Investcorp Credit Management BDC, Inc. reported its financial results for the first quarter of 2025, revealing a total investment income of $4.4 million, a decrease from $6.6 million in the same period last year. This decline was primarily attributed to reduced interest income stemming from lower index rates and a decrease in payment-in-kind (PIK) interest income, particularly from its investment in Crafty Apes, LLC. The company’s net investment income after taxes was $603,526, down from $2.1 million in the prior year, reflecting a significant drop in profitability.
The company’s total assets increased slightly to $207.6 million as of March 31, 2025, compared to $206.9 million at the end of 2024. This growth was driven by an increase in cash reserves, which rose to $2.3 million from $771,483. However, total liabilities also saw a marginal increase, reaching $129.5 million, up from $129.2 million. The net asset value per share improved to $5.42 from $5.39, indicating a slight enhancement in shareholder value.
In terms of operational developments, Investcorp made new investments totaling approximately $5.1 million during the quarter, focusing on both new and existing portfolio companies. The company’s investment portfolio consisted of 43 companies, with 77% of its investments in first lien debt. The average investment size was $4.5 million, with the largest investment valued at $13.6 million. The company maintained a strong asset coverage ratio of 164.5%, indicating a solid buffer against its debt obligations.
Looking ahead, Investcorp remains cautious amid a challenging economic environment characterized by inflation and potential recession risks. The company plans to continue monitoring market conditions closely and is positioned to manage its portfolio effectively. The board of directors declared a quarterly distribution of $0.12 per share, payable on May 16, 2025, reflecting the company’s commitment to returning value to shareholders while navigating the current market landscape.
About Investcorp Credit Management BDC, Inc.
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