Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended March 31, 2026
NEW YORK--( 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
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.