Investcorp Credit Management BDC, Inc.

Listed Company

ICMBCIK 0001578348NasdaqNon-AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-8.85M

Total Assets

$188.84M

Equity

$61.33M

Shares Out

14.43M

Op. Cash Flow

$11.65M

Business

Investcorp Credit Management BDC, Inc. is an externally managed, non‑diversified closed‑end management investment company that elects to be regulated as a business development company and a regulated investment company and invests primarily in the debt of U.S. middle‑market companies. It offers investments in standalone first‑ and second‑lien loans, unitranche loans, unsecured debt, bonds and equity participation through warrants and structured equity. The company is externally managed by CM Investment Partners, with investment decisions overseen by an Investment Committee and supported by valuation and administration agreements. It sources and deploys capital primarily in U.S. middle‑market opportunities through direct origination and relationships with private equity sponsors, banks and intermediaries, and utilizes secured revolving financing facilities for liquidity.

Summary from filing dated 2024-09-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Total interest income	15	20	24	23	—
Total payment-in-kind interest income	1	2	1	311,190	—
Total dividend income	81,607	54,138	101,755	296,126	0
Total payment-in-kind dividend income	452,742	784,854	691,972	282,952	0
Total other fee income	636,626	648,659	768,617	—	—
Other income	126,519	0	0	—	—
Total investment income	17	24	27	24	27
Interest expense	8	9	8	7	—
Base management fees	3	4	4	5	5
Income-based incentive fees	−150,384	−72,942	401,597	−348,670	0
Professional fees	1	1	984,290	1	2
Allocation of administrative costs from Adviser	978,448	1	966,045	1	1
Amortization of deferred debt issuance costs	615,294	576,475	693,333	621,111	1
Amortization of original issue discount - 2026 Notes	71,110	71,110	71,110	71,110	17,777
Insurance expense	497,149	479,502	506,963	512,347	454,324
Directors' fees	307,500	294,907	302,500	302,500	312,500
Custodian and administrator fees	294,256	316,128	292,267	334,214	333,168
Other expenses	498,948	713,789	516,160	446,330	473,385
Total expenses	15	17	17	16	18
Waiver of base management fees	−349,320	−365,225	−387,311	—	—
Waiver of income-based incentive fees	0	0	0	—	—
Net expenses	15	17	17	—	—
Net investment income before taxes	2	7	10	9	9
Income tax expense, including excise tax expense	447,781	267,150	294,330	—	—
Net investment income after taxes	2	7	9	—	—
Net realized gain (loss) from investments	−2	−14	−27	−14	−6
Net change in unrealized appreciation (depreciation) on investments	−9	3	21	—	—
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments	−11	−11	−6	−6	−11
Net increase (decrease) in net assets resulting from operations	−9	−4	3	3	−2
Earnings per Common Share - Basic	−0.61	−0.28	0.22	0.18	−0.17
Earnings per Common Share - Diluted	−0.61	−0.28	0.22	0.18	−0.17
Weighted average shares of common stock outstanding - Basic	14	14	14	14	14
Weighted average shares of common stock outstanding - Diluted	14	14	14	14	14
Distributions paid per common share	0.52	0.6	0.63	0.6	0.69

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30
Total investments, at fair value	173	192	185	220	11
Cash and cash equivalents	5	771,483	158,768	1	—
Restricted cash and cash equivalents	10	11	5	8	—
Principal receivable	55,377	720,855	50,609	93,581	835,043
Interest receivable	808,703	2	1	2	2
Payment-in-kind interest receivable	190,790	85,399	66,625	46,088	2,137
Short-term receivable	0	160,901	0	—	—
Long-term receivable	0	489,365	631,667	0	—
Escrow receivable	0	0	97,173	0	—
Prepaid expenses and other assets	124,928	97,324	411,821	361,719	410,401
Total Assets	189	207	192	232	246
Revolving credit facility	59	59	43	72	84
2026 Notes payable	65	65	65	65	65
Deferred debt issuance costs	−754,121	−1	−2	−1	−2
Unamortized discount	−17,778	−88,888	−124,443	−195,553	−266,663
Debt, net	123	122	106	135	147
Payable for investments purchased	0	1	7	2	—
Interest payable	2	2	2	2	2
Dividend payable	0	2	0	3	2
Base management fees payable	786,986	769,176	816,777	906,218	1
Income-based incentive fees payable	351,571	501,955	128,876	—	—
Deferred income liability	440,084	0	0	—	—
Directors' fees payable	0	81,323	0	15,755	20,780
Accrued expenses and other liabilities	916,894	757,102	685,271	—	—
Total Liabilities	128	129	117	144	153
Commitments and Contingencies (see Note 6)	—	—	—	—	—
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	14,392	14,386
Additional paid-in capital	203	204	203	203	204
Distributable earnings (loss)	−142	−126	−128	−116	−110
Total Net Assets	61	78	75	88	94
Total Liabilities and Net Assets	189	207	192	232	246
Net Asset Value Per Share	4.25	5.39	5.21	6.09	6.5

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Net increase (decrease) in net assets resulting from operations	−9	−4	3	3	−2
Origination and purchase of investments	−32	−63	−51	−145	—
Payment in-kind interest and dividends	−2	−3	−2	—	—
Sales and repayments of investments	43	92	62	154	108
Amortization of discount/premium on investments	−1	−2	−1	−3	−3
Amortization of deferred debt issuance costs	615,294	576,474	693,333	621,111	1
Amortization of original issue discount	71,110	71,110	71,110	71,110	17,777
Principal receivable	665,478	42,972	741,462	5	−4
Interest receivable	767,678	740,361	256,566	203,148	−199,950
Payment-in-kind interest receivable	−105,391	−20,537	−43,951	39,610	472,896
Short-term receivable	160,901	0	0	—	—
Long-term receivable	489,365	−631,667	0	0	—
Escrow receivable	0	−97,173	0	0	—
Other receivables	0	1,050	−1,050	427,208	708,355
Prepaid expenses and other assets	−27,604	−50,102	48,682	−34,204	−25,536
Payable for investments purchased	−1	6	2	—	—
Interest payable	−7,464	−342,841	719,410	624,996	−51,092
Base management fees payable	17,810	−89,441	−147,845	—	—
Income-based incentive fees payable	−150,384	−447,147	393,928	−465,790	−59,911
Deferred income liability	440,084	0	0	—	—
Directors fees payable	−81,323	−15,755	−5,025	−8,079	4,300
Accrued expenses and other liabilities	159,792	240,189	−375,015	−294,737	206,927
Net cash (used in) provided by operating activities	12	37	21	21	20
Payments for deferred financing costs	0	−1	0	−1	−1
Repurchases of common shares	−39,178	0	0	—	—
Distributions to stockholders	−9	−11	−9	−9	−10
Proceeds from borrowing on revolving financing facility	21	37	47	183	—
Repayments of borrowing on revolving financing facility	−20	−66	−59	−99	—
Net cash (used in) provided by financing activities	−9	−41	−21	−25	−28
Net change in cash and cash equivalents	3	−4	−3,861	−3	−8
Cash paid for interest	8	9	8	6	8
Cash paid for taxes	470,019	267,150	294,330	270,618	268,992
Issuance of shares pursuant to Dividend Reinvestment Plan	110,487	40,213	21,749	56,093	—
Non-cash purchase of investments	11	−37	−17	−3	−10
Non-cash sale of investments	−11	37	17	3	10

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