Revenue volatility remains extreme, with quarterly figures swinging from $9.8M in 2025Q1 to a negative $6.3M in 2026Q2, reflecting significant instability in the underlying interest-generating asset base.
| 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 |
|---|
| Sales/Revenue | 1.78M | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -4.68M | 23.25M | 23.25M | 26.68M | 24.43M | 26.69M | 34.46M | -9.67M | 11.91M | 20.22M | -4.41M | 18.72M | 17.38M | 8.48M |
| Gross Margin % | -263.73% | 100% | 100% | 100% | 100% | 100% | 100% | -28.1% | 53.36% | 71.71% | -12.39% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 0% | -12.89% | 9.22% | -8.46% | -22.55% | 456.48% | -181.14% | -41.09% | 558.8% | -123.54% | 7.72% | 105.05% | - |
| Operating Expenses | 12.63M | 8.13M | 8.13M | 7.78M | 7.91M | 8.83M | 10.48M | 4.72M | 4.12M | 4.62M | 4.94M | 3.29M | 1.21M | 481.49K |
| OpEx % of Revenue | - | 35% | 35% | 29.17% | 32.38% | 33.1% | 30.41% | 13.71% | 18.46% | 16.39% | 13.88% | 17.58% | 6.95% | 5.68% |
| Selling, General & Admin | 2.88M | 8.13M | 8.13M | 7.78M | 7.91M | 8.83M | 10.48M | 4.44M | 3.95M | 3.94M | 3.5M | 3.27M | 1.89M | 470.56K |
| SG&A % of Revenue | - | 35% | 35% | 29.17% | 32.38% | 33.1% | 30.41% | 12.9% | 17.71% | 13.97% | 9.83% | 17.47% | 10.9% | 5.55% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -17.31M | 15.11M | 15.11M | 18.9M | 16.52M | 17.86M | 23.98M | -5.52M | -4.12M | -4.62M | -4.94M | -3.29M | -1.21M | -481.49K |
| Operating Margin % | -974.8% | 65% | 65% | 70.83% | 67.62% | 66.9% | 69.59% | -16.04% | -18.46% | -16.39% | -13.88% | -17.58% | -6.95% | -5.68% |
| Operating Income Growth % | - | 0% | -20.05% | 14.41% | -7.48% | -25.55% | 534.64% | -33.87% | 10.85% | 6.35% | -49.98% | -172.63% | -150.76% | - |
| EBITDA | -17.31M | 0 | 0 | 0 | 0 | 0 | 0 | 21.28M | 8.61M | -9M | 40.27M | 18.96M | 9.42M | 8.15M |
| EBITDA Margin % | -974.8% | - | - | - | - | - | - | 61.87% | 38.56% | -31.91% | 113.18% | 101.26% | 54.21% | 96.08% |
| EBITDA Growth % | -300.28% | - | - | - | - | - | -100% | 147.17% | 195.67% | -122.35% | 112.4% | 101.21% | 15.68% | - |
| D&A (Non-Cash Add-back) | 0 | -15.11M | -15.11M | -18.9M | -16.52M | -17.86M | -23.98M | 26.8M | 12.73M | -4.38M | 45.21M | 22.25M | 10.63M | 8.63M |
| EBIT | -17.31M | 15.11M | 15.11M | 18.9M | 16.52M | 17.86M | 23.98M | -14.38M | 12.36M | 33.34M | -9.34M | 9.15M | 15.8M | 8.15M |
| Net Interest Income | 8M | -8.19M | 13.78M | -9.18M | -7.33M | -8.48M | -9.67M | 24.68M | 24.99M | 25.15M | 30.6M | 32.76M | 18.07M | 6.38M |
| Interest Income | 15.63M | -8.19M | 22.39M | 25.12M | 22.98M | 25.3M | 33.11M | 33.55M | 31.3M | 29.9M | 34.64M | 36.29M | 20.53M | 6.53M |
| Interest Expense | 7.64M | 0 | 8.61M | 8.41M | 6.63M | 7.38M | 9.54M | 8.87M | 6.31M | 4.75M | 4.05M | 3.53M | 2.47M | 149.2K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -19.17M | 12.71M | 12.71M | 3.53M | 2.86M | -2.04M | -24.51M | -14.38M | 18.2M | 23.58M | -9.34M | 15.43M | 16.18M | 8M |
| Pretax Margin % | -1079.61% | 54.7% | 54.7% | 13.22% | 11.7% | -7.66% | -71.13% | -41.82% | 81.54% | 83.61% | -26.26% | 82.42% | 93.05% | 94.32% |
| Income Tax | 508.01K | 630.15K | 630.15K | 294.33K | 270.62K | 268.99K | 144.71K | 158.03K | 2.58M | -4.62M | -4.94M | -3.29M | 9.22M | -481.49K |
| Effective Tax Rate % | -2.65% | 4.96% | 4.96% | 8.34% | 9.47% | -13.15% | -0.59% | -1.1% | 14.17% | -19.61% | 52.83% | -21.33% | 57% | -6.02% |
| Net Income | -19.68M | 12.08M | 12.08M | 3.23M | 2.59M | -2.31M | -24.66M | -14.54M | 15.63M | 23.58M | -9.34M | 15.43M | 6.96M | 8M |
| Net Margin % | -1108.22% | 51.99% | 51.99% | 12.12% | 10.59% | -8.67% | -71.55% | -42.28% | 69.99% | 83.61% | -26.26% | 82.42% | 40.02% | 94.32% |
| Net Income Growth % | -412.61% | 0% | 273.6% | 25.05% | 211.79% | 90.62% | -69.55% | -193.07% | -33.73% | 352.33% | -160.55% | 121.86% | -13.01% | - |
| Net Income (Continuing) | -19.68M | 12.08M | 12.08M | 3.23M | 2.59M | -2.31M | -24.66M | -14.54M | 15.63M | 23.58M | -9.34M | 15.43M | 16.18M | 8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -1.36 | 0.84 | -0.28 | 0.22 | 0.18 | -0.17 | -1.79 | -1.07 | 1.14 | 1.72 | -0.68 | 1.13 | 0.51 | 0.63 |
| EPS Growth % | -249.74% | 400% | -227.27% | 22.22% | 205.88% | 90.5% | -67.29% | -193.86% | -33.72% | 352.94% | -160.18% | 121.57% | -19.05% | - |
| EPS (Basic) | - | 0.84 | -0.28 | 0.22 | 0.18 | -0.17 | -1.79 | -1.07 | 1.14 | 1.72 | -0.68 | 1.13 | 0.51 | 0.63 |
| Diluted Shares Outstanding | 14.43M | 14.4M | 14.4M | 14.39M | 14.3M | 13.91M | 13.74M | 13.63M | 13.69M | 13.69M | 13.67M | 13.67M | 13.67M | 12.67M |
| Basic Shares Outstanding | 14.43M | 14.4M | 14.4M | 14.39M | 14.3M | 13.91M | 13.74M | 13.63M | 13.69M | 13.69M | 13.67M | 13.67M | 13.67M | 12.67M |
| Dividend Payout Ratio | - | - | - | 248.47% | 328.81% | - | - | - | 87.45% | 75.36% | - | 120.33% | 1143.64% | 16.77% |
Portfolio Valuation Volatility
As indicated by the quarterly income statement data, ICMB has experienced extreme revenue volatility, with figures swinging from $9.8M in 2025Q1 to a negative $6.3M in 2026Q2, suggesting that the firm is struggling to maintain a consistent interest-generating asset base in the current credit environment.
The lack of consistent top-line growth suggests that the company is currently in a defensive recycling phase rather than an expansionary one. Investors should monitor whether this volatility is a result of aggressive fair-value markdowns on the loan portfolio or a fundamental inability to originate new, high-quality credit assets.
Based on reported financial statements, ICMB's gross margin has fluctuated wildly, reaching a negative 17.4% in 2026Q1 before rebounding to 130% in 2026Q2, which highlights the inherent difficulty in valuing BDC assets during periods of market stress and potential credit impairment.
The extreme variance in gross margins indicates that the company's profitability is highly sensitive to non-cash fair value adjustments rather than core interest income. This instability makes it difficult to assess the underlying efficiency of the lending platform, as reported figures appear heavily influenced by accounting marks.
According to the provided income statement, net income has frequently diverged from operational expectations, with a net loss of $8.6M reported in 2026Q3, reflecting the impact of unrealized losses on the portfolio that significantly outweigh the recurring interest income generated by the underlying debt holdings.
The frequent reporting of net losses suggests that the quality of earnings is currently poor, as the firm is unable to consistently cover its operating expenses and potential credit losses with interest income. Analysts should focus on Net Investment Income (NII) as a more reliable metric, as the current net income figures are heavily distorted by non-cash valuation changes.
Based on the reported figures, the company's inability to maintain positive net income over several quarters, including a $9.4M loss in 2026Q2, raises significant concerns regarding the long-term sustainability of dividend distributions and the potential for further erosion of the Net Asset Value per share.
Short-sellers would likely focus on the persistent volatility in the income statement as evidence of a deteriorating credit portfolio that may require further write-downs. The reliance on fair-value accounting in a BDC structure warrants further investigation into whether the current portfolio marks accurately reflect the true recovery value of the underlying middle-market loans.
Quick answers to the most common questions about buying ICMB stock.
Investcorp Credit Management BDC, Inc. (ICMB) is profitable, generating $12.1M in net income for the fiscal year ending 2025 with a net profit margin of 52.0%.
Investcorp Credit Management BDC, Inc. (ICMB) reported an operating income of $15.1M, resulting in an operating profit margin of 65.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Investcorp Credit Management BDC, Inc. (ICMB) generated $23.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.