Cash conversion efficiency remains erratic, evidenced by an OCF/NI ratio that reached an extreme negative value of -29.29 in 2025Q1, complicating the sustainability of recent $6.1M quarterly dividend payments.
| 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 |
|---|
| Cash from Operations | 36.86M | 66.65M | 9.36M | 22.14M | -33.1M | 61.15M | 121.68M | -16.06M | 24.15M | 89.11M | 51.54M | 37.19M | -6.67M | -105.98M | -20.8M | -30.97M | 199.87M | 83.56M | -6.57M | -232.69M | -167.05M |
| Operating CF Margin % | - | 167.82% | 45.25% | 51.07% | -548.09% | 116.71% | 254.85% | -181.15% | 313.37% | 359.96% | 305.96% | 1178.96% | -18.09% | -393.21% | -51.21% | -110.59% | 680.88% | 246.5% | -13.36% | -604.72% | -14501.82% |
| Operating CF Growth % | 334.15% | 612.07% | -57.73% | 166.9% | -154.13% | -49.74% | 857.45% | -166.51% | -72.89% | 72.9% | 38.56% | 657.78% | 93.71% | -409.48% | 32.83% | -115.5% | 139.2% | 1371.19% | 97.18% | -39.3% | - |
| Net Income | 1.4M | 11.49M | -5.93M | 11.38M | -21M | 26.03M | 31.57M | -12.5M | -9.57M | 3.39M | -1.04M | -18.63M | 15.03M | 17.22M | 26.13M | 7.65M | -14.29M | 34.4M | -9.57M | 26.14M | 4.67M |
| Depreciation & Amortization | 7.99M | 0 | 0 | 0 | 17.91M | 8.44M | -6.81B | -165.04K | 0 | 0 | 0 | 0 | 0 | 229.85B | -5.27T | 0 | 8.32T | 824.7B | 522.01B | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 258.94B | 0 | 0 | 0 | 0 | 0 | 526.14B | -85.08B | 772.65K | 919.11K | 909.12K | 888.37K | 600.2K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -258.94B | 0 | 0 | 0 | 0 | 0 | -756.12B | 5.35T | 0 | -8.32T | -824.64B | -522.01B | 0 | 0 |
| Other Non-Cash Items | 37.29M | 65.44M | 18.41M | 11.11M | -45.09M | 17.42M | 6.9B | 42.81M | 40.29M | 60.74M | 46.28M | 73.94M | -35.73M | 1.52M | -1.58M | -40.53M | -4.25M | -5.31M | -3.85M | -257.88M | -172.75M |
| Working Capital Changes | -4.89M | -10.28M | -3.11M | -344K | 15.07M | 9.26M | 4.36M | -46.21M | -6.56M | 24.98M | 6.29M | -18.11M | 14.02M | 5.04M | -2.78M | 1.13M | -551.28K | 923.77K | -1.25M | -1.55M | 1.03M |
| Change in Receivables | 1.57M | 2.52M | -186K | 217K | 18.8M | 4.91M | -687.55M | -24.42T | 2.94M | -691.09K | -667.71K | 845.92K | 0 | -914.43K | -1.35T | -8.13K | 0 | 0 | 0 | -5.53M | -758.98K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.29B | 0 | 0 | 0 | 0 | 1.1M |
| Change in Payables | -213K | 0 | -2.14M | -146K | -205K | 1.21M | 745.79M | -1.7T | 0 | 0 | 0 | 0 | 10.37B | 5.3M | -946.25B | -29.28B | -1.57T | -6.66B | -3.08T | 4.35M | 1.79M |
| Cash from Investing | 50.79M | 0 | 47.27M | 98.76M | -61.24M | 48.9M | 97.06B | 41.58T | 0 | 0 | 0 | 0 | 31.25T | -140.97T | -40.53T | -55.13T | 192.07T | 67.88T | -33.59T | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 476.89M | 0 | 0 | 0 | 0 | 0 | 35.4M | 35.19M | 273.31M | 311.96M | 366.47M | 409.57T | 479.71M | 440.55M | 312.04M | 239.79M | 191.19M | 409.11M | 514.23M | 1.01B | 498.42M |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -53.13M | -94.1M | -88.25M | -82.47M | -2.11M | -75.71M | -43.88M | 11.84M | -16.86M | -96.91M | -48.84M | -50.6M | 4.46M | 108.68M | 18.99M | 23.35M | -193.83M | -79.67M | 4.74M | 234.25M | 199.45M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -11.32M | -9.26M | -3.83M | -4.36M | -3.45M | 2.19M | -291K | -385.75K | 0 | 1.3K | -285 | 1.81K | 23.77M | 50.4M | 0 | 0 | 647 | 1.22K | 26.93M | 0 | 199.45M |
| Dividends Paid | -39.24M | -21.64M | -25.26M | -25.63M | -23.55M | -19.65M | -10.55M | -11.74M | -14.67M | -17.41M | -21.43M | -31.02M | -33.31M | -33.52M | -20.93M | -14.55M | -14.2M | -19.45M | -28.18M | -17.05M | 0 |
| Share Repurchases | -11.32M | -9.26M | -3.83M | -4.36M | -3.83M | -1.83M | -863K | -15.55T | 0 | 0 | -345 | -109 | 0 | 0 | -25.56T | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 48.4M | -1.48M | 0 | 0 | -836K | -547K | -432.37K | -1.85M | -1.55M | -3.02M | -247.93K | -239.44K | -15.25M | -7.96M | -1.49M | 67.02M | -48.33M | -16.58M | -701.12K | -3.7M | 0 |
| Net Change in Cash | 34.52M | -27.45M | -31.61M | 38.43M | -35.21M | -14.56M | 77.8M | -4.22M | 7.29M | -7.8M | 2.7M | -13.41M | -2.21M | 2.69M | -1.82M | -7.62M | 6.04M | 3.89M | -1.84M | 1.56M | 32.4M |
| Free Cash Flow | 36.86M | 66.65M | 9.36M | 22.14M | -33.1M | 61.15M | 121.68M | -16.06M | 24.15M | 89.11M | 51.54M | 37.19M | -6.67M | -105.98M | -20.8M | -30.97M | 199.87M | 83.56M | -6.57M | -232.69M | -167.05M |
| FCF Margin % | 61.22% | 167.82% | 45.25% | 51.07% | -548.09% | 116.71% | 254.85% | -181.15% | 313.37% | 359.96% | 305.96% | 1178.96% | -18.09% | -393.21% | -51.21% | -110.59% | 680.88% | 246.5% | -13.36% | -604.72% | -14501.82% |
| FCF Growth % | 86.02% | 612.07% | -57.73% | 166.9% | -154.13% | -49.74% | 857.45% | -166.51% | -72.89% | 72.9% | 38.56% | 657.78% | 93.71% | -409.48% | 32.83% | -115.5% | 139.2% | 1371.19% | 97.18% | -39.3% | - |
| FCF per Share | 2.96 | 6.01 | 1.01 | 2.33 | -3.44 | 7.16 | 24.34 | -4.27 | 6.47 | 23.93 | 13.87 | 10.06 | -1.95 | -32.82 | -6.23 | -13.54 | 88.44 | 37.80 | -3.21 | -129.44 | -93.08 |
| FCF Conversion (FCF/Net Income) | 26.31x | 5.80x | -1.58x | 1.95x | 1.58x | 2.35x | 3.85x | 1.29x | -2.52x | 26.30x | -49.57x | -2.00x | -0.44x | -6.15x | -0.80x | -4.05x | -13.99x | 2.43x | 0.10x | -8.90x | -35.77x |
| Interest Paid | -96.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.47M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Volatility
According to quarterly financial data, BCIC exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently reaching extreme negative values, such as the -29.29 observed in 2025Q1, suggesting that reported earnings are heavily distorted by non-cash valuation adjustments and unrealized portfolio movements.
The frequent divergence between accounting losses and positive operating cash flow indicates that the firm's net income is not a reliable proxy for liquidity generation. Investors should monitor this gap, as it suggests that the underlying portfolio's fair-value marks are creating significant noise that obscures the actual cash-generating capacity of the lending business.
As reported in recent financial statements, BCIC's free cash flow trajectory remains highly volatile, swinging from a peak of $41.9M in 2023Q4 to negative territory in 2025Q2, which highlights the inconsistent nature of cash inflows from its middle-market debt and equity co-investment portfolio.
The lack of a stable FCF trend suggests that the company's cash flow is driven by lumpy, transactional events rather than predictable interest income. This volatility complicates the assessment of dividend sustainability, as the firm's ability to fund distributions appears tethered to the timing of portfolio realizations rather than recurring operational performance.
Based on the provided cash flow statements, BCIC experiences significant quarterly fluctuations in working capital, including a notable $6.8M inflow in 2026Q1 and a $9.8M outflow in 2024Q2, indicating that the firm's liquidity is sensitive to the timing of interest accruals and settlement of investment-related receivables.
These working capital movements appear to be a primary driver of the firm's short-term cash flow variability. The reliance on these fluctuations suggests that the company's cash position may be subject to sudden shifts based on the settlement cycles of its diverse, multi-sector loan portfolio.
Analysis of recent filings reveals that BCIC has maintained dividend payments despite inconsistent cash flow, with distributions reaching $6.1M in 2025Q4, while simultaneously utilizing cash for share repurchases, which warrants further investigation into whether these outflows are being funded by capital recycling or existing cash reserves.
The decision to return capital to shareholders during periods of negative net income suggests a management focus on maintaining investor yield, even when operational cash flow is insufficient. This strategy may be unsustainable if the firm does not achieve more consistent, positive cash flow from its core lending activities in the coming quarters.
Quick answers to the most common questions about buying BCIC stock.
BCP Investment Corporation (BCIC) generated $66.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BCP Investment Corporation (BCIC) generated $66.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
BCP Investment Corporation (BCIC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BCP Investment Corporation (BCIC) returned $21.6M to shareholders via cash dividends and spent $9.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.