PR Newswire
NEW YORK, Feb. 13, 2023
NEW YORK, Feb. 13, 2023 /PRNewswire/ -- Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) ("ICMB" or the "Company") announced its financial results today for its fiscal second quarter ended December 31, 2022.
HIGHLIGHTS
Portfolio results, as of and for the three months ended December 31, 2022: | |
Total assets | $239.4mm |
Investment portfolio, at fair value | $228.6mm |
Net assets | $91.5mm |
Weighted average yield on debt investments, at cost (1) | 10.73 % |
Net asset value per share | $6.36 |
Portfolio activity in the current quarter: | |
Number of new investments | 3 |
Total capital invested | $6.2mm |
Proceeds from repayments, sales, and amortization | $14.2mm |
Number of portfolio companies, end of period | 37 |
Net investment income (NII) | $2.3mm |
Net investment income per share | $0.16 |
Net increase in net assets from operations | $0.6mm |
Net increase in net assets from operations per share | $0.04 |
Quarterly per share distribution paid on January 10, 2023 | $0.15 |
|
(1) Represents weighted average yield on total debt investments for the three months ended December 31, 2022. Weighted average yield on total debt investments is the annualized rate of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The weighted average yield on total debt investments reflected above does not represent actual investment returns to the Company's stockholders. |
Mr. Michael C. Mauer, the Company's Chief Executive Officer, said, "We continue to see market volatility and inflationary pressures across the borrower universe. We have responded with a cautious and deliberate approach to capital deployment, with an emphasis on first lien structures, covenants, and significant equity contributions below us. There remains a stable flow, albeit at a slow pace, of conservative opportunities with attractive structures and returns to consider."
The Company's dividend framework provides a quarterly base dividend and may be supplemented, at the discretion of the Board, by additional dividends as determined to be available by the Company's net investment income and performance during the quarter.
On February 2, 2023, the Board declared a distribution for the quarter ended March 31, 2023 of $0.13 per share payable on March 30, 2023 to stockholders of record as of March 10, 2023 and a supplemental distribution of $0.02 per share, payable on March 30, 2023, to stockholders of record as of March 10, 2023.
This distribution represents a 17.05% yield on the Company's $3.52 share price as of market close on December 31, 2022. Distributions may include net investment income, capital gains and/or return of capital, however, the Company does not expect the dividend for the quarter ending December 31, 2022, to be comprised of a return of capital. The Company's investment adviser monitors available taxable earnings, including net investment income and realized capital gains, to determine if a return of capital may occur for the year. The Company estimates the source of its distributions as required by Section 19(a) of the Investment Company Act of 1940 to determine whether payment of dividends are expected to be paid from any other source other than net investment income accrued for the current period or certain cumulative periods, but the Company will not be able to determine whether any specific distribution will be treated as taxable earnings or as a return of capital until after the end of the taxable year.
Portfolio and Investment Activities
During the quarter, the Company made investments in one new portfolio company. The aggregate capital invested during the quarter totaled $2.5 million, at cost, and the debt investments were made at a weighted average yield of 10.63%.
The Company received proceeds of $14.2 million from repayments, sales and amortization during the quarter, primarily related to the realization of Barri Financial Group, LLC.
During the quarter, the Company had net advances of $3.7 million on its existing and new delayed draw and revolving credit commitments to portfolio companies.
The Company's net realized, and unrealized gains and losses accounted for a decrease in the Company's net investments of $1.7 million, or $0.12 per share. The total net increase in net assets resulting from operations for the quarter was $0.6 million, or $0.04 per share.
As of December 31, 2022, the Company's investment portfolio consisted of investments in 37 portfolio companies, of which 91.0% were first lien investments and 9.0% were equity, warrants, and other investments. The Company's debt portfolio consisted of 99.5% floating rate investments and 0.5% fixed rate investments.
The Company continues to assess the impact of the COVID-19 pandemic on its portfolio companies and will continue to closely monitor its portfolio companies throughout this period, including assessing portfolio companies' operational and liquidity exposure and outlook. For additional information about the COVID-19 pandemic and its potential impact on the Company's results of operations and financial condition, please refer to the disclosure in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2022, filed with the Securities and Exchange Commission on February 13, 2023.
Capital Resources
As of December 31, 2022, the Company had $8.4 million in cash, of which $7.9 million was restricted cash, and $36.6 million unused capacity under its revolving credit facility with Capital One, N.A.
Subsequent Events
Subsequent to December 31, 2022 and through February 13, 2023, the Company invested a total of $5.5 million, which included investments in one existing and one new portfolio company. As of February 13, 2022, the Company had investments in 37 portfolio companies.
Investcorp Credit Management BDC, Inc. and Subsidiaries | ||
Consolidated Statements of Assets and Liabilities | ||
| ||
| December 31, | June 30, 2022 |
Assets | | |
Non-controlled, non-affiliated investments, at fair value (amortized cost of | $ 217,912,382 | $ 223,037,183 |
Affiliated investments, at fair value (amortized cost of $23,726,516 and $23,395,242, | 10,681,276 | 10,646,803 |
Total investments, at fair value (amortized cost of $274,888,114 and $277,568,005, | 228,593,658 | 233,683,986 |
Cash | 553,186 | 2,550,021 |
Cash, restricted | 7,884,674 | 6,605,056 |
Receivable for investments sold | 301,677 | 835,043 |
Interest receivable | 1,919,396 | 2,298,443 |
Payment-in-kind interest receivable | 16,927 | 2,137 |
Prepaid expenses and other assets | 90,899 | 410,401 |
| | |
Total Assets | $ 239,360,417 | $ 246,385,087 |
| | |
Liabilities | | |
Notes payable: | | |
Revolving credit facility | $ 78,400,000 | $ 84,000,000 |
2026 Notes payable | 65,000,000 | 65,000,000 |
Deferred debt issuance costs | (1,567,222) | (1,913,889) |
Unamortized discount | (231,108) | (266,663) Werbung Mehr Nachrichten zur Investcorp Credit Management BDC Aktie kostenlos abonnieren
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