ICMB

SEC source: 0000945621-24-001001 · form4.xml · nonDerivative · entry 1

Shaikh Suhail A. · CIK 0001745455 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,000

SEC source: 0000950170-24-135221 · ownership.xml · nonDerivative · entry 1

Shaikh Suhail A. · CIK 0001745455 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,500

SEC source: 0000902664-22-002822 · ownership.xml · nonDerivative · entry 1

CYRUS CAPITAL PARTNERS, L.P. · CIK 0001166564 · 10% owner

FREIDHEIM STEPHEN C · CIK 0001251783 · 10% owner

CYRUS CAPITAL PARTNERS GP, LLC · CIK 0001166774 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 1,253,976

F1 · ownership.nature: The securities reported herein are held directly by: (i) Cyrus Opportunities Master Fund II, Ltd., (ii) CRS Master Fund, L.P., (iii) Crescent 1, L.P., and (iv) Cyrus Select Opportunities Master Fund, Ltd. (collectively, the "Cyrus Funds"). Cyrus Capital Partners LP ("CCP") serves as the investment manager to the Cyrus Funds. Cyrus Capital Partners GP, L.L.C. ("CCPGP") serves as the general partner of CCP. Stephen C. Freidheim serves as the principal of both CCP and CCPGP. All discretion over the investment activities of the Cyrus Funds has been delegated to CCP. Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, if any.

SEC source: 0000899243-21-034885 · doc4.xml · nonDerivative · entry 1

DELGUERCIO ROCCO · CIK 0001240047 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,141.145

F1 · price: The price reported is a weighted average price. These shares were purchased in multiple transactions ranging from $5.35 to $5.36, inclusive. The reporting person undertakes to provide the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

F2 · balance_after: Includes 3,141.015 shares acquired under the Investcorp Credit Management BDC, Inc. dividend reinvestment plan.

SEC source: 0001140361-21-029866 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 907,987

F1 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0000902664-21-004051 · ownership.xml · nonDerivative · entry 1

CYRUS CAPITAL PARTNERS, L.P. · CIK 0001166564 · 10% owner

FREIDHEIM STEPHEN C · CIK 0001251783 · 10% owner

CYRUS CAPITAL PARTNERS GP, LLC · CIK 0001166774 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 3,418,976

F1 · ownership.nature: The securities reported herein are held directly by: (i) Cyrus Opportunities Master Fund II, Ltd., (ii) CRS Master Fund, L.P., (iii) Crescent 1, L.P., and (iv) Cyrus Select Opportunities Master Fund, Ltd. (collectively, the "Cyrus Funds"). Cyrus Capital Partners LP ("CCP") serves as the investment manager to the Cyrus Funds. Cyrus Capital Partners GP, L.L.C. ("CCPGP") serves as the general partner of CCP. Stephen C. Freidheim serves as the principal of both CCP and CCPGP. All discretion over the investment activities of the Cyrus Funds has been delegated to CCP. Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, if any.

SEC source: 0000899243-20-033379 · doc4.xml · nonDerivative · entry 1

Shaiman Lee Michael · CIK 0001492605 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

SEC source: 0000899243-20-032863 · doc4.xml · nonDerivative · entry 1

Shaiman Lee Michael · CIK 0001492605 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 500

SEC source: 0000899243-20-030481 · doc4.xml · nonDerivative · entry 1

Jansen Christopher E · CIK 0001592804 · President and Secretary

10b5-1 filing: Not disclosed

Ownership: Indirect · Through trust

Disclosed balance after: 0

F1 · kind: The Reporting Person is a Trustee of the Patricia McInerney Jansen Children's Trust (the "Trust"), of which his daughter is a beneficiary. On November 4, 2020, the Reporting Person caused the Trust to distribute 5,000 shares of the Issuer's common stock to a beneficiary of the Trust. The Reporting Person disclaims beneficial ownership of the securities held by the Trust except to the extent of his pecuniary interest therein.

F2 · balance_after: The Reporting Person may be deemed to beneficially own the shares of common stock of Issuer because the securities are held by the Trust, of which the Reporting Person is a Trustee.

SEC source: 0000899243-20-026421 · doc4.xml · nonDerivative · entry 1

Jansen Christopher E · CIK 0001592804 · President and Secretary

10b5-1 filing: Not disclosed

Ownership: Indirect · Through trust

Disclosed balance after: 5,000

F1 · kind: The Reporting Person is a Trustee of the Patricia McInerney Jansen Children's Trust (the "Trust"), of which his son is a beneficiary. On September 24, 2020, the Reporting Person caused the Trust to distribute 5,000 shares of the Issuer's common stock to a beneficiary of the Trust. The Reporting Person disclaims beneficial ownership of the securities held by the Trust except to the extent of his pecuniary interest therein.

F2 · balance_after: The Reporting Person may be deemed to beneficially own the shares of common stock of Issuer because the securities are held by the Trust, of which the Reporting Person is a Trustee.

SEC source: 0001140361-20-011591 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 508,775

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.45 to $3.55. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-011479 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 507,514

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.27 to $3.46.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-011479 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 504,984

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.37 to $3.47.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-011479 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 501,904

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.23 to $3.50. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010995 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 499,134

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.78 to $3.67.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010995 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 496,054

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.31 to $4.22.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010995 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 493,154

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.00 to $4.19. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010638 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 490,340

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.06 to $4.25.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010638 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 487,260

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.35 to $4.48.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010638 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 484,180

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.22 to $4.84. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010186 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 481,100

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.65 to $4.88.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010186 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 478,020

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.49 to $4.90.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-010186 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 475,020

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.83 to $4.95. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009740 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 472,520

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.65 to $5.00.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009740 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 469,920

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.54 to $4.92.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009740 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 466,840

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.48 to $4.54. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009394 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 463,923

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.25 to $4.52.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009394 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 462,108

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.51 to $4.90.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009394 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 459,408

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $4.50 to $4.90. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009102 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 456,328

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.84 to $4.50.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009102 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 453,267

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.62 to $3.77.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-009102 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 450,267

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.60 to $3.73. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-008758 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 448,387

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.24 to $3.47.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-008758 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 446,317

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.32 to $3.46.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-008758 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 445,017

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.06 to $3.29. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-008265 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 442,257

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.10 to $3.25.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-008265 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 439,257

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.94 to $3.03.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-008265 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 438,089

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.015 to $3.19. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-007860 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 435,089

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.74 to $3.05.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-007860 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 433,189

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.35 to $2.65.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-007860 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 430,659

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.28 to $2.40. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-007464 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 429,159

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.12 to $2.57.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-007464 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 426,259

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.80 to $2.895.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-007464 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 425,459

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.74 to $2.995. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0000899243-20-009291 · doc4.xml · nonDerivative · entry 1

Lee Keith · CIK 0001592778 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,673.18

F1 · balance_after: Includes 2.18 shares acquired under the Investcorp Credit Management BDC, Inc. dividend reinvestment plan.

SEC source: 0001140361-20-006866 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 422,859

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.65 to $2.75.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-006866 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 421,059

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.72 to $2.85.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-006866 · form4.xml · nonDerivative · entry 1

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 417,979

F1 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.06 to $2.48. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-006479 · form4.xml · nonDerivative · entry 3

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 416,175

F4 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $2.38 to $2.50.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

SEC source: 0001140361-20-006479 · form4.xml · nonDerivative · entry 2

Investcorp BDC Holdings Ltd · CIK 0001791302 · 10% owner

Investcorp Credit Management US LLC · CIK 0001790382 · 10% owner

SIPCO HOLDINGS LTD · CIK 0001079218 · 10% owner

Investcorp S.A. · CIK 0000903555 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 413,475

F3 · price: The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $1.93 to $1.98.

F2 · ownership.direct: These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.