Investcorp Credit Management BDC, Inc. Announces Financial Results for the Quarter and Year Ended December 31, 2025

About this update from Investcorp Credit Management Bdc, Inc.

Board Announces Review of Strategic Alternatives to Maximize Shareholder Value Led by Special Committee of Independent Directors Company to Host Conference Call April 1 st to Discuss the Financial Results NEW YORK --(BUSINESS WIRE)-- Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) announced its financial results today for its fiscal quarter and year ended December 31, 2025 and its Board has commenced a review of strategic alternatives led by a Special Committee of Independent Directors . The Special Committee will be evaluating a broad range of strategic, financial and business configuration options for the Company. In parallel, the Board has decided to not declare a quarterly dividend for the current quarter ended March 31, 2026 . FINANCIAL HIGHLIGHTS During the quarter, ICMB made a $1.5 million investment in one existing portfolio company. ICMB fully realized its investments in three portfolio companies during the quarter, totaling $8.2 million in proceeds. The internal rate of return on these investments was 10.59%. During the quarter, the Company had net draws of $1.8 million on delayed draw and revolving credit commitments to portfolio companies. The weighted average yield on debt investments, at fair market value, as of December 31, 2025 , was 10.56%, compared to 10.87% for the quarter ended September 30, 2025 . Net asset value decreased $0.79 per share to $4.25 , compared to $5.04 as of September 30, 2025 . Net assets decreased by $11.4 million , or 15.65%, during the quarter ended December 31, 2025 compared to September 30, 2025 . On March 30, 2026 , ICMB refinanced its existing 4.875% Notes with new unsecured notes provided by an affiliate of its investment adviser with a floating rate of interest of SOFR plus 5.5% and a maturity of July 1, 2029 . Portfolio results, as of and for the three months ended December 31, 2025 : Total assets $188.8 million Investment portfolio, at fair value $172.7 million Net assets $61.3 million Weighted average yield on debt investments, at fair market value (1) 10.56% Net asset value per share $4.25 Portfolio activity in the current quarter: Number of investments in new portfolio companies 0 Number of portfolio companies invested in 37 Total capital invested in existing portfolio companies (2) $3.9 million Total proceeds from repayments, sales, and amortization (3) $10.3 million Net investment income before taxes (NII) $0.3 million Net investment income before taxes per share $0.02 Net decrease in net assets from operations ($9.4) million Net decrease in net assets from operations per share ( $0.65 ) (1) Represents average yield on total debt investments weighted by fair market value as of December 31, 2025 . The weighted average yield on total debt investments reflected above does not represent actual investment returns to the Company’s stockholders. (2) Includes gross advances for delayed draw and revolving credit commitments and PIK interest to existing portfolio companies. (3) Includes gross repayments on existing delayed draw and revolving credit commitments to portfolio companies. Mr. Suhail A. Shaikh , chief executive officer of ICMB, said “We remain focused on actively managing our portfolio and continue to work closely with our portfolio company management teams and private equity sponsors. New deal activity was relatively muted for ICMB during the quarter. We remain disciplined in managing the Company’s capital, balancing debt repayment with new investments. Subsequent to the end of the quarter, we refinanced our maturing 4.875% Notes with debt capital from an affiliate of our investment adviser.” Mr. Shaikh continued, “As we continue to navigate the current market environment, we believe now is the appropriate time to consider strategic alternatives for the Company that could allow us to more effectively maximize value for our shareholders. As the Board conducts its review, our team will remain focused on executing our strategic priorities.” Mr. Robert Andrew Muns , chief financial officer of ICMB, noted: “Given the current market environment, our priority is disciplined capital allocation, including selective capital deployment and portfolio rotation, consistent with our focus on protecting net asset value, enhancing long-term shareholder value and maintaining adequate liquidity. Our Board’s determination to not declare a dividend this quarter and initiate a strategic review is consistent with this priority, which will likely guide its approach with respect to future dividends while taking into account the minimum distribution requirements necessary for us to maintain our regulated investment company tax status.” Portfolio and Investment Activities During the quarter, the Company made a $1.5 million investment in one existing portfolio company. The Company received proceeds of $10.3 million from repayments, sales and amortization during the quarter, primarily related to the realization of LABL Term Loan and Advanced Solutions Preferred Stock. During the quarter, the Company had net draws of $1.8 million on delayed draw and revolving credit commitments to portfolio companies. The Company’s net realized and unrealized losses of approximately $9.5 million , or $0.66 per share. The total net decrease in net assets resulting from operations for the quarter was $9.4 million , or $0.65 per share. As of December 31, 2025 , the Company’s investment portfolio consisted of investments in 37 portfolio companies, of which 80.76% were first lien investments and 19.24% were equity, warrants, and other investments. The Company’s debt portfolio consisted of 98.0% floating rate investments and 2.0% fixed rate investments. Capital Resources As of December 31, 2025 , the Company had $15.0 million in cash, of which $10.4 million was restricted cash, and $41.1 million of unused capacity under its revolving credit facility with Capital One, N.A. Subsequent Events Subsequent to December 31, 2025 and through March 30, 2026 , the Company invested a total of $0.8 million , which included investments in two existing portfolio companies, and received approximately $13.3 million from the sale and repayment of four positions. As of March 30, 2026 , the Company had investments in 34 portfolio companies. On March 29, 2026 , the Company entered into a financing arrangement with ICAP, an affiliate of the Adviser, pursuant to which ICAP will provide a $65.0 million unsecured note bearing interest at a floating rate of SOFR plus 5.50% per annum and maturing on July 1, 2029 . The proceeds from this financing will be used to repay in full the Company's outstanding 2026 Notes due April 1, 2026 . Following this financing arrangement, the Company believes it will remain in compliance with all applicable asset coverage requirements. The Company announced today that its Board has entered into a formal review process to evaluate strategic alternatives for the Company and the Board has authorized a Special Committee solely comprised of independent directors to lead the process. The Company has not set a timetable for the conclusion of the strategic alternatives review. There can be no assurance that the review will result in a transaction or change the Company’s announced strategy. The Company does not intend to comment further regarding the review unless or until it determines that further disclosure is appropriate or necessary. Earnings Conference Call The Company will host an earnings conference call at 9:00 am (Eastern Time) on Wednesday, April 1, 2026 to review its financial results and conduct a question-and-answer session. All interested parties may participate in the conference call by dialing (800) 550-9893 5-10 minutes prior to the call; international callers should dial (858) 609-8959. Participants should enter 872058# as the passcode, then press 2 when prompted. For those who are not able to listen to the call, a replay will be available shortly after the call by visiting our website at http://icmbdc.com/earnings-calls/ . Investcorp Credit Management BDC, Inc. and Subsidiaries Consolidated Statements of Assets and Liabilities December 31, 2025 December 31, 2024 June 30, 2024 Assets Non-controlled, non-affiliated investments, at fair value (amortized cost of $177,110,265 , $184,154,029 , and $189,319,802 , respectively) $ 159,985,717 $ 188,602,029 $ 181,948,376 Affiliated investments, at fair value (amortized cost of $13,340,494 , $16,351,878 , and $15,149,238 , respectively) 12,673,145 3,014,929 2,621,154 Total investments, at fair value (amortized cost of $190,450,759 , $200,505,907 , and $204,469,040 , respectively) 172,658,862 191,616,958 184,569,530 Cash and cash equivalents 4,582,403 771,483 158,768 Restricted cash and cash equivalents 10,416,042 11,333,064 4,950,036 Principal receivable 55,377 720,855 50,609 Interest receivable 808,703 1,576,381 1,301,516 Payment-in-kind interest receivable 190,790 85,399 66,625 Short-term receivable — 160,901 — Long-term receivable — 489,365 631,667 Escrow receivable — — 97,173 Prepaid expenses and other assets 124,928 97,324 411,821 Total Assets $ 188,837,105 $ 206,851,730 $ 192,237,745 Liabilities Debt: Revolving credit facility $ 58,900,000 $ 58,500,000 $ 43,000,000 2026 Notes payable 65,000,000 65,000,000 65,000,000 Deferred debt issuance costs (754,121 ) (1,369,415 ) (1,654,870 ) Unamortized discount (17,778 ) (88,888 ) (124,443 ) Debt, net 123,128,101 122,041,697 106,220,687 Payable for investments purchased — 1,474,677 7,425,000 Interest payable 1,887,457 1,894,921 1,950,925 Dividend payable — 1,728,749 — Base management fees payable 786,986 769,176 816,777 Income-based incentive fees payable 351,571 501,955 128,876 Deferred income liability 440,084 — — Directors' fees payable — 81,323 — Accrued expenses and other liabilities 916,894 757,102 685,271 Total Liabilities 127,511,093 129,249,600 117,227,536 Commitments and Contingencies (see Note 6) Net Assets Common stock, par value $0.001 per share (100,000,000 shares authorized and 14,432,472, 14,406,244, and 14,403,752 shares issued and outstanding, respectively) 14,432 14,406 14,404 Additional paid-in capital 203,128,982 203,505,480 203,103,263 Distributable earnings (loss) (141,817,402 ) (125,917,756 ) (128,107,458 ) Total Net Assets 61,326,012 77,602,130 75,010,209 Total Liabilities and Net Assets $ 188,837,105 $ 206,851,730 $ 192,237,745 Net Asset Value Per Share $ 4.25 $ 5.39 $ 5.21 Investcorp Credit Management BDC, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) Twelve Months Ended December 31 , Six Months Ended December 31 , Twelve Months Ended June 30 , 2025 2024 2024 2023 Investment Income: Interest income Non-controlled, non-affiliated investments $ 14,562,641 $ 8,680,899 $ 20,271,776 $ 23,822,181 Non-controlled, affiliated investments 43,586 3,660 12,451 (20,611 ) Total interest income 14,606,227 8,684,559 20,284,227 23,801,570 Payment in-kind interest income Non-controlled, non-affiliated investments 874,311 2,329,399 2,028,744 1,250,169 Non-controlled, affiliated investments 618,203 42,079 77,680 70,070 Total payment-in-kind interest income 1,492,514 2,371,478 2,106,424 1,320,239 Dividend income Non-controlled, non-affiliated investments 81,607 — 54,138 101,755 Non-controlled, affiliated investments — — — — Total dividend income 81,607 — 54,138 101,755 Payment in-kind dividend income Non-controlled, non-affiliated investments 452,742 432,669 784,854 691,972 Non-controlled, affiliated investments — — — — Total payment-in-kind dividend income 452,742 432,669 784,854 691,972 Other fee income Non-controlled, non-affiliated investments 636,626 134,051 648,659 768,617 Non-controlled, affiliated investments — — — — Total other fee income 636,626 134,051 648,659 768,617 Other income 126,519 — — — Total investment income 17,396,235 11,622,757 23,878,302 26,684,153 Expenses: Interest expense 7,605,454 3,752,412 8,606,309 8,413,409 Base management fees 3,465,211 1,671,831 3,800,693 4,201,394 Income-based incentive fees (150,384 ) 501,540 (72,942 ) 401,597 Professional fees 1,210,014 718,289 1,239,122 984,290 Allocation of administrative costs from Adviser 978,448 382,064 1,360,194 966,045 Amortization of deferred debt issuance costs 615,294 306,004 576,475 693,333 Amortization of original issue discount - 2026 Notes 71,110 35,555 71,110 71,110 Insurance expense 497,149 255,536 479,502 506,963 Directors' fees 307,500 175,852 294,907 302,500 Custodian and administrator fees 294,256 147,986 316,128 292,267 Other expenses 498,948 346,109 713,789 516,160 Total expenses 15,393,000 8,293,178 17,385,287 17,349,068 Waiver of base management fees (349,320 ) (131,735 ) (365,225 ) (387,311 ) Waiver of income-based incentive fees — — — — Net expenses 15,043,680 8,161,443 17,020,062 16,961,757 Net investment income before taxes 2,352,555 3,461,314 6,858,240 9,722,396 Income tax expense, including excise tax expense 447,781 315,075 267,150 294,330 Net investment income after taxes 1,904,774 3,146,239 6,591,090 9,428,066 Net realized and unrealized gain/(loss) on investments: Net realized gain (loss) from investments Non-controlled, non-affiliated investments (1,849,766 ) (8,114,711 ) (7,731,553 ) (26,890,095 ) Non-controlled, affiliated investments — — (6,239,984 ) — Net realized gain (loss) from investments (1,849,766 ) (8,114,711 ) (13,971,537 ) (26,890,095 ) Net change in unrealized appreciation (depreciation) in value of investments Non-controlled, non-affiliated investments (8,706,047 ) 11,819,426 1,797,807 21,966,347 Non-controlled, affiliated investments (196,901 ) (808,865 ) 1,490,170 (1,269,815 ) Net change in unrealized appreciation (depreciation) on investments (8,902,948 ) 11,010,561 3,287,977 20,696,532 Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments (10,752,714 ) 2,895,850 (10,683,560 ) (6,193,563 ) Net increase (decrease) in net assets resulting from operations $ (8,847,940 ) $ 6,042,089 $ (4,092,470 ) $ 3,234,503 Basic and diluted: Earnings per share $ (0.61 ) $ 0.42 $ (0.28 ) $ 0.22 Weighted average shares of common stock outstanding 14,421,798 14,404,510 14,396,201 14,389,163 Distributions paid per common share $ 0.52 $ 0.24 $ 0.60 $ 0.63 About Investcorp Credit Management BDC, Inc. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million . The Company’s investment activities are managed by its investment adviser, CM Investment Partners LLC (“CMIP”). Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank B.S.C., controls CMIP. To learn more about Investcorp Credit Management BDC, Inc. , please visit www.icmbdc.com . Forward-Looking Statements Statements included in this press release and made on the earnings call for the quarter and year ended December 31, 2025 , may contain “forward-looking statements,” which relate to future performance, operating results, events, financial condition and/or exploration of strategic alternatives. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Any forward-looking statements, including statements other than statements of historical facts, included in this press release or made on the earnings call are based upon current expectations, are inherently uncertain, and involve a number of assumptions and substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Investors are cautioned not to place undue reliance on these forward-looking statements. Any such statements are likely to be affected by other unknowable future events and conditions, which the Company may or may not have considered, including, without limitation, changes in base interest rates and the effects of significant market volatility on our business, our portfolio companies, our industry and the global economy. Accordingly, such statements cannot be guarantees or assurances of any aspect of future performance or events. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors and risks. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the earnings call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s 2025 Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10- Q. All forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. View source version on businesswire.com : https://www.businesswire.com/news/home/20260330133891/en/ Investcorp Credit Management BDC, Inc. Investor Relations Email: [email protected] Phone: (212) 703-1154 Source: Investcorp Credit Management BDC, Inc.

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