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Converters, Inc., 12th Amendment Acquisition Loan, Industrials, Interest Rate 12.22%, Reference Rate and Spread S + 6.50%, Floor Rate 1.00%, Maturity Date 6/30/20242024-12-310001726548bcpl:SeproCorporationMemberbcpl:SeniorSecuredLoanElevenMember2025-06-300001726548Investment in Senior Secured Loan -167.93% Money Transfer Acquisition, Inc Financials Interest Rate 12.57% Reference Rate and Spread S + 8.25% Floor 1.00% Maturity 12/14/272025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanMember2024-12-310001726548Investment in Senior Secured Loan -167.93% Accordion Partners LLC Professional Services Interest Rate 9.29% Reference Rate and Spread S + 5.00% Floor 1.00% Maturity 11/15/312025-06-300001726548bcpl:ProfessionalServicesMember2024-12-310001726548bcpl:CapitalInExcessOfParMember2024-12-310001726548Investment in Equity/Other – 4.65%, Princeton Medspa Partners LLC, Professional Services2025-06-300001726548Investment in Equity/Other – 5.8%, Morae Global Inc, Financials2024-12-310001726548us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcpl:DiscountedCashFlowsMemberbcpl:MarketYieldMemberbcpl:SeniorSecuredLoanMember2025-06-300001726548us-gaap:FairValueInputsLevel2Memberbcpl:AccountingStandardUpdate201104Memberus-gaap:EquityMember2024-12-310001726548Investment in Senior Secured Loan -167.93% Premier Imaging, LLC Healthcare Three Interest Rate 10.07% Reference Rate and Spread S + 5.75% Floor 1.00% Maturity 03/20/262025-06-300001726548Investment in Senior Secured Loan - 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 -167.93% H.W. Lochner T/L (Elysium Infrastructure) Industrials Interest Rate 10.04% Reference Rate and Spread S + 5.75% Floor 1.00% Maturity 07/02/272025-06-300001726548Investment in Equity/Other - 5.8%, Great Lakes II Funding LLC, Financials2024-12-310001726548Investment in Equity/Other - 5.8%, American Academy Holdings, Preferred, Healthcare One2024-12-310001726548bcpl:AccountingStandardUpdate201104Memberus-gaap:FairValueInputsLevel1Memberus-gaap:EquityMember2024-12-310001726548Investment in Senior Secured Loan -167.93% VBC Spine Opco LLC Healthcare Interest Rate 12.29% Reference Rate and Spread S + 8.00% Floor 1.00% Maturity 06/13/282025-06-300001726548Investment in Senior Secured Loan - 179.2%, HW Lochner, Industrials, Interest Rate 11.06%, Reference Rate and Spread S + 6.75%, Floor Rate 0.00%, Maturity Date 7/2/20272024-12-310001726548bcpl:SeniorSecuredLoanMemberbcpl:Non-ControlledAndNon-AffiliatedIssuerMember2024-12-310001726548us-gaap:CommonStockMember2024-06-300001726548bcpl:TotalDistributableEarningsMember2024-06-300001726548Investment in Senior Secured Loan -167.93% Alera Group Intermediate Holdings, Inc. Financials Interest Rate 7.54% Reference Rate and Spread S + 3.25% Floor 0.00% Maturity 05/31/322025-06-300001726548Investment 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 10/5/20262024-12-310001726548Investment in Senior Secured Loan -167.93% Ivanti Software Inc Information Technology One Interest Rate 10.04% Reference Rate and Spread S + 5.75% Floor 1.00% Maturity 06/01/292025-06-300001726548Investment in Equity/Other – 4.65%, Phoenix Aviation, Aviation2025-06-300001726548Investment in Equity/Other - 5.8%, Advantage Capital Holdings LLC, Financials2024-12-3100017265482025-01-012025-06-300001726548Investment in Senior Secured Loan -167.93% Princeton Medspa Partners LLC Professional Services Interest Rate 12.82% Reference Rate and Spread S + 8.50% Floor 2.00% Maturity 05/31/292025-06-300001726548Investment in Senior Secured Loan -167.93% ALCV Purchaser, Inc. 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4.65%, Aperture Dodge 18, Industrials2025-06-300001726548us-gaap:EquityMember2024-12-310001726548Investment 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 3/29/2029 One2024-12-310001726548Investment 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 6/30/20272024-12-310001726548us-gaap:PreferredStockMemberbcpl:ProfessionalServicesMemberbcpl:PrincetonMedspaPartnersLlcMemberbcpl:EquityOrOtherSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-3000017265482024-03-310001726548Investment in Senior Secured Loan - 179.2%, Russell Investments, Financials, Interest Rate 11.31%, Reference Rate and Spread S + 7.00%, Floor Rate 0.00%, Maturity Date 5/30/20272024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:TotalInvestmentsMember2024-12-310001726548bcpl:ChemicalsMember2025-06-300001726548Investment in Senior Secured Loan -167.93% Premier Imaging, LLC Healthcare One Interest Rate 4.32% Reference Rate and Spread S + 0.00% Floor 0.00% Maturity 03/20/262025-06-300001726548us-gaap:DomesticCountryMember2025-06-300001726548Investment in Senior Secured Loan - 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179.2%, Project Castle T/L, Information Technology, Interest Rate 9.81%, Reference Rate and Spread S + 5.50%, Floor Rate 1.00%, Maturity Date 6/29/20292024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:DiscountedCashFlowsMembersrt:MaximumMemberbcpl:EquityOneMemberbcpl:MarketYieldMember2025-06-300001726548Investment in Senior Secured Loan - 179.5%, VBC Spine Opco LLC, Healthcare, Interest Rate 12.31%, Reference Rate and Spread S + 8.00%, Floor Rate 1.00%, Maturity Date 6/13/20282024-12-310001726548bcpl:TotalDistributableEarningsMember2023-12-310001726548Investment in Senior Secured Loan -167.93% PhyNet Dermatology LLC Healthcare Interest Rate 10.82% Reference Rate and Spread S + 6.50% Floor 75.00% Maturity 10/20/292025-06-300001726548bcpl:RecentTransactionMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcpl:TransactionPriceMemberbcpl:EquityTwoMember2025-06-300001726548bcpl:UnsecuredNoteMember2024-12-310001726548bcpl:UnsecuredNoteMemberbcpl:AccountingStandardUpdate201104Member2024-12-3100017265482024-12-310001726548srt:MaximumMemberbcpl:UbsMember2019-12-160001726548Investment in Unsecured Note - 0.8%, Delta DX Purchaser, Inc, Financials, Interest Rate 15.00%, Reference Rate and Spread NA, Floor 0.00%, Maturity Date 6/14/20282025-06-300001726548bcpl:AdministrationAgreementMember2025-04-012025-06-300001726548bcpl:IndustrialsMember2025-06-300001726548bcpl:DerivativesMemberbcpl:ProfessionalServicesMemberbcpl:PrincetonMedspaPartnersLlcMemberus-gaap:PutOptionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-3000017265482024-01-012024-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:UnsecuredNoteMember2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanThreeMember2025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:SubordinatedStructuredNoteMember2024-01-012024-06-300001726548bcpl:EquityOrOtherSecuritiesMemberbcpl:IndustrialsMemberbcpl:GreenParkM1SeriesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanMember2024-06-300001726548Investment in Senior Secured Loan - 179.2%, Spark Buyer LLC, Industrials, Interest Rate 9.56%, Reference Rate and Spread S + 5.25%, Floor Rate 0.00%, Maturity Date 10/15/20312024-12-310001726548Investment 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 10/18/20282024-12-310001726548us-gaap:DebtMember2024-12-310001726548Investment in Equity/Other – 5.8%, VBC Spine Opco LLC, Healthcare2024-12-310001726548Investment in Senior Secured Loan -167.93% SeQuel Response LLC Insurance Services Interest Rate 10.29% Reference Rate and Spread S + 6.00% Floor 1.25% Maturity 05/21/292025-06-300001726548Investment in Senior Secured Loan -167.93% MAG DS CORP. Industrials Interest Rate 9.79% Reference Rate and Spread S + 5.50% Floor 1.00% Maturity 04/01/272025-06-300001726548bcpl:CapitalInExcessOfParMember2024-03-310001726548Investment in Senior Secured Loan - 179.2%, Princeton Medspa Partners LLC, Professional Services, Interest Rate 12.81%, Reference Rate and Spread S + 8.50%, Floor Rate 2.00%, Maturity Date 5/31/2029 One2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:StructuredNoteMember2023-12-310001726548bcpl:SeproCorporationMemberbcpl:SeniorSecuredLoanElevenMember2024-12-310001726548bcpl:NonControlledNonAffiliatedInvestmentsMember2024-04-012024-06-300001726548bcpl:AccountingStandardUpdate201104Memberus-gaap:EquityMember2025-06-300001726548us-gaap:RevolvingCreditFacilityMember2025-02-142025-02-1400017265482025-06-012025-06-300001726548bcpl:AccountingStandardUpdate201104Memberus-gaap:FairValueInputsLevel1Memberbcpl:SeniorSecuredLoanMember2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:DiscountedCashFlowsMembersrt:MinimumMemberbcpl:SeniorSecuredLoanMemberbcpl:MarketYieldMember2025-06-300001726548Investment in Senior Secured Loan -167.93% Morae Global Inc Professional Services One Interest Rate 12.32% Reference Rate and Spread S + 8.00% Floor 1.00% Maturity 10/26/262025-06-300001726548Investment in Senior Secured Loan -167.93% Validity Inc Software Services Interest Rate 9.29% Reference Rate and Spread S + 5.00% Floor 0.50% Maturity 04/12/322025-06-300001726548bcpl:EquityOrOtherSecuritiesMemberbcpl:IndustrialsMemberbcpl:GreenParkM1SeriesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:UnsecuredNoteMemberbcpl:AccountingStandardUpdate201104Member2024-12-310001726548Investment in Senior Secured Loan - 179.2%, Advantage Capital Holdings LLC, Financials, Interest Rate 13.00%, Floor Rate 0.00%, Maturity Date 4/14/20272024-12-310001726548Investment in Senior Secured Loan -167.93% LeadVenture Inc Software Services Interest Rate 9.54% Reference Rate and Spread S + 5.25% Floor 1.00% Maturity 06/23/322025-06-300001726548Investment in Senior Secured Loan - 179.2%, Premier Imaging, LLC, Healthcare, Interest Rate 10.08%, Reference Rate and Spread S + 5.75%, Floor Rate 1.00%, Maturity Date 3/31/20262024-12-310001726548Investment in Senior Secured Loan -167.93% LeadVenture Inc Software Services Two Interest Rate 9.54% Reference Rate and Spread S + 5.25% Floor 1.00% Maturity 06/23/322025-06-300001726548bcpl:TotalDistributableEarningsMember2024-04-012024-06-300001726548us-gaap:CommonStockMember2023-12-310001726548bcpl:SubscriptionAgreementsMember2024-01-012024-12-310001726548Investment in Senior Secured Loan -167.93% Leonard Valve Company, LLC Construction Interest Rate 9.29% Reference Rate and Spread S + 5.00% Floor 1.00% Maturity 09/29/252025-06-300001726548Investment in Senior Secured Loan -167.93% Symplr Software Inc Information Technology Interest Rate 8.82% Reference Rate and Spread S + 4.50% Floor 0.75% Maturity 12/22/272025-06-300001726548Investment in Equity/Other - 5.8%, American Academy Holdings, Common, Healthcare2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:AccountingStandardUpdate201104Memberbcpl:SeniorSecuredLoanMember2024-12-310001726548bcpl:CapitalInExcessOfParMember2024-06-300001726548Investment in Senior Secured Loan -167.93% Monroe Engineering Group Industrials Interest Rate 11.07% Reference Rate and Spread S + 6.75% Floor 0.00% Maturity 12/20/282025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:RecentTransactionMemberbcpl:SeniorSecuredLoanOneMemberbcpl:TransactionPriceMembersrt:MaximumMember2024-12-310001726548Investment 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 One2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanOneMember2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:RecentTransactionMembersrt:WeightedAverageMemberbcpl:TransactionPriceMemberbcpl:EquityTwoMember2024-12-310001726548bcpl:ProfessionalServicesMember2025-06-300001726548Investment in Equity/Other - 4.65%, American Academy Holdings, Common, Healthcare2025-06-300001726548us-gaap:CommonStockMember2025-04-012025-06-300001726548Investment in Senior Secured Loan -167.93% KL Charlie Acquisition Healthcare One Interest Rate 11.07% Reference Rate and Spread S + 6.75% Floor 1.00% Maturity 12/30/262025-06-300001726548bcpl:FourthAAndRFacilityMember2025-01-012025-06-300001726548Investment in Senior Secured Loan -167.93% Astro Acquisition, LLC Industrials Interest Rate 9.79% Reference Rate and Spread S + 5.50% Floor 1.00% Maturity 12/13/272025-06-300001726548bcpl:NonControlAffiliatedInvestmentsMember2025-04-012025-06-300001726548us-gaap:PreferredStockMemberbcpl:ProfessionalServicesMemberbcpl:PrincetonMedspaPartnersLlcMemberbcpl:EquityOrOtherSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001726548Investment in Senior Secured Loan - 179.2%, C.P. Converters, Inc., 7th Amendment, Industrials, Interest Rate 12.16%, Reference Rate and Spread S + 6.50%, Floor Rate 1.00%, Maturity Date 12/13/20252024-12-310001726548bcpl:UnsecuredNoteMemberbcpl:AccountingStandardUpdate201104Memberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-06-300001726548Investment 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 3/26/20292024-12-310001726548srt:MinimumMemberbcpl:SecondARFacilityMember2021-03-120001726548Investment 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 7/2/20272024-12-310001726548Investment in Senior Secured Loan - 179.2%, Tank Holding Corp, Industrials, Interest Rate 10.06%, Reference Rate and Spread S + 5.75%, Floor Rate 1.00%, Maturity Date 3/31/20282024-12-310001726548bcpl:UnsecuredNoteMemberbcpl:AccountingStandardUpdate201104Memberus-gaap:FairValueInputsLevel1Member2024-12-310001726548us-gaap:FinancialServicesSectorMemberbcpl:EquityOrOtherSecuritiesMemberbcpl:GreatLakesIiFundingLlcMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001726548us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberbcpl:AverageEbitdaMultipleMemberus-gaap:EquityMemberbcpl:EnterpriseValuationMember2024-12-310001726548bcpl:AccountingStandardUpdate201104Memberbcpl:SeniorSecuredLoanMember2025-06-300001726548bcpl:SeniorSecuredLoansMemberbcpl:ProfessionalServicesMemberbcpl:PrincetonMedspaPartnersLlcMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001726548Investment in Equity/Other – 4.65%, Lucky Bucks, Gaming2025-06-300001726548Investment in Senior Secured Loan -167.93% HW Lochner Industrials One Interest Rate 11.04% Reference Rate and Spread S + 6.75% Floor 0.00% Maturity 07/02/272025-06-300001726548us-gaap:WarrantMemberbcpl:PrincetonMedspaPartnersLlcMemberbcpl:ProfessionalServicesMemberbcpl:EquityOrOtherSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001726548Investment in Equity/Other - 4.65%, Great Lakes II Funding LLC, Financials2025-06-300001726548us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2025-01-012025-06-300001726548Investment in Equity/Other – 4.65%, VBC Spine Opco LLC, Healthcare2025-06-300001726548bcpl:UnsecuredNoteMemberbcpl:AccountingStandardUpdate201104Memberus-gaap:FairValueInputsLevel1Member2025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:SubordinatedStructuredNoteMember2023-12-310001726548Investment in Senior Secured Loan -167.93% CJ Foods Inc Consumer Staples Interest Rate 9.29% Reference Rate and Spread S + 5.00% Floor 1.00% Maturity 10/02/302025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanFourMember2025-06-300001726548us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001726548bcpl:SeniorSecuredLoanNineMemberbcpl:PrincetonMedspaPartnersLlcMember2024-12-310001726548us-gaap:CommonStockMember2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanMember2024-01-012024-06-300001726548us-gaap:CommonStockMember2024-04-012024-06-300001726548us-gaap:PreferredStockMemberbcpl:ProfessionalServicesMemberbcpl:PrincetonMedspaPartnersLlcMemberbcpl:EquityOrOtherSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001726548us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2025-06-300001726548Investment in Equity/Other – 4.65%, Middle West Spirits Preferred, Consumer Staples One2025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:UnsecuredNoteMember2025-01-012025-06-300001726548Investment in Senior Secured Loan -167.93% Tactical Air Support, Inc. Industrials Interest Rate 12.82% Reference Rate and Spread S + 8.50% Floor 1.00% Maturity 12/22/282025-06-300001726548bcpl:ConsumerStaplesMemberbcpl:EBSCHoldingsLLCRiddellIncMemberbcpl:EquityOrOtherSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001726548Investment 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 12/1/20272024-12-310001726548bcpl:SeniorSecuredLoanFourteenMemberbcpl:TaWegHoldingsLlcMember2025-06-300001726548Investment in Senior Secured Loan - 179.2%, SePRO Corporation, Chemicals, Interest Rate 9.81%, Reference Rate and Spread S + 5.50%, Floor Rate 1.00%, Maturity Date 7/26/2030 One2024-12-310001726548bcpl:CapitalInExcessOfParMember2024-04-012024-06-300001726548bcpl:CapitalInExcessOfParMember2025-01-012025-03-310001726548Investment in Senior Secured Loan -167.93% SeQuel Response LLC Insurance Services One Interest Rate 10.29% Reference Rate and Spread S + 6.00% Floor 1.25% Maturity 05/21/292025-06-300001726548Investment in Senior Secured Loan - 179.2%, Tactical Air Support, Inc, Industrials, Interest Rate 12.81%, Reference Rate and Spread S + 8.50%, Floor Rate 1.00%, Maturity Date 12/22/2028 One2024-12-310001726548Investment in Equity/Other – 5.8%, Lucky Bucks, Gaming2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:DiscountedCashFlowsMemberbcpl:UnsecuredNoteMembersrt:MinimumMemberbcpl:MarketYieldMember2024-12-310001726548bcpl:SeniorSecuredLoanMemberbcpl:Non-ControlledAndNon-AffiliatedIssuerMember2025-06-300001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanMember2025-01-012025-06-300001726548Investment 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 12/31/20242024-12-310001726548Investment in Equity/Other – 5.8%, GreenPark Infrastructure A Series, Industrials2024-12-3100017265482025-08-050001726548Investment in Equity/Other – 5.8%, Princeton Medspa Partners LLC, Professional Services2024-12-310001726548us-gaap:FairValueInputsLevel3Memberbcpl:SeniorSecuredLoanFourMemberbcpl:AverageEbitdaMultipleMemberbcpl:EnterpriseValuationMember2025-06-300001726548us-gaap:FairValueInputsLevel2Member2024-12-310001726548us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMember2024-12-310001726548Investment in Senior Secured Loan - 179.2%, AG Parent Holdings, Information Technology, Interest Rate 9.31%, Reference Rate and Spread S + 5.00%, Floor Rate 1.00%, Maturity Date 7/30/20262024-12-3100017265482025-06-30xbrli: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 June 30, 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 August 5, 2025, the registrant had 5,171,262 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 June 30, 2025 (Unaudited) and December 31, 2024	3

	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	4

	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)	5

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)	6

	Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	7

	Notes to Consolidated Financial Statements (Unaudited)	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41

Item 4.	Controls and Procedures	42

PART II	OTHER INFORMATION	43

Item 1.	Legal Proceedings	43

Item 1A.	Risk Factors	43

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43

Item 3.	Defaults Upon Senior Securities	43

Item 4.	Mine Safety Disclosures	43

Item 5.	Other Information	43

Item 6.	Exhibits	44

Signatures		45

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)


	June 30, 2025			December 31, 2024
	(Unaudited)
Assets
Investments, at fair value:
Non-control/non-affiliate investments (amortized cost of $181,477 and $127,523, respectively)	$	175,781		$	122,455
Non-control affiliate investments (amortized cost of $6,840 and $6,927, respectively)		6,901			6,992
Total Investments at fair value (amortized cost of $188,317 and $134,450, respectively)	$	182,682		$	129,447
Derivatives, at fair value (cost of $0 and $0, respectively)		—			—
Cash and cash equivalents		8,195			329
Restricted cash		26,248			13,094
Receivable for unsettled trades		5			—
Interest and dividends receivable		1,616			1,551
Prepaid expenses and other assets		233			87
Total assets	$	218,979		$	144,508
Liabilities
Credit facility (net of deferred financing costs of $1,535 and $553, respectively)	$	90,465		$	72,447
Payable for unsettled trades		21,352			—
Due to affiliate		57			173
Management fees payable		407			332
Incentive fees payable		333			296
Interest expense payable		347			1,167
Directors’ fees payable		50			37
Accounts payable and other liabilities		166			119
Total liabilities	$	113,177		$	74,571
Commitments and contingencies (Note 9)

Net Assets
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 5,171,262 and 3,372,206 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	$	3		$	3
Capital in excess of par		115,906			79,411
Total distributable (loss) earnings		(10,107	)		(9,477	)
Total net assets		105,802			69,937
Total liabilities and net assets	$	218,979		$	144,508
Net asset value per share	$	20.46		$	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 June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Investment income:
Interest income:
Non-control/non-affiliate investments	$	4,417		$	4,393		$	8,363		$	8,940
Non-control affiliate investments		167			—			347			—
Total interest income		4,584			4,393			8,710			8,940
Fee and other income
Non-control/non-affiliate investments		97			94			136			120
Non-control affiliate investments		3			12			9			27
Total fee and other income		100			106			145			147
Total investment income		4,684			4,499			8,855			9,087
Operating expenses:
Management fees		407			343			747			685
Incentive fees		333			315			623			600
Administrative fees		156			136			307			278
Interest and debt expenses		1,437			1,605			2,818			3,124
Audit fees		50			55			110			110
Legal fees		111			100			231			182
Professional fees		160			88			241			157
Directors' fees		62			38			100			75
Other expenses		65			19			113			438
Total expenses		2,781			2,699			5,290			5,649
Net investment income		1,903			1,800			3,565			3,438
Realized and unrealized gain (loss):
Net realized loss on investment transactions
Non-control/non-affiliate investments		36			(142	)		94			(40	)
Non-control affiliate investments		2			—			2			—
Net change in unrealized appreciation (depreciation) on
Non-control/non-affiliate investments		681			(1,136	)		(628	)		(1,210	)
Non-control affiliate investments		(22	)		3			(4	)		3
Net realized and unrealized gain (loss)		697			(1,275	)		(536	)		(1,247	)
Net increase (decrease) in net assets resulting from operations	$	2,600		$	525		$	3,029		$	2,191
Net investment income per share — basic and diluted	$	0.44		$	0.59		$	0.93		$	1.11
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.60		$	0.17		$	0.79		$	0.71
Weighted average shares outstanding — basic and diluted		4,306,405			3,074,670			3,842,004			3,088,144

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
Net investment income		—		—		—		1,903			1,903
Net realized gain on investments		—		—		—		38			38
Net change in unrealized appreciation on investments and derivatives		—		—		—		659			659
Issuance of common shares		1,756,863		—		35,650		—			35,650
Distributions declared and payable to stockholders		—		—		—		(1,905	)		(1,905	)
Stock issued in connection with dividend reinvestment plan		20,926		—		415		—			415
Balances as of June 30, 2025		5,171,262	$	3	$	115,906	$	(10,107	)	$	105,802


	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
Net investment income		—		—		—		1,800			1,800
Net realized loss on investments		—		—		—		(142	)		(142	)
Net change in unrealized depreciation on investments and derivatives		—		—		—		(1,133	)		(1,133	)
Issuance of common shares		44,623		—		1,000		—			1,000
Distributions declared and payable to stockholders		—		—		—		(1,834	)		(1,834	)
Stock issued in connection with dividend reinvestment plan		41,107		—		899		—			899
Balances as of June 30, 2024		3,122,442	$	3	$	74,125	$	(5,286	)	$	68,842

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 Six Months Ended June 30,
	2025			2024
Operating activities:
Net increase (decrease) in net assets resulting from operations	$	3,029		$	2,191
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Net realized (gain) loss from investments		(96	)		40
Net change in unrealized (appreciation) depreciation on investments		632			1,207
Net accretion of discount on investments		(581	)		(409	)
Amortization of deferred financing costs		133			55
Payment-in-kind interest income		(789	)		(578	)
Sales and repayments of investments		14,321			20,622
Purchases of investments		(66,722	)		(20,120	)
(Increase) decrease in operating assets:
Receivable for unsettled trades		(5	)		284
Interest and dividends receivable		(65	)		(375	)
Prepaid expenses		(146	)		(984	)
Increase (decrease) in operating liabilities:
Payable for unsettled trades		21,352			(283	)
Due to affiliate		(116	)		(274	)
Management fees payable		75			6
Incentive fees payable		37			(24	)
Interest expense payable		(820	)		104
Directors’ fees payable		13			—
Accounts payable and accrued expenses		47			43
Net cash used in operating activities	$	(29,701	)	$	1,505
Financing activities:
Proceeds from issuance of shares of common stock		35,650			1,000
Stockholder distributions paid		(2,814	)		(3,584	)
Borrowings from credit facility		92,000			2,000
Repayments of credit facility		(73,000	)		—
Payments of financing costs		(1,115	)		—
Net cash provided by financing activities		50,721			(584	)
Net increase (decrease) in restricted and unrestricted cash		21,020			921
Cash and restricted cash at beginning of year		13,423			6,940
Cash and restricted cash at end of period	$	34,443		$	7,861
Reconciliation of cash and restricted cash
Cash		8,195			1,458
Restricted cash		26,248			6,403
Total cash and restricted cash	$	34,443		$	7,861
Supplemental information:
Interest paid during the period	$	1,865		$	3,173
Supplemental disclosure of non-cash information:
Reinvestment of dividends	$	845		$	1,161

See notes to consolidated financial statements.

BC Partners Lending Corporation
Consolidated Schedule of Investments
June 30, 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 -167.93%
Accordion Partners LLC	Professional Services		9.29	%	S + 5.00%		1.00	%	11/15/2031		83	$	81		$	82		(8)
Accordion Partners LLC	Professional Services		9.29	%	S + 5.00%		1.00	%	11/15/2031		—		(4	)		(3	)	(7)(15)
Accordion Partners LLC	Professional Services		9.54	%	S + 5.25%		1.00	%	11/15/2031		2,544		2,534			2,536		(8)
Accurate Background LLC	Information Technology		10.29	%	S + 6.00%		1.00	%	3/26/2029		990		978			990		(8)
Accurate Background LLC	Information Technology		10.29	%	S + 6.00%		1.00	%	3/26/2029		2,886		2,733			2,886		(8)
Accurate Background LLC	Information Technology		10.29	%	S + 6.00%		0.00	%	3/26/2029		486		459			486		(8)
Advantage Capital Holdings LLC	Financials		13.00	%	NA		0.00	%	4/14/2027		4,742		4,742			4,523		(8)(14)
ALCV Purchaser, Inc.	Consumer Discretionary		11.07	%	S + 6.75%		1.00	%	2/26/2026		2,000		1,996			1,978		(8)
Alera Group Intermediate Holdings, Inc.	Financials		7.54	%	S + 3.25%		0.00	%	5/31/2032		6,000		5,971			6,025		(8)
AMCP PET HOLDINGS, INC.	Consumer Staples		8.29	%	S + 4.00%		1.00	%	10/5/2026		512		510			505		(8)
AMCP PET HOLDINGS, INC.	Consumer Staples		8.29	%	S + 4.00%		1.00	%	10/5/2026		1,882		1,873			1,857		(8)
American Academy Holdings	Healthcare		15.29	%	S + 11.00%		1.00	%	6/30/2027		203		204			215		(8)
American Academy Holdings	Healthcare		15.29	%	S + 11.00%		1.00	%	6/30/2027		1,023		1,015			1,082		(8)
American Academy Holdings	Healthcare		14.50	%	NA		0.00	%	3/1/2028		2,244		2,221			2,211		(8)
Ancile Solutions, Inc.	Information Technology		11.29	%	S + 10.00%		1.00	%	6/11/2026		1,658		1,646			1,658		(8)
Astro Acquisition, LLC	Industrials		9.79	%	S + 5.50%		1.00	%	12/13/2027		1,975		1,962			1,975		(8)
Asurion LLC	Software Services		7.54	%	S + 3.25%		1.00	%	6/30/2024		5,984		5,962			5,962		(8)
Beta Plus Technologies, Inc	Information Technology		10.07	%	S + 5.75%		0.00	%	7/1/2027		210		210			191		(7)(10)
Beta Plus Technologies, Inc	Information Technology		10.07	%	S + 5.75%		0.00	%	6/29/2029		4,675		4,523			4,504		(8)
C.P. Converters, Inc., 7th Amendment	Industrials		10.79	%	S + 6.50%		1.00	%	12/13/2025		2,043		2,043			1,940		(8)
C.P. Converters, Inc., 12th Amendment Acquisition Loan	Industrials		10.79	%	S + 6.50%		1.00	%	12/13/2025		437		436			416		(8)
CJ Foods Inc	Consumer Staples		9.29	%	S + 5.00%		1.00	%	10/2/2030		7,154		7,057			7,109		(8)
Datalink, LLC	Healthcare		10.57	%	S + 6.25%		1.00	%	11/23/2026		3,018		2,995			2,135		(8)
DRI Holdings Inc	Information Technology		9.57	%	S + 5.25%		0.50	%	12/21/2028		4,852		4,624			4,807		(8)
Dun & Bradstreet	Financials		9.54	%	S + 5.25%		0.00	%	5/21/2032		—		(5	)		(5	)	(8)
Dun & Bradstreet	Financials		9.54	%	S + 5.25%		0.00	%	5/21/2032		5,090		5,039			5,039		(8)
Emerald International	Industrials		11.54	%	S + 7.25%		1.00	%	2/28/2029		100		98			98		(8)
Ensono Inc	Professional Services		7.54	%	S + 3.25%		1.00	%	5/19/2028		4,000		3,995			4,008		(8)
Florida Foods Products, LLC	Consumer Staples		9.29	%	S + 5.00%		1.00	%	10/18/2028		975		939			663		(8)
Florida Foods Products, LLC	Consumer Staples		9.29	%	S + 5.00%		1.00	%	10/18/2028		3,915		3,745			2,662		(8)
HW Lochner	Industrials		11.04	%	S + 6.75%		0.00	%	7/2/2027		87		86			87		(8)
HW Lochner	Industrials		11.04	%	S + 6.75%		1.00	%	7/2/2027		1,995		1,962			1,995		(8)
H.W. Lochner T/L (Elysium Infrastructure)	Industrials		10.04	%	S + 5.75%		1.00	%	7/2/2027		2,888		2,866			2,888		(8)
HW Lochner	Industrials		11.04	%	S + 6.75%		0.00	%	7/2/2027		2,107		2,073			2,107		(8)
Inmar Intelligence	Healthcare		10.04	%	S + 5.75%		1.00	%	10/30/2031		499		498			499		(8)
Ivanti Software Inc	Information Technology		10.04	%	S + 5.75%		1.00	%	6/1/2029		369		351			380		(8)
Ivanti Software Inc	Information Technology		11.54	%	S + 7.25%		1.00	%	6/1/2029		4,040		3,988			2,326		(8)
Ivanti Software Inc	Information Technology		10.04	%	S + 5.75%		1.00	%	6/1/2029		1,004		898			838		(8)
KL Charlie Acquisition	Healthcare		11.07	%	S + 6.75%		1.00	%	12/30/2026		1,234		1,223			1,233		(8)
KL Charlie Acquisition	Healthcare		11.07	%	S + 6.75%		1.00	%	12/30/2026		932		924			932		(8)
LeadVenture Inc	Software Services		9.54	%	S + 5.25%		1.00	%	6/23/2032		293		287			287		(8)
LeadVenture Inc	Software Services		9.54	%	S + 5.25%		1.00	%	6/23/2032		—		(7	)		(7	)	(7)(8)
LeadVenture Inc	Software Services		9.54	%	S + 5.25%		1.00	%	6/23/2032		4,667		4,597			4,597		(8)
Leonard Valve Company, LLC	Construction		9.29	%	S + 5.00%		1.00	%	9/29/2025		1,985		1,981			1,985		(8)
MAG DS CORP.	Industrials		9.79	%	S + 5.50%		1.00	%	4/1/2027		2,703		2,658			2,615		(8)
Middle West Spirits LLC	Consumer Staples		10.57	%	S + 6.25%		1.00	%	4/23/2030		—		(10	)		(10	)	(8)
Middle West Spirits LLC	Consumer Staples		10.57	%	S + 6.25%		1.00	%	4/23/2030		1,728		1,694			1,693		(8)
Money Transfer Acquisition, Inc	Financials		12.57	%	S + 8.25%		1.00	%	12/14/2027		3,386		3,343			3,317		(8)(10)
Monroe Engineering Group	Industrials		11.07	%	S + 6.75%		0.00	%	12/20/2028		1,963		1,924			1,963		(8)
Monroe Engineering Group	Industrials		11.07	%	S + 6.75%		0.00	%	12/20/2028		1,955		1,915			1,955		(8)
Morae Global Inc	Professional Services		12.32	%	S + 8.00%		2.00	%	10/31/2028		—		(69	)		(24	)	(7)(15)
Morae Global Inc	Professional Services		12.32	%	S + 8.00%		2.00	%	10/31/2028		1,699		1,607			1,667		(8)
Morae Global Inc	Professional Services		12.32	%	S + 8.00%		1.00	%	10/26/2026		233		229			228		(8)
Morae Global Inc	Professional Services		12.32	%	S + 8.00%		1.00	%	10/26/2026		2,939		2,842			2,883		(8)
MSM Acquisitions, Inc.	Information Technology		10.32	%	S + 6.00%		1.00	%	12/9/2026		1,176		1,176			1,072		(8)
MSM Acquisitions, Inc.	Information Technology		10.32	%	S + 6.00%		1.00	%	12/9/2026		2,820		2,815			2,570		(8)
NAVIGA INC.	Information Technology		5.29	%	S + 1.00%		1.00	%	9/30/2026		2,269		2,080			1,574		(8)(9)
NAVIGA INC.	Information Technology		5.29	%	S + 1.00%		1.00	%	9/30/2026		2,137		1,954			1,483		(8)(9)
NAVIGA INC.	Information Technology		5.29	%	S + 1.00%		0.00	%	9/30/2026		237		216			164		(8)(9)
Neptune Bidco US Inc	Communication Services		9.32	%	S + 5.00%		0.00	%	4/11/2029		6,900		6,352			6,544		(8)
Newbury Franklin Industrials LLC	Industrials		11.32	%	S + 7.00%		0.00	%	12/11/2029		—		(9	)		(16	)	(7)(15)
Newbury Franklin Industrials LLC	Industrials		11.32	%	S + 7.00%		1.00	%

BC Partners Lending Corp 10-Q