Investcorp Credit Management BDC Inc 2024年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” inRule 12b-2 of the Exchange Act. (Check one): Large accelerated filer☐Non-accelerated filer☒(Do not check if a smaller reporting company) Accelerated filerSmaller reporting companyEmerging Growth CompanyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued itsaudit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ The aggregate market value of the Registrant’s common stock held by non-affiliates of the Registrant as of June 30, 2024 was approximately$35.8millionbased upon the last sale price for the Registrant’s common stock on that date.There were14,414,033shares of the Registrant’s common stock outstanding as of March 25, 2025. DOCUMENTS INCORPORATED BY REFERENCE None. INVESTCORP CREDIT MANAGEMENT BDC, INC. FORM 10-KT FOR THE TRANSITION PERIODFROM JULY 1, 2024 TO DECEMBER 31, 2024 TABLE OF CONTENTS PagePART I1ITEM 1.BUSINESS1ITEM 1A.RISK FACTORS27ITEM 1B.UNRESOLVED STAFF COMMENTS57ITEM 1C.CYBERSECURITY57ITEM 2.PROPERTIES58ITEM 3.LEGAL PROCEEDINGS58ITEM 4.MINE SAFETY DISCLOSURES58PART II59ITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIES59ITEM 6.[RESERVED]61ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS62ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK78ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA79ITEM 9.CHANGES IN AND DISAGREEMENTS WITH INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM ON ACCOUNTING AND FINANCIAL DISCLOSURE125ITEM 9A.CONTROLS AND PROCEDURES125ITEM 9B.OTHER INFORMATION125ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS125PART III126ITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE126ITEM 11.EXECUTIVE COMPENSATION128ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ANDRELATED STOCKHOLDER MATTERS129ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE131ITEM 14.PRINCIPAL ACCOUNTANT FEES AND SERVICES132PART IV133ITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES133SIGNATURES136 PART I Item 1.Business Our Company Except as otherwise indicated, the terms “we,” “us,” “our,” “Investcorp Credit” and the “Company” refer to Investcorp CreditManagement BDC, Inc. (formerly known as CM Finance Inc through August 30, 2019) and “CM Investment Partners” and the“Adviser” refer to our investment adviser and administrator, CM Investment Partners LLC. We were formed in February 2012 and commenced operations in March 2012 as CM Finance LLC, a Maryland limited liabilitycompany. Immediately prior to the pricing of our initial public offering, CM Finance LLC was merged with and into CM Finance Inc, aMaryland corporation (the “Merger”). On August 30, 2019, we changed our name to Investcorp Credit Management BDC, Inc. We arean externally managed, non-diversified closed-end management investment company that has elected to be regulated as a businessdevelopment company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and that has elected to