Welcome to our dedicated page for BCP Investment SEC filings (Ticker: BCIC), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
BCP Investment Corporation filings document regulatory disclosures for a Nasdaq-listed business development company and externally managed closed-end investment company. Reports include 8-K earnings exhibits and investor presentations covering investment income, net investment income, net asset value, distributions, portfolio composition and credit metrics; proxy materials for annual meeting voting, board elections, committee governance and auditor ratification; and capital-structure filings for registered notes offerings, indentures and refinancing activity.
The filing record also describes material definitive agreements and borrowing arrangements, including amendments to a senior secured revolving credit facility held through a wholly owned funding subsidiary. Additional disclosures cover the company's common stock, adviser relationship, director changes, board size adjustments and current reporting identity following the former Portman Ridge Finance Corporation name.
BCP Investment Corporation, through its wholly owned subsidiary Capitala Business Lending, LLC, entered into a Sixth Amendment to its senior secured revolving credit facility with KeyBank National Association. The amendment reduces the applicable margin during the reinvestment period from 2.80% to 2.50% per annum and during the amortization period from 3.20% to 3.00% per annum.
The amendment also extends the reinvestment period termination date from August 21, 2027 to August 6, 2029 and the maturity date from August 21, 2029 to August 6, 2031. In addition, the facility size is increased from $75.0 million to $150.0 million. Borrowing base provisions are revised to allow certain participation interests related to a refinancing to qualify as eligible collateral.
Concurrently, borrowings under the amended KeyBank facility were used to repay in full all outstanding advances and amounts under a separate senior secured revolving credit facility with JPMorgan Chase Bank, after which that JPM facility’s commitments were terminated and security interests released.
BCP Investment Corporation reported second quarter 2026 results with total investment income of $15,165 thousand and net investment income of $5,518 thousand, or $0.45 per share. Core net investment income was $3,291 thousand, or $0.27 per share. After $10,482 thousand of net realized losses, $4,734 thousand of net unrealized depreciation and $360 thousand of losses on debt extinguishment, the net decrease in net assets from operations was $9,874 thousand, or $(0.80) per share. Net asset value was $179,462 thousand, or $14.49 per share as of June 30, 2026, compared with $15.60 at March 31, 2026 and $16.68 at December 31, 2025; the company attributed the decline primarily to unrealized mark-to-market valuation changes, notably in software and software-exposed investments.
The investment portfolio totaled $452,741 thousand at fair value across 107 portfolio companies, with 63.4% in first lien debt and a weighted average annualized yield of approximately 12.0% (excluding non-accruals and CLOs). As of June 30, 2026, eleven debt investments attributable to seven portfolio companies were on non-accrual, representing 5.7% of the portfolio at amortized cost and 3.1% at fair value, down from 6.2% and 2.6% as of March 31, 2026. Outstanding borrowings had par value of approximately $286.1 million at a current weighted average interest rate of 7.0%, with an asset coverage ratio of 162% and gross and net leverage of 1.6x.
Management highlighted balance-sheet actions including redeeming $40.0 million of 2026 Notes and reducing revolving credit borrowings during the quarter. Subsequent to quarter end, the company amended its KeyBank Credit Facility, reducing borrowing spreads by 30 basis points, extending the reinvestment period to August 6, 2029 and maturity to August 6, 2031, and increasing committed capacity from $75.0 million to $150.0 million, while using borrowings under the upsized facility to repay in full and terminate the JPMorgan revolving credit facility. The board approved regular monthly base distributions of $0.09 per share for each of October, November and December 2026, totaling $0.27 per share for the fourth quarter of 2026.
BCIC lists a broad portfolio of non-control, non-affiliate and affiliated investments across debt and equity. Positions include first lien and second lien senior secured loans, subordinated debt, preferred stock and units, common equity, warrants, derivatives and interests in joint ventures.
Many loans are floating-rate obligations tied to SOFR plus stated spreads, with cash or PIK interest such as 9.64%, 10.48%, 13.73% and 15.00%. Examples span health care providers like VBC Spine Opco LLC and American Academy Holdings, software issuers including Ivanti Software and Morae Global, and financial services names such as Advantage Capital Holdings and Payarc.
The portfolio also holds collateralized loan obligations, including Catamaran CLO 2014-1 Ltd, Catamaran CLO 2018-1 Ltd and multiple tranches of JNTR 2026-1 LLC, as well as joint ventures such as KCAP Freedom 3 LLC and Great Lakes Funding II LLC. Reported maturities extend into 2049, indicating long-dated, interest-bearing investments.
BCP Investment Corporation reported voting results from its annual meeting of stockholders held on June 25, 2026. Stockholders elected three directors — Jennifer Kwon Chou, Joseph Morea, and Robert Warshauer — each to serve until the 2029 annual meeting and until a successor is elected and qualifies.
As of April 27, 2026, 12,375,787 shares of common stock were outstanding and entitled to vote. Stockholders also ratified the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.
BCP Investment Corp President and CEO Edward J. Goldthorpe bought 13,738 shares of common stock in an open-market purchase at $7.16 per share. After this transaction, he directly owns 99,878 common shares.
BCP Investment Corp director Dean C. Kehler reported an open-market sale of the company’s Common Stock. On May 18, 2026, he sold 15,000 shares at an average price of $7.6445 per share in multiple transactions priced between $7.60 and $7.69. Following this sale, he directly held 5,649 shares of BCP Investment Corp Common Stock.
BCIC report of proposed resale: 15,000 shares are listed for sale in a Form 144 filing. The filing also documents multiple recent dispositions by related parties, including large transfers on 03/23/2026 and 03/19/2026.
The transactions listed show sales by Dean C. Kehler and the Dean C. Kehler Revocable Trust of common shares on several dates in March 2026, with executed trades such as $273,694.12 for 37,100 shares on 03/23/2026.
BCP Investment Corporation reported first quarter 2026 results showing stronger income but weaker net asset value. Total investment income rose to $17.6 million from $12.1 million a year earlier, while net investment income increased to $6.9 million, or $0.55 per share.
However, significant unrealized losses on investments led to a net decrease in net assets of $10.2 million, or $0.82 per share, and NAV fell to $15.60 from $16.68 at year-end 2025. Management highlighted that about 70% of the quarter’s unrealized depreciation was concentrated in software and software-exposed holdings. The company declared second-quarter 2026 total distributions of $0.30 per share, including a $0.03 supplemental payment, and set a third-quarter base distribution of $0.27 per share paid monthly.
BCIC’s quarterly report details a highly diversified investment portfolio spanning non-control, affiliated and controlled holdings. The company primarily invests in first lien and second lien senior secured loans, subordinated debt, preferred units, common equity and warrants across many industries, including health care, software, consumer, industrials, media and financial services.
Most debt positions are floating-rate, referencing SOFR plus contractual spreads, with stated cash and PIK interest rates often in the high single to mid-teens. Maturities are laddered mainly between 2025 and 2032 and include term loans and revolving credit facilities, as well as interests in collateralized loan obligations and joint ventures.
BCP Investment Corporation has issued its 2026 proxy statement for a virtual annual meeting on June 25, 2026. Holders of common stock at the April 27, 2026 record date, when 12,375,787 shares were outstanding, may vote.
Stockholders are asked to elect three Class II independent directors — Jennifer Kwon Chou, Joseph Morea and Robert Warshauer — each for a term ending at the 2029 annual meeting, and to ratify Deloitte & Touche LLP as independent auditor for the fiscal year ending December 31, 2026. The Board unanimously recommends voting FOR all nominees and FOR auditor ratification.
The filing also details BCIC’s external management: Sierra Crest earns a base management fee of 1.50% of average gross assets and a 17.50% incentive fee on income and realized capital gains. For 2025, BCIC paid about $6.6 million in base management fees, $2.8 million in net incentive fees after waivers tied to the Logan Ridge acquisition, and $2.0 million in administration expenses. Deloitte billed $1,299,855 in audit and tax fees for 2025.