Bcp Investment Corporation (BCIC)
NASDAQ:BCIC
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BCP Investment Corporation
(NASDAQ:BCIC)
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Rating:69Neutral
Price Target:
$8.00
▼(-1.48% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by improved financial performance (strong TTM cash flow, profitability, and sharply reduced leverage). It is tempered by weaker longer-term technical trend signals and earnings-call risks around NAV decline and software-related valuation pressure, while the very high dividend yield provides additional support.
Positive Factors
Strong cash generation
Sustained TTM operating and free cash flow near $52M with sharp year-over-year growth materially improves BCIC's ability to fund distributions, repurchases, debt paydowns and reinvestment without relying on capital markets. High FCF coverage of net income supports durable liquidity and financial flexibility across cycles.
Negative Factors
Concentrated software markdowns
Heavy valuation pressure in software and AI-exposed holdings produced a meaningful QoQ NAV decline and signals sector concentration risk. If exits and refinancing remain constrained, these concentrated markdowns can persist, compress NAV and limit distributable earnings for multiple quarters until realizations or recoveries occur.
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Positive Factors
Negative Factors
Strong cash generation
Sustained TTM operating and free cash flow near $52M with sharp year-over-year growth materially improves BCIC's ability to fund distributions, repurchases, debt paydowns and reinvestment without relying on capital markets. High FCF coverage of net income supports durable liquidity and financial flexibility across cycles.
Read all positive factors
BCP Investment Corporation (BCIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$92.95M
Dividend Yield16.6%
Average Volume (3M)80.83K
Price to Earnings (P/E)66.7
Beta (1Y)0.60
Revenue Growth50.90%
EPS Growth97.62%
CountryUS
Employees13
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.03
Shares Outstanding12,377,481
10 Day Avg. Volume77,707
30 Day Avg. Volume80,826
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)0.62
Price to Sales (P/S)3.28
P/FCF Ratio1.95
Enterprise Value/Market Cap4.06
Enterprise Value/Revenue6.27
Enterprise Value/Gross Profit8.43
Enterprise Value/Ebitda32.21
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.71
Revenue Forecast (FY)$61.89M
BCP Investment Corporation Business Overview & Revenue Model
Company Description
BCP Investment Corporation (BCIC) operates as a business development company, primarily focused on providing capital solutions to middle-market businesses. The firm engages in a diverse array of financing strategies, including various forms of deb...
How the Company Makes Money
BCIC generates revenue primarily through investment management fees, which are charged as a percentage of assets under management (AUM) from individual and institutional clients. Additionally, the company earns income from performance-based fees w...
BCP Investment Corporation Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call presented a balanced view: the company executed several strategic, shareholder-friendly actions (rebranding, repurchases accretive to NAV, transition to monthly dividends, liability management) and showed improved credit metrics (nonaccruals down, diversified portfolio and implied NAV upside). However, near-term mark-to-market pressures—especially concentrated in software and software-exposed assets—drove a meaningful NAV decline (-7.7% QoQ) and created temporary leverage and valuation headwinds. Operating expenses rose modestly and originations were limited while repayments outpaced new deployments. Given the mix of positive execution and capital management with material sector-driven markdowns and slower deployment, the overall tone is balanced.Positive Updates
Net Investment Income Exceeded Base Distribution
Generated net investment income of $6.9 million ($0.55 per share) in 1Q26, which exceeded the company’s base distribution. Core net investment income was $4.1 million ($0.33 per share). Investment income for the quarter was $17.6 million, up $0.1 million versus 4Q25.
Negative Updates
Quarterly NAV Decline
Net asset value totaled $193.0 million as of 03/31/2026, a decrease of $16.2 million or -7.7% QoQ. NAV per share fell to $15.60, down $1.08 or -6.5% from the prior quarter.
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Q1-2026 Updates
Positive
Negative
Net Investment Income Exceeded Base Distribution
Generated net investment income of $6.9 million ($0.55 per share) in 1Q26, which exceeded the company’s base distribution. Core net investment income was $4.1 million ($0.33 per share). Investment income for the quarter was $17.6 million, up $0.1 million versus 4Q25.
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Company Guidance
The company guided to a more regular monthly dividend framework and near-term capital targets: the Board declared a $0.03 per share supplemental Q2 distribution (bringing total Q2 distributions to $0.30 per share) and approved a Q3 base distribution of $0.27 per share, payable monthly at $0.09 per month (first monthly payment was made in April); management preserved flexibility to declare supplemental distributions. Financial and portfolio metrics cited as context for that guidance included Q1 net investment income of $6.9 million ($0.55 per share) and core NII of $4.1 million ($0.33 per share); NAV of $193.0 million ($15.60 per share), down 7.7% q/q (‑6.5% per share) largely from software-related markdowns; nonaccruals improved to 6.2% of the portfolio at amortized cost (from 7.1%) with nine portfolio companies on nonaccrual (vs. 10). Activity and yield guidance highlighted measured originations of $13.3 million, repayments and sales of $28.3 million (net repayments ≈ $15 million), a par yield on new investments of 10.7% (vs. a 12.8% weighted average yield ex‑nonaccruals/CLO income), a diversified debt portfolio of 72 companies across 33 industries with average par $3.3 million and $371.8 million fair value (blended price 90.3% of par; 81.3% first lien), and illustrative value upside (par recovery implies ~$40.1 million incremental NAV or ~20.8% NAV uplift; a 10% default / 70% recovery scenario implies ~$2.24 per share or ~14.4% uplift). On liability management, the company issued $50 million of notes due 2029 (coupon ~7–7.5%) and in April redeemed $40 million of LRFC 5.25% notes due 2026, ending the quarter with $342.2 million of borrowings at a ~6.9% weighted rate (prior quarter $312 million at 6.7%), gross/net leverage of 1.8x/1.5x (or 1.6x/1.5x excluding the $40M called), a target net leverage range of 1.25x–1.4x, and $69.8 million of available revolver capacity; management expects natural deleveraging as portfolio realizations occur and sees about a 50 bps spread widening in middle‑market credit versus prior levels.BCP Investment Corporation Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
77
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.21M | 39.72M | 20.68M | 43.35M | 6.04M | 52.39M |
| Gross Profit | 44.82M | 28.34M | -98.00K | 18.05M | -11.66M | 38.75M |
| EBITDA | 11.73M | 32.09M | -6.79M | 10.97M | -20.21M | 27.47M |
| Net Income | 1.40M | 11.49M | -5.93M | 11.38M | -21.00M | 26.03M |
Balance Sheet | ||||||
| Total Assets | 543.91M | 523.64M | 453.63M | 549.24M | 619.49M | 648.30M |
| Cash, Cash Equivalents and Short-Term Investments | 51.82M | 3.72M | 17.53M | 26.91M | 5.15M | 28.92M |
| Total Debt | 336.40M | 306.88M | 265.14M | 322.41M | 373.31M | 347.19M |
| Total Liabilities | 350.91M | 314.49M | 275.14M | 335.72M | 387.36M | 368.18M |
| Stockholders Equity | 193.00M | 209.16M | 178.49M | 213.52M | 232.12M | 280.12M |
Cash Flow | ||||||
| Free Cash Flow | 51.93M | 66.65M | 9.36M | 22.14M | -33.10M | 61.15M |
| Operating Cash Flow | 51.93M | 66.65M | 9.36M | 22.14M | -33.10M | 61.15M |
| Investing Cash Flow | 35.73M | 0.00 | 47.27M | 98.76M | -61.24M | 48.90M |
| Financing Cash Flow | -53.13M | -94.10M | -88.25M | -82.47M | -2.11M | -75.71M |
BCP Investment Corporation Technical Analysis
Negative
8.12
Price Trends
7.67
Negative
8.89
Negative
9.99
Negative
Market Momentum
-0.10
Positive
46.04
Neutral
29.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCIC, the sentiment is Negative. The current price of 8.12 is above the 20-day moving average (MA) of 7.58, above the 50-day MA of 7.67, and below the 200-day MA of 9.99, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 46.04 is Neutral, neither overbought nor oversold. The STOCH value of 29.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BCIC.
BCP Investment Corporation Risk Analysis
BCP Investment Corporation disclosed 72 risk factors in its most recent earnings report. BCP Investment Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BCP Investment Corporation Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $92.95M | 66.66 | 0.70% | 16.60% | 50.90% | 97.62% | |
68 Neutral | $143.07M | 15.64 | 3.58% | 21.24% | -58.30% | 2.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
48 Neutral | $46.22M | -1.24 | -29.04% | 25.87% | -21.68% | -223.80% | |
43 Neutral | $123.46M | -3.22 | -24.71% | 24.14% | ― | -10500.00% |
* Financial Sector Average
BCIC
BCP Investment Corporation
7.51
-2.65
-26.10%
OXSQ
Oxford Square Capital
1.32
-0.55
-29.56%
WHF
WhiteHorse
6.62
-0.90
-12.01%
OFS
OFS Capital
3.45
-4.11
-54.35%
NXDT
NexPoint Diversified Real Estate Trust
5.13
1.55
43.14%
BCP Investment Corporation Corporate Events
Business Operations and StrategyPrivate Placements and Financing
BCP Investment Corporation Issues New Senior Unsecured Notes
Neutral
Mar 24, 2026
On March 20, 2026, BCP Investment Corporation entered into a note purchase agreement with institutional buyers for a $50 million issuance of 7.50% notes due September 24, 2029, under an effective shelf registration. The company plans to use the pr...
Business Operations and StrategyPrivate Placements and Financing
BCP Investment Amends Revolving Credit Facility Commitments
Neutral
Mar 12, 2026
On March 9, 2026, BCP Investment Corporation’s wholly owned subsidiary Great Lakes Portman Ridge Funding LLC amended its senior secured revolving credit facility originally established in December 2019 with JPMorgan Chase Bank. Under this th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.