BCP Investment Corp Q2 2026: NAV Drops to $14.49, Net Investment Income Rises but Unrealized Losses Widen
BCIC is trading near its 52-week low of $6.7 (1.5% above the low) on elevated volume (2.3× avg).
Summary
BCP Investment Corp reported Q2 2026 net investment income of $5.5M, up from $4.6M a year ago, but NAV per share declined to $14.49 from $16.68 at year-end due to unrealized losses. The stock trades at a steep discount to NAV near its 52-week low.
Key Events · Earnings and Guidance · BCIC
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NAV Per Share Declines to $14.49
Net asset value per share fell to $14.49 as of June 30, 2026, down from $16.68 at December 31, 2025, driven by $(4.7) million in net unrealized depreciation on investments during the quarter.
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Net Investment Income Improves
Net investment income was $5.5 million ($0.45/share) for Q2 2026, up from $4.6 million ($0.50/share) in Q2 2025, as total investment income rose to $15.2 million from $12.6 million, primarily due to higher interest income from a larger portfolio.
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Credit Quality Deterioration
Eleven debt investments with a fair value of $14.1 million were on non-accrual status as of June 30, 2026, compared to thirteen at year-end 2025. The weighted average yield on the debt portfolio decreased to 12.0% from 12.9%.
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Leverage Remains High
Total borrowings stood at $286.1 million (par value) with an asset coverage ratio of 162%, just above the 150% regulatory minimum. Interest expense rose to $5.9 million in Q2 2026 from $4.2 million a year ago.
Analysis · BCIC · Unknown
BCP Investment Corp's Q2 2026 results present a mixed picture. Net investment income improved to $5.5 million from $4.6 million a year ago, driven by higher interest income from a larger portfolio post-LRFC merger. However, the company posted a net decrease in net assets from operations of $(9.9) million, largely due to $(4.7) million in net unrealized depreciation on investments. NAV per share fell to $14.49 from $16.68 at year-end, reflecting credit deterioration in the portfolio. The stock trades at $6.80, a 53% discount to NAV, near its 52-week low. The company continues to carry a heavy debt load with $286 million in borrowings and an asset coverage ratio of 162%, just above the 150% regulatory minimum. Eleven debt investments are on non-accrual. The subsequent amendment to the KeyBank Credit Facility, increasing it to $150 million and extending maturity, provides additional liquidity but also signals reliance on secured borrowing.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BCIC was trading at $6.80 on NASDAQ in the Unknown sector, with a market capitalization of approximately $91.5M. The 52-week trading range was $6.70 to $13.50. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.