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): $1.2Market Cap: $17.3 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 43%, FCF Yield is 100% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. | Weak multi-year price returns2Y Excs Rtn is -89%, 3Y Excs Rtn is -120% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -15 Mil Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 608% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -210%, Rev Chg QQuarterly Revenue Change % is -338% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -75% Key risksICMB key risks include [1] an unsustainable dividend driven by a payout ratio exceeding 200%, Show more. |
| Attractive yieldDividend Yield is 43%, FCF Yield is 100% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -89%, 3Y Excs Rtn is -120% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -15 Mil |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 608% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -210%, Rev Chg QQuarterly Revenue Change % is -338% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -75% |
| Key risksICMB key risks include [1] an unsustainable dividend driven by a payout ratio exceeding 200%, Show more. |
Qualitative Assessment
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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.
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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) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.90 | 1.20 | -58.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | -15 | -231.0% |
| P/S Multiple | 3.6 | -1.1 | -131.6% |
| Shares Outstanding (Mil) | 14 | 14 | 0.0% |
| Cumulative Contribution | -58.6% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| 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) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.05 | 1.20 | -60.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | -15 | -231.0% |
| P/S Multiple | 3.7 | -1.1 | -130.0% |
| Shares Outstanding (Mil) | 14 | 14 | 0.0% |
| Cumulative Contribution | -60.7% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| 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) | 5312025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.46 | 1.20 | -51.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14 | -15 | -210.2% |
| P/S Multiple | 2.5 | -1.1 | -144.4% |
| Shares Outstanding (Mil) | 14 | 14 | -0.1% |
| Cumulative Contribution | -51.1% |
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| 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) | 5312023 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.38 | 1.20 | -49.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | -15 | -1060.1% |
| P/S Multiple | 21.3 | -1.1 | -105.3% |
| Shares Outstanding (Mil) | 14 | 14 | -0.3% |
| Cumulative Contribution | -49.5% |
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| ICMB | -49.5% | |
| Market (SPY) | 81.3% | 9.1% |
| Sector (XLF) | 77.0% | 10.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ICMB Return | 16% | -19% | 19% | 1% | 6% | -56% | -48% |
| Peers Return | 33% | -7% | 30% | 24% | -3% | -12% | 70% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| ICMB Win Rate | 58% | 42% | 67% | 42% | 58% | 33% | |
| Peers Win Rate | 75% | 45% | 70% | 75% | 50% | 27% | |
| S&P 500 Win Rate | 75% | 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
| Event | ICMB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.9% | -18.8% |
| % Gain to Breakeven | 21.9% | 23.1% |
| Time to Breakeven | 13 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.9% | -9.5% |
| % Gain to Breakeven | 14.9% | 10.5% |
| Time to Breakeven | 35 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.4% | -6.7% |
| % Gain to Breakeven | 16.8% | 7.1% |
| Time to Breakeven | 20 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.6% | -24.5% |
| % Gain to Breakeven | 32.6% | 32.4% |
| Time to Breakeven | 293 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.6% | -33.7% |
| % Gain to Breakeven | 390.4% | 50.9% |
| Time to Breakeven | 478 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.1% | -19.2% |
| % Gain to Breakeven | 43.1% | 23.8% |
| Time to Breakeven | 417 days | 105 days |
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.
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Asset Allocation
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| Event | ICMB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.6% | -24.5% |
| % Gain to Breakeven | 32.6% | 32.4% |
| Time to Breakeven | 293 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.6% | -33.7% |
| % Gain to Breakeven | 390.4% | 50.9% |
| Time to Breakeven | 478 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.1% | -19.2% |
| % Gain to Breakeven | 43.1% | 23.8% |
| Time to Breakeven | 417 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.3% | -12.2% |
| % Gain to Breakeven | 43.4% | 13.9% |
| Time to Breakeven | 124 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -38.6% | -6.8% |
| % Gain to Breakeven | 62.8% | 7.3% |
| Time to Breakeven | 328 days | 15 days |
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.
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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.
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- 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.
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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.
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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.
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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.
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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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- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.71 |
| Mkt Cap | 4.0 |
| Rev LTM | 340 |
| Op Inc LTM | - |
| FCF LTM | 272 |
| FCF 3Y Avg | 146 |
| CFO LTM | 272 |
| CFO 3Y Avg | 146 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -29.4% |
| Rev Chg 3Y Avg | 45.3% |
| Rev Chg Q | -123.7% |
| QoQ Delta Rev Chg LTM | -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 | 95.8% |
| CFO/Rev 3Y Avg | 48.5% |
| FCF/Rev LTM | 95.8% |
| FCF/Rev 3Y Avg | 48.5% |
Price Behavior
| Market Price | $1.20 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/06/2014 | |
| Distance from 52W High | -61.2% | |
| 50 Days | 200 Days | |
| DMA Price | $1.47 | $2.34 |
| DMA Trend | down | down |
| Distance from DMA | -18.4% | -48.7% |
| 3M | 1YR | |
| Volatility | 75.0% | 50.7% |
| Downside Capture | 125.38 | 79.06 |
| Upside Capture | -103.71 | -29.20 |
| Correlation (SPY) | -15.6% | 2.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.21 | 0.71 | -0.05 | 0.16 | 0.18 | 0.25 |
| Up Beta | 0.90 | 0.52 | -2.40 | -1.61 | -0.54 | -0.07 |
| Down Beta | -4.72 | -4.88 | -1.24 | 0.21 | 0.43 | 0.38 |
| Up Capture | -192% | -1% | -54% | -25% | -9% | 5% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 22 | 30 | 55 | 118 | 350 |
| Down Capture | 572% | 447% | 297% | 186% | 92% | 79% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 16 | 27 | 58 | 114 | 339 |
[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% | 0.15 | 4.0% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 2.8% |
| 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% | 0.85 | 12.5% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 12.9% |
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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% | 0.44 | 12.9% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 11.5% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 3.7% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 6.0% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 16.5% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 9.4% |
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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% | 0.55 | 20.1% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 18.8% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 6.4% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 12.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 22.0% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 11.3% |
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Earnings Returns History
Updated 6/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 0.0% | -6.2% | -16.7% |
| 11/17/2025 | 1.8% | 13.9% | 6.7% |
| 8/14/2025 | 1.1% | 2.2% | 12.3% |
| 5/15/2025 | 3.4% | 5.9% | 2.6% |
| 3/27/2025 | 0.5% | -4.5% | -7.9% |
| 11/14/2024 | -2.9% | 1.9% | 2.2% |
| 9/20/2023 | -2.0% | -0.5% | -6.9% |
| 9/6/2022 | 0.4% | 8.3% | -6.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 6 | 4 |
| # Negative | 3 | 4 | 6 |
| Median Positive | 1.1% | 7.1% | 4.7% |
| Median Negative | -2.9% | -5.4% | -7.4% |
| Max Positive | 16.4% | 26.7% | 12.3% |
| Max Negative | -12.9% | -15.5% | -16.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 0.0% | -6.2% | -16.7% |
| 11/17/2025 | 1.8% | 13.9% | 6.7% |
| 8/14/2025 | 1.1% | 2.2% | 12.3% |
| 5/15/2025 | 3.4% | 5.9% | 2.6% |
| 3/27/2025 | 0.5% | -4.5% | -7.9% |
| 11/14/2024 | -2.9% | 1.9% | 2.2% |
| 9/20/2023 | -2.0% | -0.5% | -6.9% |
| 9/6/2022 | 0.4% | 8.3% | -6.4% |
| 8/25/2021 | -12.9% | -15.5% | -10.0% |
| 9/14/2020 | 16.4% | 26.7% | -2.9% |
| SUMMARY STATS | |||
| # Positive | 7 | 6 | 4 |
| # Negative | 3 | 4 | 6 |
| Median Positive | 1.1% | 7.1% | 4.7% |
| Median Negative | -2.9% | -5.4% | -7.4% |
| Max Positive | 16.4% | 26.7% | 12.3% |
| Max Negative | -12.9% | -15.5% | -16.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-KT |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 09/25/2024 | 10-K |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 09/21/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/13/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-KT |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 09/25/2024 | 10-K |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-Q |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 09/21/2023 | 10-K |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/13/2022 | 10-K |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/07/2022 | 10-Q |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 09/14/2021 | 10-K |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 09/22/2020 | 10-K |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/10/2020 | 10-Q |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 09/13/2019 | 10-K |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annual Undrawn Commitment Fee Savings | 0.40 Mil | ||||||
Prior: Q3 2025 Earnings Reported 11/17/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Dividend | 0.12 | 0 | Same New | Actual: 0.12 for Q3 2025 | |||
| Q4 2025 Supplemental Dividend | 0.02 | 0 | Same New | Actual: 0.02 for Q3 2025 | |||
| 2026 ICAP Loan Commitment | 65.00 Mil | ||||||
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
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| Ignites |
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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