BCP Investment Corp
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
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.
Mar 31, 2026 · Filed May 7, 2026
BCIC$6.17+3.0%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Investments at fair value: | ||
| Non-controlled/non-affiliated investments (amortized cost of $414,774 and $433,213, respectively) | $380,573 | $409,735 |
| Non-controlled affiliated investments (amortized cost of $99,398 and $90,294, respectively) | 87,371 | 80,585 |
| Controlled affiliated investments (amortized cost of $42,218 and $42,332, respectively) | 8,944 | 10,655 |
| Total Investments at fair value (amortized cost of $556,390 and $565,839, respectively) | $476,888 | $500,975 |
| Cash and cash equivalents | 51,824 | 3,721 |
| Restricted cash | 6,209 | 8,782 |
| Interest receivable | 3,791 | 5,793 |
| Receivable for unsettled trades | 1,570 | — |
| Dividend receivable | 803 | 845 |
| Other assets | 2,828 | 3,525 |
| Total Assets | $543,913 | $523,641 |
| LIABILITIES | ||
| 2026 Notes (net of deferred financing costs and original issue discount of $217 and $312, respectively) | $49,783 | $49,688 |
| 2028 Notes (net of deferred financing costs and original issue discount of $782 and $851, respectively) | 34,218 | 34,149 |
| 2029 Notes (net of deferred financing costs of $881 and $—, respectively) | 49,119 | — |
| 2030 Notes (net of deferred financing costs and original issue discount of $2,318 and $2,423, respectively) | 72,682 | 72,577 |
| 2032 Convertible Notes (net of deferred financing costs and original issue discount of $99 and $102, respectively) | 1,901 | 1,898 |
| Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of $700 and $825, respectively) | 79,309 | 106,804 |
| KeyBank Credit Facility (net of deferred financing costs of $843 and $904, respectively) | 49,391 | 41,765 |
| Management and incentive fees payable | 4,443 | 1,865 |
| Accounts payable, accrued expenses and other liabilities | 3,653 | 1,714 |
| Accrued interest payable | 6,409 | 4,025 |
| Total Liabilities | $350,908 | $314,485 |
| COMMITMENTS AND CONTINGENCIES (NOTE 8) | ||
| NET ASSETS | ||
| Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 14,009,104 issued, and 12,375,787 outstanding as of March 31, 2026, and 14,003,016 issued, and 12,541,858 outstanding as of December 31, 2025 | $124 | $125 |
| Capital in excess of par value | 809,092 | 811,111 |
| Total distributable (loss) earnings | (616,211) | (602,080) |
| Total Net Assets | $193,005 | $209,156 |
| Total Liabilities and Net Assets | $543,913 | $523,641 |
| Net Asset Value Per Common Share | $15.60 | $16.68 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| INVESTMENT INCOME | ||
| Interest income: | ||
| Non-controlled/non-affiliated investments | $11,344 | $7,300 |
| Non-controlled affiliated investments | 1,474 | 316 |
| Total interest income | 12,818 | 7,616 |
| Payment-in-kind income: | ||
| Non-controlled/non-affiliated investments(1) | 3,129 | 2,853 |
| Non-controlled affiliated investments | 293 | 208 |
| Total payment-in-kind income | 3,422 | 3,061 |
| Dividend income: | ||
| Non-controlled affiliated investments | 1,047 | 1,417 |
| Total dividend income | 1,047 | 1,417 |
| Fees and other income: | ||
| Non-controlled/non-affiliated investments | 237 | 24 |
| Non-controlled affiliated investments | 74 | — |
| Total fees and other income | 311 | 24 |
| Total investment income | $17,598 | $12,118 |
| EXPENSES | ||
| Management fees | 1,705 | 1,466 |
| Performance-based incentive fees | 873 | 920 |
| Interest and amortization of debt issuance costs | 5,837 | 4,298 |
| Professional fees | 913 | 452 |
| Administrative services expense | 543 | 411 |
| Directors’ expense | 123 | 144 |
| Other general and administrative expenses | 714 | 87 |
| Total expenses | $10,708 | $7,778 |
| NET INVESTMENT INCOME | $6,890 | $4,340 |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||
| Net realized gains (losses) from investment transactions | ||
| Non-controlled/non-affiliated investments | $(2,022) | $(81) |
| Non-controlled affiliated investments | — | (92) |
| Net realized gain (loss) on investments | (2,022) | (173) |
| Net change in unrealized appreciation (depreciation) on: | ||
| Non-controlled/non-affiliated investments | (10,738) | (1,501) |
| Non-controlled affiliated investments | (2,318) | (1,140) |
| Controlled affiliated investments | (1,597) | (1,274) |
| Derivatives | 15 | 12 |
| Net change in unrealized gain (loss) on investments | (14,638) | (3,903) |
| Tax (provision) benefit on realized and unrealized (gains) losses on investments | (403) | (346) |
| Net realized and unrealized appreciation (depreciation) on investments, net of taxes | (17,063) | (4,422) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(10,173) | $(82) |
| Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: | ||
| Basic and Diluted: | $(0.82) | $(0.01) |
| Net Investment Income Per Common Share: | ||
| Basic and Diluted: | $0.55 | $0.47 |
| Weighted Average Shares of Common Stock Outstanding — Basic and Diluted | 12,435,534 | 9,198,223 |
(1)
During thethree months ended March 31, 2026 and 2025, the Company received $0.6 million and$0.2 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(1)
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