Bcp Investment Corporation (BCIC)
NASDAQ:BCIC
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BCP Investment Corporation
(NASDAQ:BCIC)
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Rating:52Neutral
Price Target:
$7.50
▼(-1.83% Downside)
Action:ReiteratedDate:03/24/26
The score is held back primarily by severe credit/NAV pressure highlighted on the earnings call and a very bearish technical setup (deep downtrend with weak momentum). Financial performance is mixed—strong 2025 rebound and generally positive cash flow, but a boom-bust history and elevated leverage. Valuation is only moderately supportive given the low P/E, while the very high yield signals elevated payout and risk concerns.
Positive Factors
Strategic merger and rebranding
The merger and rebrand materially increase scale and diversify origination channels and industry exposure, strengthening the franchise long term. Greater scale improves access to deal flow and potential cost synergies that support steadier fee and investment income over multiple cycles.
Negative Factors
Material credit deterioration
Almost half the portfolio on nonaccrual signals severe asset-quality stress that can depress recurring income and NAV for many quarters. Elevated impaired positions increase downside to recoveries, raise loss realization risk, and constrain management's ability to rebuild earnings sustainably.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic merger and rebranding
The merger and rebrand materially increase scale and diversify origination channels and industry exposure, strengthening the franchise long term. Greater scale improves access to deal flow and potential cost synergies that support steadier fee and investment income over multiple cycles.
Read all positive factors
BCP Investment Corporation (BCIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$97.85M
Dividend Yield16.6%
Average Volume (3M)141.44K
Price to Earnings (P/E)11.3
Beta (1Y)0.55
Revenue Growth-5.23%
EPS Growth193.87%
CountryUS
Employees13
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.57
Shares Outstanding12,386,519
10 Day Avg. Volume129,899
30 Day Avg. Volume141,439
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 Cap3.99
Enterprise Value/Revenue7.76
Enterprise Value/Gross Profit11.57
Enterprise Value/Ebitda23.89
Forecast
1Y Price Target
$11.00Price Target Upside43.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.78
Revenue Forecast (FY)$61.38M
BCP Investment Corporation Business Overview & Revenue Model
Company Description
BCP Investment Corp. is a business development company specializing in investments in unitranche loans (including last out), first lien loans, second lien loans, subordinated debt, equity co-investment, mezzanine, buyout in middle market companies...
BCP Investment Corporation Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Negative
The call highlighted meaningful strategic actions — merger integration, rebranding, debt refinancing, accretive buybacks, and a move to monthly distributions — and management emphasized portfolio diversification and potential NAV upside scenarios. However, these positives are materially offset by credit and performance headwinds: nonaccruals spiked to represent roughly 47% of the portfolio at fair value, NAV declined 9.6% QoQ (NAV per share down 5.0%), core NII failed to cover the dividend by ~ $2.0 million in the quarter, and originations lagged repayments leading to portfolio shrinkage. Given the scale of the credit deterioration and its direct impact on NAV and earnings coverage, the negatives outweigh the strategic and balance-sheet improvements.Positive Updates
Strategic Merger and Rebranding
Completed merger with Logan Ridge in July 2025 and executed a rebranding/name change in August 2025 to align with the BC Partners Credit platform, enhancing scale, diversification, and positioning for future M&A.
Negative Updates
Large Increase in Nonaccruals
Nonaccruals rose materially: 13 investments (10 portfolio companies) at 12/31/2025 representing 47.1% of the portfolio at fair value (up from 10 investments / 8 companies representing 3.8% of portfolio fair value at 09/30/2025), signaling significant credit stress in a material portion of the portfolio.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Merger and Rebranding
Completed merger with Logan Ridge in July 2025 and executed a rebranding/name change in August 2025 to align with the BC Partners Credit platform, enhancing scale, diversification, and positioning for future M&A.
Read all positive updates
Company Guidance
The company’s near-term guidance focused on shareholder returns and balance-sheet flexibility: the Board approved a quarterly base distribution of $0.32 per share for the quarter ended 03/31/2026 and a transition to monthly base payments (approved at $0.09 per share for each of April, May and June 2026) while retaining the potential for quarterly supplemental distributions; it also authorized a renewed stock repurchase program of up to $10.0 million (following a December tender that bought ~558,000 shares for ~$7.6 million and was accretive to NAV by $0.18 per share). Capital structure actions intended to reduce near-term refinancing risk include issuance of $75.0 million of 7.75% notes due October 2030 and $35.0 million of 7.50% notes due October 2028 and redemption of 4.875% notes due 2026; at 12/31/2025 total borrowings were $312.3 million at a 6.9% weighted average contractual rate (prior quarter $324.6M at 6.1%), with gross/net leverage of 1.5x/1.4x (vs 1.4x/1.3x) and $124.7 million of available revolver capacity. Management expects more M&A activity in 2026 and to deploy capital selectively (Q4 originations $9.6M vs repayments/sales $40.4M, net repayments ~$30.8M) while prioritizing buybacks when deployment economics are unattractive; portfolio and yield metrics underpinning this view include Q4 yield on par of new debt investments of 11.8% (weighted average annualized yield 12.9% excl. nonaccruals/CLO income), a diversified portfolio across 34 industries (software ~12.5% of fair value), and an investment portfolio (ex-NPLs/CLOs/JVs/equities) of $391.7M at fair value (blended price 92.7% of par, 81.5% first lien). Reported operating baselines to frame expectations were Q4 net investment income $7.4M ($0.57/sh) and core NII $4.1M ($0.32/sh), full‑year NII $25.1M ($2.28/sh), and NAV of $209.2M ($16.68/sh, down $22.1M or 9.6% q/q); management also highlighted optional upside in stressed recovery scenarios (par recovery implies ~$30.9M incremental net value or a 14.8% uplift to NAV; an illustrative 10% default / 70% recovery scenario implies ~$1.46 per share of NAV or an 8.7% increase).BCP Investment Corporation Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 39.72M | 20.68M | 43.35M | 6.04M | 52.39M |
| Gross Profit | 28.34M | -98.00K | 18.05M | -11.66M | 38.75M |
| EBITDA | 32.09M | -6.79M | 10.97M | -20.21M | 27.47M |
| Net Income | 11.49M | -5.93M | 11.38M | -21.00M | 26.03M |
Balance Sheet | |||||
| Total Assets | 523.64M | 453.63M | 549.24M | 619.49M | 648.30M |
| Cash, Cash Equivalents and Short-Term Investments | 3.72M | 17.53M | 26.91M | 5.15M | 28.92M |
| Total Debt | 306.88M | 265.14M | 322.41M | 373.31M | 347.19M |
| Total Liabilities | 314.49M | 275.14M | 335.72M | 387.36M | 368.18M |
| Stockholders Equity | 209.16M | 178.49M | 213.52M | 232.12M | 280.12M |
Cash Flow | |||||
| Free Cash Flow | 66.65M | 9.36M | 22.14M | -33.10M | 61.15M |
| Operating Cash Flow | 66.65M | 9.36M | 22.14M | -33.10M | 61.15M |
| Investing Cash Flow | 64.65M | 47.27M | 98.76M | -61.24M | 48.90M |
| Financing Cash Flow | -94.10M | -88.25M | -82.47M | -2.11M | -75.71M |
BCP Investment Corporation Technical Analysis
Neutral
7.64
Price Trends
9.79
Negative
10.86
Negative
10.97
Negative
Market Momentum
-0.58
Negative
38.56
Neutral
87.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCIC, the sentiment is Neutral. The current price of 7.64 is below the 20-day moving average (MA) of 7.70, below the 50-day MA of 9.79, and below the 200-day MA of 10.97, indicating a neutral trend. The MACD of -0.58 indicates Negative momentum. The RSI at 38.56 is Neutral, neither overbought nor oversold. The STOCH value of 87.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $166.76M | 11.23 | 5.30% | 21.24% | -55.82% | -4.97% | |
59 Neutral | $113.96M | -13.03 | -2.90% | 14.03% | -34.92% | -132.22% | |
54 Neutral | $50.51M | -1.93 | -23.38% | 25.87% | -14.76% | ― | |
52 Neutral | $97.85M | 11.33 | 5.90% | 16.60% | -5.23% | 193.87% | |
46 Neutral | $160.14M | -7.18 | -12.27% | 24.14% | -177.91% | 55.08% |
* Financial Sector Average
BCIC
BCP Investment Corporation
7.90
-2.99
-27.48%
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WHF
WhiteHorse
7.50
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OFS
OFS Capital
3.77
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-47.10%
MRCC
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5.26
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NXDT
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4.42
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25.89%
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.