BCIC — what changed in the latest 10-Q
A section-by-section comparison of BCIC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +29 | −25 | ~37 | 97 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~4 | 7 |
| Controls & procedures | Text added/removed | +2 | −1 | ~1 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
The fair value of the Company’s investment in Series B as of June 30, 2026 and December 31, 2025 were $37.8 million and $37.5 million, respectively. Fair value has been determined utilizing the practical expedient pursuant to ASC 820: Fair Value Measurement (“ASC 820”). Pursuant to the terms of the …
As of June 30, 2026 and December 31, 2025, the Company had an unfunded commitment of $10.3 million and $12.6 million to Series B, respectively.
Payment-in-kind ("PIK") income. During the three months ended June 30, 2026 and 2025, the Company recognized $2.4 million and $2.4 million, respectively, of payment-in-kind income. The Company did not receive any non-recurring fee income that was paid in-kind during the three months ended June 30, 2…
payment-in-kind income during the six-month period was primarily attributable to higher recurring PIK income generated by the larger investment portfolio following the LRFC merger, partially offset by changes in non-recurring fee income paid in-kind.
As of June 30, 2026, our debt investment portfolio, which represented 77.2% of the fair value of our total portfolio, had a weighted average annualized yield of approximately 12.0% (excluding income from non-accruals and collateralized loan obligations). As of June 30, 2026, 10.6% of the fair value …
Text removed vs the prior filing · source: 10-Q · 2026-05-07
transaction, Series A transferred to Series B a pro rata portion of the underlying portfolio assets held by Series A that corresponded to the interest of the members of Series A who elected to participate in the transaction in addition to a pro rata portion of the principal outstanding under Great L…
The fair value of the Company’s investment in Series B as of March 31, 2026 and December 31, 2025 were $36.0 million and $37.5 million, respectively. Fair value has been determined utilizing the practical expedient pursuant to ASC 820: Fair Value Measurement (“ASC 820”). Pursuant to the terms of the…
As of March 31, 2026 and December 31, 2025, the Company had an unfunded commitment of $12.6 million and $12.6 million to Series B, respectively.
As of March 31, 2026, our debt investment portfolio, which represented 80.6% of the fair value of our total portfolio, had a weighted average annualized yield of approximately 12.8% (excluding income from non-accruals and collateralized loan obligations). As of March 31, 2026, 13.4% of the fair valu…
Management Fees and Incentive Fees. Management fees for the three months ended March 31, 2026 and 2025 were approximately $1.7 million and $1.5 million, respectively. Incentive fees for the three months ended March 31, 2026 and 2025 were approximately $0.9 million and $0.9 million, respectively.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-08-06
accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosures as of the end of the period covered by this report.
There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice