Investcorp Credit Management BDC Inc (ICMB)

Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended March 31, 2026May 12, 2026 9:17 PM
Business Wire Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) announced its financial results today for its fiscal quarter ended March 31, 2026. HIGHLIGHTS ICMB fully realized its investments in three portfolio companies during the quarter, totaling $12.7 million in proceeds. The internal rate of return on these investments was 10.67%. During the quarter, ICMB made an investment in one existing portfolio company. The investment was $0.1 million, at cost. During the quarter, the Company had net repayments of $0.7 million on delayed draw and revolving credit commitments to portfolio companies. The weighted average yield on debt investments, at fair market value, as of March 31, 2026, was 11.95%, compared to 10.56% for the quarter ended December 31, 2025. Net asset value decreased $0.60 per share to $3.65, compared to $4.25 as of December 31, 2025. Net assets decreased by $8.6 million, or 14.07%, during the quarter ended March 31, 2026 compared to December 31, 2025. On March 30, 2026, ICMB refinanced its existing 4.875% Notes with new unsecured notes provided by an affiliate of its investment adviser with a floating rate of interest of SOFR plus 5.5% and a maturity of July 1, 2029. During the quarter, the Company also repaid $14.0 million of the Capital One, N.A. (“Capital One”) revolving credit facility at the special purpose vehicle ("SPV") of the Company using restricted cash not available for repayment of the new 2029 Notes. As noted in our 10-Q, we have reduced the Capital One revolving credit facility commitment from $100 million to $50 million, which will save the Company approximately $401 thousand in undrawn commitment fees annually. ICMB's investment adviser has waived $456 thousand of management fees for the quarter to further support liquidity of the business. Portfolio results, as of and for the three months ended March 31, 2026: Total assets $164.6 million Investment portfolio, at fair value $151.4 million Net assets $52.7 million Weighted average yield on debt investments, at fair market value (1) 11.95% Net asset value per share $3.65 Portfolio activity in the current quarter:   Number of investments in new portfolio companies during the period 0 Number of portfolio companies invested in, end of period 34 Total capital invested in existing portfolio companies (2) $1.2 million Total proceeds from repayments, sales, and amortization (3) $14.0 million Net investment income before taxes (NII) $0.3 million Net investment income before taxes per share $0.02 Net decrease in net assets from operations ($8.6) million Net decrease in net assets from operations per share ($0.60) Distributions paid per common share $0.00   (1) Represents average yield on total debt investments weighted by fair market value as of March 31, 2026. The weighted average yield on total debt investments reflected above does not represent actual investment returns to the Company’s stockholders. (2) Includes gross advances for delayed draw and revolving credit commitments and PIK interest to existing portfolio companies. (3) Includes gross repayments on existing delayed draw and revolving credit commitments to portfolio companies. Mr. Suhail A. Shaikh, chief executive officer of ICMB, said "We remain focused on capital preservation and disciplined liquidity management as our near-term priorities. New investment activity remained muted during the quarter, reflecting our selective approach to capital deployment. We continue to work closely with our portfolio company management teams and remain committed to maximizing value for our shareholders as we evaluate the path forward." Mr. Andrew Muns, chief financial officer of ICMB, noted: "We continue to take a proactive approach to managing the Company’s liquidity with initiatives such as the reduction in unneeded capital commitment from our credit facility and the waiver of additional management fees this quarter.” Portfolio and Investment Activities During the quarter, the Company made a $0.1 million investment in one existing portfolio company. The Company received proceeds of $14.0 million from repayments, sales and amortization during the quarter, primarily related to the realization of INW Manufacturing term loan, PVI Holdings term loan, and Asurion term loan. During the quarter, the Company had net draws of $0.7 million on delayed draw and revolving credit commitments to portfolio companies. The Company’s net realized and unrealized gains and losses accounted for a decrease in the Company’s net assets of approximately $8.8 million, or $0.61 per share. The total net decrease in net assets resulting from operations for the quarter was $8.6 million, or $0.60 per share. As of March 31, 2026, the Company’s investment portfolio consisted of investments in 34 portfolio companies, of which 82.54% were first lien investments and 17.46% were equity, warrants, and other investments. The Company’s debt portfolio consisted of 97.75% floating rate investments and 2.25% fixed rate investments. Capital Resources As of March 31, 2026, the Company had $11.6 million in cash, of which $8.8 million was restricted cash, and $55.1 million of unused commitment under its revolving credit facility with Capital One, N.A (the “Capital One Revolving Facility”). As of March 31, 2026, the Company had availability to borrow $3.6 million from the revolving credit facility based on the borrowing base. Subsequent Events Subsequent to March 31, 2026 and through May 12, 2026, the Company invested a total of $2.0 million, at cost, which included investments in one existing portfolio company. As of May 12, 2026, the Company had investments in 34 portfolio companies. On May 6, 2026, the Company, through Investcorp Credit Management BDC SPV, LLC, entered into a sixth amendment (the “Sixth Amendment”) to the Capital One Revolving Facility. The Sixth Amendment provides for, among other things, a decrease of the facility size from $100 million to $50 million. Earnings Conference Call The Company will host an earnings conference call at 11:30 am (Eastern Time) on Wednesday, May 13, 2026 to review its financial results and conduct a question-and-answer session. All interested parties may participate in the conference call by dialing (800) 550-9893 5-10 minutes prior to the call; international callers should dial (858) 609-8959. Participants should enter 872058# as the passcode, then press 2 when prompted. For those who are not able to listen to the call, a replay will be available shortly after the call by visiting our website at http://icmbdc.com/earnings-calls/. Investcorp Credit Management BDC, Inc. and Subsidiaries Consolidated Statements of Assets and Liabilities       March 31, 2026     December 31, 2025       (Unaudited)         Assets             Non-controlled, non-affiliated investments, at fair value (amortized cost of
$164,423,388 and $177,110,265, respectively)   $ 140,007,640     $ 159,985,717   Affiliated investments, at fair value (amortized cost of $13,620,895 and
$13,340,494, respectively)     11,411,667       12,673,145   Total investments, at fair value (amortized cost of $178,044,283 and
$190,450,759, respectively)     151,419,307       172,658,862   Cash and cash equivalents     2,739,918       4,582,403   Restricted cash and cash equivalents     8,831,004       10,416,042   Principal receivable     83,087       55,377   Interest receivable     937,415       808,703   Payment-in-kind interest receivable     150,606       190,790   Prepaid expenses and other assets     397,282       124,928   Total Assets   $ 164,558,619     $ 188,837,105   Liabilities             Debt:             Revolving credit facility   $ 44,900,000     $ 58,900,000   2029 Notes payable     65,000,000       —   2026 Notes payable     —       65,000,000   Deferred debt issuance costs     (848,479 )     (754,121 ) Unamortized discount     (940,301 )     (17,778 ) Debt, net     108,111,220       123,128,101   Interest payable     897,826       1,887,457   Base management fees payable     1,146,794       786,986   Income-based incentive fees payable     351,571       351,571   Deferred income liability     364,353       440,084   Directors' fees payable     79,952       —   Accrued expenses and other liabilities     909,553       916,894   Total Liabilities     111,861,269       127,511,093   Commitments and Contingencies (see Note 6)             Net Assets             Common stock, par value $0.001 per share (100,000,000 shares authorized and 14,432,472 and 14,432,472 shares issued and outstanding, respectively)     14,432       14,432   Additional paid-in capital     203,128,982       203,128,982   Distributable earnings (loss)     (150,446,064 )     (141,817,402 ) Total Net Assets     52,697,350       61,326,012   Total Liabilities and Net Assets   $ 164,558,619     $ 188,837,105   Net Asset Value Per Share   $ 3.65     $ 4.25   Investcorp Credit Management BDC, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited)       For The Three Months Ended March 31,       2026     2025   Investment Income:             Interest income             Non-controlled, non-affiliated investments   $ 3,037,427     $ 3,488,202   Non-controlled, affiliated investments     13,129       14,978   Total interest income     3,050,556       3,503,180   Payment in-kind interest income             Non-controlled, non-affiliated investments     179,435       419,888   Non-controlled, affiliated investments     185,954       21,380   Total payment-in-kind interest income     365,389       441,268   Dividend income             Non-controlled, non-affiliated investments     61,659       81,607   Non-controlled, affiliated investments     —       —   Total dividend income     61,659       81,607   Payment in-kind dividend income             Non-controlled, non-affiliated investments     —       221,685   Non-controlled, affiliated investments     —       —   Total payment-in-kind dividend income     —       221,685   Other fee income             Non-controlled, non-affiliated investments     73,372       121,024   Non-controlled, affiliated investments     —       —   Total other fee income     73,372       121,024   Other income     575       —   Total investment income     3,551,551       4,368,764   Expenses:             Interest expense     1,690,014       1,831,967   Base management fees     815,591       848,036   Income-based incentive fees     —       —   Professional fees     385,447       341,283   Allocation of administrative costs from Adviser     253,433       254,023   Amortization of deferred debt issuance costs     153,824       153,824   Amortization of original issue discount - 2026 Notes     17,777       17,777   Insurance expense     104,681       120,502   Directors' fees     79,952       76,500   Custodian and administrator fees     73,356       74,237   Other expenses     106,884       40,173   Total expenses     3,680,959       3,758,322   Waiver of base management fees     (455,783 )     (74,143 ) Waiver of income-based incentive fees     —       —   Net expenses     3,225,176       3,684,179   Net investment income before taxes     326,375       684,585   Income tax expense, including excise tax expense     141,293       81,059   Net investment income after taxes     185,082       603,526   Net realized and unrealized gain/(loss) on investments:             Net realized gain (loss) from investments             Non-controlled, non-affiliated investments     19,335       (1,627,282 ) Non-controlled, affiliated investments     —       —   Net realized gain (loss) from investments     19,335       (1,627,282 ) Net change in unrealized appreciation (depreciation) in value of investments             Non-controlled, non-affiliated investments     (7,291,200 )     3,379,849   Non-controlled, affiliated investments     (1,541,879 )     (149,801 ) Net change in unrealized appreciation (depreciation) on investments     (8,833,079 )     3,230,048   Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments     (8,813,744 )     1,602,766   Net increase (decrease) in net assets resulting from operations   $ (8,628,662 )   $ 2,206,292   Basic and diluted:             Earnings per share   $ (0.60 )   $ 0.15   Weighted average shares of common stock outstanding     14,432,472       14,412,994   Distributions paid per common share   $ —     $ 0.12   About Investcorp Credit Management BDC, Inc. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million. The Company’s investment activities are managed by its investment adviser, CM Investment Partners LLC. To learn more about Investcorp Credit Management BDC, Inc., please visit www.icmbdc.com. Forward-Looking Statements Statements included in this press release and made on the earnings call for the quarter ended March 31, 2026, may contain “forward-looking statements,” which relate to future performance, operating results, events, financial condition and/or exploration of strategic alternatives. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Any forward-looking statements, including statements other than statements of historical facts, included in this press release or made on the earnings call are based upon current expectations, are inherently uncertain, and involve a number of assumptions and substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Investors are cautioned not to place undue reliance on these forward-looking statements. Any such statements are likely to be affected by other unknowable future events and conditions, which the Company may or may not have considered, including, without limitation, changes in base interest rates and the effects of significant market volatility on our business, our portfolio companies, our industry and the global economy. Accordingly, such statements cannot be guarantees or assurances of any aspect of future performance or events. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors and risks. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the earnings call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512054305/en/ Investcorp Credit Management BDC, Inc.
Investor Relations
Email: icmbinfo @Thirsty Original: Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended March 31, 2026

Investcorp Credit Management BDC, Inc. Engages Financial Advisor to Assist in Ongoing Review of Strategic AlternativesApril 20, 2026 8:45 AM
Business Wire
Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) today announced that it has engaged Houlihan Lokey, a leading independent investment bank, as its financial advisor to assist the Special Committee of Independent Directors in its ongoing review of strategic alternatives.


As previously announced, the Special Committee is evaluating a broad range of strategic, financial and business configuration options for the Company.


ICMB has not set a timetable for the conclusion of its review and has not made any decisions at this time. There can be no assurance that the review will result in the completion of any specific transaction or outcome. The Company does not intend to comment further with respect to this review unless or until its Board of Directors has approved a definitive course of action, the review process has concluded, or it is determined that other disclosure is appropriate.


About Investcorp Credit Management BDC, Inc.


The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million. The Company’s investment activities are managed by its investment adviser, CM Investment Partners LLC (“CMIP”). Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank B.S.C., controls CMIP. To learn more about Investcorp Credit Management BDC, Inc., please visit www.icmbdc.com.


Forward Looking Statement


Statements included in this press release may contain “forward-looking statements,” which relate to future performance, operating results, events, financial condition and/or exploration of strategic alternatives. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Any forward-looking statements, including statements other than statements of historical facts, included in this press release are based upon current expectations, are inherently uncertain, and involve a number of assumptions and substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control.


Investors are cautioned not to place undue reliance on these forward-looking statements. Any such statements are likely to be affected by other unknowable future events and conditions, which the Company may or may not have considered, including, without limitation, (i) the ability of the Company to identify and complete any strategic transaction or other course of action; (ii) the timing and outcome of the strategic review process; (iii) changes in base interest rates; (iv) the effects of significant market volatility on our business, our portfolio companies, our industry and the global economy; and (v) other risks, uncertainties and factors set forth in the Company’s Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Accordingly, such statements cannot be guarantees or assurances of any aspect of future performance or events. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors and risks. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s 2025 Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420978698/en/
Investcorp Credit Management BDC, Inc.

Investor Relations

Email: icmbinfo@investcorp.com

Phone: (212) 703-1154


Original: Investcorp Credit Management BDC, Inc. Engages Financial Advisor to Assist in Ongoing Review of Strategic Alternatives

Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter and Year Ended December 31, 2025March 30, 2026 9:47 PM
Business Wire
Board Announces Review of Strategic Alternatives to Maximize Shareholder Value Led by Special Committee of Independent Directors


Company to Host Conference Call April 1st to Discuss the Financial Results


Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) announced its financial results today for its fiscal quarter and year ended December 31, 2025 and its Board has commenced a review of strategic alternatives led by a Special Committee of Independent Directors.


The Special Committee will be evaluating a broad range of strategic, financial and business configuration options for the Company. In parallel, the Board has decided to not declare a quarterly dividend for the current quarter ended March 31, 2026.


FINANCIAL HIGHLIGHTS



During the quarter, ICMB made a $1.5 million investment in one existing portfolio company.



ICMB fully realized its investments in three portfolio companies during the quarter, totaling $8.2 million in proceeds. The internal rate of return on these investments was 10.59%.



During the quarter, the Company had net draws of $1.8 million on delayed draw and revolving credit commitments to portfolio companies.



The weighted average yield on debt investments, at fair market value, as of December 31, 2025, was 10.56%, compared to 10.87% for the quarter ended September 30, 2025.



Net asset value decreased $0.79 per share to $4.25, compared to $5.04 as of September 30, 2025. Net assets decreased by $11.4 million, or 15.65%, during the quarter ended December 31, 2025 compared to September 30, 2025.



On March 30, 2026, ICMB refinanced its existing 4.875% Notes with new unsecured notes provided by an affiliate of its investment adviser with a floating rate of interest of SOFR plus 5.5% and a maturity of July 1, 2029.





Portfolio results, as of and for the three months ended December 31, 2025:








Total assets






$188.8 million








Investment portfolio, at fair value






$172.7 million








Net assets






$61.3 million








Weighted average yield on debt investments, at fair market value (1)






10.56%








Net asset value per share






$4.25








Portfolio activity in the current quarter:






 








Number of investments in new portfolio companies






0








Number of portfolio companies invested in






37








Total capital invested in existing portfolio companies (2)






$3.9 million








Total proceeds from repayments, sales, and amortization (3)






$10.3 million








Net investment income before taxes (NII)






$0.3 million








Net investment income before taxes per share






$0.02








Net decrease in net assets from operations






($9.4) million








Net decrease in net assets from operations per share






($0.65)







(1) Represents average yield on total debt investments weighted by fair market value as of December 31, 2025. The weighted average yield on total debt investments reflected above does not represent actual investment returns to the Company’s stockholders.

(2) Includes gross advances for delayed draw and revolving credit commitments and PIK interest to existing portfolio companies.

(3) Includes gross repayments on existing delayed draw and revolving credit commitments to portfolio companies.


Mr. Suhail A. Shaikh, chief executive officer of ICMB, said “We remain focused on actively managing our portfolio and continue to work closely with our portfolio company management teams and private equity sponsors. New deal activity was relatively muted for ICMB during the quarter. We remain disciplined in managing the Company’s capital, balancing debt repayment with new investments. Subsequent to the end of the quarter, we refinanced our maturing 4.875% Notes with debt capital from an affiliate of our investment adviser.” Mr. Shaikh continued, “As we continue to navigate the current market environment, we believe now is the appropriate time to consider strategic alternatives for the Company that could allow us to more effectively maximize value for our shareholders. As the Board conducts its review, our team will remain focused on executing our strategic priorities.”


Mr. Robert Andrew Muns, chief financial officer of ICMB, noted: “Given the current market environment, our priority is disciplined capital allocation, including selective capital deployment and portfolio rotation, consistent with our focus on protecting net asset value, enhancing long-term shareholder value and maintaining adequate liquidity. Our Board’s determination to not declare a dividend this quarter and initiate a strategic review is consistent with this priority, which will likely guide its approach with respect to future dividends while taking into account the minimum distribution requirements necessary for us to maintain our regulated investment company tax status.”


Portfolio and Investment Activities


During the quarter, the Company made a $1.5 million investment in one existing portfolio company.


The Company received proceeds of $10.3 million from repayments, sales and amortization during the quarter, primarily related to the realization of LABL Term Loan and Advanced Solutions Preferred Stock.


During the quarter, the Company had net draws of $1.8 million on delayed draw and revolving credit commitments to portfolio companies.


The Company’s net realized and unrealized losses of approximately $9.5 million, or $0.66 per share. The total net decrease in net assets resulting from operations for the quarter was $9.4 million, or $0.65 per share.


As of December 31, 2025, the Company’s investment portfolio consisted of investments in 37 portfolio companies, of which 80.76% were first lien investments and 19.24% were equity, warrants, and other investments. The Company’s debt portfolio consisted of 98.0% floating rate investments and 2.0% fixed rate investments.


Capital Resources


As of December 31, 2025, the Company had $15.0 million in cash, of which $10.4 million was restricted cash, and $41.1 million of unused capacity under its revolving credit facility with Capital One, N.A.


Subsequent Events


Subsequent to December 31, 2025 and through March 30, 2026, the Company invested a total of $0.8 million, which included investments in two existing portfolio companies, and received approximately $13.3 million from the sale and repayment of four positions. As of March 30, 2026, the Company had investments in 34 portfolio companies.


On March 29, 2026, the Company entered into a financing arrangement with ICAP, an affiliate of the Adviser, pursuant to which ICAP will provide a $65.0 million unsecured note bearing interest at a floating rate of SOFR plus 5.50% per annum and maturing on July 1, 2029. The proceeds from this financing will be used to repay in full the Company's outstanding 2026 Notes due April 1, 2026. Following this financing arrangement, the Company believes it will remain in compliance with all applicable asset coverage requirements.


The Company announced today that its Board has entered into a formal review process to evaluate strategic alternatives for the Company and the Board has authorized a Special Committee solely comprised of independent directors to lead the process. The Company has not set a timetable for the conclusion of the strategic alternatives review. There can be no assurance that the review will result in a transaction or change the Company’s announced strategy. The Company does not intend to comment further regarding the review unless or until it determines that further disclosure is appropriate or necessary.


Earnings Conference Call


The Company will host an earnings conference call at 9:00 am (Eastern Time) on Wednesday, April 1, 2026 to review its financial results and conduct a question-and-answer session. All interested parties may participate in the conference call by dialing (800) 550-9893 5-10 minutes prior to the call; international callers should dial (858) 609-8959. Participants should enter 872058# as the passcode, then press 2 when prompted. For those who are not able to listen to the call, a replay will be available shortly after the call by visiting our website at http://icmbdc.com/earnings-calls/.




Investcorp Credit Management BDC, Inc. and Subsidiaries




Consolidated Statements of Assets and Liabilities
















 



 






 






December 31, 2025






 






 






December 31, 2024






 






 






June 30, 2024






 








Assets






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments, at fair value (amortized cost of $177,110,265, $184,154,029, and $189,319,802, respectively)






 






$






159,985,717






 






 






$






188,602,029






 






 






$






181,948,376






 








Affiliated investments, at fair value (amortized cost of $13,340,494, $16,351,878, and $15,149,238, respectively)






 






 






12,673,145






 






 






 






3,014,929






 






 






 






2,621,154






 








Total investments, at fair value (amortized cost of $190,450,759, $200,505,907, and $204,469,040, respectively)






 






 






172,658,862






 






 






 






191,616,958






 






 






 






184,569,530






 








Cash and cash equivalents






 






 






4,582,403






 






 






 






771,483






 






 






 






158,768






 








Restricted cash and cash equivalents






 






 






10,416,042






 






 






 






11,333,064






 






 






 






4,950,036






 








Principal receivable






 






 






55,377






 






 






 






720,855






 






 






 






50,609






 








Interest receivable






 






 






808,703






 






 






 






1,576,381






 






 






 






1,301,516






 








Payment-in-kind interest receivable






 






 






190,790






 






 






 






85,399






 






 






 






66,625






 








Short-term receivable






 






 






—






 






 






 






160,901






 






 






 






—






 








Long-term receivable






 






 






—






 






 






 






489,365






 






 






 






631,667






 








Escrow receivable






 






 






—






 






 






 






—






 






 






 






97,173






 








Prepaid expenses and other assets






 






 






124,928






 






 






 






97,324






 






 






 






411,821






 








Total Assets






 






$






188,837,105






 






 






$






206,851,730






 






 






$






192,237,745






 








Liabilities






 






 






 






 






 






 






 






 






 








Debt:






 






 






 






 






 






 






 






 






 








Revolving credit facility






 






$






58,900,000






 






 






$






58,500,000






 






 






$






43,000,000






 








2026 Notes payable






 






 






65,000,000






 






 






 






65,000,000






 






 






 






65,000,000






 








Deferred debt issuance costs






 






 






(754,121






)






 






 






(1,369,415






)






 






 






(1,654,870






)








Unamortized discount






 






 






(17,778






)






 






 






(88,888






)






 






 






(124,443






)








Debt, net






 






 






123,128,101






 






 






 






122,041,697






 






 






 






106,220,687






 








Payable for investments purchased






 






 






—






 






 






 






1,474,677






 






 






 






7,425,000






 








Interest payable






 






 






1,887,457






 






 






 






1,894,921






 






 






 






1,950,925






 








Dividend payable






 






 






—






 






 






 






1,728,749






 






 






 






—






 








Base management fees payable






 






 






786,986






 






 






 






769,176






 






 






 






816,777






 








Income-based incentive fees payable






 






 






351,571






 






 






 






501,955






 






 






 






128,876






 








Deferred income liability






 






 






440,084






 






 






 






—






 






 






 






—






 








Directors' fees payable






 






 






—






 






 






 






81,323






 






 






 






—






 








Accrued expenses and other liabilities






 






 






916,894






 






 






 






757,102






 






 






 






685,271






 








Total Liabilities






 






 






127,511,093






 






 






 






129,249,600






 






 






 






117,227,536






 








Commitments and Contingencies (see Note 6)






 






 






 






 






 






 






 






 






 








Net Assets






 






 






 






 






 






 






 






 






 








Common stock, par value $0.001 per share (100,000,000 shares authorized and 14,432,472, 14,406,244, and 14,403,752 shares issued and outstanding, respectively)






 






 






14,432






 






 






 






14,406






 






 






 






14,404






 








Additional paid-in capital






 






 






203,128,982






 






 






 






203,505,480






 






 






 






203,103,263






 








Distributable earnings (loss)






 






 






(141,817,402






)






 






 






(125,917,756






)






 






 






(128,107,458






)








Total Net Assets






 






 






61,326,012






 






 






 






77,602,130






 






 






 






75,010,209






 








Total Liabilities and Net Assets






 






$






188,837,105






 






 






$






206,851,730






 






 






$






192,237,745






 








Net Asset Value Per Share






 






$






4.25






 






 






$






5.39






 






 






$






5.21






 



















 




Investcorp Credit Management BDC, Inc. and Subsidiaries




Consolidated Statements of Operations (unaudited)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Twelve Months Ended December 31,






 






 






Six Months Ended December 31,






 






 






Twelve Months Ended June 30,






 








 






 






2025






 






 






2024






 






 






2024






 






 






2023






 








Investment Income:






 






 






 






 






 






 






 






 






 






 






 






 








Interest income






 






 






 






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments






 






$






14,562,641






 






 






$






8,680,899






 






 






$






20,271,776






 






 






$






23,822,181






 








Non-controlled, affiliated investments






 






 






43,586






 






 






 






3,660






 






 






 






12,451






 






 






 






(20,611






)








Total interest income






 






 






14,606,227






 






 






 






8,684,559






 






 






 






20,284,227






 






 






 






23,801,570






 








Payment in-kind interest income






 






 






 






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments






 






 






874,311






 






 






 






2,329,399






 






 






 






2,028,744






 






 






 






1,250,169






 








Non-controlled, affiliated investments






 






 






618,203






 






 






 






42,079






 






 






 






77,680






 






 






 






70,070






 








Total payment-in-kind interest income






 






 






1,492,514






 






 






 






2,371,478






 






 






 






2,106,424






 






 






 






1,320,239






 








Dividend income






 






 






 






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments






 






 






81,607






 






 






 






—






 






 






 






54,138






 






 






 






101,755






 








Non-controlled, affiliated investments






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Total dividend income






 






 






81,607






 






 






 






—






 






 






 






54,138






 






 






 






101,755






 








Payment in-kind dividend income






 






 






 






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments






 






 






452,742






 






 






 






432,669






 






 






 






784,854






 






 






 






691,972






 








Non-controlled, affiliated investments






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Total payment-in-kind dividend income






 






 






452,742






 






 






 






432,669






 






 






 






784,854






 






 






 






691,972






 








Other fee income






 






 






 






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments






 






 






636,626






 






 






 






134,051






 






 






 






648,659






 






 






 






768,617






 








Non-controlled, affiliated investments






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Total other fee income






 






 






636,626






 






 






 






134,051






 






 






 






648,659






 






 






 






768,617






 








Other income






 






 






126,519






 






 






 






—






 






 






 






—






 






 






 






—






 








Total investment income






 






 






17,396,235






 






 






 






11,622,757






 






 






 






23,878,302






 






 






 






26,684,153






 








Expenses:






 






 






 






 






 






 






 






 






 






 






 






 








Interest expense






 






 






7,605,454






 






 






 






3,752,412






 






 






 






8,606,309






 






 






 






8,413,409






 








Base management fees






 






 






3,465,211






 






 






 






1,671,831






 






 






 






3,800,693






 






 






 






4,201,394






 








Income-based incentive fees






 






 






(150,384






)






 






 






501,540






 






 






 






(72,942






)






 






 






401,597






 








Professional fees






 






 






1,210,014






 






 






 






718,289






 






 






 






1,239,122






 






 






 






984,290






 








Allocation of administrative costs from Adviser






 






 






978,448






 






 






 






382,064






 






 






 






1,360,194






 






 






 






966,045






 








Amortization of deferred debt issuance costs






 






 






615,294






 






 






 






306,004






 






 






 






576,475






 






 






 






693,333






 








Amortization of original issue discount - 2026 Notes






 






 






71,110






 






 






 






35,555






 






 






 






71,110






 






 






 






71,110






 








Insurance expense






 






 






497,149






 






 






 






255,536






 






 






 






479,502






 






 






 






506,963






 








Directors' fees






 






 






307,500






 






 






 






175,852






 






 






 






294,907






 






 






 






302,500






 








Custodian and administrator fees






 






 






294,256






 






 






 






147,986






 






 






 






316,128






 






 






 






292,267






 








Other expenses






 






 






498,948






 






 






 






346,109






 






 






 






713,789






 






 






 






516,160






 








Total expenses






 






 






15,393,000






 






 






 






8,293,178






 






 






 






17,385,287






 






 






 






17,349,068






 








Waiver of base management fees






 






 






(349,320






)






 






 






(131,735






)






 






 






(365,225






)






 






 






(387,311






)








Waiver of income-based incentive fees






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








Net expenses






 






 






15,043,680






 






 






 






8,161,443






 






 






 






17,020,062






 






 






 






16,961,757






 








Net investment income before taxes






 






 






2,352,555






 






 






 






3,461,314






 






 






 






6,858,240






 






 






 






9,722,396






 








Income tax expense, including excise tax expense






 






 






447,781






 






 






 






315,075






 






 






 






267,150






 






 






 






294,330






 








Net investment income after taxes






 






 






1,904,774






 






 






 






3,146,239






 






 






 






6,591,090






 






 






 






9,428,066






 








Net realized and unrealized gain/(loss) on investments:






 






 






 






 






 






 






 






 






 






 






 






 








Net realized gain (loss) from investments






 






 






 






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments






 






 






(1,849,766






)






 






 






(8,114,711






)






 






 






(7,731,553






)






 






 






(26,890,095






)








Non-controlled, affiliated investments






 






 






—






 






 






 






—






 






 






 






(6,239,984






)






 






 






—






 








Net realized gain (loss) from investments






 






 






(1,849,766






)






 






 






(8,114,711






)






 






 






(13,971,537






)






 






 






(26,890,095






)








Net change in unrealized appreciation (depreciation) in value of investments






 






 






 






 






 






 






 






 






 






 






 






 








Non-controlled, non-affiliated investments






 






 






(8,706,047






)






 






 






11,819,426






 






 






 






1,797,807






 






 






 






21,966,347






 








Non-controlled, affiliated investments






 






 






(196,901






)






 






 






(808,865






)






 






 






1,490,170






 






 






 






(1,269,815






)








Net change in unrealized appreciation (depreciation) on investments






 






 






(8,902,948






)






 






 






11,010,561






 






 






 






3,287,977






 






 






 






20,696,532






 








Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments






 






 






(10,752,714






)






 






 






2,895,850






 






 






 






(10,683,560






)






 






 






(6,193,563






)








Net increase (decrease) in net assets resulting from operations






 






$






(8,847,940






)






 






$






6,042,089






 






 






$






(4,092,470






)






 






$






3,234,503






 








Basic and diluted:






 






 






 






 






 






 






 






 






 






 






 






 








Earnings per share






 






$






(0.61






)






 






$






0.42






 






 






$






(0.28






)






 






$






0.22






 








Weighted average shares of common stock outstanding






 






 






14,421,798






 






 






 






14,404,510






 






 






 






14,396,201






 






 






 






14,389,163






 








Distributions paid per common share






 






$






0.52






 






 






$






0.24






 






 






$






0.60






 






 






$






0.63






 























 


About Investcorp Credit Management BDC, Inc.


The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million. The Company’s investment activities are managed by its investment adviser, CM Investment Partners LLC (“CMIP”). Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank B.S.C., controls CMIP. To learn more about Investcorp Credit Management BDC, Inc., please visit www.icmbdc.com.


Forward-Looking Statements


Statements included in this press release and made on the earnings call for the quarter and year ended December 31, 2025, may contain “forward-looking statements,” which relate to future performance, operating results, events, financial condition and/or exploration of strategic alternatives. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Any forward-looking statements, including statements other than statements of historical facts, included in this press release or made on the earnings call are based upon current expectations, are inherently uncertain, and involve a number of assumptions and substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control.


Investors are cautioned not to place undue reliance on these forward-looking statements. Any such statements are likely to be affected by other unknowable future events and conditions, which the Company may or may not have considered, including, without limitation, changes in base interest rates and the effects of significant market volatility on our business, our portfolio companies, our industry and the global economy. Accordingly, such statements cannot be guarantees or assurances of any aspect of future performance or events. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors and risks. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the earnings call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s 2025 Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330133891/en/
Investcorp Credit Management BDC, Inc.

Investor Relations

Email: icmbinfo@investcorp.com

Phone: (212) 703-1154


Original: Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter and Year Ended December 31, 2025