8-K
Investcorp Credit Management BDC, Inc. (ICMB)
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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): November 13, 2025
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
39^th^ 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) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
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 November 13, 2025, Investcorp Credit Management BDC, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal quarter ended September 30, 2025. 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 November 15, 2025, 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 November 13, 2025 |
| 99.2 | Investor Presentation, dated November 15, 2025 |
| 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: November 17, 2025 | INVESTCORP CREDIT MANAGEMENT BDC, INC. | |
|---|---|---|
| By: | /s/ Suhail A. Shaikh | |
| Name:<br> <br>Title: | Suhail A. Shaikh<br> <br>President and Chief Executive Officer |
EX-99.1
Exhibit 99.1
Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended
September 30, 2025, and Quarterly and Supplemental Distribution
Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) announced its financial results today for its quarter ended September 30, 2025.
HIGHLIGHTS
| • | On November 10, 2025, the Company’s Board of Directors (the “Board”)declared a distribution of $0.12 per share for the quarter ending December 31, 2025, payable in cash on December 12, 2025, to stockholders of record as of December 1, 2025, and a supplementaldistribution of $0.02 per share, payable on December 12, 2025, to stockholders of record as of December 1, 2025. |
|---|---|
| • | During the quarter, ICMB made an investment in one existing portfolio company. This investment was$0.02 million, at cost. |
| --- | --- |
| • | ICMB fully realized its investments in two portfolio companies during the quarter, totaling$6.5 million in proceeds. The internal rate of return on these investments was 12.67%. |
| --- | --- |
| • | During the quarter, the Company had net repayments of $0.01 million on delayed draw andrevolving credit commitments to portfolio companies. |
| --- | --- |
| • | The weighted average yield on debt investments, at fair market value, as of September 30,2025, was 10.87%, compared to 10.57% for the quarter ended June 30, 2025. |
| --- | --- |
| • | Net asset value decreased $0.23 per share to $5.04, compared to $5.27 as of June 30, 2025.Net assets decreased by $3.3 million, or 4.32%, during the quarter ended September 30, 2025 compared to June 30, 2025. |
| --- | --- |
Portfolio results, as of and for the three months ended September 30, 2025:
| Total assets | $ | 210.6mm | |
|---|---|---|---|
| Investment portfolio, at fair value | $ | 196.1mm | |
| Net assets | $ | 72.7mm | |
| Weighted average yield on debt investments, at fair market value ^(1)^ | 10.87 | % | |
| Net asset value per share | $ | 5.04 | |
| 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 | 41 | ||
| Total capital invested in existing portfolio companies ^(2)^ | $ | 1.1mm | |
| Total proceeds from repayments, sales, and amortization ^(3)^ | $ | 7.5mm | |
| Net investment income before taxes (NII) | $ | 0.6mm | |
| Net investment income before taxes per share | $ | 0.04 | |
| Net decrease in net assets from operations | ($ | 1.3 | )mm |
| Net decrease in net assets from operations per share | ($ | 0.09 | ) |
| Distributions paid per common share | $ | 0.14 | |
| (1) | Represents average yield on total debt investments weighted by fair market value as of September 30, 2025.<br>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<br>portfolio companies. | ||
| --- | --- | ||
| (3) | Includes gross repayments on existing delayed draw and revolving credit commitments to portfolio companies.<br> | ||
| --- | --- |
Mr. Suhail A. Shaikh said “Deal activity has gained momentum, but with spreads still compressed, selectivity remains essential. We continue to focus on disciplined underwriting, emphasizing structure and capital protection rather than reaching for marginal yield.
1
We are also pleased to announce that the parent company of the Company’s investment adviser continues to provide support to the Company. Our board of directors has approved Investcorp Capital plc to provide a backstop commitment to refinance our 4.875% notes due April 1, 2026. This commitment enhances our flexibility, proactively addresses the near-term maturity, and strengthens our balance sheet.”
The Company’s dividend framework provides a quarterly base dividend and may be supplemented, at the discretion of the Board, by additional dividends as determined to be available by the Company’s net investment income and performance during the quarter.
On November 10, 2025, the Board declared a distribution for the quarter ended December 31, 2025 of $0.12 per share payable on December 12, 2025, to stockholders of record as of December 1, 2025, and a supplemental distribution of $0.02 per share, payable on December 12, 2025, to stockholders of record as of December 1, 2025.
This distribution represents a 20.14% yield on the Company’s $2.78 share price as of market close on September 30, 2025. Distributions may include net investment income, capital gains and/or return of capital, however, the Company does not expect the dividend for the quarter ending September 30, 2025 to be comprised of a return of capital. The Company’s investment adviser monitors available taxable earnings, including net investment income and realized capital gains, to determine if a return of capital may occur for the year. The Company estimates the source of its distributions as required by Section 19(a) of the Investment Company Act of 1940 to determine whether payment of dividends are expected to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods, but the Company will not be able to determine whether any specific distribution will be treated as taxable earnings or as a return of capital until after at the end of the taxable year.
Portfolio and Investment Activities
During the quarter, the Company made an investment in one existing portfolio company. The aggregate capital invested during the quarter totaled $0.02 million, at cost.
The Company received proceeds of $7.5 million from repayments, sales and amortization during the quarter, primarily related to the realization of AMCP Clean Acquisition Company Term Loan and One Call Medical Term Loan.
During the quarter, the Company had net repayments of $0.01 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 investments of approximately $1.8 million, or $0.12 per share. The total net decrease in net assets resulting from operations for the quarter was $1.3 million, or $0.09 per share.
As of September 30, 2025, the Company’s investment portfolio consisted of investments in 41 portfolio companies, of which 78.32% were first lien investments and 21.68% were equity, warrants, and other investments. The Company’s debt portfolio consisted of 98.49% floating rate investments and 1.51% fixed rate investments.
Capital Resources
As of September 30, 2025, the Company had $11.6 million in cash, of which $7.8 million was restricted cash, and $36.5 million of unused and available capacity under its revolving credit facility with Capital One, N.A.
Subsequent Events
Subsequent to September 30, 2025 and through November 12, 2025, the Company invested a total of $2.5 million, at cost, which included investments in three existing portfolio companies and received approximately $11.1 million from the repayment of three positions, the sale of one position, and the cancellation of warrants in one position. As of November 12, 2025, the Company had investments in 37 portfolio companies.
2
On November 10, 2025, the Board declared a distribution for the quarter ended December 31, 2025 of $0.12 per share payable on December 12, 2025 to stockholders of record as of December 1, 2025, and a supplemental distribution of $0.02 per share, payable on December 12, 2025, to stockholders of record as of December 1, 2025.
On November 10, 2025, the Company entered into a letter of commitment with Investcorp Capital plc (“ICAP”), an
Affiliate of the Adviser, to provide, or cause to be provided, capital to the Company in the event the Company is unable to repay any portion of the principal balance of the Company’s 4.875% Notes due 2026. Under the letter of commitment, ICAP is required to provide, or cause to be provided a loan (“ICAP Loan”) to the Company in an amount up to the lesser of (i) the remaining, unredeemed, principal amount of the Notes outstanding on April 1, 2026 and (ii) $65,000,000. In exchange, the Company will pay ICAP a fee in an amount equal to the sum of (i) the upfront fee of 0.50% and (ii) an ongoing fee of 1.00% per annum during the period from November 10, 2025 until April 1, 2026, pro-rated for any period of less than one year. The ICAP Loan would bear interest at the rate of SOFR plus 5.50% per year, payable quarterly in arrears. The ICAP Loan would mature on July 1, 2029. The foregoing description of the letter of commitment does not purport to be complete and is qualified in its entirety by reference to the full text of the letter of commitment, filed as an exhibit to the Quarterly Report on Form 10-Q for the Company’s quarter ended September 30, 2025.
3
Investcorp Credit Management BDC, Inc. and Subsidiaries
Consolidated Statements of Assets and Liabilities
| December 31, 2024 | |||||
|---|---|---|---|---|---|
| Assets | |||||
| Non-controlled,<br>non-affiliated investments, at fair value (amortized cost of 190,433,861 and 184,154,029, respectively) | 194,102,143 | $ | 188,602,029 | ||
| Affiliated investments, at fair value (amortized cost of 16,376,153 and 16,351,878,<br>respectively) | 2,032,904 | 3,014,929 | |||
| Total investments, at fair value (amortized cost of 206,810,014 and<br>200,505,907,respectively) | 196,135,047 | 191,616,958 | |||
| Cash | 3,860,953 | 771,483 | |||
| Cash, restricted | 7,772,207 | 11,333,064 | |||
| Principal receivable | 296,804 | 720,855 | |||
| Interest receivable | 1,718,220 | 1,576,381 | |||
| Payment-in-kind<br>interest receivable | 188,912 | 85,399 | |||
| Long-term receivable | — | 489,365 | |||
| Short-term receivable | 352,308 | 160,901 | |||
| Prepaid expenses and other assets | 311,628 | 97,324 | |||
| Total Assets | 210,636,079 | $ | 206,851,730 | ||
| Liabilities | |||||
| Debt: | |||||
| Revolving credit facility | 63,500,000 | $ | 58,500,000 | ||
| 2026 Notes payable | 65,000,000 | 65,000,000 | |||
| Deferred debt issuance costs | (907,945 | ) | (1,369,415 | ) | |
| Unamortized discount | (35,555 | ) | (88,888 | ) | |
| Debt, net | 127,556,500 | 122,041,697 | |||
| Payable for investments purchased | 3,135,313 | 1,474,677 | |||
| Dividend payable | 2,020,368 | 1,728,749 | |||
| Income-based incentive fees payable | 364,405 | 501,955 | |||
| Base management fees payable | 775,225 | 769,176 | |||
| Interest payable | 2,835,787 | 1,894,921 | |||
| Deferred income liability | 517,499 | — | |||
| Directors’ fees payable | — | 81,323 | |||
| Accrued expenses and other liabilities | 727,656 | 757,102 | |||
| Total Liabilities | 137,932,753 | 129,249,600 | |||
| Commitments and Contingencies (see Note 6) | |||||
| Net Assets | |||||
| Common stock, par value 0.001 per share (100,000,000 shares authorized and 14,431,202 and<br>14,406,244 shares issued and outstanding, respectively) | 14,431 | 14,406 | |||
| Additional paid-in capital | 203,575,908 | 203,505,480 | |||
| Distributable earnings (loss) | (130,887,013 | ) | (125,917,756 | ) | |
| Total Net Assets | 72,703,326 | 77,602,130 | |||
| Total Liabilities and Net Assets | 210,636,079 | $ | 206,851,730 | ||
| Net Asset Value Per Share | 5.04 | $ | 5.39 |
All values are in US Dollars.
4
Investcorp Credit Management BDC, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
| For the three months endedSeptember 30, | For the nine months endedSeptember 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Investment Income: | ||||||||||||
| Interest income | ||||||||||||
| Non-controlled,<br>non-affiliated investments | $ | 3,888,504 | $ | 4,674,329 | $ | 11,155,389 | $ | 14,327,218 | ||||
| Non-controlled, affiliated investments | — | — | (1,934 | ) | 11,911 | |||||||
| Total interest income | 3,888,504 | 4,674,329 | 11,153,455 | 14,339,129 | ||||||||
| Payment in-kind interest income | ||||||||||||
| Non-controlled,<br>non-affiliated investments | 340,359 | 1,859,938 | 1,102,374 | 3,221,182 | ||||||||
| Non-controlled, affiliated investments | — | 20,769 | 21,137 | 60,369 | ||||||||
| Totalpayment-in-kind interest income | 340,359 | 1,880,707 | 1,123,511 | 3,281,551 | ||||||||
| Dividend income | ||||||||||||
| Non-controlled,<br>non-affiliated investments | — | — | 81,607 | 54,138 | ||||||||
| Non-controlled, affiliated investments | — | — | — | — | ||||||||
| Total dividend income | — | — | 81,607 | 54,138 | ||||||||
| Payment in-kind dividend income | ||||||||||||
| Non-controlled,<br>non-affiliated investments | — | 212,979 | 452,742 | 615,400 | ||||||||
| Non-controlled, affiliated investments | — | — | — | — | ||||||||
| Totalpayment-in-kind dividend income | — | 212,979 | 452,742 | 615,400 | ||||||||
| Other fee income | ||||||||||||
| Non-controlled,<br>non-affiliated investments | 127,621 | 78,760 | 459,132 | 293,965 | ||||||||
| Non-controlled, affiliated investments | — | — | — | — | ||||||||
| Total other fee income | 127,621 | 78,760 | 459,132 | 293,965 | ||||||||
| Total investment income | 4,356,484 | 6,846,775 | 13,270,447 | 18,584,183 | ||||||||
| Expenses: | ||||||||||||
| Interest expense | 2,029,835 | 1,857,409 | 5,717,997 | 5,988,599 | ||||||||
| Base management fees | 877,923 | 840,459 | 2,577,693 | 2,681,973 | ||||||||
| Income-based incentive fees | (18,802 | ) | 501,540 | (137,550 | ) | 501,540 | ||||||
| Professional fees | 246,313 | 394,639 | 864,883 | 1,007,373 | ||||||||
| Allocation of administrative costs from Adviser | 225,390 | 185,906 | 707,287 | 653,680 | ||||||||
| Amortization of deferred debt issuance costs | 153,823 | 152,591 | 461,471 | 457,772 | ||||||||
| Amortization of original issue discount - 2026 Notes | 17,778 | 17,778 | 53,333 | 53,333 | ||||||||
| Insurance expense | 125,612 | 127,768 | 372,123 | 381,302 | ||||||||
| Directors’ fees | 76,500 | 94,529 | 226,500 | 243,186 | ||||||||
| Custodian and administrator fees | 70,791 | 72,123 | 219,028 | 241,390 | ||||||||
| Other expenses | 84,848 | 124,013 | 368,735 | 621,975 | ||||||||
| Total expenses | 3,890,011 | 4,368,755 | 11,431,500 | 12,832,123 | ||||||||
| Waiver of base management fees | (102,658 | ) | (69,578 | ) | (248,827 | ) | (239,908 | ) | ||||
| Waiver of income-based incentive fees | — | — | — | — | ||||||||
| Net expenses | 3,787,353 | 4,299,177 | 11,182,673 | 12,592,215 | ||||||||
| Net investment income before taxes | 569,131 | 2,547,598 | 2,087,774 | 5,991,968 | ||||||||
| Income tax expense (benefit), including excise tax expense | 60,666 | 221,655 | 371,635 | 278,561 | ||||||||
| Net investment income after taxes | $ | 508,465 | $ | 2,325,943 | $ | 1,716,139 | $ | 5,713,407 | ||||
| Net realized and unrealized gain/(loss) on investments: | ||||||||||||
| Net realized gain (loss) from investments | ||||||||||||
| Non-controlled,<br>non-affiliated investments | $ | — | $ | (4,056,505 | ) | $ | 581,343 | $ | (5,917,019 | ) | ||
| Non-controlled, affiliated investments | — | — | — | (6,239,984 | ) | |||||||
| Net realized gain (loss) from investments | — | (4,056,505 | ) | 581,343 | (12,157,003 | ) | ||||||
| Net change in unrealized appreciation (depreciation) in value of investments | ||||||||||||
| Non-controlled,<br>non-affiliated investments | (1,307,380 | ) | 7,558,426 | (779,718 | ) | 9,869,454 | ||||||
| Non-controlled, affiliated investments | (461,615 | ) | 778,765 | (1,006,300 | ) | 3,640,365 | ||||||
| Net change in unrealized appreciation (depreciation) on investments | (1,768,995 | ) | 8,337,191 | (1,786,018 | ) | 13,509,819 | ||||||
| Total realized gain (loss) and change in unrealized appreciation (depreciation) oninvestments | (1,768,995 | ) | 4,280,686 | (1,204,675 | ) | 1,352,816 | ||||||
| Net increase (decrease) in net assets resulting from operations | $ | (1,260,530 | ) | $ | 6,606,629 | $ | 511,464 | $ | 7,066,223 | |||
| Basic and diluted: | ||||||||||||
| Earnings per share | $ | (0.09 | ) | $ | 0.46 | $ | 0.04 | $ | 0.49 | |||
| Weighted average shares of common stock outstanding | 14,431,202 | 14,403,752 | 14,421,267 | 14,400,619 | ||||||||
| Distributions declared per common share | $ | 0.14 | $ | 0.12 | $ | 0.38 | $ | 0.42 |
5
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 September 30, 2025, may contain “forward-looking statements,” which relate to future performance, operating results, events and/or financial condition. 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 Transition Report on Form 10-KT 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
6
EX-99.2
Investcorp Credit Management BDC, Inc. Investor Update Presentation September 30, 2025 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 Investment Committee Member Chief Executive Officer & Chief Investment Officer Michael C. Mauer Investment Committee Member Chairman of the Board of Directors & Vice Chairman INVESTMENT PROFESSIONALS FINANCE PROFESSIONALS Investcorp Credit Management BDC, Inc. - Investment Team Andrew Muns Investment Committee Member Chief Financial Officer & Chief Operating Officer Branko Krmpotic Advisor Investment Committee Member Timothy Waller Principal Investment Committee Member Emily Mason Associate Director David Rubin Senior Associate Therese Dyman Consultant Darius Tam Associate Melody Atumah Associate Ian D’Souza Associate Note: Team members listed above are as of November 3, 2025 and are subject to change. Aamer Jooma 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 September 30, 2025 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 $40.1 million Investment Portfolio1 $196.1 million Leverage Gross Debt-Equity of 1.75x / Net Debt-Equity of 1.59x 20.14% annualized distribution yield (based on declared distributions after September 30, 2025 of $0.14 per share and price of $2.78 per share as of September 30, 2025) Distribution Yield2 A 1 At Fair Value. Please see Form 10-Q filed with the SEC for details. 2 Not a guarantee of future distribution amounts or yield.
By Region Investcorp Credit Management BDC, Inc. – Portfolio Profile as of September 30, 2025 By Industry* By Investment Type Senior Secured First Lien Debt 78.32% Senior Secured Second Lien Debt 0.0% Equity / Warrants / Other 21.68% * Based on Global Industry Classification Standard (“GICS”) UPDATE
Quarterly Highlights Portfolio Results (as of 09/30/25) Portfolio Activity (07/01/25-09/30/25) ICMB made an investment in one existing portfolio company. This investment was $0.02 million, at cost. ICMB fully realized its investments in two portfolio companies during the quarter, totaling $6.5 million in proceeds. The internal rate of return on these investments was 12.67% During the quarter, the Company had net repayments of $0.01 million on delayed draw and revolving credit commitments to portfolio companies. The weighted average yield on debt investments, at fair market value, for the quarter ended September 30, 2025, was 10.87%, compared to 10.57% for the quarter ended June 30, 2025. Net asset value decreased $0.23 per share to $5.04, compared to $5.27 as of June 30, 2025. Net assets decreased by $3.3 million, or 4.32%, during the quarter ended September 30, 2025 compared to June 30, 2025. Total assets $210.6mm Investment portfolio, at fair value $196.1mm Net assets $72.7mm Total capital invested in existing portfolio companies 1$1.1mm Total proceeds from repayments, sales, and amortization 2$7.5mm Number of portfolio companies, end of period 41 Investcorp Credit Management BDC, Inc. – Portfolio as of September 30, 2025 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 Investcorp Credit Management BDC, Inc. Quarter Ended September 30, 2024 Quarter Ended December 31, 2024 Quarter Ended March 31, 2025 Quarter Ended June 30, 2025 Quarter Ended September 30, 2025 Investment Portfolio at Fair Value $ 190,142,159 $ 191,616,958 $ 192,447,870 $ 204,130,679 $ 196,135,047 Debt at Cost $ 110,891,057 $ 122,041,697 $ 119,713,298 $ 134,384,899 $ 127,556,500 Net Assets $ 79,888,388 $ 77,602,130 $ 78,101,453 $ 75,984,224 $ 72,703,326 Ending Debt to Equity Ratio 1.39x 1.57x 1.53x 1.77x 1.75x Per Share Data Quarter Ended September 30, 2024 Quarter Ended December 31, 2024 Quarter Ended March 31, 2025 Quarter Ended June 30, 2025 Quarter Ended September 30, 2025 Net Asset Value per Share $ 5.55 $ 5.39 $ 5.42 $ 5.27 $ 5.04 Net Investment Income before taxes per Share $ 0.16 $ 0.06 $ 0.05 $ 0.06 $ 0.04 Net Increase/(Decrease) in Net Assets Resulting from Operations per Share $ 0.30 $ (0.04) $ 0.15 $ (0.03) $ (0.09) Dividends Declared per Share $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.141 1 Includes a quarterly distribution of $0.12 per share and a supplemental distribution of $0.02 per share.
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