BCP Investment Corp Q4 Income Drops to $0.57, Transitions to $0.09 Monthly Dividends
BCP Investment Corp merged with Logan Ridge on July 15, 2025, issued $110 million of 7.50% and 7.75% notes, and repurchased shares accreting $0.23 of NAV per share. Q4 net investment income dropped to $7.4 million ($0.57 per share), NAV fell to $16.68, and April distributions shift to $0.09 monthly.
1. Transformational 2025 Milestones
On July 15, 2025, BCP Investment Corp completed its merger with Logan Ridge Finance Corporation, expanding scale and diversification. The company rebranded on August 22, obtained a BBB– rating for its 5.25% convertible notes due 2032 and 5.25% notes due 2026, and issued $35 million of 7.50% notes due 2028 and $75 million of 7.75% notes due 2030.
2. Q4 2025 Financial Performance
Total investment income for Q4 2025 declined to $17.5 million from $18.9 million in Q3, while core investment income fell to $14.2 million from $15.3 million. Net investment income decreased to $7.4 million ($0.57 per share) versus $8.8 million ($0.71 per share), and NAV declined to $209.2 million ($16.68 per share) from $231.3 million ($17.55 per share).
3. Capital Actions and Share Repurchases
BCP deployed $9.6 million and recorded $40.4 million of sales and repayments in Q4, resulting in net repayments of $30.8 million. The company repurchased 557,960 shares for $7.6 million in a tender offer and 120,015 shares for $1.4 million on the open market, accreting $0.23 to NAV per share.
4. Distribution Changes and Outlook
The board declared a Q1 2026 distribution of $0.32 per share and announced a shift to monthly base distributions of $0.09 per share beginning April 2026, with potential quarterly supplemental distributions. Total distributions for 2025 amounted to $1.97 per share.