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Investcorp Credit Management BDC Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Strategic Insights

— 2 min read

Despite a challenging market environment, Investcorp Credit Management BDC (ICMB) demonstrated discipline in its investment approach, focusing on high-quality assets that align with its rigorous underwriting standards. The company invested $17.9 million in new and existing portfolio companies during the quarter, with a weighted average yield of 10.23% on debt investments. ICMB also realized $22.1 million in proceeds from the sale of three portfolio companies, achieving an internal rate of return of 11.27%.

Key Takeaways:

  • ICMB invested $17.9 million in two new portfolio companies and three existing portfolio companies during the quarter, with a weighted average yield of 10.23% on debt investments.
  • The company realized $22.1 million in proceeds from the sale of three portfolio companies, achieving an internal rate of return of 11.27%.
  • Net asset value decreased by $0.28 per share to $5.21, compared to $5.49 as of March 31, 2024.
  • ICMB had net repayments of $0.41 million on its existing delayed draw and revolving credit commitments to portfolio companies during the quarter.
  • The weighted average yield on debt investments, at cost, for the quarter ended June 30, 2024, was 12.33%, compared to 12.36% for the quarter ended March 31, 2024.
  • ICMB had investments in 41 portfolio companies as of June 30, 2024, with 85.02% being first lien investments and 14.98% being equity, warrants, and other investments.
  • The company had $5.1 million in cash, of which $4.95 million was restricted cash, and $57.0 million of unused and available capacity under its revolving credit facility with Capital One, N.A.
  • ICMB declared a distribution for the quarter ended September 30, 2024, of $0.12 per share, payable on November 6, 2024, to stockholders of record as of October 16, 2024.

Statistics:

  • The weighted average yield on debt investments, at cost, for the quarter ended June 30, 2024, was 12.33%.
  • Net asset value decreased by $0.28 per share to $5.21.
  • Net assets decreased by $4.1 million, or 5.17%, during the quarter ended June 30, 2024, compared to March 31, 2024.
  • ICMB realized $22.1 million in proceeds from the sale of three portfolio companies, achieving an internal rate of return of 11.27%.
  • The company had investments in 41 portfolio companies as of June 30, 2024.
  • ICMB had $5.1 million in cash, of which $4.95 million was restricted cash.

Sources:

  • Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB), press release dated September 18, 2024.
  • Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB), quarterly report for the period ended June 30, 2024.

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