Investcorp Credit Management BDC (NasdaqGS:ICMB) Q1 2026 Earnings Call November 13, 2025 11:00 AM ET Speaker2Good morning, ladies and gentlemen, and welcome to today's Investcorp Credit Management BDC's quarter-ended September 30, 2025 earnings call. It is now my pleasure to turn the floor over to Andrew Muns, Chief Financial Officer.Speaker1Thank you, Operator. Welcome, everyone, to Investcorp Credit Management BDC's earnings call for the quarter-ended September 30, 2025. I'm joined today by Suhail Shaikh, ...

Nov 12, 2025 7:12 PM Eastern Standard Time Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended September 30, 2025, and Quarterly and Supplemental Distribution Share NEW YORK--(BUSINESS WIRE)--Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) ("ICMB†or the "Company†) announced its financial results today for its quarter ended September 30, 2025. HIGHLIGHTS We are also pleased to announce that the parent company of the Company's investment adviser continues to provid ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 814-01054 INVESTCORP CREDIT MANAGEMENT BDC, INC. (Exact Name of Registrant as Specified in Its Charter) (State or other Jurisdiction of Incorporation or Organiza ...

Core Viewpoint - Investcorp Credit Management BDC, Inc. is scheduled to release its financial results for the third quarter ended September 30, 2025, on November 12, 2025, after market close [1] Financial Results Announcement - The earnings conference call will take place on November 13, 2025, at 11:00 am Eastern Time, allowing participants to review financial results and engage in a Q&A session [2] - Interested parties can join the call by dialing the provided numbers and using the specified passcode [2] Company Overview - Investcorp Credit Management BDC, Inc. is an externally-managed, closed-end, non-diversified management investment company regulated as a business development company under the Investment Company Act of 1940 [3] - The company's primary investment objective is to maximize total return for stockholders through current income and capital appreciation by investing in debt and equity of privately held middle-market companies [3] - The company targets middle-market companies with annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least $15 million [3]

[Highlights](index=1&type=section&id=Highlights) ICMB reported a NAV of $5.27 per share, $0.08 million net investment income, and declared a $0.14 per share total distribution Key Financial Metrics | Metric | Value (in millions) | | :--- | :--- | | Total assets | $224.1 million | | Investment portfolio, at fair value | $204.1 million | | Net assets | $76.0 million | | Net asset value per share | $5.27 | | Weighted average yield on debt investments | 10.57% | | Net investment income before taxes (NII) | $0.8 million | | NII per share | $0.06 | | Net decrease in net assets from operations | (\$0.4) million | | Net decrease in net assets from operations per share | (\$0.03) | | Distributions paid per common share | $0.12 | - The Board of Directors declared a regular quarterly distribution of **$0.12** per share and a supplemental distribution of **$0.02** per share for the quarter ending September 30, 2025[4](index=4&type=chunk) - Net asset value (NAV) per share decreased by **$0.15** to **$5.27** as of June 30, 2025, compared to **$5.42** as of March 31, 2025[4](index=4&type=chunk) - During the quarter, ICMB invested **$19.0 million** and fully realized investments in three portfolio companies, generating an internal rate of return (IRR) of **32.82%** on these exits[4](index=4&type=chunk) - The weighted average yield on debt investments decreased slightly to **10.57%** from **10.95%** in the previous quarter[4](index=4&type=chunk) [Financial and Operational Performance](index=2&type=section&id=Financial%20and%20Operational%20Performance) The company declared a $0.14 per share distribution, invested $19.0 million, and maintained a portfolio primarily in first lien and floating rate debt [Distributions](index=2&type=section&id=Distributions) - The Board declared a distribution of **$0.12** per share for the quarter ending September 30, 2025, plus a supplemental distribution of **$0.02** per share, both payable on October 9, 2025[7](index=7&type=chunk) - This total distribution represents a **20.07%** yield on the company's share price as of June 30, 2025 The company does not expect the distribution to be comprised of a return of capital[8](index=8&type=chunk) [Portfolio and Investment Activities](index=2&type=section&id=Portfolio%20and%20Investment%20Activities) - Invested a total of **$19.0 million** in one new and four existing portfolio companies during the quarter, with new debt investments made at a weighted average yield of **9.03%**[9](index=9&type=chunk) - Received **$10.0 million** in proceeds from repayments, sales, and amortization, primarily from the realization of three investments[10](index=10&type=chunk) - Net realized and unrealized losses resulted in a decrease in net investments of approximately **$1.0 million**, or **$0.07** per share[11](index=11&type=chunk) - As of June 30, 2025, the portfolio consisted of investments in **43** companies, with **79.23%** in first lien investments and **98.50%** of the debt portfolio in floating rate investments[12](index=12&type=chunk) [Capital Resources](index=2&type=section&id=Capital%20Resources) - As of June 30, 2025, the Company had **$17.3 million** in cash (**$14.4 million** restricted) and **$29.5 million** of unused capacity under its revolving credit facility[13](index=13&type=chunk) [Subsequent Events and Corporate Actions](index=2&type=section&id=Subsequent%20Events%20and%20Corporate%20Actions) Post-quarter, the company invested an additional $0.2 million, declared a Q3 2025 distribution, and authorized a new $5 million share repurchase program - Between June 30, 2025, and August 13, 2025, the Company invested an additional **$0.2 million** in two existing portfolio companies[14](index=14&type=chunk) - On August 7, 2025, the Board authorized a new share repurchase program of up to **$5 million**, effective for one year until August 7, 2026[16](index=16&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The consolidated statements detail total assets of $224.1 million, net assets of $76.0 million, and a net decrease in assets from operations of (\$0.4) million [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Consolidated Assets and Liabilities | (in thousands) | June 30, 2025 (Unaudited) (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Total investments, at fair value | $204,131 | $191,617 | | Total Assets | $224,065 | $206,852 | | Debt, net | $134,385 | $122,042 | | Total Liabilities | $148,080 | $129,250 | | Total Net Assets | $75,984 | $77,602 | | Net Asset Value Per Share | $5.27 | $5.39 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Operations Summary | For the three months ended June 30, | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | Total investment income | $4,545,199 | $5,119,319 | | Net expenses | $3,711,141 | $3,864,957 | | Net investment income after taxes | $604,148 | $1,309,102 | | Net realized and unrealized gain/(loss) | (\$1,038,446) | (\$3,261,248) | | Net increase (decrease) in net assets from operations | (\$434,298) | (\$1,952,146) | | Earnings per share (Basic and diluted) | (\$0.03) | (\$0.14) | [Company Overview and Disclosures](index=6&type=section&id=Company%20Overview%20and%20Disclosures) The company is an externally managed BDC focused on middle-market investments, with the report including standard forward-looking statement disclaimers - The Company is an externally managed BDC with an investment objective to maximize total return via current income and capital appreciation from debt and equity investments in middle-market companies[19](index=19&type=chunk) - The report contains forward-looking statements that are based on current expectations and are subject to substantial risks and uncertainties, and actual results may differ materially[20](index=20&type=chunk)[21](index=21&type=chunk)

Financial Data and Key Metrics Changes - For Q2 2025, the company reported net investment income before taxes of $800,000, or 6¢ per share, an increase of 1% from the previous quarter, representing an annualized return on equity of 4.3%, up approximately 80 basis points sequentially [5] - Net assets decreased modestly to $76,000,000, down $2,100,000 from the prior quarter, with net asset value per share decreasing to $5.27 from $5.42 [5][12] - The weighted average yield of the portfolio was 10.6%, a slight decrease from 11% in the previous quarter [13] Business Line Data and Key Metrics Changes - The portfolio consisted of 43 borrowers, with approximately 79% in first lien debt and 21% in equity warrants and other positions [13] - The weighted average net leverage declined to approximately 4.8 times from 4.9 times, while the weighted average loan-to-value (LTV) remained stable at approximately 46% [6] Market Data and Key Metrics Changes - Market spreads remained relatively stable throughout the quarter, with disciplined pricing across the middle market [8] - The company experienced a pickup in origination activity, with $19,000,000 in originations this quarter, up from $5,000,000 in the previous quarter [6] Company Strategy and Development Direction - The company remains focused on maintaining net asset value stability, delivering sustainable net investment income, and selectively deploying capital into high-quality opportunities with attractive risk-adjusted returns [18] - The board authorized a share repurchase program of up to $5,000,000, expected to be in effect until 08/07/2026 [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about renewed momentum in the middle market, with expectations for increased activity in the second half of the year [7][18] - The company is focused on resolving legacy credit issues and repositioning the portfolio to support long-term performance [8] Other Important Information - The company declared a distribution of 12¢ per share and a supplemental distribution of 2¢ per share payable in cash on 10/09/2025 [16] - As of June 30, the company had approximately $17,300,000 in cash, with $14,400,000 being restricted cash [17] Q&A Session Summary Question: What was the spillover income for the quarter? - The CFO indicated that the spillover income was a significant reason for the distribution to shareholders being in excess of the change in assets from operations, with net income before taxes at 6¢ a share [22] Question: What is the strategy to improve returns given high leverage and low profitability? - Management noted that improving profitability involves absorbing expenses across a broader asset base as the private credit business grows, while maintaining a cautious approach to leverage [24][27] Question: Should we expect portfolio contraction in coming quarters to reduce leverage? - Management expects repayments to increase in the second half of the year, which could lead to a deleveraging event if decent assets are not found to replace them [28] Question: Has the company considered wrapping up the BDC and converting to cash to improve returns? - Management emphasized that their primary focus is on improving shareholder value and stabilizing the portfolio before considering such actions [31]

Company Overview - Investcorp Credit Management BDC, Inc (ICMB) has a market capitalization of $403 million [15] - The investment portfolio stands at $2041 million at fair value [15] - The company's gross debt-to-equity ratio is 177x, while the net debt-to-equity ratio is 154x [15] - The annualized distribution yield is 2007%, based on declared distributions after June 30, 2025 [15] Portfolio Composition - Senior Secured First Lien Debt accounts for 7923% of the investment portfolio [21] - Equity/Warrants/Other investments represent 2077% of the portfolio [21] - The portfolio is diversified across various industries, including Professional Services, Insurance, and IT Services [17, 18] - Geographically, the portfolio is distributed across the West (2840%), Northeast (2743%), Southwest (1567%), Southeast (1300%), Midwest (1166%), and Mid-Atlantic (384%) regions [19, 20] Portfolio Activity & Financial Performance - Total capital invested in existing portfolio companies during the quarter was $190 million [23] - Total proceeds from repayments, sales, and amortization amounted to $102 million [23] - The weighted average yield on debt investments, at fair market value, was 1057% for the quarter ended June 30, 2025 [25]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q2 and H1 2025, detailing assets, operations, cash flows, and investment schedules [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets increased to **$224.1 million** by June 30, 2025, while net assets slightly decreased to **$76.0 million**, with NAV per share at **$5.27** Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Total Investments, at fair value | $204.1 | $191.6 | | Total Assets | $224.1 | $206.9 | | Debt, net | $134.4 | $122.0 | | Total Liabilities | $148.1 | $129.2 | | Total Net Assets | $76.0 | $77.6 | | **Net Asset Value Per Share** | **$5.27** | **$5.39** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 saw a net decrease in net assets of **$0.4 million**, an improvement from Q2 2024, driven by a **$2.2 million** net realized gain Key Operating Results (Unaudited) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $4,545,199 | $5,119,319 | $8,913,963 | $11,737,408 | | Net Investment Income After Taxes | $604,148 | $1,309,102 | $1,207,674 | $3,387,464 | | Net Realized Gain (Loss) | $2,208,625 | $(1,828,530) | $581,343 | $(8,100,498) | | Net Change in Unrealized (Depreciation) | $(3,247,071) | $(1,432,718) | $(17,023) | $5,172,628 | | **Net Increase (Decrease) in Net Assets** | **$(434,298)** | **$(1,952,146)** | **$1,771,994** | **$459,594** | | **Earnings Per Share (Basic & Diluted)** | **$(0.03)** | **$(0.14)** | **$0.12** | **$0.03** | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased by **$1.6 million** to **$76.0 million** for H1 2025, primarily due to stockholder distributions outweighing operational increases Reconciliation of Net Assets (Six Months Ended June 30) | Description | 2025 | 2024 | | :--- | :--- | :--- | | Net Assets at Beginning of Period | $77,602,130 | $78,840,983 | | Net Increase from Operations | $1,771,994 | $459,594 | | Net Decrease from Distributions | $(3,460,353) | $(4,319,679) | | Net Increase from Capital Transactions | $70,453 | $29,311 | | **Net Assets at End of Period** | **$75,984,224** | **$75,010,209** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by **$5.2 million** in H1 2025, driven by financing activities, reversing the prior year's decrease from debt repayments Cash Flow Summary (Six Months Ended June 30) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(1,641,178) | $24,904,835 | | Net Cash Provided by (Used in) Financing Activities | $6,881,351 | $(34,460,393) | | **Net Change in Cash** | **$5,240,173** | **$(9,555,558)** | | Cash and Restricted Cash at End of Period | $17,344,720 | $5,108,804 | [Consolidated Schedule of Investments](index=7&type=section&id=Consolidated%20Schedule%20of%20Investments) The investment portfolio reached **$204.1 million** by June 30, 2025, primarily in Senior Secured First Lien Debt, with diversified industry concentrations Portfolio Composition by Investment Type (at Fair Value) | Investment Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Senior Secured First Lien Debt | $161,727,463 (79.2%) | $155,530,390 (81.2%) | | Equity, Warrants and Other | $42,403,216 (20.8%) | $36,086,568 (18.8%) | | **Total Investments** | **$204,130,679** | **$191,616,958** | - The portfolio is diversified across various industries, with the top three being Professional Services, Insurance, and Containers & Packaging, collectively making up **32.55%** of the total portfolio at fair value as of June 30, 2025[111](index=111&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, investment valuation, debt facilities, related-party transactions, and subsequent events like new dividends and share repurchases - The majority of the investment portfolio, **$176.3 million** out of **$204.1 million**, is classified as Level 3 in the fair value hierarchy, indicating their valuation is based on significant unobservable inputs[117](index=117&type=chunk) Outstanding Borrowings as of June 30, 2025 | Facility | Principal Amount | Maturity Date | | :--- | :--- | :--- | | Capital One Revolving Financing | $70.5 million | Jan 17, 2029 | | 4.875% Notes due 2026 | $65.0 million | Apr 1, 2026 | - Subsequent to quarter-end, on August 7, 2025, the Board declared a quarterly distribution of **$0.12 per share** plus a supplemental distribution of **$0.02 per share**; a new **$5 million** share repurchase program was also authorized for one year[178](index=178&type=chunk)[179](index=179&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operating results, portfolio composition, investment activity, asset quality, liquidity, and capital resources [Portfolio and Investment Activity](index=53&type=section&id=Portfolio%20and%20Investment%20Activity) The **$204.1 million** investment portfolio, primarily first lien, maintained strong asset quality with **85.5%** rated performing at or above expectations - During the six months ended June 30, 2025, the company invested approximately **$24.1 million** in two new and six existing portfolio companies[224](index=224&type=chunk) Portfolio Asset Quality by Fair Value | Investment Rating | % of Portfolio (June 30, 2025) | % of Portfolio (Dec 31, 2024) | | :--- | :--- | :--- | | 1 - Above Expectations | 5.7% | 7.1% | | 2 - At Expectations | 79.8% | 74.6% | | 3 - Below Expectations | 10.4% | 14.6% | | 4 - Substantially Below (Return Loss) | 3.4% | 0.0% | | 5 - Substantially Below (Principal Loss) | 0.7% | 3.7% | [Results of Operations](index=56&type=section&id=Results%20of%20Operations) Total investment income decreased in Q2 and H1 2025 due to lower interest rates, but a significant net realized gain offset some declines - The decrease in investment income for Q2 and H1 2025 compared to 2024 was primarily driven by lower index and interest rates and reduced PIK interest from certain investments following restructurings[230](index=230&type=chunk)[236](index=236&type=chunk) - A net realized gain of **$2.2 million** in Q2 2025, mainly from the sale of an equity interest, contrasted sharply with a **$1.8 million** net realized loss in Q2 2024, which was related to a restructuring[233](index=233&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$2.9 million** cash, **$14.4 million** restricted cash, and **$29.5 million** available on its credit facility - The company's asset coverage ratio was **156.1%** as of June 30, 2025, providing a cushion over the **150%** regulatory requirement for BDCs[246](index=246&type=chunk)[248](index=248&type=chunk) - As of June 30, 2025, the company had unfunded commitments to portfolio companies totaling **$5.6 million**, an increase from **$4.6 million** at year-end 2024[227](index=227&type=chunk)[256](index=256&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk, with a favorable asset-liability structure benefiting from rising rates - The company is positioned to benefit from rising interest rates due to its asset-liability structure, with a higher proportion of floating-rate assets than floating-rate liabilities[261](index=261&type=chunk)[262](index=262&type=chunk) Interest Rate Sensitivity Analysis (as of June 30, 2025) | Change in Interest Rates | Estimated Impact on Net Interest Income | | :--- | :--- | | +1.00% | +8.91% | | +2.00% | +17.82% | [Item 4. Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[267](index=267&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[268](index=268&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings beyond routine litigation incidental to its business - The company is not involved in any material legal proceedings[270](index=270&type=chunk) [Item 1A. Risk Factors](index=65&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the previously disclosed risk factors were reported for the six months ended June 30, 2025 - No material changes to risk factors were reported for the six months ended June 30, 2025[272](index=272&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company issued **17,169 shares** for **$47,738** under its dividend reinvestment plan, exempt from registration - In Q2 2025, **17,169 shares** were issued via the dividend reinvestment plan for proceeds of **$47,738**[273](index=273&type=chunk) [Item 5. Other Information](index=65&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated Rule 10b5-1 trading plans during the quarter[277](index=277&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications and interactive data files

Financial Performance - Total assets as of March 31, 2025, were $207.6 million, with a net asset value per share of $5.42, reflecting an increase of $0.03 from the previous quarter[3][4][15] - Net investment income before taxes for the quarter was $0.7 million, or $0.05 per share, a decrease from $2.19 million in the same quarter last year[10][17] - The net increase in net assets from operations for the quarter was $2.2 million, or $0.15 per share, compared to $2.41 million in the same quarter last year[10][17] - The company declared a distribution of $0.12 per share for the quarter, representing a yield of 14.95% based on a share price of $3.21 as of March 31, 2025[4][7] Investment Activities - The company made investments totaling $5.1 million in one new portfolio company and two existing portfolio companies during the quarter, achieving a weighted average yield of 10.22% on these debt investments[4][8] - Total proceeds from repayments, sales, and amortization during the quarter amounted to $7.3 million, primarily from the realization of specific term loans[9] - The internal rate of return on fully realized investments during the quarter was 9.55%, with total net realized and unrealized gains contributing to a net increase in net assets[4][10] - Subsequent to March 31, 2025, the company invested an additional $2.0 million in two existing portfolio companies[13] Portfolio Composition - As of March 31, 2025, the investment portfolio consisted of 43 portfolio companies, with 77.04% in first lien investments and 98.18% of the debt portfolio in floating rate investments[11][15] - The company targets middle-market companies with annual revenues of at least $50 million and EBITDA of at least $15 million[18] Regulatory and Forward-Looking Statements - The company is regulated as a business development company under the Investment Company Act of 1940[18] - Forward-looking statements made during the earnings call are based on current expectations and involve substantial risks and uncertainties[19] - Investors are cautioned against placing undue reliance on forward-looking statements due to potential market volatility and other factors[20] - Actual results may differ materially from anticipated results due to various risks and uncertainties[20] - The company has no obligation to publicly update or revise forward-looking statements except as required by law[20] Cash and Liquidity - The company had $13.0 million in cash, with $10.7 million classified as restricted cash, and $44.0 million of unused capacity under its revolving credit facility[12]

Company Overview - Investcorp Credit Management BDC, Inc (ICMB) was formed as CM Finance LLC in 2012 and had its IPO in February 2014[12] - As of March 31, 2025, ICMB's market capitalization was $46.3 million[12] - The investment portfolio's fair value was $192.4 million[12] Portfolio Composition - As of March 31, 2025, 77.04% of the portfolio was in Senior Secured First Lien Debt[18] - 22.96% of the portfolio was in Equity / Warrants / Other[18] - The largest regional exposure is in the Northeast, accounting for 29.16% of the portfolio[18] Financial Performance - Total assets were $207.6 million as of March 31, 2025[21] - Net assets were $78.1 million as of March 31, 2025[21] - Net asset value increased by $0.03 per share to $5.42 as of March 31, 2025[23] Investment Activity - ICMB made investments totaling $5.13 million in one new and two existing portfolio companies during the quarter ended March 31, 2025[23] - ICMB fully realized investments in three portfolio companies during the quarter, totaling $5.7 million in proceeds[23] - The weighted average yield on debt investments, at fair value, for the quarter ended March 31, 2025, was 10.78%[23]