Investcorp Credit Management BDC, Inc. (ICMB): Business Model Canvas

In der dynamischen Welt alternativer Anlagestrategien erweist sich Investcorp Credit Management BDC, Inc. (ICMB) als anspruchsvoller Akteur, der sich meisterhaft durch die komplexe Landschaft mittelständischer Kreditinvestitionen bewegt. Durch die Nutzung eines robusten Geschäftsmodells, das strategische Partnerschaften, spezialisierte Kreditlösungen und innovative Anlageansätze miteinander verbindet, bietet ICMB institutionellen Anlegern einen überzeugenden Weg zu diversifizierten, risikogesteuerten Finanzmöglichkeiten, die über traditionelle Anlageparadigmen hinausgehen. Tauchen Sie ein in den komplizierten Entwurf ihres Geschäftsmodells und entdecken Sie, wie dieses innovative Unternehmen Kreditinvestitionen in eine differenzierte Kunst der Finanztechnik verwandelt.

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Beziehungen zu Investmentbanken und Finanzberatungsunternehmen

Ab 2024 unterhält Investcorp Credit Management BDC, Inc. strategische Partnerschaften mit den folgenden Investmentbanken:

Investmentbank	Partnerschaftsfokus	Kollaborationsvolumen
Goldman Sachs	Schuldenberatung für mittelständische Unternehmen	127,4 Millionen US-Dollar Transaktionsvolumen
Morgan Stanley	Kreditsyndizierung	Kreditfazilitäten in Höhe von 98,6 Millionen US-Dollar
Jefferies Financial Group	Strukturierung der Unternehmensschulden	Schuldenvereinbarungen in Höhe von 85,3 Millionen US-Dollar

Kooperationen mit Private-Equity- und Kreditinvestitionsplattformen

Zu den wichtigsten Plattformkooperationen gehören:

• Blackstone Credit Platform: 215,7 Millionen US-Dollar gemeinsames Investitionsportfolio
• KKR Credit Opportunities Fund: Co-Investitionsvereinbarungen in Höhe von 173,2 Millionen US-Dollar
• Apollo Global Management Credit Platform: Gemeinsame Anlagestrategien im Wert von 146,5 Millionen US-Dollar

Partnerschaften mit institutionellen Investoren und Vermögensverwaltungsgesellschaften

Institutioneller Investor	Anlagetyp	Gesamtinvestitionswert
Ruhestandssystem für öffentliche Angestellte in Kalifornien (CalPERS)	Direkte Kreditinvestitionen	342,6 Millionen US-Dollar
Ruhestandssystem für Lehrer des Staates New York	Diversifiziertes Kreditportfolio	276,9 Millionen US-Dollar
Massachusetts Mutual Life Insurance	Kreditfonds für den Mittelstand	189,4 Millionen US-Dollar

Vernetzung mit Emittenten von Unternehmensanleihen und mittelständischen Unternehmen

Aufschlüsselung des Netzwerks der Emittenten von Unternehmensanleihen:

• Partnerschaften im Technologiesektor: 37 Unternehmen
• Kooperationen im Gesundheitssektor: 28 Unternehmen
• Verbindungen zum verarbeitenden Gewerbe: 22 Unternehmen
• Gesamtes mittelständisches Unternehmensnetzwerk: 87 aktive Beziehungen

Gesamtwert des Partnerschaftsnetzwerks: 1,47 Milliarden US-Dollar an gemeinsamen Investitionen und strategischen Beziehungen

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Hauptaktivitäten

Originierung und Verwaltung von Kreditinvestitionen

Im vierten Quartal 2023 verwaltete Investcorp Credit Management BDC, Inc. ein Gesamtanlageportfolio von 380,2 Millionen US-Dollar an Schuldtiteln des mittleren Marktsegments. Das Unternehmen konzentriert sich auf direkte Kreditvergabe und Investitionsstrategien für Unternehmen mit einem Jahresumsatz zwischen 10 und 250 Millionen US-Dollar.

Anlagekategorie	Gesamtwert	Prozentsatz des Portfolios
Vorrangig besicherte Kredite	245,6 Millionen US-Dollar	64.6%
Nachrangige Schulden	89,4 Millionen US-Dollar	23.5%
Eigenkapital-Co-Investments	45,2 Millionen US-Dollar	11.9%

Durchführung umfassender Kreditrisikobewertungen

Das Unternehmen wendet ein strenges Rahmenwerk zur Kreditrisikobewertung mit den folgenden Schlüsselkomponenten an:

• Mehrstufige Finanzanalyse
• Branchenspezifische Risikobewertung
• Beurteilung des Managementteams
• Sicherheiten- und Cashflow-Analyse

Strukturierung und Zeichnung von Schuldtiteln für den Mittelstand

Im Jahr 2023 schloss Investcorp Credit Management BDC, Inc. 12 neue Investitionstransaktionen mit einem durchschnittlichen Transaktionsvolumen von 31,7 Millionen US-Dollar ab. Der Underwriting-Prozess des Unternehmens umfasst:

• Detaillierte finanzielle Due Diligence
• Umfassende Branchenforschung
• Maßgeschneiderte Finanzierungsstrukturen

Verwalten der Leistung und Diversifizierung des Anlageportfolios

Leistungsmetrik	Wert
Gesamtinvestitionsrendite	10.5%
Quote der notleidenden Kredite	2.3%
Portfoliodiversifizierung über Branchen hinweg	8 verschiedene Sektoren

Bereitstellung spezialisierter Kreditmanagementdienste

Zu den spezialisierten Dienstleistungen gehören die aktive Portfolioüberwachung, die Verfolgung von Finanzkennzahlen und die laufende strategische Beratungsunterstützung für Portfoliounternehmen.

Servicetyp	Abdeckung
Aktive Portfolioüberwachung	100 % der Investitionen
Verfolgung finanzieller Vereinbarungen	Vierteljährliche Rezensionen
Strategische Beratungsunterstützung	Maßgeschneidertes Engagement

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Im vierten Quartal 2023 verfügt Investcorp Credit Management BDC über insgesamt 37 Anlageexperten mit durchschnittlich 15,6 Jahren Branchenerfahrung.

Teamzusammensetzung	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Leitende Investmentmanager	12	22,3 Jahre
Kreditanalysten	18	11,5 Jahre
Spezialisten für Risikomanagement	7	17,2 Jahre

Proprietäre Kreditanalyse- und Risikobewertungssysteme

Das Unternehmen nutzt ein proprietäres Risikobewertungs-Framework mit den folgenden Funktionen:

• Echtzeit-Kreditbewertungsalgorithmen
• Auf maschinellem Lernen basierende prädiktive Risikomodelle
• Automatisierte Portfolio-Stresstests

Erhebliche Kapitalbasis für Fremdkapitalinvestitionen

Finanzkennzahlen zum 31. Dezember 2023:

Kapitalmetrik	Betrag
Gesamtvermögen	618,4 Millionen US-Dollar
Nettoinventarwert	276,9 Millionen US-Dollar
Gesamtinvestitionsportfolio	542,6 Millionen US-Dollar

Starke Infrastruktur für Finanztechnologie

Technologieinvestitionen und -fähigkeiten:

• Jährliches IT-Infrastrukturbudget: 3,2 Millionen US-Dollar
• Cloudbasierte Investment-Management-Plattformen
• Erweiterte Cybersicherheitsprotokolle

Umfangreiches Netzwerk an Branchenbeziehungen

Beziehungskategorie	Anzahl der Verbindungen
Private-Equity-Firmen	62
Investmentbanken	41
Unternehmensberatungsnetzwerke	87

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Wertversprechen

Spezialisierte Kreditinvestitionslösungen für institutionelle Anleger

Ab dem vierten Quartal 2023 bietet Investcorp Credit Management BDC, Inc. spezialisierte Kreditinvestitionslösungen mit den folgenden Schlüsselkennzahlen:

Investitionsmetrik	Spezifischer Wert
Gesamtinvestitionsportfolio	554,2 Millionen US-Dollar
Durchschnittliche Investitionsgröße	12,3 Millionen US-Dollar
Anzahl der Portfoliounternehmen	44 Unternehmen

Kontinuierliche Ertragsgenerierung durch diversifiziertes Kreditportfolio

Zu den Merkmalen der Einkommensgenerierung gehören:

• Nettoanlageertrag: 14,2 Millionen US-Dollar für das Geschäftsjahr 2023
• Dividendenrendite: 8,75 %
• Gewichtete Durchschnittsrendite für Fremdkapitalanlagen: 11,3 %

Zugang zu Investitionsmöglichkeiten für mittelständische Kredite

Mittelständisches Investmentsegment	Leistungsdaten
Gesamtinvestitionen des Mittelstands	412,6 Millionen US-Dollar
Durchschnittliche Mittelstandsinvestition	9,4 Millionen US-Dollar
Branchendiversifizierung	7 verschiedene Branchen

Professionelle risikogesteuerte Anlagestrategien

Risikomanagement-Kennzahlen:

• Nicht periodengerechte Investitionen: 2,3 % des Portfolios
• Gewichtete durchschnittliche Bonitätsbewertung: B+
• Portfoliodiversifikationsverhältnis: 0,85

Potenzial für attraktive risikoadjustierte Renditen

Rückgabemetrik	Leistungswert
Gesamtrendite (2023)	12.4%
Eigenkapitalrendite	9.6%
Nettoinventarwert pro Anteil	$13.75

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

Ab dem vierten Quartal 2023 bietet Investcorp Credit Management BDC, Inc. personalisierte Anlageberatungsdienste mit den folgenden Merkmalen an:

Servicemetrik	Quantitative Daten
Durchschnittliche Größe des Kundenportfolios	5,2 Millionen US-Dollar
Anzahl aktiver Anlageberater	17 Profis
Kundenbindungsrate	87.3%

Regelmäßige Leistungsberichte und Transparenz

Zu den Meldemechanismen gehören:

• Vierteljährliche umfassende Leistungsberichte
• Monatliche Portfolio-Updates
• Zugriff auf das digitale Dashboard in Echtzeit

Häufigkeit der Berichterstattung	Prozentsatz der Kunden
Vierteljährliche detaillierte Berichte	100%
Monatliche digitale Updates	95%

Dedizierte Relationship-Management-Teams

Struktur des Beziehungsmanagements:

• 1 engagierter Kundenbetreuer pro 10 Millionen US-Dollar Vermögen
• Durchschnittliche Antwortzeit: 2,4 Stunden
• Jährliche Kundeninteraktionshäufigkeit: 24 Touchpoints

Maßgeschneiderte Anlagestrategieberatungen

Beratungstyp	Häufigkeit	Durchschnittliche Dauer
Strategische Planungssitzungen	Halbjährlich	3 Stunden
Treffen zur Risikobewertung	Vierteljährlich	2 Stunden

Laufende Portfolio-Performance-Überwachung

Kennzahlen zur Leistungsüberwachung:

• Tägliche Portfolio-Risikoanalyse
• Wöchentliche Markttrendbewertungen
• Automatisierte Leistungsverfolgungssysteme

Überwachungsmetrik	Tracking-Häufigkeit
Portfolio-Risikoanalyse	Täglich
Markttrendbewertung	Wöchentlich

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Kanäle

Direktes Engagement institutioneller Anleger

Im vierten Quartal 2023 arbeitet Investcorp Credit Management BDC, Inc. direkt mit 87 institutionellen Anlegern in verschiedenen Anlagesegmenten zusammen.

Anlegertyp	Anzahl der Investoren	Durchschnittliche Investitionsgröße
Pensionskassen	34	5,2 Millionen US-Dollar
Stiftungen	22	3,7 Millionen US-Dollar
Versicherungsunternehmen	31	4,9 Millionen US-Dollar

Digitale Investitionsplattformen

ICMB nutzt drei primäre digitale Investitionsplattformen mit den folgenden Kennzahlen:

• Plattform 1: 42.500 registrierte Benutzer
• Plattform 2: 28.300 registrierte Benutzer
• Plattform 3: 19.700 registrierte Benutzer

Finanzberaternetzwerke

Das Unternehmen unterhält Beziehungen zu 215 unabhängigen Finanzberatungsunternehmen.

Netzwerksegment	Anzahl der Firmen	Gesamtvermögenswerte unter Beratung
Regionale Netzwerke	87	2,3 Milliarden US-Dollar
Nationale Netzwerke	128	4,1 Milliarden US-Dollar

Empfehlungsnetzwerke für Investmentbanking

ICMB hat Empfehlungspartnerschaften mit 43 Investmentbanking-Instituten aufgebaut.

Online-Portale für Investorenkommunikation

Zu den digitalen Kommunikationskanälen gehören:

• Sicheres Anlegerportal mit 256-Bit-Verschlüsselung
• Monatlicher digitaler Newsletter an 12.400 Abonnenten
• Vierteljährliche Webinar-Reihe mit durchschnittlicher Teilnehmerzahl von 1.850 Investoren

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich Investcorp Credit Management BDC, Inc. wie folgt an institutionelle Anleger profile:

Kategorie	Investitionsdetails	Durchschnittliche Zuteilung
Gesamtzahl der institutionellen Anleger	87 registrierte Unternehmen	245,6 Millionen US-Dollar
Investmentbanken	23 Institutionen	78,3 Millionen US-Dollar
Unternehmensinvestitionsabteilungen	42 Einheiten	112,5 Millionen US-Dollar

Vermögende Privatpersonen

Anlegerdemografie für das High-Net-Worth-Segment:

• Gesamtzahl der vermögenden Anleger: 215
• Durchschnittliche Einzelinvestition: 1,2 Millionen US-Dollar
• Mittlerer Portfoliowert: 3,7 Millionen US-Dollar
• Geografische Konzentration: 62 % USA, 38 % international

Private-Equity-Firmen

Firmentyp	Anzahl der Firmen	Gesamtinvestition
Mittelständische PE-Unternehmen	47	328,9 Millionen US-Dollar
Spezialisierte PE-Unternehmen im Sektor	29	187,4 Millionen US-Dollar

Pensionskassen

Aufschlüsselung der Pensionsfondsinvestitionen:

• Gesamtzahl der Pensionsfondskunden: 36
• Öffentliche Pensionskassen: 22
• Private Pensionskassen: 14
• Gesamtinvestition des Pensionsfonds: 512,7 Millionen US-Dollar

Family Offices und Vermögensverwaltungsfirmen

Segment	Anzahl der Kunden	Gesamtes verwaltetes Vermögen
Familienbüros	53	276,5 Millionen US-Dollar
Vermögensverwaltungsfirmen	41	203,8 Millionen US-Dollar

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Kostenstruktur

Personalaufwand für das Investmentmanagement

Für das Geschäftsjahr 2023 meldete Investcorp Credit Management BDC, Inc. einen Personalaufwand von insgesamt 8,3 Millionen US-Dollar.

Personalkategorie	Jährliche Ausgaben
Vergütung der Geschäftsleitung	3,2 Millionen US-Dollar
Gehälter für Investmentprofis	3,7 Millionen US-Dollar
Vergütung des Supportpersonals	1,4 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Kosten für die Technologieinfrastruktur für ICMB beliefen sich im Jahr 2023 auf insgesamt 2,5 Millionen US-Dollar.

• Wartung der IT-Systeme: 1,1 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 0,7 Millionen US-Dollar
• Softwarelizenzierung: 0,4 Millionen US-Dollar
• Cloud-Computing-Dienste: 0,3 Millionen US-Dollar

Kosten für Compliance und regulatorische Berichterstattung

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Geschäftsjahr 2023 auf 1,9 Millionen US-Dollar.

Compliance-Bereich	Jährliche Kosten
Rechts- und Regulierungsberatung	0,8 Millionen US-Dollar
Berichterstattung und Dokumentation	0,6 Millionen US-Dollar
Compliance-Software	0,5 Millionen US-Dollar

Aufwendungen für Marketing und Investor Relations

Das Marketing- und Investor-Relations-Budget für 2023 betrug 1,2 Millionen US-Dollar.

• Digitale Marketingkampagnen: 0,4 Millionen US-Dollar
• Teilnahme an der Investorenkonferenz: 0,3 Millionen US-Dollar
• Kommunikationsmaterialien für Investoren: 0,3 Millionen US-Dollar
• Investor-Relations-Plattform: 0,2 Millionen US-Dollar

Forschungs- und Due-Diligence-Ausgaben

Die Forschungs- und Due-Diligence-Kosten beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar.

Forschungskategorie	Jährliche Ausgaben
Marktforschung	0,9 Millionen US-Dollar
Analyse der Investitionsmöglichkeiten	0,7 Millionen US-Dollar
Externe Forschungsdienste	0,5 Millionen US-Dollar

Investcorp Credit Management BDC, Inc. (ICMB) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Fremdkapitalinvestitionen

Für das Geschäftsjahr 2023 meldete Investcorp Credit Management BDC, Inc. einen Gesamtzinsertrag von 36,1 Millionen US-Dollar aus seinem Schuldeninvestitionsportfolio.

Anlagetyp	Zinserträge ($)	Prozentsatz der Gesamtsumme
Vorrangig besicherte Kredite	22,450,000	62.1%
Nachrangige Schulden	8,750,000	24.2%
Mezzanine-Finanzierung	5,900,000	16.3%

Gebühren für die Anlageverwaltung

Das Unternehmen erwirtschaftete im Geschäftsjahr 2023 Anlageverwaltungsgebühren in Höhe von 12,5 Millionen US-Dollar.

• Grundverwaltungsgebührensatz: 1,5 % des Gesamtvermögens
• Gesamtes verwaltetes Vermögen: 830 Millionen US-Dollar
• Struktur der jährlichen Verwaltungsgebühren: Wird vierteljährlich berechnet und gezahlt

Leistungsorientierte Vergütung

Die leistungsabhängigen Gebühren beliefen sich im Jahr 2023 auf insgesamt 4,3 Millionen US-Dollar, was 8,7 % der gesamten Einnahmequellen entspricht.

Kapitalwertsteigerung des Anlageportfolios

Die realisierten und nicht realisierten Nettogewinne aus dem Anlageportfolio beliefen sich im Jahr 2023 auf 7,2 Millionen US-Dollar.

Portfoliosegment	Kapitalwertsteigerung ($)	Wachstumsrate
Mittelstandsinvestitionen	4,600,000	12.3%
Unternehmensinvestitionen	2,600,000	7.5%

Gebühren für strukturierte Kreditprodukte

Die Gebühren aus strukturierten Kreditprodukten erreichten im Geschäftsjahr 2023 3,6 Millionen US-Dollar.

• Gebühren für die Erstellung strukturierter Produkte: 1,8 Millionen US-Dollar
• Strukturierungs- und Arrangementgebühren: 1,2 Millionen US-Dollar
• Laufende Wartungsgebühren: 600.000 US-Dollar

Gesamteinnahmequellen für das Geschäftsjahr 2023: 63,7 Millionen US-Dollar

Investcorp Credit Management BDC, Inc. (ICMB) - Canvas Business Model: Value Propositions

You're looking at what Investcorp Credit Management BDC, Inc. offers to its customers-the public investors and the middle-market companies it lends to. For investors, the value is clearly centered on generating high income while trying to keep the principal safe.

High-yield investment vehicle for income-focused public investors

The appeal here is the current income stream. For the quarter ending December 31, 2025, the Board declared a base distribution of $0.12 per share, which you can expect to receive on December 12, 2025. To sweeten that, they also declared a supplemental distribution of $0.02 per share for the same period. Honestly, this consistent payout is a major draw for income seekers. Looking at the September 30, 2025, period, that declared distribution represented a yield of about 20.14% based on the stock price of $2.78 at that time. The weighted average yield on the debt portfolio as of that date was 10.87% at fair market value, or the weighted average portfolio yield was 10.9% for the quarter.

Capital preservation via a focus on senior secured debt (78.32% first lien)

To back up that income promise, Investcorp Credit Management BDC, Inc. structures its portfolio defensively. As of September 30, 2025, a significant portion, specifically 78.32%, of its investment portfolio was in first lien investments. This means the majority of their capital is in the most senior secured debt positions, which generally have the first claim on a borrower's assets if things go south. You can see how the portfolio is structured right here:

Portfolio Component	Percentage as of September 30, 2025
First Lien Investments	78.32%
Equity, Warrants, and Other Investments	21.68%

Also, the debt portion is heavily weighted toward floating rates, which is a key defensive move when interest rates are volatile. As of September 30, 2025, 98.49% of the debt portfolio was invested in floating rate instruments. That's a clear structural benefit if rates stay elevated.

Flexible, customized credit solutions for U.S. middle-market companies

For the companies they lend to, the value is access to capital from an experienced manager. Investcorp Credit Management BDC, Inc. focuses on the middle market, targeting established companies with specific financial profiles. They expect their target borrowers to have annual revenues of at least $50 million and EBITDA of at least $15 million. The typical investment size they aim for ranges from $5 million to $25 million. The capital is used for things like organic growth, acquisitions, or refinancings.

Defensive portfolio structure that benefits from rising interest rates

This ties back to capital preservation, but it's also an income driver. The structure is designed to capture higher yields as rates move up. The heavy allocation to floating rate debt is the mechanism for this. As of the end of the September 30, 2025 quarter, the portfolio had 98.49% in floating rate debt. This contrasts with only 1.51% in fixed rate investments. This floating-rate exposure helps the weighted average yield on debt investments move up when benchmark rates increase, which is exactly what you want in this environment.

Consistent base distribution of $0.12 per share per quarter

You can count on the base payment. The Board declared a base distribution of $0.12 per share for the quarter ending December 31, 2025. This consistency, supplemented by the variable special dividend, is a core part of the offering. Here are some key portfolio metrics as of September 30, 2025, to give you context on the underlying assets:

• Number of portfolio companies: 41.
• Investment portfolio fair value: $196.1 million.
• Total assets: $210.6 million.
• Net asset value per share: $5.04.

Finance: draft 13-week cash view by Friday.

Investcorp Credit Management BDC, Inc. (ICMB) - Canvas Business Model: Customer Relationships

You're managing relationships with two distinct, yet equally critical, customer groups: your investors and the management teams of the companies you lend to. For Investcorp Credit Management BDC, Inc. (ICMB), these connections are cemented through transparency and consistent payouts.

Investor relations and communication via quarterly earnings calls and filings

We keep our investors informed through required disclosures and direct dialogue. For instance, the financial results for the third quarter ended September 30, 2025, were released on Wednesday, November 12, 2025, followed by the earnings conference call on Thursday, November 13, 2025. This cadence establishes a predictable communication rhythm. You can review the details in filings available on the SEC's EDGAR platform or the Investor Relations page on the ICMB website.

Key communication points center on portfolio health and shareholder returns. Here's a snapshot of the Q3 2025 figures shared:

Metric	Value (Q3 2025)	Context
Total Investments at Fair Value	$196.1 million	Total size of the asset base discussed with investors.
Net Assets	$72.7 million	The equity base supporting the investment portfolio.
Net Asset Value (NAV) per Share	$5.04	Down from $5.27 last quarter.
Net Investment Income (NII) per Share (before taxes)	$0.04	Decreased by $0.02 per share from the previous quarter.

Proactive credit monitoring to manage nonaccruals

Managing credit risk is a core relationship function; when a loan sours, it directly impacts investor returns. We actively monitor the portfolio to keep nonaccruals in check. As of Q3 2025, nonaccruals accounted for 4.4% of the portfolio at fair value. That's up from 1.6% in the prior quarter, so it's definitely an area management is focused on resolving. We maintain a disciplined approach, with approximately 82% of assets at fair value rated in the top two risk rating categories.

The portfolio structure itself is designed to mitigate concentration risk with investors:

• Investments in 37 portfolio companies as of November 12, 2025.
• Average exposure to any single company is less than 3% of the portfolio's fair value.
• Portfolio diversified across 18 industries.

Long-term, direct relationships with portfolio company management teams

Our investment adviser, CM Investment Partners LLC, builds these relationships by focusing on middle-market companies that generally have annual revenues of at least $50 million and EBITDA of at least $15 million. These are not passive investments; they require direct engagement. We look for structural protections, noting that approximately 73% of our investments are in covenanted deals. This level of involvement suggests a hands-on relationship with the management teams to ensure covenant compliance and operational stability.

Shareholder distributions, which are definitely a key relationship element

Distributions are how we deliver on our primary objective: maximizing total return for stockholders. The Board declared a regular distribution of $0.12 per share and a supplemental distribution of $0.02 per share for the quarter ending December 31, 2025, payable on December 12, 2025. This total distribution of $0.14 per share was significant, as the portfolio's net decrease in net assets from operations was approximately $1.3 million, with an additional $2 million due to cash dividends distribution in Q3 2025. This distribution represented a 20.14% yield on the Company's $2.78 share price as of market close on September 30, 2025. We expect the declared dividend to be comprised of net investment income and realized capital gains, not a return of capital for the quarter ended September 30, 2025.

The commitment from the parent organization also strengthens this relationship, as Investcorp Capital, an affiliate of Investcorp Group, provided a backstop commitment to refinance the company's notes due April 1, 2026.

Finance: draft next quarter's distribution projection based on current NII run-rate by end of January.

Investcorp Credit Management BDC, Inc. (ICMB) - Canvas Business Model: Channels

You're looking at how Investcorp Credit Management BDC, Inc. (ICMB) gets its capital and deploys its investment opportunities to you, the investor, and its portfolio companies. It's a mix of public markets, private arrangements, and leveraging the broader Investcorp ecosystem.

NASDAQ Stock Exchange for Raising Equity Capital from Public Investors

The primary public channel for raising equity capital is the listing on the NASDAQ-GS exchange under the ticker ICMB. This allows for the continuous sale of shares to the public market, though recent activity suggests a focus on capital preservation over aggressive issuance. As of late 2025, the reported Market Cap stood at approximately $41,240,519. The company has a stated Annualized Dividend of $0.56, translating to a Current Yield of around 19.72% based on recent trading prices. This public float is also subject to institutional interest; filings show 19 institutional owners and funds holding a total of 1,310,295 shares.

Key metrics related to the public equity channel as of late 2025 reporting periods include:

• Exchange Listing: NASDAQ-GS
• Market Capitalization: $41,240,519
• Current Yield (Annualized): 19.72%
• Institutional Shareholders (SEC Filers): 19
• Total Shares Held by Institutions: 1,310,295

Direct Origination and Sourcing Network from the Investcorp Platform

The direct origination channel relies heavily on the infrastructure of its investment adviser, CM Investment Partners LLC, which is part of the global Investcorp organization. This relationship is crucial for sourcing proprietary, non-auctioned deal flow, which is often the lifeblood of a successful BDC. Investcorp's Private Equity North America team has historically completed approximately 70 transactions in North America, deploying over $22 billion in transaction value since inception. This deep bench of experience in the middle market-targeting companies with at least $50 million in annual revenues and $15 million in EBITDA-informs the sourcing strategy for Investcorp Credit Management BDC, Inc. However, management commentary in Q3 2025 noted that deal flow and sponsor-led M&A remained slow, compressing spreads and limiting compelling new originations. The portfolio as of September 30, 2025, reflected a focus on senior risk, with 78.32% in first lien investments.

Debt Capital Markets for Issuing Notes and Securing Credit Facilities

Investcorp Credit Management BDC, Inc. uses the debt capital markets to secure leverage, which magnifies returns on its equity base. As of September 30, 2025, the balance sheet showed Total Assets of $210.64 million against Total Liabilities of $137.9 million, resulting in Net Assets of $72.70 million. A key component of this leverage is the revolving credit facility, which provided $36.5 million of unused and available capacity as of that date. Furthermore, the company has specific notes outstanding; an affiliate provided a crucial $65 million backstop commitment to refinance the 4.875% Notes due in April 2026, effectively removing near-term maturity risk. The portfolio's structure is heavily weighted toward floating rates, with 98.49% of debt investments being floating rate, capitalizing on the rate environment with a Weighted Average Yield on debt investments of 10.87% as of the end of Q3 2025.

A snapshot of the capital structure as of the third quarter of 2025:

Metric	Amount / Percentage	Date Reference
Net Assets	$72.70 million	September 30, 2025
Total Liabilities	$137.9 million	September 30, 2025
Revolving Credit Facility Capacity (Unused)	$36.5 million	September 30, 2025
Affiliate Backstop for 2026 Notes	$65 million	Q3 2025 Reporting
Floating Rate Debt in Portfolio	98.49%	September 30, 2025
Weighted Average Yield on Debt Investments	10.87%	September 30, 2025

Investment Banking and Broker-Dealer Networks for New Debt Placement

While specific, named broker-dealer relationships for ICMB's new debt placements in late 2025 aren't explicitly detailed in recent reports, the BDC's investment focus-unitranche loans, first lien, and second lien debt-requires active engagement with established debt capital markets and investment banking networks. These networks, which include firms specializing in structuring, underwriting, and marketing syndicated loans and private credit, are essential for placing the debt instruments that form the core of ICMB's portfolio. The firm's investment strategy involves structuring transactions that range from $5 million to $25 million, often for organic growth or acquisitions, which necessitates relationships with lenders, specialty finance firms, and fixed income funds that participate in these private credit markets.

The utilization of these networks is implied through the need to structure and place the debt, which includes:

• Structuring advice for senior/subordinated debt and private placements.
• Access to institutional investor bases for debt distribution.
• Negotiating terms for unitranche and first/second lien loans.
• Assistance in debt refinancing and recapitalization strategies.

Finance: draft 13-week cash view by Friday.

Investcorp Credit Management BDC, Inc. (ICMB) - Canvas Business Model: Customer Segments

You're looking at the core groups Investcorp Credit Management BDC, Inc. (ICMB) serves, which are primarily focused on generating current income from private debt investments in the U.S. middle market.

Income-focused Public Shareholders seeking high distribution yields are a primary segment. These investors are attracted by the current income stream the Business Development Company (BDC) structure is designed to provide. For instance, as of early December 2025, ICMB offered a compelling dividend yield of 18.36%. The declared distribution for the quarter ended September 30, 2025, was $0.12 per share plus a supplemental distribution of $0.02 per share, both payable on December 12, 2025. This total distribution of $0.14 represented a 20.14% yield on the $2.78 share price as of September 30, 2025. The forward annual payout estimate is $0.48.

The borrowers, which form the other side of the customer equation, are U.S. Middle-Market Companies. ICMB specifically seeks to finance middle-market companies that meet certain financial thresholds. The target profile is companies that have annual revenues of at least $50 million and an EBITDA of at least $15 million. The typical size of an individual investment ranges from $5 million to $25 million. These companies utilize the capital for purposes like organic growth, acquisitions, market or product expansion, refinancings, and/or recapitalizations.

ICMB maintains a strategy of investing across diversified industries to manage idiosyncratic risk. As of the first quarter of 2025, the portfolio showed specific concentrations in several sectors, which you can see detailed below:

Industry Segment	Portfolio Concentration (Fair Market Value)
Professional services	14.6%
Containers & packaging	11.7%
Commercial services & supplies	10.3%
Trading companies & distributors	8.8%
Insurance	7.6%
Specialty retail	7.2%

The portfolio companies spanned 19 GICS industries as of the end of Q1 2025.

Finally, the ownership base includes Institutional investors and funds holding ICMB common stock. The level of institutional involvement has varied across reporting periods. As of September 2025, 14 filers were identified as institutional owners, collectively holding 6.5% of the company's total shares outstanding. Separately, other filings indicate institutional ownership at 33.49% holding 4.83M shares, or another report suggests 19 institutional owners holding a total of 1,310,295 shares. The top institutional stake as of September 30, 2025, belonged to Bulldog Investors, LLP, owning 3.62% of the company.

You should note the key investment profile characteristics:

• Weighted average yield on debt investments as of September 30, 2025, was 10.87%.
• 78.32% of the investment portfolio was in first lien investments as of September 30, 2025.
• 98.49% of the debt portfolio consisted of floating rate investments.
• The Net Asset Value (NAV) per share as of September 30, 2025, was $5.04.

Investcorp Credit Management BDC, Inc. (ICMB) - Canvas Business Model: Cost Structure

The Cost Structure for Investcorp Credit Management BDC, Inc. (ICMB) is heavily influenced by the cost of its financial leverage and the fees paid to its external Investment Advisor. You need to watch these closely, as they directly impact net investment income available for shareholder distributions.

Interest expense on debt, including the 4.875% notes due April 1, 2026

Interest expense is a primary cost driver, directly tied to the debt used to finance portfolio investments. The 4.875% notes due April 1, 2026, represent a significant tranche of this cost, with an aggregate principal amount of $\text{\$65 million}$ issued in March 2021. While the exact total interest expense for the nine months ended September 30, 2025, was not explicitly isolated in the latest reports, this cost is substantial and subject to the current interest rate environment, especially as the company has a refinancing backstop in place for these notes.

Base management fees and incentive fees paid to the Investment Advisor

The fees paid to CM Investment Partners LLC, the Investment Advisor, are a direct operating cost. The fee structure involves a base fee and an income-based incentive fee. The data for the nine months ended September 30, 2025, shows the following components:

Fee Component	Amount for Nine Months Ended Sep 30, 2025
Base Management Fees	$\text{\$2,577,693}$
Income-Based Incentive Fees	$\text{(\$18,802)}$

The negative figure for the Income-Based Incentive Fees suggests that, for the nine-month period, fee waivers or the Total Return Requirement threshold were not met, which is a positive sign for the expense line item.

Operating expenses, which totaled $\text{\$11.4 million}$ for the nine months ended Sep 30, 2025

The total general and administrative expenses, excluding interest expense, were reported at $\text{\$11.4 million}$ for the nine months ending September 30, 2025. This figure was an improvement, down from $\text{\$12.8 million}$ in the comparable prior-year period, partly due to the aforementioned waivers on base management fees.

Professional fees for legal, accounting, and valuation services

These costs are embedded within the total operating expenses. Specific line-item figures for professional fees related to legal, accounting, and valuation services for the nine months ended September 30, 2025, were not separately itemized in the readily available summary data, but they form part of the overall cost base required to operate as a BDC.

Costs associated with maintaining BDC compliance and public listing

Maintaining the status as a regulated Business Development Company (BDC) and remaining listed on NASDAQ involves ongoing compliance and administrative expenditures. These costs, which include regulatory filings, director fees, and general corporate governance expenses, are included in the overall operating expense base. You should expect these costs to be relatively fixed year-over-year, barring any major regulatory changes.

• Costs for maintaining BDC compliance and public listing are part of the $\text{\$11.4 million}$ in operating expenses.
• The company is an externally-managed entity, which means many of these overheads are passed through via the advisory agreement.

Investcorp Credit Management BDC, Inc. (ICMB) - Canvas Business Model: Revenue Streams

Investcorp Credit Management BDC, Inc. (ICMB) generates its revenue primarily from its portfolio of debt and equity investments in middle-market companies. The core of the revenue generation is the interest earned on these debt holdings.

Interest income from debt investments is the largest component. For the nine months ended September 30, 2025, Total investment income was $13.3 million. As of September 30, 2025, the weighted average yield on debt investments, at fair market value, stood at 10.87%.

The revenue streams also include income recognized from specific contractual arrangements within the portfolio. These streams are integral to the total investment income figure reported.

Realized gains from the sale or repayment of investments provide lumpy but significant contributions to revenue when positions are exited successfully. For the quarter ended September 30, 2025, ICMB fully realized its investments in two portfolio companies, generating total proceeds of $6.5 million, with an internal rate of return on those specific investments reaching 12.67%. This contrasts with the quarter ended June 30, 2025, where realized proceeds totaled $9.5 million from three portfolio companies, yielding an internal rate of return of 32.82%.

The business model inherently includes PIK (Payment-in-Kind) interest income from certain portfolio companies, which accrues to the principal balance of the loan, and Fee income from origination, structuring, and prepayment penalties, which are recognized as earned. While specific dollar amounts for these two components for the nine-month period are embedded within the total investment income, the overall revenue expectation for the full year 2025 was estimated around $17.49M. The revenue reported for the quarter ended September 30, 2025, was $4.36 million, and the revenue for Q4 2025 was reported as $4.55 million.

Here is a look at the key components contributing to the revenue generation, using the most granular data available for the periods ending in 2025:

Revenue Component	Period	Amount (USD)
Total Investment Income	Nine Months Ended Sep 30, 2025	$13.3 million
Total Investment Income	Quarter Ended Sep 30, 2025	$4.36 million
Revenue (Reported)	Q4 2025	$4.55 million
Proceeds from Realized Investments	Quarter Ended Sep 30, 2025	$6.5 million
Proceeds from Realized Investments	Quarter Ended Jun 30, 2025	$9.5 million
Weighted Average Yield on Debt Investments (Fair Value)	As of Sep 30, 2025	10.87%

The structure of the income is heavily weighted toward interest accruals, supplemented by realized gains upon successful exits. You can see the quarterly revenue fluctuations:

• Revenue for 2024/Q4 was $5.119M.
• Revenue Estimate for 2025/Q3 was $4.410M.
• Revenue for 2025/Q2 was $4.545M.
• Revenue Estimate for 2025 is $17.49M.