ICMB — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-14

• On May 6, 2026, the Company, through SPV LLC, entered into a sixth amendment (the “Sixth Amendment”) to the Capital One Revolving Facility. The Sixth Amendment provides for, among other things, a decrease of the facility size from $100 million to $50 million.

• As of June 30, 2026 and December 31, 2025, there were $44.9 million and $58.9 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

• The 2026 Notes were due to mature on April 1, 2026 and bore interest at a rate of 4.875%. The 2026 Notes were the Company’s direct unsecured obligations and ranked pari passu, which means equal in right of payment, with all outstanding and future unsecured,

• unsubordinated indebtedness issued by the Company. Because the 2026 Notes were not secured by any of the Company’s assets, they were effectively subordinated to all of the Company’s existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which t…

• Expenses, net of waivers for the three months ended June 30, 2026 decreased to $3.6 million compared to $3.7 million for the three months ended June 30, 2025 primarily due to lower unused fees in 2026 compared to 2025 due to the decrease of the facility size from $100 million to $50 million based on…

Text removed vs the prior filing · source: 10-Q · 2026-05-13

• As of March 31, 2026 and December 31, 2025, there were $44,900,000 and $58,900,000 in borrowings outstanding under the Capital One Revolving Financing, respectively.

• The 2026 Notes were due to mature on April 1, 2026 and bore interest at a rate of 4.875%. The 2026 Notes were the Company’s direct unsecured obligations and ranked pari passu, which means equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness issued by the …

• of any of the Company’s subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes were obligations exclusively of the Company and not of any of the Company’s subsidiaries. Interest on the 2026 Notes was payable semi-annua…

• the 2029 Notes to have an asset coverage of less than 125% pursuant to Sections 18(a)(1)(c)(ii) and 61 of the 1940 Act as of the last business day of any calendar quarter.

• Expenses, net of waivers for the three months ended March 31, 2026 decreased to $3.2 million compared to $3.7 million for the three months ended March 31, 2025 primarily due to a decrease in interest expense resulting from reduced index rates and lower borrowings under the Revolving Credit Facility …

Text added vs the prior filing · source: 10-Q · 2026-08-14

• Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate

• risk, as of June 30, 2026, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.

Text removed vs the prior filing · source: 10-Q · 2026-05-13

• loans or borrowings. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis included herein.

• Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of March 31…

Text added vs the prior filing · source: 10-Q · 2026-08-14

• Our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of June 30, 2026. Based…

• Material Weakness in Internal Control Over Financial Reporting

• The Company did not design and maintain effective risk assessment processes to identify and evaluate risks associated with compliance with the qualifying income requirements of section 851(b)(2). This deficiency resulted from the Company not having a formal policy in place to ensure non-qualifying i…

• The control deficiencies resulted in immaterial misstatements in our consolidated financial statements as of and for the six months ended December 31, 2024, as of and for the year ended December 31, 2025 and the interim periods within that year. Prior period amounts have been adjusted to reflect the…

• Subsequent to the end of the second quarter, Management has taken initial steps to address the material weakness by enhancing risk assessment processes and related process-level controls over compliance with the RIC qualifying income requirements. As of July 2026, Management has formed ICMB Blocker …

Text removed vs the prior filing · source: 10-Q · 2026-05-13

• As of March 31, 2026 (the end of the period covered by this report), our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Our…

• Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2026, our disclosure controls and procedures were designed at a reasonable assurance level and were effective to provide reasonable assurance that information required to be disclos…

• Management did not identify any change in the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-08-14

• We failed to satisfy the qualifying income requirement applicable to RICs for our 2024 Taxable Year and our 2025 Taxable Year, and we may become subject to entity-level U.S. federal income tax if we are unable to cure this failure or otherwise maintain our qualification as a RIC under Subchapter M o…

• To maintain our qualification as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The source-of-income requirement is satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from …

• and $1.1 million for the short taxable year ended December 31, 2024. There can be no assurance that the IRS will grant the requested closing agreement or agree that our failure was due to reasonable cause and not willful neglect. If the IRS does not grant relief under Section 851(i), we would fail t…

Text added vs the prior filing · source: 10-Q · 2026-08-14

• On August 13, 2026, the Company received a written notice from the staff (the “Staff”) of the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”), notifying the Company that, for the 30 consecutive business day period between July 1, 2026 through August 12, 2026, the Company’s Co…