Investcorp Credit Management BDC, Inc. — Quarter Ended September 30, 2026 Earnings Summary

Financial Performance:

• Net assets decreased $6.0 million (12.16%) to $43.6 million, down from $49.6 million as of June 30, 2026; Net Asset Value (NAV) per share fell $0.42 to $3.02, compared to $3.44 in the prior quarter.
• Net investment loss before taxes was $1.8 million ($0.13 per share), compared to a net investment income of $0.6 million ($0.04 per share) in the quarter ended June 30, 2026.
• Net decrease in net assets from operations was $4.8 million ($0.33 per share), driven by a $3.0 million ($0.20 per share) net unrealized loss on investments.
• Total investment income for the quarter was $3.14 million, down from $4.36 million in the prior quarter.
• Total expenses were $5.83 million; after fee waivers, net expenses were $4.95 million.
• Weighted average yield on debt investments at fair market value was 9.53%, down from 10.51% as of June 30, 2026.
• Total assets were $152.7 million, down from $188.8 million as of December 31, 2025.
• Investment portfolio at fair value was $132.7 million, down from $172.7 million as of December 31, 2025.
• Cash and cash equivalents were $9.5 million; restricted cash was $9.2 million.
• Debt, net, was $103.4 million, down from $123.1 million as of December 31, 2025.
• Revolving credit facility balance was $39.9 million, down from $58.9 million as of December 31, 2025.
• 2029 Notes payable were $65.0 million; 2026 Notes payable were $0.
• Distributions paid per common share were $0.00.

Business Segments and Product Lines:

• The portfolio consisted of 31 portfolio companies at period end; 85.56% of investments were first-lien, 14.32% were equity, warrants, and other, and 0.12% were unsecured debt.
• The debt portfolio consisted of 97.3% floating rate investments and 2.7% fixed rate investments.
• No new investments were made in new portfolio companies during the quarter.
• Total capital invested in existing portfolio companies was $1.0 million.
• Proceeds from repayments and amortization totaled $1.9 million.
• Net advances on delayed draw and revolving credit commitments were $0.7 million.

Other Key Points:

• The investment adviser waived all management fees earned for the quarter ($0.6 million) and waived the remaining $0.2 million of previously accrued income-based incentive fees.
• The adviser plans to waive future management and incentive fees up to the remaining $0.6 million to the extent earned.
• Adjusted Net Asset Value (non-GAAP) was $44.2 million ($3.06 per share), reflecting the addition of the $0.6 million waiver of future fees not included in reported NAV.
• Prior period corrections identified in the June 30, 2026 Form 10-Q regarding gross income test assessments resulted in tax adjustments of approximately $1.2 million for 2025 and $0.1 million for 2024, corrected in this filing.
• Subsequent to September 30, 2026, the Company received approximately $11.5 million from the repayment of five positions, reducing the portfolio to 29 companies by November 11, 2026.
• On October 13, 2026, the Company paid in full the Section 851(i) Tax Liability of approximately $1.2 million for 2024 and $2.1 million for 2025.
• On November 4, 2026, the Company repaid $10.0 million of outstanding borrowings under its Capital One Revolving Facility.
• As of September 30, 2026, the Company had $10.1 million of unused commitment under its Capital One Revolving Facility and $5.5 million of availability based on the borrowing base.