ICMB
Investcorp Credit Management BDC, Inc.
Next earnings Aug 10, 2026 · consensus $0.04 EPS, $4.79M rev
Last earnings -5.0% on 2026-05-13
$0.97
▼ -20.80%$0.97▼ -61.37%
over 1Y
L $0.97H $3.09
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-20.8%
1W-18.1%
1M-17.4%
3M-30.9%
YTD-63.8%
1Y-61.4%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 6 analysts
Sell
Externally-managed BDC bleeding NAV at 0.23x book — the deep discount is the only reason this isn't a sell.
Price $0.97 · current
ICMB is a small, externally-managed middle-market BDC in visible decline. Net income has gone the wrong way for two straight years — from +$3.23M (FY2023) to -$4.09M (FY2024) to -$8.85M (FY2025), a -116% YoY move — driving ROE to -14.4% and shrinking stockholders' equity 18.2% to $61.3M. Meanwhile total liabilities grew 8.8% and long-term debt rose 14.7% to $124M, pushing liabilities/equity to 2.08x. Cash is a thin $4.58M against a $128M liability stack, and the accumulated deficit sits at -$142M. For a BDC whose 'earnings' largely reflect portfolio fair-value marks, an accelerating loss is the market telling you the loan book is being written down, not a one-off.
The one genuinely compelling fact is valuation. Stated equity of $61.3M across 14.4M shares implies a NAV of roughly $4.26/share, yet the stock trades at $0.97 — about 0.23x book, a ~77% discount. Even for a stressed BDC that is extreme, and it means a great deal of bad news is already priced in. If the marks are even directionally right, the discount offers real downside cushion and asymmetric upside on any stabilization or narrowing.
Is ICMB a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~0.97
- Short call 1 @ ~0.12 est
debit $85max +$15max −$84BE 0.85
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | -$2.31M | $2.59M | $3.23M | -$4.09M | -$8.85M |
| Diluted EPS | -$0.17 | $0.18 | $0.22 | -$0.28 | -$0.61 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-62.9%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt$124M
Net cash-$119M
Piotroski F-Score2/6
Capital returns
Buyback yield0.3%
Dividend yield (est.)—
Shareholder yield0.3%
Shares Δ YoY+0.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Reg FD disclosure2026-06-02
Reg FD investor update/presentation; no new financials disclosed
- 8-K Earnings results2026-05-13
Q1 FY26: equity/NAV declining, leverage 2.08x, RIC income pressured
- 10-Q Quarterly report2026-05-13
Q1 FY26: equity/NAV declining, leverage 2.08x, RIC income pressured
- 8-K Material agreement2026-05-08
Entered material agreement (likely credit-facility amendment/refi)
- 8-K Reg FD disclosure2026-04-23
Reg FD disclosure; routine investor communication, no new financials
- 8-K Other event2026-04-20
Other event: distribution/dividend declaration to shareholders
- 8-K Earnings results2026-04-02
FY2025 results release: net loss -$8.85M, NAV down ~18% YoY
- 10-K Annual report2026-03-31
FY2025: net loss widened to -$8.85M, EPS -$0.61, NAV down 18%
- 10-Q Quarterly report2025-11-12
Q3 2025: portfolio credit softness, NAV under continued pressure
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-05-272026-06-02open ↗8-KPeriod ending 2026-05-122026-05-13open ↗10-QPeriod ending 2026-03-312026-05-13open ↗8-KPeriod ending 2026-05-062026-05-08open ↗8-KPeriod ending 2026-04-232026-04-23open ↗8-KPeriod ending 2026-04-202026-04-20open ↗8-KPeriod ending 2026-03-302026-04-02open ↗10-KPeriod ending 2025-12-312026-03-31open ↗SCHEDULE 13GFiling2026-02-13open ↗8-KPeriod ending 2025-12-182025-12-22open ↗8-KPeriod ending 2025-11-132025-11-17open ↗10-QPeriod ending 2025-09-302025-11-12open ↗
Frequently asked
- Is Investcorp Credit Management BDC, Inc. (ICMB) a buy?
- ICMB currently carries a Hold rating with 2/5 conviction, derived from its latest SEC filings. Externally-managed BDC bleeding NAV at 0.23x book — the deep discount is the only reason this isn't a sell.
- What is Investcorp Credit Management BDC, Inc.'s quality score?
- ICMB scores 26.299634985455356/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001578348, latest 10-Q filed 2026-05-13) · EODHD · Proprietary analysis · as of 7/4/2026, 5:20:48 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 1:20 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.