BCP Investment Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Contents
Item 1. Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| OPERATING ACTIVITIES: | ||
| Net increase (decrease) in net assets resulting from operations | $19,030 | $(3,395) |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operations: | ||
| Net realized (gain) loss on investments | 18,691 | 20,398 |
| Net change in unrealized (appreciation) depreciation on investments | (18,250) | 1,384 |
| Tax provision (benefit) on realized and unrealized gains (losses) on investments | (1,726) | (537) |
| Purchases of investments | (42,652) | (54,084) |
| Proceeds from sales and redemptions of investments | 76,537 | 82,206 |
| Net accretion of investments | (6,122) | (3,454) |
| Amortization of debt issuance costs | 1,058 | 909 |
| Net realized (gain) loss on extinguishment of debt | — | 655 |
| Payment-in-kind income | (8,912) | (5,759) |
| Cash acquired in LRFC Acquisition | 7,085 | — |
| Change in operating assets and liabilities: | ||
| (Increase) decrease in receivable for unsettled trades | — | 573 |
| (Increase) decrease in interest receivable | 1,797 | (382) |
| (Increase) decrease in dividend receivable | 102 | 16 |
| (Increase) decrease in other assets | (3,109) | (330) |
| Increase (decrease) in payable for unsettled trades | 1,560 | (520) |
| Increase (decrease) in accrued interest payable | 1,056 | 731 |
| Increase (decrease) in management and incentive fees payable | (947) | (1,311) |
| Increase (decrease) in due to affiliates | (635) | 571 |
| Increase (decrease) in accounts payable and accrued expenses | (3,237) | (1,263) |
| Net cash provided by (used in) operating activities | $41,326 | $36,408 |
| FINANCING ACTIVITIES: | ||
| Debt issuance costs | $— | $(852) |
| Offering costs | (318) | — |
| Stock repurchase program | (250) | (3,144) |
| Distributions to stockholders | (15,565) | (18,997) |
| Repayment of 2018-2 Secured Notes | — | (125,683) |
| Repayment of Great Lakes Portman Ridge Funding LLC Revolving Credit Facility | (36,700) | (10,000) |
| Repayment of KeyBank Credit Facility | (25,000) | — |
| Borrowings from Great Lakes Portman Ridge Funding LLC Revolving Credit Facility | 8,000 | 77,479 |
| Borrowings from KeyBank Credit Facility | 6,000 | — |
| Net cash provided by (used in) financing activities | $(63,833) | $(81,197) |
| CHANGE IN CASH AND RESTRICTED CASH | $(22,507) | $(44,789) |
| CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | 39,953 | 71,564 |
| CASH AND RESTRICTED CASH, END OF PERIOD | $17,446 | $26,775 |
| Amounts per consolidated statements of assets and liabilities: | ||
| Cash and cash equivalents | $2,844 | $13,736 |
| Restricted cash | 14,602 | 13,039 |
| Total Cash and Restricted cash | $17,446 | $26,775 |
| Supplemental Information and non-cash activities: | ||
| Cash paid for interest during the period | $11,921 | $14,570 |
| Reinvestment of distributions during the period | $191 | $240 |
| Supplemental disclosures of non-cash activities: | ||
| LRFC Acquisition(1) | ||
| Non-cash assets acquired: | ||
| Investments, at fair value | $174,274 | $— |
| Interest and dividend receivable | 1,601 | — |
| Other assets | 1,644 | — |
| Total non-cash assets acquired | $177,519 | $— |
| Liabilities assumed: | ||
| Debt | $103,181 | $— |
| Other liabilities | 7,754 | — |
| Total liabilities assumed | $110,935 | $— |
| Issuance of common stock in connection with the LRFC Acquisition (net of offering costs of $404) | $49,596 | $— |
| Transaction costs | $3,192 | $— |
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(1)
On July 15, 2025, in connection with the LRFC Acquisition, the Company acquired net assets of $73.7 million for total purchase consideration of $52.8 million, of which $49.6 million was stock based, net of offering costs of $0.4 million. The total purchase consideration was inclusive of $3.2 million of transaction costs. Refer to Note 11“LRFC Acquisition” for additional information on the LRFC Acquisition.
CONSOLIDATED SCHEDULE OF INVESTMENTS
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