Investcorp Credit Management BDC(US:ICMB)2025-11-17 21:11Financial Performance - Total assets as of September 30, 2025, were $210.6 million, with net assets decreasing by $3.3 million, or 4.32%, compared to the previous quarter[3][5] - Net investment income before taxes was $0.6 million, or $0.04 per share, while the net decrease in net assets from operations was $1.3 million, or $0.09 per share[3][11] - Total investment income for Q3 2025 was $4,356,484, a decrease of 36.3% from $6,846,775 in Q3 2024[19] - Net investment income after taxes for Q3 2025 was $508,465, down 78.1% from $2,325,943 in Q3 2024[19] - The company reported a net decrease in net assets resulting from operations of $(1,260,530) for Q3 2025, compared to an increase of $6,606,629 in Q3 2024[19] - Earnings per share for Q3 2025 were $(0.09), compared to $0.46 in Q3 2024[19] Investment Portfolio - The investment portfolio consisted of 41 portfolio companies, with 78.32% being first lien investments and 98.49% of the debt portfolio being floating rate investments[12] - The company made an investment of $0.02 million in one existing portfolio company during the quarter[5][10] - The internal rate of return on fully realized investments in two portfolio companies was 12.67%[5] Income and Expenses - Total expenses for Q3 2025 were $3,890,011, a decrease of 10.9% compared to $4,368,755 in Q3 2024[19] - Interest income from non-controlled, non-affiliated investments decreased to $3,888,504 in Q3 2025 from $4,674,329 in Q3 2024, a decline of 16.8%[19] - The company experienced a net realized loss from investments of $(1,768,995) in Q3 2025, compared to a gain of $4,280,686 in Q3 2024[19] Distributions - The company declared a distribution of $0.12 per share for the quarter ending December 31, 2025, representing a 20.14% yield based on a share price of $2.78 as of September 30, 2025[5][9] - The company declared distributions of $0.14 per common share for Q3 2025, an increase from $0.12 in Q3 2024[19] Cash and Commitments - As of September 30, 2025, the company had $11.6 million in cash, including $7.8 million in restricted cash[13] - The company entered into a commitment with Investcorp Capital plc to provide capital support for its 4.875% notes due April 1, 2026[7][16] Market Focus - The company targets investment opportunities in middle-market companies with annual revenues of at least $50 million and EBITDA of at least $15 million[20] Debt Investments - The weighted average yield on debt investments increased to 10.87% from 10.57% in the prior quarter[5] - The weighted average shares of common stock outstanding increased slightly to 14,431,202 in Q3 2025 from 14,403,752 in Q3 2024[19] - The company received $7.5 million in proceeds from repayments, sales, and amortization during the quarter[10]