SADDLE BROOK, N.J., May 26, 2026 (GLOBE NEWSWIRE) -- Bulldog Investors, LLP, a significant shareholder of Investcorp Credit Management BDC holding 596,780 shares (NASDAQ: ICMB), is calling on Investcorp, ICMB’s investment manager, to take responsibility for the dramatic decline in the value of ICMB’s shares.

On June 27, 2019, Investcorp solicited shareholders to vote to appoint it as ICMB’s investment manager by painting a rosy picture of the future, assuring them that Investcorp was “committed to excellence,” and to “delivering best in class performance.” At the time, the net asset value (NAV) of ICMB’s shares was $10.51. Rishi Kapoor, Investcorp’s current Vice Chairman and Chief Investment Officer, asserted that Investcorp was committed (1) to adhere to a high standard of fiduciary responsibility and (2) to generate attractive risk-adjusted returns: “Investcorp holds a variety of values core to its heart which include a very long history of putting the interest of our clients and shareholders first. We also ascribe to the principles of holding ourselves accountable for performance and service.” Among those values were “fulfilling our ethical obligations,” “honoring our commitments,” and “putting our clients’ interests first.”

ICMB’s 2019 Form 10-K reassuringly noted that Investcorp “seeks to structure our debt investments with strong protections, including default penalties, information rights, and affirmative and negative financial covenants, such as lien protection and restrictions concerning change of control. We believe these protections, coupled with the other features of our investments, allow us to reduce our risk of capital loss and achieve attractive risk-adjusted returns.” Indeed, as recently as March 28, 2024, Mohammed Al Alardhi, Investcorp’s Executive Chairman, publicly stated that he saw no “dark clouds” for ICMB and that he viewed the private credit asset class as “a great opportunity…to offer good returns.”

Now, ICMB’s share price has fallen to about $1.40, and its market capitalization is just $20 million. And, in what may be an unprecedented development by a BDC, ICMB has ceased paying dividends. Robert Burns famously wrote: “The best laid schemes o' mice an’ men gang aft agley.” However, the demise of ICMB was not due to unforeseen circumstances. To the contrary, Investcorp is largely responsible for the dramatic decline in ICMB’s share price. In the almost seven years since Mr. Kapoor’s assurance that Investcorp would be an exemplary steward of investor capital, its performance has been abysmal. Meanwhile, Investcorp and its affiliates have collected about $43.5 million in fees from ICMB, or more than double its current market cap. A large portion of those fees is a result of excessive leverage that Investcorp has failed to rein in. Indeed, in a conflicted related-party transaction, Investcorp authorized ICMB to pay an affiliate of Investcorp more than $1 million in various fees to obtain a loan from the affiliate to pay off ICMB’s maturing 4.875% notes. The new loan from Investcorp’s affiliate carries an interest rate of more than 9% per annum, resulting in an increased annual interest expense for ICMB of about $2.8 million per year.

On March 31, 2026, with ICMB on life support and seeing almost no money left for Investcorp to extract from its carcass, a Special Committee of the Board of Directors was formed to review strategic alternatives. The Committee then hired Houlihan Lokey, an investment bank, as its financial advisor to, as one analyst put it, “to fix what [management] did not.”

Phillip Goldstein, a managing partner of Bulldog, stated: “We see no need to incur more fees for a financial advisor. Instead, we are asking Investcorp to ‘honor its commitment’ to be held accountable for the destruction of shareholder value while collecting exorbitant fees from ICMB. To that end, we believe Investcorp should immediately offer to acquire all publicly held shares of ICMB for $5.04 which was the last reported NAV prior to November 10, 2025 when ICMB signed a letter of commitment to pay more than $ 1 million in fees to an affiliate of Investcorp to provide costly financing that is virtually guaranteed to materially deplete ICMB’s NAV. Should Investcorp fail to take responsibility for the collapse of ICMB, that should serve as a warning to other clients and potential clients of Investcorp that any assurance of ‘putting our clients’ interests first’ is just meaningless verbiage.”

About Bulldog Investors, LLP: Bulldog is an SEC-registered investment adviser that manages closed-end funds and separately managed accounts. (www.bulldoginvestors.com)

Contact: Phillip Goldstein (914) 260-8248 / pgoldstein@bulldoginvestors.com