Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Q4 2025 Earnings Presentation
19 slides from Bcp Investment's earnings presentation, Mar 9, 2026
Slide 1: BCP Investment Corporation Q4 2025 Earnings Presentation
Exhibit 99.2 BCP Investment Corporation Q4 2025 Earnings Presentation March 6, 2026
Slide 2: Important Information: Cautionary Statement Regarding Forward-Looking Statements
Important Information Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements. The matters discussed in this presentation, as well as in future oral and written statements by management of BCP Investment Corporation (“BCIC” or the “Company”), t
Slide 3: Quarterly Highlights Fourth Quarter 2025
Quarterly Highlights Fourth Quarter 2025 ( (1 1) ) • • C Co or re e i in nv ve es st tm me en nt t i in nco com me e o of f $ $1 14 4. .2 2 m mi il ll li io on n f fo or r t th he e f fo ou ur rt th h q qu ua ar rt te er r, , a as s c co om mp pa ar red ed t to o $ $1 15 5. .3 3 m mi il ll li io on
Slide 4: Recent Milestones & Upcoming Initiatives
Quarterly Highlights Recent Milestones & Upcoming Initiatives M Me er rg ge er r a and nd R Re eb br ran anding ding: : §§ O On n J Ju ul ly y 1 15 5, , 2 20 02 25 5, , t th he e Co Com mp pa an ny y c cl lo os se ed d i it ts s m me er rg ge er r w wi it th h Lo Log ga an n R Ri id dg ge e F Fi in
Slide 5: Financial Highlights
Financial Highlights For the Three Months Ended (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Total Investment Income $14,392 $12,118 $12,630 $18,940 $17,464 Less: Purchase discount accretion (25) (16) — (3,618) (3,261) (1) Core inv
Slide 6: Repayment Activity
Repayment Activity O Ov ve er r t the he la las st t th thr re ee e y ye ea ar rs s, , B BC CI IC C ha has s e ex xpe peri rie enc nce ed d a an n a av ve er ra ag ge e o of f ~ ~$ $0 0. .3 3 m mi illio llion n in in i inc ncom ome e r re el la at te ed t d to o r re epa pay ym me en nt t / / pr pre
Slide 7: Core Earnings Analysis
Core Earnings Analysis For the Three Months Ended (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Interest Income: Non-controlled/non-affiliated investments $9,145 $7,300 $8,463 $13,295 $13,146 Non-controlled affiliated investments 1,
Slide 8: Net Asset Value Roll Forward
Net Asset Value Roll Forward For the Three Months Ended (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 NAV, Beginning of Period $187,982 $178,493 $173,511 $164,729 $231,304 Net investment income 5,539 4,340 4,557 8,848 7,387 Net real
Slide 9: BCIC Portfolio Composition
BCIC Portfolio Composition As of December 31, 2025 (3) Key Statistics Diversification by Borrower 4.6% 4.5% Top 5 Borrowers Key Statistics 21.1% 4.3% Borrower 1 4.0% Total Investments at Fair Value $501.0 million Borrower 2 3.7% Borrower 3 (1) 38.1% Weighted Average Annualized Yield on Investments 1
Slide 10: Portfolio Trends
(1)(2) Portfolio Trends As of December 31, 2025 As of (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Portfolio Sourcing (at Fair Value): BC Partners $317,588 $326,614 $322,989 $425,230 $391,331 Legacy KCAP 20,291 18,917 16,814 14,028
Slide 11: Credit Quality
Credit Quality As of December 31, 2025 A As s o of f De Dec ce em mb be er r 3 31 1, , 2 20 02 25 5, , t th hir irt te ee en n o of f t th he e C Co om mp pan any y’ ’s s d de eb bt t in inv ve es st tm me en nt ts s, , a at tt tr rib ibu ut ta ab ble le t to o t te en n p po or rt tf fo oli lio o c
Slide 12: Portfolio Composition
(1) Portfolio Composition As of December 31, 2025 As of (1) Investment Portfolio (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 First Lien Debt $289,957 $294,379 $291,071 $386,403 $344,126 Second Lien Debt 28,996 28,724 30,276 38,994
Slide 13: Appendix
Appendix
Slide 14: Consolidated Statements of Assets and Liabilities
Consolidated Statements of Assets and Liabilities As of December 31, 2025 and December 31, 2024 As of (Dollar amounts in thousands) December 31, 2025 December 31, 2024 ASSETS Non-controlled/non-affiliated investments (amortized cost of $433,213 and $358,153, respectively) $409,735 $327,622 Non-contr
Slide 15: Consolidated Statements of Operations
Consolidated Statements of Operations For the Year Ended December 31, (Dollar amounts in thousands) 2025 2024 2023 INVESTMENT INCOME Interest income: Non-controlled/non-affiliated investments $42,204 $45,036 $55,675 Non-controlled affiliated investments 3,604 1,859 2,728 Total interest income $45,80
Slide 16: Financing Profile
Financing Profile Overview of Balance Sheet Financing Facilities As of December 31, 2025 Principal Amount Committed (in mm) Principal Amount Outstanding (in mm) Interest Rate Maturity Date Great Lakes Credit Facility $200.0 $107.6 Floating / SOFR + 2.50% August 2027 2026 Notes $50.0 $50.0 Fixed / 5.
Slide 17: Historical Dividend Yield
Historical Dividend Yield Dividends & Dividend Yield Based on NAV Per Share for Respective Quarter 13.6% $0.80 13.0% 12.2% 12.2% 12.2% 12.1% 11.7% 11.3% 11.2% 11.1% 11.0% 10.2% $0.70 10.0% 9.2% 10.0% 8.9% 9.0% 8.8% 8.7% 8.4% 8.3% 8.3% 8.2% 8.2% 7.1% 7.7% 6.8% $0.60 $0.07 $0.50 5.0% $0.02 $0.40 $0.69
Slide 18: Historical Dividend Information
Historical Dividend Information Declaration Date Record Date Payment Date Dividend Type Dividend Per Share Declaration Date Record Date Payment Date Dividend Type Dividend Per Share 3/5/2026 6/15/2026 6/30/2026 Base $0.09 3/9/2023 3/20/2023 3/31/2023 Base $0.68 3/5/2026 5/15/2026 5/29/2026 Base $0.0
Slide 19: Corporate Information
Corporate Information Board of Directors Senior Management Research Coverage Ted Goldthorpe Ted Goldthorpe Paul Johnson Interested Director and Chairman of the Board Chief Executive Officer Keefe Bruyette & Woods Patrick Schafer Brandon Satoren Erik Zwick Interested Director Chief Financial Officer