The following is a summary of the Investcorp Credit Management BDC, Inc. (ICMB) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Investcorp Credit Management's Q2 net investment income was $1.58 million or $0.11 per share, a slight decrease of about 3% from the previous quarter.

• Portfolio's fair value reduced from $223.4 million to $207.4 million in Q2 while the net assets also dropped from the previous quarter to $78.8 million.

• Despite decreases in other areas, weighted average yield of their debt portfolio increased from 11% to 11.5%.

• Gross leverage was at 1.7x, slightly above guidance, with net leverage at 1.51x.

• The net asset value per share fell approximately 6% to $5.48 per share from $5.83 per share due to changes in the valuations of two investments.

• A Q2 distribution of $0.12 per share and a supplemental distribution of $0.03 per share was declared, payable on April 5, 2024.

Business Progress:

• The company had 44 borrowers at the end of the year, with a significant 85% of their investments in first lien. The remaining 15% was invested elsewhere.

• Positions on nonaccrual dropped to 4.6%, compared to 10% as of the previous quarter.

• Investcorp has entered a sale agreement for 1888.

• The company is continuing its focus on diversifying its portfolio, currently investing in 44 borrowers against 25 industries, an increase from 37 borrowers and 19 industries in the previous year.

• During Q2, the company invested approximately $19.1 million in five new portfolio companies and one existing company.

• On the other hand, it received repayments totaling approximately $29.2 million from four investments.

• The weighted average EBITDA of the portfolio increased from $55.6 million to $59.9 million by the end of Q2 2024.

• The company realized full positions in four portfolio companies with respective IRRs of 10.8%, 8.7%, and 22.2%.

• The company's strategy will maintain a focus on capital preservation and a stable dividend.

More details: Investcorp Credit Management BDC IR

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