This is using directory 3 layout, but it doesn't matter which one you use. Even if there are more courses, and the pagination links are there, the last course is not added.
This is very confusing to someone browsing, as it indicates that there are no more to load (visually).
See screenshot: http://prntscr.com/ad45vt
I've found the function responsible for generating the content bp_course_item_view(); but haven't started digging around yet.
Thanks.
This is because by default the buddypress items perpage is set to 5.
So the page just shows 5 items, make it 6 and it will work fine.
To change number of items per page go to wp-admin->wplms->buddypress->buddypress items per page, refer: http://prntscr.com/adfs9m