Investcorp Credit Management BDC (ICMB) investor relations material

Executive summary

• A Special Committee of Independent Directors was formed to review strategic alternatives and maximize shareholder value.

• No quarterly dividend was declared for the period ended March 31, 2026, as part of capital preservation and strategic review.

• Portfolio activity was muted, with no new portfolio company investments and a focus on managing existing positions.

• Portfolio consisted of 37 companies with a fair value of $172.7 million as of December 31, 2025.

• Portfolio is heavily weighted toward senior secured first lien debt (80.76%), with the remainder in equity, warrants, or other positions.

Financial highlights

• Net asset value per share declined to $4.25 from $5.04 sequentially, with net assets down 15.65% quarter-over-quarter.

• Net investment income before taxes was $0.3 million ($0.02 per share), down from $0.04 in the previous quarter.

• Investment portfolio at fair value decreased to $172.7 million from $196.1 million sequentially.

• Net decrease in net assets from operations was $9.4 million ($0.65 per share) for the quarter.

• Dividends declared per share were $0.141, including a supplemental distribution.

Outlook and guidance

• Market conditions are expected to remain challenging due to macroeconomic and geopolitical uncertainty.

• Board's decision to suspend the dividend and initiate a strategic review reflects a focus on capital preservation and maximizing shareholder value.

• Future dividend policy will consider minimum distribution requirements for regulated investment company tax status.

• Focus remains on liquidity, capital preservation, and disciplined underwriting amid market uncertainty.