BCP Investment Corporation provides debt and other financing to middle-market businesses. The companies it finances pay interest and fees, and some investments may pay dividends or produce gains. The regular income case rests on what remains after funding, operating costs and credit losses, reflected in net investment income. Loan quality and the cost of borrowing can change that result.
Business
BDC
Listing
BCIC · XNAS
Reporting period
2026-06-30
Dividend schedule
Monthly
How the business works
The company’s distributions are supported primarily by the interest and fee income produced by its investment portfolio, less borrowing costs and operating expenses. A stable or growing portfolio of performing loans can support recurring net investment income. In contrast, loan repayments that cannot be reinvested at comparable yields, credit deterioration, non-accruals, realized losses, and changes in financing costs can pressure the income available for distributions.
As of 2026-09-26, annual earnings of $1.86 per share compare with $1.08 in annual dividends. Coverage is 172.2%. Earnings cover the payment, leaving $0.78 per share.
Stable
A steady earnings cushion makes the income case more comfortable. A sustained shortfall would concern us.
Is earning power improving?
Lower. Latest two actual quarters total $1.0000 per share; the preceding two total $1.2800. This describes the earnings comparison and does not establish a DRIP action. Latest two completed quarters compared with the preceding quarters.
Negative
We want earnings per share to keep pace with the dividend. The next report helps show whether support is improving or slipping.
Asset quality
Fly High records lower NII despite continued dividend coverage. Non-accrual cost was $30.4 million versus $14.1 million fair value at June end, leaving meaningful recovery risk. Both percentage measures improved from year-end, but fair-value exposure rose from March while cost exposure fell. Fewer troubled loans do not establish principal recovery. Portfolio runoff could also constrain earnings unless proceeds are reinvested comparably. Collections and realized losses therefore matter alongside valuation marks. Reviewed 2026-09-26.
Monitor
These findings can change earnings available to each share and are explained with their company reports in the business research.
Funding and liquidity
June asset coverage exceeded the regulatory minimum but left limited headroom. The April redemption and August facility amendment are completed funding developments. The inherited notes mature in October, and September financing is intended to repay the remaining amount; that intended repayment is not yet treated as complete. Monitor settlement, restricted cash, collateral eligibility and the higher coupon on replacement debt. A future maturity plan is distinct from evidence of a missed payment. Reviewed 2026-09-26.
Monitor
These findings can change earnings available to each share and are explained with their company reports in the business research.
The assets behind the earnings
How BCIC makes money
Financial snapshot: 2026-06-30. Research reviewed 2026-09-24. The annual earnings comparison is from 2026-10-10. The business and balance-sheet figures below relate to the reporting period shown.
The assets it owns
$469.429 million total assetsReported by BCP Investment Corporation
Consolidated balance-sheet assets at 2026-06-30. This is not market capitalisation or the external manager’s assets under management.
Share of consolidated total assets at 2026-06-30; other assets are the arithmetic residual. This is not a loan-seniority or sector allocation.
Annual earnings of $1.86 per share compare with $1.08 in annual dividends. Coverage is 172.22%. Earnings cover the payment in this update. Keep watching whether that support holds up.
The company’s distributions are supported primarily by the interest and fee income produced by its investment portfolio, less borrowing costs and operating expenses. A stable or growing portfolio of performing loans can support recurring net investment income. In contrast, loan repayments that cannot be reinvested at comparable yields, credit deterioration, non-accruals, realized losses, and changes in financing costs can pressure the income available for distributions.
This is the business behind the dividend. We care most about the recurring earnings left for shareholders after the costs of running and financing it.
At 2026-06-30, BCP Investment Corporation reported $469.429 million of total assets and $289.967 million of total liabilities.
Liabilities represented 61.8% of reported assets. This broad balance-sheet measure includes more than borrowing and must not be read as a debt-to-equity ratio. Funding costs and asset losses can both reduce the earnings available to shareholders.
Annual earnings of $1.86 per share compare with $1.08 in annual dividends. Coverage is 172.22%. Earnings cover the payment in this update. Keep watching whether that support holds up.
We like the earnings support here. A steady or growing cushion would make the income case more comfortable.
The company’s income depends on borrowers continuing to pay interest and principal. Credit deterioration, restructurings, defaults, or loans placed on non-accrual can reduce interest income and create realized losses.
This exposure matters if it reduces the earnings left to pay the dividend. The next report will show whether that is happening.
Portfolio loan yields and borrowing costs can both change with interest rates. The net effect depends on the mix of floating-rate assets and liabilities, leverage structure, interest-rate floors, and the timing of refinancing.
This exposure matters if it reduces the earnings left to pay the dividend. The next report will show whether that is happening.
At June 30, 2026, 11 debt investments across seven companies were on non-accrual, with $30.4 million of cost and $14.1 million of fair value, or 5.7% and 3.1% of the portfolio. At December 31, 2025, the comparable percentages were 7.1% at cost and 4.0% at fair value.
Fly High assessment: Non-accrual exposure improved but remains meaningful. Continue to monitor collections and realized losses rather than interpreting the lower fair value as full recovery of the original capital.
At June 30, 2026, BCIC reported $286.1 million of outstanding borrowings and 162% asset coverage against the 150% statutory minimum. Cash and cash equivalents were $2.532 million, with another $5.198 million restricted.
Fly High assessment: The company remained within the statutory coverage requirement, but the narrower margin and limited unrestricted cash deserve attention if asset values weaken or commitments require funding.
Net asset value per common share declined from $16.68 at December 31, 2025 to $14.49 at June 30, 2026. Total net assets declined from $209.156 million to $179.462 million while outstanding shares decreased from 12.542 million to 12.382 million.
Fly High assessment: The substantial decline affected each remaining share despite fewer shares outstanding. Capital losses and their effect on future income need resolution before the current asset base can be described as stable.
The next net investment income report and dividend declaration matter most. Also watch the marked value of non-accrual loans and capital per share after the first-half losses.
Net asset value
Latest recorded asset value per share$14.4900Share price compared with recorded asset value52.17% discount
Financial data through October 10, 2026.
What to watch next
Use Fly High matching earnings to judge coverage. Debt redemptions and amended facility terms help funding flexibility, while October refinancing and the cost of replacement borrowing still need monitoring. Restricted balances and unused commitments are not unrestricted cash. Capital per share and credit losses remain separate evidence about the earning base, and a discount to NAV cannot establish that either will recover.
Check whether the next reported quarter reverses the decline in comparable earnings.
Key dates
Expected earnings report
November 6, 2026
Dividend payment date
October 30, 2026
These dates help you follow the next report and the dividend payment. The expected earnings date can move. The declaration above gives the company’s confirmed dividend dates.
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U.S. federal · Tax year 2025
Dividend tax treatment
BCP Investment's 2025 annual report identifies all reported shareholder distributions as ordinary income, with no return of capital.
Total ordinary dividends
100%
Qualified dividends
Not confirmed
Capital-gain distributions
0%
Return of capital
0%
Tax year: 2025.
Tax details and source
Total ordinary dividends (includes qualified)
100%
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
0%
Reporting form
Form 1099-DIV
Source date
2026-03-05
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
