Financial Data and Key Metrics Changes - For the quarter ending December 31, the net investment income was $2.3 million or $0.16 per share, relatively unchanged from the prior quarter [36] - The fair value of the portfolio decreased to $228.6 million from $239.2 million as of September 30 [36] - The weighted average yield of the debt portfolio was 10.7%, a decrease of 12 basis points from September 30 [37] Business Line Data and Key Metrics Changes - The company invested in one new portfolio company and fully realized its position in another during the quarter [34] - The average yield of debt investments during the quarter was 10.6% [32] - 91.2% of investments were in first lien loans, with the remaining 8.8% in equity, warrants, and other positions [37] Market Data and Key Metrics Changes - The company noted a slowdown in new issuance activity, particularly in LBO issuances, but observed a gradual increase in early 2023 [9] - Deal flow remained modest during the quarter, with the company being extremely selective in new investments [9] Company Strategy and Development Direction - The company aims to preserve capital and maintain a stable dividend, focusing on high-quality senior secured structures in middle market companies [41] - The addition of Suhail Shaikh as co-CIO is expected to enhance underwriting and sourcing capabilities [41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro factors influencing private markets and expressed optimism about deploying capital in 2023 [41] - The company expects to see a robust pipeline and significant deal flow, especially in new LBOs [41] Other Important Information - The Board of Directors declared a distribution of $0.13 per share and a supplemental distribution of $0.02 per share, payable on March 30, 2023 [18] - The company closed on a separately managed account and had an initial close on an institutional fund, doubling its platform AUM since the last quarter [18] Q&A Session Summary Question: What are the reasons behind the slowdown in deal flow this quarter? - Management indicated that the slowdown was due to reassessing the portfolio and a general decrease in deal flow, but expected a return to normal levels [43] Question: Can you provide insights on the NAV decline and its future outlook? - Management noted that the NAV decline was influenced by credit risk and portfolio performance, but did not foresee significant further declines at this time [52] Question: How will the recent changes in the platform affect G&A expenses? - Management stated that expenses are expected to decrease as AUM increases, but specific figures were not provided [56][58] Question: Will the company provide assessments of portfolio performance in light of potential recession risks? - Management confirmed that they will continue to evaluate credit risk and portfolio performance but do not plan to introduce additional metrics [60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the quarterly period ended December 31, 2022 OR (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 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) Maryland 46-2883380 (State or other Jurisdiction of Incorp ...

Financial Data and Key Metrics Changes - For the quarter ended September 30, 2022, the net investment income was $2.3 million or $0.16 per share, with a fair value of the portfolio at $239.2 million compared to $233.7 million on June 30 [21][22] - The weighted average yield of the debt portfolio increased by 190 basis points to 11.9% from June 30, with approximately 64% of the change attributed to the increase in LIBOR SOFR [22][23] - Gross leverage was 1.64 times and net leverage was 1.56 times as of September 30, compared to 1.57 times gross and 1.48 times net for the previous quarter [23][30] Business Line Data and Key Metrics Changes - The company made four new investments during the quarter, averaging 6.5 new investments per quarter over the prior four quarters, with an average yield of 10% on new capital deployed [7][8] - The portfolio consisted of 37 companies, with 91.8% of investments in first lien and 99.6% in floating rate instruments [23][19] Market Data and Key Metrics Changes - The primary market saw a slowdown in new issuance activity and refinancing, leading to fewer new investments [6][7] - The company remains focused on sectors with resilient end markets and has increased selectivity in new investment opportunities [9][10] Company Strategy and Development Direction - The company aims to maintain a leverage range of 1.25 to 1.5 times while focusing on risk management and finding investment opportunities with strong structural protection [30][32] - The strategy includes building a base of private investments to decrease operational expenses and enhance dividend performance [65] Management's Comments on Operating Environment and Future Outlook - Management noted that macro factors, including the Fed's tight monetary policy and inflationary pressures, continue to influence private debt markets [6] - The company remains optimistic about the operating performance of its underlying portfolio companies despite economic uncertainties [32][46] Other Important Information - The board declared a distribution of $0.13 per share and a supplemental distribution of $0.02 per share, both payable on January 10, 2023 [31] - The company had seven investments on nonaccrual as of September 30, indicating ongoing challenges in certain portfolio companies [24] Q&A Session Summary Question: Breakdown of markdowns related to credit versus market spread adjustments - Management indicated that estimates for the December quarter are not yet available, but the portfolio is performing according to plan [36][38] Question: Plans to reduce risk in the portfolio amid economic uncertainty - Management acknowledged the increase in leverage and nonaccruals but emphasized ongoing dialogue with borrowers and a focus on equity cushions in new investments [44][46] Question: Update on weighted average interest coverage in the portfolio - The average interest coverage is still above 2.5, despite some decline [54][56] Question: Framework regarding dividend payouts and adjustments - Management explained the decision to adjust the core dividend while maintaining the overall dividend level, focusing on managing leverage and ensuring coverage [57][62] Question: Areas for improving fundamental performance to close valuation discount - Management is focused on strategic growth and building a base of private investments to enhance performance and reduce operational expenses [63][65]

Part I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) The company is an externally managed BDC investing in U.S. middle-market debt, focused on maximizing total return through income and capital appreciation - The company operates as a **Business Development Company (BDC)** and a **Regulated Investment Company (RIC)**, investing primarily in the debt of U.S. middle-market companies with enterprise values under **$750 million**[11](index=11&type=chunk)[12](index=12&type=chunk) - The company is externally managed by CM Investment Partners LLC, majority-owned by Investcorp Credit Management US LLC, a global credit investment platform with **$14.7 billion** in assets under management as of June 30, 2022[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) Portfolio Snapshot as of June 30, 2022 | Metric | Value | | :--- | :--- | | Total Portfolio Fair Value | $233.7 million | | Number of Portfolio Companies | 35 | | First Lien Investments | 91.94% | | Second Lien Investments | 0% | | Equity, Warrant, Other | 8.06% | | Weighted Avg. Total Yield (Debt & Income Producing) | 10.09% | Top 5 Industry Concentrations by Fair Value (June 30, 2022) | Industry | Percentage of Total Portfolio | | :--- | :--- | | Professional Services | 11.55% | | IT Services | 9.25% | | Internet & Direct Marketing Retail | 9.02% | | Household Durables | 7.42% | | Trading Companies & Distributors | 6.72% | [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from macroeconomic factors, leverage, illiquid middle-market investments, and adviser conflicts of interest - The **COVID-19 pandemic** and related economic disruptions pose a significant risk, potentially impacting portfolio company performance, loan valuations, and the company's ability to raise capital[169](index=169&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk) - The company's use of **leverage** magnifies potential gains and losses, requiring an asset coverage ratio of at least **150%** as a BDC[207](index=207&type=chunk)[208](index=208&type=chunk) - The Adviser's incentive fee structure, based on gross assets and capital gains, may create **conflicts of interest** by encouraging leverage and speculative investments[248](index=248&type=chunk)[250](index=250&type=chunk) - Investments are primarily in **illiquid, private middle-market companies**, susceptible to economic downturns and default risk due to limited financial resources[259](index=259&type=chunk)[261](index=261&type=chunk)[272](index=272&type=chunk) - Failure to maintain **Regulated Investment Company (RIC)** qualification would subject the company to corporate-level federal income tax, substantially reducing net assets and income for distribution[332](index=332&type=chunk) [Item 1B. Unresolved Staff Comments](index=73&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - Not applicable; the company has no unresolved staff comments[361](index=361&type=chunk) [Item 2. Properties](index=73&type=section&id=Item%202.%20Properties) The company does not own any real estate, with its principal executive offices provided by the Adviser - The company does not own any real estate; its office facilities are provided by the Adviser[362](index=362&type=chunk) [Item 3. Legal Proceedings](index=74&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any threatened against it - There are no material legal proceedings against the company[364](index=364&type=chunk) [Item 4. Mine Safety Disclosures](index=74&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[365](index=365&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=75&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ under 'ICMB', consistently at a discount to NAV, with quarterly distributions Quarterly Stock Price and Distribution Data (Fiscal Year 2022) | Quarter | NAV per Share | High Price | Low Price | Discount of High to NAV | Discount of Low to NAV | Distributions per Share | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Q1 2022 | $7.00 | $6.42 | $5.30 | (8.29)% | (24.29)% | $0.15 | | Q2 2022 | $7.09 | $5.70 | $4.87 | (19.61)% | (31.38)% | $0.15 | | Q3 2022 | $6.93 | $5.72 | $5.08 | (17.46)% | (26.70)% | $0.15 | | Q4 2022 | $6.50 | $5.35 | $3.75 | (17.69)% | (42.31)% | $0.15 | - As of September 2, 2022, the company's common stock traded at a discount of approximately **33.08%** to its June 30, 2022 NAV per share of **$6.50**[370](index=370&type=chunk) - The company has an **'opt-out' dividend reinvestment plan (DRIP)**, where cash distributions are automatically reinvested unless stockholders choose to receive cash[375](index=375&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=78&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total investment income decreased to $24.4 million, net investment income slightly declined, and the company replaced its credit facilities Results of Operations Comparison (Years ended June 30) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Total Investment Income | $24.4 million | $26.7 million | | Total Net Expenses | $15.5 million | $17.6 million | | Net Investment Income | $8.9 million | $9.1 million | | Net Realized Loss | ($14.4 million) | ($5.8 million) | | Net Change in Unrealized Appreciation/(Depreciation) | $8.1 million | ($5.6 million) | | Net Increase/(Decrease) in Net Assets | $2.6 million | ($2.3 million) | - In August 2021, the company entered into a new five-year, **$115 million** senior secured revolving credit facility with Capital One, replacing its previous UBS facilities, with **$84 million** outstanding as of June 30, 2022[427](index=427&type=chunk)[429](index=429&type=chunk) - As of June 30, 2022, the investment portfolio had a fair value of **$233.7 million** across **35 companies**, with **91.94%** in first lien investments and a weighted average total yield of **10.09%**[446](index=446&type=chunk)[448](index=448&type=chunk) - Six investments were on non-accrual status as of June 30, 2022, representing **1.08%** of the portfolio's fair value, an improvement from **1.7%** in the prior year[421](index=421&type=chunk) [Item 7A. Quantitative and Qualitative Disclosure about Market Risk](index=98&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuation, with 91.9% of debt investments being floating-rate instruments - The company's primary market risk is interest rate fluctuation, with **91.9%** of its debt portfolio in floating-rate investments as of June 30, 2022[508](index=508&type=chunk) Interest Rate Sensitivity Analysis (as of June 30, 2022) | Change in Interest Rates | Impact on Net Interest Income | | :--- | :--- | | +1.00% | ~9.8% decrease | | +2.00% | ~19.9% increase | [Item 8. Financial Statements and Supplementary Data](index=99&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Audited financial statements show total investments of $233.7 million, net assets of $93.5 million, and a net increase in net assets from operations Consolidated Statement of Assets and Liabilities (as of June 30) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Total Investments, at fair value | $233.7 million | $245.9 million | | Total Assets | $246.4 million | $267.7 million | | Total Liabilities | $152.9 million | $171.3 million | | Total Net Assets | $93.5 million | $96.4 million | | Net Asset Value Per Share | $6.50 | $6.92 | Consolidated Statement of Operations (for the year ended June 30, 2022) | Account | Value | | :--- | :--- | | Total Investment Income | $24.4 million | | Net Investment Income | $8.9 million | | Net Realized & Unrealized Loss | ($6.3 million) | | Net Increase in Net Assets from Operations | $2.6 million | | Earnings Per Share (Basic and Diluted) | $0.18 | - The independent auditor, RSM US LLP, identified the valuation of **Level 3 investments** as a critical audit matter due to significant subjective judgments and unobservable inputs[521](index=521&type=chunk)[522](index=522&type=chunk) [Item 9A. Controls and Procedures](index=146&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of June 30, 2022 - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2022[747](index=747&type=chunk) - Management's assessment concluded that internal control over financial reporting was effective as of June 30, 2022, based on the **COSO 2013 framework**[750](index=750&type=chunk) [Item 9B. Other Information](index=147&type=section&id=Item%209B.%20Other%20Information) There is no other information to report for this period - None[753](index=753&type=chunk) Part III [Items 10-14](index=148&type=section&id=Items%2010-14) Information for Items 10-14 is incorporated by reference from the company's forthcoming 2022 Annual Meeting Proxy Statement - The information for Part III (Items 10, 11, 12, 13, and 14) is incorporated by reference from the company's forthcoming **2022 Proxy Statement**[755](index=755&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=149&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and key agreements filed as exhibits, including CEO and CFO certifications - The financial statements from Item 8 are listed as part of the report[762](index=762&type=chunk) - Key agreements filed as exhibits include the **Investment Advisory Agreement**, **Administration Agreement**, and the **Loan Agreement for the Capital One Revolving Financing**[763](index=763&type=chunk) - Certifications of the CEO and CFO as required by Sections 302 and 906 of the **Sarbanes-Oxley Act** are filed as exhibits[765](index=765&type=chunk)

Investcorp Credit Management BDC, Inc. (NASDAQ:ICMB) Q4 2022 Earnings Conference Call September 7, 2022 1:00 PM ET Company Participants Michael Mauer - Chairman and Chief Executive Officer Rocco DelGuercio - Chief Financial Officer Chris Jansen - Co-Chief Investment Officer Conference Call Participants Robert Dodd - Raymond James Chris Nolan - Ladenburg Thalmann Paul Johnson - KBW Operator Welcome to the Investcorp Credit Management BDC Conference Call. Your speakers for today’s call are Mike Mauer, Chris J ...

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 March 31, 2022 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) Maryland 46-2883380 (State or other Jurisdiction of Incorpora ...

Investcorp Credit Management BDC, Inc. (NASDAQ:ICMB) Q2 2022 Earnings Conference Call February 8, 2022 1:00 PM ET Company Participants Mike Mauer - Chairman & CEO Rocco DelGuercio - CFO Chris Jansen - Co-Chief Investment Officer Conference Call Participants Robert Dodd - Raymond James Christopher Nolan - Ladenburg Paul Johnson - KBW Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you naviga ...

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 December 31, 2021 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) Maryland 46-2883380 (State or other Jurisdiction of Incorp ...

Investcorp Credit Management BDC, Inc. (NASDAQ:ICMB) Q1 2022 Earnings Conference Call November 9, 2021 1:00 PM ET Company Participants Mike Mauer – Chairman and Chief Executive Officer Rocco DelGuercio – Chief Financial Officer Chris Jansen – Co-Chief Investment Officer Conference Call Participants Robert Dodd – Raymond James Paul Johnson – KBW Operator [Call Starts Abruptly] Investcorp Credit Management BDC, Inc. scheduled Earnings Release of First Quarter Ended September 30, 2021. Your speakers for today’ ...

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, 2021 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) Maryland 46-2883380 (State or other Jurisdiction of Incor ...