Investcorp Credit Management BDC (ICMB) Financials

$0.79 +0.01 (+1.31%)

As of 10:13 AM Eastern

Annual Income Statements for Investcorp Credit Management BDC

This table shows Investcorp Credit Management BDC's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.31	-37	3.23	-4.09	-8.85
Consolidated Net Income / (Loss)	-4.80	-37	2.84	-5.65	-10
Net Income / (Loss) Continuing Operations	-4.80	-37	2.84	-5.65	-10
Total Pre-Tax Income	-4.80	-37	2.84	-5.65	-10
Total Revenue	5.42	-20	20	12	5.35
Net Interest Income / (Expense)	15	45	25	22	16
Total Interest Income	23	0.00	25	22	16
Total Interest Expense	7.36	0.00	0.00	0.00	0.00
Total Non-Interest Income	-10	-20	-5.42	-11	-11
Net Realized & Unrealized Capital Gains on Investments	-11	-20	-6.19	-11	-11
Total Non-Interest Expense	10	17	17	17	16
Other Operating Expenses	9.10	17	16	17	15
Amortization Expense	1.13	-	0.76	0.65	0.69
Basic Earnings per Share	($0.17)	$0.18	$0.22	($0.28)	($0.61)
Weighted Average Basic Shares Outstanding	13.91M	14.30M	14.39M	14.40M	14.42M
Diluted Earnings per Share	($0.17)	$0.18	$0.22	($0.28)	($0.61)
Weighted Average Diluted Shares Outstanding	13.91M	14.30M	14.39M	14.40M	14.42M
Weighted Average Basic & Diluted Shares Outstanding	-	-	14.39M	14.40M	14.43M
Cash Dividends to Common per Share	$0.69	$0.60	$0.63	$0.60	$0.52

This table shows Investcorp Credit Management BDC's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	6/30/2024	9/30/2024	6/30/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.68	-1.95	6.61	-7.06	2.21	-0.43	-1.26	-9.36	-8.63
Consolidated Net Income / (Loss)	-1.68	-2.23	6.90	-8.63	1.78	-0.99	-1.28	-9.73	-8.76
Net Income / (Loss) Continuing Operations	-1.68	-2.23	6.90	-8.63	1.78	-0.99	-1.28	-9.73	-8.76
Total Pre-Tax Income	-1.68	-2.23	6.90	-8.63	1.86	-0.99	-1.28	-9.73	-8.62
Total Revenue	2.59	1.58	11	-3.37	5.55	3.07	2.59	-5.85	-5.40
Net Interest Income / (Expense)	5.57	4.84	6.56	5.43	3.94	4.10	4.23	3.82	3.42
Total Interest Income	5.57	4.84	6.56	5.43	3.94	4.10	4.23	3.82	3.42
Total Interest Expense	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	-2.98	-3.26	4.36	-8.80	1.60	-1.04	-1.64	-9.68	-8.81
Net Realized & Unrealized Capital Gains on Investments	-3.31	-3.26	4.28	-8.39	1.60	-1.04	-1.77	-9.55	-8.81
Total Non-Interest Expense	4.27	3.81	4.02	5.26	3.68	4.06	3.87	3.88	3.23
Other Operating Expenses	4.08	3.64	3.85	5.14	3.51	3.89	3.70	3.70	3.05
Amortization Expense	0.19	0.17	0.17	0.12	0.17	0.17	0.17	0.17	0.17
Income Tax Expense	-	-	-	-	0.08	-	-	-	0.14
Basic Earnings per Share	($0.12)	($0.14)	$0.46	($0.48)	$0.15	($0.03)	($0.09)	($0.64)	($0.60)
Weighted Average Basic Shares Outstanding	14.39M	14.40M	14.40M	14.40M	14.41M	14.42M	14.43M	14.42M	14.43M
Diluted Earnings per Share	($0.12)	($0.14)	$0.46	($0.48)	$0.15	($0.03)	($0.09)	($0.64)	($0.60)
Weighted Average Diluted Shares Outstanding	14.39M	14.40M	14.40M	14.40M	14.41M	14.42M	14.43M	14.42M	14.43M
Weighted Average Basic & Diluted Shares Outstanding	14.41M	14.40M	14.40M	14.40M	14.41M	14.43M	14.42M	14.43M	14.43M
Cash Dividends to Common per Share	$0.15	$0.15	$0.12	$0.18	$0.12	$0.12	$0.14	$0.14	$0.00

This table details how cash moves in and out of Investcorp Credit Management BDC's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	12/31/2025
Net Change in Cash & Equivalents	-7.69	-3.45	-0.00	-4.04	2.89
Net Cash From Operating Activities	20	21	21	37	12
Net Cash From Continuing Operating Activities	20	21	21	37	12
Net Income / (Loss) Continuing Operations	-2.31	2.59	3.23	-4.09	-8.85
Consolidated Net Income / (Loss)	-2.31	2.59	3.23	-4.09	-8.85
Amortization Expense	-1.64	-1.97	-0.55	-1.40	-0.55
Non-Cash Adjustments to Reconcile Net Income	28	15	16	38	20
Changes in Operating Assets and Liabilities, net	-3.37	5.52	1.59	4.96	0.85
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	-28	-25	-21	-41	-8.76
Net Cash From Continuing Financing Activities	-28	-25	-21	-41	-8.76
Issuance of Debt	65	183	47	37	21
Repayment of Debt	-81	-201	-59	-66	-20
Repurchase of Common Equity	-	-	-	0.00	-0.04
Payment of Dividends	-9.87	-8.51	-8.61	-11	-9.12
Other Financing Activities, Net	-1.30	-1.30	0.00	-1.01	0.00
Cash Interest Paid	7.77	6.01	7.69	8.95	7.61
Cash Income Taxes Paid	0.27	0.27	0.29	0.27	0.47

This table details how cash moves in and out of Investcorp Credit Management BDC's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	6/30/2024	9/30/2024	6/30/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	5.14	-15	4.98	0.53	0.89	4.35	-5.71	3.37	-3.43
Net Cash From Operating Activities	11	14	0.48	12	5.09	-6.73	1.29	12	11
Net Cash From Continuing Operating Activities	11	14	0.48	12	5.09	-6.73	1.29	12	11
Net Income / (Loss) Continuing Operations	-1.68	2.14	6.61	-11	2.21	-0.43	-1.26	-9.36	-8.63
Consolidated Net Income / (Loss)	-1.68	2.14	6.61	-11	2.21	-0.43	-1.26	-9.36	-8.63
Amortization Expense	-0.20	-0.65	-0.21	-0.34	-0.12	-0.26	-0.07	-0.10	-1.18
Non-Cash Adjustments to Reconcile Net Income	-2.91	27	-5.19	19	-0.54	-11	8.24	24	22
Changes in Operating Assets and Liabilities, net	15	-14	-0.72	4.40	3.54	5.21	-5.62	-2.28	-1.02
Net Cash From Investing Activities	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	-5.49	-29	4.50	-11	-4.21	11	-7.00	-8.64	-14
Net Cash From Continuing Financing Activities	-5.48	-29	4.50	-11	-4.18	11	-7.00	-8.64	-14
Issuance of Debt	3.60	5.40	4.50	24	0.50	18	-	2.00	65
Issuance of Common Equity	0.00	-0.00	-	0.04	0.02	-	-	-	0.00
Repayment of Debt	-6.50	-30	-	-30	-3.00	-3.50	-7.00	-6.60	-79
Repurchase of Common Equity	-	-	-	-	0.00	-	-	-	0.00
Payment of Dividends	-2.59	-3.86	-	-4.74	-1.71	-3.41	-	-4.00	0.00
Other Financing Activities, Net	0.00	-1.01	-	-	0.00	-	-	-	-0.25
Cash Interest Paid	1.50	2.95	1.16	3.34	1.10	2.62	1.05	2.84	2.68
Cash Income Taxes Paid	0.00	0.26	-	0.00	0.01	0.47	-0.01	0.00	0.43

This table presents Investcorp Credit Management BDC's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	6/30/2022	6/30/2023	12/31/2024	12/31/2025
Total Assets	246	232	207	189
Cash and Due from Banks	2.55	1.09	0.77	4.58
Restricted Cash	6.61	8.06	11	10
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00
Deferred Acquisition Cost	1.91	1.22	1.37	0.75
Other Assets	3.55	223	195	174
Total Liabilities & Shareholders' Equity	246	232	207	189
Total Liabilities	153	144	129	128
Short-Term Debt	149	137	124	124
Accrued Interest Payable	1.57	2.29	1.89	1.89
Long-Term Debt	-0.27	-0.20	-0.09	-0.02
Other Long-Term Liabilities	4.48	6.33	5.31	2.50
Commitments & Contingencies	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	94	88	78	61
Total Preferred & Common Equity	94	88	78	61
Total Common Equity	94	88	78	61
Common Stock	204	203	204	203
Retained Earnings	-110	-116	-126	-142

This table presents Investcorp Credit Management BDC's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2024	12/31/2023	3/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	203	224	210	208	224	211	165
Cash and Due from Banks	1.75	3.09	2.73	2.33	2.95	3.86	2.74
Restricted Cash	8.34	12	10	11	14	7.77	8.83
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Deferred Acquisition Cost	1.50	0.96	1.81	1.22	1.06	0.91	0.85
Other Assets	2.78	209	2.73	195	206	199	153
Total Liabilities & Shareholders' Equity	203	224	210	208	224	211	165
Total Liabilities	123	145	131	130	148	138	112
Short-Term Debt	113	135	123	121	136	129	110
Accrued Interest Payable	2.65	2.27	2.97	2.62	1.86	2.84	0.90
Long-Term Debt	-0.11	-0.16	-0.14	-0.07	-0.05	-0.04	-0.94
Other Long-Term Liabilities	9.59	9.32	7.35	7.17	11	7.54	2.85
Commitments & Contingencies	0.00	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	80	79	79	78	76	73	53
Total Preferred & Common Equity	80	79	79	78	76	73	53
Total Common Equity	80	79	79	78	76	73	53
Common Stock	203	203	203	204	204	204	203
Retained Earnings	-123	-125	-124	-125	-128	-131	-150

This table displays calculated financial ratios and metrics derived from Investcorp Credit Management BDC's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	14,391,775.00	14,400,742.00	14,419,762.00
DEI Adjusted Shares Outstanding	0.00	0.00	14,391,775.00	14,400,742.00	14,419,762.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.20	-0.39	-0.71
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-466.26%	199.14%	-40.56%	-54.34%
EBITDA Growth	0.00%	-506.51%	105.87%	-407.42%	-53.75%
EBIT Growth	0.00%	-672.78%	107.66%	-298.89%	-82.13%
NOPAT Growth	0.00%	-672.78%	110.94%	-239.22%	-82.13%
Net Income Growth	0.00%	-678.41%	107.60%	-298.89%	-82.13%
EPS Growth	0.00%	205.88%	22.22%	-227.27%	-117.86%
Operating Cash Flow Growth	0.00%	4.97%	-2.39%	78.96%	-68.56%
Free Cash Flow Firm Growth	0.00%	0.00%	107.71%	-6.02%	-55.76%
Invested Capital Growth	0.00%	0.00%	-7.36%	-10.42%	-7.86%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-87.80%	8,055.87%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-108.72%	38.50%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-106.89%	38.87%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-104.83%	38.87%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-106.88%	38.87%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-130.43%	40.78%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-49.56%	21.98%	2.95%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	174.77%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-0.22%	-7.93%
Profitability Metrics	-	-	-	-	-
EBITDA Margin	-118.83%	0.00%	11.65%	-60.27%	-202.92%
EBIT Margin	-88.56%	0.00%	14.43%	-48.29%	-192.59%
Profit (Net Income) Margin	-88.56%	0.00%	14.43%	-48.29%	-192.59%
Tax Burden Percent	100.00%	100.73%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	1.22%	-1.86%	-3.73%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	1.22%	-3.16%	-6.23%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	1.92%	-4.98%	-11.09%
Return on Equity (ROE)	0.00%	-39.99%	3.14%	-6.84%	-14.82%
Cash Return on Invested Capital (CROIC)	0.00%	-221.45%	8.86%	9.14%	4.45%
Operating Return on Assets (OROA)	0.00%	0.00%	1.19%	-2.58%	-5.20%
Return on Assets (ROA)	0.00%	0.00%	1.19%	-2.58%	-5.20%
Return on Common Equity (ROCE)	0.00%	-39.99%	3.14%	-6.84%	-14.82%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-39.99%	3.24%	-7.28%	-16.79%
Net Operating Profit after Tax (NOPAT)	-3.36	-26	2.84	-3.96	-7.21
NOPAT Margin	-61.99%	0.00%	14.43%	-33.80%	-134.81%
Net Nonoperating Expense Percent (NNEP)	0.00%	15.34%	0.00%	1.30%	2.50%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	188.56%	0.00%	85.57%	148.29%	292.59%
Earnings before Interest and Taxes (EBIT)	-4.80	-37	2.84	-5.65	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.45	-39	2.30	-7.06	-11
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.39	0.49	0.63
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.39	0.49	0.63
Price to Revenue (P/Rev)	0.00	0.00	1.74	3.23	7.28
Price to Earnings (P/E)	0.00	0.00	10.60	0.00	0.00
Dividend Yield	14.34%	25.08%	22.66%	24.39%	23.70%
Earnings Yield	0.00%	0.00%	9.43%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.72	0.74	0.80
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	8.22	12.74	27.65
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	70.52	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	56.94	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	56.94	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	7.82	4.02	12.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	7.83	7.67	17.19
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	1.59	1.56	1.59	2.02
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	1.59	1.58	1.57	1.78
Leverage Ratio	0.00	2.63	2.64	2.65	2.85
Compound Leverage Factor	0.00	2.63	2.64	2.65	2.85
Debt to Total Capital	0.00%	61.40%	60.92%	61.39%	66.89%
Short-Term Debt to Total Capital	0.00%	61.51%	61.01%	61.44%	66.90%
Long-Term Debt to Total Capital	0.00%	-0.11%	-0.09%	-0.04%	-0.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	38.60%	39.08%	38.61%	33.11%
Debt to EBITDA	0.00	-3.80	59.57	-17.49	-11.42
Net Debt to EBITDA	0.00	-3.57	55.58	-15.78	-10.04
Long-Term Debt to EBITDA	0.00	0.01	-0.09	0.01	0.00
Debt to NOPAT	0.00	-5.72	48.10	-31.19	-17.19
Net Debt to NOPAT	0.00	-5.37	44.88	-28.13	-15.11
Long-Term Debt to NOPAT	0.00	0.01	-0.07	0.02	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-268	21	19	8.60
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.75	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.75	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	0.08	0.05	0.03
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	242	224	201	185
Invested Capital Turnover	0.00	0.00	0.08	0.06	0.03
Increase / (Decrease) in Invested Capital	0.00	242	-18	-23	-16
Enterprise Value (EV)	0.00	0.00	162	149	148
Market Capitalization	0.00	0.00	34	38	39
Book Value per Share	$0.00	$6.54	$6.09	$5.39	$4.25
Tangible Book Value per Share	$0.00	$6.54	$6.09	$5.39	$4.25
Total Capital	0.00	242	224	201	185
Total Debt	0.00	149	137	123	124
Total Long-Term Debt	0.00	-0.27	-0.20	-0.09	-0.02
Net Debt	0.00	140	128	111	109
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	1.44	11	0.00	1.70	3.09
Net Nonoperating Obligations (NNO)	0.00	149	137	123	124
Total Depreciation and Amortization (D&A)	-1.64	-1.97	-0.55	-1.40	-0.55
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.22	($0.28)	($0.61)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	14.39M	14.40M	14.42M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.22	($0.28)	($0.61)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	14.39M	14.40M	14.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	14.39M	14.40M	14.43M
Normalized Net Operating Profit after Tax (NOPAT)	-3.36	-26	1.99	-3.96	-7.21
Normalized NOPAT Margin	-61.99%	0.00%	10.10%	-33.80%	-134.81%
Pre Tax Income Margin	-88.56%	0.00%	14.43%	-48.29%	-192.59%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-0.65	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-0.46	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.65	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-0.46	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	-205.39%	-22.74%	302.95%	-197.91%	-88.56%
Augmented Payout Ratio	-205.39%	-22.74%	302.95%	-197.91%	-88.94%

This table displays calculated financial ratios and metrics derived from Investcorp Credit Management BDC's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	6/30/2024	9/30/2024	6/30/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	14,392,841.00	14,400,742.00	14,403,752.00	14,400,742.00	14,406,244.00	14,414,033.00	14,431,202.00	14,419,762.00	14,432,472.00
DEI Adjusted Shares Outstanding	14,392,841.00	14,400,742.00	14,403,752.00	14,400,742.00	14,406,244.00	14,414,033.00	14,431,202.00	14,419,762.00	14,432,472.00
DEI Earnings Per Adjusted Shares Outstanding	-0.12	-0.15	0.48	-0.60	0.12	-0.07	-0.09	-0.67	-0.61
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	375.22%	739.29%	120.44%	-104.66%	114.54%	93.89%	-76.29%	-73.50%	-197.31%
EBITDA Growth	54.58%	40.36%	111.26%	-112.71%	192.79%	56.36%	-120.17%	-9.50%	-661.80%
EBIT Growth	56.02%	52.07%	111.61%	-112.21%	210.61%	55.39%	-118.55%	-12.68%	-562.85%
NOPAT Growth	56.02%	52.07%	116.58%	-108.55%	251.14%	55.39%	-112.99%	-12.68%	-438.73%
Net Income Growth	56.52%	52.74%	111.59%	-112.18%	205.80%	55.39%	-118.55%	-12.68%	-591.83%
EPS Growth	-200.00%	-450.00%	675.00%	-442.86%	225.00%	78.57%	-119.57%	-33.33%	-500.00%
Operating Cash Flow Growth	309.80%	0.13%	-92.62%	133.76%	-52.10%	-147.17%	167.47%	2.86%	112.52%
Free Cash Flow Firm Growth	0.00%	161.19%	114.59%	0.00%	97.43%	-99.55%	-101.50%	-48.15%	730.95%
Invested Capital Growth	0.00%	-61.82%	-14.24%	-10.42%	3.51%	-1.05%	-0.14%	-7.86%	-18.78%
Revenue Q/Q Growth	-96.43%	-38.86%	590.39%	-130.91%	264.41%	-44.74%	-15.59%	-326.24%	7.79%
EBITDA Q/Q Growth	-102.66%	-53.30%	331.93%	-234.29%	119.43%	-179.15%	-7.17%	-629.13%	0.30%
EBIT Q/Q Growth	-102.38%	-32.35%	409.30%	-225.23%	121.58%	-158.24%	-28.63%	-660.53%	11.38%
NOPAT Q/Q Growth	-101.67%	-32.35%	541.85%	-187.66%	129.48%	-140.77%	-28.63%	-660.53%	11.38%
Net Income Q/Q Growth	-102.38%	-32.35%	409.30%	-225.23%	120.64%	-158.24%	-28.63%	-660.53%	9.92%
EPS Q/Q Growth	-185.71%	-16.67%	428.57%	-204.35%	131.25%	-120.00%	-200.00%	-611.11%	6.25%
Operating Cash Flow Q/Q Growth	112.93%	34.28%	-96.63%	2,322.62%	-56.37%	-232.23%	119.14%	831.64%	-9.85%
Free Cash Flow Firm Q/Q Growth	0.00%	278.06%	-88.29%	-57.01%	-128.63%	130.83%	-138.91%	1,587.73%	248.42%
Invested Capital Q/Q Growth	-14.31%	11.13%	-5.72%	-0.22%	-0.99%	6.23%	-4.85%	-7.93%	-12.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-
EBITDA Margin	-72.72%	-182.34%	61.26%	0.00%	31.45%	-41.04%	-52.11%	0.00%	0.00%
EBIT Margin	-65.14%	-141.01%	63.17%	0.00%	33.59%	-32.45%	-49.44%	0.00%	0.00%
Profit (Net Income) Margin	-65.14%	-141.01%	63.17%	0.00%	32.12%	-32.45%	-49.44%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	95.65%	100.00%	100.00%	100.00%	101.64%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	4.35%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-14.36%	-8.08%	27.79%	0.00%	2.41%	-0.88%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.26%	-8.28%	27.79%	0.00%	2.41%	-1.10%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-21.47%	-72.92%	44.69%	0.00%	3.56%	-1.93%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-35.83%	-81.01%	72.48%	0.00%	5.97%	-2.81%	-22.19%	0.00%	-31.87%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	9.14%	-4.20%	-1.80%	-5.71%	4.45%	12.66%
Operating Return on Assets (OROA)	-9.72%	-18.33%	27.01%	0.00%	2.40%	-1.20%	0.00%	0.00%	0.00%
Return on Assets (ROA)	-9.72%	-18.33%	27.01%	0.00%	2.30%	-1.20%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-35.83%	-81.01%	72.48%	0.00%	5.97%	-2.81%	-22.19%	0.00%	-31.87%
Return on Equity Simple (ROE_SIMPLE)	16.68%	20.05%	103.89%	0.00%	-2.80%	-11.41%	-23.17%	0.00%	-39.55%
Net Operating Profit after Tax (NOPAT)	-1.18	-1.56	6.90	-6.04	1.78	-0.70	-0.90	-6.81	-6.04
NOPAT Margin	-45.60%	-98.71%	63.17%	0.00%	32.12%	-22.71%	-34.61%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.90%	0.19%	0.00%	1.99%	0.00%	0.22%	0.31%	2.36%	2.37%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	165.14%	241.01%	36.83%	0.00%	66.41%	132.45%	149.44%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-1.68	-2.23	6.90	-8.63	1.86	-0.99	-1.28	-9.73	-8.62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.88	-2.88	6.69	-8.98	1.74	-1.26	-1.35	-9.83	-9.80
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.47	0.48	0.45	0.49	0.50	0.48	0.53	0.63	0.44
Price to Tangible Book Value (P/TBV)	0.47	0.48	0.45	0.49	0.50	0.48	0.53	0.63	0.44
Price to Revenue (P/Rev)	1.25	1.19	0.37	3.23	2.65	4.43	0.00	7.28	0.00
Price to Earnings (P/E)	2.76	2.29	0.43	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	20.56%	24.39%	26.18%	24.39%	18.87%	18.91%	23.37%	23.70%	39.51%
Earnings Yield	36.29%	43.61%	234.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.73	0.74	0.72	0.74	0.74	0.73	0.77	0.80	0.75
Enterprise Value to Revenue (EV/Rev)	4.63	4.99	1.51	12.74	10.01	18.73	0.00	27.65	0.00
Enterprise Value to EBITDA (EV/EBITDA)	10.91	10.68	1.79	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	10.55	10.06	1.76	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	10.55	10.06	1.76	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.85	4.34	4.76	4.02	4.66	14.72	13.71	12.69	6.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	7.67	0.00	0.00	0.00	17.19	5.29
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	1.41	1.71	1.55	1.59	1.55	1.78	1.77	2.02	2.07
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.02
Financial Leverage	1.41	8.81	1.61	1.57	1.48	1.75	1.65	1.78	1.76
Leverage Ratio	2.54	6.18	2.68	2.65	2.60	2.90	2.77	2.85	2.85
Compound Leverage Factor	2.54	6.18	2.68	2.65	2.60	2.90	2.77	2.85	2.85
Debt to Total Capital	58.45%	63.10%	60.74%	61.39%	60.76%	64.06%	63.86%	66.89%	67.40%
Short-Term Debt to Total Capital	58.51%	63.18%	60.81%	61.44%	60.79%	64.09%	63.88%	66.90%	67.98%
Long-Term Debt to Total Capital	-0.06%	-0.07%	-0.07%	-0.04%	-0.04%	-0.03%	-0.02%	-0.01%	-0.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	41.55%	36.90%	39.26%	38.61%	39.24%	35.94%	36.14%	33.11%	32.60%
Debt to EBITDA	8.75	9.11	1.51	-17.49	-35.25	-14.10	-7.28	-11.42	-4.87
Net Debt to EBITDA	7.96	8.12	1.35	-15.78	-31.46	-12.30	-6.62	-10.04	-4.35
Long-Term Debt to EBITDA	-0.01	-0.01	0.00	0.01	0.02	0.01	0.00	0.00	0.04
Debt to NOPAT	8.46	8.59	1.49	-31.19	-82.04	-22.32	-10.90	-17.19	-7.49
Net Debt to NOPAT	7.70	7.65	1.34	-28.13	-73.23	-19.46	-9.91	-15.11	-6.69
Long-Term Debt to NOPAT	-0.01	-0.01	0.00	0.02	0.05	0.01	0.00	0.00	0.06
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-193	344	40	17	-4.97	1.55	-0.60	8.99	31
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.13	0.43	0.05	0.07	0.04	0.00	0.03	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	192	214	201	201	199	211	201	185	162
Invested Capital Turnover	0.32	0.08	0.44	0.06	0.08	0.04	0.00	0.03	0.00
Increase / (Decrease) in Invested Capital	192	-346	-33	-23	6.75	-2.25	-0.29	-16	-37
Enterprise Value (EV)	140	158	145	149	147	155	155	148	121
Market Capitalization	38	38	35	38	39	37	38	39	23
Book Value per Share	$5.55	$5.47	$5.49	$5.39	$5.42	$5.27	$5.04	$4.25	$3.65
Tangible Book Value per Share	$5.55	$5.47	$5.49	$5.39	$5.42	$5.27	$5.04	$4.25	$3.65
Total Capital	192	214	201	201	199	211	201	185	162
Total Debt	112	135	122	123	121	135	128	124	109
Total Long-Term Debt	-0.11	-0.16	-0.14	-0.09	-0.07	-0.05	-0.04	-0.02	-0.94
Net Debt	102	120	109	111	108	118	117	109	97
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.51	0.67	0.00	2.59	0.00	0.30	0.38	2.92	2.73
Net Nonoperating Obligations (NNO)	112	135	122	123	121	135	128	124	109
Total Depreciation and Amortization (D&A)	-0.20	-0.65	-0.21	-0.34	-0.12	-0.26	-0.07	-0.10	-1.18
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.20)	$0.17	($0.48)	$0.15	($0.03)	($0.09)	($0.64)	($0.60)
Adjusted Weighted Average Basic Shares Outstanding	14.39M	14.39M	14.40M	14.40M	14.41M	14.42M	14.43M	14.42M	14.43M
Adjusted Diluted Earnings per Share	($0.12)	($0.20)	$0.17	($0.48)	$0.15	($0.03)	($0.09)	($0.64)	($0.60)
Adjusted Weighted Average Diluted Shares Outstanding	14.39M	14.39M	14.40M	14.40M	14.41M	14.42M	14.43M	14.42M	14.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.41M	14.40M	14.40M	14.40M	14.41M	14.43M	14.42M	14.43M	14.43M
Normalized Net Operating Profit after Tax (NOPAT)	-1.18	-1.56	4.83	-6.04	1.78	-0.70	-0.90	-6.81	-6.04
Normalized NOPAT Margin	-45.60%	-98.71%	44.22%	0.00%	32.12%	-22.71%	-34.61%	0.00%	0.00%
Pre Tax Income Margin	-65.14%	-141.01%	63.17%	0.00%	33.59%	-32.45%	-49.44%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	67.89%	68.02%	7.85%	-197.91%	-471.37%	-113.71%	-58.52%	-88.56%	-35.56%
Augmented Payout Ratio	67.89%	68.02%	7.85%	-197.91%	-471.37%	-113.71%	-58.52%	-88.94%	-35.75%

Financials Breakdown Chart

Key Financial Trends

Investcorp Credit Management BDC (NASDAQ: ICMB) showed a mixed but clearly weaker operating picture in the most recent quarter. Q1 2026 revenue was negative overall because investment losses more than offset interest income, while the balance sheet also shows a meaningful increase in leverage relative to equity.

Cash and restricted cash improved from Q4 2025, with combined cash rising to about $11.6 million from roughly $6.6 million, giving the company more near-term liquidity.
Operating cash flow remained solid in Q1 2026 at about $10.8 million, showing the business can still generate cash from operations despite accounting losses.
The company reduced total debt versus the prior quarter, with liabilities falling to $111.9 million from $137.9 million in Q3 2025.
Total equity rebounded to $52.7 million in Q1 2026 from $47.4 million at year-end 2025, which helps support the balance sheet.
Interest income in Q1 2026 was $3.4 million, down modestly from $3.8 million in Q4 2025 and $4.2 million in Q3 2025.
The company reported no interest expense in the income statement data provided, so reported net interest income stayed positive before investment mark-to-market losses.
Shares outstanding were essentially flat year over year, suggesting limited dilution pressure in the latest periods.
The quarterly dividend remained at $0.00 in Q1 2026, after prior periods showed dividends being paid, indicating a pause in shareholder payouts in the latest quarter.
Q1 2026 ended with a net loss of about $8.8 million, or -$0.60 per share, driven mainly by investment losses.
Net realized and unrealized capital losses were $8.8 million in Q1 2026, a major drag on profitability.
Total revenue was negative $5.4 million in Q1 2026, showing that gains and losses on investments overwhelmed interest income.
Retained earnings remain deeply negative at roughly -$150.4 million, reflecting years of accumulated losses.
Debt still exceeds equity by a wide margin: total liabilities of $111.9 million versus equity of $52.7 million, which leaves the business highly leveraged.
Compared with Q1 2025, Q1 2026 looks weaker on a profitability basis: the company swung from a profit of about $1.8 million to a loss of about $8.8 million.

Bottom line: ICMB’s latest quarter was pressured by investment losses and a return to a sizable net loss, but the company still produced strong operating cash flow and maintained a liquidity cushion. For retail investors, the key watch items are whether investment performance stabilizes and whether leverage continues to come down.

07/21/26 07:42 AM ETAI Generated. May Contain Errors.

Investcorp Credit Management BDC Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Investcorp Credit Management BDC's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Investcorp Credit Management BDC's net income appears to be on a downward trend, with a most recent value of -$10.30 million in 2025, rising from -$4.80 million in 2021. The previous period was -$5.65 million in 2024. See Investcorp Credit Management BDC's forecast for analyst expectations on what's next for the company.

Over the last 4 years, Investcorp Credit Management BDC's total revenue changed from $5.42 million in 2021 to $5.35 million in 2025, a change of -1.4%.

Investcorp Credit Management BDC's total liabilities were at $127.51 million at the end of 2025, a 1.3% decrease from 2024, and a 16.6% decrease since 2022.

In the past 3 years, Investcorp Credit Management BDC's cash and equivalents has ranged from $771.48 thousand in 2024 to $4.58 million in 2025, and is currently $4.58 million as of their latest financial filing in 2025.

Over the last 4 years, Investcorp Credit Management BDC's book value per share changed from 0.00 in 2021 to 4.25 in 2025, a change of 425.3%.

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Financial statements for NASDAQ:ICMB last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Investcorp Credit Management BDC (ICMB) Financials

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Investcorp Credit Management BDC (ICMB) Financials

Annual Income Statements for Investcorp Credit Management BDC

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Quarterly Cash Flow Statements for Investcorp Credit Management BDC

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Quarterly Metrics And Ratios for Investcorp Credit Management BDC

Financials Breakdown Chart

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Investcorp Credit Management BDC Financials - Frequently Asked Questions

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