8-K
Investcorp Credit Management BDC, Inc. (ICMB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2026
Investcorp Credit Management BDC, Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 814-01054 | 46-2883380 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification Number) |
280 Park Avenue
39th Floor
New York, NY 10017
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (212) 257-5199
Not Applicable
(Former Name or Former Address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading<br>Symbol(s) | Name of Each Exchange<br> <br>on Which Registered |
|---|---|---|
| Common Stock, par value $0.001 per share | ICMB | The NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
On May 12, 2026, Investcorp Credit Management BDC, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. The text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. Additionally, on May 12, 2026, the Company made available on its website, https://icmbdc.com/reports-presentations, a supplemental investor presentation with respect to the earnings release. A copy of the investor presentation is being furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 and 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits:
| Exhibit<br> <br>Number | Description |
|---|---|
| 99.1 | Press Release, dated May 12, 2026 |
| 99.2 | Investor Presentation, dated May 12, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 13, 2026 | INVESTCORP CREDIT MANAGEMENT BDC, INC. | |
|---|---|---|
| By: | /s/ Suhail A. Shaikh | |
| Name: | Suhail A. Shaikh | |
| Title: | President and Chief Executive Officer |
EX-99.1
Exhibit 99.1
Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended
March 31, 2026
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 andrevolving 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 notesprovided 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 theCapital 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 creditfacility 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 quarterto 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<br>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<br>portfolio companies. |
| --- | --- |
| (3) | Includes gross repayments on existing delayed draw and revolving credit commitments to portfolio companies.<br> |
| --- | --- |
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/.
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Investcorp Credit Management BDC, Inc. and Subsidiaries
Consolidated Statements of Assets and Liabilities
| December 31, 2025 | |||||
|---|---|---|---|---|---|
| Assets | |||||
| Non-controlled,<br>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,<br>respectively) | 11,411,667 | 12,673,145 | |||
| Total investments, at fair value (amortized cost of 178,044,283 and 190,450,759,<br>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<br>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<br>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 |
All values are in US Dollars.
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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,<br>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,<br>non-affiliated investments | 179,435 | 419,888 | ||||
| Non-controlled, affiliated investments | 185,954 | 21,380 | ||||
| Totalpayment-in-kind interest income | 365,389 | 441,268 | ||||
| Dividend income | ||||||
| Non-controlled,<br>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,<br>non-affiliated investments | — | 221,685 | ||||
| Non-controlled, affiliated investments | — | — | ||||
| Totalpayment-in-kind dividend income | — | 221,685 | ||||
| Other fee income | ||||||
| Non-controlled,<br>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,<br>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,<br>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) oninvestments | (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 |
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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.
Contacts
Investcorp Credit Management BDC, Inc.
Investor Relations
Email: icmbinfo@investcorp.com
Phone: (212) 703-1154
5
EX-99.2
Investcorp Credit Management BDC, Inc. Investor Update Presentation March 31, 2026 Exhibit 99.2
Forward-looking Statements and Disclosures Statements included in this presentation may contain “forward-looking statements,” which relate to future performance or financial condition of Investcorp Credit Management BDC, Inc. (“ICMB”). Forward-looking statements are based on estimates, projections, beliefs and assumptions of ICMB’s management at the time of such statements, which change over time, and are not guarantees of future performance or results. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by ICMB with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this presentation, or as of the prior date referenced in this presentation and are subject to change without notice. ICMB undertakes no duty to update any forward-looking statement made herein except as required by law. This presentation is neither an offer to sell nor a solicitation of an offer to buy ICMB’s securities. An offering is made only by an applicable prospectus. This presentation must be read in conjunction with a prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of such a prospectus must be made available to you in connection with any offering. The summary descriptions and other information included herein are intended only for informational purposes and convenient reference. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Before making an investment decision with respect to ICMB, investors are advised to carefully review an applicable prospectus to review the risk factors described therein, and to consult with their tax, financial, investment and legal advisors. These materials do not purport to be complete and are qualified in their entirety by reference to the more detailed disclosures contained in an applicable prospectus and ICMB’s related documentation. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of ICMB.
Suhail A. Shaikh Chief Executive Officer & Chief Investment Officer Investment Committee Member Michael C. Mauer Chairman of the Board of Directors & Vice Chairman Investment Committee Member INVESTMENT PROFESSIONALS FINANCE PROFESSIONALS Investcorp Credit Management BDC, Inc. - Investment Team Andrew Muns Chief Financial Officer & Chief Operating Officer Investment Committee Member Branko Krmpotic Advisor Investment Committee Member Timothy Waller Principal Investment Committee Member Emily Broderick Vice President David Rubin Vice President Therese Dyman Consultant Darius Tam Associate Melody Atumah Associate Note: Team members listed above are as of March 31, 2026 and are subject to change. Aamer Jooma Associate Jacqueline Hanabergh Vice President Jonathon Monaco Associate
Use of Proceeds Borrower Focus General Investment Parameters Investment Structures Organic Growth Acquisitions Market / Product Expansion Refinancings and Recapitalizations Established companies with a history of positive operating cash flow Defensible and sustainable business Seasoned management team with meaningful equity ownership Significant Invested Capital Investment Partnerships Ability to exert meaningful influence Exit strategy Revenues: $50MM+2 EBITDA: $15MM+2 Investment Size: $5MM -- $25MM First and Second Lien Loans Unitranche Loans Mezzanine Loans/Structured Equity Unsecured Loans Equity Components Investcorp Credit Management BDC, Inc. - Investment Criteria1 1 We expect our target portfolio companies to exhibit some, or all, or these characteristics at the time of the initial investment, although not all of our portfolio companies will meet these criteria. 2 ICMB may invest in smaller or larger companies if there is an attractive opportunity, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets.
Investcorp Credit Management BDC, Inc. – Overview as of March 31, 2026 Issuer Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) Investment Manager CM Investment Partners LLC (“CMIP”) Formation Formed as CM Finance LLC in 2012; IPO in February 2014 Market Capitalization $23.4 million Investment Portfolio1 $151.4 million Leverage Gross Debt-Equity of 2.05x / Net Debt-Equity of 1.83x A 1 At Fair Value. Please see Form 10-Q filed with the SEC for details.
1 Top 10 Holdings sorted by FMV; Equity investments may include Preferred Equity. 2 For Common Equity investments, there is no "Principal" concept, which should bridge most of the value differences between the "Amortized Cost" and "Principal" columns. 3 Based on the total Fair Market Value (FMV) of the portfolio except for cash margin, which is based only on Debt FMV; 3M SOFR estimate of 3.65% was utilized. 4 Figures may not tie to 10Q due to rounding. Investcorp Credit Management BDC, Inc.’s portfolio spans across 34 individual portfolio company investments, 18 GICS Level 3 industries, and 67 positions across both debt and equity investments with a total Fair Market Value (FMV) of $151.4 million Approximately 83% of the portfolio is comprised of Senior Secured Debt, providing priority in the capital structure The weighted-average coupon (including PIK and Base Rate where applicable) of the debt portfolio is ~9% (~17% of FMV has a PIK component) with a weighted-average net leverage of 5.8x and interest coverage ratio of 2.1x Approximately 87% of portfolio FMV has Risk Ratings of '2' or '3' Overview Top Holdings ($000) 1 Summary Statistics ($mm) 3 Risk Rating and Industry Split 3 18 Industries 4 34 Companies Investcorp Credit Management BDC, Inc. – Portfolio as of March 31, 2026
Quarterly Highlights Portfolio Results (as of 03/31/26) Portfolio Activity (01/01/2026-03/31/2026) 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. Total assets $164.6 mm Investment portfolio, at fair value $151.4 mm Net assets $52.7 mm Total capital invested in existing portfolio companies 1$1.2 mm Total proceeds from repayments, sales, and amortization 2$14.0 mm Number of portfolio companies, end of period 34 Investcorp Credit Management BDC, Inc. – Portfolio as of March 31, 2026 1 Includes gross advances for delayed draw and revolving credit commitments and PIK interest to existing portfolio companies. 2 Includes gross repayments on existing delayed draw and revolving credit commitments to portfolio companies.
Selected Financial Highlights Quarter Ended March 31, 2025 Quarter Ended June 30, 2025 Quarter Ended September 30, 2025 Quarter Ended December 31, 2025 Quarter Ended March 31, 2026 Investment Portfolio at Fair Value $ 192,447,870 $ 204,130,679 $ 196,135,047 $ 172,658,862 $ 151,419,307 Debt at Cost 119,713,298 134,384,899 127,556,500 123,128,101 108,111,220 Net Assets 78,101,453 75,984,224 72,703,326 61,326,012 52,697,350 Ending Debt to Equity Ratio 1.53x 1.77x 1.75x 2.02x 2.05x Per Share Data Quarter Ended March 31, 2025 Quarter Ended June 30, 2025 Quarter Ended September 30, 2025 Quarter Ended December 31, 2025 Quarter Ended March 31, 2026 Net Asset Value per Share $5.42 $5.27 $5.04 $4.25 $3.65 Net Investment Income before taxes per Share $0.05 $0.06 $0.04 $0.02 $0.02 Net Increase/(Decrease) in Net Assets Resulting from Operations per Share $0.15 $(0.03) $(0.09) $(0.65) $(0.60) Dividends Declared per Share $0.12 $0.12 $0.141 $0.141 NIL 1 Includes a quarterly distribution of $0.12 per share and a supplemental distribution of $0.02 per share. Investcorp Credit Management BDC, Inc.
icmbinfo@investcorp.com