--- title: "BCP Investment | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 15.17 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295276503.md" datetime: "2026-08-07T20:42:18.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295276503.md) - [en](https://longbridge.com/en/news/295276503.md) - [zh-HK](https://longbridge.com/zh-HK/news/295276503.md) generator: "portal-rs" --- # BCP Investment | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 15.17 M Revenue: As of FY2026 Q2, the actual value is USD 15.17 M, missing the estimate of USD 15.21 M. EPS: As of FY2026 Q2, the actual value is USD -0.8. EBIT: As of FY2026 Q2, the actual value is USD 11.43 M. #### Total Investment Income Total investment income for the second quarter of 2026 was $15.2 million, a decrease from $17.6 million in the first quarter of 2026, but an increase from $12.6 million for the second quarter of 2025. For the six months ended June 30, 2026, total investment income was $32.763 million, up from $24.748 million for the same period in 2025. #### Core Investment Income Core investment income, excluding purchase price accounting impacts, was $12.9 million for the second quarter of 2026, down from $14.8 million in the first quarter of 2026, but up from $12.6 million for the second quarter of 2025. For the three months ended June 30, 2026, total interest income was $11,384 thousand, total payment-in-kind income was $2,361 thousand, total dividend income was $1,342 thousand, and total fees and other income were $78 thousand. For the six months ended June 30, 2026, core investment income was $27.760 million, an increase from $24.732 million for the same period in 2025. #### Net Investment Income (NII) Net investment income was $5.5 million ($0.45 per share) for the second quarter of 2026, compared to $6.9 million ($0.55 per share) in the first quarter of 2026, and an increase from $4.6 million ($0.50 per share) for the second quarter of 2025. For the three months ended June 30, 2026, net investment income was $5,518 thousand, compared to $4,557 thousand for the same period in 2025. For the six months ended June 30, 2026, NII was $12.408 million, up from $8.897 million for the same period in 2025. #### Net Asset Value (NAV) Net asset value was $179.5 million ($14.49 per share) as of June 30, 2026, a decrease from $193.0 million ($15.60 per share) as of March 31, 2026. As of December 31, 2025, NAV was $209.2 million ($16.68 per share). #### Non-Accrual Investments Non-accrual investments decreased to 11 across 7 portfolio companies as of June 30, 2026, from 12 across 9 portfolio companies as of March 31, 2026. These represented 3.1% and 5.7% of BCP Investment Corp.’s investment portfolio at fair value and amortized cost, respectively, as of June 30, 2026. This compares to 2.6% (fair value) and 6.2% (amortized cost) as of March 31, 2026. #### Investment Activity Deployment of approximately $20.9 million and repayments and sales of approximately $34.9 million resulted in net repayments and sales of approximately $14.0 million during the second quarter of 2026. #### Net Increase (Decrease) in Net Assets from Operations The net decrease in net assets resulting from operations was - $9.874 million for the second quarter of 2026, compared to - $4.518 million for the second quarter of 2025. For the six months ended June 30, 2026, the net decrease was - $20.047 million, compared to - $4.600 million for the same period in 2025. #### Total Expenses Total expenses for the second quarter of 2026 were $9.647 million, up from $8.073 million for the second quarter of 2025. For the six months ended June 30, 2026, total expenses were $20.355 million, compared to $15.851 million for the same period in 2025. #### Realized and Unrealized Gains (Losses) on Investments Net realized loss on investments was - $10.482 million for the second quarter of 2026, compared to - $15.840 million for the second quarter of 2025. For the six months ended June 30, 2026, net realized loss was - $12.504 million, compared to - $16.013 million for the same period in 2025.Net change in unrealized loss on investments was - $4.734 million for the second quarter of 2026, compared to a net change in unrealized gain of $6.628 million for the second quarter of 2025. For the six months ended June 30, 2026, net change in unrealized loss was - $19.372 million, compared to a net change in unrealized gain of $2.725 million for the same period in 2025. #### Cash and Liquidity Unrestricted cash was $2.5 million and restricted cash was $5.2 million as of June 30, 2026. This compares to unrestricted cash of $51.8 million and restricted cash of $6.2 million as of March 31, 2026. As of June 30, 2026, BCP Investment Corp. had $58.5 million of available borrowing capacity under the Revolving Credit Facility and $27.5 million under the KeyBank Credit Facility. #### Outstanding Borrowings As of June 30, 2026, the par value of outstanding borrowings was $286.1 million, with a weighted average interest rate of 7.0%. This compares to $342.2 million from March 31, 2026, and $312.3 million as of December 31, 2025. During the second quarter, BCP Investment Corp. redeemed $40.0 million of its 2026 Notes and reduced outstanding borrowings under its revolving credit facility. #### Asset Coverage Ratio The asset coverage ratio was 162% as of June 30, 2026, compared to 156% as of March 31, 2026, and 167% as of December 31, 2025. #### Leverage Gross and net leverage as of June 30, 2026, was 1.6x and 1.6x, respectively, compared to 1.8x and 1.5x, respectively, as of March 31, 2026. Gross leverage was 1.5x and net leverage was 1.4x as of December 31, 2025. #### Weighted Average Yield The weighted average annualized yield on investments was approximately 12.0% (excluding income from non-accruals and collateralized loan obligations) as of June 30, 2026. #### Interest Rate Sensitivity A 1% increase in interest rates would impact net investment income by $2.133 million, while a 1% decrease would impact it by - $2.060 million. A 3% increase would result in a $6.400 million impact, and a 3% decrease would result in a - $4.617 million impact. #### Investment Portfolio The total investment portfolio at fair value was $452.7 million as of June 30, 2026, comprising 107 portfolio companies, a decrease from $476.9 million across 108 portfolio companies as of March 31, 2026. The debt investment portfolio, excluding CLO Funds, equities, and Joint Ventures, totaled $349.7 million at fair value as of June 30, 2026, spread across 33 industries and 71 portfolio companies. #### Outlook / Guidance BCP Investment Corp. declared monthly base distributions of $0.09 per share for October, November, and December 2026. The company amended its KeyBank Credit Facility, increasing committed capacity to $150 million, extending the reinvestment period to August 2029 and maturity to August 2031, and reducing the reinvestment period spread by 30 basis points. 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