XML 41 R32.htm IDEA: XBRL DOCUMENT
v3.25.3

Borrowings (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Instrument [Line Items] |
Schedule of Debt Obligations | The Company’s debt obligations consist of the following:
($ in thousands) | September 30, 2025 |  | December 31, 2024 |
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 |  |  | — |
| $ | 321,689 |  | $ | 265,140 |
Schedule of Interest Expense, Amortization of Original Issue Discount, Deferred Financing Costs, Average Outstanding Balance, and Average Stated Interest Rate | The following table summarizes the interest expense, amortization of original issue discount, deferred financing costs, average outstanding balance, and average stated interest rate on the 4.875% Notes due 2026 for the three and nine months ended September 30, 2025 and 2024.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Interest expense | $ | 1,316 |  | $ | 1,316 |  | $ | 3,949 |  | $ | 3,949 |
Amortization of original issue discount |  | 135 |  |  | 128 |  |  | 397 |  |  | 377 |
Deferred financing costs |  | 56 |  |  | 68 |  |  | 166 |  |  | 201 |
Total interest and financing expenses | $ | 1,507 |  | $ | 1,512 |  | $ | 4,512 |  | $ | 4,527 |
Average outstanding balance | $ | 108,000 |  | $ | 108,000 |  | $ | 108,000 |  | $ | 108,000 |
Average stated interest rate |  | 4.88 | % |  | 4.88 | % |  | 4.88 | % |  | 4.88 | %
The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the Revolving Credit Facility for the three and nine months ended September 30, 2025 and 2024.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
($ in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Interest expense | $ | 2,423 |  | $ | 2,537 |  | $ | 7,697 |  | $ | 6,401 |
Deferred financing costs |  | 124 |  |  | 108 |  |  | 373 |  |  | 274 |
Total interest and financing expenses | $ | 2,547 |  | $ | 2,645 |  | $ | 8,070 |  | $ | 6,675 |
Average outstanding balance | $ | 131,927 |  | $ | 121,856 |  | $ | 144,158 |  | $ | 102,134 |
Average stated interest rate |  | 6.78 | % |  | 7.99 | % |  | 6.79 | % |  | 8.01 | %
The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2018-2 Secured Notes for the three and nine months ended September 30, 2025 and 2024.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
($ in thousands) | 2025 | 2024 |  | 2025 | 2024 |
Interest expense | N/A | $ | 952 |  | N/A | $ | 4,951 |
Amortization of original issue discount | N/A |  | 11 |  | N/A |  | 57 |
Total interest and financing expenses | N/A | $ | 963 |  | N/A | $ | 5,008 |
Average outstanding balance | N/A | $ | 47,159 |  | N/A | $ | 81,937 |
Average stated interest rate | N/A |  | 8.07 | % | N/A |  | 7.99 | %
The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2026 Notes for the period from July 15, 2025 through September 30, 2025:
| For the period July 15, 2025 |
($ in thousands) | through September 30, 2025 |
Interest expense | $ | 625 |
Amortization of original issue discount |  | 39 |
Deferred financing costs |  | 37 |
Total interest and financing expenses | $ | 701 |
Average outstanding balance | $ | 50,000 |
Average stated interest rate |  | 6.00 | %
The following table summarizes the interest expense, deferred financing costs, average outstanding balance, and average stated interest rate on the 2032 Convertible Notes for the period from July 15, 2025 through September 30, 2025:
| For the period July 15, 2025 |
($ in thousands) | through September 30, 2025 |
Interest expense | $ | 29 |
Amortization of original issue discount |  | 3 |
Deferred financing costs |  | — |
Total interest and financing expenses | $ | 32 |
Average outstanding balance | $ | 2,500 |
Average stated interest rate |  | 6.00 | %
The following table summarizes the interest expense, deferred financing costs, unused commitment fees, average outstanding balance, and average stated interest rate on the KeyBank Credit Facility for the period from July 15, 2025 through September 30, 2025 (dollars in thousands):
| For the period July 15, 2025 |
($ in thousands) | through September 30, 2025 |
Interest expense | $ | 627 |
Deferred financing costs |  | 53 |
Unused commitment fees |  | 47 |
Total interest and financing expenses | $ | 727 |
Average outstanding balance | $ | 39,986 |
Average stated interest rate |  | 7.12 | %
Schedule of Outstanding Principal and Fair Value of Financial Liabilities | The following table presents the outstanding principal and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of September 30, 2025, and the level of each financial liability within the fair value hierarchy (dollars in thousands):
($ in thousands) | Outstanding Principal |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
4.875% Notes Due 2026 | $ | 108,000 |  | $ | 103,820 |  | $ | — |  | $ | — |  | $ | 103,820 |
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility |  | 130,779 |  |  | 131,433 |  |  | — |  |  | — |  |  | 131,433 |
2026 Notes |  | 50,000 |  |  | 47,375 |  |  | — |  |  | — |  |  | 47,375 |
2032 Convertible Notes |  | 2,500 |  |  | 2,365 |  |  | — |  |  | — |  |  | 2,365 |
KeyBank Credit Facility |  | 33,332 |  |  | 33,332 |  |  | — |  |  | — |  |  | 33,332 |
Total | $ | 324,611 |  | $ | 318,325 |  | $ | — |  | $ | — |  | $ | 318,325 |
The following table presents the outstanding principal and fair value of the Company's financial liabilities disclosed, but not carried, at fair value as of December 31, 2024, and the level of each financial liability within the fair value hierarchy (dollars in thousands):
($ in thousands) | Outstanding Principal |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
4.875% Notes Due 2026 | $ | 108,000 |  | $ | 103,820 |  | $ | — |  | $ | — |  | $ | 103,820 |
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility |  | 159,479 |  |  | 160,276 |  |  | — |  |  | — |  |  | 160,276 |
Total | $ | 267,479 |  | $ | 264,096 |  | $ | — |  | $ | — |  | $ | 264,096 |
Schedule of Information about Senior Securities | Information about the Company’s senior securities is shown as of the dates indicated in the below table.
Class and Period |  | Total Amount Outstanding Exclusive of Treasury Securities(1) |  |  | Asset Coverage per Unit(2) |  |  | Involuntary Liquidating Preference per Unit(3) |  |  | Average Market Value per Unit(4)
($ in thousands) |  |  |  |  |  |  |  |  |  |  |
Fiscal 2015 |  | $ | 208,049 |  |  | $ | 2,025 |  |  |  | — |  |  | N/A
Fiscal 2016 |  |  | 180,881 |  |  |  | 2,048 |  |  |  | — |  |  | N/A
Fiscal 2017 |  |  | 104,407 |  |  |  | 2,713 |  |  |  | — |  |  | N/A
Fiscal 2018 |  |  | 103,763 |  |  |  | 2,490 |  |  |  | — |  |  | N/A
Fiscal 2019(5) |  |  | 156,978 |  |  |  | 1,950 |  |  |  | — |  |  | N/A
Fiscal 2020(6) |  |  | 377,910 |  |  |  | 1,560 |  |  |  | — |  |  | N/A
Fiscal 2021(7) |  |  | 352,434 |  |  |  | 1,780 |  |  |  | — |  |  | N/A
Fiscal 2022(8) |  |  | 378,163 |  |  |  | 1,601 |  |  |  | — |  |  | N/A
Fiscal 2023(9) |  |  | 325,683 |  |  |  | 1,646 |  |  |  | — |  |  | N/A
Fiscal 2024(10) |  |  | 267,479 |  |  |  | 1,667 |  |  |  | — |  |  | N/A
March 31, 2025(11) |  |  | 255,379 |  |  |  | 1,679 |  |  |  | — |  |  | N/A
June 30, 2025(12) |  |  | 255,379 |  |  |  | 1,645 |  |  |  | — |  |  | N/A
September 30, 2025(13) |  |  | 324,611 |  |  |  | 1,713 |  |  |  | — |  |  | N/A
(1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. (4) Not applicable, except with respect to the 7.375% Notes Due 2019 and the 6.125% Notes Due 2022, as other debt securities are not registered for public trading. For the years ended December 31, 2017, 2016, and 2015, the average market value per $1,000 of par value of the 7.375% Notes Due 2019 was $1,016.04, $1,000.00, and $1,011.96, respectively. For the years-ended December 31, 2020, 2019 and 2018 and for the period from August 14, 2017 (date of issuance) to December 31, 2017, the average market value per $1,000 of par value of the 6.125% Notes Due 2022 was $953.20, $1,009.93, $1,009.20 and $1,006.00, respectively. Average market value is computed by taking the daily average of the closing prices for the period. (5) As of December 31, 2019, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $77,407 and Revolving Credit Facility of $79,571. (6) As of December 31, 2020, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 6.125% Notes Due 2022 of $76,726, Revolving Credit Facility of $49,321 and 2018-2 Secured Notes of $251,863. (7) As of December 31, 2021, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facility of $80,571 and 2018-2 Secured Notes of $163,863. (8) As of December 31, 2022, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facility of $92,000 and 2018-2 Secured Notes of $178,163. (9) As of December 31, 2023, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facility of $92,000 and 2018-2 Secured Notes of $125,683. (10) As of December 31, 2024, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facility of $159,479. (11) As of March 31, 2025, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facility of $147,379. (12) As of June 30, 2025, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000 and Revolving Credit Facility of $147,379. (13) As of September 30, 2025, the Total Amount Outstanding Exclusive of Treasury Securities consisted of 4.875% Notes due 2026 of $108,000, Revolving Credit Facility of $130,779, 2026 Notes of $50,000, 2032 Convertible Notes of $2,500 and KeyBank Credit Facility of $33,332.

X
- Definition Schedule of information about senior securities. + References No definition available. + Details
Name: | bcic_ScheduleOfInformationAboutSeniorSecuritiesTableTextBlock
Namespace Prefix: | bcic_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of interest expense, deferred financing costs, average outstanding balance, and average stated interest rate. + References No definition available. + Details
Name: | bcic_ScheduleOfInterestExpenseDeferredFinancingCostsAverageOutstandingBalanceAndAverageStatedInterestRateTableTextBlock
Namespace Prefix: | bcic_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482949/835-30-55-8 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1 + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration