Key Takeaways
- • Investcorp Credit Management BDC (NASDAQ: ICMB) reported net asset value of $3.02 per share as of September 30, 2026, down $0.42 from $3.44 at June 30, 2026, a decline of 12.16% in total net assets to a drop of $6.0 million.
- • The adviser, CM Investment Partners LLC, waived all management fees for the quarter and the remaining $0.2 million of previously accrued income-based incentive fees.
- • The weighted average yield on debt investments fell to 9.53% from 10.51% over the quarter, and the quarter's net decrease in net assets from operations was $4.8 million, or $0.33 per share.
- • The company is evaluating strategic alternatives to enhance shareholder value, according to CEO Suhail A. Shaikh.
- • Post-quarter, ICMB received about $11.5 million in repayments, paid a $3.3 million Section 851(i) tax liability in full, and repaid $10.0 million on its Capital One revolving facility.
Summary
Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) announced financial results for the fiscal quarter ended September 30, 2026. Net asset value per share declined $0.42 to $3.02 from $3.44 at June 30, 2026, with net assets down $6.0 million, or 12.16%, over the quarter. The company reported a net decrease in net assets from operations of $4.8 million, or $0.33 per share, driven in part by net unrealized losses that reduced net investments by approximately $3.0 million, or $0.20 per share. The weighted average yield on debt investments, at fair market value, was 9.53% as of September 30, compared with 10.51% at June 30.
As of September 30, the portfolio comprised investments in 31 portfolio companies, with 85.56% in first lien investments, 14.32% in equity, warrants and other investments, and 0.12% in unsecured debt. Debt investments were 97.3% floating rate and 2.7% fixed rate. During the quarter the company received $1.9 million from repayments and amortization and made net advances of $0.7 million on delayed draw and revolving credit commitments. As of September 30, ICMB held $18.8 million in cash, of which $9.2 million was restricted, along with $10.1 million of unused commitment under its revolving credit facility with Capital One, N.A., and $5.5 million of borrowing availability based on the borrowing base.
The adviser, CM Investment Partners LLC, waived $0.6 million of management fees earned in the quarter in addition to the previously earned incentive fees of $0.2 million. The adviser plans to waive up to a further $0.6 million of future management and incentive fees to the extent earned. These future waivers are not reflected in reported NAV; the company said that recognizing them would increase NAV by $0.6 million, and it presents an Adjusted NAV as a non-GAAP supplemental measure. The company also disclosed prior-period corrections related to gross income test errors under Subchapter M for tax years 2024 and 2025, and a Section 851(i) tax liability recorded in the June quarter. Chief Financial Officer Andrew Muns said liquidity remained a high priority during the quarter.
Subsequent to September 30 and through November 11, 2026, ICMB received approximately $11.5 million from the repayment of five positions, including two full repayments, and held investments in 29 portfolio companies. On October 13, 2026, the company paid in full the additional Section 851(i) tax, approximately $1.2 million for 2024 and $2.1 million for 2025. On November 4, 2026, it repaid $10.0 million of borrowings under the Capital One revolving facility. CEO Suhail A. Shaikh said the quarter's focus was maintaining asset quality while evaluating strategic alternatives to enhance shareholder value. ICMB is an externally managed business development company that targets middle-market companies with annual revenues of at least $50 million and EBITDA of at least $15 million.
As of September 30, the portfolio comprised investments in 31 portfolio companies, with 85.56% in first lien investments, 14.32% in equity, warrants and other investments, and 0.12% in unsecured debt. Debt investments were 97.3% floating rate and 2.7% fixed rate. During the quarter the company received $1.9 million from repayments and amortization and made net advances of $0.7 million on delayed draw and revolving credit commitments. As of September 30, ICMB held $18.8 million in cash, of which $9.2 million was restricted, along with $10.1 million of unused commitment under its revolving credit facility with Capital One, N.A., and $5.5 million of borrowing availability based on the borrowing base.
The adviser, CM Investment Partners LLC, waived $0.6 million of management fees earned in the quarter in addition to the previously earned incentive fees of $0.2 million. The adviser plans to waive up to a further $0.6 million of future management and incentive fees to the extent earned. These future waivers are not reflected in reported NAV; the company said that recognizing them would increase NAV by $0.6 million, and it presents an Adjusted NAV as a non-GAAP supplemental measure. The company also disclosed prior-period corrections related to gross income test errors under Subchapter M for tax years 2024 and 2025, and a Section 851(i) tax liability recorded in the June quarter. Chief Financial Officer Andrew Muns said liquidity remained a high priority during the quarter.
Subsequent to September 30 and through November 11, 2026, ICMB received approximately $11.5 million from the repayment of five positions, including two full repayments, and held investments in 29 portfolio companies. On October 13, 2026, the company paid in full the additional Section 851(i) tax, approximately $1.2 million for 2024 and $2.1 million for 2025. On November 4, 2026, it repaid $10.0 million of borrowings under the Capital One revolving facility. CEO Suhail A. Shaikh said the quarter's focus was maintaining asset quality while evaluating strategic alternatives to enhance shareholder value. ICMB is an externally managed business development company that targets middle-market companies with annual revenues of at least $50 million and EBITDA of at least $15 million.
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