2025, a Transformational Year Marked by Strategic Steps Designed to Enhance Shareholder Value: the Merger with Logan Ridge, Corporate Rebranding and Completion of a Tender Offer

Announces First Quarter 2026 Quarterly Distribution of $0.32 Per Share; Transition to New Monthly Base Distributions of $0.09 Per Share Beginning April 2026 with the Potential for Quarterly Supplemental Distributions; Total Distributions for 2025 of $1.97 Per Share

NEW YORK, March 05, 2026 (GLOBE NEWSWIRE) -- BCP Investment Corporation (NASDAQ: BCIC) ("BCIC" or "the Company") announced today its financial results for the fourth quarter and full year ended December 31, 2025.

Full Year 2025 Milestones

   -- On July 15, 2025, the Company successfully completed the merger with 
      Logan Ridge Finance Corporation ("LRFC") with and into the Company, a 
      major milestone which offered scale, further diversification, and 
      increased operational efficiency. 
 
   -- On August 22, 2025, the Company completed rebranding and the name change 
      to "BCP Investment Corporation" (NASDAQ: BCIC). 
 
   -- On October 7, 2025, the Company obtained a BBB- rating from a Nationally 
      Recognized Statistical Rating Organization with respect to the 5.25% 
      fixed-rate convertible notes due 2032 (the "2032 Convertible Notes") and 
      the 5.25% fixed-rate notes due 2026 (the "2026 Notes"), which resulted in 
      both the 2032 Convertible Notes and 2026 Notes having a fixed interest 
      rate of 5.25% per annum. 
 
   -- On October 15, 2025, the Company issued $35.0 million of 7.50% notes due 
      2028, and $75.0 million of 7.75% notes due 2030 (together the "2028 and 
      2030 Notes"), under an effective shelf registration statement, for a 
      total of $110 million. 
 
   -- On November 15, 2025, the Company used the proceeds from the issuance of 
      the 2028 and 2030 Notes to redeem in full the $108.0 million aggregate 
      principal amount outstanding of its 4.875% Notes Due 2026. 
 
   -- On December 12, 2025, the Company completed a tender offer and 
      repurchased 557,960 shares of its common stock at an aggregate cost of 
      approximately $7.6 million. 

Fourth Quarter 2025 Highlights

   -- Total investment income for the fourth quarter of 2025 decreased to $17.5 
      million, from $18.9 million for the third quarter of 2025. 
 
   -- Core investment income1, excluding the impact of purchase price 
      accounting, for the fourth quarter of 2025 was $14.2 million, as compared 
      to $15.3 million for the third quarter of 2025. 
 
   -- Net investment income ("NII") for the fourth quarter of 2025 decreased to 
      $7.4 million ($0.57 per share), as compared to $8.8 million ($0.71 per 
      share) in the third quarter of 2025. 
 
   -- Net asset value ("NAV"), as of December 31, 2025, was $209.2 million 
      ($16.68 per share), as compared to NAV of $231.3 million ($17.55 per 
      share) as of September 30, 2025. 
 
   -- Deployment of approximately $9.6 million and sales and repayments of 
      approximately $40.4 million, resulting in net repayments and sales of 
      approximately $30.8 million. 
 
   -- Total shares repurchased by the Company through the modified "Dutch 
      Auction" tender offer and open market transactions were 677,975, which 
      was accretive to NAV by $0.23 per share.  Shares repurchased through the 
      "Tender Offer", which commenced on November 12, 2025 and expired on 
      December 10, 2025, were 557,960 at an aggregate cost of approximately 
      $7.6 million, which was accretive to NAV by $0.18 per share. Total shares 
      repurchased in open market transactions under the Stock Repurchase 
      Program during the quarter ended December 31, 2025, were 120,015 at an 
      aggregate cost of approximately $1.4 million, which was accretive to NAV 
      by $0.05 per share. 
 
   -- Subsequent to quarter end, announced transition to monthly base 
      distributions beginning in April 2026. 

Full Year 2025 Highlights

   -- Total investment income for the year ended December 31, 2025 was $61.2 
      million, as compared to $62.4 million in the year ended December 31, 
      2024. 
 
   -- Core investment income, excluding the impact of purchase price accounting, 
      for the year ended December 31, 2025 was $54.3 million, as compared to 
      $62.2 million for the year ended December 31, 2024. 
 
   -- Net investment income ("NII") for the year ended December 31, 2025 was 
      $25.1 million ($2.28 per share), as compared to $24.0 million ($2.59 per 
      share) for the year ended December 31, 2024. 
 
   -- Total Deployment of approximately $52.3 million and sales and repayments 
      of approximately $116.9 million, resulting in net repayments and sales of 
      approximately $64.6 million for the year. 
 
   -- Total shares repurchased by the Company in open market transactions under 
      the Stock Repurchase Program and through the Tender Offer during the year 
      ended December 31, 2025, were 698,548 at an aggregate cost of 
      approximately $9.3 million, which was accretive to NAV by $0.24 per 
      share. 
 
   -- Total stockholder distributions for 2025 amount to $1.97 per share. 

Subsequent Events

   -- On March 4, 2026, the Board authorized a renewed stock repurchase program 
      of up to $10 million (the "2026 Stock Repurchase Program") for an 
      approximately one-year period, effective March 4, 2026 and terminating on 
      March 31, 2027. The terms and conditions of the 2026 Stock Repurchase 
      Program are substantially similar to the prior 2025 Repurchase Program. 
      The 2026 Stock Repurchase Program may be suspended or discontinued at any 
      time. Subject to these restrictions, we will selectively pursue 
      opportunities to repurchase shares which are accretive to net asset value 
      per share. 
 
   -- On March 4, 2026, the Board approved the transition of the Company's 
      distribution payment schedule from quarterly to monthly, beginning in 
      April 2026. The modification to the distribution policy introduces a 
      stable base distribution, which is anticipated to be sustainable across 
      market cycles, and retains the potential for a quarterly supplemental 
      distribution, which will approximate 50% of the net investment income in 
      excess of the monthly base distributions to account for fluctuations in 
      rates and spreads. 
 
   -- On March 5, 2026, the Company declared a quarterly base distribution of 
      $0.32 per share of common stock. The distribution is payable on March 27, 
      2026 to stockholders of record at the close of business on March 16, 
      2026. 
 
   -- On March 5, 2026, the Company declared a regular monthly base 
      distribution of $0.09 per share of common stock for each of April, May 
      and June 2026. The April 2026 distribution is payable on April 30, 2026 
      to stockholders of record at the close of business on April 15, 2026. The 
      May 2026 distribution is payable on May 29, 2026 to stockholders of 
      record at the close of business on May 15, 2026. The June 2026 
      distribution is payable on June 30, 2026 to stockholders of record at the 
      close of business on June 15, 2026. 

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1 Core investment income represents reported total investment income as determined in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, less the impact of purchase discount accretion in connection with the Garrison Capital Inc. ("GARS"), Harvest Capital Credit Corporation ("HCAP"), and LRFC mergers. BCIC believes presenting core investment income and the related per share amount is a useful and appropriate supplemental disclosure for analyzing its financial performance due to the unique circumstance giving rise to the purchase accounting adjustment. However, core investment income is a non-U.S. GAAP measure and should not be considered as a replacement for total investment income and other earnings measures presented in accordance with U.S. GAAP. Instead, core investment income should be reviewed only in connection with such U.S. GAAP measures in analyzing BCIC's financial performance.

Management Commentary

Ted Goldthorpe, Chief Executive Officer of BCP Investment Corporation, stated, "2025 was a transformational year for the Company. During the year, we successfully completed our merger with LRFC, executed a rebranding and name change, and launched a tender offer -- all of which are initiatives designed to enhance shareholder value.

The merger meaningfully strengthened our platform, expanded our scale, and enhanced our portfolio diversification. At the same time, our rebranding better reflects our affiliation with the broader BC Partners Credit Platform and is a representation of our long-term vision as we position the Company for its next phase of growth.

Additionally, consistent with our diligent capital management strategy, during the year we proactively extended and laddered our unsecured debt maturities, issuing $75 million of 7.75% Notes due October 2030 and $35 million of 7.50% Notes due October 2028, while also redeeming our 4.875% Notes due 2026. These actions further diversified our funding base and provided us with enhanced financial flexibility.

The Board also approved the transition of the Company's base distribution payment schedule from quarterly to monthly beginning in April 2026, while retaining the potential for quarterly supplemental distributions. We believe this change better aligns our distribution schedule with shareholder interests.

Consistent with previous years, on March 4, 2026, the Board authorized a renewed stock repurchase program of up to $10 million for an approximately one-year period.

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March 05, 2026 16:05 ET (21:05 GMT)