Investcorp Credit Management BDC, Inc. (ICMB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des stratégies d'investissement alternatives, Investcorp Credit Management BDC, Inc. (ICMB) émerge comme un acteur sophistiqué, naviguant magistralement dans le paysage complexe des investissements de crédit du marché intermédiaire. En tirant parti d'une toile de modèle commerciale robuste qui entrelace des partenariats stratégiques, des solutions de crédit spécialisées et des approches d'investissement innovantes, l'ICMB offre aux investisseurs institutionnels une voie convaincante vers des opportunités financières diversifiées et gérées par les risques qui transcendent les paradigmes d'investissement traditionnels. Plongez dans le plan complexe de leur modèle commercial et découvrez comment cette entreprise innovante transforme l'investissement de crédit en un art nuancé de l'ingénierie financière.

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: Partenariats clés

Relations stratégiques avec les banques d'investissement et les cabinets de conseil financier

En 2024, Investcorp Credit Management BDC, Inc. entretient des partenariats stratégiques avec les banques d'investissement suivantes:

Banque d'investissement	Focus de partenariat	Volume de collaboration
Goldman Sachs	Advisory de la dette du marché intermédiaire	127,4 millions de dollars en volume de transaction
Morgan Stanley	Syndication du crédit	98,6 millions de dollars en facilités de crédit
Groupe financier Jefferies	Structuration de la dette des entreprises	85,3 millions de dollars de dettes

Collaborations avec les plateformes de capital-investissement et d'investissement de crédit

Les collaborations clés de la plate-forme comprennent:

• Blackstone Credit Plateforme: 215,7 millions de dollars de portefeuille d'investissement conjoint
• Fonds KKR Credit Opportunities: 173,2 millions de dollars d'accords de co-investissement
• APOLLO Global Management Credit Platform: 146,5 millions de dollars de stratégies d'investissement partagées

Partenariats avec des investisseurs institutionnels et des sociétés de gestion d'actifs

Investisseur institutionnel	Type d'investissement	Valeur d'investissement totale
Système de retraite des employés publics de Californie (CALPERS)	Investissements de crédit direct	342,6 millions de dollars
Système de retraite des enseignants de l'État de New York	Portefeuille de crédit diversifié	276,9 millions de dollars
Massachusetts Mutual Life Assurance	Fonds de crédit sur le marché intermédiaire	189,4 millions de dollars

Réseautage avec des émetteurs de dettes d'entreprise et des sociétés de marché intermédiaire

Répartition du réseau des émetteurs de la dette des entreprises:

• Partenariats du secteur technologique: 37 entreprises
• Collaborations du secteur de la santé: 28 entreprises
• Connexions du secteur manufacturier: 22 entreprises
• Réseau total des entreprises du marché intermédiaire: 87 relations actives

Valeur totale du réseau de partenariat: 1,47 milliard de dollars d'investissements collaboratifs et de relations stratégiques

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: Activités clés

Originaire et gestion des investissements de crédit

Au quatrième trimestre 2023, Investcorp Credit Management BDC, Inc. a géré un portefeuille d'investissement total de 380,2 millions de dollars en titres de créance intermédiaire. La société se concentre sur des stratégies directes de prêt et d'investissement ciblant les sociétés avec des revenus annuels entre 10 et 250 millions de dollars.

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
Prêts garantis supérieurs	245,6 millions de dollars	64.6%
Dette subordonnée	89,4 millions de dollars	23.5%
Co-investissements en actions	45,2 millions de dollars	11.9%

Effectuer des évaluations complètes des risques de crédit

La Société utilise un cadre d'évaluation des risques de crédit rigoureux avec les composantes clés suivantes:

• Analyse financière en plusieurs étapes
• Évaluation des risques spécifique à l'industrie
• Évaluation de l'équipe de gestion
• Analyse des garanties et des flux de trésorerie

Structuration et souscription des titres de créance du marché intermédiaire

En 2023, Investcorp Credit Management BDC, Inc. a effectué 12 nouvelles transactions d'investissement avec une taille moyenne de 31,7 millions de dollars. Le processus de souscription de l'entreprise implique:

• Diligence financière détaillée
• Recherche complète de l'industrie
• Structures de financement personnalisées

Gérer les performances et la diversification du portefeuille d'investissement

Métrique de performance	Valeur
Rendement total d'investissement	10.5%
Ratio de prêts non performants	2.3%
Diversification du portefeuille dans toutes les industries	8 secteurs distincts

Fournir des services de gestion de crédit spécialisés

Les services spécialisés comprennent la surveillance active du portefeuille, le suivi des alliances financières et le support de conseil stratégique continu pour les sociétés de portefeuille.

Type de service	Couverture
Surveillance du portefeuille actif	100% des investissements
Suivi de l'alliance financière	Revues trimestrielles
Support de conseil stratégique	Engagement personnalisé

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Au quatrième trimestre 2023, Investcorp Credit Management BDC compte 37 professionnels d'investissement avec une moyenne de 15,6 ans d'expérience dans l'industrie.

Composition de l'équipe	Nombre de professionnels	Expérience moyenne
Responsables de l'investissement seniors	12	22,3 ans
Analystes de crédit	18	11,5 ans
Spécialistes de la gestion des risques	7	17,2 ans

Analyse du crédit propriétaire et systèmes d'évaluation des risques

L'entreprise utilise un cadre d'évaluation des risques propriétaire avec les capacités suivantes:

• Algorithmes de notation de crédit en temps réel
• Modèles de risque prédictifs basés sur l'apprentissage automatique
• Test de contrainte de portefeuille automatisé

Base de capital substantielle pour les investissements en dette

Mesures financières au 31 décembre 2023:

Métrique capitale	Montant
Actif total	618,4 millions de dollars
Valeur de l'actif net	276,9 millions de dollars
Portefeuille d'investissement total	542,6 millions de dollars

Forte infrastructure technologique financière

Investissement et capacités technologiques:

• Budget annuel d'infrastructure informatique: 3,2 millions de dollars
• Plateformes de gestion des investissements basées sur le cloud
• Protocoles avancés de cybersécurité

Réseau étendu de relations de l'industrie

Catégorie de relation	Nombre de connexions
Sociétés de capital-investissement	62
Banques d'investissement	41
Réseaux de conseil en entreprise	87

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement de crédit spécialisées pour les investisseurs institutionnels

Depuis le quatrième trimestre 2023, Investcorp Credit Management BDC, Inc. fournit des solutions d'investissement de crédit spécialisées avec les mesures clés suivantes:

Métrique d'investissement	Valeur spécifique
Portefeuille d'investissement total	554,2 millions de dollars
Taille moyenne de l'investissement	12,3 millions de dollars
Nombre de sociétés de portefeuille	44 entreprises

Génération de revenus cohérente grâce à un portefeuille de crédit diversifié

Les caractéristiques de génération de revenus comprennent:

• Revenu de placement net: 14,2 millions de dollars pour l'exercice 2023
• Rendement des dividendes: 8,75%
• Rendement moyen pondéré sur les investissements de la dette: 11,3%

Accès aux opportunités d'investissement de la dette du marché intermédiaire

Segment d'investissement du marché intermédiaire	Données de performance
Investissements totaux sur le marché intermédiaire	412,6 millions de dollars
Investissement moyen du marché intermédiaire	9,4 millions de dollars
Diversification du secteur	7 secteurs industriels distincts

Stratégies d'investissement gérées par le risque professionnelles

Métriques de gestion des risques:

• Investissements non accruels: 2,3% du portefeuille
• Note de crédit moyenne pondérée: B +
• Ratio de diversification du portefeuille: 0,85

Potentiel de rendements ajustés au risque attractifs

Métrique de retour	Valeur de performance
Retour total (2023)	12.4%
Retour des capitaux propres	9.6%
Valeur de l'actif net par action	$13.75

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Au quatrième trimestre 2023, Investcorp Credit Management BDC, Inc. fournit des services de conseil en investissement personnalisés avec les caractéristiques suivantes:

Métrique de service	Données quantitatives
Taille moyenne du portefeuille client	5,2 millions de dollars
Nombre de conseillers en investissement actifs	17 professionnels
Taux de rétention des clients	87.3%

Rapports et transparence des performances régulières

Les mécanismes de rapport comprennent:

• Rapports de performance complets trimestriels
• Mises à jour mensuelles du portefeuille
• Accès au tableau de bord numérique en temps réel

Fréquence de rapport	Pourcentage de clients
Rapports détaillés trimestriels	100%
Mises à jour numériques mensuelles	95%

Équipes de gestion des relations dédiées

Structure de gestion des relations:

• 1 gestionnaire de relations dédié par 10 millions de dollars d'actifs
• Temps de réponse moyen: 2,4 heures
• Fréquence d'interaction du client annuel: 24 points de contact

Consultations de stratégie d'investissement personnalisées

Type de consultation	Fréquence	Durée moyenne
Sessions de planification stratégique	Semi-annuellement	3 heures
Réunions d'évaluation des risques	Trimestriel	2 heures

Surveillance des performances du portefeuille en cours

Métriques de surveillance des performances:

• Analyse quotidienne des risques de portefeuille
• Évaluations hebdomadaires des tendances du marché
• Systèmes de suivi des performances automatisées

Surveillance de la métrique	Fréquence de suivi
Analyse des risques de portefeuille	Tous les jours
Évaluation des tendances du marché	Hebdomadaire

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: canaux

Engagement direct des investisseurs institutionnels

Au quatrième trimestre 2023, Investcorp Credit Management BDC, Inc. s'engage directement avec 87 investisseurs institutionnels dans divers segments d'investissement.

Type d'investisseur	Nombre d'investisseurs	Taille moyenne de l'investissement
Fonds de pension	34	5,2 millions de dollars
Dotation	22	3,7 millions de dollars
Compagnies d'assurance	31	4,9 millions de dollars

Plates-formes d'investissement numériques

ICMB utilise 3 plates-formes d'investissement numérique principales avec les mesures suivantes:

• Plateforme 1: 42 500 utilisateurs enregistrés
• Plateforme 2: 28 300 utilisateurs enregistrés
• Plateforme 3: 19 700 utilisateurs enregistrés

Réseaux de conseillers financiers

La société entretient des relations avec 215 cabinets de conseil financier indépendants.

Segment de réseau	Nombre d'entreprises	Total des actifs en vertu de l'avis
Réseaux régionaux	87	2,3 milliards de dollars
Réseaux nationaux	128	4,1 milliards de dollars

Réseaux de référence de la banque d'investissement

ICMB a établi des partenariats de référence avec 43 institutions bancaires d'investissement.

Portails de communication des investisseurs en ligne

Les canaux de communication numérique comprennent:

• Sécuriser le portail des investisseurs avec Cryptage 256 bits
• Newsletter numérique mensuel à 12 400 abonnés
• Série de webinaires trimestriels avec une fréquentation moyenne de 1 850 investisseurs

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Investcorp Credit Management BDC, Inc. cible les investisseurs institutionnels avec les éléments suivants profile:

Catégorie	Détails de l'investissement	Allocation moyenne
Investisseurs institutionnels totaux	87 entités enregistrées	245,6 millions de dollars
Banques d'investissement	23 institutions	78,3 millions de dollars
Divisions d'investissement d'entreprise	42 entités	112,5 millions de dollars

Individus à haute nette

Demographies des investisseurs pour le segment à forte intensité:

• Total des investisseurs à forte intensité: 215
• Investissement individuel moyen: 1,2 million de dollars
• Valeur de portefeuille médian: 3,7 millions de dollars
• Concentration géographique: 62% des États-Unis, 38% internationaux

Sociétés de capital-investissement

Type d'entreprise	Nombre d'entreprises	Investissement total
Entreprises d'EP du marché intermédiaire	47	328,9 millions de dollars
Entreprises du secteur spécialisé	29	187,4 millions de dollars

Fonds de pension

Répartition des investissements des fonds de pension:

• Clients totaux de fonds de pension: 36
• Fonds de pension publique: 22
• Fonds de retraite privés: 14
• Investissement total des fonds de pension: 512,7 millions de dollars

Bureaux familiaux et sociétés de gestion de la patrimoine

Segment	Nombre de clients	Total des actifs sous gestion
Familiaux	53	276,5 millions de dollars
Sociétés de gestion de patrimoine	41	203,8 millions de dollars

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: Structure des coûts

Dépenses du personnel de la gestion des investissements

Depuis l'exercice 2023, Investcorp Credit Management BDC, Inc. a déclaré un total des dépenses de personnel de 8,3 millions de dollars.

Catégorie de personnel	Dépenses annuelles
Compensation de cadres supérieurs	3,2 millions de dollars
Salaires des professionnels de l'investissement	3,7 millions de dollars
Indemnisation du personnel de soutien	1,4 million de dollars

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour l'ICMB ont totalisé 2,5 millions de dollars en 2023.

• Maintenance des systèmes informatiques: 1,1 million de dollars
• Infrastructure de cybersécurité: 0,7 million de dollars
• Licence logicielle: 0,4 million de dollars
• Services de cloud computing: 0,3 million de dollars

Coût de la conformité et des rapports réglementaires

Les dépenses de conformité réglementaire étaient de 1,9 million de dollars pour l'exercice 2023.

Zone de conformité	Coût annuel
Conseil juridique et réglementaire	0,8 million de dollars
Rapports et documentation	0,6 million de dollars
Logiciel de conformité	0,5 million de dollars

Dépenses de marketing et de relations avec les investisseurs

Le budget du marketing et des relations avec les investisseurs pour 2023 était de 1,2 million de dollars.

• Campagnes de marketing numérique: 0,4 million de dollars
• Participation de la conférence des investisseurs: 0,3 million de dollars
• Matériel de communication des investisseurs: 0,3 million de dollars
• Plateforme de relations avec les investisseurs: 0,2 million de dollars

Dépenses de recherche et de diligence raisonnable

Les coûts de recherche et de diligence raisonnable s'élevaient à 2,1 millions de dollars en 2023.

Catégorie de recherche	Dépenses annuelles
Étude de marché	0,9 million de dollars
Analyse des opportunités d'investissement	0,7 million de dollars
Services de recherche externes	0,5 million de dollars

Investcorp Credit Management BDC, Inc. (ICMB) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des investissements de la dette

Depuis l'exercice 2023, Investcorp Credit Management BDC, Inc. a déclaré un revenu d'intérêt total de 36,1 millions de dollars par rapport à son portefeuille d'investissement en dette.

Type d'investissement	Revenu des intérêts ($)	Pourcentage du total
Prêts garantis supérieurs	22,450,000	62.1%
Dette subordonnée	8,750,000	24.2%
Financement de la mezzanine	5,900,000	16.3%

Frais de gestion des investissements

La société a généré 12,5 millions de dollars en frais de gestion des investissements pour l'exercice 2023.

• Taux de frais de gestion de la base: 1,5% du total des actifs
• Actifs gérés totaux: 830 millions de dollars
• Structure des frais de gestion annuelle: calculé et payé trimestriel

Compensation basée sur la performance

Les frais basés sur les performances ont totalisé 4,3 millions de dollars en 2023, ce qui représente 8,7% du total des sources de revenus.

Appréciation du capital du portefeuille d'investissement

Les gains nets réalisés et non réalisés du portefeuille d'investissement s'élevaient à 7,2 millions de dollars en 2023.

Segment de portefeuille	Appréciation du capital ($)	Taux de croissance
Investissements du marché intermédiaire	4,600,000	12.3%
Investissements d'entreprise	2,600,000	7.5%

Frais de produits de crédit structurés

Les frais des produits de crédit structurés ont atteint 3,6 millions de dollars au cours de l'exercice 2023.

• Frais d'origine des produits structurés: 1,8 million de dollars
• Frais de structuration et d'arrangement: 1,2 million de dollars
• Frais de service en cours: 600 000 $

Total des sources de revenus pour l'exercice 2023: 63,7 millions de dollars

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.