Investcorp Credit Management BDC (ICMB) is a business development company (BDC) that lends to U.S. middle-market companies — private, often PE-sponsored businesses that lack access to public markets or traditional bank financing. ICMB targets companies with enterprise values below $750M, revenues of at least $50M, and EBITDA of at least $15M, and extends primarily first lien and unitranche loans secured by borrower assets, with individual investments typically ranging from $5M to $25M. As of December 31, 2025, the portfolio comprised 37 companies with a fair value of $172.7M, roughly 81% in first lien debt and 19% in equity or warrants. ICMB sources deals directly through its investment team's relationships with PE firms, investment banks, and restructuring advisors. ICMB earns interest income on its loan portfolio — the debt portfolio carried a weighted average yield of roughly 10.3% as of December 31, 2025 — and distributes that income to shareholders. Nearly all of the debt portfolio is floating rate, linking earnings to SOFR movements. ICMB funds investments using leverage, borrowing through a $100M revolving credit facility with Capital One and $65M of outstanding notes. ICMB is externally managed by CM Investment Partners, an affiliate of Investcorp Group, which earns a 1.75% base management fee on gross assets and a 20% incentive fee on income above an 8% hurdle rate — fees that weigh on net investment income given ICMB's relatively small asset base.