Bcp Investment Corporation · NASDAQ:BCIC
Bcp Investment — Q1 2026 Earnings Presentation
19 slides from Bcp Investment's earnings presentation, May 8, 2026
Slide 1: BCP Investment Corporation Q1 2026 Earnings Presentation
BCP Investment Corporation Q1 2026 Earnings Presentation May 8, 2026
Slide 2: Important Information
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
Quarterly Highlights First Quarter 2026 • Core investment income(1) of $14.8 million for the first quarter, as compared to $14.2 million for the fourth quarter of 2025. • Net investment income of $6.9 million ($0.55 per share) for the quarter, compared to $7.4 million ($0.57 per share) for the fourt
Slide 4: Quarterly Highlights: Recent Milestones & Upcoming Initiatives
Quarterly Highlights Recent Milestones & Upcoming Initiatives Merger and Rebranding: ▪ On July 15, 2025, the Company closed its merger with Logan Ridge Finance Corporation (“LRFC Acquisition”) and, following a rebrand in August, began operating as BCP Investment Corporation, continuing to trade on N
Slide 5: Financial Highlights
Financial Highlights Approximately 70% of the first quarter's 2026 unrealized depreciation on the portfolio was concentrated in software and software-exposed investments. The majority of this unrealized depreciation reflects broad sector dislocation and market-driven valuation pressure rather than f
Slide 6: Repayment Activity
Repayment Activity Over the last three years, BCIC has experienced an average of ~$0.3 million in income related to repayment / prepayment activity. Core Paydown Income(1) By Quarter (in Thousands) 1,000 900 $790 800 700 600 500 400 Quarterly Average: $334 300 200 100 - Mar-23 Jun-23 Sep-23 Dec-23 M
Slide 7: Core Earnings Analysis
Core Earnings Analysis For the Three Months Ended (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Interest Income: Non-controlled/non-affiliated investments $7,300 $8,463 $13,295 $13,146 $11,344 Non-controlled affiliated investments 316
Slide 8: Net Asset Value Roll Forward
Net Asset Value Roll Forward For the Three Months Ended (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 NAV, Beginning of Period $178,493 $173,511 $164,729 $231,304 $209,156 Net Investment Income 4,340 4,557 8,848 7,382 6,890 Realized Ga
Slide 9: BCIC Portfolio Composition
BCIC Portfolio Composition As of March 31, 2026 Key Statistics Diversification by Borrower(3) 4.9% 4.9% Top 5 Borrowers Key Statistics Borrower 1 4.5% 21.8% Total Investments at Fair Value $476.9 million Borrower 2 3.9% Borrower 3 3.7% Weighted Average Annualized Yield on Investments(1) 12.8% 38.0%
Slide 10: Portfolio Trends
Portfolio Trends(1)(2) As of March 31, 2026 As of (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Portfolio Sourcing (at Fair Value): BC Partners $326,614 $322,989 $425,230 $391,331 $373,138 Legacy KCAP 18,917 16,814 14,028 13,925 12,638
Slide 11: Credit Quality
Credit Quality As of March 31, 2026 As of March 31, 2026, twelve of the Company’s debt investments, attributable to nine portfolio companies, were on non-accrual status and represented 2.6% and 6.2% of the Company’s investment portfolio at fair value and amortized cost, respectively. As of (Dollar a
Slide 12: Portfolio Composition
Portfolio Composition(1) As of March 31, 2026 As of (1) Investment Portfolio (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 First Lien Debt $294,379 $291,071 $386,403 $344,126 $321,125 Second Lien Debt 28,724 30,276 38,994 42,183 38,495
Slide 13: Appendix
Appendix BCP Investment Corporation
Slide 14: Consolidated Statements of Assets and Liabilities
Consolidated Statements of Assets and Liabilities As of March 31, 2026 and December 31, 2025 As of (Dollar amounts in thousands) March 31, 2026 December 31, 2025 ASSETS (Unaudited) Non-controlled/non-affiliated investments (amortized cost of $414,774 and $433,213, respectively) $380,573 $409,735 Non
Slide 15: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended March 31, (Dollar amounts in thousands) 2026 2025 INVESTMENT INCOME (Unaudited) (Unaudited) Interest income: Non-controlled/non-affiliated investments $11,344 $7,300 Non-controlled affiliated investments 1,474 316 Total interest income
Slide 16: Financing Profile
Financing Profile Overview of Balance Sheet Financing Facilities Principal Amount Committed (in Principal Amount Outstanding (in As of March 31, 2026 Interest Rate Maturity Date mm) mm) 2026 Notes $50.0 $50.0 Fixed / 5.25% October 2026 2028 Notes 35.0 35.0 Fixed / 7.50% October 2028 2029 Notes 50.0
Slide 17: Historical Dividend Yield
Historical Dividend Yield (LTM) Dividends & LTM Dividend Yield on Beginning-of-Quarter NAV Per Share 13.6% 13.5% $0.80 13.0% 12.7% 12.1% 12.1% 12.1% 12.2% 12.2% 11.8% 11.3% 10.8% 10.5% $0.70 10.1% 9.8% 9.2% 10.0% 8.4% 8.3% 8.5% 8.6% 8.2% 8.2% 8.2% $0.60 $0.50 $0.07 5.0% $0.02 $0.40 $0.68 $0.69 $0.69
Slide 18: Distribution Information
Distribution Information 2026 Dividend Payment Schedule Declaration Date Record Date Payment Date Distribution Type Distribution Per Share 5/7/2026 9/15/2026 9/30/2026 Base $0.09 5/7/2026 8/14/2026 8/31/2026 Base $0.09 5/7/2026 7/15/2026 7/31/2026 Base $0.09 5/7/2026 5/18/2026 5/29/2026 Supplemental
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