Investcorp Credit Management BDC, Inc.
For the period ended Jun 30, 2026. Filed Aug 14, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 14, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001193125-26-220107
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001193125-26-352658
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 12 previous paragraphs and 11 current paragraphs.
7 unchanged; 1 reworded; 3 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
We failed to satisfy the qualifying income requirement applicable to RICs for our 2024 Taxable Year and our 2025 Taxable Year, and we may become subject to entity-level U.S. federal income tax if we are unable to cure this failure or otherwise maintain our qualification as a RIC under Subchapter M of the Code.
Current report
To maintain our qualification as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The source-of-income requirement is satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources. We determined that we failed to satisfy this qualifying income requirement for our short taxable year ended December 31, 2024 and for our taxable year ended December 31, 2025, as a result of gross income allocated to us by Arborworks Acquisition, LLC, an underlying portfolio investment, that did not constitute qualifying income under Section 851(b)(2) of the Code. We believe that we are eligible to rely on and intend to rely on the cure provisions of Section 851(i) of the Code, which permit a RIC to cure a qualifying income failure by disclosing the failure to the Internal Revenue Service (the “IRS”) and paying an additional tax based on the amount of nonqualifying income. We have submitted a request to the IRS for a closing agreement confirming that we will be treated as having satisfied the qualifying income requirement and thus maintained our RIC qualification for the affected taxable years. We estimate that the additional tax payable in connection with the requested cure would be $0.9 million for the taxable year ended December 31, 2025 and $1.1 million for the short taxable year ended December 31, 2024. There can be no assurance that the IRS will grant the requested closing agreement or agree that our failure was due to reasonable cause and not willful neglect. If the IRS does not grant relief under Section 851(i), we would fail to qualify as a RIC for the affected taxable years and would become subject to entity-level U.S. federal income tax on our taxable income for those years, which could substantially reduce our net assets and the amount available for distribution to our stockholders. Risks Related to U.S. Federal Income Tax We failed to satisfy the qualifying income requirement applicable to RICs for our 2024 Taxable Year and our 2025 Taxable Year, and we may become subject to entity-level U.S. federal income tax if we are unable to cure this failure or otherwise maintain our qualification as a RIC under Subchapter M of the Code. To maintain our qualification as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The source-of-income requirement is satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources. We determined that we failed to satisfy this qualifying income requirement for our short taxable year ended December 31, 2024 and for our taxable year ended December 31, 2025, as a result of gross income allocated to us by Arborworks Acquisition, LLC, an underlying portfolio investment, that did not constitute qualifyin…
Excerpt shortened here; the source contains the full paragraph.
Removed paragraphs (4)
Previous report
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Previous report
Item 3. Defaults Upon Senior Securities
Reworded paragraphs (1)
Previous wording
There have been no material changes during the three months ended March 31, 2026 to the risk factors previously disclosed in our Annual Report on Form 10-K for the Annual Period ended December 31, 2025 (filed with the SEC on March 30, 2026). If any such changes or risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.
Current wording
There have been no material changes during the six months ended June 30, 2026 to the risk factors previously disclosed in our Annual Report on Form 10-K for the Annual Period ended December 31, 2025 (filed with the SEC on March 30, 2026), except as set forth below. If any such changes or risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.