Investcorp Credit Management BDC, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: ICMB · Form: 10-Q · Filed: May 14, 2024 · CIK: 1578348
Sentiment: neutral
Topics: 10-Q, Investcorp Credit Management, BDC, Debt Investments, Equity Investments
TL;DR
<b>Investcorp Credit Management BDC, Inc. (ICMB) filed its Q3 2024 10-Q, detailing its diverse investment portfolio and financial position.</b>
AI Summary
Investcorp Credit Management BDC, Inc. (ICMB) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Investcorp Credit Management BDC, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing details various investment types including Senior Secured First Lien Debt, Senior Secured Second Lien Debt, and Equity/Warrants. Specific investments mentioned include Bioplan USA, Inc., South Coast Terminals, LLC, Techniplas Foreign Holdco LP, Archer Systems, LLC, and American Auto Auction Group, LLC. The company's fiscal year ends on June 30th. The filing includes data points related to fair value inputs, specifically Level 1 and Level 3.
Why It Matters
For investors and stakeholders tracking Investcorp Credit Management BDC, Inc., this filing contains several important signals. This 10-Q provides investors with a detailed look into ICMB's current investment holdings, including specific debt instruments and equity stakes, allowing for an assessment of portfolio composition and risk. The inclusion of fair value input levels (Level 1 and Level 3) offers insight into how the company values its assets, which is crucial for understanding potential valuation volatility.
Risk Assessment
Risk Level: medium — Investcorp Credit Management BDC, Inc. shows moderate risk based on this filing. The company's investments are primarily in debt instruments, which carry inherent credit risk, and the filing details various specific loans with different interest rate structures and maturity dates, indicating exposure to potential defaults or refinancing challenges.
Analyst Insight
Investors should review the specific details of the debt investments and equity holdings to assess the current risk profile and potential returns of Investcorp Credit Management BDC, Inc.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
- 2024-05-14 — Filing Date (Filed as of date)
- 06-30 — Fiscal Year End (Fiscal year end)
- 3M S + 4.75% + 3.50% PIK (4.00% Floor) — Bioplan USA, Inc. - Take-Back Term Loan Interest Rate (Non-Controlled/Non-Affiliated Investments)
- 1M L + 5.75% (1.00% Floor) — South Coast Terminals, LLC Interest Rate (Senior Secured Second Lien Debt Investments)
- 10.00% PIK — Techniplas Foreign Holdco LP Interest Rate (Affiliated Investments)
- 3M S + 6.00% (1.00% Floor) — Archer Systems, LLC Interest Rate (Non-Controlled/Non-Affiliated Investments)
- 3M S + 5.00% (0.75% Floor) — American Auto Auction Group, LLC Interest Rate (Non-Controlled/Non-Affiliated Investments)
Key Players & Entities
- Investcorp Credit Management BDC, Inc. (company) — Filer name
- ICMB (company) — Ticker symbol
- 2024-03-31 (date) — Conformed period of report
- 2024-05-14 (date) — Filed as of date
- Bioplan USA, Inc. (company) — Investment name
- South Coast Terminals, LLC (company) — Investment name
- Techniplas Foreign Holdco LP (company) — Investment name
- Archer Systems, LLC (company) — Investment name
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 May 14, 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 May 14, 2024. Key takeaways: Investcorp Credit Management BDC, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing details various investment types including Senior Secured First Lien Debt, Senior Secured Second Lien Debt, and Equity/Warrants.. Specific investments mentioned include Bioplan USA, Inc., South Coast Terminals, LLC, Techniplas Foreign Holdco LP, Archer Systems, LLC, and American Auto Auction Group, LLC..
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 investments are primarily in debt instruments, which carry inherent credit risk, and the filing details various specific loans with different interest rate structures and maturity dates, indicating exposure to potential defaults or refinancing challenges.
What should investors do after reading Investcorp Credit Management BDC, Inc.'s 10-Q?
Investors should review the specific details of the debt investments and equity holdings to assess the current risk profile and potential returns of Investcorp Credit Management BDC, Inc. The overall sentiment from this filing is neutral.
Risk Factors
- Credit Risk of Investments [high — financial]: The company's investments are primarily in debt instruments, which are subject to credit risk, meaning the borrowers may default on their obligations.
- Interest Rate Risk [medium — financial]: Changes in interest rates can affect the fair value of the company's debt investments and its net investment income, particularly for floating-rate loans.
Filing Stats: 4,142 words · 17 min read · ~14 pages · Grade level 9.8 · Accepted 2024-05-14 17:09:19
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share ICMB The NASDAQ Global Se
Filing Documents
- icmb-20240331.htm (10-Q) — 3778KB
- icmb-ex31_1.htm (EX-31.1) — 13KB
- icmb-ex31_2.htm (EX-31.2) — 13KB
- icmb-ex32_1.htm (EX-32.1) — 5KB
- icmb-ex32_2.htm (EX-32.2) — 5KB
- 0000950170-24-059774.txt ( ) — 16146KB
- icmb-20240331.xsd (EX-101.SCH) — 1528KB
- icmb-20240331_htm.xml (XML) — 4171KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and June 30, 2023 1 Consolidated Statements of Operations for the three and nine months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 2 Consolidated Statements of Changes in Net Assets for the three and nine months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 4 Consolidated Schedule of Investments as of March 31, 2024 (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 March 31, 2024 (Unaudited) June 30, 2023 Assets Non-controlled, non-affiliated investments, at fair value (amortized cost of $ 195,540,865 and $ 219,319,251 , respectively) $ 186,948,019 $ 210,150,018 Affiliated investments, at fair value (amortized cost of $ 15,129,208 and $ 23,979,565 , respectively) 5,255,262 9,961,311 Total investments, at fair value (amortized cost of $ 210,670,073 and $ 243,298,816 , respectively) 192,203,281 220,111,329 Cash 2,728,347 1,093,758 Cash, restricted 10,161,162 8,057,458 Receivable for investments sold 1,972,100 — Principal receivable 47,692 93,581 Interest receivable 1,304,722 2,041,877 Payment-in-kind interest receivable 59,166 46,088 Due from affiliate 175,916 — Long-term receivable 618,772 — Escrow receivable 95,190 — Other receivables — 1,050 Prepaid expenses and other assets 604,201 361,719 Total Assets $ 209,970,549 $ 231,806,860 Liabilities Notes payable: Revolving credit facility $ 57,500,000 $ 71,900,000 2026 Notes payable 65,000,000 65,000,000 Deferred debt issuance costs ( 1,807,459 ) ( 1,220,556 ) Unamortized discount ( 142,220 ) ( 195,553 ) Notes payable, net 120,550,321 135,483,891 Payable for investments purchased 3,487,533 1,795,297 Dividend payable 2,159,568 2,590,520 Income-based incentive fees payable 128,876 576,023 Base management fees payable 854,328 906,218 Interest payable 2,972,954 2,293,766 Directors' fees payable — 15,755 Accrued expenses and other liabilities 716,004 445,082 Total Liabilities 130,869,584 144,106,552 Net Assets Common stock, par value $ 0.001 per share ( 100,000,000 shares authorized 14,397,121 and 14,391,775 shares issued and outstanding, respectively) 14,397 14,3