BCP Investment Corporation Announces Third Quarter 2025 Financial Results
BCP Investment Corporation (NASDAQ: BCIC) reported third quarter 2025 results following its July 15, 2025 merger with Logan Ridge Finance. Total investment income rose 50.0% to $18.9M and net investment income rose 94.2% to $8.8M ($0.71/share). NAV increased 40.4% to $231.3M ($17.55/share). The company launched a $9.0M modified Dutch auction tender offer and repurchased 103,690 shares (~$1.2M) Oct–Nov. BCIC issued $35M 7.50% notes due 2028 and $75M 7.75% notes due 2030 and initiated redemption of $108M 4.875% notes due 2026.
BCP Investment Corporation (NASDAQ: BCIC) ha riportato i risultati del terzo trimestre 2025 dopo la fusione del 15 luglio 2025 con Logan Ridge Finance. Totale reddito da investimenti è aumentato del 50,0% a $18.9M e reddito da investimenti netto è aumentato del 94,2% a $8.8M ($0.71/azione). NAV è aumentato del 40,4% a $231.3M ($17.55/azione). L’azienda ha avviato una offerta di tender con asta olandese modificata da $9.0M e ha riacquistato 103.690 azioni (~$1.2M) tra ott–nov. BCIC ha emesso note da 35M a 7,50% scadenza 2028 e 75M a 7,75% scadenza 2030 e ha avviato il rimborso di note da 108M a 4,875% scadenza 2026.
BCP Investment Corporation (NASDAQ: BCIC) informó los resultados del tercer trimestre de 2025 tras su fusión del 15 de julio de 2025 con Logan Ridge Finance. Ingresos totales por inversiones subieron un 50,0% a $18.9M y ingresos netos por inversiones subieron un 94,2% a $8.8M (0,71$/acción). valor liquidativo (NAV) aumentó un 40,4% a $231.3M (17.55$/acción). La empresa lanzó una oferta de tenders con subasta holandesa modificada por $9.0M y recompró 103,690 acciones (~$1.2M) en oct-nov. BCIC emitió bonos por $35M a 7,50% vencimiento 2028 y $75M a 7,75% vencimiento 2030 e inició la redención de bonos por $108M a 4,875% vencimiento 2026.
BCP 투자 회사(나스닥: BCIC)는 Logan Ridge Finance와의 2025년 7월 15일 합병 이후 2025년 3분기 실적을 발표했습니다. 총 투자 소득은 50.0% 증가하여 $18.9M에 도달했고 순투자소득은 94.2% 증가하여 $8.8M (주당 $0.71)로 증가했습니다. NAV(순자산가치)은 40.4% 상승하여 $231.3M (주당 17.55달러)로 증가했습니다. 회사는 수정된 더치 경매 현금 입찰을 시작했고 10월~11월 사이에 103,690주를 약 $1.2M에 자사주를 매입했습니다. BCIC는 2028년 만기 7.50%의 3,500만 달러 채권과 2030년 만기 7.75%의 7,500만 달러 채권을 발행했고 2026년 만기 4.875%의 채권 1.08억 달러의 상환을 시작했습니다.
BCP Investment Corporation (NASDAQ: BCIC) a publié les résultats du troisième trimestre 2025 après sa fusion du 15 juillet 2025 avec Logan Ridge Finance. les revenus totaux d'investissement ont augmenté de 50,0 % pour atteindre $18,9 M et les revenus nets d'investissement ont augmenté de 94,2 % pour atteindre $8,8 M (0,71 $/action). la NAV a augmenté de 40,4 % pour atteindre $231,3 M (0,71 $/action). La société a lancé une offre de tender hollandais modifiée de 9,0 M$ et a racheté 103 690 actions (~1,2 M$) entre oct.-nov. BCIC a émis des notes de 35 M$ à 7,50 % échéance 2028 et 75 M$ à 7,75 % échéance 2030 et a entamé le rachat de notes de 108 M$ à 4,875 % échéance 2026.
BCP Investment Corporation (NASDAQ: BCIC) meldete die Ergebnisse des dritten Quartals 2025 nach seiner Fusion mit Logan Ridge Finance am 15. Juli 2025. Gesamterträge aus Investitionen stiegen um 50,0 % auf $18,9M und Netto-Investment-Erträge stiegen um 94,2 % auf $8.8M (0,71 $/Aktie). NAV stieg um 40,4 % auf $231.3M (17,55 $/Aktie). Das Unternehmen startete ein modifiziertes holländisches Tenderangebot über $9.0M und kaufte 103.690 Aktien (~$1,2M) in Okt–Nov zurück. BCIC emittierte Anleihen über $35M zu 7,50% Fälligkeit 2028 und $75M zu 7,75% Fälligkeit 2030 und begann die Rückzahlung von $108M Anleihen zu 4,875% Fälligkeit 2026.
BCP Investment Corporation (NASDAQ: BCIC) أصدرت نتائج الربع الثالث من عام 2025 عقب دمجها في 15 يوليو 2025 مع Logan Ridge Finance. دخل الاستثمار الإجمالي ارتفع بنسبة 50.0% ليصل إلى $18.9M ودخل الاستثمار الصافي ارتفع بنسبة 94.2% ليصل إلى $8.8M (0.71 دولار/السهم). القيمة الدفترية الصافية (NAV) ارتفعت بنسبة 40.4% لتصل إلى $231.3M (0.71 دولار/السهم). أطلقت الشركة عرضاً من نوع tender بنسخة هولندية معدلة بقيمة $9.0M و أعادت شراء 103,690 سهم تقريباً بقيمة 1.2 مليون دولار في تشرين الأول–تشرين الثاني. كما أصدرت BCIC سندات بقيمة 35 مليون دولار بفائدة 7.50% حتى 2028 و75 مليون دولار بفائدة 7.75% حتى 2030 وبدأت سداد سندات بقيمة 108 مليون دولار بفائدة 4.875% حتى 2026.
- Total investment income +50.0% QoQ to $18.9M
- Net investment income +94.2% QoQ to $8.8M ($0.71/share)
- NAV +40.4% to $231.3M ($17.55/share) as of Sept 30, 2025
- $9.0M modified Dutch auction tender offer announced (commence on/after Nov 10, 2025)
- Issued $35M 7.50% notes due 2028 and $75M 7.75% notes due 2030 to extend maturities
- Debt investments on non-accrual increased to 10 (3.8% of portfolio at fair value) as of Sept 30, 2025
- Net realized loss on investments of $2.678M in Q3 2025
- Par value of outstanding borrowings rose to $324.6M from $255.4M (June 30, 2025)
- Unrestricted cash was low at $2.8M as of Sept 30, 2025
Insights
BCIC shows materially higher income and active capital management after merging with LRFC; balance sheet and buyback actions are notable.
Third quarter results show a clear revenue lift: total investment income rose
Capital actions are concrete and time‑bounded: a BBB- rating was obtained on
Dependencies and risks are explicit in the disclosures: ten debt investments are on non‑accrual representing
Reports
Announces Fourth Quarter 2025 Quarterly Base Distribution of
Announces the Launch of the
NEW YORK, Nov. 06, 2025 (GLOBE NEWSWIRE) -- BCP Investment Corporation (NASDAQ: BCIC) (“BCIC” or “the Company”) announced today its financial results for the third quarter ended September 30, 2025.
Milestone
- On July 15, 2025, the Company successfully completed the merger with Logan Ridge Finance Corporation (“LRFC”) with and into the Company, with the combined company now operating as BCP Investment Corporation. The transaction marked a significant milestone for the Company, providing increased scale, broader portfolio diversification, and enhanced operating efficiencies.
Third Quarter 2025 Highlights
- Total investment income for the third quarter of 2025 increased
50.0% to$18.9 million , from$12.6 million in the second quarter of 2025. - Core investment income1, excluding the impact of purchase price accounting, for the third quarter of 2025 was
$15.3 million , as compared to$12.6 million for the second quarter of 2025. - Net investment income (“NII”) for the third quarter of 2025 increased
94.2% to$8.8 million ($0.71 per share), as compared to$4.6 million ($0.50 per share) in the second quarter of 2025. - Net asset value (“NAV”), as of September 30, 2025, increased
40.4% to$231.3 million ($17.55 per share), as compared to NAV of$164.7 million ($17.89 per share) as of June 30, 2025. - Deployments of approximately
$14.2 million and sales and repayments of approximately$43.8 million , resulting in net repayments and sales of approximately$29.6 million . - Expect that between the tender offer, buybacks, and open market repurchases by management, the investment adviser and its affiliates, we anticipate total repurchases when combined with management’s, the Adviser’s and its affiliates’ ownership of BCIC’s outstanding common stock could approximate
10% of BCIC’s outstanding common stock by year end.
Subsequent Events
- On October 7, 2025, the Company obtained a BBB- rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the
5.25% fixed-rate convertible notes due 2032 (the “2032 Convertible Notes”) and the5.25% fixed-rate notes due 2026 (the “LRFC 2026 Notes”). Starting on October 7, 2025, as a result of the rating, the 2032 Convertible Notes and 2026 Notes have a fixed interest rate of5.25% per annum. - On October 10, 2025, the Company entered into a note purchase agreement in connection with the issuance and sale of
$35.0 million aggregate principal amount of its7.50% notes due 2028 (the “2028 Notes”) and$75.0 million aggregate principal amount of its7.75% notes due 2030 (the “2030 Notes”, together with the 2028 Notes, the “Notes”), under an effective shelf registration statement. The offering closed and the Notes were issued on October 15, 2025. The 2028 Notes mature on October 15, 2028 and the 2030 Notes mature on October 15, 2030. Interest on each of the Notes is payable semi-annually on April 30 and October 30 of each year, commencing October 30, 2025. - On October 14, 2025, the Company notified the trustee, U.S. Bank Trust Company, National Association, of its election to redeem in full the
$108.0 million aggregate principal amount outstanding of its4.875% Notes Due 2026, with redemption expected on November 13, 2025. - On November 6, 2025, the Company declared a regular quarterly base distribution of
$0.47 per share of common stock. The distribution is payable on November 25, 2025 to stockholders of record at the close of business on November 17, 2025. - Between October 1, 2025 and November 4, 2025, the Company repurchased 103,690 shares of its common stock for an aggregate cost of approximately
$1.2 million at an average price of$11.62 per share. - The Company, its management, the Adviser, and the Company’s affiliates intend to commence a modified “Dutch Auction” tender offer (the “Tender Offer”) to purchase up to
$9.0 million of the Company’s common stock. The Company is expected to offer to repurchase at least$7.5 million , with its management, the Adviser, and the Company’s affiliates repurchasing any remaining shares tendered up to$9.0 million . The Tender Offer is expected to commence on or after November 10, 2025 and expire at 11:59 p.m. Eastern time, on or after December 10, 2025, unless extended. Based on the number of shares tendered and the prices specified by the tendering stockholders, the Company will determine the lowest per-share price that will enable it, its management, the Adviser, and the Company’s affiliates to acquire up to$9.0 million of its common stock. All shares accepted in the Tender Offer will be purchased at the same price even if tendered at a lower price.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of BCP Investment Corporation, stated, “We are pleased to report strong results for the third quarter, our first earnings as a combined company following the completion of our merger with LRFC on July 15, 2025. This milestone marks the beginning of a new chapter for BCIC, as we continue to leverage our expanded scale, broader portfolio diversification, and enhanced operating efficiency to drive long-term value for shareholders.
I am also pleased to report meaningful progress on the value creation initiatives we announced in June 2025. Notably, consistent with our previously stated intentions, the Company plans to commence a modified “Dutch Auction” tender offer of approximately
During the quarter, we generated net investment income of
Finally, consistent with our long-term approach to capital, we proactively extended and laddered our unsecured debt maturities, issuing
Looking ahead, our focus remains on disciplined capital allocation, maintaining a high-quality portfolio, and delivering attractive, risk-adjusted returns for our shareholders. With a larger, more diversified platform and a stronger balance sheet, we believe we are well positioned to drive continued earnings growth and long-term value creation.”
Selected Financial Highlights
- Total investment income for the quarter ended September 30, 2025, was
$18.9 million , of which$17.2 million was attributable to interest income, inclusive of payment-in-kind income, from the Debt Securities Portfolio. This compares to total investment income of$15.2 million for the quarter ended September 30, 2024, of which$12.7 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, 2025, excluding the impact of purchase discount accretion, was
$15.3 million , as compared to core investment income of$15.2 million for the quarter ended September 30, 2024. - Net investment income (“NII”) for the quarter ended September 30, 2025, was
$8.8 million ($0.71 per share) as compared to$5.8 million ($0.63 per share) for the quarter ended September 30, 2024. - Net asset value (“NAV”) as of September 30, 2025, was
$231.3 million ($17.55 per share), as compared to$164.7 million ($17.89 per share) for the second quarter of 2025. - Investment portfolio at fair value as of September 30, 2025, was
$539.7 million , comprised of 116 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled$450.2 million at fair value as of September 30, 2025, and was spread across 28 different industries comprised of 79 different portfolio companies with an average par balance per entity of approximately$3.2 million . This compares to a total investment portfolio at fair value as of June 30, 2025, of$395.1 million , comprised of 96 different portfolio companies. Our debt investment portfolio, excluding our investments in the CLO Funds, equities and Joint Ventures, totaled$323.1 million at fair value as of June 30, 2025, spread across 25 different industries and comprised of 69 different portfolio companies, with an average par balance per entity of approximately$2.6 million . - Debt investments on non-accrual, as of September 30, 2025, were ten, representing
3.8% and6.3% of the Company’s investment portfolio at fair value and amortized cost, respectively. This compares to six debt investments representing2.1% and4.8% of the Company’s investment portfolio at fair value and amortized cost, respectively, as of June 30, 2025. For illustrative purposes, if you were to combine the Company’s investment portfolio with LRFC’s as of June 30, 2025, the Company would have had nine debt investments on non-accrual status representing2.5% and6.2% of the combination of the Company’s and LRFC’s investment portfolio at fair value and amortized cost, respectively, as of June 30, 2025. - Weighted average annualized yield was approximately
13.8% (excluding income from non-accruals and collateralized loan obligations) as of September 30, 2025. - Par value of outstanding borrowings, as of September 30, 2025, was
$324.6 million , which compares to$255.4 million from June 30, 2025, with an asset coverage ratio of total assets to total borrowings of171% as compared to165% as of June 30, 2025. On a net basis, leverage as of September 30, 2025, was 1.3x2 compared to 1.4x2 as of June 30, 2025.
Results of Operations
Operating results for the three and nine months ended September 30, 2025, and September 30, 2024, were as follows:
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||
| ($ in thousands, except share and per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Total investment income | $ | 18,940 | $ | 15,177 | $ | 43,688 | $ | 48,040 | |||||||||||
| Net expenses | $ | 10,092 | 9,375 | 25,943 | 29,535 | ||||||||||||||
| Net Investment Income | 8,848 | 5,802 | 17,745 | 18,505 | |||||||||||||||
| Net realized gain (loss) on investments | (2,678 | ) | (11,419 | ) | (18,691 | ) | (20,398 | ) | |||||||||||
| Net change in unrealized gain (loss) on investments | 15,525 | 4,511 | (18,691 | ) | (20,398 | ) | |||||||||||||
| Tax (provision) benefit on realized and unrealized gains (losses) on investments | 1,935 | — | 1,726 | 537 | |||||||||||||||
| Net realized and unrealized appreciation (depreciation) on investments, net of taxes | 14,782 | (6,908 | ) | 1,285 | (21,245 | ) | |||||||||||||
| Net realized gain (loss) on extinguishment of debt | — | (403 | ) | — | (655 | ) | |||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | 23,630 | (1,509 | ) | 19,030 | (3,395 | ) | |||||||||||||
| Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: | |||||||||||||||||||
| Basic: | $ | 1.88 | $ | (0.16 | ) | $ | 1.84 | $ | (0.37 | ) | |||||||||
| Diluted: | $ | 1.86 | $ | (0.16 | ) | $ | 1.83 | $ | (0.37 | ) | |||||||||
| Net Investment Income Per Common Share: | |||||||||||||||||||
| Basic: | $ | 0.71 | $ | 0.63 | $ | 1.72 | $ | 1.99 | |||||||||||
| Diluted: | $ | 0.70 | $ | 0.63 | $ | 1.71 | $ | 1.99 | |||||||||||
| Weighted Average Shares of Common Stock Outstanding — Basic | 12,549,643 | 9,244,033 | 10,337,858 | 9,295,008 | |||||||||||||||
| Weighted Average Shares of Common Stock Outstanding — Diluted | 12,726,646 | 9,244,033 | 10,397,936 | 9,295,008 | |||||||||||||||
Investment Income
The composition of our investment income for the three and nine months ended September 30, 2025, and September 30, 2024, was as follows:
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Interest income, excluding CLO income and purchase discount accretion | $ | 11,032 | $ | 11,434 | $ | 30,761 | $ | 35,109 | |||||||
| Purchase discount accretion | 3,618 | 25 | 3,634 | 210 | |||||||||||
| PIK income | 2,705 | 1,552 | 8,215 | 5,759 | |||||||||||
| CLO income | 79 | 254 | 371 | 1,335 | |||||||||||
| JV income | 1,500 | 1,669 | 4,130 | 5,122 | |||||||||||
| Fees and other income | 6 | 243 | 211 | 505 | |||||||||||
| Investment Income | $ | 18,940 | $ | 15,177 | $ | 47,322 | $ | 48,040 | |||||||
| Less: Purchase discount accretion | $ | (3,618 | ) | $ | (25 | ) | $ | (3,634 | ) | $ | (210 | ) | |||
| Core Investment Income | $ | 15,322 | $ | 15,152 | $ | 43,688 | $ | 47,830 | |||||||
Fair Value of Investments
The composition of our investment portfolio as of September 30, 2025, and December 31, 2024, at cost and fair value was as follows:
| ($ in thousands) | September 30, 2025 | December 31, 2024 | |||||||||||||||||||||
| 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 | $ | 396,117 | $ | 386,403 | 71.6 | % | $ | 311,673 | $ | 289,957 | 71.6 | % | |||||||||||
| Second Lien Debt | 44,507 | 38,994 | 7.2 | % | 34,892 | 28,996 | 7.2 | % | |||||||||||||||
| Subordinated Debt | 26,788 | 24,832 | 4.6 | % | 8,059 | 1,740 | 0.4 | % | |||||||||||||||
| Collateralized Loan Obligations | 1,381 | 2,179 | 0.4 | % | 5,318 | 5,193 | 1.3 | % | |||||||||||||||
| Joint Ventures | 62,020 | 46,301 | 8.6 | % | 66,747 | 54,153 | 13.4 | % | |||||||||||||||
| Equity | 44,227 | 40,793 | 7.6 | % | 31,921 | 24,762 | 6.1 | % | |||||||||||||||
| Asset Manager Affiliates(1) | 17,791 | — | — | 17,791 | — | — | |||||||||||||||||
| Derivatives | 31 | 199 | 0.0 | % | 31 | 220 | — | ||||||||||||||||
| Total | $ | 592,862 | $ | 539,701 | 100.0 | % | $ | 476,432 | $ | 405,021 | 100.0 | % | |||||||||||
| (1) Represents the equity investment in the Asset Manager Affiliates. | |||||||||||||||||||||||
Liquidity and Capital Resources
As of September 30, 2025, the Company had approximately
As of September 30, 2025, and December 31, 2024, the fair value of investments and cash were as follows:
| ($ in thousands) | |||||||
| Security Type | September 30, 2025 | December 31, 2024 | |||||
| Cash and Cash Equivalents | $ | 2,844 | $ | 17,532 | |||
| Restricted Cash | 14,602 | 22,421 | |||||
| First Lien Debt | 386,403 | 289,957 | |||||
| Second Lien Debt | 38,994 | 28,996 | |||||
| Subordinated Debt | 24,832 | 1,740 | |||||
| Equity | 40,793 | 24,762 | |||||
| Collateralized Loan Obligations | 2,179 | 5,193 | |||||
| Asset Manager Affiliates | — | — | |||||
| Joint Ventures | 46,301 | 54,153 | |||||
| Derivatives | 199 | 220 | |||||
| Total | $ | 557,147 | $ | 444,974 | |||
As of September 30, 2025, the Company had unrestricted cash of
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, 2025, approximately
In periods of rising or lowering interest rates, the cost of the portion of debt associated with the
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 | $ | 2,161 | $ | 4,369 | $ | 6,596 | |||||
| Decrease in interest rate | $ | (2,142 | ) | $ | (4,209 | ) | $ | (5,742 | ) | ||
Conference Call and Webcast
We will hold a conference call on Friday, November 7, 2025, at 10:00 am Eastern Time to discuss our third quarter 2025 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 8901797.
A replay of this conference call will be available shortly after the live call through November 16, 2025.
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/smghw6d2. The online archive of the webcast will be available on the Company’s website shortly after the call at www.bcpinvestmentcorporation.com in the Investor Relations section under Events and Presentations.
Certain Information Regarding the Tender Offer
The information in this press release describing the Company’s Tender Offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of the Company’s common stock in the Tender Offer. The Tender Offer will be made only pursuant to the Offer to Purchase and the related materials that the Company expects to file with the Securities and Exchange Commission on November 10, 2025, and will distribute to its stockholders, as they may be amended or supplemented. Stockholders should read such Offer to Purchase and related materials carefully and in their entirety because they contain important information, including the various terms and conditions of the Tender Offer. Stockholders of the Company may obtain a free copy of the Tender Offer statement on Schedule TO, the Offer to Purchase and other documents that the Company will file with the Securities and Exchange Commission from the Securities and Exchange Commission’s website at www.sec.gov. Stockholders will also be able obtain a copy of these documents from the Company’s website at www.bcpinvestmentcorporation.com. Stockholders are urged to carefully read all of these materials prior to making any decision with respect to the Tender Offer.
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. 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, private credit and real estate 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.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of BCP Investment Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. 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 the underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
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; (14) the Company’s ability and expectation to complete its tender offer; and (15) 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 they 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.
Contacts:
BCP Investment Corporation
650 Madison Avenue, 3rd floor
New York, NY 10022
info@bcpinvestmentcorp.com
Brandon Satoren
Chief Financial Officer
Brandon.Satoren@bcpartners.com
(212) 891-2880
The Equity Group Inc.
Lena Cati
lcati@theequitygroup.com
(212) 836-9611
The Equity Group Inc.
Val Ferraro
vferraro@theequitygroup.com
(212) 836-9633
| BCP INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | |||||||
| (in thousands, except share and per share amounts) | September 30, 2025 | December 31, 2024 | |||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Investments at fair value: | |||||||
| Non-controlled/non-affiliated investments (amortized cost of | $ | 449,517 | $ | 327,622 | |||
| Non-controlled affiliated investments (amortized cost of | 79,465 | 64,384 | |||||
| Controlled affiliated investments (amortized cost of | 10,719 | 13,015 | |||||
| Total Investments at fair value (amortized cost of | $ | 539,701 | $ | 405,021 | |||
| Cash and cash equivalents | 2,844 | 17,532 | |||||
| Restricted cash | 14,602 | 22,421 | |||||
| Interest receivable | 5,887 | 6,088 | |||||
| Dividend receivable | 1,374 | 1,367 | |||||
| Other assets | 3,436 | 1,205 | |||||
| Total Assets | $ | 567,844 | $ | 453,634 | |||
| LIABILITIES | |||||||
| $ | 107,546 | $ | 106,983 | ||||
| Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of | 129,830 | 158,157 | |||||
| 2026 Notes (net of deferred financing costs and original issue discount of | 49,580 | — | |||||
| 2032 Convertible Notes (net of deferred financing costs and original issue discount of | 2,368 | — | |||||
| KeyBank Credit Facility (net of deferred financing costs of | 32,365 | — | |||||
| Management and incentive fees payable | 2,690 | 2,713 | |||||
| Accounts payable, accrued expenses and other liabilities | 2,794 | 3,007 | |||||
| Accrued interest payable | 5,847 | 3,646 | |||||
| Payable for Unsettled Trades | 3,520 | — | |||||
| Due to affiliates | — | 635 | |||||
| Total Liabilities | $ | 336,540 | $ | 275,141 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| NET ASSETS | |||||||
| Common stock, par value | $ | 132 | $ | 92 | |||
| Capital in excess of par value | 763,828 | 714,331 | |||||
| Total distributable (loss) earnings | (532,656 | ) | (535,930 | ) | |||
| Total Net Assets | $ | 231,304 | $ | 178,493 | |||
| Total Liabilities and Net Assets | $ | 567,844 | $ | 453,634 | |||
| Net Asset Value Per Common Share | $ | 17.55 | $ | 19.41 | |||
| BCP INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except share and per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| INVESTMENT INCOME | ||||||||||||||||
| Interest income: | ||||||||||||||||
| Non-controlled/non-affiliated investments | $ | 13,295 | $ | 11,357 | $ | 29,058 | $ | 35,891 | ||||||||
| Non-controlled affiliated investments | 1,434 | 356 | 2,074 | 763 | ||||||||||||
| Total interest income | 14,729 | 11,713 | 31,132 | 36,654 | ||||||||||||
| Payment-in-kind income: | ||||||||||||||||
| Non-controlled/non-affiliated investments(1) | 2,507 | 1,343 | 7,714 | 5,255 | ||||||||||||
| Non-controlled affiliated investments | 198 | 209 | 501 | 504 | ||||||||||||
| Total payment-in-kind income | 2,705 | 1,552 | 8,215 | 5,759 | ||||||||||||
| Dividend income: | ||||||||||||||||
| Non-controlled affiliated investments | 1,500 | 1,669 | 4,130 | 5,122 | ||||||||||||
| Total dividend income | 1,500 | 1,669 | 4,130 | 5,122 | ||||||||||||
| Fees and other income: | ||||||||||||||||
| Non-controlled/non-affiliated investments | 6 | 243 | 128 | 505 | ||||||||||||
| Non-controlled affiliated investments | — | — | 83 | — | ||||||||||||
| Total fees and other income | 6 | 243 | 211 | 505 | ||||||||||||
| Total investment income | 18,940 | 15,177 | 43,688 | 48,040 | ||||||||||||
| EXPENSES | ||||||||||||||||
| Management fees | 1,808 | 1,611 | 4,719 | 5,020 | ||||||||||||
| Performance-based incentive fees | 1,069 | 1,230 | 2,956 | 3,838 | ||||||||||||
| Interest and amortization of debt issuance costs | 5,514 | 5,120 | 14,042 | 16,210 | ||||||||||||
| Professional fees | 621 | 283 | 1,476 | 1,357 | ||||||||||||
| Administrative services expense | 505 | 596 | 1,365 | 1,313 | ||||||||||||
| Directors' expense | 154 | 143 | 440 | 466 | ||||||||||||
| Other general and administrative expenses | 609 | 392 | 1,133 | 1,331 | ||||||||||||
| Total expenses | 10,280 | 9,375 | 26,131 | 29,535 | ||||||||||||
| Waiver of performance-based incentive fees | (188 | ) | — | (188 | ) | — | ||||||||||
| Net expenses | 10,092 | 9,375 | 25,943 | 29,535 | ||||||||||||
| NET INVESTMENT INCOME | 8,848 | 5,802 | 17,745 | 18,505 | ||||||||||||
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | ||||||||||||||||
| Net realized gains (losses) from investment transactions: | ||||||||||||||||
| Non-controlled/non-affiliated investments | (1,318 | ) | (11,419 | ) | (11,047 | ) | (13,754 | ) | ||||||||
| Non-controlled affiliated investments | (1,360 | ) | — | (1,452 | ) | — | ||||||||||
| Controlled affiliated investments | — | — | (6,192 | ) | (6,644 | ) | ||||||||||
| Net realized gain (loss) on investments | (2,678 | ) | (11,419 | ) | (18,691 | ) | (20,398 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Non-controlled/non-affiliated investments | 12,773 | 5,430 | 14,662 | (5,392 | ) | |||||||||||
| Non-controlled affiliated investments | 3,114 | (994 | ) | (1,042 | ) | (2,909 | ) | |||||||||
| Controlled affiliated investments | (362 | ) | 75 | 4,651 | 6,917 | |||||||||||
| Derivatives | — | — | (21 | ) | — | |||||||||||
| Net change in unrealized appreciation (depreciation) on investments | 15,525 | 4,511 | 18,250 | (1,384 | ) | |||||||||||
| Tax (provision) benefit on realized and unrealized gains (losses) on investments | 1,935 | — | 1,726 | 537 | ||||||||||||
| Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments, net of taxes | 14,782 | (6,908 | ) | 1,285 | (21,245 | ) | ||||||||||
| Net realized gain (loss) on extinguishment of debt | — | (403 | ) | — | (655 | ) | ||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 23,630 | $ | (1,509 | ) | $ | 19,030 | $ | (3,395 | ) | ||||||
| Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share: | ||||||||||||||||
| Net increase (decrease) in net assets per share resulting from operations – Basic | $ | 1.88 | $ | (0.16 | ) | $ | 1.84 | $ | (0.37 | ) | ||||||
| Weighted average common stock outstanding – Basic | 12,549,643 | 9,244,033 | 10,337,858 | 9,295,008 | ||||||||||||
| Net increase (decrease) in net assets per share resulting from operations – Diluted | $ | 1.86 | $ | (0.16 | ) | $ | 1.83 | $ | (0.37 | ) | ||||||
| Weighted average common stock outstanding – Diluted | 12,726,646 | 9,244,033 | 10,397,936 | 9,295,008 | ||||||||||||
| Net Investment Income Per Common Share: | ||||||||||||||||
| Net investment income (loss) - Basic | $ | 0.71 | $ | 0.63 | $ | 1.72 | $ | 1.99 | ||||||||
| Net investment income (loss) - Diluted | $ | 0.70 | $ | 0.63 | $ | 1.71 | $ | 1.99 | ||||||||
| (1) | During the three months ended September 30, 2025 and 2024, the Company received less than | |||||||||||||||
______________________
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 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
FAQ
What did BCIC (NASDAQ: BCIC) report for net investment income in Q3 2025?
How much is BCIC’s announced modified Dutch auction tender offer and when does it start?
What change occurred to BCIC’s NAV as of Sept 30, 2025 and what is NAV per share?
What debt issuances did BCIC complete after Q3 2025 and why does it matter?
How many shares did BCIC repurchase before the tender and at what cost?
Did BCIC declare a dividend or distribution for Q4 2025?
What proportion of BCIC’s portfolio was first-lien debt as of Sept 30, 2025?
