Investcorp Credit Management BDC, Inc.

Good morning, ladies and gentlemen, and welcome to today's InvestCorp Credit Management BDC's quarter-ended March 31st, 2025 earnings call. It is now my pleasure to turn the floor over to Walter Chin, CFO.

Thank you, Operator. Welcome, everyone, to InvestCorp Credit Management BDC's quarter-ended March 31st, 2025 earnings call. I am joined by Suhail Shaikh, President of Chief Executive Officer of the company in Andrew Muntz, Chief Operating Officer of the company. I would like to remind everyone that today's call is being recorded and that this call is the property of Investor Credit Management, BDC. Any unauthorized broadcast of this call in any form is strictly prohibited. Audio replay of the call will be available by visiting our investor relations page on our website at itmbdc.com. I would also like to call your attention to the State Harbor disclosure and our press release regarding forward-looking information and remind everyone that today's call may include forward-looking statements and projections. Actual results may differ materially from these projections. We will not update forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit the company's registration statement on the SEC's editor platform or our investor relations page on our website. The format for today's call is as follows. Suhail will provide an overall business and portfolio summary, and I'll then provide an overview of our results, summarizing the financials, followed by a quick Q&A. At this time, I would like to turn the call over to Suhail.

Thank you, Lawrence, and thank you to everyone for joining us today. We have reached three shares in the first quarter of 2025, last year in its continued progress and masterability for ITMD. Our strategic priorities in the past several quarters have centered around resolving legacy credit issues and resubmissioning the portfolio for steady performance. For the quarter ending March 10, 2025, we've reported net investment income of $4.7 million or $0.05 per share, compared to $0.06 per share in the prior quarter. On that asset value, the share increased 2 cents per share to $5.42, compared to $5.39 as of September 31, 2024. The increase in that was primarily driven by an increase in unrealized gains, offset by a decline in head investment income per share, which was largely due to reduced investment activity during the quarter, and the configuration of repayments. We believe this trend is reflective of the broader market environment that has heightened on 70 and fused 70 and financing activity has sloped new deals, though. We are encouraged, however, that market fundamentals remain in cash and expect activity to pick up as macro on 70 or limited status improves. Despite this, our portfolio remains stable and we continue to prioritize credit quality and long-term valuation for usher in orders. We have significantly reduced the number of non-recruits and now have just two investments in non-recruit standards, representing approximately 1.7% of the total portfolio at fair value, down from five investments at 3.6% at fair value in the previous quarter. This month, the annual shift and underscores of success of our participants' investing approach, as well as putting the most challenged names behind us, and as a result, we expect more stable earnings profiles for the remainder of 2025, notwithstanding any massive shock. Turning to the broader market, you continue to see a noticeable slowdown in review activity. Stacks and sums in broader geopolitical uncertainty have contributed to a decline in M&E, volume and sponsorless financing. While this has impacted our deployment space, we remain highly selective regarding the way for opportunities that lead our risk-adjusted return thresholds. We believe patience and discipline in this environment will ultimately be rewarded. While cautiously optimistic that deal activity will be balanced, the appeal of reduction in massive volatility is a necessary condition for that to occur. In addition, We continue to believe our portfolio is well-versed in the world of the shifting economic environment. As an upgrade to the prior quarter and as we continue to have more clarity on direct tariff exposure based on conversations with management and sponsors, we estimate that less than 20% of our portfolio may experience moderate direct effects from tariffs, and that was as of the beginning of the tariffs announcement. Importantly, The companies potentially affected are actively implementing mitigation strategies, including outcomes through price increases, switching to the best-buying suppliers, and improving supply chain efficiency. We believe these proactive measures, coupled with the operational strengths of our portfolio companies, provide a solid foundation for navigating these efforts. Overall, our correct exposure to tasks remain plentiful, and we will continue engaging with portfolio companies to monitor and manage these risks going forward. I will now turn the call over to Andrew to discuss the details of portfolio activities during the quarter.