ICMB NAV Drops 5.7% to $3.44 as Portfolio Losses Mount
ICMB is trading near its 52-week low of $0.731 (14% above the low) on light trading volume (0.3× avg).
Summary
ICMB reported a 5.7% decline in net assets to $49.7 million, with NAV per share falling $0.21 to $3.44. Net investment income was negative $0.5 million, and the company paid no distribution. The weighted average yield on debt investments dropped to 10.51% from 11.95% last quarter. The company fully realized $13.9 million from five portfolio companies at a 7.73% IRR, including Work Genius, Likewize, and FWS Parent Holdings. This follows the 10-Q filed earlier today disclosing a material weakness in RIC compliance and a Nasdaq minimum bid price deficiency notice. The adviser waived $0.7 million in management fees, and the board's strategic review continues. With only $4.0 million available on the revolver and $11.0 million in unrestricted cash, liquidity is tight relative to the $135.9 million portfolio.
At the time of this announcement, ICMB was trading at $0.83 on NASDAQ in the Finance sector, with a market capitalization of approximately $12.1M. The 52-week trading range was $0.73 to $3.12. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: BusinessWire.