Investcorp BDC Files Q3 2024 10-Q

TL;DR

ICMB 10-Q filed: Portfolio details out, including LaserAway debt. Check for performance updates.

AI Summary

Investcorp Credit Management BDC, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details various debt investments, including a Senior Secured First Lien Debt Investment in LaserAway Intermediate Holdings II, LLC, with an initial acquisition date of October 12, 2021, and a maturity date of October 14, 2027. The company also reported on its portfolio and share transactions during the fiscal quarter.

Why It Matters

This filing provides investors with an update on Investcorp Credit Management BDC's investment portfolio and financial performance for the third quarter of 2024.

Risk Assessment

Risk Level: medium — The company's business involves significant debt investments, which carry inherent market and credit risks.

Key Numbers

• N/A — Total Assets (Specific dollar amounts for key financial metrics were not readily available in the provided text snippet.)
• N/A — Net Income (Specific dollar amounts for key financial metrics were not readily available in the provided text snippet.)
• N/A — Debt Outstanding (Specific dollar amounts for key financial metrics were not readily available in the provided text snippet.)

Key Players & Entities

• Investcorp Credit Management BDC, Inc. (company) — Filer of the 10-Q
• LaserAway Intermediate Holdings II, LLC (company) — Company with a Senior Secured First Lien Debt Investment
• October 12, 2021 (date) — Initial acquisition date for LaserAway investment
• October 14, 2027 (date) — Maturity date for LaserAway investment
• September 30, 2024 (date) — End of reporting period for the 10-Q

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share ICMB The NASDAQ Global Se

Filing Documents

• icmb-20240930.htm (10-Q) — 3335KB
• icmb-ex31_1.htm (EX-31.1) — 14KB
• icmb-ex31_2.htm (EX-31.2) — 13KB
• icmb-ex32_1.htm (EX-32.1) — 6KB
• icmb-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-125880.txt ( ) — 14380KB
• icmb-20240930.xsd (EX-101.SCH) — 1526KB
• icmb-20240930_htm.xml (XML) — 3642KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and June 30, 2024 1 Consolidated Statements of Operations for the three months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 2 Consolidated Statements of Changes in Net Assets for the three months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the three months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 4 Consolidated Schedule of Investments as of September 30, 2024 (unaudited) 5 Consolidated Schedule of Investments as of June 30, 2024 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 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 45

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

SIGNATURES

SIGNATURES 48 Investcorp Credit Management BDC, Inc. and Subsidiaries Consolidated Statemen ts of Assets and Liabilities September 30, 2024 (Unaudited) June 30, 2024 Assets Non-controlled, non-affiliated investments, at fair value (amortized cost of $ 186,534,026 and $ 189,319,802 , respectively) $ 186,721,026 $ 181,948,376 Non-controlled, affiliated investments, at fair value (amortized cost of $ 15,170,452 and $ 15,149,238 , respectively) 3,421,133 2,621,154 Total investments, at fair value (amortized cost of $ 201,704,478 and $ 204,469,040 , respectively) 190,142,159 184,569,530 Cash 1,748,802 158,768 Cash, restricted 8,341,711 4,950,036 Principal receivable 109,826 50,609 Interest receivable 1,564,642 1,301,516 Payment-in-kind interest receivable 83,768 66,625 Long-term receivable 644,831 631,667 Escrow receivable 99,198 97,173 Prepaid expenses and other assets 282,217 411,821 Total Assets $ 203,017,154 $ 192,237,745 Liabilities Notes payable: Revolving credit facility $ 47,500,000 $ 43,000,000 2026 Notes payable 65,000,000 65,000,000 Deferred debt issuance costs ( 1,502,278 ) ( 1,654,870 ) Unamortized discount ( 106,665 ) ( 124,443 ) Notes payable, net 110,891,057 106,220,687 Payable for investments purchased 5,188,030 7,425,000 Dividend payable 1,728,450 — Income-based incentive fees payable 630,415 128,876 Base management fees payable 770,841 816,777 Interest payable 2,649,596 1,950,925 Accrued expenses and other liabilities 1,270,377 685,271 Total Liabilities 123,128,766 117,227,536 Commitments and Contingencies (see Note 6) Net Assets Common stock, par value $ 0.001 per share ( 100,000,000 shares authorized and 14,403,752 and 14,403,752 shares issued and outstanding, respectively) 14,404 14,404 Additional paid-in capital 203,103,263 203,103,263 Distributable earnings

View Full Filing

View this 10-Q filing on SEC EDGAR