Investcorp Credit Management BDC Files 2024 10-K

TL;DR

ICMB filed its 2024 10-K, detailing investments like Arborworks & Sandvine. Check portfolio performance.

AI Summary

Investcorp Credit Management BDC, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company reported on its investments, including Senior Secured First Lien Debt Investments in Arborworks Acquisition LLC and Sandvine Corporation. The filing details various financial instruments and their associated interest rates, such as the 3M L + 7.00% + 3.00% PIK for Arborworks Acquisition LLC, which has an initial acquisition date of November 24, 2021.

Why It Matters

This filing provides investors with a comprehensive overview of Investcorp Credit Management BDC's financial health, investment portfolio, and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — The company's performance is tied to the creditworthiness of its borrowers and the broader economic environment, which can be volatile.

Key Numbers

• 0630 — Fiscal Year End (Indicates the end of the reporting period for the 10-K.)
• 20240630 — Reporting Period End Date (The specific date up to which financial information is reported.)
• 20240925 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Investcorp Credit Management BDC, Inc. (company) — Filer of the 10-K
• 20240630 (date) — Fiscal year end
• Arborworks Acquisition LLC (company) — Investment in Senior Secured First Lien Debt
• Sandvine Corporation (company) — Investment in Senior Secured First Lien Debt
• 212-388-5813 (phone_number) — Business phone number
• 280 PARK AVENUE (address) — Business and mailing address
• CM Finance Inc (company) — Former company name

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share ICMB The NASDAQ Global Se
• $750 million — quity value of the entity, of less than $750 million. We are externally managed by CM Invest
• $50 million — s that have annual revenues of at least $50 million and EBITDA of at least $15 million. We
• $15 million — east $50 million and EBITDA of at least $15 million. We focus on companies with leading mar
• $5 million — nvestments typically range in size from $5 million to $25 million. We expect that our port
• $25 million — ically range in size from $5 million to $25 million. We expect that our portfolio companies
• $102.0 million — wholly owned subsidiary, entered into a $102.0 million term secured financing facility (the "T
• $20.0 million — ncing to increase the Term Financing by $20.0 million from $102.0 million to $122.0 million.
• $122.0 million — by $20.0 million from $102.0 million to $122.0 million. We subsequently repaid $20.0 million o
• $30.0 million — on June 21, 2019 to reduce the size to $30.0 million and extend the maturity date (as amende
• $115 million — d subsidiary, entered into a five-year, $115 million senior secured revolving credit facilit
• $100 million — the facility size from $115 million to $100 million. On January 17, 2024, we amended the Ca
• $1.3 million — he payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the
• $43.0 million — 30, 2024 and June 30, 2023, there were $43.0 million and $71.9 million in borrowings outstan
• $71.9 million — 30, 2023, there were $43.0 million and $71.9 million in borrowings outstanding under the Cap

Filing Documents

• icmb-20240630.htm (10-K) — 5079KB
• icmb-ex4_4.htm (EX-4.4) — 46KB
• icmb-ex19_1.htm (EX-19.1) — 61KB
• icmb-ex31_1.htm (EX-31.1) — 11KB
• icmb-ex31_2.htm (EX-31.2) — 11KB
• icmb-ex32_1.htm (EX-32.1) — 7KB
• icmb-ex32_2.htm (EX-32.2) — 7KB
• icmb-ex97_1.htm (EX-97.1) — 45KB
• img73475009_0.jpg (GRAPHIC) — 19KB
• img73475009_1.jpg (GRAPHIC) — 703KB
• 0000950170-24-109384.txt ( ) — 22810KB
• icmb-20240630.xsd (EX-101.SCH) — 1787KB
• icmb-20240630_htm.xml (XML) — 5368KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 27 ITEM 1B. UNRESOLVED STAFF COMMENTS 55 ITEM 1C. CYBERSECURITY 55 ITEM 2.

PROPERTIES

PROPERTIES 56 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 56 ITEM 4. MINE SAFETY DISCLOSURES 56 PART II 57 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 57 ITEM 6. [RESERVED] 59 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 60 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 75 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 77 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON ACCOUNTING AND FINANCIAL DISCLOSURE 116 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 116 ITEM 9B. OTHER INFORMATION 116 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 116 PART III 117 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 117 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 117 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 117 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 117 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 117 PART IV 118 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 118

SIGNATURES

SIGNATURES 121 i PAR T I

Busi ness

Item 1. Busi ness Our Company Except as otherwise indicated, the terms "we," "us," "our," "Investcorp Credit" and the "Company" refer to Investcorp Credit Management BDC, Inc. (formerly known as CM Finance Inc through August 30, 2019) and "CM Investment Partners" and the "Adviser" refer to our investment adviser and administrator, CM Investment Partners LLC. We were formed in February 2012 and commenced operations in March 2012 as CM Finance LLC, a Maryland limited liability company. Immediately prior to the pricing of our initial public offering, CM Finance LLC was merged with and into CM Finance Inc, a Maryland corporation (the "Merger"). On August 30, 2019, we changed our name to Investcorp Credit Management BDC, Inc. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and that has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code, as amended (the "Code") for U.S. federal income tax purposes. We are a specialty finance company that invests primarily in the debt of U.S. middle-market companies, which we generally define as those companies that have an enterprise value, which represents the aggregate of debt value and equity value of the entity, of less than $750 million. We are externally managed by CM Investment Partners. The Adviser is led by Suhail A. Shaikh, the Chief Investment Officer of the Adviser, and Michael C. Mauer as a member of the Adviser's Investment Committee. Our primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing in debt and related equity of privately held middle-market companies. We seek to invest primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $1

View Full Filing

View this 10-K filing on SEC EDGAR