Form 8-K

8-K — Investcorp Credit Management BDC, Inc.

Accession: 0001193125-26-140393

Filed: 2026-04-02

Period: 2026-03-30

CIK: 0001578348

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d130844d8k.htm (Primary)

EX-99.1 (d130844dex991.htm)

EX-99.2 (d130844dex992.htm)

GRAPHIC (g130844ex99_2p1g1.jpg)

GRAPHIC (g130844ex99_2p2g1.jpg)

GRAPHIC (g130844ex99_2p3g1.jpg)

GRAPHIC (g130844ex99_2p4g1.jpg)

GRAPHIC (g130844ex99_2p5g1.jpg)

GRAPHIC (g130844ex99_2p6g1.jpg)

GRAPHIC (g130844ex99_2p7g1.jpg)

GRAPHIC (g130844ex99_2p8g1.jpg)

GRAPHIC (g130844ex99_2p9g1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d130844d8k.htm · Sequence: 1

8-K

false 0001578348 0001578348 2026-03-30 2026-03-30

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): March 30, 2026

Investcorp Credit Management BDC, Inc.

(Exact name of registrant as specified in its charter)

Maryland

814-01054

46-2883380

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

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)

☐

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

Symbol(s)

Name of Each Exchange

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 March 30, 2026, Investcorp Credit Management BDC, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter and fiscal period ended December 31, 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 March 31, 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

Number

Description

99.1

Press Release, dated March 30, 2026

99.2

Investor Presentation, dated March 31, 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: April 2, 2026

INVESTCORP CREDIT MANAGEMENT BDC, INC.

By:

/s/ Suhail A. Shaikh

Name:

Suhail A. Shaikh

Title:

President and Chief Executive Officer

EX-99.1

Filename: d130844dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

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

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

Number of portfolio companies invested in

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

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

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

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.

Contacts

Investcorp Credit Management BDC, Inc.

Investor Relations

Email: icmbinfo@investcorp.com

Phone: (212) 703-1154

EX-99.2

Filename: d130844dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2 Investcorp Credit Management BDC, Inc. Investor Update

Presentation December 31, 2025 LOS ANGELES NEW YORK LONDON BAHRAIN ABU DHABI RIYADH DOHA MUMBAI DELHI BEIJING SINGAPORE TOKYO

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. 2

Investcorp Credit Management BDC, Inc. - Investment Team INVESTMENT

PROFESSIONALS Suhail A. Shaikh Michael C. Mauer Investment Committee Member Investment Committee Member Chief Executive Officer Chairman of the Board of Directors & Chief Investment Officer & Vice Chairman Andrew Muns Branko Krmpotic Timothy

Waller Chief Financial Officer Advisor Principal & Chief Operating Officer Investment Committee Member Investment Committee Member Investment Committee Member Emily Broderick David Rubin Aamer Jooma Darius Tam Vice President Vice President

Associate Associate FINANCE PROFESSIONALS Jacqueline Hanabergh Vice President Therese Dyman Melody Atumah Jonathon Monaco Consultant Associate Associate Note: Team members listed above are as of March 31, 2026 and are subject to change. 3

1 Investcorp Credit Management BDC, Inc. - Investment Criteria Use of

Proceeds Borrower Focus ❑ Organic Growth❑ Established companies with a history of positive operating cash flow ❑ Defensible and sustainable business ❑ Acquisitions ❑ Seasoned management team with meaningful equity

ownership ❑ Market / Product Expansion ❑ Significant Invested Capital ❑ Investment Partnerships ❑ Refinancings and Recapitalizations ❑ Ability to exert meaningful influence ❑ Exit strategy General Investment

Parameters Investment Structures 2 ❑ Revenues: $50MM+❑ First and Second Lien Loans 2 ❑ EBITDA: $15MM+❑ Unitranche Loans ❑ Investment Size: $5MM -- $25MM❑ Mezzanine Loans/Structured Equity ❑ Unsecured

Loans ❑ Equity Components 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. 4

Investcorp Credit Management BDC, Inc. – Overview as of December

31, 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 $39.0 million 1

Investment Portfolio $172.7 million Leverage Gross Debt-Equity of 2.02x / Net Debt-Equity of 1.78x (1) A 1 At Fair Value. Please see Form 10-K filed with the SEC for details. 5

Investcorp Credit Management BDC, Inc. – Portfolio Profile as of

December 31, 2025 By Industry* 14.50% 9.18% 8.87% 8.57% 7.89% 7.82% 6.68% 6.61% 5.87% 4.66% 4.05% 3.53% 3.15% 2.68% 2.57% 2.23% 1.05% 0.09% 0.00% 0.00% * Based on Global Industry Classification Standard (“GICS”) By Region By Investment

Type U.S. Southeast, 10.51% U.S. Mid-Atlantic, U.S. Midwest, 3.65% 9.54% U.S. Southwest, Senior Secured First Lien Debt 80.76% 16.96% International, 0.00% Unsecured Debt Investments 0.0% U.S. West, 30.97% Equity / Warrants / Other 19.24% U.S.

Northeast, 28.37% 6

Investcorp Credit Management BDC, Inc. – Portfolio as of December

31, 2025 Quarterly Highlights ▪ As of December 31, 2025, our portfolio consisted of debt and equity investments in 37 portfolio companies with a fair value of $172.7 million. ▪ As of December 31, 2025, our portfolio at fair value

consisted of 80.76% first lien investments and 19.24% equity, warrant or other positions. ▪ 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%. ▪ 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. Portfolio Results (as of 12/31/25) Portfolio Activity (10/01/25-12/31/25) ❑ Total assets $188.8 mm ❑ Total capital invested in existing 1 portfolio companies $1.5 mm ❑ Investment portfolio, at

fair value $172.7 mm ❑ Total proceeds from repayments, 2 ❑ Net assets $61.3 mm sales, and amortization $10.3 mm ❑ Number of portfolio companies, end of period 37 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. 7

Investcorp Credit Management BDC, Inc. Selected Financial Highlights

Quarter Ended Quarter Ended Quarter Ended Quarter Ended Quarter Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Investment Portfolio at $ 191,616,958 $ 192,447,870 $ 204,130,679 $ 196,135,047 $ 172,658,862

Fair Value Debt at Cost $ 122,041,697 $ 119,713,298 $ 134,384,899 $ 127,556,500 $ 123,128,101 Net Assets $ 77,602,130 $ 78,101,453 $ 75,984,224 $ 72,703,326 $ 61,326,012 Ending Debt to Equity 1.57x 1.53x 1.77x 1.75x 2.02x Ratio Quarter Ended Quarter

Ended Quarter Ended Quarter Ended Quarter Ended Per Share Data December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net Asset Value $ 5.39 $ 5.42 $ 5.27 $ 5.04 $ 4.25 per Share Net Investment Income $ 0.06 $ 0.05 $

0.06 $ 0.04 $ 0.02 before taxes per Share Net Increase/(Decrease) in Net Assets Resulting $ (0.04) $ 0.15 $ (0.03) $ (0.09) $ (0.65) from Operations per Share Dividends Declared 1 1 $ 0.12 $ 0.12 $ 0.12 $ 0.14 $ 0.14 per Share 1 Includes a quarterly

distribution of $0.12 per share and a supplemental distribution of $0.02 per share. 8

icmbinfo@investcorp.com

GRAPHIC

Filename: g130844ex99_2p1g1.jpg · Sequence: 7

Binary file (358910 bytes)

Download g130844ex99_2p1g1.jpg

GRAPHIC

Filename: g130844ex99_2p2g1.jpg · Sequence: 8

Binary file (302241 bytes)

Download g130844ex99_2p2g1.jpg

GRAPHIC

Filename: g130844ex99_2p3g1.jpg · Sequence: 9

Binary file (216058 bytes)

Download g130844ex99_2p3g1.jpg

GRAPHIC

Filename: g130844ex99_2p4g1.jpg · Sequence: 10

Binary file (229711 bytes)

Download g130844ex99_2p4g1.jpg

GRAPHIC

Filename: g130844ex99_2p5g1.jpg · Sequence: 11

Binary file (223929 bytes)

Download g130844ex99_2p5g1.jpg

GRAPHIC

Filename: g130844ex99_2p6g1.jpg · Sequence: 12

Binary file (203820 bytes)

Download g130844ex99_2p6g1.jpg

GRAPHIC

Filename: g130844ex99_2p7g1.jpg · Sequence: 13

Binary file (316391 bytes)

Download g130844ex99_2p7g1.jpg

GRAPHIC

Filename: g130844ex99_2p8g1.jpg · Sequence: 14

Binary file (266587 bytes)

Download g130844ex99_2p8g1.jpg

GRAPHIC

Filename: g130844ex99_2p9g1.jpg · Sequence: 15

Binary file (607591 bytes)

Download g130844ex99_2p9g1.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 17

v3.26.1

Document and Entity Information

Mar. 30, 2026

Cover [Abstract]

Amendment Flag

false

Entity Central Index Key

0001578348

Document Type

8-K

Document Period End Date

Mar. 30, 2026

Entity Registrant Name

Investcorp Credit Management BDC, Inc.

Entity Incorporation State Country Code

Entity File Number

814-01054

Entity Tax Identification Number

46-2883380

Entity Address, Address Line One

280 Park Avenue

Entity Address, Address Line Two

39th Floor

Entity Address, City or Town

New York

Entity Address, State or Province

Entity Address, Postal Zip Code

10017

City Area Code

(212)

Local Phone Number

257-5199

Written Communications

false

Soliciting Material

false

Pre Commencement Tender Offer

false

Pre Commencement Issuer Tender Offer

false

Security 12b Title

Common Stock, par value $0.001 per share

Trading Symbol

ICMB

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration