BCP Investment Corporation's second quarter is, on the surface, the wrong kind of comparison. Net investment income fell to $5.5 million ($0.45 per share) from $6.9 million in the first quarter, and net asset value per share slid to $14.49 from $15.60 - a 7.0% decline in three months, almost entirely from non-cash mark-to-market writedowns concentrated in software and software-exposed borrowers. Core net investment income, the measure that strips out the merger-driven purchase-accounting accretion, was $0.27 per share against a regular $0.30 base distribution - a shortfall that, on a strictly cash basis, the company is now funding out of capital. The same window brought the most consequential balance-sheet event in the company's recent history: the August 6 amendment of the KeyBank senior secured revolving credit facility, doubling committed capacity to $150 million, cutting the reinvestment-period spread by 30 basis points, extending the reinvestment period to August 2029 and the maturity to August 2031, and using the proceeds to repay and terminate the JPMorgan revolving credit facility entirely. The market response was to widen the discount - BCIC trades at roughly 0.53x net asset value, $94.7 million of market capitalization against $179.5 million of NAV, with a 14.1% indicated distribution yield. The investment question is whether the balance-sheet reset changes the cost-of-capital math enough to support net asset value through a software-led write-down cycle, or whether the discount widens further before it narrows. The next two earnings prints, with software markdowns, NAV, and net investment income running at the run-rate level of 1.0x NAV, are the test.