Investcorp Credit Management BDC, Inc. Registered (ICMB)
NASDAQ:ICMB
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Investcorp Credit Management BDC
(NASDAQ:ICMB)
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Rating:46Neutral
Price Target:
$1.00
â–¼(-63.77% Downside)
Action:Reiterated
Date:06/16/26
ICMB scores low primarily due to materially weaker TTM profitability and a bearish technical setup (price below key moving averages with negative MACD). Stronger TTM cash flow and improving leverage provide some support, but the very high dividend yield alongside a negative P/E suggests elevated risk rather than clear value.
Positive Factors
Strong cash generation
Sustained positive operating and free cash flow (~$22.4M TTM) provides durable liquidity to cover distributions, fees, and working capital. Reliable cash generation supports reinvestment and deleveraging even if accounting profitability is volatile, improving resilience over months.
Negative Factors
TTM profitability deterioration
A sharp TTM revenue decline and a deep net loss (~-$9.1M) signal weakened earnings quality. Negative ROE and operating losses diminish retained capital, strain dividend sustainability, and heighten reliance on realized gains or external financing to maintain payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained positive operating and free cash flow (~$22.4M TTM) provides durable liquidity to cover distributions, fees, and working capital. Reliable cash generation supports reinvestment and deleveraging even if accounting profitability is volatile, improving resilience over months.
Read all positive factors
Investcorp Credit Management BDC (ICMB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.03M
Dividend Yield19.05%
Average Volume (3M)43.78K
Price to Earnings (P/E)―
Beta (1Y)0.36
Revenue Growth140.71%
EPS Growth-9504.23%
CountryUS
Employees2
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-1.25
Shares Outstanding14,432,472
10 Day Avg. Volume28,162
30 Day Avg. Volume43,783
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.56
Price to Sales (P/S)1.88
P/FCF Ratio-3.23
Enterprise Value/Market Cap4.13
Enterprise Value/Revenue-8.93
Enterprise Value/Gross Profit-4.58
Enterprise Value/Ebitda-3.67
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.15
Revenue Forecast (FY)$18.32M
Investcorp Credit Management BDC Business Overview & Revenue Model
Company Description
Investcorp Credit Management BDC, Inc. (ICMB) operates as a business development company, primarily focusing on providing debt and mezzanine financing. Its investments aim to support various corporate objectives, including growth capital, acquisit...
How the Company Makes Money
ICMB makes money primarily from investment income generated by its credit portfolio. The core revenue stream is interest income earned on loans and other debt investments it holds (typically floating-rate and/or fixed-rate instruments), which accr...
Investcorp Credit Management BDC Earnings Call Summary
Earnings Call Date:―
(Q3-2026)
| Next Earnings Date:Sep 21, 2026
Earnings Call Sentiment Negative
The call presented a mixed picture: management executed a refinancing that extended the maturity profile and maintained liquidity options, realized portfolio exits with mid-teens IRR-like outcomes, and emphasized portfolio diversification and downside-focused underwriting. However, the quarter showed material deterioration in mark-to-market metrics (NAV down ~16%, portfolio fair value down ~12%), rising nonaccruals (6.9% from 4.4%), minimal net investment income ($0.02/share), a suspension of the quarterly dividend, and investor concerns about higher financing costs and manager/alignment issues. Taken together, the negative operational and mark-to-market developments appear to outweigh the structural positives in the quarter.Positive Updates
Strategic Review: Special Committee Formed
Board formed a special committee of independent directors to review strategic alternatives to maximize shareholder value; management emphasized alignment with shareholders (adviser affiliate provided capital and owns ~25% of shares).
Negative Updates
NAV and Net Assets Decline
Net asset value per share declined to $4.25 from $5.04 sequentially (approximately a 16% decrease); net assets were $61.3 million, a decrease of $11.4 million from the prior quarter.
Read all updates
Q3-2026 Updates
Positive
Negative
Strategic Review: Special Committee Formed
Board formed a special committee of independent directors to review strategic alternatives to maximize shareholder value; management emphasized alignment with shareholders (adviser affiliate provided capital and owns ~25% of shares).
Read all positive updates
Company Guidance
The company guided that it has formed a special committee to review strategic alternatives, will not declare a quarterly dividend for the current quarter, and is prioritizing liquidity, capital preservation, disciplined underwriting and active management in a challenging near‑term market; key metrics cited include a $65.0M refinancing (new unsecured notes due 7/1/2029 at SOFR + 550bps), NAV per share $4.25 (down from $5.04), portfolio fair value $172.7M (vs. $196.1M), net assets $61.3M (down $11.4M: $9.4M ops, $2.0M dividend), net investment income $0.3M or $0.02/sh, nonaccruals 6.9% (up from 4.4%), weighted average debt yield 10.6% (down 31bps), 37 borrowers (81% first lien, 19% equity/warrants), 98% floating rate with a 4.5% average spread, average investment ~$4.7M (2.7% of fair value), largest investment Bioplan $11.4M, top industry concentrations: professional services 14.5%, IT services 9.2%, insurance 8.9%, diversified consumer services 8.6%, commercial services 7.9%, gross leverage 2.02x / net 1.78x (pro forma ~1.8x after $14M Feb paydown), asset coverage improved from 150% to 155%, liquidity of ~$15M cash (≈$10.4M restricted) plus $41.1M unused revolver ($8.7M available under borrowing base), realizations of $8.2M with ~10.6% IRR, and a $1.5M new investment in Axiom at an ~8.8% yield at cost.Investcorp Credit Management BDC Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
52
Neutral
Cash Flow
61
Positive
| Breakdown | Mar 2026 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 23.25M | 23.25M | 26.68M | 24.43M | 26.69M |
| Gross Profit | 23.25M | 23.25M | 26.68M | 24.43M | 26.69M |
| EBITDA | 15.11M | 15.11M | 19.66M | 0.00 | 20.73M |
| Net Income | 12.08M | 12.08M | 3.23M | 2.59M | -2.31M |
Balance Sheet | |||||
| Total Assets | 206.85M | 206.85M | 231.81M | 246.39M | 267.68M |
| Cash, Cash Equivalents and Short-Term Investments | 771.48K | 771.48K | 1.09M | 2.55M | 5.85M |
| Total Debt | 122.04M | 122.04M | 135.48M | 146.82M | 165.43M |
| Total Liabilities | 129.25M | 129.25M | 144.11M | 152.88M | 171.33M |
| Stockholders Equity | 77.60M | 77.60M | 87.70M | 93.51M | 96.36M |
Cash Flow | |||||
| Free Cash Flow | -13.52M | 7.28M | 20.71M | 21.21M | 20.21M |
| Operating Cash Flow | -13.52M | 7.28M | 20.71M | 21.21M | 20.21M |
| Investing Cash Flow | 0.00 | 29.78M | 10.66M | 9.13M | 19.09M |
| Financing Cash Flow | 27.52M | -41.10M | -20.71M | -24.66M | -27.90M |
Investcorp Credit Management BDC Technical Analysis
Negative
2.76
Price Trends
1.53
Negative
2.00
Negative
2.37
Negative
Market Momentum
-0.10
Negative
30.81
Neutral
4.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICMB, the sentiment is Negative. The current price of 2.76 is above the 20-day moving average (MA) of 1.24, above the 50-day MA of 1.53, and above the 200-day MA of 2.37, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 30.81 is Neutral, neither overbought nor oversold. The STOCH value of 4.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICMB.
Investcorp Credit Management BDC Risk Analysis
Investcorp Credit Management BDC disclosed 80 risk factors in its most recent earnings report. Investcorp Credit Management BDC reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Investcorp Credit Management BDC Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $401.43M | 6.72 | 17.20% | 6.55% | 20.30% | 19.12% | |
57 Neutral | $335.48M | -10.50 | -0.03% | 14.10% | -14.06% | -306.26% | |
50 Neutral | $223.97M | 15.93 | 0.01% | 16.61% | 122.81% | 43.00% | |
48 Neutral | $48.77M | -1.30 | -29.04% | 25.87% | -21.68% | -223.80% | |
46 Neutral | $17.03M | -0.87 | 2.44% | 19.05% | 140.71% | -9504.23% |
* Financial Sector Average
ICMB
Investcorp Credit Management BDC
1.18
-1.50
-55.97%
NEWT
Newtek Business
13.91
3.92
39.23%
PNNT
Pennantpark Investment
3.43
-2.16
-38.62%
OFS
OFS Capital
3.64
-3.37
-48.11%
PSBD
Palmer Square Capital BDC Inc.
10.78
-2.14
-16.53%
Investcorp Credit Management BDC Corporate Events
Business Operations and StrategyM&A Transactions
Investcorp Credit Management BDC Exits Work Genius Investment
Neutral
Jun 2, 2026
On May 27, 2026, Investcorp Credit Management BDC, Inc. disposed of its entire exposure in Work Genius Holdings, Inc. and Work Genius, LLC for an aggregate fair market value of approximately $10.3 million. The divestiture marks a complete exit fro...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Investcorp Credit Management BDC Reduces Revolving Credit Facility
Negative
May 8, 2026
On May 6, 2026, Investcorp Credit Management BDC, Inc., through its wholly owned subsidiary Investcorp Credit Management BDC SPV, LLC, executed a sixth amendment to its Loan, Security and Collateral Management Agreement with a syndicate of lenders...
Business Operations and StrategyFinancial Disclosures
Investcorp Credit Management BDC Updates Year-End 2025 Portfolio
Neutral
Apr 23, 2026
For the quarter ended Dec. 31, 2025, Investcorp Credit Management BDC reported a portfolio with a total fair market value of $172.7 million across 67 debt and equity positions in 37 companies and 18 industries. Senior secured first-lien debt made ...
Business Operations and Strategy
Investcorp Credit Management BDC Starts Strategic Alternatives Review
Neutral
Apr 20, 2026
On April 20, 2026, Investcorp Credit Management BDC, Inc. announced it had engaged Houlihan Lokey Capital, Inc. as financial advisor to assist its Special Committee of Independent Directors in an ongoing review of strategic alternatives. The commi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.