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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-01054

INVESTCORP CREDIT MANAGEMENT BDC, INC.

(Exact Name of Registrant as Specified in Its Charter)

     Maryland

     46-2883380

     (State or other Jurisdiction of
Incorporation or Organization)

     (I.R.S. Employer
Identification No.)

280 Park Avenue

39th Floor

New York, NY 10017

(Address of Principal Executive Offices) (Zip Code)

(646) 690-5034

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	ICMB	The NASDAQ Global Select Market

The number of shares of the issuer’s Common Stock, $0.001 par value per share, outstanding as of May 12, 2026 was 14,432,472.


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three months ended March 31, 2026 (unaudited) and the three months ended March 31, 2025 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 (unaudited) and the three months ended March 31, 2025 (unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (unaudited) and the three months ended March 31, 2025 (unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2026 (unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2025	10
	Notes to the Unaudited Consolidated Financial Statements	15

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Controls and Procedures	50

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51

Item 3.	Defaults Upon Senior Securities	51

Item 4.	Mine Safety Disclosures	51

Item 5.	Other Information	51

Item 6.	Exhibits	52

SIGNATURES		53

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Assets and Liabilities


	March 31, 2026	December 31, 2025
	(Unaudited)
Assets
Non-controlled, non-affiliated investments, at fair value (amortized cost of $164,423,388 and $177,110,265, respectively)	$140,007,640	$159,985,717
Affiliated investments, at fair value (amortized cost of $13,620,895 and $13,340,494, respectively)	11,411,667	12,673,145
Total investments, at fair value (amortized cost of $178,044,283 and $190,450,759, respectively)	151,419,307	172,658,862
Cash and cash equivalents	2,739,918	4,582,403
Restricted cash and cash equivalents	8,831,004	10,416,042
Principal receivable	83,087	55,377
Interest receivable	937,415	808,703
Payment-in-kind interest receivable	150,606	190,790
Prepaid expenses and other assets	397,282	124,928
Total Assets	$164,558,619	$188,837,105
Liabilities
Debt:
Revolving credit facility	$44,900,000	$58,900,000
2029 Notes payable	65,000,000	—
2026 Notes payable	—	65,000,000
Deferred debt issuance costs	(848,479)	(754,121)
Unamortized discount	(940,301)	(17,778)
Debt, net	108,111,220	123,128,101
Interest payable	897,826	1,887,457
Base management fees payable	1,146,794	786,986
Income-based incentive fees payable	351,571	351,571
Deferred income liability	364,353	440,084
Directors' fees payable	79,952	—
Accrued expenses and other liabilities	909,553	916,894
Total Liabilities	111,861,269	127,511,093
Commitments and Contingencies (see Note 6)
Net Assets
Common stock, par value $0.001 per share (100,000,000 shares authorized and 14,432,472 and 14,432,472 shares issued and outstanding, respectively)	14,432	14,432
Additional paid-in capital	203,128,982	203,128,982
Distributable earnings (loss)	(150,446,064)	(141,817,402)
Total Net Assets	52,697,350	61,326,012
Total Liabilities and Net Assets	$164,558,619	$188,837,105
Net Asset Value Per Share	$3.65	$4.25

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)


	For The Three Months Ended March 31,
	2026	2025
Investment Income:
Interest income
Non-controlled, non-affiliated investments	$3,037,427	$3,488,202
Non-controlled, affiliated investments	13,129	14,978
Total interest income	3,050,556	3,503,180
Payment in-kind interest income
Non-controlled, non-affiliated investments	179,435	419,888
Non-controlled, affiliated investments	185,954	21,380
Total payment-in-kind interest income	365,389	441,268
Dividend income
Non-controlled, non-affiliated investments	61,659	81,607
Non-controlled, affiliated investments	—	—
Total dividend income	61,659	81,607
Payment in-kind dividend income
Non-controlled, non-affiliated investments	—	221,685
Non-controlled, affiliated investments	—	—
Total payment-in-kind dividend income	—	221,685
Other fee income
Non-controlled, non-affiliated investments	73,372	121,024
Non-controlled, affiliated investments	—	—
Total other fee income	73,372	121,024
Other income	575	—
Total investment income	3,551,551	4,368,764
Expenses:
Interest expense	1,690,014	1,831,967
Base management fees	815,591	848,036
Income-based incentive fees	—	—
Professional fees	385,447	341,283
Allocation of administrative costs from Adviser	253,433	254,023
Amortization of deferred debt issuance costs	153,824	153,824
Amortization of original issue discount - 2026 Notes	17,777	17,777
Insurance expense	104,681	120,502
Directors' fees	79,952	76,500
Custodian and administrator fees	73,356	74,237
Other expenses	106,884	40,173
Total expenses	3,680,959	3,758,322
Waiver of base management fees	(455,783)	(74,143)
Waiver of income-based incentive fees	—	—
Net expenses	3,225,176	3,684,179
Net investment income before taxes	326,375	684,585
Income tax expense, including excise tax expense	141,293	81,059
Net investment income after taxes	185,082	603,526
Net realized and unrealized gain/(loss) on investments:
Net realized gain (loss) from investments
Non-controlled, non-affiliated investments	19,335	(1,627,282)
Non-controlled, affiliated investments	—	—
Net realized gain (loss) from investments	19,335	(1,627,282)
Net change in unrealized appreciation (depreciation) in value of investments
Non-controlled, non-affiliated investments	(7,291,200)	3,379,849
Non-controlled, affiliated investments	(1,541,879)	(149,801)
Net change in unrealized appreciation (depreciation) on investments	(8,833,079)	3,230,048
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments	(8,813,744)	1,602,766
Net increase (decrease) in net assets resulting from operations	$(8,628,662)	$2,206,292
Basic and diluted:
Earnings per share	$(0.60)	$0.15
Weighted average shares of common stock outstanding	14,432,472	14,412,994
Distributions paid per common share	$—	$0.12

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (Unaudited)


	For The Three Months Ended March 31,
	2026	2025
Net assets at beginning of period	$61,326,012	$77,602,130
Increase (decrease) in net assets resulting from operations:
Net investment income after taxes	185,082	603,526
Net realized gain (loss) from investments	19,335	(1,627,282)
Net change in unrealized appreciation (depreciation) on investments	(8,833,079)	3,230,048
Net increase (decrease) in net assets resulting from operations	(8,628,662)	2,206,292
Stockholder distributions:
Distributions from net investment income	—	(1,729,684)
Distributions from capital gains	—	—
Net decrease in net assets resulting from stockholder distributions	—	(1,729,684)
Capital transactions:
Reinvestments of stockholder distributions	—	22,715
Net increase (decrease) in net assets resulting from capital transactions	—	22,715
Net increase (decrease) in net assets	(8,628,662)	499,323
Net assets at end of period	$52,697,350	$78,101,453

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)


	For The Three Months Ended March 31,
	2026	2025
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$(8,628,662)	$2,206,292
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Origination and purchase of investments	(784,273)	(5,612,192)
Payment in-kind interest and dividends	(405,572)	(666,155)
Sales and repayments of investments	14,025,422	7,340,189
Net realized (gain) loss on investments	(19,335)	1,627,282
Net change in unrealized appreciation/depreciation on investments	8,833,079	(3,230,048)
Amortization of discount/premium on investments	(409,766)	(289,989)
Amortization of deferred debt issuance costs	153,824	153,824
Amortization of original issue discount	(922,523)	17,778
Net (increase) decrease in operating assets:
Principal receivable	(27,710)	720,855
Interest receivable	(128,712)	508,793
Payment-in-kind interest receivable	40,184	3,202
Long-term receivable	—	489,365
Short-term receivable	—	(367,561)
Prepaid expenses and other assets	(272,354)	(393,083)
Net increase (decrease) in operating liabilities:
Interest payable	(989,631)	729,233
Base management fees payable	359,808	773,893
Income-based incentive fees payable	—	—
Deferred income liability	(75,731)	674,011
Directors fees payable	79,952	(4,823)
Accrued expenses and other liabilities	(7,341)	410,727
Net cash (used in) provided by operating activities	10,820,659	5,091,593
Cash Flows from Financing Activities:
Payments for deferred financing costs	(248,182)	—
Distributions to stockholders	—	(1,706,034)
Proceeds from borrowing on revolving financing facility	—	500,000
Repayments of borrowing on revolving financing facility	(14,000,000)	(3,000,000)
Proceeds from 2029 Notes payable	65,000,000	—
Repayments of borrowing on 2026 Notes payable	(65,000,000)	—
Net cash (used in) provided by financing activities	(14,248,182)	(4,206,034)
Net change in cash and cash equivalents	(3,427,523)	885,559
Cash and cash equivalents and restricted cash and cash equivalents:
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	14,998,445	12,104,547
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$11,570,922	$12,990,106
Supplemental and non-cash financing cash flow information:
Cash paid for interest	$2,679,644	$1,102,733
Cash paid for taxes	$425,244	$6,059
Issuance of shares pursuant to Dividend Reinvestment Plan	$—	$22,715
Non-cash purchase of investments	$—	$(10,453,723)
Non-cash sale of investments	$—	$10,453,723

	March 31, 2026	March 31, 2025
Cash and cash equivalents	$2,739,918	$2,333,328
Restricted cash and cash equivalents	8,831,004	10,656,778
Cash and cash equivalents and restricted cash and cash equivalents	$11,570,922	$12,990,106

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

(Unaudited)

March 31, 2026


Investments*(1)(2)	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares	Amortized Cost	Fair Value	% of Net Assets
Non-Controlled/Non-Affiliated Investments
Senior Secured First Lien Debt Investments
Automobile Components
Techniplas Foreign Holdco LP Exit Term Loan	10.00% PIK		6/18/2027	876,340	$876,340	$714,655	1.36%	(7)
Techniplas Foreign Holdco LP Term Loan	17.00% PIK		12/19/2026	1,159,774	1,116,853	941,505	1.79%	(7)
Total Automobile Components					1,993,193	1,656,160
Commercial Services & Supplies
Arborworks Acquisition LLC - Reinstated Take Back Term Loan	1M S + 6.50% PIK (1.00% Floor)		11/6/2028	2,439,470	2,439,470	2,439,470	4.63%	(4)(8)
Arborworks Acquisition LLC - Revolver	15.00% PIK		11/6/2028	1,149,579	1,149,579	1,149,579	2.18%	(4)(5)
Northstar Group Services, Inc. Term Loan	3M S + 4.75% (0.50% Floor)		5/31/2030	5,403,750	5,383,364	5,437,523	10.32%	(3)(8)
Total Commercial Services & Supplies					8,972,413	9,026,572
Construction & Engineering
Congruex Group LLC Term Loan B	3M S + 1.50% + 5.00% PIK (1.50% Floor)		5/3/2029	4,313,657	4,280,236	3,957,780	7.51%	(4)(8)
Total Construction & Engineering					4,280,236	3,957,780
Containers & Packaging
Bioplan USA, Inc. - Priority Term Loan	3M S + 10.00% (4.00% Floor)		3/8/2027	278,237	279,943	278,237	0.53%	(8)
Bioplan USA, Inc. - Take Back Term Loan	3M S + 7.75% (4.00% Floor)		3/8/2028	6,000,500	5,855,708	5,970,497	11.33%	(8)
Total Containers & Packaging					6,135,651	6,248,734
Diversified Consumer Services
Axiom Global Inc. Term Loan	3M S + 4.50% (0.75% Floor)		10/2/2028	4,861,593	4,826,741	4,788,669	9.09%	(8)
Axiom Global Inc. Term Loan	3M S + 4.75% (0.75% Floor)		10/2/2028	1,492,500	1,496,327	1,470,113	2.79%	(8)
KNS MidCo Corp. / Wellfull Inc. Term Loan A	1M S + 5.00% (1.00% Floor)		4/19/2030	1,474,678	1,474,678	1,426,751	2.71%	(8)
LaserAway Intermediate Holdings II, LLC Term Loan	3M S + 5.75% (0.75% Floor)		10/14/2027	7,065,572	7,032,848	7,012,581	13.31%	(8)
Total Diversified Consumer Services					14,830,594	14,698,114
Food Products
Max US Bidco Inc. Term Loan B	3M S + 5.00%		10/2/2030	7,869,697	7,670,730	6,502,338	12.34%	(3)(8)
Total Food Products					7,670,730	6,502,338
Household Durables
Easy Way Leisure Corporation Term Loan	3M S + 2.50% + 5.00% PIK (1.00% Floor)		10/15/2026	7,672,504	7,444,690	5,403,688	10.25%	(4)(7)(8)
Total Household Durables					7,444,690	5,403,688

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

March 31, 2026


Investments*(1)(2)	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares	Amortized Cost	Fair Value	% of Net Assets
Non-Controlled/Non-Affiliated Investments, continued
Senior Secured First Lien Debt Investments, continued
Insurance
Integrity Marketing Acquisition, LLC Term Loan	3M S + 5.00% (0.75% Floor)		8/25/2028	$6,930,519	$6,914,006	$6,930,519	13.15%	(5)(8)
Likewize Corporation Term Loan	3M S + 5.75% (0.50% Floor)		8/27/2029	3,483,333	3,405,607	3,370,125	6.40%	(8)
Total Insurance					10,319,613	10,300,644
Interactive Media & Services
Uniguest Holdings Term Loan	1M S + 5.00% (1.00% Floor)		11/27/2030	5,486,111	5,407,738	5,390,104	10.23%	(5)(8)
Total Interactive Media & Services					5,407,738	5,390,104
IT Services
Argano, LLC Term Loan	1M S + 5.50% (1.00% Floor)		9/13/2029	7,287,767	7,178,229	7,251,330	13.76%	(5)(8)
Accelevation, LLC Term Loan	1M S + 4.50% (0.75% Floor)		1/2/2031	4,172,262	4,116,609	4,172,262	7.92%	(5)(8)
Accelevation, LLC - Revolver	1M S + 4.50% (0.75% Floor)		1/2/2031	282,051	271,544	282,051	0.54%	(5)
Total IT Services					11,566,382	11,705,643
Professional Services
Crisis Prevention Institute, Inc. Term Loan	3M S + 4.00% (0.50% Floor)		4/9/2031	2,962,500	2,950,923	2,940,281	5.58%	(8)
Klein Hersh, LLC Term Loan - Last Out	3M S + 0.68%		4/27/2028	11,512,778	8,208,723	9,296,568	17.64%	(8)(9)
Work Genius Holdings, Inc. Term Loan	3M S + 7.00% (1.00% Floor)		6/7/2027	9,626,923	9,598,556	8,380,237	15.89%	(8)
Work Genius Holdings, Inc. Term Loan - Add On	3M S + 7.00% (1.00% Floor)		6/7/2027	1,073,402	1,073,402	934,396	1.77%	(8)
Work Genius Holdings, Inc - Revolver	3M S + 7.00% (1.00% Floor)		6/7/2027	750,000	750,000	652,875	1.24%
Total Professional Services					22,581,604	22,204,357
Software
AppLogic Networks Parent LLC - Sandvine Exit TL	3M S + 1.00% + 5.00% PIK		3/4/2030	1,825,100	1,825,100	1,774,910	3.37%	(4)(8)
Total Software					1,825,100	1,774,910
Specialty Retail
ALCV Purchaser, Inc. Term Loan	1M S + 6.75% (1.00% Floor)		4/15/2026	4,650,000	4,649,256	4,650,000	8.82%	(8)
American Auto Auction Group, LLC Term Loan	3M S + 4.50%		5/28/2032	6,930,000	6,882,482	6,886,688	13.07%	(3)(8)
Total Specialty Retail					11,531,738	11,536,688
Trading Companies & Distributors
Xenon Arc, Inc. - Term Loan	3M S + 5.75% (0.75% Floor)		12/20/2028	8,647,500	8,647,500	8,517,788	16.16%	(8)
Total Trading Companies & Distributors					8,647,500	8,517,788
Total Senior Secured First Lien Debt Investments					123,207,182	118,923,520	225.67%
Unsecured Debt Investments
Professional Services
Klein Hersh, LLC Senior Subordinated Note			4/27/2032	2,184,078	$—	$—	—%	(7)(8)
Total Professional Services					—	—	—%
Total Unsecured Debt Investments					—	—	—%

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

March 31, 2026


Investments*(1)(2)	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares	Amortized Cost	Fair Value	% of Net Assets
Non-Controlled/Non-Affiliated Investments, continued
Equity, Warrants and Other Investments(12)
Automobile Components
Techniplas Foreign Holdco LP - Equity Interest		6/19/2020		879,559	14,336,791	6,333	0.01%	(6)
Techniplas Foreign Holdco LP - Class C Preferred Units		12/5/2024		3,114,557	46,169	74,749	0.15%	(6)
Total Automobile Components					14,382,960	81,082
Commercial Services & Supplies
ArborWorks, LLC A-1 - Common Units		11/24/2021		1,035	—	—	—%	(6)
ArborWorks, LLC A-1 - Preferred Units		11/24/2021		8,633	4,362,023	7,983,422	15.15%	(6)
ArborWorks, LLC B-1 - Preferred Units		11/24/2021		8,633	—	—	—%	(6)
Total Commercial Services & Supplies					4,362,023	7,983,422
Containers & Packaging
Bioplan USA, Inc. - Common Stock		3/8/2023		292,150	1,708,942	4,934,414	9.36%	(6)
Total Containers & Packaging					1,708,942	4,934,414
Electronic Equipment, Instruments & Components
4L Technologies, Inc. - Common Stock		2/4/2020		149,918	2,171,581	1,499	—%	(6)
4L Technologies, Inc. - Preferred Stock		5/28/2020		2,289	209,004	105,779	0.20%	(6)
4L Technologies, Inc. - Preferred Stock		7/2/2025		250	24,964	171,544	0.33%	(6)
Total Electronic Equipment, Instruments & Components					2,405,549	278,822
Health Care Providers & Services
Discovery Behavioral Health, LLC - Preferred Equity	13.50% PIK	10/10/2023		4,000	4,000,000	—	—%	(6)
Total Health Care Providers & Services					4,000,000	—
IT Services
Fusion Connect, Inc. - Backstop Warrants		1/12/2022		8,904,634	—	—	—%	(6)
Fusion Connect, Inc. - Common Stock		1/18/2022		230,191	1,184,606	—	—%	(6)
Fusion Connect, Inc. - Equity Investor Warrants		1/18/2022		1,345,747	—	—	—%	(6)
Fusion Connect, Inc. - Investor Warrants		1/12/2022		8,904,634	—	—	—%	(6)
Fusion Connect, Inc. - Series A Preferred	12.50% PIK	1/12/2022		500	7,645,189	2,160,765	4.11%	(7)
FWS Parent Holding, LLC - Equity Interest		10/3/2022		4,405	100,000	89,515	0.17%	(6)
Total IT Services					8,929,795	2,250,280
Professional Services
CF Arch Holdings LLC - Equity Interest		8/11/2022		200,000	200,000	406,000	0.77%	(6)
Victors CCC Aggregator LP - Equity Interest		5/27/2022		500,000	500,000	845,000	1.60%	(6)(13)
Work Genius, LLC - Equity Interest		6/6/2022		500	500,000	111,765	0.21%	(6)
Work Genius, LLC - A-1 Equity Units		3/31/2025		922	674,011	206,165	0.39%	(6)
Total Professional Services					1,874,011	1,568,930
Software
AppLogic Networks Parent LLC - Equity Interest		3/3/2025		130,074	2,744,209	2,861,628	5.43%	(6)
Total Software					2,744,209	2,861,628
Trading Companies & Distributors
Pegasus Aggregator Holdings LP - Equity Interest**		2/28/2022		9	$808,717	$1,125,542	2.14%	(6)(13)
Total Trading Companies & Distributors					808,717	1,125,542
Total Equity, Warrants and Other Investments					41,216,206	21,084,120	40.01%
Total Non-Controlled/Non-Affiliated Investments					$164,423,388	$140,007,640	265.68%

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

March 31, 2026


Investments*(1)(2)	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares	Amortized Cost	Fair Value	% of Net Assets
Non-Controlled/Affiliated Investments (14)
Senior Secured First Lien Debt Investments
Consumer Staples Distribution & Retail
American Nuts Holdings, LLC Term Loan A	3M S + 8.50% PIK (1.00% Floor)		3/28/2028	2,079,053	2,079,053	1,928,321	3.66%	(4)(8)(11)
American Nuts Holdings, LLC Term Loan B	3M S + 8.50% PIK (1.00% Floor)		3/28/2028	2,079,053	2,079,053	1,886,740	3.58%	(4)(8)(11)
American Nuts Holdings, LLC Term Loan C	3M S + 8.50% PIK (1.00% Floor)		3/28/2028	79,145	79,145	79,145	0.15%	(4)(8)(11)
Total Consumer Staples Distribution & Retail					4,237,251	3,894,206
Entertainment
Crafty Apes, LLC Term Loan - Second Out	1M S + 6.50% PIK (1.00% Floor)		6/1/2027	2,277,032	2,210,256	2,157,488	4.09%	(4)(5)(8)(10)
Total Entertainment					2,210,256	2,157,488
Total Senior Secured First Lien Debt Investments					6,447,507	6,051,694	11.48%
Equity, Warrants and Other Investments(12)
Consumer Staples Distribution & Retail
American Nuts Holdings, LLC Class A Units		3/28/2025		6,784	2,204,980	778,111	1.48%	(6)(8)
Total Consumer Staples Distribution & Retail					2,204,980	778,111
Entertainment
Crafty Apes LLC - Common Stock		11/20/2024		810	4,968,408	4,581,862	8.69%	(6)(8)
Total Entertainment					4,968,408	4,581,862
Total Equity, Warrants and Other Investments					7,173,388	5,359,973	10.17%
Total Non-Controlled/Affiliated Investments					$13,620,895	$11,411,667	21.66%
Total Investments					$178,044,283	$151,419,307	287.34%

* All investments of the Investcorp Credit Management BDC, Inc. (the "Company") are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)

Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 13 of the Consolidated Schedule of Investments as of March 31, 2026 for additional information on our restricted securities.

(2)

Unless indicated otherwise, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (see Note 4).

(3)

This investment represents a Level 2 investment (see Note 4).

(4)

Principal amount includes capitalized PIK interest.

(5)

Refer to Note 6 for more detail on the unfunded commitments.

(6)

Securities are non-income producing.

(7)

Classified as non-accrual asset.

(8)

A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A. (“Capital One”).

(9)

The Company has entered into an Agreement Among Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority relative to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. The obligor under the first lien secured loans has a contractual obligation to pay a fixed annual amount of interest ratably each month. This payment is first applied to the first out tranche on the basis of SOFR plus 3.75% and the remaining amount (if any) is applied to the last out tranche. Therefore, the Company will receive variable interest income depending on the principal amount of the first out tranche and changes in the SOFR rate. The effective rate cannot be estimated in advance of the start of the SOFR accrual period for the first out tranche.

(10)

The Company has entered into an Agreement Among Lenders that entitles the Company to the “second out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “second out” and “third out” tranches with respect to payments of principal, interest, and any other amounts due thereunder.

(11)

The Credit Agreement establishes the New Term Loan C as having priority with regard to principal and interest payments over the Term Loans A and B. Separately, The Company has entered into an Agreement Among Lenders that entitles the Company's investment in the Term Loan A to receive priority over its investment in the Term Loan B, but not the Term Loan C, with respect to payments of principal, interest, and other amounts due.

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

March 31, 2026

(12)

These securities were acquired in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2026, the Company’s portfolio company investments that were subject to restrictions on sales totaled $26,444,093 at fair value and represented 50.18% of the Company’s net assets.

(13)

Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

(14)

As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of March 31, 2026, the Company had no “Control Investments.”

Transactions related to investments in non-controlled “Affiliated Investments” for the three months ended March 31, 2026 were as follows:


Portfolio Company	Type of Investment(a)	December 31, 2025 Value	Gross Additions (b)	Gross Reductions (c)	Net Realized Gains (Losses)	Net Unrealized Gains (Losses)	March 31, 2026 Value	Amount of Interest or Dividends Credited to Income(d)
American Nuts Holdings, LLC	Senior Secured First Lien Debt - T/L-A (3M S + 8.50% PIK (1.00% Floor)	$1,867,369	$65,717	$—	$—	$(4,765)	$1,928,321	$63,983
	Senior Secured First Lien Debt - T/L-B (3M S + 8.50% PIK (1.00% Floor)	1,827,102	65,717	—	—	(6,079)	1,886,740	63,983
	Senior Secured First Lien Debt - T/L-C (3M S + 8.50% PIK (1.00% Floor)	—	79,145	—	—	—	79,145	—
	Class A Units(e)	928,035	—	—	—	(149,924)	778,111	—
Crafty Apes, LLC	Senior Secured First Lien Debt - Second Out Investment (1M S + 6.50% PIK (1.00% Floor)	2,125,975	69,822	—	—	(38,309)	2,157,488	71,117
	Common Stock(e)	5,924,664	—	—	—	(1,342,802)	4,581,862	—
		$12,673,145	$280,401	$—	$—	$(1,541,879)	$11,411,667	$199,083

(a)

The fair value of all investments was determined using significant unobservable inputs.

(b)

Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(c)

Gross reductions include decreases in the total cost basis of investment repayments from principal repayments or sales.

(d)

Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(e)

Investment is non-income producing.

P — Prime Rate (6.75% as of March 31, 2026)

PIK — Payment-In-Kind

1M S — 1-month SOFR (3.66% as of March 31, 2026)

3M S — 3-month SOFR (3.68% as of March 31, 2026)

6M S — 6-month SOFR (3.70% as of March 31, 2026)

See notes to unaudited consolidated financial statements.

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

December 31, 2025


Investments*(1)(2)	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares	Amortized Cost	Fair Value	% of Net Assets
Non-Controlled/Non-Affiliated Investments
Senior Secured First Lien Debt Investments
Automobile Components
Techniplas Foreign Holdco LP Exit Term Loan	10.00% PIK		6/18/2027	945,001	$876,340	$747,080	1.22%	(4)(7)
Techniplas Foreign Holdco LP Term Loan	17.00% PIK		12/19/2026	1,159,774	1,116,853	978,270	1.60%	(4)(7)
Total Automobile Components					1,993,193	1,725,350
Commercial Services & Supplies
Arborworks Acquisition LLC - Reinstated Take Back Term Loan	1M S + 6.50% PIK (1.00% Floor)		11/6/2028	2,375,727	2,375,727	2,375,727	3.87%	(4)(8)
Arborworks Acquisition LLC - Revolver	15.00% PIK		11/6/2028	1,107,527	1,107,527	1,107,527	1.81%	(4)(5)
Northstar Group Services, Inc. Term Loan	6M S + 4.75% (0.50% Floor)		5/31/2030	5,417,500	5,396,108	5,471,675	8.92%	(3)(8)
Total Commercial Services & Supplies					8,879,362	8,954,929
Construction & Engineering
Congruex Group LLC Term Loan B	3M S + 1.50% + 5.00% PIK (1.50% Floor)		5/3/2029	4,224,541	4,188,783	3,844,332	6.27%	(4)(8)
Total Construction & Engineering					4,188,783	3,844,332
Containers & Packaging
Bioplan USA, Inc. - Priority Term Loan	3M S + 10.00% (4.00% Floor)		3/8/2027	571,998	576,345	583,438	0.95%	(8)
Bioplan USA, Inc. - Take Back Term Loan	3M S + 7.75% (4.00% Floor)		3/8/2028	6,000,500	5,840,378	5,880,490	9.59%	(4)(8)
Total Containers & Packaging					6,416,723	6,463,928
Diversified Consumer Services
Axiom Global Inc. Term Loan	3M S + 4.50% (0.75% Floor)		10/2/2028	4,873,964	4,836,029	4,825,224	7.87%	(8)
Axiom Global Inc. Term Loan	3M S + 4.50% (0.75% Floor)		10/2/2028	1,496,250	1,500,414	1,481,287	2.42%	(8)
KNS MidCo Corp. / Wellfull Inc. Term Loan A	1M S + 5.00% (1.00% Floor)		4/19/2030	1,474,678	1,474,678	1,441,498	2.35%	(8)
LaserAway Intermediate Holdings II, LLC Term Loan	3M S + 5.75% (0.75% Floor)		10/14/2027	7,084,020	7,046,516	7,048,600	11.49%	(8)

Investcorp Credit Management BDC, Inc. 10-Q