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4 Years Of History Of Investcorp Credit Management BDC (ICMB)

|About: Investcorp Credit Management BDC, Inc. (ICMB)

4 years of History of Investcorp Credit Management BDC (ICMB) - the company merging with CMFN

Dividend = $0.25/quarter. Div was not covered in Q2-19. The NAV trend is not attractive. ICMB was a market cap of $88 million due to selling well below NAV. CMFN has a market cap of $95 million. ICMB with its $0.25 dividend per quarter and with a closing price last Friday of $6.64 sells at a yield of 15.06%. That says it is priced for a major dividend cut - while the NII indicates it should be priced for a more minor like dividend cut.

Selected Quarterly Financial Data (unaudited)

For the QuarterEndedJune 30,2019 For the QuarterEndedMarch 31,2019 For the QuarterEndedDecember 31,2018 For the QuarterEndedSeptember 30,2018

Total Investment Income

$ 8,121,417 $ 8,722,591 $ 9,298,924 $ 8,254,890

Total Investment Income per Common Share

0.60 0.64 0.68 0.60

Net Investment Income

2,980,787 3,403,422 3,718,912 3,409,496

Net Investment Income per Common Share

0.22 0.25 0.27 0.25

Net Realized and Unrealized Gain (Loss)

(8,197,445 ) (4,760,960 ) (13,101,208 ) (1,981,455 )

Net Realized and Unrealized Gain (Loss) per Common Share

(0.60 ) (0.35 ) (0.96 ) (0.15 )

Net Increase (Decrease) in Net Assets Resulting from Operations

(5,216,658 ) (1,357,538 ) (9,382,296 ) 1,428,041

Basic and Diluted Earnings per Common Share

(0.38 ) (0.10 ) (0.69 ) 0.10

Net Asset Value per Common Share at End of Quarter

10.51 11.14 11.49 12.41

For the QuarterEndedJune 30,2018 For the QuarterEndedMarch 31,2018 For the QuarterEndedDecember 31,2017 For the QuarterEndedSeptember 30,2017

Total Investment Income

$ 16,942,191 $ 8,671,377 $ 8,449,774 $ 6,728,410

Total Investment Income per Common Share

1.24 0.63 0.62 0.49

Net Investment Income

8,539,905 3,733,424 3,687,129 3,016,176

Net Investment Income per Common Share

0.62 0.27 0.27 0.22

Net Realized and Unrealized Gain

(4,999,323 ) 357,611 1,172,018 119,541

Net Realized and Unrealized Gain per Common Share

(0.37 ) 0.03 0.10 0.01

Net Increase in Net Assets Resulting from Operations

4,196,512 4,091,035 4,859,147 3,135,717

Basic and Diluted Earnings per Common Share

0.26 0.30 0.35 0.23

Net Asset Value per Common Share at End of Quarter

12.57 12.55 12.50 12.39

Selected Quarterly Financial Data (unaudited) – (continued)

For the QuarterEndedJune 30,2017 For the QuarterEndedMarch 31,2017 For the QuarterEndedDecember 31,2016 For the QuarterEndedSeptember 30,2016

Total Investment Income

$ 7,194,039 $ 7,081,218 $ 9,152,091 $ 7,584,849

Total Investment Income per Common Share

0.53 0.52 0.67 0.55

Net Investment Income

3,433,658 3,422,111 4,872,012 3,970,803

Net Investment Income per Common Share

0.25 0.25 0.36 0.29

Net Realized and Unrealized Gain

1,298,730 2,565,911 3,682,086 334,154

Net Realized and Unrealized Gain per Common Share

0.09 0.19 0.27 0.02

Net Increase in Net Assets Resulting from Operations

4,732,388 5,988,022 8,554,098 4,304,957

Basic and Diluted Earnings per Common Share

0.35 0.44 0.62 0.31

Net Asset Value per Common Share at End of Quarter

12.41 12.32 12.13 11.86

For theQuarterEndedJune 30,2016 For theQuarterEndedMarch 31,2016 For theQuarterEndedDecember 31,2015 For theQuarterEndedSeptember 30,2015

Total Investment Income

$ 7,814,783 $ 7,937,843 $ 9,958,702 $ 9,868,594

Total Investment Income per Common Share

0.57 0.58 0.73 0.72

Net Investment Income

4,400,918 4,269,433 6,315,085 4,868,520

Net Investment Income per Common Share

0.32 0.31 0.46 0.36

Net Realized and Unrealized Gain

(411,533 ) (2,374,414 ) (21,712,422 ) (4,700,357 )

Net Realized and Unrealized Gain per Common Share

(0.03 ) (0.17 ) (1.59 ) (0.34 )

Net Increase in Net Assets Resulting from Operations

3,989,385 1,895,019 (15,397,337 ) 168,163

Basic and Diluted Earnings per Common Share

0.29 0.14 (1.13 ) 0.01

Net Asset Value per Common Share at End of Quarter

11.90 11.96 12.17 13.65

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.