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Investcorp Credit Management BDC(ICMB) - 2025 Q2 - Quarterly Results
ICMBInvestcorp Credit Management BDC(ICMB)2025-03-27 20:09
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Financial Performance - Net investment income for the quarter was 0.8million,resultinginanetinvestmentincomepershareof0.8 million, resulting in a net investment income per share of 0.06[3][10] - The net decrease in net assets from operations was 0.6million,or0.6 million, or 0.04 per share, reflecting a decrease of 2.86% in net assets during the quarter[5][10] - Total investment income for the six months ended December 31, 2024, was 11,622,757,adecreaseof51.311,622,757, a decrease of 51.3% compared to 23,878,302 for the same period in 2023[16] - Net investment income after taxes for the six months ended December 31, 2024, was 3,146,239,down66.73,146,239, down 66.7% from 9,428,066 in the same period of 2023[16] - Total expenses for the six months ended December 31, 2024, were 8,293,178,aslightincreasefrom8,293,178, a slight increase from 17,349,068 in the same period of 2023[16] - The company reported a net increase in net assets resulting from operations of 6,042,089forthesixmonthsendedDecember31,2024,comparedtoanetdecreaseof6,042,089 for the six months ended December 31, 2024, compared to a net decrease of 4,092,470 in the same period of 2023[16] - Earnings per share for the six months ended December 31, 2024, was 0.42,comparedtoalossof0.42, compared to a loss of 0.28 in the same period of 2023[16] Investments - The company made investments totaling 9.9millionduringthequarter,withaweightedaverageyieldof11.819.9 million during the quarter, with a weighted average yield of 11.81% on new debt investments[5][9] - As of December 31, 2024, the investment portfolio consisted of 43 companies, with 81.17% in first lien investments[11] - The internal rate of return on fully realized investments during the quarter was 17.20%, with total proceeds of 7.6 million[5][9] - The weighted average yield on debt investments at fair value decreased to 10.36% from 10.51% in the previous quarter[5] Company Assets and Liabilities - Total assets as of December 31, 2024, were 206.9million,withanetassetvaluepershareof206.9 million, with a net asset value per share of 5.39[3][15] - The company had 12.1millionincash,ofwhich12.1 million in cash, of which 11.3 million was restricted cash, and 41.5millionofunusedcapacityunderitsrevolvingcreditfacility[12]CorporateGovernance−ThecompanyappointedAndrewMunsasthenewChiefOperatingOfficer,effectiveMarch24,2025[4][14]ShareholderReturns−Thecompanydeclaredadistributionof41.5 million of unused capacity under its revolving credit facility[12] Corporate Governance - The company appointed Andrew Muns as the new Chief Operating Officer, effective March 24, 2025[4][14] Shareholder Returns - The company declared a distribution of 0.12 per share for the quarter ending March 31, 2025, representing a yield of 15.84% based on a share price of 3.03[5][8]−Theweightedaveragesharesofcommonstockoutstandingincreasedslightlyto14,404,510from14,396,201inthepreviousyear[16]−Thecompanyaimstomaximizetotalreturntostockholdersthroughdebtandrelatedequityinvestmentsinmiddle−marketcompanieswithannualrevenuesofatleast3.03[5][8] - The weighted average shares of common stock outstanding increased slightly to 14,404,510 from 14,396,201 in the previous year[16] - The company aims to maximize total return to stockholders through debt and related equity investments in middle-market companies with annual revenues of at least 50 million[17] Forward-Looking Statements - Forward-looking statements indicate that actual results may differ materially from anticipated results due to various risks and uncertainties[18] - The company has no obligation to publicly update or revise any forward-looking statements unless required by law[19] Investor Relations - Investor relations contact information includes an email address and phone number for inquiries[20]