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Investcorp Credit Management BDC (NASDAQ: ICMB) announced its Q3 financial results for the period ending March 31, 2024. The company reported a net investment income of $2.1 million, or $0.14 per share, and a net increase in net assets from operations of $2.4 million, or $0.17 per share. ICMB achieved a 12.36% weighted average yield on debt investments, increasing from 11.46% in the previous quarter. The Board declared a quarterly distribution of $0.12 per share and a supplemental distribution of $0.03 per share, both payable on June 14, 2024. The company fully realized investments in six portfolio companies, yielding $21.2 million in proceeds with a 17.09% internal rate of return. Net asset value rose slightly to $5.49 per share. Additionally, the company invested $8.9 million in existing portfolio companies, with no new investments made during the quarter.
Investcorp Credit Management BDC (NASDAQ: ICMB) announced a leadership transition with Suhail A. Shaikh being appointed as the new CEO, effective immediately.
Outgoing CEO Michael C. Mauer will remain as Chairman of the Board of Directors and take on the role of Vice Chairman of Private Credit at Investcorp.
Mr. Shaikh has been with Investcorp since January 2023, serving as President since February 2023 and as a Board member since September 2023. Both Mr. Shaikh and Mr. Mauer have been Co-Chief Investment Officers at CM Investment Partners since January 2023, with Mr. Shaikh now becoming the sole Chief Investment Officer at the Adviser.
Mr. Shaikh expressed optimism about the company's position in the current lending environment, which he believes favors alternative lenders like ICMB.
Investcorp Credit Management BDC, Inc. (formerly CM Finance Inc.) (NASDAQ:ICMB) will release its financial results for the quarter ended March 31, 2024 on Tuesday, May 14, 2024. An earnings conference call will be held on Wednesday, May 15, 2024, at 12:00 pm (Eastern Time). Interested parties can participate by dialing (800) 550-9893 5-10 minutes prior to the call.