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185.4%2025-03-310001726548Investment in Derivatives - 0.0%, Princeton Medspa Partners LLC, Professional Services, Maturity Date 11/30/20292024-12-310001726548Investment in Senior Secured Loan - 179.2%, PhyNet Dermatology LLC, Healthcare, Interest Rate 10.81%, Reference Rate and Spread S + 6.50%, Floor Rate 1.00%, Maturity Date 10/20/20292024-12-310001726548bcpl:TaWegHoldingsLlcMemberbcpl:SeniorSecuredLoanElevenMember2024-12-310001726548us-gaap:FairValueInputsLevel2Memberbcpl:AccountingStandardUpdate201104Memberus-gaap:EquityMember2024-12-310001726548Investment in Senior Secured Loan - 198.0%, Accordion Partners LLC, Professional Services, Interest Rate 9.29%, Reference Rate and Spread S + 5.00%, Floor 1.00%, Maturity Date 11/15/2031One2025-03-310001726548bcpl:GamingMember2024-12-310001726548us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2024-03-310001726548bcpl:O2025Q2DividendsMemberus-gaap:SubsequentEventMember2025-05-070001726548bcpl:TankHoldingCorpRevolverMemberbcpl:SeniorSecuredLoanTwelveMember2025-03-3100017265482024-01-012024-03-310001726548Investment in Equity/Other - 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179.2%, Money Transfer Acquisition, Inc, Financials, Interest Rate 12.58%, Reference Rate and Spread S + 8.25%, Floor Rate 1.00%, Maturity Date 12/14/20272024-12-310001726548Investment in Senior Secured Loan - 179.2%, AMCP PET HOLDINGS, INC., Consumer Staples, Interest Rate 8.31%, Reference Rate and Spread S + 4.00%, Floor Rate 1.00%, Maturity Date 10/5/2026 One2024-12-310001726548us-gaap:DebtMember2024-12-310001726548bcpl:ChemicalsMember2025-03-310001726548us-gaap:PreferredStockMemberbcpl:PrincetonMedspaPartnersLlcMemberbcpl:ProfessionalServicesMemberbcpl:EquityOrOtherSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001726548bcpl:UnsecuredNoteMemberbcpl:AccountingStandardUpdate201104Memberus-gaap:FairValueInputsLevel1Member2025-03-310001726548us-gaap:FairValueInputsLevel3Memberus-gaap:ForwardContractsMember2025-03-310001726548Investment in Senior Secured Loan - 198.0%, Riddell, Inc, Consumer Staples, Interest Rate 10.32%, Reference Rate and Spread S + 6.00%, Floor 1.00%, Maturity Date 3/29/20292025-03-310001726548bcpl:AccordionPartnersLlcMemberbcpl:SeniorSecuredLoanOneMember2024-12-310001726548Investment in Equity/Other – 5.8%, Morae Global Inc, Financials2024-12-310001726548us-gaap:CommonStockMember2024-12-310001726548bcpl:CapitalInExcessOfParMember2024-01-012024-03-310001726548Investment in Senior Secured Loan - 198.0%, Spark Buyer LLC, Industrials, Interest Rate 9.54%, Reference Rate and Spread S + 5.25%, Floor 0.00%, Maturity Date 10/15/20312025-03-310001726548srt:MinimumMember2025-03-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:AverageEbitdaMultipleMemberbcpl:SeniorSecuredLoanThreeMemberbcpl:EnterpriseValuationMember2025-03-310001726548us-gaap:SubsequentEventMember2025-04-280001726548bcpl:InvestmentAdvisoryAgreementMember2025-01-012025-03-310001726548Investment in Senior Secured Loan - 198.0%, Princeton Medspa Partners LLC, Professional Services, Interest Rate 12.79%, Reference Rate and Spread S + 8.50%, Floor 2.00%, Maturity Date 5/31/20292025-03-310001726548bcpl:SeniorSecuredLoanThirteenMemberbcpl:VbcSpineOpcoLlcMember2024-12-310001726548us-gaap:HealthCareMember2025-03-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:EquityOneMember2024-12-310001726548us-gaap:WarrantMemberbcpl:PrincetonMedspaPartnersLlcMemberbcpl:ProfessionalServicesMemberbcpl:EquityOrOtherSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001726548Investment in Equity/Other - 5.8%, American Academy Holdings Preferred, Healthcare2025-03-310001726548Investment in Equity/Other – 5.8%, Riddell, Inc, Consumer Staples2025-03-310001726548bcpl:FinancialsMember2024-12-310001726548bcpl:SequelResponseLlcMemberbcpl:SeniorSecuredLoanNineMember2024-12-310001726548Investment in Senior Secured Loan - 179.2%, Accordion Partners LLC, Professional Services, Interest Rate 9.31%, Reference Rate and Spread S + 5.00%, Floor 1.00%, Maturity Date 11/15/20312024-12-310001726548Investment in Senior Secured Loan - 198.0%, Newbury Franklin Industrials LLC, Industrials, Interest Rate 11.29%, Reference Rate and Spread S + 7.00%, Floor 0.00%, Maturity Date 12/11/20292025-03-310001726548us-gaap:CommonStockMember2025-01-012025-03-310001726548bcpl:CapitalInExcessOfParMember2024-03-310001726548Investment in Equity/Other – 5.8%, Lucky Bucks, Gaming2024-12-310001726548Investment in Equity/Other – 5.8%, GreenPark Infrastructure A Series, Industrials2025-03-310001726548us-gaap:FairValueInputsLevel2Member2024-12-310001726548bcpl:NewburyFranklinIndustrialsLLCMemberbcpl:SeniorSecuredLoanFourMember2024-12-310001726548bcpl:CapitalInExcessOfParMember2025-01-012025-03-310001726548us-gaap:EquityMemberbcpl:GreatLakesIiFundingLlcMember2025-03-310001726548us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2025-01-012025-03-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:AverageEbitdaMultipleMemberus-gaap:EquityMemberbcpl:EnterpriseValuationMembersrt:MaximumMember2025-03-310001726548Total Equity/Other2025-03-310001726548bcpl:UnsecuredNoteMember2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:AccountingStandardUpdate201104Memberbcpl:UnsecuredNoteMember2025-03-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:EquityTwoMember2024-12-310001726548bcpl:SeniorSecuredLoansMemberbcpl:ProfessionalServicesMemberbcpl:PrincetonMedspaPartnersLlcMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001726548Investment in Senior Secured Loan - 179.2%, Accurate Background LLC, Information Technology, Interest Rate 10.31%, Reference Rate and Spread S + 6.00%, Floor Rate 0.00%, Maturity Date 3/26/20292024-12-310001726548Investment in Senior Secured Loan - 179.2%, Ivanti Software, Inc., Information Technology, Interest Rate 11.56%, Reference Rate and Spread S + 7.25%, Floor Rate 0.75%, Maturity Date 12/1/20272024-12-310001726548Investment in Senior Secured Loan - 179.2%, Accurate Background LLC, Information Technology, Interest Rate 10.31%, Reference Rate and Spread S + 6.00%, Floor Rate 1.00%, Maturity Date 3/26/2029 One2024-12-310001726548bcpl:PhynetDermatologyLlcMemberbcpl:SeniorSecuredLoanFiveMember2025-03-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:StructuredNoteMember2024-12-310001726548bcpl:ConsumerDiscretionaryMember2025-03-310001726548Investment in Senior Secured Loan - 179.2%, American Academy Holdings, Healthcare, Interest Rate 14.22%, Reference Rate and Spread S + 9.25%, Floor Rate 1.00%, Maturity Date 6/30/20272024-12-310001726548Investment in Senior Secured Loan - 179.2%, Neptune Bidco US Inc, Communication Services, Interest Rate 9.33%, Reference Rate and Spread S + 5.00%, Floor Rate 0.00%, Maturity Date 4/11/20292024-12-310001726548bcpl:AdvisorMember2019-10-020001726548Investment in Senior Secured Loan - 179.2%, NAVIGA INC., Information Technology, Interest Rate 11.31%, Reference Rate and Spread S + 7.00%, Floor Rate 1.00%, Maturity Date 4/27/20242024-12-310001726548Investment in Senior Secured Loan - 198.0%, Florida Foods Products, LLC, Consumer Staples, Interest Rate 9.29%, Reference Rate and Spread S + 5.00%, Floor 1.00%, Maturity Date 10/18/20282025-03-310001726548bcpl:SeniorSecuredLoansMemberbcpl:ProfessionalServicesMemberbcpl:PrincetonMedspaPartnersLlcMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001726548Investment in Equity/Other - 5.8%, American Academy Holdings, Common, Healthcare2025-03-310001726548bcpl:EquityOrOtherSecuritiesMemberbcpl:IndustrialsMemberbcpl:GreenParkM1SeriesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001726548us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcpl:AverageEbitdaMultipleMemberus-gaap:EquityMemberbcpl:EnterpriseValuationMember2024-12-310001726548Investment in Senior Secured Loan - 198.0%, Money Transfer Acquisition, Inc., Financials, Interest Rate 12.57%, Reference Rate and Spread S + 8.25%, Floor 1.00%, Maturity Date 12/14/20272025-03-310001726548bcpl:NonControlAffiliateInvestmentsMember2024-12-310001726548bcpl:PriorToThirdMonthAnniversaryOfEffectiveDateOfRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2025-02-140001726548Investment in Senior Secured Loan - 179.2%, Riddell, Inc, Consumer Staples, Interest Rate 10.33%, Reference Rate and Spread S + 6.00%, Floor Rate 1.00%, Maturity Date 3/29/20292024-12-310001726548Investment in Senior Secured Loan - 179.2%, SeQuel Response LLC, Insurance Services, Interest Rate 10.31%, Reference Rate and Spread S + 6.00%, Floor Rate 1.25%, Maturity Date 5/21/20292024-12-3100017265482018-04-102018-04-100001726548Investment in Senior Secured Loan - 198.0%, Morae Global Inc, Financials, Interest Rate 12.29%, Reference Rate and Spread S + 8.00%, Floor 1.00%, Maturity Date 10/26/20262025-03-310001726548Investment in Senior Secured Loan - 179.2%, Florida Foods Products, LLC, Consumer Staples, Interest Rate 9.31%, Reference Rate and Spread S + 5.00%, Floor Rate 1.00%, Maturity Date 10/18/2028 One2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanMember2024-12-310001726548Investment in Senior Secured Loan - 198.0%, Tactical Air Support, Inc, Industrials, Interest Rate 12.79%, Reference Rate and Spread S + 8.50%, Floor 1.00%, Maturity Date 12/22/2028 One2025-03-310001726548us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2024-01-012024-03-310001726548Investment in Senior Secured Loan - 198.0%, Emerald International, Industrials, Interest Rate 11.54%, Reference Rate and Spread S + 7.25%, Floor 1.00%, Maturity Date 2/28/20292025-03-310001726548Investment in Senior Secured Loan - 179.2%, H.W. Lochner T/L (Elysium Infrastructure), Industrials, Interest Rate 10.06%, Reference Rate and Spread S + 5.75%, Floor Rate 1.00%, Maturity Date 7/2/20272024-12-310001726548bcpl:IndustrialsMember2025-03-310001726548us-gaap:SeniorLoansMember2024-12-310001726548Investment in Senior Secured Loan - 198.0%, KL Charlie Acquisition, Healthcare, Interest Rate 11.07%, Reference Rate and Spread S + 6.75%, Floor 1.00%, Maturity Date 12/30/2026 One2025-03-310001726548us-gaap:EquityMember2024-12-310001726548us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcpl:DiscountedCashFlowsMemberbcpl:SeniorSecuredLoanMemberbcpl:MarketYieldMember2025-03-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanMember2025-01-012025-03-310001726548bcpl:IndustrialsMember2024-12-310001726548us-gaap:DomesticCountryMember2025-03-310001726548us-gaap:EquityMember2025-03-310001726548Investment in Senior Secured Loan - 198.0%, Accordion Partners LLC, Professional Services, Interest Rate 9.54%, Reference Rate and Spread S + 5.25%, Floor 1.00%, Maturity Date 11/15/20312025-03-31xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesbcpl:Segmentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

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

Commission file number: 814-01269

BC Partners Lending Corporation

(Exact Name of Registrant as Specified in its Charter)


Maryland	82-4654271
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

650 Madison Avenue, 3rd Floor New York, New York	10022
(Address of Principal Executive Offices)	(Zip Code)

(212) 891-2880

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, 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
None	N/A	N/A

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 the 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 13(a) of the Exchange Act. ☐

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

As of May 6, 2025, the registrant had 3,888,034 shares of common stock outstanding.

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION	3

Item 1.	Consolidated Financial Statements	3

	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	3

	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4

	Consolidated Statements of Changes in Net Assets for the Three Ended March 31, 2025 and 2024 (Unaudited)	5

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	6

	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	7

	Notes to Consolidated Financial Statements (Unaudited)	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40

Item 4.	Controls and Procedures	41

PART II	OTHER INFORMATION	42

Item 1.	Legal Proceedings	42

Item 1A.	Risk Factors	42

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

Item 3.	Defaults Upon Senior Securities	42

Item 4.	Mine Safety Disclosures	42

Item 5.	Other Information	42

Item 6.	Exhibits	43

Signatures		44

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about BC Partners Lending Corporation (the “Company,” “we,” “us,” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. 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:

•

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•

such an economic downturn could disproportionately impact the companies which we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•

such an economic downturn could also impact availability and pricing of our financing;

•

geopolitical instability and volatility in the global markets caused by events such as the deterioration in the bilateral relationship between the U.S. and China, the conflict between Russia and Ukraine, and the conflict in the Middle East;

•

economic and political stability in the United States and international markets;

•

a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•

interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

•

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

the ability of our portfolio companies to achieve their objectives;

•

competition with other entities and our affiliates for investment opportunities;

•

the speculative and illiquid nature of our investments;

•

the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

•

the adequacy of our financing sources and working capital;

•

the loss of key personnel;

•

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

•

the ability of BC Partners Advisors L.P. (the “Adviser”) to locate suitable investments for us and 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;

•

our ability to qualify and maintain our qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

•

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

•

other risks, uncertainties and other factors we identify elsewhere in this Quarterly Report and under “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 13, 2025.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. 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 and objectives will be achieved. These risks and uncertainties include those described or identified in this Quarterly Report on Form 10-Q and our most recent Annual Report on Form 10-K. You should not place undue reliance on these forward-looking statements which apply only as of the date of this Quarterly Report. Moreover, we undertake no obligation to revise or to update any of the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.

Part I - Financial Information

Item 1. Consolidated Financial Statements.

BC Partners Lending Corporation

Consolidated Statements of Assets and Liabilities

(dollars in thousands, except share and per share data)


	March 31, 2025			December 31, 2024
	(Unaudited)
Assets
Investments, at fair value:
Non-control/non-affiliate investments (amortized cost of $138,741 and $127,523, respectively)	$	132,365		$	122,455
Non-control affiliate investments (amortized cost of $6,934 and $6,927, respectively)		7,016			6,992
Total Investments at fair value (amortized cost of $145,675 and $134,450, respectively)	$	139,381		$	129,447
Derivatives, at fair value (cost of $0 and $0, respectively)		—			—
Cash and cash equivalents		1,131			329
Restricted cash		7,383			13,094
Interest and dividends receivable		1,520			1,551
Prepaid expenses and other assets		50			87
Total assets	$	149,465		$	144,508
Liabilities
Credit facility (net of deferred financing costs of $1,450 and $553, respectively)	$	75,550		$	72,447
Payable for unsettled trades		2,952			—
Due to affiliate		153			173
Management fees payable		340			332
Incentive fees payable		290			296
Interest expense payable		570			1,167
Directors’ fees payable		38			37
Accounts payable and other liabilities		530			119
Total liabilities	$	80,423		$	74,571
Commitments and contingencies (Note 9)

Net Assets
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 3,393,473 and 3,372,206 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	$	3		$	3
Capital in excess of par		79,841			79,411
Total distributable (loss) earnings		(10,802	)		(9,477	)
Total net assets		69,042			69,937
Total liabilities and net assets	$	149,465		$	144,508
Net asset value per share	$	20.35		$	20.74

See notes to consolidated financial statements.

BC Partners Lending Corporation

Consolidated Statements of Operations

(dollars in thousands, except share and per share data)

(Unaudited)


	For the Three Months Ended March 31,
	2025			2024
Investment income:
Interest income:
Non-control/non-affiliate investments	$	3,946		$	4,547
Non-control affiliate investments		180			—
Total interest income		4,126			4,547
Fee and other income
Non-control/non-affiliate investments		39			26
Non-control affiliate investments		6			15
Total fee and other income		45			41
Total investment income		4,171			4,588
Operating expenses:
Management fees		340			342
Incentive fees		290			285
Administrative fees		151			142
Interest and debt expenses		1,381			1,519
Audit fees		60			55
Legal fees		120			82
Professional fees		81			69
Directors' fees		38			38
Other expenses		48			419
Total expenses		2,509			2,951
Net investment income		1,662			1,637
Realized and unrealized gain (loss):
Net realized loss on investment transactions
Non-control/non-affiliate investments		58			102
Net change in unrealized appreciation (depreciation) on
Non-control/non-affiliate investments		(1,309	)		(74	)
Non-control affiliate investments		18			—
Net realized and unrealized gain (loss)		(1,233	)		28
Net increase (decrease) in net assets resulting from operations	$	429		$	1,665
Net investment income per share — basic and diluted	$	0.49		$	0.54
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.13		$	0.55
Weighted average shares outstanding — basic and diluted		3,372,440			3,033,395

See notes to consolidated financial statements.

BC Partners Lending Corporation

Consolidated Statements of Changes in Net Assets

(dollars in thousands, except share and per share data)

(Unaudited)


	Common Stock
	Number of shares		Par Value		Capital in excess of par		Total distributable earnings			Total net assets
Balance as of December 31, 2024		3,372,206	$	3	$	79,411	$	(9,477	)	$	69,937
Net investment income		—		—		—		1,662			1,662
Net realized gain on investments		—		—		—		58			58
Net change in unrealized depreciation on investments and derivatives		—		—		—		(1,291	)		(1,291	)
Distributions declared and payable to stockholders		—		—		—		(1,754	)		(1,754	)
Stock issued in connection with dividend reinvestment plan		21,267		—		430		—			430
Balances as of March 31, 2025		3,393,473	$	3	$	79,841	$	(10,802	)	$	69,042


	Common Stock
	Number of shares		Par Value		Capital in excess of par		Total distributable earnings			Total net assets
Balance as of December 31, 2023		3,024,976	$	3	$	71,964	$	(3,820	)	$	68,147
Net investment income		—		—		—		1,637			1,637
Net realized gain on investments		—		—		—		102			102
Net change in unrealized depreciation on investments and derivatives		—		—		—		(74	)		(74	)
Distributions declared and payable to stockholders		—		—		—		(1,822	)		(1,822	)
Stock issued in connection with dividend reinvestment plan		11,736		—		262		—			262
Balances as of March 31, 2024		3,036,712	$	3	$	72,226	$	(3,977	)	$	68,252

See notes to consolidated financial statements.

BC Partners Lending Corporation

Consolidated Statements of Cash Flows

(dollars in thousands, except share and per share data)

(Unaudited)


	For the Three Months Ended March 31,
	2025			2024
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	429		$	1,665
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Net realized loss from investments		(58	)		(102	)
Net change in unrealized (appreciation) depreciation on investments		1,291			74
Net accretion of discount on investments		(273	)		(213	)
Amortization of deferred financing costs		52			28
Payment-in-kind interest income		(447	)		(161	)
Sales and repayments of investments		4,025			8,025
Purchases of investments		(14,472	)		(8,043	)
(Increase) decrease in operating assets:
Receivable for unsettled trades		—			(2,100	)
Interest and dividends receivable		31			(404	)
Prepaid expenses		37			58
Increase (decrease) in operating liabilities:
Payable for unsettled trades		2,952			4,252
Due to affiliate		(20	)		(179	)
Management fees payable		8			(2	)
Incentive fees payable		(6	)		(63	)
Interest expense payable		(597	)		21
Directors’ fees payable		1			(38	)
Accounts payable and accrued expenses		411			247
Net cash used in operating activities	$	(6,636	)	$	3,065
Financing activities:
Stockholder distributions paid		(1,324	)		(827	)
Borrowings from credit facility		77,000			2,000
Repayments of credit facility		(73,000	)		—
Payments and payables of financing costs		(949	)		—
Net cash provided by financing activities		1,727			1,173
Net increase (decrease) in restricted and unrestricted cash		(4,909	)		4,238
Cash and restricted cash at beginning of year		13,423			6,940
Cash and restricted cash at end of period	$	8,514		$	11,178
Reconciliation of cash and restricted cash
Cash		1,131			2,610
Restricted cash		7,383			8,568
Total cash and restricted cash	$	8,514		$	11,178
Supplemental information:
Interest paid during the period	$	732		$	1,512
Supplemental disclosure of non-cash information:
Reinvestment of dividends	$	430		$	262
Financing costs payable	$	346		$	—

See notes to consolidated financial statements.

BC Partners Lending Corporation
Consolidated Schedule of Investments
March 31, 2025

(dollars in thousands)

(Unaudited)


Investment (1) (2) (3) (16)	Industry	Interest Rate			Reference Rate and Spread (4)	Floor			Maturity	Par / Shares		Amortized Cost (11) (12)			Fair Value			Footnotes
Senior Secured Loan - 198.0%
Accordion Partners LLC	Professional Services		9.29	%	S + 5.00%		1.00	%	11/15/2031		83	$	81		$	83		(8)
Accordion Partners LLC	Professional Services		9.29	%	S + 5.00%		1.00	%	11/15/2031		—		(4	)		—		(7)(15)
Accordion Partners LLC	Professional Services		9.54	%	S + 5.25%		1.00	%	11/15/2031		2,551		2,539			2,551		(8)
Accurate Background LLC	Information Technology		10.29	%	S + 6.00%		1.00	%	3/26/2029		993		980			984		(8)
Accurate Background LLC	Information Technology		10.29	%	S + 6.00%		1.00	%	3/26/2029		2,893		2,733			2,869		(8)
Accurate Background LLC	Information Technology		10.29	%	S + 6.00%		0.00	%	3/26/2029		488		459			484		(8)
Advantage Capital Holdings LLC	Financials		13.00	%	NA		0.00	%	4/14/2027		4,742		4,742			4,434		(8)(14)
AG Parent Holdings	Information Technology		9.29	%	S + 5.00%		1.00	%	7/30/2026		990		978			950		(5)(8)(14)
ALCV Purchaser, Inc.	Consumer Discretionary		11.07	%	S + 6.75%		1.00	%	2/26/2026		2,021		2,015			1,839		(8)
AMCP PET HOLDINGS, INC.	Consumer Staples		10.54	%	S + 6.25%		1.00	%	10/5/2026		508		506			499		(8)
AMCP PET HOLDINGS, INC.	Consumer Staples		10.54	%	S + 6.25%		1.00	%	10/5/2026		1,954		1,943			1,920		(8)
American Academy Holdings	Healthcare		14.07	%	S + 9.75%		1.00	%	6/30/2027		202		202			213		(8)
American Academy Holdings	Healthcare		14.07	%	S + 9.75%		1.00	%	6/30/2027		1,016		1,008			1,075		(8)
American Academy Holdings	Healthcare		14.50	%	NA		0.00	%	3/1/2028		2,166		2,141			2,125		(8)
Ancile Solutions, Inc.	Information Technology		11.29	%	S + 7.00%		1.00	%	6/11/2026		1,705		1,691			1,705		(8)
Astro Acquisition, LLC	Industrials		9.79	%	S + 5.50%		1.00	%	12/13/2027		1,980		1,966			1,970		(8)
Beta Plus Technologies, Inc	Information Technology		10.07	%	S + 5.75%		0.00	%	7/1/2027		310		310			290		(7)(10)
Beta Plus Technologies, Inc	Information Technology		10.07	%	S + 5.75%		0.00	%	6/29/2029		4,687		4,528			4,507		(8)
C.P. Converters, Inc., 12th Amendment Acquisition Loan	Industrials		10.79	%	S + 6.50%		1.00	%	6/30/2024		424		424			403		(8)
C.P. Converters, Inc., 7th Amendment	Industrials		10.79	%	S + 6.50%		1.00	%	3/13/2025		1,982		1,982			1,883		(8)
CenExcel Clinicial Research Holdings, Inc	Healthcare		10.79	%	S + 6.50%		0.00	%	11/10/2025		360		360			360		(8)
CJ Foods Inc	Consumer Staples		9.29	%	S + 5.00%		1.00	%	10/2/2030		6,172		6,083			6,074		(8)
Datalink, LLC	Healthcare		10.57	%	S + 6.25%		1.00	%	11/23/2026		3,018		2,990			2,135		(8)
DRI Holdings Inc	Information Technology		9.57	%	S + 5.25%		0.50	%	12/21/2028		4,865		4,624			4,839		(8)
Emerald International	Industrials		11.54	%	S + 7.25%		1.00	%	2/28/2029		100		99			99		(8)
Florida Foods Products, LLC	Consumer Staples		9.29	%	S + 5.00%		1.00	%	10/18/2028		978		939			830		(8)
Florida Foods Products, LLC	Consumer Staples		9.29	%	S + 5.00%		1.00	%	10/18/2028		3,925		3,744			3,332		(8)
HW Lochner T/L Incremental (Elysium Infrastructure)	Industrials		11.04	%	S + 6.75%		0.00	%	7/2/2027		2,113		2,074			2,113		(8)
H-CA II T/L	Financials		16.00	%	NA		0.00	%	3/1/2026		1,650		1,650			1,491		(8)
HW Lochner	Industrials		11.04	%	S + 6.75%		0.00	%	7/2/2027		88		86			88		(8)
HW Lochner	Industrials		11.04	%	S + 6.75%		1.00	%	7/2/2027		2,000		1,963			2,000		(8)
HW Lochner	Industrials		10.04	%	S + 5.75%		1.00	%	7/2/2027		2,895		2,871			2,895		(8)
Ivanti Software, Inc.	Information Technology		8.54	%	S + 4.25%		1.00	%	12/1/2028		4,000		3,932			1,897		(8)
Ivanti Software, Inc.	Information Technology		11.54	%	S + 7.25%		0.75	%	12/1/2027		980		851			758		(8)
KL Charlie Acquisition	Healthcare		11.07	%	S + 6.75%		1.00	%	12/30/2026		1,237		1,224			1,237		(8)
KL Charlie Acquisition	Healthcare		11.07	%	S + 6.75%		1.00	%	12/30/2026		932		923			932		(8)
Leonard Valve Company, LLC	Construction		9.29	%	S + 5.00%		1.00	%	9/29/2025		1,995		1,986			1,995		(8)
MAG DS CORP.	Industrials		9.79	%	S + 5.50%		1.00	%	4/1/2027		2,710		2,660			2,537		(8)
Money Transfer Acquisition, Inc	Financials		12.57	%	S + 8.25%		1.00	%	12/14/2027		3,408		3,360			3,337		(8)(10)
Monroe Engineering Group	Industrials		11.04	%	S + 6.75%		0.00	%	12/20/2028		1,968		1,927			1,968		(8)
Monroe Engineering Group	Industrials		11.07	%	S + 6.75%		0.00	%	12/20/2028		1,960		1,918			1,960		(8)
Morae Global Inc	Financials		12.29	%	S + 8.00%		1.00	%	10/26/2026		—		(5	)		(2	)	(7)(15)
Morae Global Inc	Financials		12.29	%	S + 8.00%		1.00	%	10/26/2026		2,968		2,852			2,947		(8)
MSM Acquisitions, Inc.	Information Technology		10.29	%	S + 6.00%		1.00	%	12/9/2026		1,172		1,172			1,057		(8)
MSM Acquisitions, Inc.	Information Technology		10.29	%	S + 6.00%		1.00	%	12/9/2026		2,809		2,801			2,535		(8)
NAVIGA INC.	Information Technology		11.29	%	S + 7.00%		1.00	%	4/27/2024		1,965		1,965			1,407		(8)
NAVIGA INC.	Information Technology		11.29	%	S + 7.00%		1.00	%	4/27/2024		1,851		1,851			1,326		(8)
NAVIGA INC.	Information Technology		11.29	%	S + 7.00%		0.00	%	6/30/2024		205		205			147		(8)
Neptune Bidco US Inc	Communication Services		9.32	%	S + 5.00%		1.00	%	4/11/2029		4,913		4,565			4,249		(8)
Newbury Franklin Industrials LLC	Industrials		11.29	%	S + 7.00%		0.00	%	12/11/2029		—		(9	)		(20	)	(7)(15)
Newbury Franklin Industrials LLC	Industrials		11.29	%	S + 7.00%		1.00	%	12/11/2029		3,203		3,127			3,122		(8)
PhyNet Dermatology LLC	Healthcare		10.79	%	S + 6.50%		0.75	%	10/20/2029		—		(11	)		(6	)	(7)(15)
PhyNet Dermatology LLC	Healthcare		10.79	%	S + 6.50%		0.75	%	10/20/2029		2,258		2,221			2,250		(8)
Premier Imaging, LLC	Healthcare		10.07	%	S + 5.75%		1.00	%	3/20/2026		1,063		1,059			936		(8)
Premier Imaging, LLC	Healthcare		10.07	%	S + 5.75%		1.00	%	3/20/2026		29		29			25		(8)
Premier Imaging, LLC	Healthcare		10.07	%	S + 5.75%		1.00	%	3/20/2026		1,086		1,083			955		(8)
Premier Imaging, LLC	Healthcare		10.07	%	S + 5.75%		1.00	%	3/20/2026		1,989		1,981			1,750		(8)
Premier Imaging, LLC	Healthcare		10.07	%	S + 5.75%		0.00	%	3/20/2026		107		107			94		(8)
Princeton Medspa Partners LLC	Professional Services		12.79	%	S + 8.50%		2.00	%	5/31/2029		—		(9	)		(58	)	(7)(8)(15)
Princeton Medspa Partners LLC	Professional Services		12.79	%	S + 8.50%		2.00	%	5/31/2029		—		(3	)		(10	)	(7)(8)(15)
Princeton Medspa Partners LLC	Professional Services		12.79	%	S + 8.50%		2.00	%	5/31/2029		1,535		1,508			1,448		(8)
Project Castle T/L	Information Technology		9.79	%	S + 5.50%		1.00	%	6/29/2029		1,884		1,731			1,604		(8)
Project Leopard Holdings Company Inc	Information Technology		9.67	%	S + 5.35%		1.00	%	7/20/2029		3,910		3,718			3,399		(8)
Riddell, Inc	Consumer Staples		10.32	%	S + 6.00%		1.00	%	3/29/2029		—		2			-		(7)(17)
Riddell, Inc	Consumer Staples		10.32	%	S + 6.00%		1.00	%	3/29/2029		3,545		3,475			3,545		(8)(17)
Russell Investments	Financials		11.29	%	S + 7.00%		0.00	%	5/30/2027		4,355		4,108			4,230		(8)
SePRO Corporation	Chemicals		9.79	%	S + 5.50%		1.00	%	7/26/2030		—		(2	)		(3	)	(7)(15)
SePRO Corporation	Chemicals		9.79	%	S + 5.50%		1.00	%	7/26/2030		168		164			165			(15	)
SePRO Corporation	Chemicals		9.79	%	S + 5.50%		1.00	%	7/26/2030		1,759		1,726			1,735		(8)
SeQuel Response LLC	Insurance Services		10.29	%	S + 6.00%		1.25	%	5/21/2029		—		(2	)		(1	)	(7)(15)
SeQuel Response LLC	Insurance Services		10.29	%	S + 6.00%		1.25	%	5/21/2029		1,688		1,658			1,667		(8)
Spark Buyer LLC	Industrials		9.54	%	S + 5.25%		0.00	%	10/15/2031		—		(7	)		(7	)	(7)(15)
Spark Buyer LLC	Industrials		9.54	%	S + 5.25%		1.00	%	10/15/2031		3,563		3,529			3,545		(8)
STG Distribution LLC	Industrials		10.82	%	S + 6.50%		1.00	%	10/3/2029		801		467			341		(8)
STG Distribution LLC	Industrials		11.42	%	S + 7.10%		1.00	%	10/3/2029		600		171			77		(8)(13)
Symplr Software Inc	Information Technology		8.82	%	S + 4.50%		0.75	%	12/22/2027		1,099		1,098			959		(8)
Synaemedia Americas Holdings, Inc	Information Technology		10.82	%	S + 6.50%		0.00	%	2/26/2032		4,610		4,602			4,589		(8)(13)

     Investment (1) (2) (3) (16)

     Industry

     Interest Rate

     Reference Rate and Spread (4)

     Floor

     Maturity

     Par / Shares

     Amortized Cost (11) (12)

     Fair
Value

BC Partners Lending Corp 10-Q