Gerenciamento de Crédito InvestCorp BDC, Inc. (ICMB): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de estratégias alternativas de investimento, a InvestCorp Credit Management BDC, Inc. (ICMB) surge como um jogador sofisticado, navegando magistralmente no complexo cenário de investimentos em crédito do mercado médio. Ao alavancar uma tela robusta de modelo de negócios que entrelaça parcerias estratégicas, soluções de crédito especializadas e abordagens inovadoras de investimento, o ICMB oferece aos investidores institucionais um caminho atraente para oportunidades financeiras diversificadas e gerenciadas por riscos que transcendem paradigmas de investimento tradicionais. Mergulhe no projeto intrincado de seu modelo de negócios e descubra como essa empresa inovadora transforma o investimento em crédito em uma arte diferenciada de engenharia financeira.

Gerenciamento de Crédito Investcorp BDC, Inc. (ICMB) - Modelo de negócios: Parcerias -chave

Relações estratégicas com bancos de investimento e empresas de consultoria financeira

A partir de 2024, a InvestCorp Credit Management BDC, Inc. mantém parcerias estratégicas com os seguintes bancos de investimento:

Banco de investimento	Foco em parceria	Volume de colaboração
Goldman Sachs	Aviso de dívida do mercado intermediário	US $ 127,4 milhões em volume de transações
Morgan Stanley	SIDAÇÃO DE CRÉDITO	US $ 98,6 milhões em linhas de crédito
Jefferies Financial Group	Estruturação da dívida corporativa	US $ 85,3 milhões em acordos de dívida

Colaborações com plataformas de investimento em private equity e crédito

As principais colaborações da plataforma incluem:

• Plataforma de crédito Blackstone: US $ 215,7 milhões portfólio de investimentos conjuntos
• Fundo de Oportunidades de Crédito KKR: US $ 173,2 milhões de contratos de co-investimento
• Plataforma de crédito da Apollo Global Management: US $ 146,5 milhões em estratégias de investimento compartilhado

Parcerias com investidores institucionais e empresas de gestão de ativos

Investidor institucional	Tipo de investimento	Valor total de investimento
Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)	Investimentos de crédito direto	US $ 342,6 milhões
Sistema de Aposentadoria dos Professores do Estado de Nova York	Portfólio de crédito diversificado	US $ 276,9 milhões
Seguro de Vida Mútua de Massachusetts	Fundo de Crédito do Market Médio	US $ 189,4 milhões

Rede de rede com emissores de dívidas corporativas e empresas de mercado intermediário

Redução da rede de emissoras da dívida corporativa:

• Parcerias do setor de tecnologia: 37 empresas
• Colaborações do setor de saúde: 28 empresas
• Conexões do setor manufatureiro: 22 empresas
• Rede total de empresas de mercado médio: 87 relacionamentos ativos

Valor da rede total de parcerias: US $ 1,47 bilhão em investimentos colaborativos e relações estratégicas

Investcorp Credit Management BDC, Inc. (ICMB) - Modelo de negócios: Atividades -chave

Originando e gerenciando investimentos de crédito

A partir do quarto trimestre 2023, a InvestCorp Credit Management BDC, Inc. administrou um portfólio total de investimentos de US $ 380,2 milhões em títulos de dívida do mercado intermediário. A empresa se concentra em estratégias diretas de empréstimos e investimentos direcionados às empresas com receita anual entre US $ 10 milhões e US $ 250 milhões.

Categoria de investimento	Valor total	Porcentagem de portfólio
Empréstimos garantidos sênior	US $ 245,6 milhões	64.6%
Dívida subordinada	US $ 89,4 milhões	23.5%
Co-investimentos de ações	US $ 45,2 milhões	11.9%

Conduzindo avaliações abrangentes de risco de crédito

A empresa emprega uma estrutura rigorosa de avaliação de risco de crédito com os seguintes componentes -chave:

• Análise financeira de vários estágios
• Avaliação de risco específica da indústria
• Avaliação da equipe de gerenciamento
• Análise de colateral e fluxo de caixa

Estrutura e subscrição de títulos de dívida do mercado médio

Em 2023, a InvestCorp Credit Management BDC, Inc. concluiu 12 novas transações de investimento com um tamanho médio de negócios de US $ 31,7 milhões. O processo de subscrição da empresa envolve:

• Due diligence detalhada
• Pesquisa abrangente da indústria
• Estruturas de financiamento personalizadas

Gerenciando o desempenho e diversificação do portfólio de investimentos

Métrica de desempenho	Valor
Rendimento total de investimentos	10.5%
Razão de empréstimos não-desempenho	2.3%
Diversificação de portfólio entre indústrias	8 setores distintos

Fornecendo serviços especializados de gerenciamento de crédito

Os serviços especializados incluem monitoramento ativo de portfólio, rastreamento de aliança financeira e suporte consultivo estratégico em andamento para empresas de portfólio.

Tipo de serviço	Cobertura
Monitoramento de portfólio ativo	100% dos investimentos
Rastreamento de aliança financeira	Revisões trimestrais
Suporte consultivo estratégico	Engajamento personalizado

Gerenciamento de Crédito Investcorp BDC, Inc. (ICMB) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre de 2023, o InvestCorp Credit Management BDC possui um total de 37 profissionais de investimento, com uma média de 15,6 anos de experiência no setor.

Composição da equipe	Número de profissionais	Experiência média
Gerentes de investimento seniores	12	22,3 anos
Analistas de crédito	18	11,5 anos
Especialistas em gerenciamento de riscos	7	17,2 anos

Análise de crédito proprietária e sistemas de avaliação de riscos

A empresa utiliza uma estrutura de avaliação de risco proprietária com os seguintes recursos:

• Algoritmos de pontuação de crédito em tempo real
• Modelos de risco preditivos baseados em aprendizado de máquina
• Teste de estresse automatizado de portfólio

Base de capital substancial para investimentos em dívida

Métricas financeiras em 31 de dezembro de 2023:

Métrica de capital	Quantia
Total de ativos	US $ 618,4 milhões
Valor líquido do ativo	US $ 276,9 milhões
Portfólio total de investimentos	US $ 542,6 milhões

Forte infraestrutura de tecnologia financeira

Investimento de tecnologia e recursos:

• Orçamento anual de infraestrutura de TI: US $ 3,2 milhões
• Plataformas de gerenciamento de investimentos baseadas em nuvem
• Protocolos avançados de segurança cibernética

Extensa rede de relacionamentos do setor

Categoria de relacionamento	Número de conexões
Empresas de private equity	62
Bancos de investimento	41
Redes de consultoria corporativa	87

Gerenciamento de Crédito Investcorp BDC, Inc. (ICMB) - Modelo de negócios: proposições de valor

Soluções especializadas de investimento de crédito para investidores institucionais

A partir do quarto trimestre 2023, a InvestCorp Credit Management BDC, Inc. fornece soluções especializadas de investimento de crédito com as seguintes métricas principais:

Métrica de investimento	Valor específico
Portfólio total de investimentos	US $ 554,2 milhões
Tamanho médio de investimento	US $ 12,3 milhões
Número de empresas de portfólio	44 empresas

Geração de renda consistente através de portfólio de crédito diversificado

As características da geração de renda incluem:

• Receita líquida de investimento: US $ 14,2 milhões para o ano fiscal de 2023
• Rendimento de dividendos: 8,75%
• Rendimento médio ponderado em investimentos em dívida: 11,3%

Acesso a oportunidades de investimento da dívida do mercado intermediário

Segmento de investimento do mercado intermediário	Dados de desempenho
Total de investimentos no mercado intermediário	US $ 412,6 milhões
Investimento médio de mercado intermediário	US $ 9,4 milhões
Diversificação do setor	7 setores distintos da indústria

Estratégias de investimento administradas por riscos profissionais

Métricas de gerenciamento de riscos:

• Investimentos não acreais: 2,3% do portfólio
• Classificação média ponderada de crédito: B+
• Taxa de diversificação de portfólio: 0,85

Potencial para retornos atraentes ajustados ao risco

Métrica de retorno	Valor de desempenho
Retorno total (2023)	12.4%
Retorno sobre o patrimônio	9.6%
Valor líquido do ativo por ação	$13.75

Gerenciamento de Crédito Investcorp BDC, Inc. (ICMB) - Modelo de negócios: Relacionamentos do cliente

Serviços de consultoria de investimento personalizados

A partir do quarto trimestre 2023, a InvestCorp Credit Management BDC, Inc. fornece serviços de consultoria de investimento personalizados com as seguintes características:

Métrica de serviço	Dados quantitativos
Tamanho médio do portfólio de clientes	US $ 5,2 milhões
Número de consultores de investimento ativos	17 profissionais
Taxa de retenção de clientes	87.3%

Relatórios de desempenho regulares e transparência

Os mecanismos de relatório incluem:

• Relatórios de desempenho abrangentes trimestrais
• Atualizações mensais de portfólio
• Acesso ao painel digital em tempo real

Frequência de relatório	Porcentagem de clientes
Relatórios Trimestrais detalhados	100%
Atualizações digitais mensais	95%

Equipes de gerenciamento de relacionamento dedicadas

Estrutura de gerenciamento de relacionamento:

• 1 gerente de relacionamento dedicado por US $ 10 milhões em ativos
• Tempo médio de resposta: 2,4 horas
• Frequência anual de interação do cliente: 24 pontos de contato

Consultas de estratégia de investimento personalizadas

Tipo de consulta	Freqüência	Duração média
Sessões de planejamento estratégico	Semestralmente	3 horas
Reuniões de avaliação de risco	Trimestral	2 horas

Monitoramento de desempenho de portfólio em andamento

Métricas de monitoramento de desempenho:

• Análise diária de risco de portfólio
• Avaliações semanais de tendências de mercado
• Sistemas de rastreamento de desempenho automatizados

Monitoramento métrica	Frequência de rastreamento
Análise de risco de portfólio	Diário
Avaliação de tendências de mercado	Semanalmente

Investcorp Credit Management BDC, Inc. (ICMB) - Modelo de negócios: canais

Engajamento direto do investidor institucional

A partir do quarto trimestre 2023, a InvestCorp Credit Management BDC, Inc. se envolve diretamente com 87 investidores institucionais em vários segmentos de investimento.

Tipo de investidor	Número de investidores	Tamanho médio de investimento
Fundos de pensão	34	US $ 5,2 milhões
Doações	22	US $ 3,7 milhões
Companhias de seguros	31	US $ 4,9 milhões

Plataformas de investimento digital

O ICMB utiliza três plataformas primárias de investimento digital com as seguintes métricas:

• Plataforma 1: 42.500 usuários registrados
• Plataforma 2: 28.300 usuários registrados
• Plataforma 3: 19.700 usuários registrados

Redes de consultores financeiros

A empresa mantém relacionamentos com 215 empresas de consultoria financeira independentes.

Segmento de rede	Número de empresas	Total de ativos sob orientação
Redes regionais	87	US $ 2,3 bilhões
Redes nacionais	128	US $ 4,1 bilhões

Redes de referência bancária de investimento

O ICMB estabeleceu parcerias de referência com 43 instituições de banco de investimento.

Portais de comunicação de investidores on -line

Os canais de comunicação digital incluem:

• Portal seguro para investidores com Criptografia de 256 bits
• Newsletter digital mensal para 12.400 assinantes
• Série de webinar trimestral com participação média de 1.850 investidores

Gerenciamento de Crédito Investcorp BDC, Inc. (ICMB) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a InvestCorp Credit Management BDC, Inc. tem como alvo investidores institucionais com o seguinte profile:

Categoria	Detalhes do investimento	Alocação média
Total de investidores institucionais	87 entidades registradas	US $ 245,6 milhões
Bancos de investimento	23 instituições	US $ 78,3 milhões
Divisões de investimento corporativo	42 entidades	US $ 112,5 milhões

Indivíduos de alta rede

Demografia de investidores para segmento de alta rede:

• Investidores totais de alta rede: 215
• Investimento individual médio: US $ 1,2 milhão
• Valor mediano do portfólio: US $ 3,7 milhões
• Concentração geográfica: 62% Estados Unidos, 38% Internacional

Empresas de private equity

Tipo de empresa	Número de empresas	Investimento total
Empresas de PE do mercado intermediário	47	US $ 328,9 milhões
Empresas de PE do setor especializado	29	US $ 187,4 milhões

Fundos de pensão

Pension Fund Investment Breakdown:

• Total de clientes de fundo de pensão: 36
• Fundos de pensão pública: 22
• Fundos de pensão privada: 14
• Investimento total sobre fundos de pensão: US $ 512,7 milhões

Escritórios familiares e empresas de gerenciamento de patrimônio

Segmento	Número de clientes	Total de ativos sob gestão
Escritórios familiares	53	US $ 276,5 milhões
Empresas de gerenciamento de patrimônio	41	US $ 203,8 milhões

Investcorp Credit Management BDC, Inc. (ICMB) - Modelo de negócios: estrutura de custos

Despesas de pessoal de gerenciamento de investimentos

No ano fiscal de 2023, a InvestCorp Credit Management BDC, Inc. registrou despesas totais de pessoal de US $ 8,3 milhões.

Categoria de pessoal	Despesa anual
Compensação da gerência sênior	US $ 3,2 milhões
Profissionais de investimento salários	US $ 3,7 milhões
Compensação da equipe de suporte	US $ 1,4 milhão

Manutenção de tecnologia e infraestrutura

Os custos de infraestrutura de tecnologia para o ICMB totalizaram US $ 2,5 milhões em 2023.

• Manutenção de sistemas de TI: US $ 1,1 milhão
• Infraestrutura de segurança cibernética: US $ 0,7 milhão
• Licenciamento de software: US $ 0,4 milhão
• Serviços de computação em nuvem: US $ 0,3 milhão

Custos de conformidade e relatório regulamentar

As despesas de conformidade regulatória foram de US $ 1,9 milhão no ano fiscal de 2023.

Área de conformidade	Custo anual
Consultoria legal e regulatória	US $ 0,8 milhão
Relatórios e documentação	US $ 0,6 milhão
Software de conformidade	US $ 0,5 milhão

Despesas de marketing e relações com investidores

O orçamento de marketing e relações com investidores para 2023 foi de US $ 1,2 milhão.

• Campanhas de marketing digital: US $ 0,4 milhão
• Participação da Conferência de Investidores: US $ 0,3 milhão
• Materiais de comunicação do investidor: US $ 0,3 milhão
• Plataforma de relações com investidores: US $ 0,2 milhão

Pesquisa e gases de due diligence

Os custos de pesquisa e due diligence totalizaram US $ 2,1 milhões em 2023.

Categoria de pesquisa	Despesa anual
Pesquisa de mercado	US $ 0,9 milhão
Análise de Oportunidades de Investimento	US $ 0,7 milhão
Serviços de pesquisa externa	US $ 0,5 milhão

Gerenciamento de Crédito Investcorp BDC, Inc. (ICMB) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em dívida

No ano fiscal de 2023, a InvestCorp Credit Management BDC, Inc. registrou receita total de juros de US $ 36,1 milhões em sua carteira de investimentos em dívida.

Tipo de investimento	Receita de juros ($)	Porcentagem de total
Empréstimos garantidos sênior	22,450,000	62.1%
Dívida subordinada	8,750,000	24.2%
Financiamento do Mezzanino	5,900,000	16.3%

Taxas de gerenciamento de investimentos

A empresa gerou US $ 12,5 milhões em taxas de gerenciamento de investimentos para o ano fiscal de 2023.

• Taxa de gerenciamento base: 1,5% do total de ativos
• Total de ativos gerenciados: US $ 830 milhões
• Estrutura anual de taxas de gerenciamento: calculado e pago trimestral

Remuneração baseada em desempenho

As taxas baseadas no desempenho totalizaram US $ 4,3 milhões em 2023, representando 8,7% do total de fluxos de receita.

Apreciação de capital do portfólio de investimentos

Os ganhos consumidos e não realizados da NET da carteira de investimentos totalizaram US $ 7,2 milhões em 2023.

Segmento de portfólio	Apreciação de capital ($)	Taxa de crescimento
Investimentos do mercado médio	4,600,000	12.3%
Investimentos corporativos	2,600,000	7.5%

Taxas de produto de crédito estruturado

As taxas de produtos de crédito estruturados atingiram US $ 3,6 milhões no ano fiscal de 2023.

• Taxas estruturadas de originação do produto: US $ 1,8 milhão
• Taxas de estruturação e arranjo: US $ 1,2 milhão
• Taxas de serviço em andamento: US $ 600.000

Fluxos totais de receita para o ano fiscal de 2023: US $ 63,7 milhões

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.