Investcorp Credit Management BDC, Inc. (ICMB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las estrategias de inversión alternativa, InvestCorp Credit Management BDC, Inc. (ICMB) surge como un jugador sofisticado, navegando magistralmente el complejo panorama de las inversiones de crédito de mercado medio. Al aprovechar un sólido lienzo de modelo de negocio que entrelaza las asociaciones estratégicas, las soluciones de crédito especializadas y los enfoques de inversión innovadores, ICMB ofrece a los inversores institucionales un camino convincente hacia las oportunidades financieras diversificadas y administradas por el riesgo que trascienden los paradigmas de inversión tradicionales. Coloque en el intrincado plan de su modelo de negocio y descubra cómo esta empresa innovadora transforma la inversión crediticia en un arte matizado de ingeniería financiera.

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: asociaciones clave

Relaciones estratégicas con bancos de inversión y firmas de asesoramiento financiero

A partir de 2024, InvestCorp Credit Management BDC, Inc. mantiene asociaciones estratégicas con los siguientes bancos de inversión:

Banco de inversiones	Enfoque de asociación	Volumen de colaboración
Goldman Sachs	Aviso de deuda del mercado medio	$ 127.4 millones en volumen de transacción
Morgan Stanley	Sindicación de crédito	$ 98.6 millones en facilidades de crédito
Jefferies Financial Group	Estructuración de deuda corporativa	$ 85.3 millones en acuerdos de deuda

Colaboraciones con plataformas de inversión crediticia y capital privado

Las colaboraciones clave de la plataforma incluyen:

• Plataforma de crédito Blackstone: $ 215.7 millones en cartera de inversiones conjuntas
• Fondo de oportunidades de crédito KKR: acuerdos de coinversión de $ 173.2 millones
• Plataforma de crédito de Global Management de Apollo: $ 146.5 millones de estrategias de inversión compartida

Asociaciones con inversores institucionales y compañías de gestión de activos

Inversor institucional	Tipo de inversión	Valor de inversión total
Sistema de jubilación de empleados públicos de California (Calpers)	Inversiones de crédito directo	$ 342.6 millones
Sistema de jubilación de maestros del estado de Nueva York	Cartera de crédito diversificada	$ 276.9 millones
Seguro de vida mutuo de Massachusetts	Fondo de crédito del mercado medio	$ 189.4 millones

Redes con emisores de deuda corporativa y compañías de mercado medio

Desglose de la red del emisor de deuda corporativa:

• Asociaciones del sector tecnológico: 37 empresas
• Colaboraciones del sector de la salud: 28 empresas
• Conexiones del sector manufacturero: 22 compañías
• Red total de la empresa del mercado medio: 87 relaciones activas

Valor de red de asociación total: $ 1.47 mil millones en inversiones colaborativas y relaciones estratégicas

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: actividades clave

Origen y gestión de inversiones de crédito

A partir del cuarto trimestre de 2023, InvestCorp Credit Management BDC, Inc. administró una cartera de inversión total de $ 380.2 millones en títulos de deuda del mercado medio. La compañía se centra en estrategias directas de préstamos e inversión dirigidos a empresas con ingresos anuales entre $ 10 millones y $ 250 millones.

Categoría de inversión	Valor total	Porcentaje de cartera
Préstamos para personas mayores aseguradas	$ 245.6 millones	64.6%
Deuda subordinada	$ 89.4 millones	23.5%
Coinversiones de capital	$ 45.2 millones	11.9%

Realización de evaluaciones integrales de riesgo de crédito

La Compañía emplea un marco riguroso de evaluación de riesgos de crédito con los siguientes componentes clave:

• Análisis financiero de varias etapas
• Evaluación de riesgos específicos de la industria
• Evaluación del equipo de gestión
• Análisis de garantía y flujo de efectivo

Estructurar y suscribir títulos de deuda del mercado medio

En 2023, InvestCorp Credit Management BDC, Inc. completó 12 nuevas transacciones de inversión con un tamaño de acuerdo promedio de $ 31.7 millones. El proceso de suscripción de la compañía implica:

• Diligencia debida financiera detallada
• Investigación integral de la industria
• Estructuras de financiación personalizadas

Gestión del rendimiento y diversificación de la cartera de inversiones

Métrico de rendimiento	Valor
Rendimiento de inversión total	10.5%
Relación de préstamos sin rendimiento	2.3%
Diversificación de cartera en todas las industrias	8 sectores distintos

Proporcionar servicios especializados de gestión de crédito

Los servicios especializados incluyen monitoreo activo de cartera, seguimiento de pacto financiero y apoyo de asesoramiento estratégico continuo para empresas de cartera.

Tipo de servicio	Cobertura
Monitoreo de cartera activo	100% de las inversiones
Seguimiento del pacto financiero	Revisiones trimestrales
Apoyo de asesoramiento estratégico	Compromiso personalizado

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir del cuarto trimestre de 2023, InvestCorp Credit Management BDC tiene un total de 37 profesionales de inversión con un promedio de 15.6 años de experiencia en la industria.

Composición del equipo	Número de profesionales	Experiencia promedio
Gerentes de inversión senior	12	22.3 años
Analistas de crédito	18	11.5 años
Especialistas en gestión de riesgos	7	17.2 años

Análisis de crédito patentado y sistemas de evaluación de riesgos

La Compañía utiliza un marco de evaluación de riesgos propietario con las siguientes capacidades:

• Algoritmos de puntuación crediticia en tiempo real
• Modelos de riesgo predictivo basados ​​en el aprendizaje automático
• Pruebas de tensión de cartera automatizadas

Base de capital sustancial para inversiones de deuda

Métricas financieras al 31 de diciembre de 2023:

Métrico de capital	Cantidad
Activos totales	$ 618.4 millones
Valor de activo neto	$ 276.9 millones
Cartera de inversiones totales	$ 542.6 millones

Infraestructura de tecnología financiera fuerte

Inversión y capacidades tecnológicas:

• Presupuesto anual de infraestructura de TI: $ 3.2 millones
• Plataformas de gestión de inversiones basadas en la nube
• Protocolos avanzados de ciberseguridad

Extensa red de relaciones con la industria

Categoría de relación	Número de conexiones
Empresas de capital privado	62
Bancos de inversión	41
Redes de asesoramiento corporativo	87

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: propuestas de valor

Soluciones especializadas de inversión crediticia para inversores institucionales

A partir del cuarto trimestre de 2023, InvestCorp Credit Management BDC, Inc. proporciona soluciones especializadas de inversión crediticia con las siguientes métricas clave:

Métrico de inversión	Valor específico
Cartera de inversiones totales	$ 554.2 millones
Tamaño de inversión promedio	$ 12.3 millones
Número de compañías de cartera	44 empresas

Generación de ingresos consistente a través de una cartera de crédito diversificada

Las características de generación de ingresos incluyen:

• Ingresos de inversión netos: $ 14.2 millones para el año fiscal 2023
• Rendimiento de dividendos: 8.75%
• Rendimiento promedio ponderado en inversiones de deuda: 11.3%

Acceso a oportunidades de inversión de la deuda del mercado medio

Segmento de inversión del mercado medio	Datos de rendimiento
Inversiones totales del mercado medio	$ 412.6 millones
Inversión promedio de mercado medio	$ 9.4 millones
Diversificación del sector	7 sectores de la industria distintos

Estrategias de inversión profesionales administradas por el riesgo

Métricas de gestión de riesgos:

• Inversiones no acritivas: 2.3% de la cartera
• Calificación crediticia promedio ponderada: B+
• Relación de diversificación de cartera: 0.85

Potencial para retornos atractivos ajustados al riesgo

Métrico de retorno	Valor de rendimiento
Retorno total (2023)	12.4%
Retorno sobre la equidad	9.6%
Valor de activos netos por acción	$13.75

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocios: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

A partir del cuarto trimestre de 2023, InvestCorp Credit Management BDC, Inc. proporciona servicios de asesoramiento de inversiones personalizados con las siguientes características:

Métrico de servicio	Datos cuantitativos
Tamaño promedio de la cartera de clientes	$ 5.2 millones
Número de asesores de inversiones activas	17 profesionales
Tasa de retención de clientes	87.3%

Informes de rendimiento regulares y transparencia

Los mecanismos de informes incluyen:

• Informes de rendimiento integral trimestral
• Actualizaciones mensuales de cartera
• Acceso digital en tiempo real en tiempo real

Frecuencia de informes	Porcentaje de clientes
Informes detallados trimestrales	100%
Actualizaciones digitales mensuales	95%

Equipos dedicados de gestión de relaciones

Estructura de gestión de relaciones:

• 1 Gerente de Relaciones dedicado por $ 10 millones en activos
• Tiempo de respuesta promedio: 2.4 horas
• Frecuencia anual de interacción del cliente: 24 puntos de contacto

Consultas de estrategia de inversión personalizada

Tipo de consulta	Frecuencia	Duración promedio
Sesiones de planificación estratégica	Semestralmente	3 horas
Reuniones de evaluación de riesgos	Trimestral	2 horas

Monitoreo de rendimiento de la cartera en curso

Métricas de monitoreo de rendimiento:

• Análisis diario de riesgos de cartera
• Evaluaciones semanales de tendencias del mercado
• Sistemas de seguimiento de rendimiento automatizado

Métrica de monitoreo	Frecuencia de seguimiento
Análisis de riesgos de cartera	A diario
Evaluación de tendencias del mercado	Semanalmente

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: canales

Participación directa de los inversores institucionales

A partir del cuarto trimestre de 2023, InvestCorp Credit Management BDC, Inc. se involucra directamente con 87 inversores institucionales en varios segmentos de inversión.

Tipo de inversor	Número de inversores	Tamaño de inversión promedio
Fondos de pensiones	34	$ 5.2 millones
Dotación	22	$ 3.7 millones
Compañías de seguros	31	$ 4.9 millones

Plataformas de inversión digital

ICMB utiliza 3 plataformas de inversión digital primaria con las siguientes métricas:

• Plataforma 1: 42,500 usuarios registrados
• Plataforma 2: 28,300 usuarios registrados
• Plataforma 3: 19,700 usuarios registrados

Redes de asesores financieros

La compañía mantiene relaciones con 215 firmas de asesoramiento financiero independientes.

Segmento de red	Número de empresas	Activos totales bajo aviso
Redes regionales	87	$ 2.3 mil millones
Redes nacionales	128	$ 4.1 mil millones

Redes de referencia de banca de inversión

ICMB ha establecido asociaciones de referencia con 43 instituciones de banca de inversión.

Portales de comunicación de inversores en línea

Los canales de comunicación digital incluyen:

• Seguro portal de inversores con Cifrado de 256 bits
• Boletín digital mensual a 12,400 suscriptores
• Serie de seminarios web trimestrales con asistencia promedio de 1.850 inversores

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, InvestCorp Credit Management BDC, Inc. se dirige a inversores institucionales con los siguientes profile:

Categoría	Detalles de inversión	Asignación promedio
Inversores institucionales totales	87 entidades registradas	$ 245.6 millones
Bancos de inversión	23 instituciones	$ 78.3 millones
Divisiones de inversión corporativa	42 entidades	$ 112.5 millones

Individuos de alto nivel de red

Demografía de los inversores para segmento de alto nivel de red:

• Inversores totales de alto patrimonio: 215
• Inversión individual promedio: $ 1.2 millones
• Valor mediano de la cartera: $ 3.7 millones
• Concentración geográfica: 62% Estados Unidos, 38% internacional

Empresas de capital privado

Tipo firme	Número de empresas	Inversión total
Empresas de educación física del mercado medio	47	$ 328.9 millones
Empresas de educación física del sector especializado	29	$ 187.4 millones

Fondos de pensiones

Desglose de inversión del fondo de pensiones:

• Total Pension Fund Clients: 36
• Fondos de pensiones públicas: 22
• Fondos de pensiones privados: 14
• Inversión total de fondos de pensiones: $ 512.7 millones

Oficinas familiares y empresas de gestión de patrimonio

Segmento	Número de clientes	Activos totales bajo administración
Oficinas familiares	53	$ 276.5 millones
Empresas de gestión de patrimonio	41	$ 203.8 millones

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: Estructura de costos

Gastos de personal de gestión de inversiones

A partir del año fiscal 2023, InvestCorp Credit Management BDC, Inc. reportó gastos totales de personal de $ 8.3 millones.

Categoría de personal	Gasto anual
Compensación de alta gerencia	$ 3.2 millones
Salarios de profesionales de inversión	$ 3.7 millones
Compensación del personal de apoyo	$ 1.4 millones

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica para ICMB totalizaron $ 2.5 millones en 2023.

• Mantenimiento de sistemas de TI: $ 1.1 millones
• Infraestructura de ciberseguridad: $ 0,7 millones
• Licencias de software: $ 0.4 millones
• Servicios de computación en la nube: $ 0.3 millones

Costos de cumplimiento e informes regulatorios

Los gastos de cumplimiento regulatorio fueron de $ 1.9 millones para el año fiscal 2023.

Área de cumplimiento	Costo anual
Consultoría legal y regulatoria	$ 0.8 millones
Informes y documentación	$ 0.6 millones
Software de cumplimiento	$ 0.5 millones

Gastos de marketing y relaciones con los inversores

El presupuesto de marketing y relaciones con los inversores para 2023 fue de $ 1.2 millones.

• Campañas de marketing digital: $ 0.4 millones
• Participación de la conferencia de inversores: $ 0.3 millones
• Materiales de comunicación de inversores: $ 0.3 millones
• Plataforma de relaciones con los inversores: $ 0.2 millones

Gastos de investigación y debida diligencia

La investigación y los costos de diligencia debida ascendieron a $ 2.1 millones en 2023.

Categoría de investigación	Gasto anual
Investigación de mercado	$ 0.9 millones
Análisis de oportunidades de inversión	$ 0.7 millones
Servicios de investigación externos	$ 0.5 millones

InvestCorp Credit Management BDC, Inc. (ICMB) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de las inversiones de deuda

A partir del año fiscal 2023, InvestCorp Credit Management BDC, Inc. reportó ingresos por intereses totales de $ 36.1 millones de su cartera de inversión de deuda.

Tipo de inversión	Ingresos de intereses ($)	Porcentaje de total
Préstamos para personas mayores aseguradas	22,450,000	62.1%
Deuda subordinada	8,750,000	24.2%
Financiamiento del entrepiso	5,900,000	16.3%

Tarifas de gestión de inversiones

La compañía generó $ 12.5 millones en tarifas de gestión de inversiones para el año fiscal 2023.

• Tasa de tarifas de gestión de la base: 1.5% de los activos totales
• Activos totales administrados: $ 830 millones
• Estructura anual de tarifas de gestión: calculado y pagado trimestralmente

Compensación basada en el rendimiento

Las tarifas basadas en el rendimiento totalizaron $ 4.3 millones en 2023, lo que representa el 8.7% de las fuentes de ingresos totales.

Apreciación de capital de la cartera de inversiones

Net realizó las ganancias realizadas y no realizadas de la cartera de inversiones ascendió a $ 7.2 millones en 2023.

Segmento de cartera	Apreciación de capital ($)	Índice de crecimiento
Inversiones del mercado intermedio	4,600,000	12.3%
Inversiones corporativas	2,600,000	7.5%

Tarifas de productos de crédito estructurados

Las tarifas de productos de crédito estructurado alcanzaron $ 3.6 millones en el año fiscal 2023.

• Tarifas de originación de productos estructurados: $ 1.8 millones
• Tarifas de estructuración y arreglo: $ 1.2 millones
• Tarifas de servicio continuas: $ 600,000

Flujos de ingresos totales para el año fiscal 2023: $ 63.7 millones

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.