Investcorp Credit Management BDC Inc Dossier
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SectorFinancials IndustryAsset Management & Custody Banks Beta (adjusted)0.77 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $0.70Price as of 23 Oct 2026 Data confidenceNot applicable Market Cap $10.1M Enterprise Value $109.1M Shares Outstanding 14.4M diluted Next Earnings Date11 Nov 2026 Last ex-dividend1 Dec 2025 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary ICMB is an externally managed BDC focused on debt and related equity investments in private middle-market businesses. For the quarter ended 30 Jun 2026, total investment income fell 18.7% to $3.6 million and the company recorded a $19.9 million net loss. At period end, net asset value was $3.65 per share, debt was $109.9 million and debt to equity was 2.05 times. Non-accrual investments were 6.9% of portfolio fair value at 31 Mar 2026, while the board suspended the quarterly dividend and initiated a strategic review. Adviser sourcing relationships, floating-rate assets, fee waivers and active portfolio exits provide potential stabilization levers, but losses and leverage limit flexibility. A cautious view is warranted until net asset value stabilizes, non-accrual exposure declines and recurring net investment income demonstrates sustainable dividend coverage through a full cycle; measurable progress on all three would support a neutral view. Sources: 0001193125-26-352658#Business Model; 0001193125-26-352658#Income Statement; 0001193125-26-352658#Balance Sheet; 0001193125-26-352658#Risk Assessment This section is the 12-month view: analyst targets and the scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $0.50 A cautious view is warranted by the combination of credit deterioration, losses and leverage. For the quarter ended 30 Jun 2026, ICMB recorded a $19.9 million net loss as investment income declined 18.7% year over year. At period end, debt of $109.9 million exceeded shareholders’ equity of $49.7 million, and debt to equity was 2.05 times. Non-accrual investments represented 6.9% of portfolio fair value at 31 Mar 2026, while the quarterly dividend was suspended. Further realized or unrealized losses could reduce net asset value and weaken borrowing capacity. The cautious view would ease if portfolio exits preserve value, non-accrual exposure falls and recurring net investment income restores sustainable dividend coverage. Sources: 0001193125-26-352658#Income Statement; 0001193125-26-352658#Balance Sheet; 0001193125-26-352658#Risk Assessment Base CaseCentral scenario $1.10 A neutral view is warranted while ICMB works through elevated non-accrual exposure, reduced financial flexibility and the strategic review. At 30 Jun 2026, net asset value was $3.65 per share and debt to equity was 2.05 times, while quarterly investment income had declined 18.7% year over year. The base case assumes portfolio realizations and fee waivers preserve liquidity but that credit remediation takes time. The view would become constructive if net asset value stabilizes, non-accrual exposure declines and recurring net investment income covers distributions through a full cycle. It would become cautious if further credit losses reduce net asset value or constrain liquidity. Sources: 0001193125-26-352658#Income Statement; 0001193125-26-352658#Balance Sheet; 0001193125-26-352658#Risk Assessment Bull CaseUpside scenario $1.50 A constructive view is warranted if the strategic review converts portfolio assets into liquidity without further material net asset value erosion, fee waivers lower expenses and adviser sourcing produces stronger-performing loans. The May 2026 disposal of the Work Genius exposure for approximately $10.3 million demonstrates an ability to exit a concentrated position, while floating-rate assets can preserve interest income when benchmark rates remain supportive. This case also depends on disciplined underwriting and recoveries from stressed credits. The view would become neutral or cautious if asset sales crystallize further losses, non-accruals remain elevated or recurring net investment income fails to cover any resumed dividend. Sources: 0001193125-26-352658#Business Model; 0001193125-26-352658#Risk Assessment Scenarios reflect our research view at the research date. Key Investment Merits
Key Investment Risks
Thesis Invalidation Triggers
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |