Private Credit Portfolio Analysis | Investcorp Credit Management BDC Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
Investcorp Credit Management BDC reported its Q1 2025 financial results, showing modest growth in assets and stockholders' equity compared to the previous quarter. The fund's total assets increased to $207.61 million as of March 31, 2025, up from $206.85 million at the end of 2024. Net asset value per share improved to $5.42 from $5.39 at the end of the previous quarter.
Portfolio Dynamics:
Total assets grew to $207.61 million as of March 31, 2025, compared to $206.85 million at the end of 2024.
Investments owned at fair value increased to $192.45 million, up from $191.62 million at the end of 2024.
Cash and restricted cash rose to $12.99 million from $12.10 million at the end of 2024.
Investment Activity:
Payments for purchase of investments were $5.61 million in Q1 2025, down from $9.30 million in Q1 2024.
Proceeds from sales and repayments of investments were $7.34 million in Q1 2025, significantly lower than $26.66 million in Q1 2024.
Non-cash purchase and sale of investments both amounted to $10.45 million in Q1 2025, compared to zero in Q1 2024.
Capital Structure:
Total debt decreased to $119.71 million from $122.04 million at the end of 2024.
Stockholders' equity grew to $78.10 million from $77.60 million at the end of 2024.
The fund issued additional common stock, with the value increasing to $14,414 from $14,406 at the end of 2024.
Performance Profile:
Net asset value per share increased to $5.42 as of March 31, 2025, compared to $5.39 at the end of 2024.
Net profit for Q1 2025 was $2.21 million, slightly lower than $2.41 million in Q1 2024.
Realized investment losses were $1.63 million in Q1 2025, compared to $6.27 million in Q1 2024.
Risk & Quality:
The fund reported a deferred tax liability of $674,011, up from zero at the end of 2024.
Management fee payable increased to $1.54 million from $769,176 at the end of 2024.
Interest payable rose to $2.62 million from $1.89 million at the end of 2024.
The Wrap:
Investcorp Credit Management BDC demonstrated modest growth in Q1 2025, with slight increases in total assets and stockholders' equity. The fund's net asset value per share improved, reflecting positive performance. However, the decrease in debt and lower investment activity compared to the previous year suggests a more conservative approach in the current market environment. The increase in management fees and interest payable indicates higher costs associated with the fund's operations.
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