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Investcorp Credit Management Bdc, Inc. (ICMB) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

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Investcorp Credit Management Bdc, Inc.

CIK: 1578348 Ticker: ICMB

Exhibit 99.1

Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter Ended June 30, 2022, and Quarterly Distribution

Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) announced its financial results today for its fiscal fourth quarter ended June 30, 2022.

HIGHLIGHTS

 

   

On August 25, 2022, the Company’s Board of Directors (the “Board”) declared a distribution of $0.15 per share for the quarter ending September 30, 2022, payable in cash on October 14, 2022, to stockholders of record as of September 23, 2022.

 

   

During the quarter, ICMB made investments in three new portfolio companies and one existing portfolio company. These investments totaled $28.7 million, at cost. The weighted average yield (at origination) of debt investments made in the quarter was 10.41%.

 

   

ICMB fully realized four portfolio companies during the quarter, totaling $29.7 million in proceeds. The internal rate of return on these investments was 23.74%.

 

   

During the quarter, the Company had net advances of $0.9 million on its existing delayed draw and revolving credit commitments to portfolio companies.

 

   

The weighted average yield on debt investments, at cost, for the quarter ended June 30, 2022 was 10.01%, compared to 8.14% for the quarter ended March 31, 2022.

 

   

Net asset value decreased $0.43 per share to $6.50, compared to $6.93 as of March 31, 2022. Net assets decreased by $6.2 million, or 6.26%, during the quarter ended June 30, 2022.

Portfolio results, as of and for the three months ended June 30, 2022:

 

Total assets

   $ 246.4mm  

Investment portfolio, at fair value

   $ 233.7mm  

Net assets

   $ 93.5mm  

Weighted average yield on debt investments, at cost (1)

     10.01

Net asset value per share

   $ 6.50  

Portfolio activity in the current quarter:

  

Number of new investments

     3  

Total capital invested

   $ 28.7mm  

Proceeds from repayments, sales, and amortization

   $ 33.8mm

Number of portfolio companies, end of period

     35  

Net investment income (NII)

   $ 2.5mm  

Net investment income per share

   $ 0.17  

Net decrease in net assets from operations

   $ 4.1mm  

Net decrease in net assets from operations per share

   $ 0.28  

Quarterly per share distribution paid on July 8, 2022

   $ 0.15  

 

(1)

Represents weighted average yield on total debt investments for the three months ended June 30, 2022. Weighted average yield on total debt investments is the annualized rate of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The weighted average yield on total debt investments reflected above does not represent actual investment returns to the Company’s stockholders.

Mr. Michael C. Mauer, the Company’s Chief Executive Officer, said “We continue to invest in what we believe to be high-quality transactions with strong protections for our capital, despite the volatility of the broader market. While our NAV declined due to volatility in market spreads and equity valuation levels, we expect a recovery as loan spreads tighten and the equity market recovers from the summer lows. Our portfolio is diversified and invested with the goal of downside protection, including in a recessionary environment.”


The following information was filed by Investcorp Credit Management Bdc, Inc. (ICMB) on Tuesday, September 6, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Investcorp Credit Management Bdc, Inc.'s 10-K Annual Report:
Ticker: ICMB
CIK: 1578348
Form Type: 10-K Annual Report
Accession Number: 0001193125-22-243741
Submitted to the SEC: Tue Sep 13 2022 4:30:32 PM EST
Accepted by the SEC: Tue Sep 13 2022
Period: Thursday, June 30, 2022

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