Tearsheet

Investcorp Credit Management BDC (ICMB)


Market Price (6/27/2026): $1.2 | Market Cap: $17.3 MilSector: Financials | Industry: Asset Management & Custody Banks

Investcorp Credit Management BDC (ICMB)


Market Price (6/27/2026): $1.2
Market Cap: $17.3 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Dividend Yield is 43%, FCF Yield is 100%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -89%, 3Y Excs Rtn is -120%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -15 Mil

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 608%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -210%, Rev Chg QQuarterly Revenue Change % is -338%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -75%

Key risks
ICMB key risks include [1] an unsustainable dividend driven by a payout ratio exceeding 200%, Show more.

0 Attractive yield
Dividend Yield is 43%, FCF Yield is 100%
1 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
2 Weak multi-year price returns
2Y Excs Rtn is -89%, 3Y Excs Rtn is -120%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -15 Mil
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 608%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -210%, Rev Chg QQuarterly Revenue Change % is -338%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -75%
7 Key risks
ICMB key risks include [1] an unsustainable dividend driven by a payout ratio exceeding 200%, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/1/2026

Investcorp Credit Management BDC (ICMB) stock has lost about 60% since 2/28/2026 because of the following key factors:

1. Investcorp Credit Management BDC (ICMB) reported a significant shortfall in its Q1 2026 earnings, leading to a substantial decline in its Net Asset Value (NAV) per share. The company posted earnings per share (EPS) of $0.0107, missing the forecasted $0.04 by 73.25%, and revenue of $3.55 million, falling short of the expected $4.62 million by 23.16%. Concurrently, the NAV per share decreased to $2.65 from $4.25 in the previous quarter, a 37.6% drop, or to $3.65 from $4.25 as of December 31, 2025, representing a 14.07% decrease. This considerable miss and NAV erosion directly impacted investor confidence.

2. The company's Board of Directors decided not to declare a quarterly dividend for the quarter ended March 31, 2026. This dividend suspension is a significant negative for a Business Development Company (BDC) like ICMB, as income generation is a primary appeal for many investors in this sector, and its cessation signals financial distress.

Show more
Updated on 6/1/2026

Investcorp Credit Management BDC (ICMB) stock has lost about 60% since 2/28/2026 because of the following key factors:

1. Investcorp Credit Management BDC (ICMB) reported a significant shortfall in its Q1 2026 earnings, leading to a substantial decline in its Net Asset Value (NAV) per share. The company posted earnings per share (EPS) of $0.0107, missing the forecasted $0.04 by 73.25%, and revenue of $3.55 million, falling short of the expected $4.62 million by 23.16%. Concurrently, the NAV per share decreased to $2.65 from $4.25 in the previous quarter, a 37.6% drop, or to $3.65 from $4.25 as of December 31, 2025, representing a 14.07% decrease. This considerable miss and NAV erosion directly impacted investor confidence.

2. The company's Board of Directors decided not to declare a quarterly dividend for the quarter ended March 31, 2026. This dividend suspension is a significant negative for a Business Development Company (BDC) like ICMB, as income generation is a primary appeal for many investors in this sector, and its cessation signals financial distress.

3. ICMB experienced substantial net realized and unrealized losses on its investment portfolio during the first quarter of 2026. The company reported an $8.8 million net decrease in net assets from operations, primarily driven by these losses. This indicates a deterioration in the performance and valuation of the underlying investments held by the BDC.

4. The Board initiated a review of strategic alternatives to enhance shareholder value, concurrently facing pressure from activist shareholders. This strategic review, for which Houlihan Lokey was retained as a financial advisor, often suggests deep-seated issues within a company. Activist shareholder Bulldog Investors publicly demanded Investcorp buy out shares at $5.04 each, criticizing the significant share price collapse from a NAV of $10.51 in 2019 to approximately $1.40 in 2026, arguing that Investcorp collected substantial fees while shareholder value evaporated.

5. The company exhibited high leverage and faced broader credit quality concerns impacting its middle-market investments. As of March 31, 2026, ICMB's gross leverage was 2.05x and net leverage was 1.83x. Although the weighted average yield on debt investments increased, the Q1 2026 earnings commentary highlighted persistent credit quality issues within its portfolio. This situation was exacerbated by a macroeconomic trend where U.S. private credit lenders, including BDCs, reported deepening unrealized losses (2.35% of NAV) in Q1 2026, reflecting increased strain on middle-market companies due to higher borrowing costs.

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Stock Movement Drivers

Fundamental Drivers

The -58.6% change in ICMB stock from 2/28/2026 to 6/26/2026 was primarily driven by a -231.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266262026Change
Stock Price ($)2.901.20-58.6%
Change Contribution By: 
Total Revenues ($ Mil)12-15-231.0%
P/S Multiple3.6-1.1-131.6%
Shares Outstanding (Mil)14140.0%
Cumulative Contribution-58.6%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/26/2026
ReturnCorrelation
ICMB-58.6% 
Market (SPY)6.6%-3.6%
Sector (XLF)4.7%3.6%

Fundamental Drivers

The -60.7% change in ICMB stock from 11/30/2025 to 6/26/2026 was primarily driven by a -231.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256262026Change
Stock Price ($)3.051.20-60.7%
Change Contribution By: 
Total Revenues ($ Mil)12-15-231.0%
P/S Multiple3.7-1.1-130.0%
Shares Outstanding (Mil)14140.0%
Cumulative Contribution-60.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/26/2026
ReturnCorrelation
ICMB-60.7% 
Market (SPY)7.3%0.5%
Sector (XLF)1.3%4.5%

Fundamental Drivers

The -51.1% change in ICMB stock from 5/31/2025 to 6/26/2026 was primarily driven by a -210.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256262026Change
Stock Price ($)2.461.20-51.1%
Change Contribution By: 
Total Revenues ($ Mil)14-15-210.2%
P/S Multiple2.5-1.1-144.4%
Shares Outstanding (Mil)1414-0.1%
Cumulative Contribution-51.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/26/2026
ReturnCorrelation
ICMB-51.1% 
Market (SPY)25.1%2.7%
Sector (XLF)6.7%3.8%

Fundamental Drivers

The -49.5% change in ICMB stock from 5/31/2023 to 6/26/2026 was primarily driven by a -1060.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236262026Change
Stock Price ($)2.381.20-49.5%
Change Contribution By: 
Total Revenues ($ Mil)2-15-1060.1%
P/S Multiple21.3-1.1-105.3%
Shares Outstanding (Mil)1414-0.3%
Cumulative Contribution-49.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/26/2026
ReturnCorrelation
ICMB-49.5% 
Market (SPY)81.3%9.1%
Sector (XLF)77.0%10.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ICMB Return16%-19%19%1%6%-56%-48%
Peers Return33%-7%30%24%-3%-12%70%
S&P 500 Return27%-19%24%23%16%7%96%

Monthly Win Rates [3]
ICMB Win Rate58%42%67%42%58%33% 
Peers Win Rate75%45%70%75%50%27% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ICMB Max Drawdown-20%-34%-23%-16%-23%-62% 
Peers Max Drawdown-9%-24%-11%-11%-22%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, OBDC, FSK, MAIN, GBDC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)

How Low Can It Go

EventICMBS&P 500
2025 US Tariff Shock
  % Loss-17.9%-18.8%
  % Gain to Breakeven21.9%23.1%
  Time to Breakeven13 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-12.9%-9.5%
  % Gain to Breakeven14.9%10.5%
  Time to Breakeven35 days24 days
2023 SVB Regional Banking Crisis
  % Loss-14.4%-6.7%
  % Gain to Breakeven16.8%7.1%
  Time to Breakeven20 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.6%-24.5%
  % Gain to Breakeven32.6%32.4%
  Time to Breakeven293 days427 days
2020 COVID-19 Crash
  % Loss-79.6%-33.7%
  % Gain to Breakeven390.4%50.9%
  Time to Breakeven478 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.1%-19.2%
  % Gain to Breakeven43.1%23.8%
  Time to Breakeven417 days105 days

Compare to ARCC, OBDC, FSK, MAIN, GBDC

In The Past

Investcorp Credit Management BDC's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventICMBS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-24.6%-24.5%
  % Gain to Breakeven32.6%32.4%
  Time to Breakeven293 days427 days
2020 COVID-19 Crash
  % Loss-79.6%-33.7%
  % Gain to Breakeven390.4%50.9%
  Time to Breakeven478 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-30.1%-19.2%
  % Gain to Breakeven43.1%23.8%
  Time to Breakeven417 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-30.3%-12.2%
  % Gain to Breakeven43.4%13.9%
  Time to Breakeven124 days62 days
2014-2016 Oil Price Collapse
  % Loss-38.6%-6.8%
  % Gain to Breakeven62.8%7.3%
  Time to Breakeven328 days15 days

Compare to ARCC, OBDC, FSK, MAIN, GBDC

In The Past

Investcorp Credit Management BDC's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Investcorp Credit Management BDC (ICMB)

Investcorp Credit Management BDC (ICMB) is a Business Development Company (BDC) specializing in providing financing solutions to middle-market companies. Its investment strategy focuses on various types of funding, including direct loans, mezzanine financing, and structured equity, designed to support a range of corporate activities such as growth capital, acquisitions, market expansion, organic growth, refinancings, and recapitalizations.

The company's primary offerings are direct lending through various loan instruments and mezzanine financing. ICMB also strategically invests in the equity of its portfolio companies, often utilizing warrants and other instruments, to secure upside participation interests as part of its broader investment relationships. Geographically, the fund invests in companies located in both the United States, particularly across the Midatlantic, Midwest, Northeast, Southeast, and West Coast regions, and Europe.

ICMB targets established companies with annual revenues of at least $50 million and EBITDA of at least $15 million. It diversifies its investments across several key sectors, including cable and satellites, consumer services, healthcare equipment and services, industrials, information technology, telecommunication services, and utilities.

AI Analysis | Feedback

Here are 1-3 brief analogies for Investcorp Credit Management BDC (ICMB):

  • ICMB is like a publicly traded private equity firm specializing in debt for mid-sized companies.
  • Think of ICMB as a REIT for private company debt, allowing you to invest in a diversified portfolio of loans to growing businesses.
  • ICMB is like a mini-Blackstone or Apollo, specifically for providing loans and capital to middle-market private companies.

AI Analysis | Feedback

  • Debt Financing: Provides direct loans to middle-market companies for various operational and strategic needs.
  • Mezzanine Financing: Offers hybrid debt and equity solutions, often subordinated to senior debt, providing flexible capital.
  • Equity Investments: Takes equity positions in portfolio companies, typically through warrants or other instruments, to gain upside participation.
  • Growth and Expansion Capital: Supplies funds to companies to support organic growth, market penetration, and product development initiatives.
  • Acquisition and Recapitalization Financing: Delivers capital for companies pursuing strategic acquisitions or restructuring their balance sheets.

AI Analysis | Feedback

Investcorp Credit Management BDC (ICMB) is a business development company (BDC) that specializes in providing financing, including loans, mezzanine debt, and equity investments, to other companies. Therefore, its "customers" are the companies it invests in, commonly referred to as its portfolio companies.

Based on the background information:

  • ICMB invests in "middle market" companies.
  • It seeks to invest in companies with annual revenues of at least $50 million and EBITDA of at least $15 million.
  • It focuses on sectors such as cable and satellites; consumer services; healthcare equipment and services; industrials; information technology; telecommunication services; and utilities.

Given its investment strategy focusing on middle-market companies, ICMB primarily provides capital to privately-held companies. As a result, it does not have "major customers" that are publicly traded companies with stock symbols that can be listed in the traditional sense of a customer purchasing goods or services.

The company's customer base consists of a diverse portfolio of private companies across various sectors, to which it extends financing. These companies typically do not have public stock symbols.

AI Analysis | Feedback

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AI Analysis | Feedback

Suhail A. Shaikh President and Chief Executive Officer

Suhail A. Shaikh assumed the role of President and Chief Executive Officer of Investcorp Credit Management BDC, Inc. in May 2024. He also serves as the Chief Investment Officer of Private Credit at CM Investment Partners LLC, the company's Investment Manager. Mr. Shaikh brings over a decade of private credit investing experience to his current role.

Michael C. Mauer Chairman of the Board

Michael C. Mauer is the Chairman of the Board of Investcorp Credit Management BDC, Inc. and also holds the position of Vice Chairman of Private Credit at Investcorp. He is a Co-Founder of CM Investment Partners LLC, the company's Investment Manager. Mr. Mauer previously served as the Chief Executive Officer of ICMB (and its predecessor, CM Finance Inc) through May 2024, having been CEO at the time of its initial public offering in February 2014. His extensive career includes senior leadership positions in leveraged finance and credit at prominent financial institutions such as JPMorgan, Citigroup (where he was Global Co-Head of Leverage Finance and Global Co-Head of Fixed Income Currency and Commodity Distribution), Icahn Capital (as Senior Managing Director and an investment team member), and Cyrus Capital Partners. He began his career in 1982 as a Senior Accountant and C.P.A. at Price Waterhouse & Co.

Robert Andrew Muns Chief Financial Officer and Chief Operating Officer

Robert Andrew Muns serves as the Chief Financial Officer, Chief Operating Officer, Secretary, and Treasurer of Investcorp Credit Management BDC, Inc. He joined Investcorp in 2019 as part of the acquisition of CM Investment Partners LLC and continues to be a member of the Adviser's Investment Committee. Before becoming COO, Mr. Muns was a Senior Credit Analyst and Investment Committee Member within Investcorp's Private Credit Team. His career in leveraged finance commenced in 2002 as an Analyst at Bank of America.

Paolo Cloma Chief Compliance Officer

Paolo Cloma was appointed as Chief Compliance Officer of Investcorp Credit Management BDC, Inc. and CM Investment Partners, LLC in March 2024. He joined Investcorp in September 2022 and also serves as an Associate Vice President within Investcorp's Global Legal & Compliance team. Prior to Investcorp, Mr. Cloma worked at Bardin Hill Investment Partners LP and possesses eight years of experience in compliance and operational functions.

AI Analysis | Feedback

Investcorp Credit Management BDC (ICMB) faces several key risks inherent to its business model as a business development company specializing in middle-market debt and equity investments.

The most significant risk to Investcorp Credit Management BDC is the **refinancing risk associated with its debt maturity wall**, specifically the 4.875% notes due on April 1, 2026. While the company's affiliation with the larger Investcorp platform provides a backstop, this near-term maturity presents a notable challenge in the current market environment.

Another primary risk is the **credit risk and the potential impact of economic downturns on its portfolio companies**. As a lender to privately held middle-market companies, ICMB's financial performance is highly susceptible to the health of its borrowers. Economic recessions or significant market downturns could lead to defaults on investments, increased non-accruals, and a decline in the net asset value of its portfolio. Although ICMB targets established companies with specific revenue and EBITDA thresholds to mitigate credit risk, such events can still materially affect its financial condition and results of operations.

Finally, the company faces risks associated with its **external management structure**. Investcorp Credit Management BDC is externally managed by Investcorp Credit Management US LLC. In such structures, the external manager typically earns base fees on assets and incentive fees on profits, but does not share in losses. This arrangement can create potential conflicts of interest or "perverse incentives," where management's decisions might prioritize asset growth—which increases their fees—over the long-term interests and capital preservation for shareholders, potentially leading to net asset value erosion or increased risk-taking.

AI Analysis | Feedback

The escalating competition from larger and more diversified private credit funds, which often possess greater scale, lower cost of capital, and less regulatory burden than traditional Business Development Companies (BDCs) like ICMB. This trend can lead to reduced access to attractive investment opportunities, compressed yields on new investments, and a potential loosening of underwriting standards across the middle-market lending landscape.

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Investcorp Credit Management BDC (ICMB) operates within the private credit market, specializing in various forms of lending to middle-market companies in the United States and Europe. The addressable market for these services is substantial and continues to grow. In the **United States**, the private credit market is currently estimated to be around $1.3 trillion to $1.5 trillion. Some estimates place the overall private credit market size in the U.S. as high as $1.1 trillion or between $1.5 trillion and $2.1 trillion, with the U.S. accounting for approximately three-quarters of this market. The potential addressable market for private credit in the United States is even larger, exceeding $30 trillion across diverse asset classes. Direct lending, a significant component of private credit, specifically to the U.S. middle market, was estimated at $1.0 trillion as of March 31, 2022. For **Europe**, the private debt market was estimated to have reached €400 billion by 2025. Other reports indicate that the European private credit market, encompassing assets under management, reached $505 billion by 2023 and approximately $500 billion in 2024. More broadly, the European private credit industry is noted to control over €1.7 trillion in assets. This market is experiencing significant growth, with European direct lending volume reaching a record €41 billion in 2025. The non-bank lending market share in Europe currently stands at 12%, suggesting considerable room for expansion compared to the U.S. market.

AI Analysis | Feedback

Investcorp Credit Management BDC (ICMB) is positioned for future revenue growth over the next 2-3 years, driven by several strategic factors related to its investment approach and market conditions. Here are 3-5 expected drivers of future revenue growth for ICMB:
  1. Benefit from Floating-Rate Debt Portfolio in Elevated Interest Rate Environment: A substantial majority of ICMB's debt investments are in floating-rate instruments, approximately 98.49% as of September 30, 2025. This structure allows the company to realize increased interest income as benchmark interest rates remain elevated or potentially rise, thereby boosting the weighted average yield on its debt investments.
  2. Strategic Capital Deployment into New Middle-Market Loans: ICMB's management anticipates that net investment income will benefit from "upcoming new fundings." The company maintains liquidity, with $36.5 million in unused revolving credit facility capacity as of September 30, 2025, providing capital for new middle-market loans. This ongoing deployment of capital into new, high-quality loans is a direct driver of revenue generation.
  3. Focus on High-Quality Middle-Market Companies: ICMB specializes in providing credit solutions to established middle-market companies with annual revenues of at least $50 million and EBITDA of at least $15 million. This focus on companies with strong financial profiles, coupled with an emphasis on financing for organic growth, acquisitions, and market expansion, aims to mitigate credit risk and provide stable and growing income streams.
  4. Portfolio Rotation Towards Larger, More Stable Credits: The company has been actively executing a portfolio rotation strategy, moving towards investing in larger, more stable credits, often backed by known sponsors. This shift has resulted in an increase in the weighted average EBITDA of its portfolio companies, from $42.6 million to $63.5 million over a recent period. This strategy enhances the overall credit quality and stability of the portfolio, contributing to more consistent and potentially growing revenue.
  5. Leveraging Investcorp's Global Credit Platform for Sourcing and Due Diligence: ICMB benefits significantly from its affiliation with the broader Investcorp platform, gaining access to extensive global credit expertise, proprietary sourcing channels, and robust due diligence resources. This competitive advantage allows ICMB to identify and secure attractive private credit opportunities, which are crucial for driving future investment income and revenue growth.

AI Analysis | Feedback

Share Repurchases

  • No share repurchases were reported for Investcorp Credit Management BDC for the fiscal years ended June 30, 2020, through June 30, 2024.

Share Issuance

  • Information regarding the dollar amount of shares explicitly issued by Investcorp Credit Management BDC was not available within the provided data.

Inbound Investments

  • Bdc Holdings Ltd Investcorp, an affiliate of Investcorp, purchased 399,210 shares of ICMB for approximately $2.5 million on August 27, 2021.
  • Institutional investors bought a total of 319,090 shares, valued at approximately $896.11K, in the 24 months preceding February 2026.
  • President & CEO Suhail A. Shaikh made insider purchases of ICMB stock in December 2024.

Outbound Investments

  • For the nine months ended September 30, 2025, Investcorp Credit Management BDC made investments totaling approximately $24.1 million in two new and seven existing portfolio companies.
  • During the fourth quarter of 2024, ICMB invested $9.9 million across two new and two existing portfolio companies.
  • In the second quarter of 2025, the company invested $19.0 million in one new and four existing portfolio companies.

Capital Expenditures

  • Investcorp Credit Management BDC reported $0.0 in capital expenditures for each fiscal year from June 30, 2020, to June 30, 2024.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ICMBARCCOBDCFSKMAINGBDCMedian
NameInvestco.Ares Cap.Blue Owl.FS KKR C.Main Str.Golub Ca. 
Mkt Price1.2018.1910.8210.4051.0112.5911.71
Mkt Cap0.013.15.42.94.63.34.0
Rev LTM-151,362445-459526236340
Op Inc LTM-------
FCF LTM17-1,2342,6701,255-164526272
FCF 3Y Avg24-1,3411,3191,292-2268146
CFO LTM17-1,2342,6701,255-164526272
CFO 3Y Avg24-1,3411,3191,292-2268146

Growth & Margins

ICMBARCCOBDCFSKMAINGBDCMedian
NameInvestco.Ares Cap.Blue Owl.FS KKR C.Main Str.Golub Ca. 
Rev Chg LTM-210.2%-10.3%-38.7%-176.1%-13.5%-20.2%-29.4%
Rev Chg 3Y Avg514.7%38.6%-10.6%174.2%19.4%51.9%45.3%
Rev Chg Q-337.8%-49.0%-100.8%-418.7%-47.4%-146.7%-123.7%
QoQ Delta Rev Chg LTM-254.4%-9.6%-37.4%-550.0%-11.2%-34.3%-35.8%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM--90.6%600.6%--31.2%222.8%95.8%
CFO/Rev 3Y Avg--89.9%250.9%--0.7%97.7%48.5%
FCF/Rev LTM--90.6%600.6%--31.2%222.8%95.8%
FCF/Rev 3Y Avg--89.9%250.9%--0.7%97.7%48.5%

Valuation

ICMBARCCOBDCFSKMAINGBDCMedian
NameInvestco.Ares Cap.Blue Owl.FS KKR C.Main Str.Golub Ca. 
Mkt Cap0.013.15.42.94.63.34.0
P/S-9.612.1-8.814.010.9
P/Op Inc-------
P/EBIT-------
P/E-0.911.415.0-5.310.816.111.1
P/CFO1.0-10.62.02.3-28.26.31.5
Total Yield-70.9%18.8%20.9%8.0%16.6%16.1%16.4%
Dividend Yield42.8%10.0%14.2%26.9%7.4%9.9%12.1%
FCF Yield 3Y Avg64.4%-9.6%23.5%30.5%0.2%9.1%16.3%
D/E6.21.21.62.50.51.41.5
Net D/E6.11.21.52.50.51.41.4

Returns

ICMBARCCOBDCFSKMAINGBDCMedian
NameInvestco.Ares Cap.Blue Owl.FS KKR C.Main Str.Golub Ca. 
1M Rtn-9.8%-1.1%-3.1%-0.1%0.9%-1.3%-1.2%
3M Rtn-38.1%6.9%-0.1%9.2%1.0%5.3%3.2%
6M Rtn-55.6%-5.1%-9.4%-22.9%-12.7%-2.1%-11.1%
12M Rtn-53.1%-7.8%-16.6%-39.9%-7.5%-3.0%-12.2%
3Y Rtn-50.0%31.9%12.7%-12.7%67.1%33.4%22.3%
1M Excs Rtn-7.6%1.1%-0.9%2.1%3.1%0.9%1.0%
3M Excs Rtn-49.7%-9.4%-16.1%-7.3%-15.2%-10.6%-12.9%
6M Excs Rtn-62.5%-10.2%-14.5%-27.9%-16.5%-6.9%-15.5%
12M Excs Rtn-73.0%-27.7%-36.3%-60.0%-26.6%-23.5%-32.0%
3Y Excs Rtn-119.6%-38.7%-57.2%-80.6%0.9%-36.2%-48.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Single Segment7132018
Total7132018


Price Behavior

Price Behavior
Market Price$1.20 
Market Cap ($ Bil)0.0 
First Trading Date02/06/2014 
Distance from 52W High-61.2% 
   50 Days200 Days
DMA Price$1.47$2.34
DMA Trenddowndown
Distance from DMA-18.4%-48.7%
 3M1YR
Volatility75.0%50.7%
Downside Capture125.3879.06
Upside Capture-103.71-29.20
Correlation (SPY)-15.6%2.7%
ICMB Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.210.71-0.050.160.180.25
Up Beta0.900.52-2.40-1.61-0.54-0.07
Down Beta-4.72-4.88-1.240.210.430.38
Up Capture-192%-1%-54%-25%-9%5%
Bmk +ve Days13283667141432
Stock +ve Days7223055118350
Down Capture572%447%297%186%92%79%
Bmk -ve Days7132757109318
Stock -ve Days12162758114339

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ICMB
ICMB-52.4%50.7%-1.28-
Sector ETF (XLF)5.5%14.5%0.154.0%
Equity (SPY)21.2%12.4%1.262.8%
Gold (GLD)21.8%27.7%0.70-2.1%
Commodities (DBC)21.8%18.6%0.92-4.8%
Real Estate (VNQ)16.1%13.6%0.8512.5%
Bitcoin (BTCUSD)-44.7%42.5%-1.2712.9%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ICMB
ICMB-15.7%39.4%-0.32-
Sector ETF (XLF)10.7%18.6%0.4412.9%
Equity (SPY)13.4%17.1%0.6111.5%
Gold (GLD)17.8%18.3%0.793.7%
Commodities (DBC)7.4%19.5%0.286.0%
Real Estate (VNQ)3.4%18.9%0.0816.5%
Bitcoin (BTCUSD)10.7%54.0%0.399.4%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ICMB
ICMB-6.5%44.5%0.02-
Sector ETF (XLF)13.3%22.1%0.5520.1%
Equity (SPY)15.2%18.0%0.7218.8%
Gold (GLD)11.8%16.1%0.606.4%
Commodities (DBC)5.9%18.0%0.2612.1%
Real Estate (VNQ)5.6%20.7%0.2322.0%
Bitcoin (BTCUSD)54.6%66.4%0.9511.3%

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Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity0.3 Mil
Short Interest: % Change Since 5312026-1.5%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest3.2 days
Basic Shares Quantity14.4 Mil
Short % of Basic Shares1.9%

Earnings Returns History

Updated 6/16/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/20260.0%-6.2%-16.7%
11/17/20251.8%13.9%6.7%
8/14/20251.1%2.2%12.3%
5/15/20253.4%5.9%2.6%
3/27/20250.5%-4.5%-7.9%
11/14/2024-2.9%1.9%2.2%
9/20/2023-2.0%-0.5%-6.9%
9/6/20220.4%8.3%-6.4%
...
SUMMARY STATS   
# Positive764
# Negative346
Median Positive1.1%7.1%4.7%
Median Negative-2.9%-5.4%-7.4%
Max Positive16.4%26.7%12.3%
Max Negative-12.9%-15.5%-16.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/20260.0%-6.2%-16.7%
11/17/20251.8%13.9%6.7%
8/14/20251.1%2.2%12.3%
5/15/20253.4%5.9%2.6%
3/27/20250.5%-4.5%-7.9%
11/14/2024-2.9%1.9%2.2%
9/20/2023-2.0%-0.5%-6.9%
9/6/20220.4%8.3%-6.4%
8/25/2021-12.9%-15.5%-10.0%
9/14/202016.4%26.7%-2.9%
SUMMARY STATS   
# Positive764
# Negative346
Median Positive1.1%7.1%4.7%
Median Negative-2.9%-5.4%-7.4%
Max Positive16.4%26.7%12.3%
Max Negative-12.9%-15.5%-16.7%

SEC Filings

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Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/31/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202403/26/202510-KT
09/30/202411/13/202410-Q
06/30/202409/25/202410-K
03/31/202405/14/202410-Q
12/31/202302/20/202410-Q
09/30/202311/13/202310-Q
06/30/202309/21/202310-K
03/31/202305/15/202310-Q
12/31/202202/13/202310-Q
09/30/202211/14/202210-Q
06/30/202209/13/202210-K
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/31/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202403/26/202510-KT
09/30/202411/13/202410-Q
06/30/202409/25/202410-K
03/31/202405/14/202410-Q
12/31/202302/20/202410-Q
09/30/202311/13/202310-Q
06/30/202309/21/202310-K
03/31/202305/15/202310-Q
12/31/202202/13/202310-Q
09/30/202211/14/202210-Q
06/30/202209/13/202210-K
03/31/202205/09/202210-Q
12/31/202102/07/202210-Q
09/30/202111/08/202110-Q
06/30/202109/14/202110-K
03/31/202105/10/202110-Q
12/31/202002/09/202110-Q
09/30/202011/09/202010-Q
06/30/202009/22/202010-K
03/31/202005/11/202010-Q
12/31/201902/10/202010-Q
09/30/201911/12/201910-Q
06/30/201909/13/201910-K

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/13/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Annual Undrawn Commitment Fee Savings 0.40 Mil    

Prior: Q3 2025 Earnings Reported 11/17/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Dividend 0.12 0 Same NewActual: 0.12 for Q3 2025
Q4 2025 Supplemental Dividend 0.02 0 Same NewActual: 0.02 for Q3 2025
2026 ICAP Loan Commitment 65.00 Mil    
Core Cache Last Updated: 6/26/2026