BCP Investment Corporation (NASDAQ: BCIC) released its financial results for the third quarter ended September 30, 2026, alongside a press release detailing the company’s performance and a proposed merger with Investcorp Credit Management BDC, Inc. (ICMB).
For the third quarter of 2026, the company reported total investment income of $13.9 million, a decrease from $15.2 million in the prior quarter. Net investment income (NII) for the quarter was $4.6 million, or $0.37 per share, compared to $5.5 million ($0.45 per share) in the second quarter of 2026. The company’s net asset value (NAV) as of September 30, 2026, was $162.7 million ($13.13 per share), down from $179.5 million ($14.49 per share) as of June 30, 2026.
The company’s portfolio of debt investments included 10 non-accrual investments across 7 portfolio companies as of September 30, 2026. These non-accrual investments represented 2.8% of the investment portfolio at fair value, a decrease from 3.1% in the prior quarter. During the quarter, the company deployed approximately $3.1 million of capital while repaying and selling approximately $8.9 million of investments, resulting in net repayments and sales of approximately $5.8 million.
In terms of capital structure, BCP Investment Corporation issued $10.0 million of 7.50% notes due 2029 on September 2, 2026. The company also amended its senior secured revolving credit facility with KeyBank National Association, increasing committed capacity to $150.0 million, reducing borrowing spreads, and extending the maturity date to August 2031. These actions were taken to repay outstanding debt under a JPMorgan facility and eliminate near-term debt maturities.
Subsequent to the quarter, the company declared monthly base distributions of $0.09 per share for January, February, and March 2027. Additionally, on November 11, 2026, the company entered into an Agreement and Plan of Merger with ICMB. Under the terms of the agreement, ICMB will merge with a subsidiary of BCP Investment Corporation, with the surviving entity becoming a wholly-owned subsidiary of BCP Investment Corporation. The transaction is valued at 90% of ICMB’s adjusted net asset value, with consideration consisting of newly issued shares of BCP Investment Corporation common stock and cash. The stock consideration is capped at 19.99% of the Company’s outstanding common stock, and the cash consideration is capped at 60% of the aggregate merger consideration.
