Investcorp Credit Management BDC Inc (NASDAQ: ICMB) is a business development company (BDC) that provides debt financing to middle-market companies primarily through senior secured first lien loans. It generates income from interest on floating-rate debt investments, with net investment income of $6.6 million for the twelve months ended June 30, 2024, down from $9.4 million for the twelve months ended June 30, 2023. The portfolio spans sectors including chemicals, commercial services, containers and packaging, food products, hotels and leisure, insurance, IT services, professional services, specialty retail, and trading companies and distributors. ICMB is externally managed by an adviser under an agreement that charges a base management fee of 1.75% of gross assets and an incentive fee of 20.0% of pre-incentive fee net investment income above an annualized 8.0% hurdle rate, plus a 20.0% capital gains fee, per the 10-K filed March 31, 2026.

Revenue model

Interest income on floating-rate senior secured first lien debt investments (indexed to SOFR), with additional payment-in-kind interest income on select holdings. The external adviser earns a 1.75% base management fee on gross assets and a 20.0% incentive fee on net investment income above an 8.0% annualized hurdle rate, per the 10-K filed March 31, 2026.

Products and services

Senior secured first lien term loans (floating-rate, SOFR-based), unsecured debt investments, and equity, warrants, and other investments in middle-market portfolio companies. Portfolio companies as disclosed in the 10-K filed March 31, 2026 include Arborworks Acquisition LLC, American Nuts Holdings LLC, Bioplan USA Inc., LABL Inc., Northstar Group Services Inc., Asurion LLC, CareerBuilder LLC, Flatworld Intermediate Corporation, INW Manufacturing LLC, and others.

Customers and end markets

Middle-market companies across diversified industries including commercial services and supplies, containers and packaging, consumer staples distribution and retail, food products, hotels and leisure, household durables, insurance, IT services, professional services, specialty retail, trading companies and distributors, and automobile components, per the 10-K filed March 31, 2026.

Value-chain role

Direct lender and credit investor providing debt capital to middle-market borrowers. Operates as an externally managed BDC, with investment advisory and portfolio management functions delegated to the Adviser under the Advisory Agreement.

Source: SEC 10-K, filed 2026-03-31

Industry: UNKNOWN Peers: 180 DEGREE CAPITAL CORP. /NY/ Heritage Global Inc Ashford Inc. Blackstone Inc Logan Ridge Finance Corp. Hennessy Advisors Inc Rand Capital Corp Safeguard Scientifics Inc Chicago Atlantic BDC Inc US Global Investors Inc