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.
Investcorp Credit Management BDC, Inc. (ICMB) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 8.07M | -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 |
| NII Growth % | 106.86% | -159.4% | 250.19% | -25.28% | 13.66% | 12.27% | -139.19% | -1.24% | -0.64% | -17.79% | -6.61% | 81.34% | 183.05% | - |
| Net Interest Margin % | 4.9% | -3.96% | 6.66% | -3.96% | -2.97% | -3.17% | -3.26% | 7.32% | 7.94% | 8.5% | 9.56% | 9.03% | 5.85% | 3.41% |
| Interest Income | 15.57M | -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 | 7.5M | 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 |
| Loan Loss Provision | 0 | 0 | -8.61M | -8.41M | -6.63M | -7.38M | -9.54M | 35.2M | 4.1M | 3.23M | 35.94M | -3.53M | -2.47M | -149.2K |
| Non-Interest Income | -23.44M | 31.43M | 854.86K | 1.56M | 1.45M | 1.39M | 1.35M | 852.41K | -8.97M | -1.7M | 936.21K | -17.56M | -3.15M | 1.95M |
| Non-Interest Income % | 152.51% | 135.22% | 5.84% | -20.52% | -24.65% | -19.51% | -16.17% | 3.34% | -56.03% | -7.24% | 2.97% | -115.55% | -21.11% | 23.37% |
| Total Net Revenue | -15.37M | 23.25M | 14.64M | -7.62M | -5.88M | -7.1M | -8.32M | 25.53M | 16.02M | 23.45M | 31.53M | 15.2M | 14.92M | 8.33M |
| Revenue Growth % | -253.19% | 58.79% | 292.23% | -29.58% | 17.21% | 14.72% | -132.61% | 59.41% | -31.72% | -25.62% | 107.47% | 1.89% | 79.1% | - |
| Non-Interest Expense | 3.8M | 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 |
| Efficiency Ratio | -24.74% | 35% | 55.57% | -102.21% | -134.6% | -124.44% | -125.89% | 18.48% | 25.73% | 19.71% | 15.66% | 21.66% | 8.09% | 5.78% |
| Operating Income | -19.17M | 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 % | 124.74% | 65% | 103.22% | -248.18% | -281.09% | -251.52% | -288.07% | -21.61% | -25.73% | -19.71% | -15.66% | -21.66% | -8.09% | -5.78% |
| 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% | - |
| 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 % | 124.74% | 54.7% | 86.85% | -46.34% | -48.62% | 28.8% | 294.45% | -56.34% | 113.67% | 100.53% | -29.64% | 101.55% | 108.44% | 96.01% |
| 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 % | 128.05% | 51.98% | 82.55% | -42.47% | -44.01% | 32.59% | 296.18% | -56.96% | 97.56% | 100.53% | -29.64% | 101.55% | 46.63% | 96.01% |
| 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 |
| 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 % | -389.02% | 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 |
Quick answers to the most common questions about buying ICMB stock.
For fiscal year 2025, Investcorp Credit Management BDC, Inc. (ICMB) reported total revenue of $23.2M. This represents a 179.1% increase compared to $8.3M in 2013.
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.
Key Metrics
Top Statement Risk
Portfolio Valuation Volatility
Metrics are mathematically derived from official filings.
Revenue Stagnation Amid Portfolio Recycling
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.
Erratic Margin Profiles Signal Instability
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.
Non-Cash Marks Obscure Earnings Quality
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.
Structural Risks to Dividend Sustainability
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.