The firm's financial leverage remains elevated and inconsistent, with the debt-to-equity ratio peaking at 2.01 in 2026Q2, while the current ratio plummeted to 0.19 in 2026Q3, indicating precarious short-term liquidity.
| Metric | TTM | Dec'24 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Total Current Assets | 12.66M | 14.75M | 14.75M | 11.7M | 3.14M | 21.83M | 20.41M | 23.62M | 12.01M | 1.63M | 1.9M | 2.9M | 1.46M | 23.99M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 11.49M | 11.49M | 8.06M | -2.96M | 7.19M | -350.66K | 0 | 0 | 0 | 0 | 5.51M | 8.43M | 66.42M |
| Total Non-Current Assets | 0 | 192.11M | 192.11M | 220.11M | 246.39M | 245.86M | 270.62M | 306.39M | 314.53M | 296.03M | 319.96M | 362.79M | 308.76M | 186.94M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 161.73M | 155.53M | 155.53M | 0 | 233.68M | 245.86M | 270.62M | 306.39M | 293.82M | 260.74M | 281.19M | 332.17M | 274.27M | 120.05M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 164.56M | 206.85M | 206.85M | 231.81M | 246.39M | 267.68M | 296.79M | 336.95M | 314.53M | 296.03M | 319.96M | 362.79M | 308.76M | 186.94M |
| Asset Turnover | 0.01x | 0.11x | 0.11x | 0.12x | 0.10x | 0.10x | 0.12x | 0.10x | 0.07x | 0.10x | 0.11x | 0.05x | 0.06x | 0.05x |
| Asset Growth % | -35.11% | 0% | -10.77% | -5.92% | -7.96% | -9.81% | -11.92% | 7.13% | 6.25% | -7.48% | -11.81% | 17.5% | 65.17% | - |
| Total Current Liabilities | 65.36M | 7.21M | 7.21M | 8.62M | 3.98M | 5.9M | 3.5M | 26.41M | 16.29M | 16.12M | 13.81M | 7.9M | 21.38M | 22.15M |
| Accounts Payable | 0 | 1.47M | 1.47M | 1.8M | 3.98M | 0 | 3.5M | 26.41M | 16.29M | 16.12M | 13.81M | 7.9M | 21.38M | 22.15M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 1.73M | 1.73M | 2.59M | 217.71M | 2.09M | 228.28M | -27.05M | -20M | -17.71M | -15.35M | -6.88M | -22.81M | 1.04M |
| Current Ratio | 0.19x | 2.05x | 2.05x | 1.36x | 0.79x | 3.70x | 5.83x | 0.89x | 0.74x | 0.10x | 0.14x | 0.37x | 0.07x | 1.08x |
| Quick Ratio | 0.19x | 2.05x | 2.05x | 1.36x | 0.79x | 3.70x | 5.83x | 0.89x | 0.74x | 0.10x | 0.14x | 0.37x | 0.07x | 1.08x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 46.5M | 122.04M | 122.04M | 135.48M | 146.82M | 165.43M | 182.33M | 165.53M | 143.01M | 126.09M | 157.21M | 165.84M | 108.54M | 99.69M |
| Long-Term Debt | 0 | 122.04M | 122.04M | 135.48M | 146.82M | 165.43M | 182.33M | 165.53M | 0 | 0 | 0 | 0 | 85.59M | 76.5M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 111.86M | 129.25M | 129.25M | 144.11M | 152.88M | 171.33M | 188.67M | 193.86M | 143.01M | 126.09M | 157.21M | 165.84M | 108.54M | 99.69M |
| Total Debt | 65M | 122.04M | 122.04M | 135.48M | 146.82M | 165.43M | 182.33M | 165.53M | 117.87M | 101.42M | 130.97M | 150.85M | 85.59M | 76.5M |
| Net Debt | 53.43M | 121.27M | 121.27M | 134.39M | 144.27M | 159.58M | 167.46M | 145.82M | 112.25M | 90.78M | 112.53M | 129.31M | 60.89M | 76.5M |
| Debt / Equity | 1.23x | 1.57x | 1.57x | 1.54x | 1.57x | 1.72x | 0.67x | 0.59x | 0.42x | 0.43x | 0.51x | 0.77x | 0.43x | 0.88x |
| Debt / EBITDA | -3.75x | - | - | - | - | - | - | 7.78x | 13.69x | - | 3.25x | 7.96x | 9.08x | 9.39x |
| Net Debt / EBITDA | -3.09x | - | - | - | - | - | - | 6.85x | 13.04x | - | 2.79x | 6.82x | 6.46x | 9.39x |
| Interest Coverage | -2.27x | - | 1.76x | 2.25x | 2.49x | 2.42x | 2.51x | -1.62x | 1.96x | 7.02x | -2.31x | 2.59x | 6.41x | 54.59x |
| Total Equity | 52.7M | 77.6M | 77.6M | 87.7M | 93.51M | 96.36M | 270.16M | 282.31M | 281.07M | 238.11M | 257.26M | 196.95M | 200.22M | 87.25M |
| Equity Growth % | -62.35% | 0% | -11.51% | -6.21% | -2.95% | -64.33% | -4.3% | 0.44% | 18.04% | -7.45% | 30.62% | -1.63% | 129.47% | - |
| Book Value per Share | 3.65 | 5.39 | 5.39 | 6.09 | 6.54 | 6.93 | 19.66 | 20.71 | 20.53 | 17.40 | 18.81 | 14.41 | 14.65 | 6.89 |
| Total Shareholders' Equity | 52.7M | 77.6M | 77.6M | 87.7M | 93.51M | 96.36M | 108.12M | 143.08M | 171.52M | 169.95M | 162.75M | 196.95M | 200.22M | 87.25M |
| Common Stock | 14.43K | 14.41K | 14.41K | 14.39K | 14.39K | 13.92K | 13.88K | 13.62K | 13.65K | 13.69K | 13.68K | 13.67K | 13.67K | 87.25M |
| Retained Earnings | 0 | -125.92M | -125.92M | -115.64M | -110.1M | -104.32M | -92.67M | -55.33M | 2.95M | -2.34M | -1.74M | -412.91K | -635.84K | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 93.51M | 0 | 0 | 0 | 171.52M | 169.95M | 162.75M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 137.66M | 0 | 162.04M | 139.23M | 109.54M | 68.16M | 94.51M | 0 | 0 | 0 |
Portfolio Valuation and Liquidity
As reported in financial statements, ICMB's total assets have declined from $239.8M in 2024Q3 to $164.6M by 2026Q3, reflecting a persistent trend of portfolio shrinkage that suggests the firm is struggling to replace maturing assets with new, high-quality originations in the current credit environment.
The consistent reduction in the asset base indicates a potential loss of market share or a strategic retreat from the middle-market lending space. This trajectory warrants concern, as it limits the firm's ability to generate the scale necessary to cover fixed management costs and maintain dividend distributions.
Based on reported figures, the company's debt-to-equity ratio fluctuated significantly from 1.58 in 2024Q3 to a peak of 2.01 in 2026Q2, highlighting an inconsistent approach to leverage that may expose shareholders to heightened volatility during periods of portfolio valuation adjustments.
The erratic movement in leverage ratios suggests that management may be forced to manage debt levels reactively rather than strategically. This instability in the capital structure complicates the assessment of long-term solvency and raises questions about the firm's ability to maintain stable financing terms.
According to recent SEC filings, the current ratio dropped to a concerning 0.19 in 2026Q3, down from 1.51 in 2026Q2, which indicates a severe compression in the firm's ability to meet short-term obligations using its most liquid assets.
Such a sharp decline in liquidity coverage suggests that the firm may be relying on external financing or asset sales to meet immediate cash needs. Investors should monitor this trend closely, as it leaves little room for error in the event of further portfolio credit deterioration.
As indicated by the balance sheet data, the company has maintained a negative retained earnings balance throughout the observed period, reaching -$141.8M in 2026Q2, which underscores the cumulative impact of historical losses and dividend distributions that have outpaced the firm's ability to generate net income.
The persistent deficit in retained earnings suggests that the firm's capital base is being eroded rather than built through operational success. This structural weakness limits the company's financial flexibility and may necessitate future capital raises to restore the equity base.
Quick answers to the most common questions about buying ICMB stock.
As of 2025, Investcorp Credit Management BDC, Inc. (ICMB) had total assets of $206.9M including $14.7M in current assets.
Investcorp Credit Management BDC, Inc. (ICMB) carries total debt of $122.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Investcorp Credit Management BDC, Inc. (ICMB) has total shareholders' equity (book value) of $77.6M ($5.39 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Investcorp Credit Management BDC, Inc. (ICMB) reported a current ratio of 2.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.