Investcorp Credit Management BDC Inc (ICMB) Q1 2025 Earnings Call Highlights: Strong NAV Growth ...

GuruFocus.com11-19

Net Asset Value (NAV): Increased by $0.34 per share to $5.55 from $5.21 as of June 30, 2024. Net Investment Income: $2.3 million or $0.16 per share, a $1 million increase over the prior quarter. ...

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GuruFocus has detected 3 Warning Signs with ICMB.\n\nRelease Date: November 13, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nInvestcorp Credit Management BDC Inc (NASDAQ:ICMB) reported a strong quarter with a net asset value increase of $0.34 per share, rising to $5.55.\nThe company generated net investment income of $2.3 million, marking a $1 million increase over the prior quarter.\nICMB successfully deployed $13.1 million across six portfolio companies, indicating an uptick in activity.\nThe portfolio's median EBITDA increased from $55 million to $61 million, while the weighted average net leverage declined from 5.1 times to 4.7 times.\nNon-accruals as a percentage of total fair market value improved to 4.8% from 5% in the previous quarter.\n\n Negative Points \n\nNew deal flow in M&A and LBO activity remains subdued, reflecting broader market challenges.\nThe weighted average yield of debt investments decreased to 10.5% from 12.3% in the previous quarter.\nCompetition for high-quality investment opportunities remains intense, limiting potential deals.\nThe company experienced a realized loss due to Crafty Apes being on nonaccrual status.\nOperating expenses are relatively high as a percentage of revenues, prompting a need for improved efficiencies.\n\n Q & A Highlights \nQ: Can you clarify the driver of the PIK income for the quarter? A: The primary driver was the reversal of nonaccrual to accrual status for Klein Hersh, which had been on nonaccrual for the last three quarters. The company is performing well, and a significant portion of the coupon is PIK. - Suhail Shaikh, President, Director\nQ: Were there any timing issues affecting the quarter's results, with deals spilling over from the previous quarter? A: Yes, some deals did spill over into this quarter. This business can be lumpy, and while we try to smooth out activity by purchasing loans in the secondary market, timing can vary. - Suhail Shaikh, President, Director\nQ: Could you provide details on the realized loss and unrealized gain for the quarter? A: The realized loss was due to Crafty Apes, which is on nonaccrual, while the unrealized gain was primarily from markups on Klein Hersh and BioPlan, both of which performed well. - Suhail Shaikh, President, Director\nQ: As the new CEO, can you articulate your vision for ICMB's market strategy and competitive advantage? A: We aim to focus on the core middle market, targeting companies with EBITDA between $15 million and $75 million. Our strategy involves direct sourcing from sponsors and leveraging our expertise in secondary market opportunities. We plan to increase our relevance by writing larger checks and benefiting from a broader portfolio of opportunities. - Suhail Shaikh, President, Director\nQ: Your expenses are high as a percentage of revenues. Are there plans to improve operating efficiencies? A: We are examining ways to manage expenses more efficiently, including using technology to lower our expense base. As our business grows, we expect expenses to decrease both organically and inorganically. - Suhail Shaikh, President, Director\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484932064"}