Investcorp Credit Management BDC, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2024
| Investments*(1)(2) · Interest Rate · InitialAcquisitionDate · MaturityDate · PrincipalAmount/Shares(3) · Amortized Cost · Fair Value · % of Net Assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Non-Controlled/Non-Affiliated Investments | ||||||||
| Senior Secured First Lien Debt Investments | ||||||||
| Chemicals | ||||||||
| South Coast Terminals, LLC | 1M S + 6.00% (1.00% Floor) | 12/21/2021 | 12/10/2026 | $7,206,650 | $7,166,474 | $7,206,650 | 9.61% | (4) |
| Total Chemicals | 7,166,474 | 7,206,650 | ||||||
| Commercial Services & Supplies | ||||||||
| Amerit | 1M S + 7.00% (2.00% Floor) | 12/13/2023 | 12/24/2025 | 7,425,000 | 7,301,918 | 7,350,750 | 9.80% | (10) |
| Arborworks Acquisition LLC - Reinstated Term Loan (Take Back) | 1M S + 6.50% PIK (1.00% Floor) | 11/24/2021 | 11/6/2028 | 1,999,641 | 1,999,641 | 1,919,656 | 2.56% | (10) |
| Arborworks Acquisition LLC - Revolver (New) | 15.00% PIK | 11/6/2023 | 11/6/2028 | 1,011,689 | 1,011,689 | 1,011,689 | 1.35% | (4) |
| Northstar Group Services, Inc. | 6M S + 4.75% (0.50% Floor) | 5/8/2024 | 5/8/2030 | 5,500,000 | 5,472,738 | 5,472,500 | 7.30% | (10) |
| Retail Services WIS Corporation | 3M S + 8.35% (1.00% Floor) | 5/20/2021 | 5/20/2025 | 6,156,855 | 6,124,477 | 6,156,855 | 8.21% | (10) |
| Total Commercial Services & Supplies | 21,910,463 | 21,911,450 | ||||||
| Consumer Staples Distribution & Retail | ||||||||
| American Nuts Holdings, LLC - Term Loan A | 3M S + 9.75% PIK (1.00% Floor) | 4/4/2022 | 4/10/2026 | 4,494,842 | 4,494,842 | 4,225,151 | 5.63% | (10) |
| American Nuts Holdings, LLC - Term Loan B | 3M S + 11.75% PIK (1.00% Floor) | 4/4/2022 | 4/10/2026 | 4,600,689 | 1,427,117 | 1,116,748 | 1.49% | (9)(10) |
| Total Consumer Staples Distribution & Retail | 5,921,959 | 5,341,899 | ||||||
| Construction & Engineering | ||||||||
| Congruex Group LLC | 3M S + 5.75% (0.75% Floor) | 9/27/2023 | 5/3/2029 | 3,959,596 | 3,910,347 | 3,662,626 | 4.88% | (10) |
| Total Construction & Engineering | 3,910,347 | 3,662,626 | ||||||
| Containers & Packaging | ||||||||
| Bioplan USA, Inc. - Priority Term Loan | 3M S + 10.00% (4.00% Floor) | 2/28/2023 | 3/8/2027 | 3,367,275 | 3,420,188 | 3,602,984 | 4.80% | (10) |
| Bioplan USA, Inc. - Take-Back Term Loan | 3M S + 4.75% + 3.50% PIK (4.00% Floor) | 3/8/2023 | 3/8/2028 | 5,844,496 | 5,595,919 | 5,712,995 | 7.62% | (3)(10) |
| LABL, INC. | 1M S + 5.00% (0.50% Floor) | 9/27/2023 | 10/30/2028 | 4,964,428 | 4,922,427 | 4,914,784 | 6.55% | (10) |
| Total Containers & Packaging | 13,938,534 | 14,230,763 | ||||||
| Diversified Consumer Services | ||||||||
| Axiom Global Inc. | 1M S + 4.75% (0.75% Floor) | 9/12/2023 | 10/1/2026 | 4,948,187 | 4,891,149 | 4,923,445 | 6.56% | (10) |
| LaserAway Intermediate Holdings II, LLC | 3M S + 5.75% (0.75% Floor) | 10/12/2021 | 10/14/2027 | 7,194,708 | 7,129,933 | 7,194,708 | 9.59% | (10) |
| Total Diversified Consumer Services | 12,021,082 | 12,118,153 | ||||||
| Electronic Equipment, Instruments & Components | ||||||||
| 4L Technologies, Inc. | 3M S + 9.50% + 1.68% PIK (1.00% Floor) | 2/4/2020 | 6/30/2025 | 1,151,858 | 1,151,858 | 1,220,970 | 1.63% | |
| Total Electronic Equipment, Instruments & Components | 1,151,858 | 1,220,970 | ||||||
| Entertainment | ||||||||
| Crafty Apes, LLC | 1M S + 9.25% PIK (1.00% Floor) | 12/23/2021 | 11/1/2025 | 9,250,602 | 8,832,319 | 8,811,199 | 11.75% | (10)(13) |
| Total Entertainment | 8,832,319 | 8,811,199 | ||||||
| Investments*(1)(2) · Interest Rate · InitialAcquisitionDate · MaturityDate · PrincipalAmount/Shares(3) · Amortized Cost · Fair Value · % of Net Assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Senior Secured First Lien Debt Investments, continued | ||||||||
| Food Products | ||||||||
| INW Manufacturing, LLC | 3M S + 5.75% (0.75% Floor) | 5/5/2021 | 3/25/2027 | $4,312,500 | $4,243,162 | $3,967,500 | 5.29% | (10) |
| Max US Bidco Inc. | 3M S + 5.00% (0.50% Floor) | 10/4/2023 | 10/2/2030 | 4,987,500 | 4,755,238 | 4,875,281 | 6.50% | (10) |
| Total Food Products | 8,998,400 | 8,842,781 | ||||||
| Hotels, Restaurants & Leisure | ||||||||
| AMCP Clean Acquisition Company, LLC | 3M S + 5.00% (0.50% Floor) | 2/27/2024 | 6/15/2028 | 2,992,500 | 2,950,295 | 2,947,612 | 3.93% | (10) |
| Total Hotels, Restaurants & Leisure | 2,950,295 | 2,947,612 | ||||||
| Household Durables | ||||||||
| Easy Way Leisure Corporation | 3M S + 7.50% + 2.00% PIK (1.00% Floor) | 8/2/2021 | 1/15/2026 | 7,625,716 | 7,582,340 | 7,625,716 | 10.17% | (10) |
| Total Household Durables | 7,582,340 | 7,625,716 | ||||||
| Insurance | ||||||||
| Asurion, LLC | 3M S + 4.00% | 6/13/2024 | 8/21/2028 | 7,480,964 | 7,406,155 | 7,406,155 | 9.87% | (10) |
| Total Insurance | 7,406,155 | 7,406,155 | ||||||
| IT Services | ||||||||
| Flatworld Intermediate Corporation | 3M S + 7.00% (1.00% Floor) | 10/3/2022 | 10/1/2027 | 2,233,784 | 2,201,362 | 2,183,524 | 2.91% | (4)(10) |
| Total IT Services | 2,201,362 | 2,183,524 | ||||||
| Professional Services | ||||||||
| CareerBuilder, LLC | 1M S + 2.50% + 4.25% PIK (1.00% Floor) | 7/27/2017 | 7/31/2026 | 5,924,347 | 5,177,709 | 2,525,025 | 3.37% | (9)(10) |
| Crisis Prevention Institute, Inc. | 3M S + 4.75% (0.50% Floor) | 4/3/2024 | 4/9/2031 | 3,000,000 | 2,985,281 | 2,985,000 | 3.98% | (10) |
| Klein Hersh, LLC | 3M S + 4.63% + 6.45% PIK (0.50% Floor) | 4/21/2022 | 4/27/2027 | 11,645,948 | 9,684,970 | 5,581,240 | 7.44% | (3)(9)(10)(11) |
| Work Genius Holdings, Inc | 3M S + 7.00% (1.00% Floor) | 6/6/2022 | 6/7/2027 | 9,801,923 | 9,737,425 | 9,777,418 | 13.03% | (10) |
| Work Genius Holdings, Inc - Revolver | 3M S + 7.00% (1.00% Floor) | 12/28/2022 | 6/7/2027 | 750,000 | 750,000 | 748,125 | 1.00% | |
| Total Professional Services | 28,335,385 | 21,616,808 | ||||||
| Software | ||||||||
| American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver | P + 5.50% (1.00% Floor) | 5/6/2016 | 4/7/2023 | 1,736,618 | 1,736,618 | — | — | (6)(9) |
| Sandvine Corporation | 0.02 | 2/3/2023 | 6/28/2027 | 5,284,642 | 3,254,202 | 3,250,055 | 4.33% | (5)(7)(10) |
| Total Software | 4,990,820 | 3,250,055 | ||||||
| Specialty Retail | ||||||||
| ALCV Purchaser, Inc. | 3M S + 6.75% (1.00% Floor) | 3/1/2021 | 4/15/2026 | 5,000,000 | 4,968,582 | 4,687,500 | 6.25% | (10) |
| American Auto Auction Group, LLC | 3M S + 5.00% (0.75% Floor) | 4/12/2023 | 12/30/2027 | 5,692,366 | 5,395,211 | 5,678,135 | 7.57% | (10) |
| Victra Holdings, LLC | 3M S + 6.50% (0.75% Floor) | 2/26/2024 | 3/30/2029 | 1,948,667 | 1,948,667 | 1,977,897 | 2.64% | (10) |
| Total Specialty Retail | 12,312,460 | 12,343,532 | ||||||
| Investments*(1)(2) · Interest Rate · InitialAcquisitionDate · MaturityDate · PrincipalAmount/Shares(3) · Amortized Cost · Fair Value · % of Net Assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Senior Secured First Lien Debt Investments, continued | ||||||||
| Trading Companies & Distributors | ||||||||
| Fleetpride Inc. | 1M S + 4.50% (0.50% Floor) | 9/27/2023 | 9/29/2028 | $2,977,500 | $2,949,229 | $2,962,612 | 3.94% | (10) |
| PVI Holdings, Inc. | 3M S + 6.49% (1.00% Floor) | 7/29/2022 | 1/18/2028 | $3,930,000 | 3,902,420 | 3,930,000 | 5.24% | (10)(12) |
| Xenon Arc, Inc. | 3M S + 6.00% (0.75% Floor) | 12/27/2021 | 12/17/2027 | $8,805,000 | 8,805,000 | 8,805,000 | 11.73% | (10) |
| Total Trading Companies & Distributors | 15,656,649 | 15,697,612 | ||||||
| Total Senior Secured First Lien Debt Investments | 165,286,902 | 156,417,505 | 208.53% | |||||
| Equity, Warrants and Other Investments | ||||||||
| Commercial Services & Supplies | ||||||||
| ArborWorks, LLC A-1 Common Units | 1,035 | — | — | — | (8) | |||
| ArborWorks, LLC A-1 Preferred | 8,633 | 4,362,023 | 1,738,444 | 2.32% | (8) | |||
| ArborWorks, LLC B-1 Preferred | 8,633 | — | — | — | (8) | |||
| Investcorp Transformer Aggregator LP | 520,710 | 528,249 | 1,269,377 | 1.70% | (8) | |||
| Total Commercial Services & Supplies | 4,890,272 | 3,007,821 | ||||||
| Containers & Packaging | ||||||||
| Bioplan USA, Inc. - Common Stock | 292,150 | 1,708,942 | 4,218,646 | 5.62% | (8) | |||
| Total Containers & Packaging | 1,708,942 | 4,218,646 | ||||||
| Electronic Equipment, Instruments & Components | ||||||||
| 4L Technologies, Inc. Common Stock | 149,918 | 2,171,581 | 62,965 | 0.08% | (8) | |||
| 4L Technologies, Inc. Preferred Stock | 2,289 | 209,004 | 1,362,015 | 1.82% | (8) | |||
| Total Electronic Equipment, Instruments & Components | 2,380,585 | 1,424,980 | ||||||
| Health Care Providers & Services | ||||||||
| Discovery Behavioral Health Preferred Stock | 13.50% PIK | 4,000 | 4,000,000 | 5,400,000 | 7.20% | (8) | ||
| Total Health Care Providers & Services | 4,000,000 | 5,400,000 | ||||||
| IT Services | ||||||||
| Fusion Connect, Inc. - Backstop Warrants | 8,904,634 | — | 22,702 | 0.03% | (8) | |||
| Fusion Connect, Inc. - Common Stock | 230,191 | 1,184,606 | 288,877 | 0.39% | (8) | |||
| Fusion Connect, Inc - Equity Investor Warrants | 1,345,747 | — | — | — | (8) | |||
| Fusion Connect, Inc. - Investor Warrants | 8,904,634 | — | 22,702 | 0.03% | (8) | |||
| Fusion Connect, Inc. - Series A Preferred | 12.50% PIK | 500 | 6,759,778 | 6,126,488 | 8.17% | (3) | ||
| FWS Parent Holding, LLC - Equity Interest | 4,405 | 100,000 | 37,071 | 0.05% | (8) | |||
| Total IT Services | 8,044,384 | 6,497,840 | ||||||
| Professional Services | ||||||||
| CF Arch Holdings LLC (Equity Interest) | 200,000 | 200,000 | 454,000 | 0.61% | (8) | |||
| Victors CCC Aggregator LP | 500,000 | 500,000 | 710,000 | 0.95% | (8) | |||
| Work Genius Holdings, Inc (Equity Interest) | 500 | 500,000 | 906,625 | 1.21% | (8) | |||
| Total Professional Services | 1,200,000 | 2,070,625 | ||||||
| Investments*(1)(2) · Interest Rate · InitialAcquisitionDate · MaturityDate · PrincipalAmount/Shares(3) · Amortized Cost · Fair Value · % of Net Assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Equity, Warrants and Other Investments, continued | ||||||||
| Software | ||||||||
| Advanced Solutions International Preferred Equity | 888,170 | $1,000,000 | $1,794,103 | 2.39% | ||||
| Sandvine Corporation - Common Stock | 107,202 | — | — | — | (7)(8) | |||
| Sandvine Corporation - Common Stock | 372,930 | — | — | — | (7)(8) | |||
| Total Software | 1,000,000 | 1,794,103 | ||||||
| Trading Companies & Distributors | ||||||||
| Pegasus Aggregator Holdings LP | 9 | 808,717 | 1,116,856 | 1.49% | (8) | |||
| Total Trading Companies & Distributors | 808,717 | 1,116,856 | ||||||
| Total Equity, Warrants and Other Investments | 24,032,900 | 25,530,871 | 34.04% | |||||
| Total Non-Controlled/Non-Affiliated Investments | $189,319,802 | $181,948,376 | 242.56% | |||||
| Non-Controlled/Affiliated Investments(14) | ||||||||
| Senior Secured First Lien Debt Investments | ||||||||
| Automobile Components | ||||||||
| Techniplas Foreign Holdco LP | 10.00% PIK | 6/19/2020 | 6/18/2027 | $812,447 | 812,447 | 509,811 | 0.68% | (3) |
| Total Automobile Components | 812,447 | 509,811 | ||||||
| Total Senior Secured First Lien Debt Investments | 812,447 | 509,811 | 0.68% | |||||
| Equity, Warrants and Other Investments | ||||||||
| Automobile Components | ||||||||
| Techniplas Foreign Holdco LP Common Stock | 879,559 | 14,336,791 | 2,111,343 | 2.81% | (8) | |||
| Total Automobile Components | 14,336,791 | 2,111,343 | ||||||
| Total Equity, Warrants and Other Investments | 14,336,791 | 2,111,343 | 2.81% | |||||
| Total Affiliated Investments | $15,149,238 | $2,621,154 | 3.49% | |||||
| Total Investments | $204,469,040 | $184,569,530 | 246.06% | |||||
(1)
The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $184,569,530 at fair value and represented 246.06% of the Company’s net assets.
(2)
All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors.
(3)
Principal amount includes capitalized PIK interest unless otherwise noted.
(4)
(5)
The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2024, non-qualifying assets represented 1.68%of the Company’s total assets, at fair value.
(6)
Security in default.
(7)
A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.
(8)
(9)
(10)
A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.
(11)
The Company has entered into an Agreement Among Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 7.50% plus 3.00% PIK (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(12)
The Company has entered into an Agreement Among Lenders with the "first out lenders", whereby the “first out” tranche will receive priority ahead of the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 6.00% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(13)
The Company has entered into an Agreement Among Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 7.50% (Floor 1.00%) with an election for SOFR plus 9.25% PIK (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(14)
As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of June 30, 2024, the Company had no “Control Investments.”
Transactions related to investments in non-controlled “Affiliate Investments” for the twelve months ended June 30, 2024 were as follows:
| Portfolio Company | Type of Investment(a) | June 30, 2023 Value | Gross Additions (b) | Gross Reductions (c) | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | June 30, 2024 Value | Amount of Interest or Dividends Credited to Income(d) |
|---|---|---|---|---|---|---|---|---|
| 1888 Industrial Services, LLC | Senior Secured First Lien Term Loan A (3M LIBOR + 5.00% PIK) | $1,477,807 | $— | $— | $(5,911,230) | $4,433,423 | $— | $— |
| Senior Secured First Lien Term Loan C (3M LIBOR + 5.00%) | 630,870 | — | (302,116) | (328,754) | — | — | — | |
| Revolver (3M LIBOR + 5.00%) | 591,359 | — | (2,365,434) | — | 1,774,075 | — | 12,451 | |
| Common Equity Interest(e) | — | — | — | — | — | — | — | |
| Techniplas Foreign Holdco LP | Senior Secured First Lien Term Loan (10.00% PIK) | 827,410 | 77,207 | — | — | (394,806) | 509,811 | 77,680 |
| Common Stock(e) | 6,433,865 | — | — | — | (4,322,522) | 2,111,343 | — | |
| $9,961,311 | $77,207 | $(2,667,550) | $(6,239,984) | $1,490,170 | $2,621,154 | $90,131 | ||
(a)
(b)
Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)
(d)
(e)
PRIME —8.50% as of June 30, 2024
1M S — 1-month SOFR (5.34% as of June 30, 2024)
3M S — 3-month SOFR (5.32% as of June 30, 2024)
6M S — 6-month SOFR (5.25% as of June 30, 2024)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.