Author: Ravi Shankar

Not for release to US newswire services or distribution in the United States

PERTH, Australia, Nov. 11, 2026 (GLOBE NEWSWIRE) — Paladin Energy Ltd (ASX:PDN, TSX:PDN) (Paladin or the Company) announces it has launched a fully underwritten equity raising, comprising (i) an A$474 million ASX institutional placement of new Paladin fully paid ordinary shares (Shares) (ASX Placement), and (ii) a Canadian “bought deal” private placement to raise C$50 million (~A$51 million) pursuant to the Listed Issuer Financing Exemption (as defined herein) (TSX Bought Deal), to raise a total amount of A$525 million (together, the Offer).¹

Additionally, Paladin intends to invite Eligible Shareholders (as defined herein) to participate in a non-underwritten Share Purchase Plan to acquire Shares at the same price as the ASX Placement to raise up to a further A$50 million (before costs) (SPP).

The equity raising positions Paladin for its next phase of growth, funding the ongoing development of the Patterson Lake South Project (PLS Project), potential resource growth and mine life extension at Triple R, and advancing exploration opportunities across the broader Athabasca Basin region portfolio.

Highlights

• A fully underwritten equity raising to raise A$525 million (before costs), comprising:
  • A fully underwritten ASX Placement to raise A$474 million (before costs); and
  • A fully underwritten TSX Bought Deal to raise ~A$51 million (C$50 million) (before costs)
• Opportunity for Eligible Shareholders with registered addresses in Australia and New Zealand to participate via a non-underwritten SPP to raise up to a further A$50 million (before costs)
• All Shares under the ASX Placement and SPP will be issued at a fixed price of A$7.80 per new Share (Offer Price)
• Shares issued under the TSX Bought Deal will be issued at a fixed price of C$7.62 per new Share, being the approximate C$ equivalent of the Offer Price based on current exchange rates¹
• The Offer Price of A$7.80 per Share represents a 10.3% discount to the last close of A$8.70 on the ASX on 11 November 2026
• Equity raising net proceeds will be used to fund:
  • the PLS Project’s planning and execution of the CY2027 and CY2028 capital works program and early mobilisation, procurement and site readiness activities, helping protect the critical path and maintain momentum ahead of the principal construction program;²
  • potential Triple R mine life extension and resource growth;
  • acceleration of Athabasca Basin region exploration and growth including follow-up drilling at Atlas and Saloon East and testing of high-priority regional targets across Paladin’s broader Athabasca Basin region tenure package; and
  • balance sheet flexibility by establishing a clear platform through the repayment of existing debt to support the advancement of a funding solution for the PLS Project.

Paladin MD and CEO Paul Hemburrow said:

“This equity raising allows us to accelerate Paladin’s growth strategy in the Athabasca Basin region and advance a range of value-accretive initiatives across both development and exploration. With the PLS Project now firmly established as one of the most significant undeveloped uranium projects globally, we believe this capital positions us to unlock substantial value through project advancement, maintain momentum towards targeted first production in 2031 and capitalise on the long-term outlook for the uranium market.

“Recent exploration success at Atlas and Saloon East has reinforced our confidence in the broader district potential and supports an expanded exploration strategy aimed at growing and enhancing the already compelling PLS Project development opportunity, while continuing to demonstrate the significant upside across our broader Athabasca Basin portfolio.”

Details of the ASX Placement

The fully underwritten ASX Placement seeks to raise approximately A$474 million (before costs) at the Offer Price of A$7.80 per Share, which represents a 10.3% discount to the last closing price of Paladin Shares on the ASX of A$8.70 per Share on 11 November 2026 (being the last day on which Paladin Shares traded prior to announcing the equity raising).

Approximately 60.7 million Shares will be issued under the ASX Placement pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1. Accordingly, no shareholder approval is required for the ASX Placement. New Shares will rank pari passu with existing fully paid ordinary shares in Paladin.

Details of the TSX Bought Deal

Paladin has entered into an agreement with RBC Capital Markets and National Bank of Canada Capital Markets (collectively, the “Underwriters”), as co-lead underwriters and joint bookrunners, pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 6,561,679 Shares at a price of C$7.62 per Share for gross proceeds of C$50 million (~A$51 million).¹

The Shares under the TSX Bought Deal are being offered in Canada by way of the Listed Issuer Financing Exemption in all of the provinces of Canada (excluding Quebec) and by way of private placement in the United States and offshore jurisdictions in accordance with applicable laws. The Shares issued pursuant to the Listed Issuer Financing Exemption will not be subject to a statutory hold period in Canada. For further information please see below under “Notes – Canada – TSX Bought Deal”.

The new Shares the subject of the TSX Bought Deal will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1. Accordingly, no shareholder approval is required for the TSX Bought Deal. New Shares will rank pari passu with existing fully paid ordinary shares in Paladin.

Details of the Share Purchase Plan (SPP)

Eligible shareholders, being those Paladin shareholders with a registered address in Australia or New Zealand and who are outside the United States, that held Paladin Shares as at 7.00pm (Sydney time) on 11 November 2026 (Eligible Shareholders) will be invited to participate in the SPP. Eligible Shareholders will have the opportunity to apply for up to A$30,000 worth of new Shares without incurring any brokerage or transaction costs. The SPP will be conducted at the Offer Price of A$7.80. The SPP is targeted to raise up to A$50 million (before costs) and is not underwritten.

Paladin reserves the right (in its absolute discretion) to scale back applications under the SPP if demand exceeds A$50 million, raise a higher amount or close the SPP at an earlier date. New Shares issued under the SPP will rank equally with existing fully paid ordinary Shares in Paladin from the date of issue. The SPP offer booklet, containing further details on the SPP, is expected to be released on the ASX and made available to Eligible Shareholders on or around 23 November 2026. The SPP is subject to the terms and conditions set out in the SPP offer booklet.

Advisers

Macquarie Capital (Australia) Limited, Canaccord Genuity (Australia) Limited and RBC Capital Markets are acting as Joint Lead Managers, Joint Underwriters and Joint Bookrunners to the ASX Placement. Shaw and Partners Limited is acting as Co-Manager to the ASX Placement.

RBC Capital Markets and National Bank of Canada Capital Markets are acting as Co-Lead Underwriters and Joint Bookrunners to the TSX Bought Deal.

Corrs Chambers Westgarth is acting as Australian legal adviser and Fasken Martineau DuMoulin LLP is acting as Canadian legal adviser to Paladin in connection with the equity raising.

Indicative Equity Raising Timetable

An indicative timetable of the key dates in relation to the equity raising is detailed below.

Event		Time (AEDT) / Date
ASX Placement and TSX Bought Deal
ASX and TSX Trading halt		12 November 2026
Launch of Offer, ASX release of Investor Presentation, dissemination and filing of News Release, filing of Canadian Offering Document on SEDAR+ and Company website		12 November 2026
Announcement of completion of ASX Placement and TSX Bought Deal3		13 November 2026
ASX and TSX Trading halt lifted		13 November 20264
Settlement of new Shares under ASX Placement and TSX Bought Deal		18 November 2026
Allotment of new Shares under ASX Placement		19 November 2026
Share Purchase Plan
Record date for eligibility to participate in SPP		7:00pm 11 November 2026
Despatch SPP offer documents and SPP offer opens		23 November 2026
SPP closing date		7 December 2026
Announcement of SPP participation and results, and allotment of new Shares		14 December 2026

The above timetable is indicative only and subject to variation. The Company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX Listing Rules, the Corporations Act, the requirements of the Toronto Stock Exchange (TSX) and other applicable laws. All times reference to Sydney, Australia time unless denoted otherwise.

Additional Information

Additional information in relation to the ASX Placement, the SPP and Paladin can be found in the investor presentation (Investor Presentation) released to the ASX simultaneously with this announcement, which contains important information, including sources and uses of funds, key risks and foreign selling restrictions with respect to the Offer. The Investor Presentation can also be accessed on the Company’s website at www.paladinenergy.com.

Investor Conference Call

The Company will hold a conference call on 12 November 2026, at 12:00pm AEDT (11 November 2026, at 8:00pm EST). To participate in the live teleconference, please register at the link below:

https://s1.c-conf.com/diamondpass/10057550-u0dix9.html

Please note it is recommended to log on at least five minutes before the scheduled commencement time to ensure you are registered in time for the start of the call.

A recording of the call will be available on Paladin’s website shortly after its conclusion.

This announcement has been authorised for release by the Board of Directors of Paladin Energy Ltd.

Contacts

Investor Relations Paula Raffo T: +61 8 9423 8100 E: paula.raffo@paladinenergy.com.au	Media Anthony Hasluck T: +61 438 522 194 E: anthony.hasluck@paladinenergy.com.au

Notes
^{__________________________________
1} Assumes a 0.9767 AUD:CAD exchange rate.
² Subject to seasonal limitations / weather windows (i.e. Saskatchewan winters), unforeseen provincial and federal regulatory permitting outcomes and investment approvals.
³ Refers to completion of the bookbuild.
⁴ TSX trading halt to be lifted on 14 November 2026, Sydney time.

Forward-looking statements

This document contains certain “forward-looking statements” within the meaning of Australian securities laws and “forward-looking information” within the meaning of Canadian securities laws (collectively referred to in this document as forward-looking statements). All statements in this document, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “anticipate”, “expect”, “likely”, “propose”, “will”, “intend”, “should”, “could”, “may”, “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance” and other similar expressions. These forward-looking statements include, but are not limited to, statements regarding the continued development of the PLS Project; proposed drilling and resource definition; the equity raising; closing of the equity raising, the anticipated closing date of the equity raising; the intended use of proceeds of the equity raising, including in respect of advancing PLS Project development, Triple R mine life extension and resource growth, accelerating Athabasca Basin exploration and growth, testing of regional targets across the Athabasca Basin region, and the repayment of existing debt; and the receipt of all necessary regulatory approvals, including the approval of the TSX.

Forward-looking statements involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies including those risk factors associated with the mining industry, many of which are outside the control of, change without notice, and may be unknown to Paladin. These risks and uncertainties include but are not limited to liabilities inherent in mine development and production, geological, mining and processing technical problems, the inability to obtain any additional mine licences, permits and other regulatory approvals required in connection with mining and third party processing operations, unanticipated costs, competition for, amongst other things, capital, acquisition of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, changes in commodity prices and exchange rates, currency and interest fluctuations, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, rising energy costs, inflationary pressures, the demand for and availability of transportation services, the ability to secure adequate financing and management’s ability to anticipate and manage the foregoing factors and risks. Readers are also referred to the risks and uncertainties referred to in the Company’s “2026 Annual Report” and in Paladin’s Management’s Discussion and Analysis for the year ended June 30, 2026, each released on 26 August 2026, and in Paladin’s Annual Information Form for the year ended June 30, 2026 released on 26 August 2026, and in Section 10 of the Investor Presentation released on the ASX on 12 November 2026, each of which is available to view at paladinenergy.com.au and on www.sedarplus.ca.

Although as at the date of this document, Paladin believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from the expectations expressed in such forward-looking statements due to a range of factors including (without limitation) fluctuations in commodity prices and exchange rates, exploitation and exploration successes, unanticipated costs, environmental, permitting and development issues, geopolitical events and political risks (including armed conflict or escalation of hostilities in the Middle East) and the impact of such events on global security conditions, economic activity, trade flows, energy markets, sanctions regimes and uranium supply and demand, Indigenous Nations engagement, climate risk, operating hazards, natural disasters, severe storms and other adverse weather conditions, shortages of skilled labour and construction materials, equipment and supplies, energy costs, inflation, regulatory concerns, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the uranium industry generally. There can be no assurance that forward-looking statements will prove to be accurate.

Readers should not place undue reliance on forward-looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this document. Any reliance by a reader on the information contained in this document is wholly at the reader’s own risk. The Joint Lead Managers and the Underwriters disclaim any liability arising from reliance on these forward-looking statements regardless of changes in circumstances. Recipients are cautioned against placing undue reliance on such projections without conducting their own due diligence with appropriate professional support. The forward-looking statements in this document relate only to events or information as of the date on which the statements are made. Paladin does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation, warranty, guarantee or assurance (express or implied) is made, or will be made, that any forward-looking statements will be achieved or will prove to be correct. Except for statutory liability which cannot be excluded, Paladin, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this document and exclude all liability whatsoever (including negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission therefrom. Except as required by law or regulation, Paladin accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person, nor any obligation to furnish the person with any further information. Nothing in this document will, under any circumstances, create an implication that there has been no change in the affairs of Paladin since the date of this document. To the extent any forward-looking statement in this document constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate Paladin’s internal projections and to help readers understand Paladin’s expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above.

Not an offer of securities

This announcement has been prepared for publication in Australia and Canada and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

Canada – TSX Bought Deal

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (NI 45-106), the new Shares issuable pursuant to the TSX Bought Deal will be offered for sale to purchasers resident in all of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by (i) in Ontario, OSC Rule 45-513 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption; and (ii) in each other jurisdiction of Canada, Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in each case as amended, supplemented or replaced from time to time (the Listed Issuer Financing Exemption). The Shares offered under the Listed Issuer Financing Exemption to purchasers resident in Canada will not be subject to a hold period pursuant to applicable Canadian securities laws. The new Shares may also be offered in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended, and similar exemptions under applicable state securities laws, and in those other jurisdictions outside of Canada and the United States provided that no prospectus, registration statement or similar document is required to be filed and no ongoing reporting requirement or requisite regulatory or governmental approval arises in such other jurisdictions.

There is an offering document (the Offering Document) related to the TSX Bought Deal that can be accessed under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.paladinenergy.com. Prospective investors should read the Offering Document before making an investment decision.

The TSX Bought Deal is scheduled to close on or about 18 November 2026, or such other date as the Company and the Underwriters may agree. It is expected that the ASX Placement will close contemporaneously with or shortly prior to the closing of the TSX Bought Deal. Closing of the TSX Bought Deal is conditional on the closing of the ASX Placement. Completion of the Offer is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX.

Paladin intends to rely upon the exemption set forth in Section 602.1 of the TSX Company Manual in connection with the Offer and the SPP, which provides that the TSX will not apply certain requirements in transactions involving eligible international interlisted issuers on a recognized exchange like the ASX.

WHITE SULPHUR SPRINGS, Mont., Nov. 11, 2026 (GLOBE NEWSWIRE) — Sandfire Resources America Inc. (“Sandfire America” or the “Company”) announces that it has entered into a seventh variation agreement (the “Seventh Variation“) to its bridge loan agreement, as amended (the “Bridge Loan”) with Sandfire BC Holdings (Australia) Pty Ltd. (“Sandfire BC“), the Company’s largest shareholder, and Tintina Montana Inc., a wholly-owned subsidiary of the Company (“Tintina Montana“).

Pursuant to the Seventh Variation, the amount available to be borrowed under the Bridge Loan will be increased from an aggregate of up to US$65.3 million to an aggregate of up to US$77.4 million through one or more advances and the latest maturity will be extended from December 31, 2026, to December 31, 2027, subject to the terms of the Seventh Variation and the Bridge Loan.

The US77.4 million is comprised of an aggregate principal amount of up to US$68.2 million and interest payable to March 31, 2027, in the amount of US$9.2 million.

All other terms and conditions of the Bridge Loan shall remain in full force and effect, except as amended by the Seventh Variation. No securities of the Company are issuable under the Agreement.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
and Government Relations; Corp. Sec.
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the Agreement, the Company’s financing options, and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, and that the Company will be able to secure additional funding to execute its plans, However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including delays in obtaining or inability to obtain required government or other regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

LONG BEACH, Calif. and TORONTO, Nov. 11, 2026 (GLOBE NEWSWIRE) — Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (NYSE: GLAS) today announced that BDO USA, P.C. (“BDO”) resigned as auditor at the request of the Company, and Macias Gini & O’Connell LLP (“MGO”) was reappointed as Glass House’s auditor effective November 6, 2026. The resignation and reappointment were approved by the Company’s Audit Committee and Board of Directors.

MGO had been the Company’s auditor since it became a public company in mid-2021. At the Company’s request, MGO resigned as auditor on September 11, 2026 to allow for the appointment of BDO.

In its response letter dated September 11, 2026, MGO agreed with the statements in the Company’s notice of change of auditor insofar as they related to MGO. The notice stated that, in the opinion of the Board of Directors of the Company, no “reportable event” as defined in National Instrument 51-102 (“NI 51-102”) had occurred during the period commencing at the beginning of the Company’s two most recently completed financial years and ending on the resignation date. MGO stated that it had no basis to agree or disagree with statements not relating to MGO.

To facilitate its listing on the New York Stock Exchange, in June, 2026, the Company announced that it had entered into several agreements to facilitate the deconsolidation of its former indirect wholly owned subsidiary, Glass House Retail, LLC, segregating the Company’s dual-use cannabis business from its medical cannabis business. Before it was asked to resign as GLAS’ auditor, and as part of its Q2 2026 interim review, MGO reviewed the Company’s accounting for the deconsolidation transaction and completed its review without identifying any material modification required to the Company’s accounting treatment or related disclosures.

Glass House decided to change auditor based on BDO’s expertise and its stated ability to meet Glass House’s Q3 reporting deadline of November 16, 2026.

In mid-October 2026, the Company became concerned that BDO might not be able to complete its review procedures on the Company’s third quarter interim financial statements by the applicable reporting deadline. In particular, BDO advised the Company that it had not completed its evaluation of the accounting for the deconsolidation transaction and had not reached a conclusion regarding that matter.

The accounting treatment for the deconsolidation transaction had previously been reviewed by MGO in connection with the Company’s Q2 2026 interim reporting, and MGO completed its Q2 review without identifying any material modification required to that accounting treatment.

In response, the Company contacted MGO regarding its availability and ability to complete the Q3 review within the Company’s reporting timetable. MGO indicated that, subject to completion of its acceptance procedures, formal appointment and completion of its review procedures, it expected to be able to complete the Q3 review within the applicable filing timetable. The Company subsequently decided to reappoint MGO as its auditor.

The Board of Directors concluded that no reportable event occurred during BDO’s tenure. BDO advised the Company, however, that because BDO had not completed its review of the Company’s accounting for the deconsolidation transaction and had not reached a conclusion regarding that matter before its resignation, BDO considered the matter to constitute an “unresolved issue” and therefore a “reportable event” under NI 51-102. The Company disagrees with BDO’s characterization but is disclosing BDO’s position in accordance with NI 51-102.

BDO did not issue an auditor’s report on the Company’s financial statements during its appointment.

About Glass House Brands

Glass House is one of the fastest-growing cannabis companies in the U.S., with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. Whether it be through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. For more information and company updates, visit www.glasshousebrands.com/ and https://ir.glasshousebrands.com/contact/email-alerts/.

Forward Looking Statements

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements“). Forward-looking statements reflect current expectations or beliefs regarding future events or Glass House’s future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward- looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements regarding future financial statements, reviews or opinions. All forward-looking statements, including those herein, are qualified by this cautionary statement. Although Glass House believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Accordingly, readers should not place undue reliance on forward-looking statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including and those risks disclosed in the Glass House’s Annual Information Form available on SEDAR+ at www.sedarplus.ca and in Glass House’s Form 40-F available on EDGAR at www.sec.gov. For more information on Glass House, investors are encouraged to review Glass House’s public filings on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The forward-looking statements and financial outlooks contained in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. Glass House disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

For further information, please contact:
KCSA Strategic Communications
Phil Carlson
T: 212-896-1233
E: GlassHouseIR@kcsa.com

Team Inc. Advances Operational Transformation and Commercial Diversification Initiatives.

SUGAR LAND, Texas, Nov. 11, 2026 (GLOBE NEWSWIRE) — Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global, leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services, today reported its financial results for the quarter ended September 30, 2026. The Company also updated guidance for the full year 2026.

Third Quarter 2026 Highlights:

• Reported revenue of $220.4 million, a 2.0% decrease from $225.0 million in the third quarter of 2025.
• Generated gross margin of $55.8 million, compared to $58.0 million in the third quarter of 2025.
• Reported a net loss of $11.1 million, an improvement of $0.3 million, or 3.3%, compared to a net loss of $11.4 million in the prior-year period.
• Delivered Adjusted EBITDA¹ of $15.7 million (7.1% of consolidated revenue), representing an increase of $1.2 million, or 8.2%, compared to $14.5 million (6.5% of consolidated revenue) in the third quarter of 2025.
• Reduced Adjusted Selling, General and Administrative Expense¹ by $3.5 million, or 7.4%, to $43.3 million from the prior year period.
• Updated full-year guidance, including Adjusted EBITDA of $56 million to $59 million.

¹   See the accompanying reconciliation of non-GAAP financial measures at the end of this earnings release.

“In the third quarter, we continued to advance the key priorities of TEAM’s operational and commercial transformation as we work towards and capture early success in building a stronger, more efficient and diversified business,” said Gary L. Hill, TEAM’s Chief Executive Officer. “We are making meaningful progress on initiatives to optimize our operating footprint, improve execution and reduce our overall cost structure, while actively strengthening our commercial capabilities and expanding into higher-value industrial end markets. These efforts remain on track, and while the impacts continue to support our results in real-time, we expect the benefits of our ongoing transformation to become increasingly evident in our results as we move into 2027.”

Hill continued, “Third-quarter results continued to reflect the deferral of planned turnaround and maintenance activity across our core refining and petrochemical markets, particularly within our higher-margin mechanical services business. While demand for our inspection services has remained resilient more broadly, and our commercial diversification efforts have helped to partially offset these transient headwinds, the prolonged slowdown in turnaround activity continues to impact our performance and reported results. Additionally, the escalation of conflict in the Middle East has disrupted some customer activity and delayed the completion of work previously anticipated before year-end, contributing to our revised full-year outlook. Importantly, we believe much of this work has been deferred rather than lost, and we expect it to begin returning in early 2027, although the timing remains dependent on customer operating decisions. Despite this continued headwind, our commercial diversification efforts and the benefits of our structural cost reduction efforts have helped to bolster our underlying profitability, driving growth to adjusted EBITDA and expansion to our adjusted EBITDA margin. As we look ahead, we remain confident in the direction of our transformation and believe our expanding commercial opportunities, combined with a leaner operating structure and the eventual recovery in turnaround activity, will support stronger earnings power and cash flow generation over time.”
  
Financial Results

Third quarter revenue was $220.4 million, compared to $225.0 million in the prior-year period, as growth in our international markets was offset by lower revenue in the United States, while revenue in Canada remained relatively flat. Revenue increased by 8.3% in our international markets and declined 4.4% in the United States. Third quarter consolidated gross margin was $55.8 million, or 25.3% of revenue.

Selling, general and administrative expenses for the third quarter were $50.7 million, a decrease of $0.5 million or 1.1%, from the third quarter of 2025. Adjusted Selling, General and Administrative Expense, which excludes certain items not indicative of TEAM’s ongoing operations, including non-recurring professional and legal costs, transformation and severance expenses, as well as non-cash share-based compensation expense, decreased by $3.5 million, or 7.4%, to $43.3 million compared to the prior-year period.

Operating loss was $0.5 million, compared to operating income of $1.3 million in the third quarter of 2025. Net loss was $11.1 million, an improvement of $0.3 million compared to a net loss of $11.4 million in the prior-year period. Net loss attributable to common shareholders, which includes dividends and accretion related to the preferred shares, totaled $14.2 million, or $3.10 per share, compared to a net loss attributable to common shareholders of $12.1 million, or $2.68 per share, in the third quarter of 2025. Adjusted EBITDA, a non-GAAP measure, increased to $15.7 million (7.1% of consolidated revenue), compared to $14.5 million (6.5% of consolidated revenue) in the prior-year quarter.

Adjusted EBITDA, Adjusted Net Loss, Adjusted EBIT, and Adjusted Selling, General and Administrative Expense are non-GAAP financial measures that exclude certain items that are not indicative of TEAM’s core operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are included at the end of this earnings release.

Segment Results

The following table illustrates the composition of the Company’s revenue and operating income (loss) by segment for the three months ended September 30, 2026 and 2025 (in thousands):

TEAM, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(unaudited, in thousands)
	Three Months Ended September 30,								Favorable (Unfavorable)
	2026				2025				$				%
Revenues1
IHT	$	127,063			$	122,308			$	4,755			3.9	%
MS		93,306				102,668				(9,362	)		(9.1	)%
	$	220,369			$	224,976			$	(4,607	)		(2.0	)%
Operating income (loss)1
IHT	$	15,173			$	13,959			$	1,214			8.7	%
MS		371				3,416				(3,045	)		(89.1	)%
Corporate and shared support services		(16,015	)			(16,033	)			18			0.1	%
	$	(471	)		$	1,342			$	(1,813	)		(135.1	)%

¹ As of January 1, 2026, Emission Control Services were reclassified from the MS segment to the IHT segment to better align with how management evaluates performance. Prior period segment information (revenues, operating, and depreciation and amortization expense) was recast to reflect this change, which did not impact the Company’s consolidated revenue or Adjusted EBITDA. For the three months ended September 30, 2025, this resulted in a decrease of $8.5 million in revenue and $2.4 million in operating income for the MS segment, with corresponding increases in the IHT segment.

Revenues. IHT revenues increased by $4.8 million, or 3.9%, compared with the prior-year quarter, driven by growth in the U.S. and Canada. U.S. revenue increased by $3.6 million primarily due to increased non-turnaround activities, partially offset by lower oil and gas turnaround activity. Revenues in Canada and other international regions increased by $1.2 million. MS revenues decreased by $9.4 million, or 9.1%, compared with the prior-year quarter, primarily due to lower oil and gas turnaround and project activities of $11.1 million in the U.S. and $1.2 million in Canada, partially offset by a $2.9 million revenue increase in other international regions.

Operating income (loss). IHT reported operating income of  $15.2 million, compared to $14.0 million in the prior-year period, primarily reflecting a favorable project mix and resulting margin improvements from non-turnaround activities. MS operating income was $0.4 million, compared to $3.4 million in the prior-year period, primarily due to lower activity levels and profitability in the U.S., particularly within the hot tapping service line, and lower project profitability in Canada. Corporate and shared support services cost was relatively consistent with the prior-year period, despite a one-time charge of $2.0 million related to a legal settlement. Excluding this settlement, cost would have declined by 12.6%, as lower professional services fees and non-cash compensation cost reversals were partially offset by higher personnel costs, including severance charges incurred during the current period. In aggregate, consolidated operating results declined by $1.8 million, driven by the combination of factors outlined above.

The following table illustrates the composition of the Company’s revenue and operating income (loss) by segment for the nine months ended September 30, 2026 and 2025 (in thousands):

TEAM, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(unaudited, in thousands)
	Nine Months Ended September 30,								Favorable (Unfavorable)
	2026				2025				$				%
Revenues1
IHT	$	381,737			$	374,151			$	7,586			2.0	%
MS		282,366				297,506				(15,140	)		(5.1	)%
	$	664,103			$	671,657			$	(7,554	)		(1.1	)%
Operating income (loss)1
IHT	$	39,424			$	42,655			$	(3,231	)		(7.6	)%
MS		1,190				8,219				(7,029	)		(85.5	)%
Corporate and shared support services		(42,283	)			(43,432	)			1,149			2.6	%
	$	(1,669	)		$	7,442			$	(9,111	)		(122.4	)%

¹ As of January 1, 2026, Emission Control Services were reclassified from the MS segment to the IHT segment to better align with how management evaluates performance. Prior period segment information (revenues, operating, and depreciation and amortization expense) was recast to reflect this change, which did not impact the Company’s consolidated revenue or Adjusted EBITDA. For the nine months ended September 30, 2025, this resulted in a decrease of $23.8 million in revenue and $6.7 million in operating income for the MS segment, with corresponding increases in the IHT segment.

Revenues. IHT revenues increased by $7.6 million, or 2.0%, compared with the prior-year period, driven by a $5.1 million, or 1.5%, increase in U.S. revenues attributable to increased non-turnaround activities, partially offset by lower oil and gas turnaround activity. Revenues in other international markets increased by $1.8 million, or 18.4%, while revenues in Canada increased by $0.7 million. MS revenues decreased by $15.1 million, or 5.1%, compared with the prior-year period, driven primarily by lower turnaround and project activities in the U.S. and Canada.

Operating income (loss). IHT’s 2026 operating income totaled $39.4 million, compared with $42.7 million in the prior-year period, reflecting a decrease of $3.2 million, or 7.6%, primarily driven by an unfavorable project mix impacting margins, and higher benefit costs. MS operating income was $1.2 million, compared with $8.2 million in the prior-year period, largely reflecting lower revenues and an unfavorable project mix in the U.S. and Canada, including lower activity in the hot tapping and leak repair service lines, as well as higher benefit costs. Corporate and shared support services costs improved by $1.1 million, or 2.6% compared with the prior-year period, despite a one-time charge of $2.0 million related to a legal settlement. The improvement was primarily due to lower legal and professional services costs, partially offset by higher personnel costs, including severance charges incurred in the current period. A reversal of non-cash compensation expense also partially offset these higher costs. As a result, the Company reported a consolidated operating loss of $1.7 million for the period.

Balance Sheet and Liquidity

At September 30, 2026, the Company had total liquidity of $43.5 million, including $8.1 million of cash and cash equivalents (excluding $2.9 million of restricted cash) and $35.4 million of available capacity under the ABL Credit Facility.

The Company’s total debt as of September 30, 2026 was $319.1 million compared to $297.2 million as of December 31, 2025. The increase is primarily due to higher net borrowings under the Company’s ABL credit facility. The Company’s Net Debt (total debt less cash and cash equivalents, including restricted cash of $2.9 million), a non-GAAP financial measure, was $308.1 million at September 30, 2026.

Updated 2026 Outlook

For fiscal year 2026, the Company is updating its operating and cash flow guidance as follows:

• Total Company Revenue of $870 million to $890 million, a decrease of approximately 2% at the midpoint of guidance compared to 2025;
• Gross Margin of between $226 million and $249 million, an increase of approximately 3% at the midpoint of guidance compared to 2025;
• Adjusted EBITDA of between $56 million and $59 million, a decrease of approximately 5% at the midpoint of guidance compared to 2025;
• Capital expenditures of between $13 million and $14 million;
• Structural cost improvements of $15 million to $18 million;           
• Full program goals of $30 million to $38 million at full annual run rate.

Clinton Roeder, Chief Financial Officer commented, “TEAM’s year-to-date performance, particularly our revenues, has continued to reflect deferred turnaround and maintenance activity across our core markets, with the timing of this work remaining difficult to predict. Our updated full-year 2026 guidance reflects our current expectation that the recovery in this activity, further delayed by disruptions in the Middle East, will largely shift into early 2027. The difference compared to our 2025 results and our original 2026 guidance stems directly from these deferrals. Despite these near-term headwinds, we continue to make meaningful progress on our structural cost improvement initiatives, while maintaining a disciplined focus on working capital and cash conversion. As we move into 2027, we expect these initiatives to provide a stronger foundation for improved profitability and cash flow generation as deferred maintenance activity returns and our commercial diversification efforts gain traction.”

Conference Call

The Company will hold a conference call to discuss its third quarter 2026 financial and operating results on Thursday, November 12, 2026, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). Interested parties in the United States may participate toll-free by dialing (877) 270-2148. Interested parties internationally may dial (412) 902-6510. Participants should ask to join “TEAM, Inc. Third Quarter 2026 Conference Call.” This call will also be webcast on TEAM’s website at www.teaminc.com. An audio replay will be available on the Company’s website following the call.

Non-GAAP Financial Measures

The non-GAAP measures in this earnings release are provided to enable investors, analysts and management to evaluate TEAM’s performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. These measures should be used in addition to, and not as a substitute for, results prepared in conformity with generally accepted accounting principles (“GAAP”). A reconciliation of each of the non-GAAP financial measures to the most directly comparable historical GAAP financial measure is included in the accompanying schedules for the periods presented.

The Company is unable to provide a reconciliation of the forward-looking non-GAAP financial measure, Adjusted EBITDA, contained in this press release to its most directly comparable GAAP financial measure, net income, as the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measure to its respective most directly comparable GAAP financial measure is not (and was not, when prepared) available to the Company without unreasonable efforts due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income includes the impact of depreciation, income taxes and certain other items that impact comparability between periods, which may be significant and are difficult to project with a reasonable degree of accuracy. In addition, we believe such reconciliation could imply a degree of precision that might be confusing or misleading to investors. The probable significance of providing this forward-looking non-GAAP financial measure without the directly comparable GAAP financial measure is that such GAAP financial measure may be materially different from the corresponding non-GAAP financial measure.

About Team, Inc.

Headquartered in Sugar Land, Texas, Team, Inc. (NYSE: TISI) is a global, leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services. We deploy conventional to highly specialized inspection, condition assessment, maintenance, and repair services that result in greater safety, reliability, and operational efficiency for our customers’ most critical assets. Through locations in 13 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability management expertise to fuel a better tomorrow. For more information, please visit www.teaminc.com.

Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions, and beliefs upon which this forward-looking information is based are current, reasonable, and complete. However, such forward-looking statements involve estimates, assumptions, judgments, and uncertainties. They include but are not limited to statements regarding the Company’s financial and growth prospects and strategy, including the implementation of cost-saving measures. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Although it is not possible to identify all of these factors, they include, among others: the Company’s ability to generate sufficient cash from operations, access its credit facilities, or maintain its compliance with covenants under its credit agreements, and its preferred stock certificate of designation; negative market conditions, including domestic and global inflationary pressures, the impact of changes in global trade policies and tariffs, and future economic uncertainties, particularly in industries in which the Company is heavily dependent; the Company’s liquidity and ability to obtain additional financing; the impact of new or changes to existing governmental laws and regulations and their application, including tariffs; the outcome of tax examinations, changes in tax laws, and other tax matters; foreign currency exchange rate and interest rate fluctuations; the Company’s ability to repay, refinance or restructure its debt and the debt of certain of its subsidiaries; anticipated or expected purchases or sales of assets; the Company’s ability to maintain compliance with the New York Stock Exchange continued listing requirements and rules, and such known factors as are detailed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein, including statements regarding the Company’s financial prospects and the implementation of cost-saving measures, will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the Company, whether as a result of new information, future events or otherwise, except as may be required by law.

Contact:
Alpha IR Group
Nick Teves or Joseph Caminiti
(312) 445-2870

TEAM, INC. AND SUBSIDIARIES
SUMMARY OF CONSOLIDATED OPERATING RESULTS
(unaudited, in thousands, except per share data)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Revenues	$	220,369			$	224,976			$	664,103			$	671,657
Operating expenses		161,627				163,648				494,827				488,760
Depreciation and amortization		2,974				3,284				8,957				9,498
Gross margin		55,768				58,044				160,319				173,399
Selling, general and administrative expenses		50,698				51,239				145,511				149,779
Depreciation and amortization		5,541				5,463				16,477				16,178
Operating income (loss)		(471	)			1,342				(1,669	)			7,442
Interest expense, net		(9,809	)			(11,855	)			(27,971	)			(35,187	)
Loss on debt extinguishment		—				(1,283	)			—				(13,136	)
Other income (expense), net		(194	)			1,298				924				(2,396	)
Loss before income taxes		(10,474	)			(10,498	)			(28,716	)			(43,277	)
Provision for income taxes		(594	)			(949	)			(497	)			(2,154	)
Net loss	$	(11,068	)		$	(11,447	)		$	(29,213	)		$	(45,431	)
Dividend and accretion to redemption value on redeemable preferred stock		(3,142	)			(610	)			(9,022	)			(610	)
Net loss attributable to common shareholders	$	(14,210	)		$	(12,057	)		$	(38,235	)		$	(46,041	)
Loss per common share:
Basic and diluted	$	(3.10	)		$	(2.68	)		$	(8.36	)		$	(10.24	)
Weighted-average number of shares outstanding:
Basic and diluted		4,581				4,499				4,571				4,495

       

TEAM, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED BALANCE SHEET INFORMATION
(in thousands)
	September 30,				December 31,
	2026				2025
	(unaudited)
Cash and cash equivalents	$	11,010			$	18,145
Other current assets		267,188				248,260
Property, plant, and equipment, net		103,749				110,628
Other non-current assets		97,594				108,420
Total assets	$	479,541			$	485,453
Current portion of long-term debt and finance lease obligations	$	4,132			$	3,858
Other current liabilities		122,459				116,197
Long-term debt and finance lease obligations		314,933				293,343
Other non-current liabilities		40,963				44,585
Redeemable preferred stock		60,980				51,951
Shareholders’ equity (deficit)		(63,926	)			(24,481	)
Total liabilities, redeemable preferred stock and shareholders’ equity (deficit)	$	479,541			$	485,453

TEAM, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED CASH FLOW INFORMATION
(unaudited, in thousands)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Cash flows from operating activities:
Net loss	$	(11,068	)		$	(11,447	)		$	(29,213	)		$	(45,431	)
Depreciation and amortization		8,515				8,747				25,434				25,676
Loss on debt extinguishment		—				1,283				—				13,136
Amortization of debt issuance costs, debt discounts and deferred financing costs		1,150				1,331				3,434				3,939
Deferred income taxes		(472	)			357				(2,088	)			(494	)
Non-cash compensation cost (credit)		(293	)			352				973				665
Working capital and other		(1,052	)			3,260				(10,175	)			(25,613	)
Net cash provided by (used in) operating activities		(3,220	)			3,883				(11,635	)			(28,122	)
Cash flows from investing activities:
Capital expenditures		(2,560	)			(2,839	)			(8,966	)			(7,155	)
Proceeds from disposal of assets		1,670				82				1,701				82
Net cash used in investing activities		(890	)			(2,757	)			(7,265	)			(7,073	)
Cash flows from financing activities:
Net borrowings (payments) under ABL Credit Facility		(9,500	)			(30,000	)			15,200				(10,018	)
Payments under Corre DDTL		—				—				—				(35,700	)
Payments under Corre Uptiered Loan		—				—				—				(55,894	)
Borrowings (payments) under First Lien Term Loan		(437	)			(437	)			(1,312	)			174,125
Payments under 2025 Second Lien Term Loan		—				(41,803	)			—				(41,803	)
Payments under ME/RE Loans		—				—				—				(23,427	)
Payments under Corre Incremental Term Loans		—				—				—				(48,015	)
Payments for debt issuance costs		—				(2,513	)			—				(11,412	)
Net proceeds from issuance of preferred stock and warrants		—				67,977				—				67,977
Other		(883	)			(209	)			(1,984	)			(1,657	)
Net cash provided by (used in) financing activities		(10,820	)			(6,985	)			11,904				14,176
Effect of exchange rate changes		(44	)			(38	)			(139	)			286
Net change in cash and cash equivalents	$	(14,974	)		$	(5,897	)		$	(7,135	)		$	(20,733	)

TEAM, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(unaudited, in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenues1
IHT	$	127,063			$	122,308			$	381,737			$	374,151
MS		93,306				102,668				282,366				297,506
	$	220,369			$	224,976			$	664,103			$	671,657
Operating income (loss)1
IHT	$	15,173			$	13,959			$	39,424			$	42,655
MS		371				3,416				1,190				8,219
Corporate and shared support services		(16,015	)			(16,033	)			(42,283	)			(43,432	)
	$	(471	)		$	1,342			$	(1,669	)		$	7,442
Segment Adjusted EBIT1, 2
IHT	$	15,760			$	14,056			$	41,455			$	43,679
MS		3,256				3,564				4,421				9,265
Corporate and shared support services		(11,499	)			(12,178	)			(36,067	)			(34,963	)
	$	7,517			$	5,442			$	9,809			$	17,981
Segment Adjusted EBITDA1, 2
IHT	$	19,157			$	17,307			$	51,564			$	52,644
MS		6,988				7,758				15,663				22,015
Corporate and shared support services		(10,406	)			(10,524	)			(31,011	)			(30,337	)
	$	15,739			$	14,541			$	36,216			$	44,322

___________________

1. As noted within the Segments results above, revenues, operating, and depreciation and amortization expense attributable to Emission Control Services were reclassified from the MS segment to the IHT segment.
2. See the accompanying reconciliation of non-GAAP financial measures at the end of this earnings release.

TEAM, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(Unaudited)

The Company uses supplemental non-GAAP financial measures derived from consolidated financial information, including Adjusted Net Income (Loss), Adjusted Net Income (Loss) per Share, Adjusted EBIT, Adjusted EBITDA, Free Cash Flow and Net Debt to supplement financial information presented in accordance with generally accepted accounting principles (“GAAP”).

The Company defines Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Share to exclude the following items: non-routine legal costs and settlements, non-routine professional fees, loss on debt extinguishment, certain severance charges, incremental non-recurring transformation costs associated with workforce reductions, facility consolidations, lease termination activities and other business transformation initiatives, non-routine write-offs of assets, and certain other items that we believe are not indicative of core operating activities. Consolidated Adjusted EBIT excludes the costs excluded from Adjusted Net Income (Loss), as well as income tax expense (benefit), interest charges, foreign currency (gain) loss, pension credit, and items of other (income) expense. Consolidated Adjusted EBITDA further excludes depreciation, amortization and non-cash share-based compensation costs. Segment Adjusted EBIT is equal to segment operating income (loss) excluding costs associated with non-routine legal costs and settlements, non-routine professional fees, certain severance charges and transformation costs, and certain other items as determined by management. Segment Adjusted EBITDA further excludes depreciation, amortization, and non-cash share-based compensation costs from segment Adjusted EBIT. Adjusted Selling, General and Administrative Expense is defined to exclude non-routine legal costs and settlements, non-routine professional fees, certain severance charges and transformation costs, certain other items that we believe are not indicative of core operating activities and non-cash share-based  compensation. Free Cash Flow is defined as net cash provided by (used in) operating activities minus capital expenditures paid in cash. Net Debt is defined as the sum of the current and long-term portions of debt, including finance lease obligations, less cash and cash equivalents.

Management believes these non-GAAP financial measures are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per Share, consolidated Adjusted EBIT, and consolidated Adjusted EBITDA are meaningful measures of performance that are commonly used by industry analysts, investors, lenders, and rating agencies to analyze operating performance in our industry, perform analytical comparisons, benchmark performance between periods, and measure our performance against externally communicated targets. Segment Adjusted EBITDA is also used as a basis for the Chief Operating Decision Maker (Chief Executive Officer) to evaluate the performance of the Company’s reportable segments. Free Cash Flow is used by our management and investors to analyze the Company’s ability to service and repay debt and return value directly to stakeholders.

Non-GAAP measures have limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures and should be considered only in conjunction with financial information presented in accordance with U.S. GAAP. Further, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies that may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes. The liquidity measure of Free Cash Flow does not represent a precise calculation of residual cash flow available for discretionary expenditures. Reconciliations of each non-GAAP financial measure to its most directly comparable U.S. GAAP financial measure are presented below.

TEAM, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands except per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Adjusted Net Loss:
Net loss	$	(11,068	)		$	(11,447	)		$	(29,213	)		$	(45,431	)
Professional fees and other1		1,945				1,977				4,237				6,285
Write-off of assets		313				—				480				45
Legal costs and litigation reserves2		3,771				1,972				2,211				3,261
Severance charges		2,272				151				5,030				993
Loss on debt extinguishment		—				1,283				—				13,136
Tax impact of adjustments and other net tax items		(632	)			2				(766	)			(101	)
Adjusted Net Loss	$	(3,399	)		$	(6,062	)		$	(18,021	)		$	(21,812	)
Dividend and accretion to redemption value on redeemable preferred stock		(3,142	)			(610	)			(9,022	)			(610	)
Adjusted Net Loss attributable to common shareholders	$	(6,541	)		$	(6,672	)		$	(27,043	)		$	(22,422	)
Adjusted Net Loss per common share:
Basic and Diluted	$	(1.43	)		$	(1.48	)		$	(5.92	)		$	(4.99	)
Consolidated Adjusted EBIT and Adjusted EBITDA:
Net loss	$	(11,068	)		$	(11,447	)		$	(29,213	)		$	(45,431	)
Provision for income taxes		594				949				497				2,154
Net gain on disposal of assets		(550	)			(107	)			(554	)			(102	)
Interest expense, net		9,809				11,855				27,971				35,187
Professional fees and other1		1,945				1,977				4,237				6,285
Write-off of assets		313				—				480				45
Legal costs and litigation reserves2		3,771				1,972				2,211				3,261
Severance charges		2,272				151				5,030				993
Foreign currency loss (gain)		426				(1,136	)			(864	)			2,613
Pension cost (credit)3		5				(55	)			14				(160	)
Loss on debt extinguishment		—				1,283				—				13,136
Consolidated Adjusted EBIT		7,517				5,442				9,809				17,981
Depreciation and amortization		8,515				8,747				25,434				25,676
Non-cash share-based compensation cost (credit)		(293	)			352				973				665
Consolidated Adjusted EBITDA	$	15,739			$	14,541			$	36,216			$	44,322
Free Cash Flow:
Cash provided by (used in) operating activities	$	(3,220	)		$	3,883			$	(11,635	)		$	(28,122	)
Capital expenditures		(2,560	)			(2,839	)			(8,966	)			(7,155	)
Free Cash Flow	$	(5,780	)		$	1,044			$	(20,601	)		$	(35,277	)

___________________

1. For the three and nine months ended September 30, 2026, includes $1.8 million of transformation costs associated with workforce reductions, facility consolidations, lease termination activities and other business transformation initiatives, as well as executive search and third-party support costs. For the three and nine months ended September 30, 2025, includes $1.6 million and $4.6 million, respectively, of executive search and third-party support costs and $0.4 million and $1.7 million, respectively, of debt financing costs.
2. For the three and nine months ended September 30, 2026, includes non-routine litigation reserves of $2.4 million and $0.9 million (net of refunds), respectively. For the three and nine months ended September 30, 2025, includes non-recurring litigation reserves of $2.0 million and $3.3 million, respectively. These costs are included in selling, general and administrative expenses on the condensed consolidated statements of operations.
3. Represents pension cost (credit) for the U.K. pension plan based on the difference between the expected return on plan assets and the amount of the discounted pension liability. The pension plan was frozen in 1994 and no new participants have been added since that date.

TEAM, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
(unaudited, in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Segment Adjusted EBIT and Adjusted EBITDA:
IHT4
Operating income	$	15,173			$	13,959			$	39,424			$	42,655
Professional fees and other1		314				94				1,368				844
Severance charges		273				3				663				180
Adjusted EBIT		15,760				14,056				41,455				43,679
Depreciation and amortization		3,397				3,251				10,109				8,965
Adjusted EBITDA	$	19,157			$	17,307			$	51,564			$	52,644
MS4
Operating income	$	371			$	3,416			$	1,190			$	8,219
Professional fees and other1		1,110				—				1,179				—
Legal costs and litigation reserves2		441				—				441				251
Severance charges		1,334				148				1,611				795
Adjusted EBIT		3,256				3,564				4,421				9,265
Depreciation and amortization		3,732				4,194				11,242				12,750
Adjusted EBITDA	$	6,988			$	7,758			$	15,663			$	22,015
Corporate and shared support services
Net loss	$	(26,612	)		$	(28,822	)		$	(69,827	)		$	(96,305	)
Provision for income taxes		594				949				497				2,154
Net gain on disposal of assets		(550	)			(107	)			(554	)			(102	)
Interest expense, net		9,809				11,855				27,971				35,187
Foreign currency loss (gain)		426				(1,136	)			(864	)			2,613
Professional fees and other1		521				1,883				1,690				5,441
Write-off of assets		313				—				480				45
Legal costs and litigation reserves2		3,330				1,972				1,770				3,010
Severance charges		665				—				2,756				18
Pension cost (credit)3		5				(55	)			14				(160	)
Loss on debt extinguishment		—				1,283				—				13,136
Adjusted EBIT		(11,499	)			(12,178	)			(36,067	)			(34,963	)
Depreciation and amortization		1,386				1,302				4,083				3,961
Non-cash share-based compensation cost (credit)		(293	)			352				973				665
Adjusted EBITDA	$	(10,406	)		$	(10,524	)		$	(31,011	)		$	(30,337	)
Consolidated Adjusted EBITDA	$	15,739			$	14,541			$	36,216			$	44,322

___________________

1. For the three and nine months ended September 30, 2026, includes $1.8 million of transformation costs associated with workforce reductions, facility consolidations, lease termination activities and other business transformation initiatives, as well as executive search and third-party support costs. For the three and nine months ended September 30, 2025, includes $1.6 million and $4.6 million, respectively, of executive search and third-party support costs and $0.4 million and $1.7 million, respectively, of debt financing costs.
2. For the three and nine months ended September 30, 2026, includes non-routine litigation reserves of $2.4 million and $0.9 million (net of refunds), respectively. For the three and nine months ended September 30, 2025, includes non-recurring litigation reserves of $2.0 million and $3.3 million, respectively. These costs are included in selling, general and administrative expenses on the condensed consolidated statements of operations.
3. Represents pension cost (credit) for the U.K. pension plan based on the difference between the expected return on plan assets and the amount of the discounted pension liability. The pension plan was frozen in 1994 and no new participants have been added since that date.
4. As noted within the Segments results above, revenues, operating, and depreciation and amortization expense attributable to Emission Control Services were reclassified from the MS segment to the IHT segment.

TEAM, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
(unaudited, in thousands except percentages)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Selling, General and Administrative Expenses	$	50,698			$	51,239			$	145,511			$	149,779
Less:
Non-cash share-based compensation costs (credit)		(293	)			352				973				665
Professional fees and other1		1,945				1,977				4,237				6,285
Legal costs and litigation reserves2		3,771				1,972				2,211				3,261
Severance charges included in SG&A expenses		1,929				127				4,549				837
Total non-cash/non-recurring items		7,352				4,428				11,970				11,048
Adjusted Selling, General and Administrative Expenses	$	43,346			$	46,811			$	133,541			$	138,731
As percentage of revenue		19.7	%			20.8	%			20.1	%			20.7	%

___________________

1. For the three and nine months ended September 30, 2026, includes $1.8 million of transformation costs associated with workforce reductions, facility consolidations, lease termination activities and other business transformation initiatives, as well as executive search and third-party support costs. For the three and nine months ended September 30, 2025, includes $1.6 million and $4.6 million, respectively, of executive search and third-party support costs and $0.4 million and $1.7 million, respectively, of debt financing costs.
2. For the three and nine months ended September 30, 2026, includes non-routine litigation reserves of $2.4 million and $0.9 million (net of refunds), respectively. For the three and nine months ended September 30, 2025, includes non-recurring litigation reserves of $2.0 million and $3.3 million, respectively. These costs are included in selling, general and administrative expenses on the condensed consolidated statements of operations.

HOUSTON, TX, Nov. 11, 2026 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP) (the “Company” or “Prairie”), an independent energy company engaged in the development and acquisition of oil and natural gas resources in the Denver-Julesburg (DJ) Basin – today announced it will release its third quarter 2026 financial and operating results after market close on November 12, 2026.

The Company will host a conference call and webcast the following day at 8:30 AM Eastern Time (7:30 AM Central Time) to review the results and provide an update on recent developments. Analysts and investors are invited to participate. 

Webcast Access:
Date: November 13, 2026
Time: 8:30am Eastern Time (7:30am Central Time)
Participant Listening: 877-407-9219 / +1 412-652-1274

The webcast may be accessed from the “Events & Presentations” page of Prairie’s website at: https://www.prairieopco.com/events-presentations.

Register for Investor Update Call:

To participate via telephone, please register in advance here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Nsq6EeVJ.

Participants can use Guest dial-in numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event:
 https://hd.choruscall.com/InComm/?callme=true&passcode=13751732&h=true&info=company&r=true&B=6.

The Call me™ link will be made active 15 minutes prior to scheduled start time. Upon registration, all telephone participants will be joined to the conference call in listen only.  A replay of the webcast will be archived on the Company’s website for two (2) weeks following the call.

About Prairie Operating Co.

Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil and natural gas resources in the United States. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com.

Investor Relations Contact:
Wobbe Ploegsma
info@prairieopco.com
720-716-5415

Cautionary Statement about Forward-Looking Statements

The information included in this press release and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Press release, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks are not exhaustive. Other sections of this press release could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our SEC filings are available publicly on the SEC website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Accordingly, forward-looking statements in this press release should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

All forward-looking statements expressed or implied, included in this Press release are expressly qualified in their entirety by this cautionary statement.

MUSCATINE, Iowa, Nov. 11, 2026 (GLOBE NEWSWIRE) — HNI Corporation (NYSE: HNI) announced today its Board of Directors declared a quarterly dividend of 35 cents per share on its common stock.

The dividend will be payable on December 1, 2026, to shareholders of record at the close of business on November 23, 2026.

About HNI Corporation

HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 75 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is the thought leader in commercial furnishings and the preeminent global designer, innovator, and provider of workplace solutions going to market under unique brands serving multiple channels and customers from the largest multinational companies to small local businesses. The Residential Building Products segment is the nation’s leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation’s website at www.hnicorp.com.

For Information, Contact:
VP Berger, Executive Vice President and Chief Financial Officer (563) 272-7927
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

Subsequent to Quarter End, Entered into a Merger Agreement to Acquire Investcorp Credit Management BDC, Inc. at 90% of ICMB’s Closing NAV; Transaction Expected to Be Accretive to BCIC and ICMB Shareholders

Declares Monthly Base Distributions of $0.09 Per Share for January, February, and March 2027

Non-Accrual Debt Investments Decline to 10, Representing 2.8% of the Portfolio at Fair Value

NEW YORK, Nov. 11, 2026 (GLOBE NEWSWIRE) — BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or the “Company”) announced today its financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Total investment income for the third quarter of 2026 was $13.9 million, compared to $15.2 million for the second quarter of 2026.
• Core investment income¹, excluding the impact of purchase price accounting, for the third quarter of 2026 was $12.2 million, compared to $12.9 million for the second quarter of 2026.
• Net investment income (“NII”) for the third quarter of 2026, was $4.6 million ($0.37 per share), compared to $5.5 million ($0.45 per share) for the second quarter of 2026.
• Net asset value (“NAV”) as of September 30, 2026 was $162.7 million ($13.13 per share), compared to $179.5 million ($14.49 per share) as of June 30, 2026.
• Non-accrual investments decreased to 10 across 7 portfolio companies from 11 across 7 portfolio companies, representing 2.8% and 6.0% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of September 30, 2026, compared to 3.1% and 5.7%, respectively, as of June 30, 2026. For a subset of the non-accrual population, the Company continues to recognize interest income on a cash basis (i.e., only when cash payments are received).
• Deployment of approximately $3.1 million and repayments and sales of approximately $8.9 million resulting in net repayments and sales of approximately $5.8 million during the quarter.
• The Company issued $10.0 million of 7.50% notes due 2029 on September 2, 2026, as additional notes under the Sixth Supplemental Indenture pursuant to which the Company previously issued $50.0 million aggregate principal amount of 7.50% notes due 2029 on March 24, 2026. The additional notes are consolidated with and treated as a single series and have the same terms as to status, redemption and otherwise (other than issue date) as the initial issuance.
• The Company amended its senior secured revolving credit facility with KeyBank National Association (as amended, the “KeyBank Credit Facility”) on August 6, 2026, reducing the applicable borrowing spread from 2.80% to 2.50% during the reinvestment period and from 3.20% to 3.00% during the amortization period, extending the reinvestment period to August 2029 and the maturity date to August 2031, and increasing committed capacity under the KeyBank Credit Facility from $75.0 million to $150.0 million. Borrowings under the KeyBank Credit Facility were used to repay in full all outstanding advances and other amounts then due under the Company’s revolving credit facility with JPMorgan, and the commitments thereunder were terminated, consolidating the Company’s secured revolving borrowings into a single facility.

Subsequent Events

• On September 3, 2026, the Company notified U.S. Bank Trust Company, National Association of its election to redeem the remaining $10.0 million aggregate principal amount outstanding of its 2026 Notes pursuant to the terms of the Base Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture. On October 3, 2026, the 2026 Notes were redeemed at par plus accrued interest which resulted in a loss of less than $0.1 million.
• On October 30, 2026, the Company paid its regular monthly base distribution of $0.09 per share of common stock to stockholders of record as of October 15, 2026.
• On November 11, 2026, the Company declared a regular monthly base distribution of $0.09 per share of common stock for each of January, February, and March 2027. The January 2027 distribution is payable on January 29, 2027, to stockholders of record at the close of business on January 15, 2027. The February 2027 distribution is payable on March 2, 2027, to stockholders of record at the close of business on February 16, 2027. The March 2027 distribution is payable on March 30, 2027, to stockholders of record at the close of business on March 15, 2027.
• On November 11, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Investcorp Credit Management BDC, Inc., a Maryland corporation (“ICMB”), and Aria Acquisition Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“Acquisition Sub”). The Merger Agreement provides that (i) Acquisition Sub will merge with and into ICMB (the “First Merger”), with ICMB continuing as the surviving company and as a wholly-owned subsidiary of the Company (the “Surviving Company”), and (ii) immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into the Company (the “Second Merger” and, together with the First Merger, the “Mergers”), with the Company continuing as the surviving corporation. ICMB’s board of directors, on the recommendation of its special committee, and the Company’s board of directors have each approved the Merger Agreement and the transactions contemplated thereby and have declared the Merger Agreement and the transactions contemplated thereby advisable. Subject to the terms and conditions of the Merger Agreement, each outstanding share of ICMB’s common stock (other than shares held by subsidiaries of ICMB or held, directly or indirectly, by the Company or Acquisition Sub) will be converted into the right to receive newly-issued shares of the Company’s common stock and, if applicable, cash, without interest, based on aggregate consideration equal to 90% of ICMB’s adjusted net asset value. The exchange ratio will be based on the parties’ respective adjusted net asset values per share. The stock consideration is capped at 19.99% of the Company’s common stock outstanding as of November 11, 2026, and the cash consideration is capped at 60% of the aggregate merger consideration, subject to adjustment as provided in the Merger Agreement to preserve the intended economic terms and tax treatment. Consummation of the Mergers is subject to certain customary closing conditions, including approval by ICMB’s stockholders and the delivery of customary instruments providing for the payoff of ICMB’s outstanding indebtedness.

Management Commentary
Ted Goldthorpe, Chief Executive Officer of BCP Investment Corporation, stated, “We are pleased to announce our proposed merger with ICMB, which represents another step in the execution of our strategy to pursue consolidation in the BDC space. We expect the transaction to be accretive for ICMB and BCIC stockholders. We have been proactive in identifying specific opportunities where our Company can benefit from greater scale and cost synergies, and we believe the combined company will benefit from having lower financing costs, a reduction in public company costs per share and improved trading liquidity in the equity.

During the third quarter, we continued to actively manage and reposition our portfolio, with an emphasis on credit quality, liquidity and strengthening our overall financial position. We completed the previously announced amendment to our KeyBank Credit Facility, increasing borrowing capacity to $150 million, reducing the spread by 30 basis points and extending the KeyBank Credit Facility’s revolving period and maturity date by two years. Additionally, during the quarter, we increased our unsecured financing by issuing an incremental $10 million of our 7.50% notes due 2029, the proceeds of which were then used to redeem the remaining $10 million of our 2026 Notes, further enhancing our capital structure and eliminating all near-term debt maturities. Together, these actions have derisked near-term refinancing risks and streamlined our debt capital structure.

Net investment income of $0.37 per share for the quarter continued to reflect elevated portfolio repayments. While repayments continued to outpace new deployments, we have remained disciplined in deploying capital and continue to evaluate opportunities that meet our underwriting criteria.

Net asset value was impacted by unrealized mark-to-market movements throughout the portfolio, reflecting markdowns across multiple industries during the quarter. We remain closely engaged with these portfolio companies as they navigate the current environment. At the same time, the number of debt investments on non-accrual declined from 11 to 10 during the quarter, while non-accrual investments at fair value decreased to 2.8% of the portfolio from 3.1% in the prior quarter.

Looking ahead, our priorities remain centered on actively managing the existing portfolio, maintaining balance sheet flexibility, and allocating capital where we see the most compelling risk-adjusted returns. Given current trading levels, we expect to favor debt repayment and share repurchases as we receive repayments over new investments in the coming quarters. We believe the improvements to our financing structure leave us well positioned to manage through the current environment.

Lastly, we are pleased that our Board has approved regular monthly base distributions totaling $0.27 per share for the first quarter of 2027. We remain committed to providing consistent distributions to our shareholders while managing the portfolio with a long-term perspective.”

Selected Financial Highlights

• Total investment income for the quarter ended September 30, 2026, was $13.9 million, of which approximately $12.0 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of $18.9 million for the quarter ended September 30, 2025, of which approximately $17.2 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio.
• Core investment income for the quarter ended September 30, 2026, excluding the impact of purchase discount accretion, was $12.2 million, compared to $15.3 million for the quarter ended September 30, 2025.
• NII for the quarter ended September 30, 2026, was $4.6 million ($0.37 per share), compared to $8.8 million ($0.71 per share) for the quarter ended September 30, 2025.
• The investment portfolio at fair value as of September 30, 2026, was $434.2 million, comprised of 105 portfolio companies. The debt investment portfolio, excluding investments in CLO Funds, equities and Joint Ventures, totaled $335.7 million at fair value, across 32 industries and 68 portfolio companies, with an average par balance per investment of approximately $3.1 million. This compares to a total investment portfolio at fair value as of June 30, 2026, of $452.7 million, comprised of 107 portfolio companies. The Company’s debt investment portfolio, excluding investments in the CLO Funds, equities and Joint Ventures, totaled $349.7 million at fair value as of June 30, 2026, and was spread across 33 different industries comprised of 71 different portfolio companies with an average par balance per investment of approximately $3.2 million.
• Debt investments on non-accrual as of September 30, 2026, totaled 10 attributable to 7 portfolio companies, representing 2.8% and 6.0% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to 11 debt investments attributable to 7 portfolio companies, representing 3.1% and 5.7% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of June 30, 2026. As of September 30, 2026, for a subset of the non-accrual population, the Company continues to recognize interest income on a cash basis (i.e., only when cash payments are actually received).
• Weighted average annualized yield was approximately 12.1% (excluding income from non-accruals and collateralized loan obligations) as of September 30, 2026.
• Par value of outstanding borrowings as of September 30, 2026, was $282.4 million, compared to $286.1 million as of June 30, 2026. The asset coverage ratio was approximately 157%, compared to 162% as of June 30, 2026. Gross and net leverage as of September 30, 2026, were approximately 1.7x and 1.7x², compared to 1.6x and 1.6x², respectively, as of June 30, 2026.

Results of Operations
Operating results for the three and nine months ended September 30, 2026, and September 30, 2025, were as follows:

			For the Three Months Ended September 30,											For the Nine Months Ended September 30,
($ in thousands, except share and per share amounts)				2026						2025					2026						2025
Total investment income			$	13,890					$	18,940				$	46,653					$	43,688
Net expenses					9,310						10,092					29,665						25,943
Net Investment Income					4,580						8,848					16,988						17,745
Net realized gain (loss) on investments					(8,880	)					(2,678	)				(21,384	)					(18,691	)
Net change in unrealized gain (loss) on investments				(8,465		)				15,525					(27,837		)				18,250
Tax (provision) benefit on realized and unrealized v gains (losses) on investments					(190	)					1,935					(409	)					1,726
Net realized and unrealized appreciation v (depreciation) on investments, net of taxes					(17,535	)					14,782					(49,630	)					1,285
Realized gains (losses) on extinguishment of debt					(532	)					—					(892	)					—
Net Increase (Decrease) in Net Assets Resulting from Operations			$	(13,487		)			$	23,630				$	(33,534		)			$	19,030
Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:
Basic:			$	(1.09		)			$	1.88				$	(2.70		)			$	1.84
Diluted:			$	(1.09		)			$	1.86				$	(2.70		)			$	1.83
Net Investment Income Per Common Share:
Basic:			$	0.37					$	0.71				$	1.37					$	1.72
Diluted:			$	0.37					$	0.70				$	1.37					$	1.71
Weighted Average Shares of Common Stock Outstanding — Basic					12,383,625						12,549,643					12,398,946						10,337,858
Weighted Average Shares of Common Stock Outstanding — Diluted					12,383,625						12,726,646					12,398,946						10,397,936

Investment Income
The composition of the Company’s investment income for the three and nine months ended September 30, 2026, and September 30, 2025, was as follows:

		For the Three Months Ended  September 30,									For the Nine Months Ended  September 30,
($ in thousands)		2026			2025							2026							2025
Interest income, excluding CLO equity income and purchase discount accretion		$	8,790		$	11,032						$	27,989						$	27,127
Purchase discount accretion			1,657			3,618							6,660							3,634
Payment-in-kind income			2,057			2,705							7,840							8,215
CLO income			160			79							160							371
Dividend income from Joint Ventures			1,081			1,500							3,470							4,130
Fees and other income			145			6							534							211
Investment Income		$	13,890		$	18,940						$	46,653						$	43,688
Less: Purchase discount accretion		$	(1,657	)	$	(3,618		)				$	(6,660		)				$	(3,634		)
Core Investment Income		$	12,233		$	15,322						$	39,993						$	40,054

Fair Value of Investments
The composition of the Company’s investment portfolio as of September 30, 2026, and December 31, 2025, at cost and fair value was as follows:

($ in thousands)		September 30, 2026												December 31, 2025
Security Type		Cost/Amortized Cost				Fair Value				Fair Value Percentage of Total Portfolio				Cost/Amortized Cost				Fair Value				Fair Value Percentage of Total Portfolio
First Lien Debt		$	304,260			$	278,099				64.0	%		$	360,556			$	344,126				68.7	%
Second Lien Debt			45,023				34,102				7.9	%			49,777				42,183				8.4	%
Subordinated Debt			29,440				23,461				5.4	%			27,487				25,339				5.1	%
Collateralized Loan Obligations			16,467				15,684				3.6	%			1,381				1,789				0.4	%
Joint Ventures			66,338				45,132				10.4	%			64,403				48,165				9.6	%
Equity			47,594				37,446				8.6	%			44,413				39,193				7.8	%
Asset Manager Affiliates(1)			17,791				—				—				17,791				—				—
Derivatives			31				319				0.1	%			31				180				0.0	%
Total		$	526,944			$	434,243				100.0	%		$	565,839			$	500,975				100.0	%

_{⁽¹⁾ Represents the equity investment in the Asset Manager Affiliates.}

Liquidity and Capital Resources
As of September 30, 2026, the Company had approximately $282.4 million (par value) of outstanding borrowings at a current weighted average interest rate of 7.0%, of which approximately $182.0 million par value had a fixed rate and $100.4 million par value had a floating rate.

As of September 30, 2026, and December 31, 2025, the fair values of investments and cash were as follows:

($ in thousands)
Security Type		September 30, 2026				December 31, 2025
Cash and Cash Equivalents		$	2,347			$	3,721
Restricted Cash			3,583				8,782
First Lien Debt			278,099				344,126
Second Lien Debt			34,102				42,183
Subordinated Debt			23,461				25,339
Equity			37,446				39,193
Collateralized Loan Obligations			15,684				1,789
Joint Ventures			45,132				48,165
Derivatives			319				180
Total		$	440,173			$	513,478

As of September 30, 2026, the Company had unrestricted cash of $2.3 million and restricted cash of $3.6 million, compared to $2.5 million and $5.2 million as of June 30, 2026. As of September 30, 2026, the Company had $49.6 million of available borrowing capacity under the KeyBank Credit Facility.

Interest Rate Risk
The Company’s investment income is affected by fluctuations in various interest rates, including SOFR and prime rates.

As of September 30, 2026, approximately 86.3% of the Company’s Debt Securities Portfolio at par value was floating rate, with a spread to an interest rate index such as SOFR or the prime rate. Approximately 95.9% of these floating rate loans contain floors ranging between 0.50% and 5.25%. We generally expect that future portfolio investments will predominantly be floating rate investments.

In periods of rising or declining interest rates, the cost of the portion of the Company’s debt associated with its fixed rate borrowings would remain the same, while the interest rate on borrowings under the KeyBank Credit Facility would fluctuate with changes in interest rates.

Generally, the Company would expect that an increase in the base rate index for floating rate investment assets would increase gross investment income and a decrease in the base rate index for such assets would decrease gross investment income (in either case, such increase/decrease may be limited by interest rate floors/minimums for certain investment assets).

		Impact on net investment income from a change in interest rates at:
($ in thousands)		1%				2%				3%
Increase in interest rate		$	2,144			$	4,287			$	6,431
Decrease in interest rate		$	(2,112	)		$	(4,032	)		$	(5,324	)

Conference Call and Webcast
We will hold a conference call on Thursday, November 12, 2026, at 8:00 am Eastern Time to discuss our third quarter 2026 financial results. To access the call, stockholders, prospective stockholders and analysts should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 2135550.

A replay of this conference call will be available shortly after the live call through November 19, 2026.

A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis at https://edge.media-server.com/mmc/p/ykee8aoy. The online archive of the webcast will be available on the Company’s website shortly after the call at https://www.bcpinvestmentcorporation.com/ in the Investor Relations section under Events and Presentations.

About BCP Investment Corporation
BCP Investment Corporation (NASDAQ: BCIC) is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). BCIC’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. BCIC’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.

BCIC’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on BCIC’s website at www.bcpinvestmentcorporation.com.

About BC Partners Advisors L.P. and BC Partners Credit
BC Partners is a leading international investment firm in private equity and private credit strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

Transaction Advisors
Houlihan Lokey Capital, Inc. is serving as financial advisor to the Special Committee of the Board of Directors of ICMB, Fried Frank Harris Shriver & Jacobson LLP is serving as the Special Committee’s counsel and Dechert LLP is serving as counsel to ICMB. Simpson Thacher & Bartlett LLP is serving as counsel to BCIC.

About Investcorp Credit Management BDC, Inc.
Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. ICMB’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. ICMB seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million. ICMB’s investment activities are managed by its investment adviser, CM Investment Partners LLC. To learn more about ICMB, please visit www.icmbdc.com.

Forward-Looking Statements

This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between ICMB and BCIC pursuant to the Merger Agreement dated November 11, 2026, by and among ICMB, BCIC, and a wholly-owned subsidiary of BCIC. All statements, other than historical facts, including statements regarding the expected timing of the closing of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction such as improved operations, enhanced revenues and cash flow, growth potential, market profile and financial strength; the competitive ability and position of the combined company following completion of the proposed transaction; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the transaction may not be satisfied or waived, on a timely basis or otherwise, including the required approval by the stockholders of ICMB may not be obtained; (2) the risk that the Mergers or other transactions contemplated by the Merger Agreement may not be completed in the time frame expected by ICMB and BCIC or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5) uncertainty with respect to the trading levels of shares of the combined company’s common stock on NASDAQ; (6) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of ICMB and BCIC; (7) the ability of the combined company to implement its business strategy; (8) difficulties and delays in achieving synergies and cost savings of the combined company; (9) inability to retain and hire key personnel; (10) the occurrence of any event that could give rise to termination of the Merger Agreement; (11) the risk that stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the contemplated Mergers or result in significant costs of defense, indemnification and liability; (12) evolving legal, regulatory and tax regimes; (13) changes in laws or regulations or interpretations of current laws and regulations that would impact BCIC’s classification as a business development company; and (14) changes in general economic and/or industry specific conditions. Some of these factors are enumerated in the filings ICMB and BCIC have made with the SEC, and will be contained in the materials ICMB and BCIC will file with the SEC in connection with the proposed transactions under the Merger Agreement, including BCIC’s registration statement on Form N-14 (the “Registration Statement”), which will include ICMB’s proxy statement on Schedule 14A that also constitutes a prospectus of BCIC (the “Proxy Statement/Prospectus”).

Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with merger transactions effectuated by the Company; (3) the ability of the Company and/or its adviser to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions, including but not limited to the impact of inflation; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company’s ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions and their impact on the industries in which we invest; and (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC. Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that the Company in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, neither ICMB nor BCIC undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information or development, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Additional Information and Where to Find It

In connection with the Mergers, BCIC plans to file with the SEC the Registration Statement that will include the Proxy Statement/Prospectus. After the Registration Statement is declared effective by the SEC, ICMB will mail the Proxy Statement/Prospectus to its stockholders. The Proxy Statement/Prospectus and Registration Statement will each contain important information about BCIC, ICMB, the Mergers and related matters. STOCKHOLDERS OF ICMB AND BCIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BCIC, ICMB, THE MERGERS AND RELATED MATTERS. Investors and security holders will be able to obtain the documentation filed with the SEC free of charge at the SEC’s website, http://www.sec.gov and for documents filed by BCIC, from BCIC’s website at https://www.bcpinvestmentcorporation.com and for documents filed by ICMB, from ICMB’s website at https://www.icmbdc.com. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participation in the Solicitation

ICMB, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of ICMB in connection with the proposed Mergers.  Information about the directors and executive officers of ICMB is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed by ICMB with the SEC on March 31, 2026 and its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on November 10, 2025. Additional information regarding the directors and executive officers of ICMB will be contained in the Proxy Statement/Prospectus when it becomes available. These documents may be obtained free of charge from the sources indicated above.

No Offer or Solicitation

The information in this communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposals included in the Proxy Statement/Prospectus or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Contacts:

BCP Investment Corporation

650 Madison Avenue, 3rd floor
New York, NY 10022
info@bcpinvestmentcorporation.com

Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880

The Equity Group Inc.
Lena Cati
lena.cati@theequitygroup.com
(212) 836-9611

The Equity Group Inc.
Val Ferraro
val.ferraro@theequitygroup.com
(212) 836-9633

BCP INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
		September 30, 2026				December 31, 2025
		(Unaudited)
ASSETS
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $370,767 and $433,213, respectively)		$	329,550			$	409,735
Non-controlled affiliated investments (amortized cost of $114,217 and $90,294, respectively)			97,681				80,585
Controlled affiliated investments (amortized cost of $41,960 and $42,332, respectively)			7,012				10,655
Total Investments at fair value (amortized cost of $526,944 and $565,839, respectively)		$	434,243			$	500,975
Cash and cash equivalents			2,347				3,721
Restricted cash			3,583				8,782
Interest receivable			4,436				5,793
Receivable for unsettled trades			1,180				—
Dividend receivable			892				845
Other assets			2,781				3,525
Total Assets		$	449,462			$	523,641
LIABILITIES
2026 Notes (net of deferred financing costs and original issue discount of $5 and $312, respectively)		$	9,995			$	49,688
2028 Notes (net of deferred financing costs and original issue discount of $641 and $851, respectively)			34,359				34,149
2029 Notes (net of deferred financing costs of $1,034 and $—, respectively)			58,966				—
2030 Notes (net of deferred financing costs and original issue discount of $2,104 and $2,423, respectively)			72,896				72,577
2032 Convertible Notes (net of deferred financing costs and original issue discount of $92 and $102, respectively)			1,908				1,898
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $— and $825, respectively)			—				106,804
KeyBank Credit Facility (net of deferred financing costs of $1,752 and $904, respectively)			98,628				41,765
Management and incentive fees payable			1,551				1,865
Accounts payable, accrued expenses and other liabilities			2,280				1,714
Accrued interest payable			6,205				4,025
Total Liabilities		$	286,788			$	314,485
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,020,769 issued, and 12,387,452 outstanding as of September 30, 2026, and 14,003,016 issued, and 12,541,858 outstanding as of December 31, 2025		$	124			$	125
Capital in excess of par value			809,179				811,111
Total distributable (loss) earnings			(646,629	)			(602,080	)
Total Net Assets		$	162,674			$	209,156
Total Liabilities and Net Assets		$	449,462			$	523,641
Net Asset Value Per Common Share		$	13.13			$	16.68

BCP INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
INVESTMENT INCOME
Interest income:
Non-controlled/non-affiliated investments		$	9,696			$	13,295			$	31,784			$	29,058
Non-controlled affiliated investments			911				1,434				3,025				2,074
Total interest income			10,607				14,729				34,809				31,132
Payment-in-kind income:
Non-controlled/non-affiliated investments(1)			1,831				2,507				6,928				7,714
Non-controlled affiliated investments			226				198				912				501
Total payment-in-kind income			2,057				2,705				7,840				8,215
Dividend income:
Non-controlled affiliated investments			1,081				1,500				3,470				4,130
Total dividend income			1,081				1,500				3,470				4,130
Fees and other income:
Non-controlled/non-affiliated investments			71				6				340				128
Non-controlled affiliated investments			74				—				194				83
Total fees and other income			145				6				534				211
Total investment income		$	13,890			$	18,940			$	46,653			$	43,688
EXPENSES
Management fees			1,551				1,808				4,885				4,719
Performance-based incentive fees			—				1,069				873				2,956
Interest and amortization of debt issuance costs			5,560				5,514				17,307				14,042
Professional fees			760				621				2,389				1,476
Administrative services expense			652				505				1,760				1,365
Directors’ expense			123				154				369				440
Other general and administrative expenses			664				609				2,082				1,133
Total expenses		$	9,310			$	10,280			$	29,665			$	26,131
Waiver of performance-based incentive fees			—				(188	)			—				(188	)
Net expenses			9,310				10,092				29,665				25,943
NET INVESTMENT INCOME		$	4,580			$	8,848			$	16,988			$	17,745
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) from investment transactions
Non-controlled/non-affiliated investments		$	(8,872	)		$	(1,318	)		$	(21,268	)		$	(11,047	)
Non-controlled affiliated investments			(8	)			(1,360	)			(116	)			(1,452	)
Controlled affiliated investments			—				—				—				(6,192	)
Net realized gain (loss) on investments			(8,880	)			(2,678	)			(21,384	)			(18,691	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled/non-affiliated investments			(5,994	)			12,773				(17,878	)			14,662
Non-controlled affiliated investments			(2,654	)			3,114				(6,827	)			(1,042	)
Controlled affiliated investments			91				(362	)			(3,271	)			4,651
Derivatives			92				—				139				(21	)
Net change in unrealized gain (loss) on investments			(8,465	)			15,525				(27,837	)			18,250
Tax (provision) benefit on realized and unrealized (gains) losses on investments			(190	)			1,935				(409	)			1,726
Net realized and unrealized appreciation (depreciation) on investments, net of taxes			(17,535	)			14,782				(49,630	)			1,285
Realized gains (losses) on extinguishment of debt			(532	)			—				(892	)			—
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(13,487	)		$	23,630			$	(33,534	)		$	19,030
Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:
Net increase (decrease) in net assets per share resulting from operations – Basic		$	(1.09	)		$	1.88			$	(2.70	)		$	1.84
Weighted average common stock outstanding – Basic			12,383,625				12,549,643				12,398,946				10,337,858
Net increase (decrease) in net assets per share resulting from operations – Diluted		$	(1.09	)		$	1.86			$	(2.70	)		$	1.83
Weighted average common stock outstanding – Diluted			12,383,625				12,726,646				12,398,946				10,397,936
Net Investment Income Per Common Share:
Net investment income (loss) – Basic		$	0.37			$	0.71			$	1.37			$	1.72
Net investment income (loss) – Diluted		$	0.37			$	0.70			$	1.37			$	1.71

(1) During the three months ended September 30, 2026 and 2025, the Company received $0.1 million and less than $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. During the nine months ended September 30, 2026 and 2025, the Company received $0.7 million and $0.3 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.

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¹ Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. (“GARS”), Harvest Capital Credit Corporation (“HCAP”), and Logan Ridge Finance Corporation (“LRFC”) mergers. BCIC believes presenting core investment income and the related per share amount is a useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC’s financial performance.
² Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. BCIC believes presenting a net leverage ratio is useful and appropriate supplemental disclosure because it reflects the Company’s financial condition net of $5.9 million and $7.7 million of cash and cash equivalents and restricted cash as of September 30, 2026 and June 30, 2026, respectively. However, the net leverage ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the regulatory asset coverage ratio and other similar information presented in accordance with U.S. GAAP. Instead, the net leverage ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC’s financial condition.

NEW YORK, Nov. 11, 2026 (GLOBE NEWSWIRE) — Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB”) and BCP Investment Corporation (NASDAQ: BCIC) (the “Company” or “BCIC”), a business development company managed by Sierra Crest Investment Management LLC (“Sierra Crest”), an affiliate of BC Partners Advisors L.P. (“BC Partners”), announced today that they have entered into a definitive merger agreement under which ICMB will merge with BCIC, subject to approval by ICMB stockholders.

The transaction has been unanimously approved by ICMB’s Board of Directors, following the recommendation of the independent Special Committee. Both the Special Committee and ICMB’s Board of Directors recommend that ICMB stockholders vote in favor of the proposed merger.

Management Commentary

Ted Goldthorpe, Chief Executive Officer and Chairman of the Board of BCIC, stated, “This transaction marks another step in executing our vision of driving consolidation across the BDC sector. We have long believed that greater scale can deliver meaningful benefits, and the combination of ICMB and BCIC is expected to generate immediate cost synergies, lower financing costs and improved trading liquidity. We believe these benefits will position the combined company to deliver stronger long-term value for stockholders.”

Suhail A. Shaikh, President and Chief Executive Officer of ICMB stated, “This transaction reflects ICMB’s longstanding commitment to pursuing optimal returns for our stockholders. We believe the combination with BCIC positions the Company to deliver long-term value for stockholders. ICMB’s size and scale have been challenging to navigate in current market conditions. We believe that a combination with BCIC provides our stockholders the benefits of scale and access that Sierra Crest brings in the private credit market.”

Thomas J. Sullivan, Chair of the Special Committee, added: “This transaction is the result of an intentional, considered strategic review process to identify the right partner to support ICMB in the next stage of its journey. Our decision to merge with BCIC, under Sierra Crest’s management, represents an opportunity for greater flexibility over the long term in this late-stage credit cycle. We are pleased to partner on behalf of our stockholders, and we look forward to delivering updates on our progress in future announcements.”

Transaction Highlights

• Stockholders should expect to realize net investment income per share accretion following the closing of the transaction;
• The transaction is expected to deliver operational synergies for the combined company from the larger pro forma scale and the elimination of redundant ICMB public company related expenses;
• Significant stockholders of ICMB, including certain director and executive officers, have entered into key stockholder agreements with BCIC and agreed to vote their ICMB shares in favor of the transaction, representing approximately 41% of ICMB’s shares outstanding as of November 9, 2026; and
• Following the transaction, current ICMB stockholders are expected to own up to approximately 16.7% of the combined company.

Under the terms of the agreement, ICMB stockholders will receive aggregate consideration equal to 90% of ICMB’s net asset value at closing, subject to adjustments for transaction expenses, repayment of ICMB’s outstanding debt and certain tax-related items. The consideration will be paid in BCIC shares, valued at 100% of BCIC’s net asset value per share at closing, with the number of shares issued capped at 19.99% of BCIC’s common stock outstanding at signing. Any remaining consideration will be paid in cash.

Based on respective net asset values for ICMB ($2.76 per share) and BCIC ($13.00 per share) (both based on September 30, 2026 net asset value per share adjusted for currently estimated transaction expenses), the merger transaction currently values ICMB shares at approximately $2.49 per share, which represents 90% of ICMB’s net asset value, adjusted for estimated transaction expenses. Using BCIC’s closing price of $6.57 on November 9, 2026, the merger transaction currently values ICMB shares at approximately $1.38 per share, which represents approximately 126% premium to ICMB’s closing price of $0.61 on November 9, 2026.

In addition to approval by ICMB stockholders, the closing of the merger is subject to customary conditions. The parties currently expect the transaction to be completed in the first calendar quarter of 2027.

Transaction Advisors

Houlihan Lokey Capital, Inc. is serving as financial advisor to the Special Committee of the Board of Directors of ICMB, Fried Frank Harris Shriver & Jacobson LLP is serving as the Special Committee’s counsel and Dechert LLP is serving as counsel to ICMB. Simpson Thacher & Bartlett LLP is serving as counsel to BCIC.

Investor Presentation and Conference Call

BCIC and ICMB will host a joint conference call on Thursday, November 12, 2026 at 8:00am Eastern Time to discuss the transaction. All interested persons are invited to participate on the call and can access the conference call by dialing (646) 307-1963. Conference ID is 2135550. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis at https://edge.media-server.com/mmc/p/ykee8aoy. The online archive of the webcast will be available on the Company’s website shortly after the call at https://www.bcpinvestmentcorporation.com/ in the Investor Relations section under Events and Presentations.

About Investcorp Credit Management BDC, Inc.

Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. ICMB’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. ICMB seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million. ICMB’s investment activities are managed by its investment adviser, CM Investment Partners LLC. To learn more about Investcorp Credit Management BDC, Inc., please visit www.icmbdc.com.

About BCP Investment Corporation

BCP Investment Corporation (NASDAQ: BCIC) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. BCIC’s middle-market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle-market companies. BCIC’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, and affiliate of BC Partners Advisors L.P. BCIC’s filings with the Securities Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on its website at www.bcpinvestmentcorporation.com.

Forward-Looking Statements

This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act, and Section 21E of the Exchange Act, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between ICMB and BCIC pursuant to the Merger Agreement dated November 11, 2026, by and among ICMB, BCIC, and a wholly-owned subsidiary of BCIC. All statements, other than historical facts, including statements regarding the expected timing of the closing of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction such as improved operations, enhanced revenues and cash flow, growth potential, market profile and financial strength; the competitive ability and position of the combined company following completion of the proposed transaction; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the transaction may not be satisfied or waived, on a timely basis or otherwise, including the required approval by the stockholders of ICMB may not be obtained; (2) the risk that the mergers or other transactions contemplated by the Merger Agreement may not be completed in the time frame expected by ICMB and BCIC or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; (5) uncertainty with respect to the trading levels of shares of the combined company’s common stock on NASDAQ; (6) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of ICMB and BCIC; (7) the ability of the combined company to implement its business strategy; (8) difficulties and delays in achieving synergies and cost savings of the combined company; (9) inability to retain and hire key personnel; (10) the occurrence of any event that could give rise to termination of the Merger Agreement; (11) the risk that stockholder litigation in connection with the proposed transaction may affect the timing or occurrence of the contemplated merger or result in significant costs of defense, indemnification and liability; (12) evolving legal, regulatory and tax regimes; (13) changes in laws or regulations or interpretations of current laws and regulations that would impact BCIC’s classification as a business development company; and (14) changes in general economic and/or industry specific conditions. Some of these factors are enumerated in the filings ICMB and BCIC have made with the Securities and Exchange Commission (the “SEC”), and will be contained in the materials ICMB and BCIC will file with the SEC in connection with the proposed transactions under the Merger Agreement, including BCIC’s registration statement on Form N-14 (the “Registration Statement”), which will include ICMB’s proxy statement on Schedule 14A that also constitutes a prospectus of BCIC (the “Proxy Statement/Prospectus”).

The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. Except as required by federal securities laws, neither ICMB nor BCIC undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information or development, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Additional Information and Where to Find It

In connection with the merger, BCIC plans to file with the SEC the Registration Statement that will include the Proxy Statement/Prospectus. After the Registration Statement is declared effective by the SEC, ICMB will mail the Proxy Statement/Prospectus to its stockholders. The Proxy Statement/Prospectus and Registration Statement will each contain important information about BCIC, ICMB, the merger and related matters. STOCKHOLDERS OF ICMB AND BCIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BCIC, ICMB, THE MERGER AND RELATED MATTERS. Investors and security holders will be able to obtain the documentation filed with the SEC free of charge at the SEC’s website, http://www.sec.gov and for documents filed by BCIC, from BCIC’s website at www.bcpinvestmentcorporation.com and for documents filed by ICMB, from ICMB’s website at https://www.icmbdc.com. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participation in the Solicitation

ICMB, its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of ICMB in connection with the proposed merger.  Information about the directors and executive officers of ICMB is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed by ICMB with the SEC on March 31, 2026 and its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on November 10, 2025. Additional information regarding the directors and executive officers of ICMB will be contained in the Proxy Statement/Prospectus when it becomes available. These documents may be obtained free of charge from the sources indicated above.

No Offer or Solicitation

The information in this communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposals included in the Proxy Statement/Prospectus or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Contacts:

BCP Investment Corporation
650 Madison Avenue, 3rd floor
New York, NY 10022
info@bcpinvestmentcorporation.com

Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880

The Equity Group Inc.
Lena Cati
lena.cati@theequitygroup.com
(212) 836-9611

Val Ferraro
val.ferraro@theequitygroup.com
(212) 836-9633

Media
Daniel.Yunger@kekstcnc.com
James.Hartwell@kekstcnc.com

Investcorp Credit Management BDC, Inc.
Jenny.Boyd@fticonsulting.com
ICMBinfo@investcorp.com

-Correspondent Network Grows to Nine Signed Agreements on Infrastructure Already in Place-

-Revenue Growth Achieved Before Material Contributions from Newly Signed Correspondents-

TAMPA, Fla., Nov. 11, 2026 (GLOBE NEWSWIRE) — AtlasClear Holdings, Inc. (ATCH) (“AtlasClear” or the “Company”), a company building regulated financial infrastructure for smaller institutions, fintechs and advisors, today announced that its wholly owned subsidiary, AtlasClearing, Inc. (formerly Wilson-Davis & Co., Inc.) (“AtlasClearing”), has signed its ninth correspondent broker-dealer agreement.

Key Facts

• Nine signed correspondent broker-dealer agreements through AtlasClearing.
• Fiscal 2026 revenue of $20.1 million, up 85%, before material contributions from newly signed correspondents.
• Stock locate revenue grew to approximately $6.8 million from $0.3 million, and sources other than commissions represented approximately 54% of total revenue.
• Stockholders’ equity of $21.1 million at June 30, 2026, up from a deficit of $6.8 million, and cash more than doubled to $15.4 million without the use of an at-the-market offering or equity line.
• Correspondent revenue sources span clearing, account services, technology, specialized securities processing, money movement, interest-related income, and stock locate and securities lending.
• AtlasClearing net capital of approximately $14.4 million at June 30, 2026, up 29% year over year, with excess net capital of approximately $14.1 million, well above the $10 million threshold the National Securities Clearing Corporation requires of firms that clear for introducing brokers.
• Infrastructure investments have shortened onboarding timelines and expanded capacity to onboard multiple correspondents concurrently.
• Correspondent clearing is a specialized market, with 25 FINRA member firms identifying it as their primary business, according to FINRA’s 2026 Industry Snapshot.

“Our fiscal 2026 results were built before our newly signed correspondents made any material contribution. Revenue grew 85%, stockholders’ equity turned positive and cash more than doubled, and that is the AtlasClear the numbers already show,” said John Schaible, Executive Chairman of AtlasClear Holdings. “We have built the engine. The capital, technology and operating infrastructure are in place, and each correspondent we bring on adds accounts and trading activity that can generate revenue across clearing, account services and interest income with only incremental additional expense. With nine agreements signed, the correspondent network is the next layer of growth on top of that.”

“Nine signed agreements tell us broker-dealers want a clearing partner built around their business, and our team is converting that demand into activity on the platform,” said Craig Ridenhour, President of AtlasClear Holdings and Chairman of AtlasClearing, Inc. “We are working through multiple conversions at once, and as each firm goes live, its accounts and trading activity flow into a clearing operation that is already built, well capitalized and compliant. That activity is not yet a material part of our reported results, and we expect it to build as these firms become operational.”

With nine correspondent agreements signed and additional broker-dealer discussions under way, AtlasClear continues to expand its clearing network while focusing on converting new relationships into active, revenue-generating business.

About AtlasClear Holdings, Inc.

AtlasClear Holdings, Inc. is building a technology-enabled financial services platform designed for trading, clearing, settlement, and banking for emerging financial institutions and fintechs. Through its wholly owned subsidiary AtlasClearing, Inc. (formerly Wilson-Davis & Co., Inc.), a full-service correspondent broker-dealer registered with the SEC and FINRA, its pending acquisition of Ark Financial Services, Inc., and its planned acquisition of Commercial Bancorp of Wyoming, AtlasClear Holdings seeks to deliver a vertically integrated suite of investment banking, brokerage, clearing, risk management, regulatory, and commercial banking solutions. The Company’s common stock remains listed on the NYSE American, where trading has been suspended pending the Company’s appeal of the Exchange’s delisting determination, and is currently quoted on the OTC market under the symbol “ATCH.” For more information, follow us on LinkedIn or X and visit www.atlasclear.com.

To stay up to date on AtlasClear’s platform strategy and market perspective, subscribe to the Company’s YouTube channel and watch the Clearing the View by AtlasClear video series.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that reflect AtlasClear Holdings’ current views with respect to, among other things, its future operations and financial performance. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will,” “would,” and similar expressions.

These statements include, but are not limited to, expectations regarding the onboarding and conversion of newly signed correspondent broker-dealers, the timing and amount of potential revenue contributions, expansion of the Company’s clearing, stock locate, stock loan, securities lending and margin businesses, operating efficiencies, anticipated benefits of strategic initiatives and proposed acquisitions, including the pending acquisition of Ark Financial Services, Inc., the planned acquisition of Commercial Bancorp of Wyoming and the proposed acquisition of an institutional digital asset business, the Company’s appeal of the NYSE American’s determination to delist its common stock and its ability to restore trading on the NYSE American, a potential reverse stock split, the quotation of the common stock on the OTC market, and future financial performance.

Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties, many of which are beyond the Company’s control. Actual results could differ materially from those anticipated due to factors including the outcome of the Company’s appeal of the NYSE American’s determination to delist its common stock, the risk that trading in the common stock does not resume on the NYSE American and that the common stock is delisted, the Company’s ability to effect a reverse stock split and to satisfy the NYSE American’s continued listing standards, the limited liquidity and potential volatility of the common stock while it is quoted on the OTC market, the effect of the trading suspension or any delisting on the market price of the common stock, the Company’s ability to raise capital, and its existing agreements and pending acquisitions, the risk that a definitive agreement for the proposed acquisition of an institutional digital asset business, which is the subject of a non-binding letter of intent (other than certain customary provisions), is not executed, the risk that proposed acquisitions are not completed on the anticipated terms or at all, including the risk that the Ark Financial Services transaction does not receive FINRA approval or stockholder approval or satisfy other closing conditions, the failure to obtain required regulatory approvals, including for the acquisition of Commercial Bancorp of Wyoming, difficulties integrating acquired businesses or realizing their anticipated benefits, dilution from the issuance of AtlasClear common stock, delays in onboarding correspondent broker-dealers, failure of correspondent relationships to generate anticipated revenue, termination of clearing agreements, changes in economic or political conditions or applicable laws, changes in trading activity and market conditions, regulatory developments, challenges in executing the Company’s business strategy, and other risks described in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2026.

AtlasClear undertakes no obligation to update or revise forward-looking statements, except as required by law.

Company Contact

AtlasClear Holdings, Inc.

Email: AtlasClearIR@atlasclear.com

Investor Relations Contact

Jeff Ramson, CEO

PCG Advisory, Inc.

Email: jramson@pcgadvisory.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/acf98b93-4950-4756-aa34-49e2219aa267

INQ Group AB (publ) (“INQ” or the “Company”), listed on Nasdaq Stockholm (ticker: INQ), announces that the investor that subscribed for the SEK 7,000,000 tranche announced on 3 November 2026 has elected to convert that amount in full into ordinary shares, and that the Board of Directors has today resolved on the related issues of shares and warrants.

The conversion is effected through the issue of 43,750,000 new ordinary shares at a conversion price of SEK 0.16 per share, with payment made solely by way of set-off. The Board has further resolved to issue 10,034,403 new ordinary shares at a subscription price of SEK 0.1744 per share, corresponding to the volume-weighted average price of the Company’s share on Nasdaq Stockholm on 11 November 2026, in settlement by way of set-off of a trade payable owed by the Company. Neither issue entails any cash outflow for the Company, and approximately USD 1.55 million of convertible principal remains outstanding following the conversion.

The Board has also resolved on a directed issue of a total of 21,875,000 warrants. Of these, 4,375,000 warrants have been issued to the investor in connection with the SEK 7,000,000 tranche announced on 3 November 2026, corresponding to warrants equal in value to 20 per cent of the funded amount as communicated at that time. The remaining 17,500,000 warrants have been issued in connection with the settlement of the trade payable referred to above. Each warrant entitles the holder to subscribe for one new ordinary share at a subscription price of SEK 0.32 per share during a period of twenty-four months. The warrants are issued free of charge.

All resolutions were adopted pursuant to the authorisation granted by the Extraordinary General Meeting held on 30 October 2026 (item 6), with deviation from the shareholders’ preferential rights in order to perform the Company’s existing contractual obligations and convert debt into equity. The two share issues comprise in total 53,784,403 new ordinary shares, increasing the total number of shares in the Company from 1,959,918,264 to 2,013,702,667, corresponding to a dilution of approximately 2.7 per cent, and to approximately 3.7 per cent in aggregate upon full exercise of the warrants.

For further information, please contact:
IR@inq.ai
INQ Group AB (publ)

For more information about INQ Group, please visit www.inq.ai or email ir@inq.ai.

INQ Group AB (publ), Reg. No. 556532-3929
Flaggan 1165
116 74 Stockholm

About INQ Group
INQ Group AB (publ) (Nasdaq Stockholm: INQ) is a Swedish technology company developing intelligent digital writing solutions that connect natural handwriting with modern digital workflows. The INQ platform combines connected writing hardware, software and AI-enabled capabilities across consumer, enterprise and education markets.

Attachment

• INQ_Group_Press_release_Conversion_and_warrants_11.11.2026 SV