ICMB · Investcorp Credit Management BDC, Inc.

Investcorp Credit Management BDC, Inc. reported a challenging quarter ended March 31, 2026, with net assets decreasing by $8.6 million, or $0.60 per share, to $52.7 million. The decline was primarily driven by net realized and unrealized losses of $8.8 million, largely from mark-to-market adjustments on the investment portfolio. Net investment income before taxes was modest at $0.3 million ($0.02 per share), reflecting a tight spread between investment income and expenses, despite a $456 thousand management fee waiver. The weighted average yield on debt investments improved to 11.95% from 10.56% in the prior quarter, aided by the refinancing of the 4.875% Notes with new floating-rate notes at SOFR plus 5.5%. The company fully realized three investments for $12.7 million at a 10.67% IRR, but new investment activity remained muted with only $0.1 million deployed. Management emphasized capital preservation and liquidity management, noting the reduction of the Capital One credit facility from $100 million to $50 million and the waiver of management fees. The portfolio's risk profile remained stable, with 82.54% in first lien investments and 97.75% floating rate debt. No dividends were declared for the quarter.