BCP Investment Q1 Income $17.6M; NAV Dips to $15.60 and Declares 30¢ Distribution
BCP Investment reported Q1 2026 total investment income of $17.6 million and core income of $14.8 million, while net investment income fell to $6.9 million ($0.55/share) and NAV dipped to $193 million ($15.60/share). BCP Investment repurchased $2.1 million of shares, reduced non-accruals to 2.6%, and declared a $0.30 per share distribution.
1. First Quarter Financial Highlights
BCP Investment posted first quarter 2026 results with total investment income of $17.6 million, core income of $14.8 million and net investment income of $6.9 million, or $0.55 per share, compared to $7.4 million, or $0.57 per share, in the prior quarter.
2. Portfolio and NAV Movement
Net asset value declined to $193.0 million, or $15.60 per share, from $209.2 million ($16.68), driven primarily by unrealized markdowns, 40% of which were from software investments (70% including software-exposed names), while non-accruals decreased to 2.6% of portfolio fair value.
3. Share Repurchase and Note Redemption
BCP Investment deployed $13.3 million, realized $28.3 million in repayments and sales for net repayments of $15.0 million, repurchased 172,159 shares for $2.1 million (adding $0.07 per share to NAV) and redeemed $40.0 million principal of its 2026 notes.
4. Distribution Declarations
BCP Investment declared a third quarter 2026 base distribution of $0.27 per share (paid in $0.09 monthly installments), a second quarter supplemental distribution of $0.03 per share, and approved monthly base distributions of $0.09 per share for July through September 2026.