BCP Investment Corporation

Third quarter ended September 30, 2025 earnings conference call. An earnings press release was distributed yesterday, November 6, after market closed. A copy of release along the earnings presentation is available on the company's website at www.bcpinvestmentcorporation.com in the investor relations section. and should be reviewed in conjunction with the company's Form 10Q filed yesterday with the SEC. As a reminder, this conference call is being recorded for replay purposes. Please note that today's conference call may contain forward-looking statements which are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual notes may differ materially from those in forward-looking statements as a result of a number of factors, including those described in the company's filings with the SEC. BCP Investment Corporations assume no obligation to update any such forward-looking statements unless required by law. Speaking on today's call will be Ted Goldthorpe, Chief Executive Officer, President and Director of BCP Investment Corporation, Brandon Satoran, Chief Financial Officer, and Patrick Schaefer, Chief Investment Officer. With that, I would now like to turn the call over to Ted Goldthorpe, Chief Executive Officer of BCP Investment Corp. Please go ahead, Ted.

Good morning.

Welcome to our third quarter 2025 earnings call. I'm joined today by our Chief Financial Officer, Brandon Satorin, and our Chief Investment Officer, Patrick Schaefer. Following my open remarks on the company's performance and activities during the third quarter, Patrick will provide commentary on our investment portfolio and our markets, and Brandon will discuss our operating results and financial condition in greater detail. We are pleased to report strong results for the third quarter. Our first earnings as a combined company from the completion of our merger with Logan Ridge on July 15th, 2025. This milestone marks the beginning of a new chapter for BCIC we continue to leverage our expanded scale, broader portfolio diversification, and enhanced operant efficiency to drive long-term value for shareholders. I'm pleased to report meaningful progress on the value creation initiatives we announced in June 2025. Notably, consistent with our previously stated intentions, the company plans to commence a modified Dutch auction tender of approximately $9 million combined with the daily share purchases executed by the company under the buyback program, as well as open market purchases by management, the advisor, and its affiliates. We anticipate total repurchases when combined with management, advisors, and its affiliates. Ownership of BCIC's outstanding stock can approximate 10% by year end. These actions underscore our continued focus on driving shareholder value and narrowing the discount to NAV. During the quarter, we generated net investment income of $8.8 million, or 71 cents per share, compared with $4.6 million, or 50 cents per share, in the prior quarter. We expect to realize further benefits of our expanded scale and broader investment platform. For the fourth quarter of 2025, the Board of Directors approved a base distribution of 47 cents per share, which, when annualized, based on November 6th, 2025, closing price of $12.13 per share represents a yield of 15.5 percent. Before handing over the call, I'd like to take a moment to address recent commentary in the broader private credit markets. While recent high-profile collapses of certain borrowers understandably drawn market attention, we firmly believe the full scale of concern for the overall private credit market is unwarranted. Echoing sentiment from other leaders in our industry, in the case of First Brands, for example, only 2% of its nearly $12 billion balance sheet was linked to private credit, highlighting that events like this aren't signs of systemic weakness, yet the sector has been subject to disproportionately heightened scrutiny despite its limited involvement in these high-profile bankruptcies. Looking ahead, our focus remains on disciplined capital allocation, maintaining a high-quality portfolio, and delivering attractive, risk-adjusted return for our shareholders. With a larger, more diversified platform, a stronger balance sheet, we believe we are well-positioned to drive continuing earnings growth and long-term value creation. With that, I will turn the call over to Patrick Schaefer, our Chief Investment Officer, for a review of our investment activity.