Investcorp Credit Management BDC, Inc. Files 10-Q for Q2 2023

Ticker: ICMB · Form: 10-Q · Filed: Feb 20, 2024 · CIK: 1578348

Sentiment: neutral

Topics: 10-Q, Investcorp, BDC, Debt Investments, Portfolio

TL;DR

<b>Investcorp Credit Management BDC, Inc. reported its Q2 2023 financial results in a 10-Q filing, detailing various debt and equity investments.</b>

AI Summary

Investcorp Credit Management BDC, Inc. (ICMB) filed a Quarterly Report (10-Q) with the SEC on February 20, 2024. The company filed a 10-Q for the period ending December 31, 2023. Investments include Senior Secured First Lien Debt Investments in Arborworks Acquisition LLC and Techniplas Foreign Holdco LP. Non-controlled/non-affiliated investments feature Senior Secured Second Lien Debt Investments in PVI Holdings, Inc. and Work Genius Holdings, Inc. Affiliated Investments include Senior Secured First Lien Debt Investments in 1888 Industrial Services, LLC. The filing covers the fiscal quarter ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking Investcorp Credit Management BDC, Inc., this filing contains several important signals. This 10-Q filing provides a detailed look at Investcorp's investment portfolio, including specific debt instruments, their terms, and the industries of the underlying companies. Understanding the composition and performance of these investments is crucial for assessing the company's current financial health and future earning potential.

Risk Assessment

Risk Level: medium — Investcorp Credit Management BDC, Inc. shows moderate risk based on this filing. The company's investment portfolio is concentrated in debt instruments, which are subject to interest rate fluctuations and credit risk, as evidenced by the specific debt types and interest rate structures mentioned.

Analyst Insight

Monitor the performance of key debt investments like Arborworks Acquisition LLC and PVI Holdings, Inc. for potential impacts on Investcorp's net asset value and income.

Key Numbers

Key Players & Entities

FAQ

When did Investcorp Credit Management BDC, Inc. file this 10-Q?

Investcorp Credit Management BDC, Inc. filed this Quarterly Report (10-Q) with the SEC on February 20, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Investcorp Credit Management BDC, Inc. (ICMB).

Where can I read the original 10-Q filing from Investcorp Credit Management BDC, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Investcorp Credit Management BDC, Inc..

What are the key takeaways from Investcorp Credit Management BDC, Inc.'s 10-Q?

Investcorp Credit Management BDC, Inc. filed this 10-Q on February 20, 2024. Key takeaways: The company filed a 10-Q for the period ending December 31, 2023.. Investments include Senior Secured First Lien Debt Investments in Arborworks Acquisition LLC and Techniplas Foreign Holdco LP.. Non-controlled/non-affiliated investments feature Senior Secured Second Lien Debt Investments in PVI Holdings, Inc. and Work Genius Holdings, Inc..

Is Investcorp Credit Management BDC, Inc. a risky investment based on this filing?

Based on this 10-Q, Investcorp Credit Management BDC, Inc. presents a moderate-risk profile. The company's investment portfolio is concentrated in debt instruments, which are subject to interest rate fluctuations and credit risk, as evidenced by the specific debt types and interest rate structures mentioned.

What should investors do after reading Investcorp Credit Management BDC, Inc.'s 10-Q?

Monitor the performance of key debt investments like Arborworks Acquisition LLC and PVI Holdings, Inc. for potential impacts on Investcorp's net asset value and income. The overall sentiment from this filing is neutral.

Risk Factors

Filing Stats: 4,147 words · 17 min read · ~14 pages · Grade level 9.4 · Accepted 2024-02-16 18:37:13

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Statements of Assets and Liabilities as of December 31, 2023 (unaudited) and June 30, 2023 1 Consolidated Statements of Operations for the three and six months ended December 31, 2023 (unaudited) and December 31, 2022 (unaudited) 2 Consolidated Statements of Changes in Net Assets for the three and six months ended December 31, 2023 (unaudited) and December 31, 2022 (unaudited) 3 Consolidated Statements of Cash Flows for the six months ended December 31, 2023 (unaudited) and December 31, 2022 (unaudited) 4 Consolidated Schedule of Investments as of December 31, 2023 (unaudited) 5 Consolidated Schedule of Investments as of June 30, 2023 9 Notes to Unaudited Consolidated Financial Statements 13 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 47

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50 Investcorp Credit Management BDC, Inc. and Subsidiaries Consolidated Statemen ts of Assets and Liabilities December 31, 2023 (Unaudited) June 30, 2023 Assets Non-controlled, non-affiliated investments, at fair value (amortized cost of $ 208,587,401 and $ 219,319,251 , respectively) $ 198,904,947 $ 210,150,018 Affiliated investments, at fair value (amortized cost of $ 23,866,290 and $ 23,979,565 , respectively) 8,476,606 9,961,311 Total investments, at fair value (amortized cost of $ 232,453,691 and $ 243,298,816 , respectively) 207,381,553 220,111,329 Cash 3,092,224 1,093,758 Cash, restricted 11,572,138 8,057,458 Principal receivable 89,224 93,581 Interest receivable 1,346,541 2,041,877 Payment-in-kind interest receivable 152,406 46,088 Due from affiliate 515,361 — Other receivables — 1,050 Prepaid expenses and other assets 160,442 361,719 Total Assets $ 224,309,889 $ 231,806,860 Liabilities Notes payable: Revolving credit facility $ 70,000,000 $ 71,900,000 2026 Notes payable 65,000,000 65,000,000 Deferred debt issuance costs ( 961,761 ) ( 1,220,556 ) Unamortized discount ( 159,998 ) ( 195,553 ) Notes payable, net 133,878,241 135,483,891 Payable for investments purchased 5,500,000 1,795,297 Dividend payable 2,159,237 2,590,520 Income-based incentive fees payable 128,876 576,023 Base management fees payable 871,955 906,218 Interest payable 2,268,211 2,293,766 Directors' fees payable 4,343 15,755 Accrued expenses and other liabilities 658,043 445,082 Total Liabilities 145,468,906 144,106,552 Net Assets Common stock, par value $ 0.001 per share ( 100,000,000 shares authorized 14,394,916 and 14,391,775 shares issued and outstanding, respectively) 14,395 14,392 Additional paid-in capital 203,338,613 203,327,714 Distributable earnings (loss) ( 124,512,025 ) (

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