Investcorp Credit Management BDC, Inc.

Good morning, ladies and gentlemen, and welcome to today's InvestCorp Credit Management BDC's quarter-ended December 31st, 2025 earnings call. It is now my pleasure to turn the floor over to Andrew Munz, Chief Financial Officer.

Thank you, Operator. Welcome, everyone, to InvestCorp Credit Management BDC's earnings call for the quarter-ended December 31st, 2025. I'm joined today by Sue Helfate, President and Chief Executive 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 InvestCorp Credit Management, BDC. Any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on the investor relations page of our website at icmbdc.com. I would also like to call your attention to the safe harbor disclosure in 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 EDGAR platform 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 then I will provide an overview of our results, summarizing the financials. This will be followed by Q&A. Please note that today's discussion will focus on our financial results. As stated in our press release, we do not intend to comment further regarding the review unless or until it determines that further disclosure is appropriate or necessary. As such, we will not be taking questions on the strategic review process during today's call. Management will be pleased to address questions related to our quarterly financial statements and business operations. At this time, I would like to turn the call over to Suhail.

Good morning, everyone, and thank you, Andrew, and thank you, everyone, for joining our December 31st, 2025 quarter-ended earnings call. As a reminder, ICMB provides flexible capital solutions to middle market companies, primarily through firstly and senior secured debt. Our discipline underwriting approach focuses on downside protection while generating income for shareholders. We will begin with an update on the business, a review of our fourth quarter results, and portfolio activity, and then Andrew will walk you through our financials in greater detail. Before we dive into the details, here are the key takeaways from the quarter. We formed a special committee of independent directors to review strategic alternatives and maximize value for shareholders. We successfully refinanced the $65 million notes due April 1st, with new unsecured notes maturing in 2029. NAFPA share declined to $4.25, primarily driven by fair value adjustments and dividend payout in excess of net investment income. Non-accruals increased to 6.9% of the portfolio at fair value, with easy way added to non-accrual. We remain focused on liquidity, capital preservation, and discipline underwriting in a still uncertain market environment. As announced in our earnings press release, the board of the company has formed a special committee of independent directors to review strategic alternatives to maximize value for shareholders, and in parallel has decided to not declare a quarterly dividend for the current quarter. In addition, on March 30th, we successfully refinanced the $65 million 4-7-8 notes to April 1st, with new $65 million unsecured notes provided by our advisor's affiliate. The unsecured notes bear a floating rate coupon of SOFR plus 550 basis points and are due on July 1, 2029. The market environment, macroeconomic, and geopolitical uncertainty continues to shape the operating backdrop. Credit markets have remained open, but deal activity in our segment of the market has stayed below historical norms, as sponsor-driven transaction volumes have yet to recover in a meaningful way. Our focus on discipline underwriting and active portfolio management has not changed, and we remain in active dialogue with management teams and sponsors of our portfolio companies. Turning to our fourth quarter results, ICMB reported net investment income before taxes of $0.3 million, or two cents per share, before taxes, a decrease of two cents per share from the previous quarter. The sequential decline in NII was primarily driven by a reduction in income-producing assets, including the placement of easy-waste term loan or non-accrual and an increase in professional fees and other expenses that is typically experienced in the December quarter. Non-accruals increased to 6.9% of the portfolio at fair value compared to 4.4% last quarter, driven by the addition of Easyway, as mentioned above. Easyway is a manufacturer of customizable outdoor furniture products sold through retail channels. Net assets declined approximately 16% sequentially from the prior quarter, with net asset value per share decreasing to $4.25 from $5.04 the previous quarter. This was largely the result of fair value adjustments in the payment of a dividend in excess of NII. These fair value adjustments primarily reflect changes in market valuation levels and updated exit timing assumptions in the current environment. rather than broad-based derivation across the rest of the portfolio. The portfolio remains diversified across 18 industries with no single investment representing more than approximately 3% of fair value. I would also like to note that our software exposure represented less than 3% of fair value at quarter end. Our focus during the quarter was on liquidity management, hence, Our new investment activity remained muted. During the quarter, in December, we invested $1.5 million in the first lean term loan of Axiom Global, an existing portfolio company, to fund a dividend to existing shareholders. Axiom is the leading provider of flexible expert legal talent for enterprise customers. We have been investing in Axiom across our platform since February 2021. Our yield at cost is approximately 8.8%. In the same period, we fully realized three portfolio company investments totaling $8.2 million in proceeds with an IRR of approximately 10.6%. This included the full realization of two term loan investments in existing portfolio companies, CareerBuilder and Label, L-A-B-L. as well as a preferred equity investment in Advanced Solutions International, which was recapitalized during the quarter. I'll now turn the call over to Andrew to review our financial results in more detail.