The firm's financial stability appears compromised by a debt-to-equity ratio that has increased to 1.74 as of 2026Q1, alongside a persistent negative retained earnings balance of -$616.2M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 93.98M | 3.72M | 24.99M | 34.18M | 12.3M | 55.13M | 35.43M | 26.4M | 7.77M | 80.39T | 2.34T | 1.81T | 13.43T | 12.67M | 16.22T | 8.34M | 88.64M | 30.31M | 6.93M | 17.68T | 282.22M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.08M | 0 | 2.38M | 331.06K | 640.2K | 0 | 1.42M | 0 |
| Total Non-Current Assets | 449.93M | 519.92M | 428.65M | 515.06M | 607.18M | 593.17M | 564.75M | 284.01M | 273.31M | 311.96M | 366.47M | 409.57M | 30.35T | 446.5M | 36.72T | 239.79M | 191.19M | 409.11M | 515.94M | 505.31M | 249.21M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34.63T | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.78T | 32.07T | 35.61T | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 447.1M | 0 | 0 | 0 | 0 | 0 | 35.4M | 35.19M | 273.31M | 311.96M | 366.47M | 409.57M | 479.71M | 440.55M | 312.04M | 239.79M | 191.19M | 409.11M | 514.23M | 505.31M | 249.21M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 543.91M | 523.64M | 453.63M | 549.24M | 619.49M | 648.3M | 600.18M | 310.41M | 285.46M | 319.81M | 381.37M | 425.24M | 510.45M | 459.17M | 319.26M | 248.13M | 279.82M | 439.42M | 522.87M | 533.14M | 282.38M |
| Asset Turnover | 0.12x | 0.08x | 0.05x | 0.08x | 0.01x | 0.08x | 0.08x | 0.03x | 0.03x | 0.08x | 0.04x | 0.01x | 0.07x | 0.06x | 0.13x | 0.11x | 0.10x | 0.08x | 0.09x | 0.07x | 0.00x |
| Asset Growth % | 49.42% | 15.43% | -17.41% | -11.34% | -4.44% | 8.02% | 93.35% | 8.74% | -10.74% | -16.14% | -10.32% | -16.69% | 11.17% | 43.82% | 28.66% | -11.32% | -36.32% | -15.96% | -1.93% | 88.81% | - |
| Total Current Liabilities | 1.9M | 5.89M | 3.65M | 4.45M | 5M | 7.42M | 1.09M | 136.49K | 26.93M | 36.57M | 10.86M | 19.3T | 31.21M | 16.21M | 9.98M | 7.61M | 6.15M | 7.47M | 10.9M | 267.05M | 0 |
| Accounts Payable | 0 | 4.03M | 3.65M | 4.45M | 5M | 7.42M | 1.09M | 136.49K | 26.93M | 36.57M | 10.86M | 3.45M | 31.21M | 16.21M | 9.98M | 7.61M | 2.34M | 3.06M | 5.02M | 12.05M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 255M | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.04M | -36.59M | -10.86M | -4M | -31.25M | 0 | -9.98M | 0 | 0 | 0 | 0 | -274.07M | -25.98M |
| Current Ratio | 49.44x | 0.63x | 6.85x | 7.68x | 2.46x | 7.43x | 32.53x | 193.41x | 0.29x | 999999.00x | 215529.41x | 0.09x | 430395.93x | 0.78x | 999999.00x | 1.10x | 14.41x | 4.06x | 0.64x | 66209.97x | - |
| Quick Ratio | 49.44x | 0.63x | 6.85x | 7.68x | 2.46x | 7.43x | 32.53x | 193.41x | 0.29x | 999999.00x | 215529.41x | 0.09x | 430395.93x | 0.78x | 999999.00x | 1.10x | 14.41x | 4.06x | 0.64x | 66209.97x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 349.01M | 308.6M | 271.5M | 331.27M | 382.37M | 360.76M | 382.82M | 158.07M | 100.4M | 101.41M | 175.58M | 189.84T | 223.88M | 192.59M | 101.4M | 60M | 86.75M | 218.05M | 261.69M | 255M | 0 |
| Long-Term Debt | 336.4M | 306.88M | 265.14M | 322.41M | 373.31M | 347.19M | 373.31M | 153.86M | 0 | 0 | 0 | 0 | 0 | 192.59M | 0 | 60M | 86.75M | 218.05M | 261.69M | 255M | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 350.91M | 314.49M | 275.14M | 335.72M | 387.36M | 368.18M | 383.91M | 158.21M | 127.44M | 138M | 186.45M | 209.14M | 255.13M | 208.8M | 111.38M | 67.61M | 92.9M | 225.52M | 272.59M | 274.07M | 25.98M |
| Total Debt | 336.4M | 306.88M | 265.14M | 322.41M | 373.31M | 347.19M | 373.31M | 153.86M | 100.4M | 101.41M | 175.58M | 205.14M | 223.88M | 192.59M | 101.4M | 60M | 86.75M | 218.05M | 261.69M | 510M | 0 |
| Net Debt | 278.37M | 303.16M | 247.61M | 295.5M | 368.16M | 318.27M | 366.32M | 153.73M | 94.98M | 99.38M | 174.28M | 198M | 222.66M | 189.16M | 100.66M | 57.44M | 76.57M | 213.91M | 261.44M | 497.91M | -32.4M |
| Debt / Equity | 1.74x | 1.47x | 1.49x | 1.51x | 1.61x | 1.24x | 1.73x | 1.01x | 0.49x | 0.50x | 0.53x | 0.95x | 0.88x | 0.77x | 0.49x | 0.33x | 0.46x | 1.02x | 1.05x | 1.97x | - |
| Debt / EBITDA | 28.69x | 9.56x | - | 29.40x | - | 12.64x | 11.82x | - | - | 29.93x | - | - | 14.89x | 6.65x | 3.88x | 4.90x | - | 11.90x | 8.52x | 22.41x | - |
| Net Debt / EBITDA | 23.74x | 9.45x | - | 26.94x | - | 11.59x | 11.60x | - | - | 29.33x | - | - | 14.81x | 6.53x | 3.85x | 4.69x | - | 11.67x | 8.51x | 21.88x | -63.46x |
| Interest Coverage | 0.53x | 1.56x | -0.33x | 0.43x | -1.14x | 2.01x | 3.07x | -1.51x | -1.29x | 0.44x | -0.11x | -1.59x | 1.30x | 2.86x | 3.75x | 3.49x | 1.68x | 1.98x | 2.81x | 3.15x | - |
| Total Equity | 193M | 209.16M | 178.49M | 213.52M | 232.12M | 280.12M | 216.26M | 152.2M | 204.34M | 203.88M | 331.97M | 216.1M | 255.32M | 250.37M | 207.88M | 180.53M | 186.93M | 213.9M | 250.28M | 259.07M | 256.4M |
| Equity Growth % | 35.32% | 17.18% | -16.4% | -8.02% | -17.14% | 29.53% | 42.09% | -25.52% | 0.22% | -38.58% | 53.62% | -15.36% | 1.98% | 20.44% | 15.15% | -3.42% | -12.61% | -14.54% | -3.39% | 1.04% | - |
| Book Value per Share | 15.52 | 18.85 | 19.25 | 22.45 | 24.09 | 32.82 | 43.26 | 40.43 | 54.70 | 54.76 | 89.36 | 58.46 | 74.52 | 77.53 | 62.28 | 78.90 | 82.72 | 96.76 | 122.36 | 144.11 | 142.87 |
| Total Shareholders' Equity | 193M | 209.16M | 178.49M | 213.52M | 232.12M | 280.12M | 216.26M | 152.2M | 158.02M | 181.8M | 194.92M | 216.1M | 255.32M | 250.37M | 207.88M | 180.53M | 186.93M | 213.9M | 250.28M | 259.07M | 256.4M |
| Common Stock | 124K | 125K | 92K | 94K | 96K | 97K | 75K | 448.3K | 373.27K | 373.39K | 371.78K | 371K | 367.75K | 333.47K | 264.38K | 226.65K | 224.27K | 220.61K | 214.37K | 180.18K | 179.46K |
| Retained Earnings | -616.21M | -602.08M | -535.93M | -504.41M | -504.76M | -453.07M | -422.95M | -299.6M | -149.14M | -9.99M | -14.63M | -21.64M | -25.58M | -6.1M | 103.48K | 1.01M | 818.66K | 1.33M | 977.9K | -1.66M | 416.75K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 158.02M | -52.34M | -55.73M | -124.59M | 0 | -6.1M | 0 | -105.28M | -96.91M | -70.73M | -33.08M | 7.3M | 4.25M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.32M | 22.08M | 137.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Negative Retained Earnings
As reported in recent financial statements, BCIC's equity base has contracted from $213.5M in 2023Q4 to $193.0M in 2026Q1, a trend that, when coupled with persistent negative retained earnings, suggests a structural inability to build book value through organic operations over the observed ten-quarter period.
The consistent decline in retained earnings, which reached -$616.2M by 2026Q1, indicates that the firm is struggling to generate sufficient net income to offset historical losses or distributions. This trajectory suggests that the balance sheet is not strengthening, but rather remains tethered to a legacy of capital impairment that limits the firm's financial flexibility.
Based on the provided balance sheet data, BCIC maintains a debt-to-equity ratio of 1.74 as of 2026Q1, reflecting a moderate increase from the 1.37 level observed in 2024Q1, which suggests management is increasingly relying on external financing to support its investment activities despite a shrinking equity base.
While the leverage remains within typical BDC ranges, the rising D/E ratio in the context of declining equity suggests that the firm's borrowing capacity may be tightening. Investors should monitor whether this increased reliance on debt is a strategic move to boost returns or a necessity to maintain liquidity in the face of portfolio valuation volatility.
According to quarterly filings, BCIC's current ratio has exhibited extreme volatility, swinging from a low of 0.24 in 2025Q3 to a high of 49.44 in 2026Q1, which indicates that the firm's short-term liquidity position is highly sensitive to the timing of debt maturities and asset liquidations.
The massive fluctuation in the current ratio suggests that the firm lacks a stable liquidity management framework, potentially leaving it vulnerable to sudden market shocks. The reliance on cash balances that have fluctuated significantly, from $2.8M to $87.8M, implies that the firm's ability to meet short-term obligations is heavily dependent on the lumpy nature of its investment exits.
As evidenced by the persistent negative retained earnings of -$616.2M, the quality of BCIC's equity appears significantly compromised, suggesting that the reported book value may be heavily reliant on capital contributions rather than the accumulation of profitable operating results over the firm's lifecycle.
This structural deficit in retained earnings warrants further investigation, as it implies that the firm's dividend or distribution policy may be funded by capital recycling rather than core earnings. The absence of goodwill or PPE on the balance sheet further highlights that the firm's value is entirely dependent on the fair-value marks of its investment portfolio, which are inherently subjective and prone to volatility.
Quick answers to the most common questions about buying BCIC stock.
As of 2025, BCP Investment Corporation (BCIC) had total assets of $523.6M including $3.7M in current assets.
BCP Investment Corporation (BCIC) carries total debt of $306.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BCP Investment Corporation (BCIC) has total shareholders' equity (book value) of $209.2M ($18.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BCP Investment Corporation (BCIC) reported a current ratio of 0.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.