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ICMB on Nasdaq

Investcorp Credit Management BDC, Inc.

Investcorp Credit Management BDC, Inc. is an American company, incorporated in Maryland, listed on Nasdaq (ICMB).1 It is headquartered in New York, New York.1

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Last updated Oct 21, 2026.

Overview

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  • TickerICMB on Nasdaq1
  • HeadquartersNew York, New York1
  • Incorporated inMD2
  • Business address280 Park Avenue, 39Th Floor, New York, Ny 100172
  • Filer categoryNon-accelerated filer2

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Except as otherwise indicated, the terms “we,” “us,” “our,” “Investcorp Credit” and the “Company” refer to Investcorp Credit Management BDC, Inc. (formerly known as CM Finance Inc through August 30, 2019) and “CM Investment Partners” and the “Adviser” refer to our investment adviser and administrator, CM Investment Partners LLC.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income456-$8.8M in 2025+282% since 2021
-$10.0M-$5.0M0$5.0M2021: -$2.3M-$2.3M20212022: $2.6M$2.6M20222023: $3.2M$3.2M2023+25%2024: -$4.1M-$4.1M20242025: -$8.8M-$8.8M2025+116%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-06-302023-06-30
Total interest income$14.6M$20.3M$23.8M
Total payment-in-kind interest income$1.5M$2.1M$1.3M
Total dividend income$81.6K$54.1K$101.8K
Total payment-in-kind dividend income$452.7K$784.9K$692.0K
Total other fee income$636.6K$648.7K$768.6K
Other income$126.5K$0$0
Total investment income$17.4M$23.9M$26.7M
Interest expense$7.6M$8.6M$8.4M
Base management fees$3.5M$3.8M$4.2M
Income-based incentive fees-$150.4K-$72.9K$401.6K
Professional fees$1.2M$1.2M$984.3K
Allocation of administrative costs from Adviser$978.4K$1.4M$966.0K
Amortization of deferred debt issuance costs$615.3K$576.5K$693.3K
Amortization of original issue discount - 2026 Notes$71.1K$71.1K$71.1K
Insurance expense$497.1K$479.5K$507.0K
Directors' fees$307.5K$294.9K$302.5K
Custodian and administrator fees$294.3K$316.1K$292.3K
Other expenses$498.9K$713.8K$516.2K
Total expenses$15.4M$17.4M$17.3M
Waiver of base management fees-$349.3K-$365.2K-$387.3K
Waiver of income-based incentive fees$0$0$0
Net expenses$15.0M$17.0M$17.0M
Net investment income before taxes$2.4M$6.9M$9.7M
Income tax expense, including excise tax expense$447.8K$267.1K$294.3K
Net investment income after taxes$1.9M$6.6M$9.4M
Net realized gain (loss) from investments-$1.8M-$14.0M-$26.9M
Net change in unrealized appreciation (depreciation) on investments-$8.9M$3.3M$20.7M
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments-$10.8M-$10.7M-$6.2M
Net increase (decrease) in net assets resulting from operations-$8.8M-$4.1M$3.2M
Earnings per Common Share - Basic-$0.61-$0.28$0.22
Earnings per Common Share - Diluted-$0.61-$0.28$0.22
Weighted average shares of common stock outstanding - Basic14.4M shares14.4M shares14.4M shares
Weighted average shares of common stock outstanding - Diluted14.4M shares14.4M shares14.4M shares
Distributions paid per common share$0.52$0.60$0.63

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Corporate structure

Investcorp Credit Management BDC, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Investcorp Credit Management BDC, Inc.

  • Bulldog Investors, LLP Filed SCHEDULE 13G on Investcorp Credit Management BDC, Inc., latest Feb 13, 2026
  • CYRUS CAPITAL PARTNERS, L.P. Filed SC 13D/A on Investcorp Credit Management BDC, Inc., latest Mar 12, 2024 (4 filings since May 9, 2022)
  • Investcorp S.A. Filed SC 13D/A on Investcorp Credit Management BDC, Inc., latest May 10, 2022
  • KENNEDY CAPITAL MANAGEMENT LLC Filed SC 13G/A on Investcorp Credit Management BDC, Inc., latest Feb 14, 2022
  • Investcorp Credit Management BDC, Inc. New York, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Investcorp Credit Management BDC, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.6M6 Dec 31, 2025$771.5K6 Dec 31, 2024+494.0%
Debt securities available for sale$149.2M6 Dec 31, 2025$173.4M6 Dec 31, 2024−13.9%

Properties, in its own words

We do not own any real estate. Our principal executive offices are currently located at 280 Park Avenue 39th Floor, New York, New York 10017. All locations are provided to us by the Adviser pursuant to the Administration Agreement. We believe that our office facilities are and will be suitable and adequate for our business as we contemplate conducting it.

Item 2 of the 10-K filed Mar 31, 2026.3

Leadership

Who has led Investcorp Credit Management BDC, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Mauer2014–2020
  2. Suhail A. Shaikh2024

President

  1. Suhail A. Shaikh2023–2024

Chief financial officer

  1. Jai Agarwal2014
  2. Rocco Delguercio2016–2018
  3. Walter Tsin2024

Chief operating officer

  1. Robert Andrew Muns2025
201520202025
Board members and other officers (12)

Former names

  • CM Finance IncJul 9, 2013 to Aug 28, 20192

Timeline

  1. Jun 2, 20268-K Regulation FD disclosure27
  2. May 13, 20268-K Results of operations28
  3. May 8, 20268-K Entered a material agreement29
  4. Apr 23, 20268-K Regulation FD disclosure30
  5. Apr 20, 20268-K Other events31
  6. Apr 2, 20268-K Results of operations32
  7. Dec 22, 20258-K Shareholder vote33
  8. Nov 17, 20258-K Results of operations34
  9. Aug 14, 20258-K Results of operations35
  10. Jul 18, 20258-K Executive or director change36
  11. May 15, 20258-K Results of operations37
  12. Mar 27, 20258-K Results of operations38
  13. Dec 11, 2024New chief executive Suhail A. Shaikh becomes CEO10
  14. Feb 5, 2014New chief executive Michael Mauer becomes CEO11

Calendar

When it reported results

  1. May 13, 2026Reported quarterly or annual results28
  2. Apr 2, 2026Reported quarterly or annual results32
  3. Nov 17, 2025Reported quarterly or annual results34
  4. Aug 14, 2025Reported quarterly or annual results35
  5. May 15, 2025Reported quarterly or annual results37
  6. Mar 27, 2025Reported quarterly or annual results38
  7. Nov 14, 2024Reported quarterly or annual results39
  8. Sep 20, 2023Reported quarterly or annual results40

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

80 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 33 major events, 7 insider forms, 7 large holders, 13 other. The latest 20:

  1. Aug 14, 202610-Q EDGAR
  2. Jun 2, 20268-K EDGAR
  3. May 13, 20268-K EDGAR
  4. May 13, 202610-Q EDGAR
  5. May 8, 20268-K EDGAR
  6. Apr 23, 20268-K EDGAR
  7. Apr 20, 20268-K EDGAR
  8. Apr 2, 20268-K EDGAR
  9. Mar 31, 202610-K EDGAR
  10. Feb 13, 2026SCHEDULE 13G EDGAR
  11. Dec 22, 20258-K EDGAR
  12. Nov 17, 20258-K EDGAR
  13. Nov 12, 202510-Q EDGAR
  14. Nov 10, 2025DEF 14A EDGAR
  15. Aug 14, 20258-K EDGAR
  16. Aug 13, 202510-Q EDGAR
  17. Jul 18, 20258-K EDGAR
  18. May 15, 20258-K EDGAR
  19. May 14, 202510-Q EDGAR
  20. Apr 3, 20253 EDGAR

The 80 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 2 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 16, 2024Shaikh Suhail A.President & CEOBuy2,500$3.21$8.0KForm 4
Dec 10, 2024Shaikh Suhail A.President & CEOBuy4,500$3.22$14.5KForm 4
May 5, 2022CYRUS CAPITAL PARTNERS, L.P.10% ownerSale2,165,000$6.93$15.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bulldog Investors, LLP596,780$698.2K0.2%No change
Coppell Advisory Solutions LLC19$438.8K0.0%New
Founders Financial Alliance, LLC255,329$298.7K0.0%−40,465
Black Maple Capital Management LP172,630$202.0K0.1%New
Susquehanna International Group, Llp38,657$45.2K0.0%New
Citadel Advisors LLC35,918$42.0K0.0%New
Squarepoint Ops LLC29,277$34.3K0.0%New
North Ground Capital28,000$32.8K0.0%+2,614
XTX Topco Ltd17,185$20.1K0.0%New
Geode Capital Management, LLC16,938$19.8K0.0%No change
Raymond James Financial Inc11,125$13.0K0.0%−12
International Assets Investment Management, LLC4,800$4.4K0.0%No change
UBS Group AG2,329$2.7K0.0%−909
Triumph Capital Management1,000$1.2K0.0%No change
MTM Investment Management, LLC500$5850.0%No change
Morgan Stanley363$4250.0%−962
Simplex Trading, LLC333$3890.0%New
Virtu Financial LLC12,991$150.0%New
Caitong International Asset Management Co., Ltd5$60.0%New
Wells Fargo & Company/mn0$00.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Investcorp Credit Management BDC, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARInvestcorp Credit Management BDC, Inc.1
  • CIK0001578348
  • Employer ID (EIN)46-28833803
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inMaryland3
  • Fiscal year endsDecember 311
  • Business address280 Park Avenue, 39Th Floor, New York, NY 100171
  • Phone212-388-58131
  • Shares outstanding14,432,472 as of Aug 14, 20269
  • Public float$29.7M as of Jun 30, 20253
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJul 9, 20131
  • Filings453 in all: 4 (112), 8-K (70), 10-Q (38), DEFA14A (30), 3 (21), CORRESP (19), DEF 14A (13), SC 13D/A (13)1
    All 48 form types

    10-K (12), 40-17G (12), 497AD (10), 5 (8), EFFECT (8), POS 8C (8), SC 13G/A (8), PRE 14A (7), 40-APP/A (6), 497 (6), 8-K/A (4), N-2 (4), N-2/A (4), SC 13G (4), 40-APP (3), D (3), SC 13D (3), 424B2 (2), 8-A12B (2), D/A (2), POS EX (2), 10-K/A (1), 10-KT (1), 10-Q/A (1), 25-NSE (1), 305B2 (1), 4/A (1), APP WD (1), APP WDG (1), CERT (1), CERTNAS (1), DRS (1), DRS/A (1), FWP (1), N-23C-2 (1), N-54A (1), N-6F (1), NT 10-Q (1), RW (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Nov 10, 2025
    Latest 8-K (8-K) Jun 2, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareICMBThe NASDAQ Global Select Market

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Investcorp Credit Management BDC, Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 69 risks under these headings, as written.3

  • Risks Relating to Our Business and Structure
  • Risks Relating to the Adviser or Its Affiliates
  • Risks Relating to Our Investments
  • Risks Relating to an Investment in Our Common Stock
  • Risks Relating to an Investment in Our Notes
  • Risks Relating to U.S. Federal Income Tax
  • Risks Relating to the Current Environment
  • We depend upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, our ability to achieve our investment objective could be significantly harmed.
  • Our business model depends to a significant extent upon our Adviser’s network of relationships. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • Our relationship with Investcorp may create conflicts of interest.
  • There are significant potential conflicts of interest that could negatively affect our investment returns.
  • The members of the Investment Team may, from time to time, possess material non-public information, limiting our investment discretion.
The other 64 risks
  • Because we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.
  • Assumed Return on Our Portfolio(1)
  • (net of expenses)
  • We may default under the Capital One Revolving Financing or any future borrowing facility we enter into or be unable to amend, repay or refinance any such facility on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Provisions in the Capital One Revolving Financing or any other future borrowing facility may limit our discretion in operating our business.
  • Because we borrow money to make our investments, if market interest rates were to increase, our cost of capital could increase, which could reduce our net investment income.
  • Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively.
  • The involvement of our interested directors in the valuation process may create conflicts of interest.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • We may need to raise additional capital to grow because we must distribute most of our income.
  • Our distributions to stockholders may be funded, in part, from waivers of investment advisory fees by the Adviser.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to maintain our qualification as a BDC or be precluded from investing according to our current business strategy.
  • Substantially all of our portfolio investments are recorded at fair value as determined in good faith by our board of directors and, as a result, there may be uncertainty as to the value of our portfolio investments.
  • Our Compliance with Section 404 of the Sarbanes-Oxley Act involves significant expenditures, and if we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the market price of our common stock.
  • As a non-accelerated filer, we are not required to comply with the auditor attestation requirements of the Sarbanes-Oxley Act.
  • Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval.
  • Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
  • The Adviser’s incentive fee structure may create incentives to it that are not fully aligned with the interests of our stockholders.
  • Our Incentive Fee may induce the Adviser to make speculative investments.
  • We may be obligated to pay the Adviser incentive compensation even if we incur a loss and may pay more than 20.0% of our net capital gains because we cannot recover payments made in previous years.
  • PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of Base Management Fees and Incentive Fees payable by us to the Adviser.
  • Our incentive fee arrangements with the Adviser may vary from those of other investment funds, account or investment vehicles that the Adviser may manage in the future, which may create an incentive for the Adviser to devote time and resources to a higher fee-paying fund.
  • The Adviser’s liability is limited under the Advisory Agreement and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • The Adviser can resign as the Adviser or administrator upon 60 days’ notice and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • There are conflicts related to other arrangements with the Adviser.
  • Economic recessions or downturns could adversely affect our portfolio companies, leading to defaults on our investments, which would harm our operating results.
  • The lack of liquidity in our investments may adversely affect our business.
  • Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.
  • We may hold the loans and debt securities of leveraged companies that may, due to the significant operating volatility typical of such companies, enter into bankruptcy proceedings, and we could lose all or part of our investment, which would harm our operating results.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • We may be subject to risks associated with unitranche loans.
  • Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment.
  • Our investments may include PIK interest.
  • Our investments in original issue discount and payment-in-kind instruments may expose us to investment risk.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.
  • Our investments in the professional services industry face considerable uncertainties including significant regulatory challenges.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and ability to make stockholder distributions and result in a decline in the market price of our shares.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • The disposition of our investments may result in contingent liabilities.
  • We may not realize gains from our equity investments.
  • Risks Relating to an Investment in Our Securities
  • We cannot assure you that the market price of shares of our common stock will not decline.
  • There is a risk that you may not receive distributions or that our distributions may not grow over time or a portion of your distributions may be a return of capital.
  • We may in the future choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive.
  • Stockholders may experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan.
  • Our shares might trade at premiums that are unsustainable or at discounts from net asset value.
  • The market price of our common stock may fluctuate significantly.
  • Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
  • Our board of directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.
  • The 2026 Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future and rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities.
  • The 2026 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
  • The indenture under which the 2026 Notes are issued contains limited protection for holders of the 2026 Notes.
  • There is no active trading market for the 2026 Notes. If an active trading market does not develop for the 2026 Notes, you may not be able to sell them.
  • If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes.
  • We may choose to redeem the 2026 Notes when prevailing interest rates are relatively low.
  • We may not be able to repurchase the 2026 Notes upon a Change of Control Repurchase Event.
  • Risks Related to U.S. Federal Income Tax
  • We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code.
  • We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
  • We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.
  • Political, social and economic uncertainty creates and exacerbates risks.
  • Any public health emergency or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.3

Sources

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