Investcorp Credit Management BDC (ICMB) investor relations material

Executive summary

• Net asset value per share declined to $3.65 from $4.25 sequentially, with net assets down $8.6 million (14.07%) to $52.7 million as of March 31, 2026, driven by net investment losses and unrealized depreciation.

• Portfolio consisted of 34 companies across 18 industries and 67 positions, with a fair market value of $151.4 million as of March 31, 2026.

• Three portfolio investments were fully realized during the quarter, generating $12.7 million in proceeds and a 10.67% IRR.

• New investment activity was muted, with only $0.1 million invested in one existing portfolio company.

• Management emphasized capital preservation, disciplined liquidity management, and maximizing shareholder value, with a special committee formed to evaluate strategic alternatives.

Financial highlights

• Net investment income before taxes was $0.3 million ($0.02 per share) for the quarter ended March 31, 2026.

• Net assets declined from $61.3 million to $52.7 million sequentially, with net asset value per share dropping to $3.65.

• Investment portfolio at fair value decreased from $172.7 million at December 31, 2025, to $151.4 million at March 31, 2026.

• Weighted average yield on debt investments increased to 11.95% from 10.56% in the prior quarter.

• No dividends or distributions were declared for the quarter ended March 31, 2026.

Outlook and guidance

• Management expects continued market volatility and inflationary pressures to impact portfolio companies and investment activity.

• The company believes it is well positioned to manage the current environment, with sufficient liquidity and capital resources.

• Strategic review process is ongoing, with a focus on maximizing shareholder value and capital preservation.

• Forward-looking statements caution about market volatility, interest rate changes, and other uncertainties.