			2,600	(3)(7)(10)
Dryden 30 Senior Loan Fund	CLO Fund Securities	17.98%	—	—	11/01/28		3,250		141			140	(3)(7)(10)
Total Collateralized Loan Obligations									3,330			3,001
Preferred Stock and Units - 4.1%
4L Ultimate Topco Corporation	Services: Business	—	—	—	—		321		29			—
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	18.00% PIK	—	—	—		146,214		4			243	(22)(25)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	12.50% PIK	—	—	—		2,794,692		2,795			2,795	(22)(25)
Aperture Dodge 18 LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		3,077,360		3,077			2,662
Epilog Partners SPV III, LLC (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,173,118		1,173			1,283	(20)(22)
Prosper Marketplace	Consumer goods: Durable	—	—	—	—		912,865		279			324	(6)
Total Preferred Stock and Units									7,357			7,307
Common Stock and Membership Units - 4.5%
AAPC Holdings, LLC	Healthcare & Pharmaceuticals	—	—	—	—		0.07		—			444	(22)
Advantage Capital Holdings LLC - Class A Units	Banking, Finance, Insurance & Real Estate	—	—	—	—		822		500			842	(22)
Anthem Sports & Entertainment Inc. - Class A Warrant	Media: Broadcasting & Subscription	—	—	—	—		510		46			—
Anthem Sports & Entertainment Inc. - Class B Warrant	Media: Broadcasting & Subscription	—	—	—	—		88		—			—
Anthem Sports & Entertainment Inc. - Warrant for CS	Media: Broadcasting & Subscription	—	—	—	—		1,644		—			—
ATP Oil & Gas Corporation	Energy: Oil & Gas	—	—	—	—		0.1		—			—	(11)
Carestream Health Holdings, Inc.	Healthcare & Pharmaceuticals	—	—	—	—		4,099		53			130
Centric Brands, L.P.	Machinery (Non-Agrclt/Constr/Electr)	—	—	—	—		81,770		746			2,649	(13)
DxTx Pain and Spine LLC	Healthcare & Pharmaceuticals	—	—	—	—		158,166		258			258	(22)
Everyware Global, Inc.	Consumer goods: Durable	—	—	—	—		1,085,565		346			553	(16)
FP WRCA Coinvestment Fund VII, Ltd. - Class A	Capital Equipment	—	—	—	—		100		1,500			967	(3)(7)
Fusion Connect, Inc.	Telecommunications	—	—	—	—		14		866			—	(13)
Fusion Connect, Inc. - Warrant	Telecommunications	—	—	—	—		811,572		—			—
HDC/HW Holdings, LLC	High Tech Industries	—	—	—	—		148,826		—			—
LB NewHoldCo LLC	Hotel, Gaming & Leisure	—	—	—	—		96,523		1,441			993	(13)
Morae Global Holdings Inc. - Warrant	IT Consulting & Other Services	—	—	—	—		1		87			117
Ohene Holdings B.V. - Warrant	High Tech Industries	—	—	—	—		4		—			—	(3)(7)

See accompanying notes to unaudited consolidated financial statements.

17

BCP INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - CONTINUED

As of December 31, 2024

(in thousands, except share and per share amounts)

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
Roscoe Investors, LLC - Class A	Healthcare & Pharmaceuticals	—	—	—	—		10,000	$	1,000		$	476
South Street Securities Holdings, Inc - Warrant	Banking, Finance, Insurance & Real Estate	—	—	—	—		3,966		455			449
Sundance Holdings Group, LLC	Retail	—	—	—	—		14,603		—			—
VTX Holdings LLC - Series C	High Tech Industries	—	—	—	—		441,252		—			—
Workplace Holdings LLC (Pomeroy Technologies, LLC)	High Tech Industries	—	—	—	—		950		228			228
World Business Lenders, LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		49,209		—			—		(7)
Total Common Stock and Membership Units									7,526			8,106
Derivatives - 0.0%(19)
Advantage Capital Holdings LLC	Banking, Finance, Insurance & Real Estate	—	—	—	—		164		—			220		(7)(22)
Epilog Partners LP (Care Connectors Medical Group)	Healthcare & Pharmaceuticals	—	—	—	—		1,166,667		—			—		(7)(22)
HDNet Holdco LLC (Anthem)	Media: Broadcasting & Subscription	—	—	—	—		0.2		31			—		(7)
Total Derivatives									31			220
Total Investments in Non-Control, Non-Affiliate Portfolio Companies									358,153			327,622
Investments in Affiliate Portfolio Companies - 36.1%(17)
First Lien/Senior Secured Debt - 4.3%
PMP OPCO, LLC (Princeton Medspa Partners, LLC)	Services: Consumer	12.86%	SOFR + 8.50%	2.00%	05/31/29		1,679		1,638			1,529		(13)(20)
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	Services: Consumer	—	SOFR + 8.50%	2.00%	05/31/29		—		(3	)		(10	)	(15)(20)
Riddell, Inc.	Consumer goods: Durable	10.48%	SOFR + 6.00%	1.00%	03/29/29		6,244		6,149			6,243		(13)(20)
Total First Lien/Senior Secured Debt									7,784			7,762
Second Lien/Senior Secured Debt- 2.2%
Northeast Metal Works LLC	Metals & Mining	8.00%	—	—	04/05/28		4,500		4,500			3,443
Northeast Metal Works LLC	Metals & Mining	8.00%	—	—	01/01/25		500		500			500
Total Second Lien/Senior Secured Debt									5,000			3,943
Collateralized Loan Obligations - 1.2%