Data as of Q1'26 (3/31/26) Β· $ in $000s Β· hover any underlined term for its definition Β· admins edit & publish, everyone refreshes
Portfolio Overview
Portfolio Metrics of Concern
Portfolio composition β $151.4M FMV across 34 portfolio companies and 67 positions.
Loans β senior secured debt
$124.9M
82.5% of NAV Β· 24 companies Β· 43 positions
Equity & equity-like
$26.5M
17.5% of NAV Β· 14 companies Β· 24 positions
All debt is syndicated β ICMB participates, it does not lead.
<3%average ownership of a borrower's total debt.
Maturities run 2026β2032 (avg 2.8 yrs) β with a near-term 2026 wall
2026
2027
2028
2029
2030
2031
2032
Several major 2026 maturities and repayments will be hard to meet β e.g., Easy Way (Oct 2026) and AutoLenders.
Weighted by ICMB's own marks ("loan NAV" = position FMV), excluding the realized Work Genius position. Grey = not disclosed / not derivable from the data room. FY24 EBITDA for several names is derived from stated YoY changes.
ICMB's Valuation Issues & Our Internal Assessment
ICMB carries the book at $151.4M. Our bottom-up view is that the impaired credits won't recover their marks β so the realizable value, and the true NAV per share, is lower. Use the reserve lever for a top-down "what if losses run higher" haircut, and the waterfall to bridge recovery β equity β per share vs the offer.
All four cases, most optimistic to most conservative β pick your scenario below (or click any figure) to drive the table below; the selected case is highlighted and bolded. Hover a case name for its definition.
Select your scenario:
About ICMB's Loans & Investments
Every position ICMB holds, bucketed by ICMB's own risk rating (1 = best, 5 = worst). Amount o/s is the principal outstanding (what borrowers still owe; equity shown at cost); ICMB FMV is ICMB's current mark. The grey Equal Capital analysis columns are our own estimates. Click any row for the full write-up.
Definitions
Much of this uses ICMB's internal credit shorthand. Plain-English definitions are below, and every underlined term across the page shows its definition on hover.