ICMB - Earnings call transcript Q2 2019 | Investcorp Credit Management BDC, Inc.

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Operator

Good afternoon, ladies and gentlemen. And welcome to CM Finance’s Second Quarter Earnings Release Conference Call.

Your speakers for today’s call are Mike Mauer, Chris Jansen and Rocco DelGuercio. [Operator Instructions] A question-and-answer session will follow the presentation. I’ll now turn the call over to your speakers. begin. Please

Michael Mauer

Thank Chris dialing Officer; Jansen, DelGuercio, CFO. operator. am today. and all our by joined my you you, in for I Rocco Thank Co-Chief Investment

regarding will our Before Rocco? give begin, forward-looking statements. Rocco customary we disclaimer information and you

Rocco DelGuercio

call like forward-looking also in is form and that replay Thanks ask refer your our this of results that Relations today’s and property would and that this projections. be unauthorized is attention broadcast of to Audio disclosure CM will regarding call remind you call recent materially Mike. XX-Q to actual cause the website our release factors visiting Safe to everyone include any forward-looking being strictly these by is important information prohibited. Harbor differ our today’s of call on filing I from statements page recorded to press Any may at that for remind in We to like everyone would the I most that available the www.cmfn-inc.com. Finance, Inc. Investor may projections. call our

visit time, not Investor our turn unless update forward-looking please law. page to CEO, by obtain Relations the of I our this would will back our like SEC website. Mauer. call filings, required At copies on latest and Michael We To statements our to Chairman

Michael Mauer

outlook our walk on both investment today’s financial specific some and our then on our portfolio. largest about the commentary will repositioning our will and begin Chris thoughts the our the positive the discuss conclude with results. I’ll progress call of Rocco. marks with negative, during through Rocco and quarter detail and Thanks market. I’ll activity after state

was issue Q&A. with entirely relatively pricing secondary As Last of new and September stable the we’ll two always, inactivity. volume October saw robust with tale end markets. different quarter

November volatility all in across markets loan some December and Secondary lower market globally. observed pricing the saw we that moved through steadily spike in

in syndicated yield equity loan, our the this an agreed the of covenants an the Structural quarters, before Using the secondary all create market market us, an existing secondary had weeks tale several whether loan even it a investments average investments backed volatility leverage, X%. by can market securities, often market focus, months an lack in influences this or slowly. investments market, is the is not highlight two and and our or broadly primary of second in that underwritten In us more syndicated spreads us in prices to value of flow check very the at Clearly through affects quarter, several pricing levers or move. dollar the are loan changes To half in for directly, the of of half market in opportunistic the broadly first up Most are the ways. to the the Although broadly December. the This move. OID primary portfolio. and pricing levels. of through also make a syndicated can of pricing of presence chance example This November the first to size underwriter attractive significantly to gave in XX.X%. comes was

less even markets this of price in syndicated a terms the months lender weeks and shift, and process, market. become course the volatile and fast Over more In moving both yields friendly friendly. is borrower slow

on in underwritten interest. most we the middle light, beholden In lower more access spoke equity observed shift favor are XXXX, more structuring lead well; we Terms quickly advance. syndicated when in we a to amortization, leverage aren't time big and terms of We offer short terms as we better loan place can investors’ market, are adapt terms covenant lenders’ the as in throughout syndications As a norm. Covenants broader which start last, management the were and quickly. we maturity, believe long-dated and not in the market far favored transaction. multi-month a to

short-weighted opportunity investments invest and where to early We bias we life opportunistically through average first catalyst often favored secured the repayment. the returns see current in generate assets seasoned the strongly with In has environment, continue our to for issuers liens.

in remains transaction bilateral the lenders know investments club middle target trust. of of mission direct core core Our We as and a part unchanged. in or market who either

to an our numbers of with and put million. XXXX to the tirelessly XX some value diversify portfolio $XXX.X year Over I’d has with team the like that. ended aggregated portfolio. the reposition fair course of companies around worked We

size of XX% Our first were investments lien. were and million. average was second just our under lien XX% $XX

much portfolio looks investments companies As of number our portfolio to XX% aggregate XX, of fair approximately an We of value million. with different. increased the December $XXX.X XX

than position lower million by Our average size year or decreased last million. $X.X XX%, $X.X to

to like we Our last first and to lien. at year and exposure investments approximately XX% mention were gas. second XX.X% also had XX.X% oil that I’d lien

largest which position significantly. Caelus, after end energy XX/XX, Our was repaid exposure our at quarter reduces

of per XX/XX, for would have NAV decline in the Chris, to the or I’d essentially call had discuss NAV call made the a activity. to that X% reducing decline company’s of I volatility turn February decline of years like said take in couple about changes To for particular remaining to was Trident the was to the state of I That this have discussed total unhappy investment quarter-over-quarter. Before in the on loss the value We over the Trident’s moment with we to performance earlier. accounts Trident, the to quarter, XX% share speed portfolio like the market our share the our per from of the to in After decline I’d the surprised necessary attributable XXXX. now the in quarter. down our we of past March our obvious, the Chris our were position accordingly. $X.XX over us. to concerned We USA. Health in which markdown also IPO and loss and the a the results, in turn as wrote Trident the full prior last are address been

Christopher Jansen

lien through first the position Mike. We both and nine default. markets three We added portfolio Of our were and companies existing fourth is four investments, one new lien in are portfolio on and an portfolio the portfolio secondary and junior our Thanks including four investments added three lien on loans primary loan [ph] in equity companies. company the investing quarter, first new active company. an second during

the We quarter. also realizations six had during full

call, by private Littlejohn, the its a & and distributor specialty Cook equity & connection LDO its with our in Boardman in of As last first sponsor. of Cook on hardware. new I we invested mentioned doors lien Boardman is commercial loan

X.X%. markets. approximately this Infrastructure Energy in loan Our Alternatives, We yield wind, invested and first transportation IEA; a construction and at on of focus cost lien that rail services is firm

at yield XX.X%. cost was Our

the first secured a invested in Techniplast, a in the leading lightweight also XXXX. industry. complex which We This lien short-dated of matures is manufacturer of for bond bonds automotive products

Our cost was approximately XX.X%. the yield

used We also operations Holdings, bankruptcy. Junior the Sears invested finance being in the during DIP to for which company's the loan is

will with a its We be market that company exit the in this financing. bankruptcy as is shortly repaid expect

investment IRR refer is for DIP the typically return loan. loan, in excess Given structure this our our Sears. expected we of multi-draw realizing in indicative across of the of We for to to XX% the an calculation maturity yield anticipate

of a lien personal additional our market, Turning in quarter. to is solutions beauty The We began the purchased secondary Bioplan. the first we of and provider loan industry. Arcade care position sampling building last Arcade company leading for

This purchase this approximately cost lien is loan. to including at XL loan Our in in XXXX. yield term We X%. another maturing our is short-dated position Technologies first added

yield American of leader and CareerBuilder our in the provides in at a comprehensive integrated jobseekers. North for now We X.X%. Our position employers human is capital cost lien is a and first loan and product CareerBuilder. increased solutions

yield costs is XX.X%. now Our at

second internationally. our is We Network. and company also America TouchTunes music with locations leading in XX,XXX Interactive a position in TouchTunes added North entertainment loan lien and in-venue over to

cost now yield XX.X%. is Our at

five quarter. we mentioned, during I As the realizations have

fully AP asset of IRR and our lien lowest was First, we to received is yielding repayment loan X.X%. This our Gaming. first realized our

Over first in repaid AP We American to realized XXXX, back the of investments position our X.X%. sold our FleetPride course in as company TPG our were Securities. was dating fourth Gaming quarter the to on lien the of IRR

investment XX.X%. realized on was this Our IRR

were of the course in repaid as Hostway our on We Over in first position two merger. also our investments lien completed XX%. IRR a realized FleetPride, company was our the

held Our fully was a first realized about IRR four for in sold position lien position this loan our Intermedia’s months. term We gain. XX.X%. at We

Given shorter-dated opportunities. we felt upside loans the was better shift to in with make prudent more toward this price a opportunity investments

of across Montrose And XXXX We of Environmental. XXXX all is for positions. short holding Our in was repaid the sale second from realized the our Intermedia loan also beginning lien fully investments IRR largest was our on our Montrose in our to IRR of approximately realized our through XX.X%. were one October XX.X%. period

Our on investment fully realized was IRR XX.X%. the

I’d in acquired our cash. this XX% SPAC repaid shares position with was now for shares trades term and X% group company. of to Well repaid not former our interests Services. In LLC their USWS, was in of also as same pro a Well with transaction, in We received received company loan cash. explain lender received as Finally U.S. U.S. of conjunction Services U.S. debt The loan XX,XXX of in The Well by the partial realization representing our lien of the well. like approximately shares our public entire percentage the lenders ticker was with which the the repayment. first rata

shares that XXXX. of the quarter If we in you held second private sold that in company the recall the we

repaid was Additionally, that commitment terminated. was U.S. to Wells’ revolving credit our facility and

After the made loan position on our lien Our was Bioplan. finished revolver we realized the three position Arcade quarter end, investments. building in We XX.X%. of approximately first IRR

at our ProFrac, Haynesville pressure the the of pumping X.X%. loan in Our position Permian, and entire provider D.J. a We across cost the first increased increased position operating Basins. to lien services yield in

Our is cost X.X%. at yield now

the December, heavy of in funded first truck aftermarket in and America. we the in FleetPride, with but in for us FleetPride to the independent repay prospective lien lenders parts to invested marketed largest North duty trailer Finally, was which underwriters is January. loan had distributor

loan Our yield X.X%. this new We on as after had well. is cost at realizations quarter end two

Borrower lien loan first repaid. Zinc was to Our

position to co-invest equity the hold in continue company. an We

quarter, at paid repaid the realized lien assets lenders fully its our Our Caelus IRR to end full. off largest second of Energy, sold all Caelus loan its as last was of E&I the largest loan in January. approximately position on and XX.X%.

note Our IRR also I’d the this oil was of and X% gas portfolio. Caelus approximately approximately was our repayment realized significantly reduces XX.X%. that to as exposure

our XX%, XX largest to Caelus of repayment was to I’d at XX, GICS our Using to Professional Gas turn just Energy, Our XX a Services December at at today Media portfolio days company at XX and like call the the Services at industry over investment results. as Consumable of the as and Equipment followed and Rocco few at Diversified FleetPride stood ago. XX.X%, count Oil, Telecommunication X.X% due and and XX.X%, concentration X.X%. at by financial of our stands standard, in December Fuels discuss to Services now

Rocco DelGuercio

Thanks Chris.

XXXX million at compared to $X.X For ended quarter income value the The share. or portfolio per fair XX, $XXX.X our million million was XX. net $XXX.X of $X.XX September our investment December was

XX investment yield Our of of the September realized gains of for portfolio unrealized average a investment of full to these accounted the XX. Trident on points million $X.X $XX.X the from and in net including $XX.X basis million for and accounted breakdown million million XX.X our increased and losses. on XX.XX activity losses, XX weighted December in $XX.X our net Of loss. unrealized our decrease portfolio of The realized

an the during quarter had investments new average XX.XX%. yield Our of

Trident non-accrual. investment on our As XX, of in December was

floating and XX.X% of debt warrant XX.X% positions. approximately investments invested consisted first X.X% fixed in second equity, was and X.X% other XX.X% loans investments, portfolio portfolio of REIT in Our unitranche X.X% lien positions. investments, lien and our rate

X.XX Caelus Our as approximately $X.X company XX September was company were as X.XX average levered $XX portfolio of investment and levered XX. times portfolio And investment largest December times our of at million. was million. We

cash, $XX we capacity XX, had and million to cash $X Finally, million as credit facility. restricted of in our our with $X.X revolving liquidity, December million respect under in of

over yesterday. of regarding Additional after included Caelus. $XX.X from portfolio like turn purchases million the included composition of through end back and and Form the With $XX information filed in our would is activity million was of to Mike. February which proceeds the I our quarter Investment Zinc that, XX-Q call X to

Michael Mauer

Rocco. you, Thank

elements and to us As I to we this said, there difficult. several think earlier, for challenging don’t sight quarter mentioned we been want the portfolio prior that are of the actively write-down and was quarter That this have we Trident repositioned was process to particularly which of. lose

this exposed size average number broader reduced sectors we’ve we’re of position repositioning, of simultaneously and our the part increased As to.

current would size value security context. maintaining We’ll expect dividend. of focusing underwriting million we investments, our documentation, quality analysis. capital selective forward, to be stable our the collateral conservatively, position average focused on the Going to preserving extremely $XX in a We new management loan and see in remain loan and to teams, on

one. to the repayments quarter larger portfolio we expect and maintained at XX over us with where in reinvestments that shareholders. sensitive used flow and despite prepayments the single return reinvestment as unplanned multiple companies portfolio we always be and capital into experience are be this near-term investments are We over our of to XX for they’re the companies ebbs making to repayments; target appropriate and count We protections our for our company disciplined

subject the had reinvestments, are for significant we very and think realizations of two us. repayment I On which

we U.S. the realization of in Well. investment substantial quarter, our added During

You Well restructuring a versus we in May [ph] January may XXXX. U.S. gain in sold the recall our to in shares that Well’s receive per U.S. share at betas

This revolver repaid in public the was XX% in the was principle took term we had in paid term their cash. our of shares loan of lenders loan was when All partial and remaining full the Well loan SPAC. X% U.S. of form position approximately acquired by quarter realization, another in

investment $X U.S. since U.S. shares in million we all the than original Services’ Well and have less including XXXX. now, have We holdings exposure IRR aforementioned today our transactions double-digit on Well and

thesis We market. and And repaid last volatile conviction was management is what level week. opportunistically price. at a does Caelus relationship a had a position example with added predated the a we investment. in best. our of the to our great regional Caelus leveraged lower sponsor team direct Second, on the purchase than a through We

excess fundamental XXXX Ultimately Our was were and the repaid largest loan. sold are well marks its on out company the we to and of. our And higher those of analysis very with proves throughout proud E&I value results fully our Caelus Caelus’ realization in loan assets its Caelus of moved strong. proceeds. underlying assets position primary the and

was of XX%. XX.X%. it’s XX% These Energy mentioned, half realized realizations Chris our energy approximately fully to As represented exposure IRR of over once sector. close two our represent the about today portfolio,

downs. profitable brought repayments have not our sales energy through exposure We and down mark

covered fully rating its earned We are in comfortable with our quarterly December energy dividend industry fees. our and with We current incentive NII context. the

expect fee cover an the We to dividend earned and incentive in the March quarter.

per sustainable quarterly our quality from a declared $X.XX We with XXXX March with both of dividend quarter-ended secured XXXX. focus XX, our Directors to NII opportunities of generate Board lending to is dividend reducing consistent further distribution our April investment our Our March XX, X, is payable on changing without shareholders as believe shareholders. share to level believe XXXX our record ability and of and the attractive of or

$X. annual we year of dividend the our For XXXX, covered full fully

yield program. our us a XX.XX% approximately price shares $X.XX. representing inception as give Since year, board of our we’ve quarter of authorized $X.XX we XX, NAV the shares our In the portfolio current have of December run-rate stock ended at program, repurchased average confidence share through almost XXXX. approximately to by discount average increasing XX,XXX today, an a enter NAV. Last repurchased we and buyback calendar Our XX,XXX quality the portfolio

of a As $XXX,XXX. under we Q&A. please for the reminder, capacity used Operator, $X our line this which is repurchases million, program total for open have

Operator

comes [ph]. Our at question. first from Ladies state we Please Robert conduct question-and-answer Instructions] session. the gentlemen, time will [Operator Dot and this question your

Unidentified Analyst

that, the kind color all market thanks On on guys. for of Mike. and the environment Hi

X, as context half and obviously And where deployments -- does quarter pipeline gave in by go like repayments but the then XX, February date. yields mean second question, and the with as and they that to into that you we yields obvious What everything I being as maybe well along into then and at far the as do you the so March? us today With head look we stand and can of first tell February?

Michael Mauer

towards probably the the of we’ve we capacity spectrum. will X.X at an than It’s there pipeline up over will be then the X.X trend and X.X more that’s today. up up centered couple know coming today, and Yes. of a the to have only monetizations one a active to X.X continue neighborhood months several there dollar in Thanks, couple anywhere opportunities, that XX. probably in most a to got more I’d in names million pipeline it yield a dozen XX. $XX for half or and to a real from say But we think -- From couple things. I’ll one wide That There’s call an some target. Robert, to that and like that we XX XX next is we’ll

our at few portfolio average in average being last that this I’ll or it XX.X is that we in look quarters to the with what So of continue would I call yield plus say XX.X XX.XX, over to the on minus. the

Unidentified Analyst

Got is to to obviously it. this was NAV. a position ask smaller about lot than size the talked easier a more been a grown is lot the portfolio on at That at this et is having was -- a positions. because X% more cost X% realized portfolio come the had that portfolio a actually you of problems diversified X% number If zero diversified, it Got asset a it X% portfolio I Trident obviously problems painful but there on down. -- on question asset at do assets a you. X% looking And do is not and the and or less to has cost, having and of painful. I cetera Thank a mean you is then than it, average the there it. can it structurally, is you’ve portfolio

your kind long-term, be portfolio, size happen, So can like if longer us $XX and view very caveat be to maybe to expect would be but of your million something that shareholders’ with the credits a painful positions you term it you give where position that bigger can near-term, the goes always these to obviously average very, wrong bad obviously in you NAV?

Michael Mauer

-- everyone appreciate we’re we board. on agree that’s XXX% and increased I would I we observations, and coming say have I’ll we that Listen, look remind why your it. you long-term with to Xnd working reposition to to you leverage Yes. that May would

that final set directionally, us million $XXX set to had not we targeting assets. XX yet. to will as week be XX to times X.X final, put board directionally to the meeting with million will have We in We on the of Board I final anniversary that But X which and I’d expect us this the a is a board XX of that leverage $XXX would next backdrop total approval. -- names would that And meeting in our and one in year the be everything portfolio of a with be a average. X.XX somewhere to

and will million low was it have return. more was it Everyone in million where it Gaming. and will a was liquidity. we it on high at first or one may well, ended $XX it point One will up with performing two its got typically really being a as $XX substitute we very may not recall overall that. may for some lien, reasons liquid, It and cash first we think AP almost to million do I there nice being as lien, think do be be We occasionally will that like that be scenarios; and $XX

and opportunistic not well position facilitate million, maybe secured a we’re those going million we’re where doing liens. The are to or other to $XX but or situation else million is or is $XX at be protect going to $XX refinancing a it that first something to not

going of the avoid side. in historically the We’re to on some we’ve liens concentrations that larger second had the

I So hopefully question? the addressed

Unidentified Analyst

zero ask because the is that and much to surprised obviously that expected I Trident, -- the you mean underpinning else. I when did like mark have obviously speed mean and what -- that. there I which you When deterioration. that presume I look I asset mean under the at the raised Caelus and paying said recovery of about now zero Got by energy, you -- was tremendous value. the selling I the the what’s to I close asset asset on so obviously concerns mean it which -- but of or commodity it. was Yes. something manifested everybody it obviously one we exposure, mean value view

on was it why isn’t Trident, there? value -- So asset the why

Michael Mauer

look assets whether below could by it’s we a something sponsors, has had companies because value had been else. is and and business confidentiality the or for asset in reserve or got we five of justified inventory. are the sponsors to But similar sponsors, very of Sears a each me some we bankruptcy where an it sponsors, to we’ve, to lot that you that quantify and or had answer there hard were financing stratified as different on several had that that beyond core deterioration buckets this we I’m good the and is involved. sure they not it equity not Because base aware four base loan they in like were everything whether or have Most receivables

BDCs first lien. there lending five involved were I lien think both and second

similar lot wrong the of to we looked and opportunity return. conclusion bottom a were a the came is is around the risk And So at, line.

Unidentified Analyst

mentioned if being a you presume could can. when But got be repays type on you that? prepayment of -- rather at gain I those lack it. a unexpected little. realized Sears it kind some the to soon I going are and I more could be or income shift fee Okay, events, that than of when that to mean XX% Chris IRR need repays One that around

Christopher Jansen

days trying way. that. to And in court public I of this that so weeks not days, is that there out a the Robert, They are put it think can't I is say thing The answer get bankruptcy next knowledge let’s it’s to hearings else. and yes everything

Unidentified Analyst

Thank Mike. you, Yes, public. yes. Very

Michael Mauer

primary And right. contributor the OID is basically to is acceleration It of IRR. you're high that then

Unidentified Analyst

Got it.

Michael Mauer

Okay.

Unidentified Analyst

it. Got Thank you.

Michael Mauer

Yes.

Operator

Please comes question Chris state Potoski. question. next your Our from

Unidentified Analyst

the Yes, just you the first was I half. and second about comment half the afternoon. good made also about curious

Just deals said by is that is half, you in respective X% the XX% yield was time when saw the your in just your that second the the divided where marks were and or coupon first at in you it half on market two points?

Michael Mauer

during opportunity XX took put quarter is a and we of were what a on same of name to the we okay? secondary in we did Not And anything used approximately So new buy. this yield the we some investments because those the before market, did. cost we average and November weighted bought, what XX,

the And of And quarter so half second did then we and that on. of XX was was the what we the after November put what X%. XX%

Unidentified Analyst

Okay.

the saw So market? you the deals that’s in

Michael Mauer

a We up. the ones we Those lot more. saw are executed

Unidentified Analyst

loans. seem you it to to the confidence reasonable -- New opportunities snapback have you or we add or continue and XX that looking X% are looking now between? Okay. at it’s that much Year with at And assume limited adding more we is in can new at the are markets But adding in the probably at in something to

Michael Mauer

in to and on there Pricing that on over was not would have That it we one because have preamble we to we’re pipeline dozen And out actually it’s that and give move knee the we’ll that down talking get guidance. days XX% structure, some half come it on opportunities to of price Yes. let’s X.X, the the because Chris between markets call some call about earlier December. if the been how in in little of XX bit high quickly to on next is the components tried few the there. XX. the probably in coming being average did in deep around I done XX% that the in a out, different XX% XX disruption that December, it so hopefully I being where grew got We’ve but had execute back XX%. to low things center

to but get lot restricted like to other we’re all able shift However, able tighter to been debt were and docks they on to with we people December that, and on a that that payments, no we in talking know said that things some time. we’ve

Unidentified Analyst

capital. I your stock, then other hand is right. on that All deploy I I capital what capital it’s that the could And on hate way has -- XX% but very think buybacks, more than of been believe compelling your NAV the that and cap less level use is NAV? that, at do modest. some any on have given to to close and to the possibly understand guess most stock you’ve to trading a but aggressive room -- there where the there of options back the And, do is been be gap I buyback very you to question I mean kind And measured on buy are other your between other you

Michael Mauer

at is the We’re everything on and that all of looking table.

Unidentified Analyst

Thank right. you. all Okay,

Michael Mauer

Yes.

Operator

Christopher your comes state Our from question. next Please question Nolan.

Christopher Nolan

up buybacks. Chris Hi. A on follow on Potoski’s question

you a up you tender? just do aren’t to want lever the balance why If sheet,

Michael Mauer

is off keep looking we the nothing Chris, at everything table. and

Christopher Nolan

down? comments are levels sense and where the All should makes size we seems -- of multiple in comfortable a was average investment terms else. On portfolio your your which credit level the cycle we right. everything X.X%, am go I in with or see portfolio correct average that It lot just given that on of you’re

Michael Mauer

anything that XX X on a we’re I think with. comfortable to in average

or XX. on you’re to at X XX a or be X.X, that with we’re to if I you get more misleading versus committing X are trying normal committing We’re exact trying between XX XX Those on to that be a not average. in I’d specific when think deals, comfortable because X, And to we’re normally increments below.

X.X or You can’t X.X really commit to deal. at a

average, the we’re X that think we probably portfolio be will across bookends what So from XX of the to targeting. an

Christopher Nolan

Do do be, question XX the you’re running affected risk? And would this year how then where you and how it right. than see the has subjective guess that risk higher you things? All I some see was months ago

Michael Mauer

half. a going risk that a credit that’s the have for thought we been From and year up Okay. last

look structural because if more credit than had it you that shift because of predominant at seen So very second first documentation and of and where lien up. was lien going risk we our importantly portfolio risk,

attractive more next Over think industries industries, what better because watching worried that in actually to some and may what watching to going we’re things have how where give equity to I is months, want terms there that of building are but always of about that that XX think like below it for much going do certain us be is the become level home a leverage softness is cetera one cycle. are for building cycle, you. materials and housing there, et we could the that and It’s you right

we of want be cyclicals and So to conscious non-cyclicals.

so from we’re short-term XX a six an way. actually on our That over credit cautious. structural standpoint the that think depending could that the from environment. area years months from that for We that is now moving this is done having to think dramatically I different be risk a now. do Three

Christopher Nolan

Great. my Thank taking you for questions.

Michael Mauer

Yes. Thank you very much.

Operator

At Instructions] time further we no [Operator this questions. have

Michael Mauer

Thanks. everyone. to you time we Thank again. talk appreciate will the you We and

Operator

you concludes today’s Thank attending. conference This for call.

Investcorp Credit Management BDC (ICMB) 7 Feb 192019 Q2 Earnings call transcript