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Investcorp Credit Management BDC, Inc.

ICMBdata completeness 75%5 fiscal years on file
The thesis, from the filings

Investcorp Credit Management BDC, Inc. earns about -3% on equity, but has diluted owners by 4% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$2.31M1$2.59M2$3.23M3−$4.09M3−$8.85M3
Operating cash flow$20.2M4$21.2M5$20.7M6$37.1M6$11.7M6
Capital expenditure—————
Free cash flow (derived)—————
Total debt$167M7$149M8$136.9M9$108M7$123.9M7
Cash & equivalents$12.6M10$9.16M11$1.09M12$158,76812$4.58M12
Diluted shares13.9M14.3M14.4M14.4M14.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$42.52
your share of equity
Profit it earned you last year
−$6.14
Free cash flow it threw off
—
Debt you’d be carrying
$85.91

10 shares is a claim on $42.52 of net worth that earned you −$6.14 last year, against $85.91 of debt.

iii. Is this a good business?
Moat signal · return on equity
-3% avg · 5y
FY21 —FY22 3%FY23 4%FY24 -5%FY25 -14%

It earned an average -3% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 26% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.
Graham Number
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2023-09-21 · period ending 2021-06-30 · accession 0000950170-23-049175 (NetIncomeLoss)
  2. 10-K filed 2024-09-25 · period ending 2022-06-30 · accession 0000950170-24-109384 (NetIncomeLoss)
  3. 10-K filed 2026-03-31 · periods ending 2023-06-30, 2024-06-30, 2025-12-31 · accession 0001193125-26-132860 (NetIncomeLoss)
  4. 10-K filed 2023-09-21 · period ending 2021-06-30 · accession 0000950170-23-049175 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K filed 2024-09-25 · period ending 2022-06-30 · accession 0000950170-24-109384 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2026-03-31 · periods ending 2023-06-30, 2024-06-30, 2025-12-31 · accession 0001193125-26-132860 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2026-03-31 · periods ending 2021-06-30, 2024-06-30, 2025-12-31 · accession 0001193125-26-132860 (LongTermDebt)
  8. 10-K filed 2023-09-21 · period ending 2022-06-30 · accession 0000950170-23-049175 (LongTermDebt)
  9. 10-K filed 2024-09-25 · period ending 2023-06-30 · accession 0000950170-24-109384 (LongTermDebt)
  10. 10-K filed 2024-09-25 · period ending 2021-06-30 · accession 0000950170-24-109384 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K filed 2026-03-31 · period ending 2022-06-30 · accession 0001193125-26-132860 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K filed 2026-03-31 · periods ending 2023-06-30, 2024-06-30, 2025-12-31 · accession 0001193125-26-132860 (CashAndCashEquivalentsAtCarryingValue)