BCP Investment Corporation

What BCP Investment Corporation does

BCP Investment Corporation (NASDAQ: BCIC) is a publicly traded, externally managed business development company (BDC) regulated under the Investment Company Act of 1940, with a tax election as a regulated investment company (RIC). The firm invests in performing, well-established U.S. middle market businesses with $10-50M of EBITDA, providing first lien loans, unitranche loans (including last out), second lien loans, subordinated debt, and equity co-investments. As of Q1 2026, the investment portfolio was $476.9M at fair value across 108 portfolio entities, with 72 debt investments spread across 33 industries including Aerospace/Defense, Business Services, Healthcare, Industrial & Environmental Services, Logistics & Distribution, Manufacturing, and Media & Telecommunications.

The company is externally advised by Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P., a global alternative investment manager with a nearly 40-year history. This affiliation provides sourcing leverage through the BC Partners Credit platform and a senior team led by Ted Goldthorpe (formerly President of Apollo Investment Corporation) and CIO Patrick Schafer (formerly a Managing Director in Apollo's Direct Originations group). The board includes six independent directors with backgrounds at Apollo, Citigroup, RBC Capital Markets, Imperial Capital, and other major financial institutions.

Revenue is generated primarily through interest income on the debt portfolio (12.8% weighted average annualized yield in Q1 2026), supplemented by payment-in-kind (PIK) income, dividends from joint venture investments, and fees. Q1 2026 total investment income was $17.6M and net investment income was $6.9M ($0.55/share). The company is funded through a combination of equity (NAV of $193.0M, or $15.60 per share), rated and unrated notes (par value of $342.2M at a 6.7% weighted average interest rate), and operates at 1.5x net leverage. Non-accruals were 2.6% of the portfolio at fair value as of March 2026, down from 4.0% at year-end 2025. In 2025, the company merged with Logan Ridge Finance Corporation, rebranded from Portman Ridge Finance Corporation, and obtained a BBB- rating, then in early 2026 implemented a 42-43% distribution reduction and a transition from quarterly to monthly distributions.

Name

BCP Investment Corporation

Legal name

BCP Investment Corporation

Website

https://bcpinvestmentcorporation.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

BCP Investment Corporation is a publicly traded, externally managed business development company (NASDAQ: BCIC) that lends to and co-invests in U.S. middle market companies with $10-50M EBITDA, generating revenue primarily through interest income on its $476.9M portfolio across 33 industries.

Ownership category

akta.pro rank

Product category

Direct Lending / Business Development Company (BDC)

NAICS

Miscellaneous Financial Investment Activities (523999), Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

akta.pro secondary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Middle market lending
• Business development company
• Direct lending
• Private credit
• Debt investments

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Interest Income from Debt Securities: The primary revenue stream comes from interest income on a diversified portfolio of debt investments including first lien loans, unitranche loans, second lien loans, and subordinated debt. Interest income is generated from the company's investment portfolio at fair value of $476.9 million as of Q1 2026, with a weighted average annualized yield of approximately 12.8%.
2. Payment-in-Kind (PIK) Income: PIK income represents interest that is paid in-kind rather than in cash, allowing the company to defer cash payments and reinvest returns. For Q1 2026, PIK income was $3.4 million.
3. Dividend Income from Joint Ventures: Dividend income from joint venture investments. For Q1 2026, dividend income from joint ventures was $1.0 million.
4. Fee and Other Income: Fees and other income generated from investment activities, including structuring fees and other miscellaneous income. For Q1 2026, fees and other income was $0.3 million.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

BCP Investment Corporation is a publicly traded, externally managed business development company (BDC) that invests in performing, well-established middle market businesses with $10 to $50 million in EBITDA. It provides direct lending solutions including first lien loans, unitranche loans, second lien loans, subordinated debt, and equity co-investments across multiple industries. The company is externally managed by Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P.

Product overview

BCP Investment Corporation is a single unified business development company (BDC) investment offering. The company operates as a closed-end, externally managed investment company that invests in performing, well-established middle market businesses through debt and equity investments. The company's investment activities are managed by Sierra Crest Investment Management LLC, an affiliate of BC Partners. The core investment offering includes first lien loans, unitranche loans (including last out), second lien loans, subordinated debt, and equity co-investments across industries including Aerospace/Defense, Business Services, Healthcare, Industrial & Environmental Services, Logistics & Distribution, Manufacturing, and Media & Telecommunications.

Differentiator

Problem solved

Functional benefit

Products and services

• BCP Investment Corporation (BCIC) - Direct Lending Platform
• First Lien Loans
• Unitranche Loans (including last out)
• Second Lien Loans
• Subordinated Debt
• Equity Co-Investments

Quantifiable outcome

• 12.8% weighted average annualized yield as of Q1 2026
• +2 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• The Equity Group Inc.minorGTM or Marketing PartnerInvestor relations communications firm handling press release distribution and conference call logistics for BCP Investment Corporation. Contact persons include Lena Cati and Val Ferraro.
• Dechert LLPminorOthersOutside legal counsel for BCP Investment Corporation, located at Three Bryant Park, 1095 Avenue of the Americas, New York, NY.

Scale indicators13 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Main Street Capital Corporation: Main Street Capital (MAIN) is one of the largest publicly traded BDCs providing debt and equity capital to lower middle-market companies. Most directly comparable to BCP Investment Corporation in business model, target EBITDA range, and use of internally/externally managed structure to generate investment income.
• Golub Capital BDC: Golub Capital BDC (GBDC) is a publicly traded BDC focused on one-stop unitranche and senior secured loans to middle-market companies sponsored by private equity firms. Highly comparable to BCIC's middle-market direct lending focus, sponsor-driven origination, and affiliation with a larger credit platform.
• Sixth Street Specialty Lending: Sixth Street Specialty Lending (TSLX) is an externally managed BDC affiliated with Sixth Street, a large private credit platform. Directly comparable business model, sponsor-driven origination, and integration with a multi-strategy credit platform parent - analogous to BCIC's BC Partners affiliation.
• New Mountain Finance Corporation: New Mountain Finance (NMFC) is an externally managed BDC affiliated with New Mountain Capital, focused on defensive middle-market sectors. Closely comparable to BCIC in middle-market direct lending mandate and external management by an alternative asset manager.
• Ares Capital Corporation: Ares Capital (ARCC) is the largest publicly traded BDC and a flagship direct lending vehicle managed by Ares Management. Both ARCC and BCIC originate senior secured loans to middle-market companies via affiliated platforms and pursue similar investment structures (first lien, unitranche, second lien).
• PennantPark Floating Rate Capital: PennantPark Floating Rate Capital (PFLT) is a BDC that invests in floating rate middle-market loans. The CFO of BCIC, Brandon Satoren, came from PennantPark, evidencing direct operational and strategy overlap with BCIC's middle-market floating rate lending focus.
• FS KKR Capital Corp: FS KKR Capital (FSK) is one of the largest publicly traded BDCs, formed by the merger of FS Investment Corporation and KKR Capital. Targets middle-market companies with first lien, second lien, and mezzanine debt - directly overlapping BCIC's investment structures and target borrower profile.
• Oaktree Specialty Lending Corporation: Oaktree Specialty Lending (OCSL) is an externally managed BDC that lends to U.S. middle-market companies, sponsored by Oaktree Capital Management. Direct peer in business model, target borrower profile, and affiliation with a major alternative credit platform.
• BC Partners Lending Corporation: BC Partners Lending Corporation is an affiliated BDC under the BC Partners umbrella, where Ted Goldthorpe also serves as CEO. Shares the same investment team, strategy, and governance structure with BCIC, making it the most direct internal peer for comparison of portfolio construction and underwriting.
• Capitala Finance Corp: Capitala Finance was a publicly traded BDC focused on lower middle-market direct lending that ultimately merged out of existence. BCIC's history of acquiring smaller BDCs (Logan Ridge, Harvest Capital, Garrison, OHA) makes Capitala a comparable post-merger consolidated BDC archetype.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BCP Investment Corporation