Investcorp Credit Management BDC (ICMB) investor relations material

Executive summary

• Net asset value (NAV) declined to $49.7 million ($3.44 per share) as of June 30, 2026, down from $59.4 million ($4.12 per share) at December 31, 2025, reflecting realized losses and unrealized depreciation.

• Investment portfolio at fair value decreased to $135.9 million across 30 companies, compared to $172.7 million across 37 companies at year-end 2025.

• No quarterly distributions were declared for the six months ended June 30, 2026.

Financial highlights

• Total investment income for the six months ended June 30, 2026 was $6.7 million, down from $8.9 million for the same period in 2025, mainly due to lower average assets and lower interest rates.

• Net investment loss before taxes was ($0.2) million for the six months ended June 30, 2026, compared to net investment income of $1.5 million in the prior year period.

• Net realized loss on investments was $2.1 million for the six months ended June 30, 2026, versus a net realized gain of $0.6 million in the prior year.

• Net change in unrealized depreciation was $7.4 million for the six months ended June 30, 2026.

• Expenses, net of waivers, decreased to $6.9 million from $7.4 million year-over-year.

Outlook and guidance

• Management believes the portfolio is well positioned to manage the current inflationary and uncertain economic environment.

• Adviser agreed to waive $0.2 million of previously earned incentive fees and $1.1 million of future management and incentive fees to offset tax liabilities, which would increase NAV by $1.4 million if recognized.

• The company intends to maintain RIC status and continue distributing substantially all net taxable income to stockholders.